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2022-07-20

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2022-05-05

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2022-05-05

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2022-05-05

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2022-05-05

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2022-05-04

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2022-04-29

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2022-04-27

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2022-04-20

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Netflix Shares Fell 25%, Losing Subscribers Amid Growing Competition, Account Sharing

2022-04-18

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Apple Vs. Microsoft: Why We Like Apple Better

2022-04-05

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2022-04-04

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Roku Signs Multi-Year Extension of Agreement with Amazon

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bad","listText":"That's bad","text":"That's bad","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9086133211","repostId":"2228911690","repostType":4,"repost":{"id":"2228911690","kind":"highlight","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":1650409611,"share":"https://ttm.financial/m/news/2228911690?lang=&edition=fundamental","pubTime":"2022-04-20 07:06","market":"us","language":"en","title":"Netflix Shares Fell 25%, Losing Subscribers Amid Growing Competition, Account Sharing","url":"https://stock-news.laohu8.com/highlight/detail?id=2228911690","media":"Dow Jones","summary":"Netflix Inc. lost subscribers globally in the first quarter and expects to lose even more this sprin","content":"<html><head></head><body><p>Netflix Inc. lost subscribers globally in the first quarter and expects to lose even more this spring, as the streaming giant grapples with stiffer competition from rival services and rampant account sharing among its customers.</p><p>The company ended the first quarter with 200,000 fewer subscribers than it had in the fourth, missing on its own projection of adding 2.5 million customers in the period. Netflix said it expected to lose two million global subscribers in the current quarter.</p><p>Netflix shares fell 25% in after-hours trading. Through Tuesday&#39;s close, the stock was off more than 40% for the year so far.</p><p><img src=\"https://static.tigerbbs.com/cf86a748550d7075a6b27a2aa1497efe\" tg-width=\"857\" tg-height=\"826\" referrerpolicy=\"no-referrer\"/></p><p>Netflix blamed password sharing among its members and increased streaming competition for creating what it called &#34;revenue growth headwinds.&#34; Netflix estimated that besides its almost 222 million paying households, the service is being shared with an additional 100 million homes including 30 million in the U.S. and Canada.</p><p>In its letter to investors, Netflix said it is testing password-sharing subscription models that it believes will allow it to monetize sharing and build revenue. The company said the portion of its members who share accounts hasn&#39;t changed much over the years, but as its overall subscriber base continues to expand, account sharing is hampering future growth in many markets.</p><p>The streaming giant said revenue growth has slowed considerably after years of 20%-plus gains. Revenue in the first quarter rose roughly 10% to $7.87 billion, below analysts&#39; projections of $7.93 billion.</p><p>Netflix also warned that gains made during the Covid-19 pandemic hid the fault lines that have emerged in its business over the past few years. &#34;Covid clouded the picture by significantly increasing our growth in 2020, leading us to believe that most of our slowing growth in 2021 was due to the Covid pull forward,&#34; the company said in its letter.</p><p>The subscription decline brought Netflix&#39;s paid global subscriber base to 221.6 million, down from 221.8 million in the prior quarter. Net profit was $1.6 billion, down from $1.71 billion a year earlier.</p><p>Besides competition and password sharing, Netflix said slowing growth reflected such factors as the rate of adoption of smart TVs, data costs and world events including increasing inflation, Russia&#39;s invasion of Ukraine and continuing disruption from the pandemic.</p><p>Netflix said shutting down its service in Russia resulted in the loss of 700,000 subscribers.</p><p>With a rate of growth that has been the envy of the industry for more than a decade, Netflix is seen as a barometer for streaming. As competition grew and programming costs rose, the company moved recently to raise the price for its monthly plans for the first time since 2020.</p><p>Netflix&#39;s approach contrasts with options presented by competitors. Walt Disney Co. announced last month that it would roll out a cheaper, ad-supported Disney+ subscription in the U.S. beginning in late 2022. The move would leave Netflix and Apple Inc. as the only major streaming services that don&#39;t offer a lower-cost, ad-supported option.</p><p>While Netflix has no stated plans to launch an advertiser-supported tier, during a recent investment conference its chief operating officer, Spencer Neumann, said: &#34;Never say never.&#34;</p><p>Netflix&#39;s first-quarter operating margin was 25.1%, down from 27.4% a year earlier. The company said it aims to keep its operating margin at 20% in the future.</p><p>Netflix said its plan to right itself will be heavily focused on improving the quality of its programming and the recommendations that platform provides to its customers to keep them engaged in the content and on the service. Netflix already spends more than any other entertainment provider, with a programming budget that is expected to surpass $20 billion this year.</p><p>Although Netflix has several hit shows including &#34;Stranger Things,&#34; &#34;Bridgerton&#34; and &#34;The Crown,&#34; the service has also had its fair share of expensive flops recently including shows such as &#34;Jupiter Ascending&#34; and &#34;Space Force.&#34;</p><p>World-wide, Netflix said its business in Central and Eastern Europe showed the effects of Russia&#39;s attack on Ukraine. Also down was Latin America, which lost 400,000 subscribers. In the U.S. and Canada, the company lost 600,000 subscribers, which it attributed to its recent price increase.</p><p>The company said it had grown in Japan, India, the Philippines, Thailand and Taiwan.</p><p>&#34;Over the longer term, much of our growth will come from outside the U.S.,&#34; Netflix said.</p></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>Netflix Shares Fell 25%, Losing Subscribers Amid Growing Competition, Account Sharing</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\">\nNetflix Shares Fell 25%, Losing Subscribers Amid Growing Competition, Account Sharing\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\">2022-04-20 07:06</p>\n</div>\n\n</div>\n\n\n</h4>\n\n</header>\n<article>\n<html><head></head><body><p>Netflix Inc. lost subscribers globally in the first quarter and expects to lose even more this spring, as the streaming giant grapples with stiffer competition from rival services and rampant account sharing among its customers.</p><p>The company ended the first quarter with 200,000 fewer subscribers than it had in the fourth, missing on its own projection of adding 2.5 million customers in the period. Netflix said it expected to lose two million global subscribers in the current quarter.</p><p>Netflix shares fell 25% in after-hours trading. Through Tuesday&#39;s close, the stock was off more than 40% for the year so far.</p><p><img src=\"https://static.tigerbbs.com/cf86a748550d7075a6b27a2aa1497efe\" tg-width=\"857\" tg-height=\"826\" referrerpolicy=\"no-referrer\"/></p><p>Netflix blamed password sharing among its members and increased streaming competition for creating what it called &#34;revenue growth headwinds.&#34; Netflix estimated that besides its almost 222 million paying households, the service is being shared with an additional 100 million homes including 30 million in the U.S. and Canada.</p><p>In its letter to investors, Netflix said it is testing password-sharing subscription models that it believes will allow it to monetize sharing and build revenue. The company said the portion of its members who share accounts hasn&#39;t changed much over the years, but as its overall subscriber base continues to expand, account sharing is hampering future growth in many markets.</p><p>The streaming giant said revenue growth has slowed considerably after years of 20%-plus gains. Revenue in the first quarter rose roughly 10% to $7.87 billion, below analysts&#39; projections of $7.93 billion.</p><p>Netflix also warned that gains made during the Covid-19 pandemic hid the fault lines that have emerged in its business over the past few years. &#34;Covid clouded the picture by significantly increasing our growth in 2020, leading us to believe that most of our slowing growth in 2021 was due to the Covid pull forward,&#34; the company said in its letter.</p><p>The subscription decline brought Netflix&#39;s paid global subscriber base to 221.6 million, down from 221.8 million in the prior quarter. Net profit was $1.6 billion, down from $1.71 billion a year earlier.</p><p>Besides competition and password sharing, Netflix said slowing growth reflected such factors as the rate of adoption of smart TVs, data costs and world events including increasing inflation, Russia&#39;s invasion of Ukraine and continuing disruption from the pandemic.</p><p>Netflix said shutting down its service in Russia resulted in the loss of 700,000 subscribers.</p><p>With a rate of growth that has been the envy of the industry for more than a decade, Netflix is seen as a barometer for streaming. As competition grew and programming costs rose, the company moved recently to raise the price for its monthly plans for the first time since 2020.</p><p>Netflix&#39;s approach contrasts with options presented by competitors. Walt Disney Co. announced last month that it would roll out a cheaper, ad-supported Disney+ subscription in the U.S. beginning in late 2022. The move would leave Netflix and Apple Inc. as the only major streaming services that don&#39;t offer a lower-cost, ad-supported option.</p><p>While Netflix has no stated plans to launch an advertiser-supported tier, during a recent investment conference its chief operating officer, Spencer Neumann, said: &#34;Never say never.&#34;</p><p>Netflix&#39;s first-quarter operating margin was 25.1%, down from 27.4% a year earlier. The company said it aims to keep its operating margin at 20% in the future.</p><p>Netflix said its plan to right itself will be heavily focused on improving the quality of its programming and the recommendations that platform provides to its customers to keep them engaged in the content and on the service. Netflix already spends more than any other entertainment provider, with a programming budget that is expected to surpass $20 billion this year.</p><p>Although Netflix has several hit shows including &#34;Stranger Things,&#34; &#34;Bridgerton&#34; and &#34;The Crown,&#34; the service has also had its fair share of expensive flops recently including shows such as &#34;Jupiter Ascending&#34; and &#34;Space Force.&#34;</p><p>World-wide, Netflix said its business in Central and Eastern Europe showed the effects of Russia&#39;s attack on Ukraine. Also down was Latin America, which lost 400,000 subscribers. In the U.S. and Canada, the company lost 600,000 subscribers, which it attributed to its recent price increase.</p><p>The company said it had grown in Japan, India, the Philippines, Thailand and Taiwan.</p><p>&#34;Over the longer term, much of our growth will come from outside the U.S.,&#34; Netflix said.</p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"NFLX":"奈飞","BK4581":"高盛持仓","BK4527":"明星科技股","BK4566":"资本集团","BK4507":"流媒体概念","BK4532":"文艺复兴科技持仓","BK4548":"巴美列捷福持仓","QNETCN":"纳斯达克中美互联网老虎指数","BK4551":"寇图资本持仓","BK4524":"宅经济概念","BK4108":"电影和娱乐","BK4534":"瑞士信贷持仓"},"source_url":"","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2228911690","content_text":"Netflix Inc. lost subscribers globally in the first quarter and expects to lose even more this spring, as the streaming giant grapples with stiffer competition from rival services and rampant account sharing among its customers.The company ended the first quarter with 200,000 fewer subscribers than it had in the fourth, missing on its own projection of adding 2.5 million customers in the period. Netflix said it expected to lose two million global subscribers in the current quarter.Netflix shares fell 25% in after-hours trading. Through Tuesday's close, the stock was off more than 40% for the year so far.Netflix blamed password sharing among its members and increased streaming competition for creating what it called \"revenue growth headwinds.\" Netflix estimated that besides its almost 222 million paying households, the service is being shared with an additional 100 million homes including 30 million in the U.S. and Canada.In its letter to investors, Netflix said it is testing password-sharing subscription models that it believes will allow it to monetize sharing and build revenue. The company said the portion of its members who share accounts hasn't changed much over the years, but as its overall subscriber base continues to expand, account sharing is hampering future growth in many markets.The streaming giant said revenue growth has slowed considerably after years of 20%-plus gains. Revenue in the first quarter rose roughly 10% to $7.87 billion, below analysts' projections of $7.93 billion.Netflix also warned that gains made during the Covid-19 pandemic hid the fault lines that have emerged in its business over the past few years. \"Covid clouded the picture by significantly increasing our growth in 2020, leading us to believe that most of our slowing growth in 2021 was due to the Covid pull forward,\" the company said in its letter.The subscription decline brought Netflix's paid global subscriber base to 221.6 million, down from 221.8 million in the prior quarter. Net profit was $1.6 billion, down from $1.71 billion a year earlier.Besides competition and password sharing, Netflix said slowing growth reflected such factors as the rate of adoption of smart TVs, data costs and world events including increasing inflation, Russia's invasion of Ukraine and continuing disruption from the pandemic.Netflix said shutting down its service in Russia resulted in the loss of 700,000 subscribers.With a rate of growth that has been the envy of the industry for more than a decade, Netflix is seen as a barometer for streaming. As competition grew and programming costs rose, the company moved recently to raise the price for its monthly plans for the first time since 2020.Netflix's approach contrasts with options presented by competitors. Walt Disney Co. announced last month that it would roll out a cheaper, ad-supported Disney+ subscription in the U.S. beginning in late 2022. The move would leave Netflix and Apple Inc. as the only major streaming services that don't offer a lower-cost, ad-supported option.While Netflix has no stated plans to launch an advertiser-supported tier, during a recent investment conference its chief operating officer, Spencer Neumann, said: \"Never say never.\"Netflix's first-quarter operating margin was 25.1%, down from 27.4% a year earlier. The company said it aims to keep its operating margin at 20% in the future.Netflix said its plan to right itself will be heavily focused on improving the quality of its programming and the recommendations that platform provides to its customers to keep them engaged in the content and on the service. Netflix already spends more than any other entertainment provider, with a programming budget that is expected to surpass $20 billion this year.Although Netflix has several hit shows including \"Stranger Things,\" \"Bridgerton\" and \"The Crown,\" the service has also had its fair share of expensive flops recently including shows such as \"Jupiter Ascending\" and \"Space Force.\"World-wide, Netflix said its business in Central and Eastern Europe showed the effects of Russia's attack on Ukraine. Also down was Latin America, which lost 400,000 subscribers. In the U.S. and Canada, the company lost 600,000 subscribers, which it attributed to its recent price increase.The company said it had grown in Japan, India, the Philippines, Thailand and Taiwan.\"Over the longer term, much of our growth will come from outside the U.S.,\" Netflix said.","news_type":1},"isVote":1,"tweetType":1,"viewCount":327,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9081591310,"gmtCreate":1650250038449,"gmtModify":1676534679138,"author":{"id":"3575540109780565","authorId":"3575540109780565","name":"Xiong_X","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3575540109780565","authorIdStr":"3575540109780565"},"themes":[],"htmlText":"Nice","listText":"Nice","text":"Nice","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9081591310","repostId":"2227600101","repostType":2,"repost":{"id":"2227600101","kind":"news","pubTimestamp":1650248539,"share":"https://ttm.financial/m/news/2227600101?lang=&edition=fundamental","pubTime":"2022-04-18 10:22","market":"us","language":"en","title":"Apple Vs. Microsoft: Why We Like Apple Better","url":"https://stock-news.laohu8.com/highlight/detail?id=2227600101","media":"seekingalpha","summary":"SummaryThe competition between Apple and Microsoft has shaped the evolution of personal computing.Th","content":"<html><head></head><body><p><b>Summary</b></p><ul><li>The competition between Apple and Microsoft has shaped the evolution of personal computing.</li><li>Their competition will continue in many core areas, but both are good candidates to play the world’s unstoppable shift toward a digital future.</li><li>This article provides an in-depth comparison so you can see why we like Apple better ourselves.</li><li>Our investing roadmap shows Apple provides a higher return potential with its better profitability, better R&amp;D yields, lower valuation, and consumer-centric devices.</li><li>And having a coherent investing roadmap keeps us clear headed, especially during challenging times like this.</li></ul><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/0f5fd4c711942def6b79ac0bfdd04167\" tg-width=\"750\" tg-height=\"479\" referrerpolicy=\"no-referrer\"/><span>Chip Somodevilla/Getty Images News</span></p><p><b>The investment thesis</b></p><p>The thesis of this article is really simple – under the current conditions, both Apple (NASDAQ:AAPL) and Microsoft (NASDAQ:MSFT) provide far superior returns for long-term investors than the overall market. The key argument is built on the following chart. This chart also is the roadmap that we use in our Marketplace service to pick our tactical holdings. Having a coherent investing roadmap keeps us clear-headed, especially during challenging times like this.</p><p>You will see from the following chart, AAPL is projected to provide about 13% annual return (“ROI”) in the long term and MSFT about 10%, while the overall market is only about 6.5%. The main reasons are threefold:</p><ul><li>Their far superior ROCE (return on capital employed) over the market average, which gives it the ability to grow without the need for too much capital and subsequently can return most of the earnings to shareholders (either as dividends or share buybacks).</li><li>Their fundamental business models provide a stable moat and enjoy strong secular support.</li><li>Yet both of them sell at a similar valuation compared to the overall market.</li></ul><p>Then we will detail the reasons why we only own AAPL even though both are good candidates to play the world’s unstoppable shift toward a digital future. As you will see, the primary reason is that we like a concentrated portfolio and usually limit our exposure to one sector to one holding. And we choose AAPL because of its better profitability and its consumer-centric business model. We feel consumer stickiness, once established, is longer lasting and harder to change.</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/6f9fbd0e002bec5dc3e06183618e8562\" tg-width=\"640\" tg-height=\"432\" referrerpolicy=\"no-referrer\"/><span>Source: author</span></p><p><b>How did we build our roadmap and how did it perform?</b></p><p>The key in building this road is to think like a business owner, not a stock trader. As detailed in our earlier article:</p><blockquote><ul><li><i>The long-term ROI for a business owner is simply determined by two things: A) the price paid to buy the business and B) the quality of the business. More specifically, part A is determined by the owner’s earning yield (“OEY”) when we purchased the business. And that is why PE is the first dimension in our roadmap. Part B is determined by the quality of the business and that is why ROCE, the most important metric for profitability, is the second dimension in our roadmap.</i></li><li><i>Now, the long-term growth rate is governed by ROCE and the Reinvestment Rate. These are the two most important growth engines, and they mutually enhance each other. High ROCE means every $1 reinvested can lead to a higher growth rate, which leads to more future profits and more flexible capital allocation to fuel further growth, and so on. So to summarize:</i></li><li><i>Longer-Term ROI = valuation + quality = OEY + Growth Rate = OEY + ROCE*Reinvestment Rate</i></li></ul></blockquote><p>The performance of our stocks picked using this road is recently updated in this article. Using the date I first published our portfolio on 5/31/2021 as the inception date, our picks have outperformed the S&amp;P 500 by about 11%.</p><p>With this background, the remainder of this article will show how the above roadmap applies to AAPL and MSFT.</p><p><b>APPL vs MSFT: the competitive landscape</b></p><p>AAPL and MSFT compete head-on in many of their core areas, ranging from operation systems, digital ad, mobile devices, PCs and laptops, et al. Besides their own competitions, they also face competition from all sides. No big tech companies stay in their own corner these days. For example, MSFT’s Bing search is in direct competition with Google. GOOG’s Chrome OS and Android OS now have become popular desktop operating systems in the world, directly and meaningfully competing with MSFT Windows and also Apple IOS.</p><p>But overall, they dominate the intersection of technology and consumer access. As such, both are protected by a formidable moat and well positioned to benefit from our world’s continued shifts toward digitalization. And the good news is that the pie is getting bigger itself as our appetite grows exponentially for data, automation, and entertainment.</p><p>Although we like AAPL better ourselves, we really do not see a bad choice here. Investors just need to pick the one that suits their own risk profile and fits in their own circle of competence.</p><p>For us, we understand AAPL’s consumer-centric business model better than MSFT’s enterprise-centric model. AAPL has mastered the interplay of freemium pricing and premium pricing strategy with billions of consumers. It can set substantially higher prices for its products (ranging from iPhone, MacBook, iPad, et al) than Microsoft and Android devices. As you will see immediately below, it has created a profitability category of its own kind.</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/520b7911627c79cc9d82b83c715f8170\" tg-width=\"640\" tg-height=\"390\" referrerpolicy=\"no-referrer\"/><span>Source: https://startuptalky.com/apple-vs-microsoft-marketing-strategy/</span></p><p><b>MSFT: more consistent and aggressive R&amp;D</b></p><p>First, we do not invest in a given tech stock because we have high confidence in a certain product that they are developing in the pipeline. Instead, we feel more comfortable betting on A) the recurring resources available to fund new R&amp;D efforts sustainably, and B) the overall efficiency of the R&amp;D <i>process</i>. So correspondingly, in the long run, I feel comfortable as long as a tech business can A) sustainably support new R&amp;D expenditures, and B) has demonstrated a consistent R&amp;D yield. I do not feel the need to particularly bet on any one of the new products to be a hit (or a complete failure).</p><p>So let’s first see how well and sustainably MSFT and AAPL can fund their new R&amp;D efforts. The short answer is: Extremely well. The next chart shows the R&amp;D expenses of MSFT and AAPL over the past decade. As seen, both have been consistently investing heavily in R&amp;D. A few observations:</p><ul><li>MSFT has been spending very consistently on R&amp;D, on average about 13% of its total revenue.</li><li>AAPL’s story is a bit more colorful. It did not spend that much on R&amp;D earlier in the decade. Partly because AAPL products were so disruptive at that time and enjoyed a quasi-monopoly status. Partly because Steve Jobs himself did not believe in R&amp;D spending. He commented that “Innovation has nothing to do with how many R&amp;D dollars you have. It&#39;s not about money.”</li><li>Then Tim Cook transitioned it to a different model. He more than doubled the R&amp;D expenses since he took over. The R&amp;D expenses are on average about 6.1% of sales now, still lower than other tech giants in relative terms. But in absolute terms, it&#39;s a mind-boggling amount (exceeding $20 billion in 2021).</li></ul><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/7152ffd849f9eba247a9dc86052864b4\" tg-width=\"640\" tg-height=\"353\" referrerpolicy=\"no-referrer\"/><span>Author</span></p><p>Then the next question is, how effective is the R&amp;D process? The short answer is again: Extremely effective. We ourselves like to use a variation of Buffett’s $1 test on R&amp;D expenses. We do not only listen to CEOs’ pitches on their brilliant new ideas that will shake the earth (again). We also examine the financials to see their words are corroborated by the numbers. And in MSFT and AAPL’s case, they are.</p><p>The purpose of any corporate R&amp;D is obviously to generate profit. Therefore, it&#39;s intuitive to quantify the yield by taking the ratio between profit and R&amp;D expenditures. This way we can quantify how many dollars of profit has been generated per dollar of R&amp;D expenses (i.e., the $1 test), as shown in the next chart. In this chart, I used the operating cash flow as the measure of profit. Also, most R&amp;D investments do not produce any results in the same year. They typically have a lifetime of a few years. Therefore, this analysis assumes a three-year average investment cycle for R&amp;D. And as a result, we use the three-year moving average of operating cash flow to represent this three-year cycle.</p><p>A few key observations:</p><ul><li>The R&amp;D yield for MSFT is again very consistent, boasting a long-term average of $2.8 of yield per $1 of R&amp;D expenditure. The consistency again shows the stable moat.</li><li>AAPL, as usual, has a more colorful story. As you can see, its R&amp;D yield has been more than $10 in 2013 under the tutelage of Steve Jobs. And it has declined to a range between $4.0 and $5.0 in recent years with an average of $4.3.</li><li>You might interpret the decline of AAPL’s R&amp;D yield as bad news. However, keep in mind that A) the level of profitability AAPL enjoyed in the early part of the decade is simply unsustainable, B) the decline is only relative to its own glorious past.</li><li>Overall, both AAPL and MSFT enjoy R&amp;D yields that are very competitive. To put things under perspective, for the overachieving FAAMG group, their average R&amp;D yield is “only” about $2.5.</li></ul><p>Then as we will next, both MSFT and AAPL enjoy superb profitability to fuel their R&amp;D efforts sustainably, which will lead to sustainable growth in turn.</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/7759bd87d22eab2200f1865c5436dc14\" tg-width=\"640\" tg-height=\"345\" referrerpolicy=\"no-referrer\"/><span>Author</span></p><p><b>Both enjoy superb profitability but AAPL in its own category</b></p><p>When we think of long-term growth (like in 10 years or more), the framework I use is the following. In the long term, the growth rate is “simply” the product of ROCE and reinvestment rate, i.e.,</p><p><b>Long-Term Growth Rate = ROCE * Reinvestment Rate</b></p><p>ROCE stands for the return on capital employed and is the most important metric for measuring profitability. Note that ROCE is different from the return on equity (and more fundamental and important in my view). ROCE considers the return of capital ACTUALLY employed and therefore provides insight into how much additional capital a business needs to invest in order to earn a given extra amount of income – a key to estimating the long-term growth rate.</p><p>The detailed background ROCE has been detailed in my early articles and I will just directly quote the results below. In this analysis, I consider the following items capital actually employed A) Working capital (including payables, receivables, inventory), B) Gross Property, Plant, and Equipment, and C) Research and development expenses are also capitalized.</p><p>Based on the above considerations, the ROCE of MSFT and AAPL over the past decade is shown below. As seen,</p><ul><li>MSFT again is able to maintain a remarkably high ROCE and consistent level of ROCE: On average about 67% in recent years.</li><li>AAPL’s ROCE again has “declined” from an unsustainable level of 200% to 300% in the early years of the decade to the current level of around 150% in recent years.</li><li>But the keyword here is again <i>relative</i>. Their current level of ROCE may be higher or lower relative to each other or their own past. But any ROCE above 60% is remarkable. To put things under perspective, the overachievers in the FAAMG pack have an average ROCE of around 50% in recent years.</li></ul><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/595c877bbeb53f45b4d80d0d41b7ba50\" tg-width=\"640\" tg-height=\"330\" referrerpolicy=\"no-referrer\"/><span>Author</span></p><p>In terms of reinvestment rate, both companies enjoy enviable capital allocation flexibility. The capital allocation picture is really simple for both companies here: Both earn a load of cash organically from their operations but do not need to spend much.</p><p>Given their high ROCE, it obviously makes total sense to reinvest as much of their earnings back into the business to fuel further growth as possible. But the problem is that for businesses at this scale, there are just not that many opportunities to reinvest the earnings. As a result, both have been allocating a large part of the remaining earnings to buy back shares. According to the current financials available on Seeking Alpha, as of TTM 2022, MSFT has been spending about 33% of the OPC on average on share repurchases, and AAPL even higher, about 77%.</p><p>All told, my estimates are that MSFT has been maintaining a reinvestment rate between 7.5% to 10% in recent years, and AAPL about 5% to 7.5%. And we will see the implications of the investment rates next.</p><p><b>Back to the roadmap</b></p><p>For AAPL, at its current price levels, the OEY is about ~3.8%. The growth rate is about 7.5% assuming a 7.5% reinvestment and a ROCE of 100% to be a bit conservative, resulting in a double-digit ROI already! For MSFT, the OEY is about ~3.3%. The growth rate is about 6.7% assuming a 10% reinvestment and a ROCE of 67%, resulting in about 10% ROI.</p><p>This is a key insight that we&#39;ve learned from Buffett – when you think like a business owner, you do not need a 10% growth rate to achieve a 10% return. We feel much more comfortable with a few percent of reliable and sustainable growth rate in stocks that we understand well.</p><p>The road map below shows the ROI based on an assumption of a 10% reinvestment rate, which is the average rate for the large and mature businesses in the S&amp;P 500 index. Admittedly, both MSFT&#39;s and AAPL’s reinvestment rate (especially APPL) is not as high as 10% currently. So the total ROI would be a bit lower than what is shown in the roadmap below. However, note that both boast strong cash generation capability and fortress balance sheet, which provide the optionality to crank up reinvestment rates or to boost growth through acquisitions.</p><p>In contrast, the overall market is currently valued at about 26.5x PE, resulting in an OEY of about 3.8%. however, the overall market’s ROCE is on the order of 20% or so. And with a 10% reinvestment rate, the growth rate would be about 2%, leading to a long-term ROI of about 6% per year.</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/6f9fbd0e002bec5dc3e06183618e8562\" tg-width=\"640\" tg-height=\"432\" referrerpolicy=\"no-referrer\"/><span>Source: author</span></p><p><b>Risks</b></p><p>First and foremost, I do not see any structural risk associated with AAPL or MSFT at this moment. Remotely, there might be an antitrust regulatory risk. But even if it comes to that, I&#39;m not entirely certain if it will be bad for AAPL or MSFT investors for sure. If it really comes to that and the company has to be broken up, the market would be forced to value each of its business segments separately. And such a complete and transparent valuation may or may not result in a lower valuation.</p><p>There can be significant short-term volatility risks too. Regardless of AAPL and MSFT scale and business model, the valuation is at a high level and the overall market itself is also near a historical record valuation. There are several large macroeconomic and geopolitical uncertainties unfolding right now, including the pandemic, Ukraine conflicts, global logistic chain interruptions, and Fed’s interest rate decisions. Such a combination of high valuation and high volatility certainly could cause short terms risks – but are irrelevant for the long term.</p><p><b>Conclusion and final thought</b></p><p>When we invest like a business owner, not a stock trader, our long-term ROI is simply the sum of two things: A) the price paid to buy the business and B) the quality of the business. In both MSFT and AAPL’s case, they provide a far superior return for long-term investors than the overall market because of their far superior ROCE over the market average. Such high ROCE gives it the ability to grow without the need for too much capital and subsequently can return most of the earnings to shareholders (either as dividends or share buybacks).</p><p>The key takeaways are:</p><ul><li>Both dominate the intersection of technology and consumer access and both are protected by a formidable moat. They both provide favorable odds for double-digit returns in the long term.</li><li>As such, we really do not see a bad choice here. Investors just need to pick the one that suits their own risk profile and fits in their own circle of competence.</li><li>We like AAPL better ourselves mostly because we understand its consumer-centric business model better. We understand the roots of its superb profitability and consumer stickiness. After all and above all, having a coherent investing roadmap and staying within one’s circle of competence is the key to investing.</li></ul></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>Apple Vs. Microsoft: Why We Like Apple Better</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 Vs. Microsoft: Why We Like Apple Better\n</h2>\n\n<h4 class=\"meta\">\n\n\n2022-04-18 10:22 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://seekingalpha.com/article/4501666-apple-vs-microsoft-why-we-like-apple-better><strong>seekingalpha</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>SummaryThe competition between Apple and Microsoft has shaped the evolution of personal computing.Their competition will continue in many core areas, but both are good candidates to play the world’s ...</p>\n\n<a href=\"https://seekingalpha.com/article/4501666-apple-vs-microsoft-why-we-like-apple-better\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"BK4535":"淡马锡持仓","MSFT":"微软","BK4501":"段永平概念","BK4538":"云计算","BK4577":"网络游戏","BK4559":"巴菲特持仓","BK4527":"明星科技股","BK4550":"红杉资本持仓","BK4579":"人工智能","BK4503":"景林资产持仓","BK4574":"无人驾驶","BK4097":"系统软件","BK4505":"高瓴资本持仓","BK4573":"虚拟现实","BK4504":"桥水持仓","BK4581":"高盛持仓","BK4512":"苹果概念","AAPL":"苹果","BK4548":"巴美列捷福持仓","BK4170":"电脑硬件、储存设备及电脑周边","BK4566":"资本集团","BK4528":"SaaS概念","BK4516":"特朗普概念","BK4532":"文艺复兴科技持仓","BK4554":"元宇宙及AR概念","BK4515":"5G概念","BK4553":"喜马拉雅资本持仓","BK4571":"数字音乐概念","BK4567":"ESG概念","BK4534":"瑞士信贷持仓","BK4507":"流媒体概念","BK4576":"AR","BK4533":"AQR资本管理(全球第二大对冲基金)","BK4575":"芯片概念","BK4525":"远程办公概念"},"source_url":"https://seekingalpha.com/article/4501666-apple-vs-microsoft-why-we-like-apple-better","is_english":true,"share_image_url":"https://static.laohu8.com/5a36db9d73b4222bc376d24ccc48c8a4","article_id":"2227600101","content_text":"SummaryThe competition between Apple and Microsoft has shaped the evolution of personal computing.Their competition will continue in many core areas, but both are good candidates to play the world’s unstoppable shift toward a digital future.This article provides an in-depth comparison so you can see why we like Apple better ourselves.Our investing roadmap shows Apple provides a higher return potential with its better profitability, better R&D yields, lower valuation, and consumer-centric devices.And having a coherent investing roadmap keeps us clear headed, especially during challenging times like this.Chip Somodevilla/Getty Images NewsThe investment thesisThe thesis of this article is really simple – under the current conditions, both Apple (NASDAQ:AAPL) and Microsoft (NASDAQ:MSFT) provide far superior returns for long-term investors than the overall market. The key argument is built on the following chart. This chart also is the roadmap that we use in our Marketplace service to pick our tactical holdings. Having a coherent investing roadmap keeps us clear-headed, especially during challenging times like this.You will see from the following chart, AAPL is projected to provide about 13% annual return (“ROI”) in the long term and MSFT about 10%, while the overall market is only about 6.5%. The main reasons are threefold:Their far superior ROCE (return on capital employed) over the market average, which gives it the ability to grow without the need for too much capital and subsequently can return most of the earnings to shareholders (either as dividends or share buybacks).Their fundamental business models provide a stable moat and enjoy strong secular support.Yet both of them sell at a similar valuation compared to the overall market.Then we will detail the reasons why we only own AAPL even though both are good candidates to play the world’s unstoppable shift toward a digital future. As you will see, the primary reason is that we like a concentrated portfolio and usually limit our exposure to one sector to one holding. And we choose AAPL because of its better profitability and its consumer-centric business model. We feel consumer stickiness, once established, is longer lasting and harder to change.Source: authorHow did we build our roadmap and how did it perform?The key in building this road is to think like a business owner, not a stock trader. As detailed in our earlier article:The long-term ROI for a business owner is simply determined by two things: A) the price paid to buy the business and B) the quality of the business. More specifically, part A is determined by the owner’s earning yield (“OEY”) when we purchased the business. And that is why PE is the first dimension in our roadmap. Part B is determined by the quality of the business and that is why ROCE, the most important metric for profitability, is the second dimension in our roadmap.Now, the long-term growth rate is governed by ROCE and the Reinvestment Rate. These are the two most important growth engines, and they mutually enhance each other. High ROCE means every $1 reinvested can lead to a higher growth rate, which leads to more future profits and more flexible capital allocation to fuel further growth, and so on. So to summarize:Longer-Term ROI = valuation + quality = OEY + Growth Rate = OEY + ROCE*Reinvestment RateThe performance of our stocks picked using this road is recently updated in this article. Using the date I first published our portfolio on 5/31/2021 as the inception date, our picks have outperformed the S&P 500 by about 11%.With this background, the remainder of this article will show how the above roadmap applies to AAPL and MSFT.APPL vs MSFT: the competitive landscapeAAPL and MSFT compete head-on in many of their core areas, ranging from operation systems, digital ad, mobile devices, PCs and laptops, et al. Besides their own competitions, they also face competition from all sides. No big tech companies stay in their own corner these days. For example, MSFT’s Bing search is in direct competition with Google. GOOG’s Chrome OS and Android OS now have become popular desktop operating systems in the world, directly and meaningfully competing with MSFT Windows and also Apple IOS.But overall, they dominate the intersection of technology and consumer access. As such, both are protected by a formidable moat and well positioned to benefit from our world’s continued shifts toward digitalization. And the good news is that the pie is getting bigger itself as our appetite grows exponentially for data, automation, and entertainment.Although we like AAPL better ourselves, we really do not see a bad choice here. Investors just need to pick the one that suits their own risk profile and fits in their own circle of competence.For us, we understand AAPL’s consumer-centric business model better than MSFT’s enterprise-centric model. AAPL has mastered the interplay of freemium pricing and premium pricing strategy with billions of consumers. It can set substantially higher prices for its products (ranging from iPhone, MacBook, iPad, et al) than Microsoft and Android devices. As you will see immediately below, it has created a profitability category of its own kind.Source: https://startuptalky.com/apple-vs-microsoft-marketing-strategy/MSFT: more consistent and aggressive R&DFirst, we do not invest in a given tech stock because we have high confidence in a certain product that they are developing in the pipeline. Instead, we feel more comfortable betting on A) the recurring resources available to fund new R&D efforts sustainably, and B) the overall efficiency of the R&D process. So correspondingly, in the long run, I feel comfortable as long as a tech business can A) sustainably support new R&D expenditures, and B) has demonstrated a consistent R&D yield. I do not feel the need to particularly bet on any one of the new products to be a hit (or a complete failure).So let’s first see how well and sustainably MSFT and AAPL can fund their new R&D efforts. The short answer is: Extremely well. The next chart shows the R&D expenses of MSFT and AAPL over the past decade. As seen, both have been consistently investing heavily in R&D. A few observations:MSFT has been spending very consistently on R&D, on average about 13% of its total revenue.AAPL’s story is a bit more colorful. It did not spend that much on R&D earlier in the decade. Partly because AAPL products were so disruptive at that time and enjoyed a quasi-monopoly status. Partly because Steve Jobs himself did not believe in R&D spending. He commented that “Innovation has nothing to do with how many R&D dollars you have. It's not about money.”Then Tim Cook transitioned it to a different model. He more than doubled the R&D expenses since he took over. The R&D expenses are on average about 6.1% of sales now, still lower than other tech giants in relative terms. But in absolute terms, it's a mind-boggling amount (exceeding $20 billion in 2021).AuthorThen the next question is, how effective is the R&D process? The short answer is again: Extremely effective. We ourselves like to use a variation of Buffett’s $1 test on R&D expenses. We do not only listen to CEOs’ pitches on their brilliant new ideas that will shake the earth (again). We also examine the financials to see their words are corroborated by the numbers. And in MSFT and AAPL’s case, they are.The purpose of any corporate R&D is obviously to generate profit. Therefore, it's intuitive to quantify the yield by taking the ratio between profit and R&D expenditures. This way we can quantify how many dollars of profit has been generated per dollar of R&D expenses (i.e., the $1 test), as shown in the next chart. In this chart, I used the operating cash flow as the measure of profit. Also, most R&D investments do not produce any results in the same year. They typically have a lifetime of a few years. Therefore, this analysis assumes a three-year average investment cycle for R&D. And as a result, we use the three-year moving average of operating cash flow to represent this three-year cycle.A few key observations:The R&D yield for MSFT is again very consistent, boasting a long-term average of $2.8 of yield per $1 of R&D expenditure. The consistency again shows the stable moat.AAPL, as usual, has a more colorful story. As you can see, its R&D yield has been more than $10 in 2013 under the tutelage of Steve Jobs. And it has declined to a range between $4.0 and $5.0 in recent years with an average of $4.3.You might interpret the decline of AAPL’s R&D yield as bad news. However, keep in mind that A) the level of profitability AAPL enjoyed in the early part of the decade is simply unsustainable, B) the decline is only relative to its own glorious past.Overall, both AAPL and MSFT enjoy R&D yields that are very competitive. To put things under perspective, for the overachieving FAAMG group, their average R&D yield is “only” about $2.5.Then as we will next, both MSFT and AAPL enjoy superb profitability to fuel their R&D efforts sustainably, which will lead to sustainable growth in turn.AuthorBoth enjoy superb profitability but AAPL in its own categoryWhen we think of long-term growth (like in 10 years or more), the framework I use is the following. In the long term, the growth rate is “simply” the product of ROCE and reinvestment rate, i.e.,Long-Term Growth Rate = ROCE * Reinvestment RateROCE stands for the return on capital employed and is the most important metric for measuring profitability. Note that ROCE is different from the return on equity (and more fundamental and important in my view). ROCE considers the return of capital ACTUALLY employed and therefore provides insight into how much additional capital a business needs to invest in order to earn a given extra amount of income – a key to estimating the long-term growth rate.The detailed background ROCE has been detailed in my early articles and I will just directly quote the results below. In this analysis, I consider the following items capital actually employed A) Working capital (including payables, receivables, inventory), B) Gross Property, Plant, and Equipment, and C) Research and development expenses are also capitalized.Based on the above considerations, the ROCE of MSFT and AAPL over the past decade is shown below. As seen,MSFT again is able to maintain a remarkably high ROCE and consistent level of ROCE: On average about 67% in recent years.AAPL’s ROCE again has “declined” from an unsustainable level of 200% to 300% in the early years of the decade to the current level of around 150% in recent years.But the keyword here is again relative. Their current level of ROCE may be higher or lower relative to each other or their own past. But any ROCE above 60% is remarkable. To put things under perspective, the overachievers in the FAAMG pack have an average ROCE of around 50% in recent years.AuthorIn terms of reinvestment rate, both companies enjoy enviable capital allocation flexibility. The capital allocation picture is really simple for both companies here: Both earn a load of cash organically from their operations but do not need to spend much.Given their high ROCE, it obviously makes total sense to reinvest as much of their earnings back into the business to fuel further growth as possible. But the problem is that for businesses at this scale, there are just not that many opportunities to reinvest the earnings. As a result, both have been allocating a large part of the remaining earnings to buy back shares. According to the current financials available on Seeking Alpha, as of TTM 2022, MSFT has been spending about 33% of the OPC on average on share repurchases, and AAPL even higher, about 77%.All told, my estimates are that MSFT has been maintaining a reinvestment rate between 7.5% to 10% in recent years, and AAPL about 5% to 7.5%. And we will see the implications of the investment rates next.Back to the roadmapFor AAPL, at its current price levels, the OEY is about ~3.8%. The growth rate is about 7.5% assuming a 7.5% reinvestment and a ROCE of 100% to be a bit conservative, resulting in a double-digit ROI already! For MSFT, the OEY is about ~3.3%. The growth rate is about 6.7% assuming a 10% reinvestment and a ROCE of 67%, resulting in about 10% ROI.This is a key insight that we've learned from Buffett – when you think like a business owner, you do not need a 10% growth rate to achieve a 10% return. We feel much more comfortable with a few percent of reliable and sustainable growth rate in stocks that we understand well.The road map below shows the ROI based on an assumption of a 10% reinvestment rate, which is the average rate for the large and mature businesses in the S&P 500 index. Admittedly, both MSFT's and AAPL’s reinvestment rate (especially APPL) is not as high as 10% currently. So the total ROI would be a bit lower than what is shown in the roadmap below. However, note that both boast strong cash generation capability and fortress balance sheet, which provide the optionality to crank up reinvestment rates or to boost growth through acquisitions.In contrast, the overall market is currently valued at about 26.5x PE, resulting in an OEY of about 3.8%. however, the overall market’s ROCE is on the order of 20% or so. And with a 10% reinvestment rate, the growth rate would be about 2%, leading to a long-term ROI of about 6% per year.Source: authorRisksFirst and foremost, I do not see any structural risk associated with AAPL or MSFT at this moment. Remotely, there might be an antitrust regulatory risk. But even if it comes to that, I'm not entirely certain if it will be bad for AAPL or MSFT investors for sure. If it really comes to that and the company has to be broken up, the market would be forced to value each of its business segments separately. And such a complete and transparent valuation may or may not result in a lower valuation.There can be significant short-term volatility risks too. Regardless of AAPL and MSFT scale and business model, the valuation is at a high level and the overall market itself is also near a historical record valuation. There are several large macroeconomic and geopolitical uncertainties unfolding right now, including the pandemic, Ukraine conflicts, global logistic chain interruptions, and Fed’s interest rate decisions. Such a combination of high valuation and high volatility certainly could cause short terms risks – but are irrelevant for the long term.Conclusion and final thoughtWhen we invest like a business owner, not a stock trader, our long-term ROI is simply the sum of two things: A) the price paid to buy the business and B) the quality of the business. In both MSFT and AAPL’s case, they provide a far superior return for long-term investors than the overall market because of their far superior ROCE over the market average. Such high ROCE gives it the ability to grow without the need for too much capital and subsequently can return most of the earnings to shareholders (either as dividends or share buybacks).The key takeaways are:Both dominate the intersection of technology and consumer access and both are protected by a formidable moat. They both provide favorable odds for double-digit returns in the long term.As such, we really do not see a bad choice here. Investors just need to pick the one that suits their own risk profile and fits in their own circle of competence.We like AAPL better ourselves mostly because we understand its consumer-centric business model better. We understand the roots of its superb profitability and consumer stickiness. After all and above all, having a coherent investing roadmap and staying within one’s circle of competence is the key to investing.","news_type":1},"isVote":1,"tweetType":1,"viewCount":114,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9016838728,"gmtCreate":1649164765096,"gmtModify":1676534461493,"author":{"id":"3575540109780565","authorId":"3575540109780565","name":"Xiong_X","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3575540109780565","authorIdStr":"3575540109780565"},"themes":[],"htmlText":"Definitely&nbsp;","listText":"Definitely&nbsp;","text":"Definitely","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9016838728","repostId":"2225758912","repostType":2,"isVote":1,"tweetType":1,"viewCount":26,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9018792960,"gmtCreate":1649085843847,"gmtModify":1676534448147,"author":{"id":"3575540109780565","authorId":"3575540109780565","name":"Xiong_X","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3575540109780565","authorIdStr":"3575540109780565"},"themes":[],"htmlText":"Great !","listText":"Great !","text":"Great !","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9018792960","repostId":"2224530588","repostType":4,"repost":{"id":"2224530588","kind":"news","pubTimestamp":1649078353,"share":"https://ttm.financial/m/news/2224530588?lang=&edition=fundamental","pubTime":"2022-04-04 21:19","market":"us","language":"en","title":"Roku Signs Multi-Year Extension of Agreement with Amazon","url":"https://stock-news.laohu8.com/highlight/detail?id=2224530588","media":"seekingalpha","summary":"Roku (NASDAQ:ROKU) reached a multi-year extension of its distribution agreement with Amazon.Customer","content":"<html><head></head><body><p>Roku (NASDAQ:ROKU) reached a multi-year extension of its distribution agreement with Amazon.</p><p>Customers can continue to access the Prime Video and IMDb TV apps on their Roku devices.</p><p>Terms of the agreement were not disclosed.</p><p>Roku shares trade 3.62% higher premarket.</p><p><img src=\"https://static.tigerbbs.com/38ba2c8ee926e8a257c9abef3e857552\" tg-width=\"857\" tg-height=\"833\" width=\"100%\" height=\"auto\"/></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>Roku Signs Multi-Year Extension of Agreement with Amazon</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; 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overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 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\">\nRoku Signs Multi-Year Extension of Agreement with Amazon\n</h2>\n\n<h4 class=\"meta\">\n\n\n2022-04-04 21:19 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://seekingalpha.com/news/3820361-roku-signs-multi-year-extension-of-agreement-with-amazon><strong>seekingalpha</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Roku (NASDAQ:ROKU) reached a multi-year extension of its distribution agreement with Amazon.Customers can continue to access the Prime Video and IMDb TV apps on their Roku devices.Terms of the ...</p>\n\n<a href=\"https://seekingalpha.com/news/3820361-roku-signs-multi-year-extension-of-agreement-with-amazon\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"BK4548":"巴美列捷福持仓","BK4554":"元宇宙及AR概念","BK4532":"文艺复兴科技持仓","BK4108":"电影和娱乐","BK4534":"瑞士信贷持仓","BK4507":"流媒体概念","AMZN":"亚马逊","ROKU":"Roku Inc","BK4533":"AQR资本管理(全球第二大对冲基金)","BK4566":"资本集团","BK4535":"淡马锡持仓","BK4524":"宅经济概念","BK4527":"明星科技股","BK4538":"云计算","BK4559":"巴菲特持仓","BK4579":"人工智能","BK4550":"红杉资本持仓","BK4503":"景林资产持仓","BK4122":"互联网与直销零售","BK4551":"寇图资本持仓","BK4561":"索罗斯持仓","BK4581":"高盛持仓"},"source_url":"https://seekingalpha.com/news/3820361-roku-signs-multi-year-extension-of-agreement-with-amazon","is_english":true,"share_image_url":"https://static.laohu8.com/5a36db9d73b4222bc376d24ccc48c8a4","article_id":"2224530588","content_text":"Roku (NASDAQ:ROKU) reached a multi-year extension of its distribution agreement with Amazon.Customers can continue to access the Prime Video and IMDb TV apps on their Roku devices.Terms of the agreement were not disclosed.Roku shares trade 3.62% higher premarket.","news_type":1},"isVote":1,"tweetType":1,"viewCount":35,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"hots":[{"id":9086133211,"gmtCreate":1650420310982,"gmtModify":1676534720320,"author":{"id":"3575540109780565","authorId":"3575540109780565","name":"Xiong_X","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3575540109780565","authorIdStr":"3575540109780565"},"themes":[],"htmlText":"That's bad","listText":"That's bad","text":"That's bad","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9086133211","repostId":"2228911690","repostType":4,"repost":{"id":"2228911690","kind":"highlight","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":1650409611,"share":"https://ttm.financial/m/news/2228911690?lang=&edition=fundamental","pubTime":"2022-04-20 07:06","market":"us","language":"en","title":"Netflix Shares Fell 25%, Losing Subscribers Amid Growing Competition, Account Sharing","url":"https://stock-news.laohu8.com/highlight/detail?id=2228911690","media":"Dow Jones","summary":"Netflix Inc. lost subscribers globally in the first quarter and expects to lose even more this sprin","content":"<html><head></head><body><p>Netflix Inc. lost subscribers globally in the first quarter and expects to lose even more this spring, as the streaming giant grapples with stiffer competition from rival services and rampant account sharing among its customers.</p><p>The company ended the first quarter with 200,000 fewer subscribers than it had in the fourth, missing on its own projection of adding 2.5 million customers in the period. Netflix said it expected to lose two million global subscribers in the current quarter.</p><p>Netflix shares fell 25% in after-hours trading. Through Tuesday&#39;s close, the stock was off more than 40% for the year so far.</p><p><img src=\"https://static.tigerbbs.com/cf86a748550d7075a6b27a2aa1497efe\" tg-width=\"857\" tg-height=\"826\" referrerpolicy=\"no-referrer\"/></p><p>Netflix blamed password sharing among its members and increased streaming competition for creating what it called &#34;revenue growth headwinds.&#34; Netflix estimated that besides its almost 222 million paying households, the service is being shared with an additional 100 million homes including 30 million in the U.S. and Canada.</p><p>In its letter to investors, Netflix said it is testing password-sharing subscription models that it believes will allow it to monetize sharing and build revenue. The company said the portion of its members who share accounts hasn&#39;t changed much over the years, but as its overall subscriber base continues to expand, account sharing is hampering future growth in many markets.</p><p>The streaming giant said revenue growth has slowed considerably after years of 20%-plus gains. Revenue in the first quarter rose roughly 10% to $7.87 billion, below analysts&#39; projections of $7.93 billion.</p><p>Netflix also warned that gains made during the Covid-19 pandemic hid the fault lines that have emerged in its business over the past few years. &#34;Covid clouded the picture by significantly increasing our growth in 2020, leading us to believe that most of our slowing growth in 2021 was due to the Covid pull forward,&#34; the company said in its letter.</p><p>The subscription decline brought Netflix&#39;s paid global subscriber base to 221.6 million, down from 221.8 million in the prior quarter. Net profit was $1.6 billion, down from $1.71 billion a year earlier.</p><p>Besides competition and password sharing, Netflix said slowing growth reflected such factors as the rate of adoption of smart TVs, data costs and world events including increasing inflation, Russia&#39;s invasion of Ukraine and continuing disruption from the pandemic.</p><p>Netflix said shutting down its service in Russia resulted in the loss of 700,000 subscribers.</p><p>With a rate of growth that has been the envy of the industry for more than a decade, Netflix is seen as a barometer for streaming. As competition grew and programming costs rose, the company moved recently to raise the price for its monthly plans for the first time since 2020.</p><p>Netflix&#39;s approach contrasts with options presented by competitors. Walt Disney Co. announced last month that it would roll out a cheaper, ad-supported Disney+ subscription in the U.S. beginning in late 2022. The move would leave Netflix and Apple Inc. as the only major streaming services that don&#39;t offer a lower-cost, ad-supported option.</p><p>While Netflix has no stated plans to launch an advertiser-supported tier, during a recent investment conference its chief operating officer, Spencer Neumann, said: &#34;Never say never.&#34;</p><p>Netflix&#39;s first-quarter operating margin was 25.1%, down from 27.4% a year earlier. The company said it aims to keep its operating margin at 20% in the future.</p><p>Netflix said its plan to right itself will be heavily focused on improving the quality of its programming and the recommendations that platform provides to its customers to keep them engaged in the content and on the service. Netflix already spends more than any other entertainment provider, with a programming budget that is expected to surpass $20 billion this year.</p><p>Although Netflix has several hit shows including &#34;Stranger Things,&#34; &#34;Bridgerton&#34; and &#34;The Crown,&#34; the service has also had its fair share of expensive flops recently including shows such as &#34;Jupiter Ascending&#34; and &#34;Space Force.&#34;</p><p>World-wide, Netflix said its business in Central and Eastern Europe showed the effects of Russia&#39;s attack on Ukraine. Also down was Latin America, which lost 400,000 subscribers. In the U.S. and Canada, the company lost 600,000 subscribers, which it attributed to its recent price increase.</p><p>The company said it had grown in Japan, India, the Philippines, Thailand and Taiwan.</p><p>&#34;Over the longer term, much of our growth will come from outside the U.S.,&#34; Netflix said.</p></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>Netflix Shares Fell 25%, Losing Subscribers Amid Growing Competition, Account Sharing</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\">\nNetflix Shares Fell 25%, Losing Subscribers Amid Growing Competition, Account Sharing\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\">2022-04-20 07:06</p>\n</div>\n\n</div>\n\n\n</h4>\n\n</header>\n<article>\n<html><head></head><body><p>Netflix Inc. lost subscribers globally in the first quarter and expects to lose even more this spring, as the streaming giant grapples with stiffer competition from rival services and rampant account sharing among its customers.</p><p>The company ended the first quarter with 200,000 fewer subscribers than it had in the fourth, missing on its own projection of adding 2.5 million customers in the period. Netflix said it expected to lose two million global subscribers in the current quarter.</p><p>Netflix shares fell 25% in after-hours trading. Through Tuesday&#39;s close, the stock was off more than 40% for the year so far.</p><p><img src=\"https://static.tigerbbs.com/cf86a748550d7075a6b27a2aa1497efe\" tg-width=\"857\" tg-height=\"826\" referrerpolicy=\"no-referrer\"/></p><p>Netflix blamed password sharing among its members and increased streaming competition for creating what it called &#34;revenue growth headwinds.&#34; Netflix estimated that besides its almost 222 million paying households, the service is being shared with an additional 100 million homes including 30 million in the U.S. and Canada.</p><p>In its letter to investors, Netflix said it is testing password-sharing subscription models that it believes will allow it to monetize sharing and build revenue. The company said the portion of its members who share accounts hasn&#39;t changed much over the years, but as its overall subscriber base continues to expand, account sharing is hampering future growth in many markets.</p><p>The streaming giant said revenue growth has slowed considerably after years of 20%-plus gains. Revenue in the first quarter rose roughly 10% to $7.87 billion, below analysts&#39; projections of $7.93 billion.</p><p>Netflix also warned that gains made during the Covid-19 pandemic hid the fault lines that have emerged in its business over the past few years. &#34;Covid clouded the picture by significantly increasing our growth in 2020, leading us to believe that most of our slowing growth in 2021 was due to the Covid pull forward,&#34; the company said in its letter.</p><p>The subscription decline brought Netflix&#39;s paid global subscriber base to 221.6 million, down from 221.8 million in the prior quarter. Net profit was $1.6 billion, down from $1.71 billion a year earlier.</p><p>Besides competition and password sharing, Netflix said slowing growth reflected such factors as the rate of adoption of smart TVs, data costs and world events including increasing inflation, Russia&#39;s invasion of Ukraine and continuing disruption from the pandemic.</p><p>Netflix said shutting down its service in Russia resulted in the loss of 700,000 subscribers.</p><p>With a rate of growth that has been the envy of the industry for more than a decade, Netflix is seen as a barometer for streaming. As competition grew and programming costs rose, the company moved recently to raise the price for its monthly plans for the first time since 2020.</p><p>Netflix&#39;s approach contrasts with options presented by competitors. Walt Disney Co. announced last month that it would roll out a cheaper, ad-supported Disney+ subscription in the U.S. beginning in late 2022. The move would leave Netflix and Apple Inc. as the only major streaming services that don&#39;t offer a lower-cost, ad-supported option.</p><p>While Netflix has no stated plans to launch an advertiser-supported tier, during a recent investment conference its chief operating officer, Spencer Neumann, said: &#34;Never say never.&#34;</p><p>Netflix&#39;s first-quarter operating margin was 25.1%, down from 27.4% a year earlier. The company said it aims to keep its operating margin at 20% in the future.</p><p>Netflix said its plan to right itself will be heavily focused on improving the quality of its programming and the recommendations that platform provides to its customers to keep them engaged in the content and on the service. Netflix already spends more than any other entertainment provider, with a programming budget that is expected to surpass $20 billion this year.</p><p>Although Netflix has several hit shows including &#34;Stranger Things,&#34; &#34;Bridgerton&#34; and &#34;The Crown,&#34; the service has also had its fair share of expensive flops recently including shows such as &#34;Jupiter Ascending&#34; and &#34;Space Force.&#34;</p><p>World-wide, Netflix said its business in Central and Eastern Europe showed the effects of Russia&#39;s attack on Ukraine. Also down was Latin America, which lost 400,000 subscribers. In the U.S. and Canada, the company lost 600,000 subscribers, which it attributed to its recent price increase.</p><p>The company said it had grown in Japan, India, the Philippines, Thailand and Taiwan.</p><p>&#34;Over the longer term, much of our growth will come from outside the U.S.,&#34; Netflix said.</p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"NFLX":"奈飞","BK4581":"高盛持仓","BK4527":"明星科技股","BK4566":"资本集团","BK4507":"流媒体概念","BK4532":"文艺复兴科技持仓","BK4548":"巴美列捷福持仓","QNETCN":"纳斯达克中美互联网老虎指数","BK4551":"寇图资本持仓","BK4524":"宅经济概念","BK4108":"电影和娱乐","BK4534":"瑞士信贷持仓"},"source_url":"","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2228911690","content_text":"Netflix Inc. lost subscribers globally in the first quarter and expects to lose even more this spring, as the streaming giant grapples with stiffer competition from rival services and rampant account sharing among its customers.The company ended the first quarter with 200,000 fewer subscribers than it had in the fourth, missing on its own projection of adding 2.5 million customers in the period. Netflix said it expected to lose two million global subscribers in the current quarter.Netflix shares fell 25% in after-hours trading. Through Tuesday's close, the stock was off more than 40% for the year so far.Netflix blamed password sharing among its members and increased streaming competition for creating what it called \"revenue growth headwinds.\" Netflix estimated that besides its almost 222 million paying households, the service is being shared with an additional 100 million homes including 30 million in the U.S. and Canada.In its letter to investors, Netflix said it is testing password-sharing subscription models that it believes will allow it to monetize sharing and build revenue. The company said the portion of its members who share accounts hasn't changed much over the years, but as its overall subscriber base continues to expand, account sharing is hampering future growth in many markets.The streaming giant said revenue growth has slowed considerably after years of 20%-plus gains. Revenue in the first quarter rose roughly 10% to $7.87 billion, below analysts' projections of $7.93 billion.Netflix also warned that gains made during the Covid-19 pandemic hid the fault lines that have emerged in its business over the past few years. \"Covid clouded the picture by significantly increasing our growth in 2020, leading us to believe that most of our slowing growth in 2021 was due to the Covid pull forward,\" the company said in its letter.The subscription decline brought Netflix's paid global subscriber base to 221.6 million, down from 221.8 million in the prior quarter. Net profit was $1.6 billion, down from $1.71 billion a year earlier.Besides competition and password sharing, Netflix said slowing growth reflected such factors as the rate of adoption of smart TVs, data costs and world events including increasing inflation, Russia's invasion of Ukraine and continuing disruption from the pandemic.Netflix said shutting down its service in Russia resulted in the loss of 700,000 subscribers.With a rate of growth that has been the envy of the industry for more than a decade, Netflix is seen as a barometer for streaming. As competition grew and programming costs rose, the company moved recently to raise the price for its monthly plans for the first time since 2020.Netflix's approach contrasts with options presented by competitors. Walt Disney Co. announced last month that it would roll out a cheaper, ad-supported Disney+ subscription in the U.S. beginning in late 2022. The move would leave Netflix and Apple Inc. as the only major streaming services that don't offer a lower-cost, ad-supported option.While Netflix has no stated plans to launch an advertiser-supported tier, during a recent investment conference its chief operating officer, Spencer Neumann, said: \"Never say never.\"Netflix's first-quarter operating margin was 25.1%, down from 27.4% a year earlier. The company said it aims to keep its operating margin at 20% in the future.Netflix said its plan to right itself will be heavily focused on improving the quality of its programming and the recommendations that platform provides to its customers to keep them engaged in the content and on the service. Netflix already spends more than any other entertainment provider, with a programming budget that is expected to surpass $20 billion this year.Although Netflix has several hit shows including \"Stranger Things,\" \"Bridgerton\" and \"The Crown,\" the service has also had its fair share of expensive flops recently including shows such as \"Jupiter Ascending\" and \"Space Force.\"World-wide, Netflix said its business in Central and Eastern Europe showed the effects of Russia's attack on Ukraine. Also down was Latin America, which lost 400,000 subscribers. In the U.S. and Canada, the company lost 600,000 subscribers, which it attributed to its recent price increase.The company said it had grown in Japan, India, the Philippines, Thailand and Taiwan.\"Over the longer term, much of our growth will come from outside the U.S.,\" Netflix said.","news_type":1},"isVote":1,"tweetType":1,"viewCount":327,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9016838728,"gmtCreate":1649164765096,"gmtModify":1676534461493,"author":{"id":"3575540109780565","authorId":"3575540109780565","name":"Xiong_X","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3575540109780565","authorIdStr":"3575540109780565"},"themes":[],"htmlText":"Definitely&nbsp;","listText":"Definitely&nbsp;","text":"Definitely","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9016838728","repostId":"2225758912","repostType":2,"repost":{"id":"2225758912","kind":"highlight","pubTimestamp":1649164451,"share":"https://ttm.financial/m/news/2225758912?lang=&edition=fundamental","pubTime":"2022-04-05 21:14","market":"us","language":"en","title":"Is Apple Stock a Buy Now?","url":"https://stock-news.laohu8.com/highlight/detail?id=2225758912","media":"Motley Fool","summary":"The California company has made plenty of shareholders wealthy. Could you be next?","content":"<html><head></head><body><p><b>Apple</b> is an iconic brand that has sold groundbreaking products and services worldwide. You can scarcely find an individual who has not used at least <a href=\"https://laohu8.com/S/AONE.U\">one</a> of Apple&#39;s products. Further, Apple customers show a high degree of loyalty to the brand, often staying within the Apple ecosystem for several years or more. A good deal of Apple&#39;s sales now come from repeat customers or those who are upgrading to newer versions of the iPhone, iPad, or Mac computers. And product success has led to share price appreciation.</p><p>The company&#39;s stock has been up over 700% in the last decade alone. That phenomenal success has investors curious if they should buy Apple stock right now. To answer that question, let&#39;s dig into the company&#39;s prospects and valuation to determine if long-term investors should buy right now.</p><p><img src=\"https://static.tigerbbs.com/286d1a353c9d34eb94cc3957a4c8a495\" tg-width=\"700\" tg-height=\"467\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>Image source: Getty Images.</p><h2>Apple&#39;s products and services are used by over one billion people worldwide</h2><p>Any discussion about Apple&#39;s stock cannot ignore the iPhone. The flagship product accounted for over 50% of the company&#39;s overall revenue in its most recent quarter ended Dec. 25, 2021. The iPhone will likely continue to have a meaningful impact over several years: In the fourth quarter of 2021, the iPhone commanded a 23.4% share in the global smartphone market, its largest portion since the product&#39;s launch. Competitor <b>Samsung </b>is Apple&#39;s closest smartphone competitor, holding 19% of the market.</p><p>Therein lies another advantage: With one billion people using the iPhone, Apple has ample opportunity to market its services. Net sales of Apple&#39;s services grew from $15.7 billion in fourth quarter 2020 to nearly $20 billion in the same period of 2021. Sales of services are more profitable than that of products because Apple need not recreate a service for each new customer. Instead, Apple pays to create a service once, and each new customer that joins brings incremental revenue, delivering a significant contribution profit to the bottom line.</p><p>Over the last decade, Apple&#39;s products and services have worked together to deliver impressive revenue and profit growth. Revenue has increased from $157 billion in 2012 to $366 billion in 2021. Similarly, operating profit has risen from $55 billion to $109 billion.</p><h2>What about Apple&#39;s stock price?</h2><p>There is little debate that Apple is an impressive business. Its products and services are coveted by customers worldwide, and it has demonstrated an ability to innovate, create new products, and update existing ones. The next question to ask regards valuation: Is Apple&#39;s stock too expensive?</p><p><img src=\"https://static.tigerbbs.com/aa1f7f2db7ff4d2fb07234f7db6fc882\" tg-width=\"700\" tg-height=\"483\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>Apple and Microsoft price to earnings and price to free cash flow: Data by Ycharts.</p><p>Apple&#39;s price-to-earnings and price-to-free-cash-flow ratios are both 29, which falls on the pricier side compared to the company&#39;s historical average. However, when viewed next to rival <b>Microsoft</b>, Apple is trading at a discount.</p><p>Overall, it&#39;s safe to say that Apple&#39;s stock is not cheap, but no one can fault an investor willing to pay a premium price for a quality business. For those investors, Apple stock could be a buy right now. For the value-conscious investor, it may be prudent to wait for a pullback in the price before accumulating shares.</p></body></html>","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>Is Apple Stock a Buy Now?</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\">\nIs Apple Stock a Buy Now?\n</h2>\n\n<h4 class=\"meta\">\n\n\n2022-04-05 21:14 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.fool.com/investing/2022/04/05/should-you-buy-apple-stock/><strong>Motley Fool</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Apple is an iconic brand that has sold groundbreaking products and services worldwide. You can scarcely find an individual who has not used at least one of Apple's products. Further, Apple customers ...</p>\n\n<a href=\"https://www.fool.com/investing/2022/04/05/should-you-buy-apple-stock/\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"BK4512":"苹果概念","BK4170":"电脑硬件、储存设备及电脑周边","BK4515":"5G概念","BK4554":"元宇宙及AR概念","BK4532":"文艺复兴科技持仓","BK4553":"喜马拉雅资本持仓","BK4571":"数字音乐概念","BK4534":"瑞士信贷持仓","BK4507":"流媒体概念","BK4576":"AR","BK4533":"AQR资本管理(全球第二大对冲基金)","BK4566":"资本集团","BK4575":"芯片概念","BK4527":"明星科技股","BK4501":"段永平概念","BK4559":"巴菲特持仓","BK4579":"人工智能","BK4550":"红杉资本持仓","BK4574":"无人驾驶","AAPL":"苹果","BK4573":"虚拟现实","BK4505":"高瓴资本持仓","BK4581":"高盛持仓"},"source_url":"https://www.fool.com/investing/2022/04/05/should-you-buy-apple-stock/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2225758912","content_text":"Apple is an iconic brand that has sold groundbreaking products and services worldwide. You can scarcely find an individual who has not used at least one of Apple's products. Further, Apple customers show a high degree of loyalty to the brand, often staying within the Apple ecosystem for several years or more. A good deal of Apple's sales now come from repeat customers or those who are upgrading to newer versions of the iPhone, iPad, or Mac computers. And product success has led to share price appreciation.The company's stock has been up over 700% in the last decade alone. That phenomenal success has investors curious if they should buy Apple stock right now. To answer that question, let's dig into the company's prospects and valuation to determine if long-term investors should buy right now.Image source: Getty Images.Apple's products and services are used by over one billion people worldwideAny discussion about Apple's stock cannot ignore the iPhone. The flagship product accounted for over 50% of the company's overall revenue in its most recent quarter ended Dec. 25, 2021. The iPhone will likely continue to have a meaningful impact over several years: In the fourth quarter of 2021, the iPhone commanded a 23.4% share in the global smartphone market, its largest portion since the product's launch. Competitor Samsung is Apple's closest smartphone competitor, holding 19% of the market.Therein lies another advantage: With one billion people using the iPhone, Apple has ample opportunity to market its services. Net sales of Apple's services grew from $15.7 billion in fourth quarter 2020 to nearly $20 billion in the same period of 2021. Sales of services are more profitable than that of products because Apple need not recreate a service for each new customer. Instead, Apple pays to create a service once, and each new customer that joins brings incremental revenue, delivering a significant contribution profit to the bottom line.Over the last decade, Apple's products and services have worked together to deliver impressive revenue and profit growth. Revenue has increased from $157 billion in 2012 to $366 billion in 2021. Similarly, operating profit has risen from $55 billion to $109 billion.What about Apple's stock price?There is little debate that Apple is an impressive business. Its products and services are coveted by customers worldwide, and it has demonstrated an ability to innovate, create new products, and update existing ones. The next question to ask regards valuation: Is Apple's stock too expensive?Apple and Microsoft price to earnings and price to free cash flow: Data by Ycharts.Apple's price-to-earnings and price-to-free-cash-flow ratios are both 29, which falls on the pricier side compared to the company's historical average. However, when viewed next to rival Microsoft, Apple is trading at a discount.Overall, it's safe to say that Apple's stock is not cheap, but no one can fault an investor willing to pay a premium price for a quality business. For those investors, Apple stock could be a buy right now. For the value-conscious investor, it may be prudent to wait for a pullback in the price before accumulating shares.","news_type":1},"isVote":1,"tweetType":1,"viewCount":26,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9060097011,"gmtCreate":1651068027865,"gmtModify":1676534843690,"author":{"id":"3575540109780565","authorId":"3575540109780565","name":"Xiong_X","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3575540109780565","authorIdStr":"3575540109780565"},"themes":[],"htmlText":"Great!","listText":"Great!","text":"Great!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9060097011","repostId":"1115718610","repostType":4,"repost":{"id":"1115718610","kind":"news","pubTimestamp":1651061650,"share":"https://ttm.financial/m/news/1115718610?lang=&edition=fundamental","pubTime":"2022-04-27 20:14","market":"us","language":"en","title":"3 Ways Netflix Can Bounce Back After the Crash","url":"https://stock-news.laohu8.com/highlight/detail?id=1115718610","media":"Motley Fool","summary":"A few changes in strategy could reignite the stock.","content":"<html><head></head><body><p><b>KEY POINTS</b></p><ul><li>Netflix&#39;s $18 billion content budget is much too bloated.</li><li>Advertising could be a major revenue stream.</li><li>Improving its recommendation system would improve customer satisfaction and subscriber growth.</li></ul><p><b>Netflix</b> shares are reeling after last week&#39;s big flop in its earnings report.</p><p>The stock is down about 40% in just a few days, and is off about 70% from its peak last November. A surprise drop in subscribers torched the leading streamer, and the narrative that it could grow consistently as the streaming market expanded now looks broken.</p><p>It&#39;s not a surprise that Netflix plunged, but it&#39;s a mistake to write off the one-time market darling. Here are three reasons why Netflix stock could recover.</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/9fd8a8e6cc7775aa0ad5df8880e5d774\" tg-width=\"2000\" tg-height=\"1336\" width=\"100%\" height=\"auto\"/><span>IMAGE SOURCE: NETFLIX.</span></p><p><b>1. There&#39;s a lot of content fat to trim</b></p><p>Netflix plans to spend $18 billion on programming this year. To put that in perspective, that&#39;s roughly equal to the budgets for the 60 most expensive movies ever made.</p><p>Netflix makes more than movies, of course, but $18 billion seems excessive, especially for content that lives almost entirely on Netflix itself, rather than in movie theaters or cable networks. The company ramped up content spending for years, arguing that more content drove subscription growth, but that strategy now appears to have reached its endpoint.</p><p>Netflix recognizes it needs to spend more efficiently on content, something that never seemed to be a priority before, and the company is already taking steps to do that. According to <i>The Wall Street Journal</i>, it&#39;s now prioritizing return on investment instead of reach, and plans to focus on quality rather than quantity.</p><p>As the success of other streaming platforms has shown, you only need one or two hits to attract subscribers, and much of the content on Netflix gets lost as there&#39;s no easy way to view the full catalog. While management hasn&#39;t said it will slash content spending, it did indicate on the earnings call that it would hold it back, at least until it reaccelerates revenue growth.</p><p>Improving ROI in content should be low-hanging fruit for the company, as there appear to be plenty of flops on the service -- like &#34;He&#39;s Expecting,&#34; a Japanese show about a man who gets pregnant, which gets just a 1.1 out of 10 on IMDB.</p><p><b>2. Advertising is coming</b></p><p>Netflix has long resisted advertising, as co-CEO Reed Hastings has said he prefers the simplicity of the company&#39;s subscriber model. But with subscriber growth stagnating, the company looks ready to change course. On the earnings call, Hastings said, &#34;Allowing consumers who would like to have a lower price and are advertising-tolerant [to] get what they want makes a lot of sense. So that&#39;s something we&#39;re looking at now. We&#39;re trying to figure out over the next year or two. But think of us as quite open to offering even lower prices with advertising as a consumer choice.&#34;</p><p>A lower-tier advertising plan makes sense for Netflix. It would help the company combat the challenge it&#39;s facing with password sharing, and the ad-tier model has been proven to work elsewhere. Hulu, for example, makes about the same in revenue from its ad subscriptions that it does from ad-free subscriptions. Diversifying revenue streams also seems like a smart move, especially as subscriber growth no longer seems reliable. Advertisers are likely eager to get on Netflix, which has a unique reach with more than 200 million global subscribers and in-depth knowledge of their viewing habits.</p><p>Offering an ad tier will likely give Netflix another high-margin revenue stream.</p><p><b>3. Fixing recommendations</b></p><p>One longtime challenge for Netflix has been its recommendation engine. Every user gets a different set of movies and TV shows displayed to them when they log in, but Netflix isn&#39;t always so good at finding something you want to watch. Users regularly complain that there&#39;s nothing good on the service, and its massive library tends to get lost in a menu that shows comparatively few choices.</p><p>In the letter to shareholders, management said it was focused in particular on improving the &#34;quality of programming and recommendations.&#34; The company also said it was introducing a feature called &#34;double thumbs up&#34; to help users tell them what their favorite shows and movies are.</p><p>It&#39;s been years since Netflix introduced a major product change, and it seems long overdue. Improving recommendations may not be easy, but it&#39;s a problem well worth tackling. In order for Netflix to provide value, the only two things it really needs to do is create content users want to watch and make it easy for them to find it.</p><p>Management seemed to think that it would take a year or two to get these changes in place to reaccelerate subscriber growth -- so a turnaround won&#39;t be sudden, but Netflix clearly isn&#39;t standing still.</p><p>The good news is that the streaming stock trades for less than 20 times trailing earnings. If management executes, the stock could reclaim its previous heights in a few years.</p></body></html>","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>3 Ways Netflix Can Bounce Back After the Crash</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\">\n3 Ways Netflix Can Bounce Back After the Crash\n</h2>\n\n<h4 class=\"meta\">\n\n\n2022-04-27 20:14 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.fool.com/investing/2022/04/27/3-ways-netflix-can-bounce-back/><strong>Motley Fool</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>KEY POINTSNetflix's $18 billion content budget is much too bloated.Advertising could be a major revenue stream.Improving its recommendation system would improve customer satisfaction and subscriber ...</p>\n\n<a href=\"https://www.fool.com/investing/2022/04/27/3-ways-netflix-can-bounce-back/\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"NFLX":"奈飞"},"source_url":"https://www.fool.com/investing/2022/04/27/3-ways-netflix-can-bounce-back/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1115718610","content_text":"KEY POINTSNetflix's $18 billion content budget is much too bloated.Advertising could be a major revenue stream.Improving its recommendation system would improve customer satisfaction and subscriber growth.Netflix shares are reeling after last week's big flop in its earnings report.The stock is down about 40% in just a few days, and is off about 70% from its peak last November. A surprise drop in subscribers torched the leading streamer, and the narrative that it could grow consistently as the streaming market expanded now looks broken.It's not a surprise that Netflix plunged, but it's a mistake to write off the one-time market darling. Here are three reasons why Netflix stock could recover.IMAGE SOURCE: NETFLIX.1. There's a lot of content fat to trimNetflix plans to spend $18 billion on programming this year. To put that in perspective, that's roughly equal to the budgets for the 60 most expensive movies ever made.Netflix makes more than movies, of course, but $18 billion seems excessive, especially for content that lives almost entirely on Netflix itself, rather than in movie theaters or cable networks. The company ramped up content spending for years, arguing that more content drove subscription growth, but that strategy now appears to have reached its endpoint.Netflix recognizes it needs to spend more efficiently on content, something that never seemed to be a priority before, and the company is already taking steps to do that. According to The Wall Street Journal, it's now prioritizing return on investment instead of reach, and plans to focus on quality rather than quantity.As the success of other streaming platforms has shown, you only need one or two hits to attract subscribers, and much of the content on Netflix gets lost as there's no easy way to view the full catalog. While management hasn't said it will slash content spending, it did indicate on the earnings call that it would hold it back, at least until it reaccelerates revenue growth.Improving ROI in content should be low-hanging fruit for the company, as there appear to be plenty of flops on the service -- like \"He's Expecting,\" a Japanese show about a man who gets pregnant, which gets just a 1.1 out of 10 on IMDB.2. Advertising is comingNetflix has long resisted advertising, as co-CEO Reed Hastings has said he prefers the simplicity of the company's subscriber model. But with subscriber growth stagnating, the company looks ready to change course. On the earnings call, Hastings said, \"Allowing consumers who would like to have a lower price and are advertising-tolerant [to] get what they want makes a lot of sense. So that's something we're looking at now. We're trying to figure out over the next year or two. But think of us as quite open to offering even lower prices with advertising as a consumer choice.\"A lower-tier advertising plan makes sense for Netflix. It would help the company combat the challenge it's facing with password sharing, and the ad-tier model has been proven to work elsewhere. Hulu, for example, makes about the same in revenue from its ad subscriptions that it does from ad-free subscriptions. Diversifying revenue streams also seems like a smart move, especially as subscriber growth no longer seems reliable. Advertisers are likely eager to get on Netflix, which has a unique reach with more than 200 million global subscribers and in-depth knowledge of their viewing habits.Offering an ad tier will likely give Netflix another high-margin revenue stream.3. Fixing recommendationsOne longtime challenge for Netflix has been its recommendation engine. Every user gets a different set of movies and TV shows displayed to them when they log in, but Netflix isn't always so good at finding something you want to watch. Users regularly complain that there's nothing good on the service, and its massive library tends to get lost in a menu that shows comparatively few choices.In the letter to shareholders, management said it was focused in particular on improving the \"quality of programming and recommendations.\" The company also said it was introducing a feature called \"double thumbs up\" to help users tell them what their favorite shows and movies are.It's been years since Netflix introduced a major product change, and it seems long overdue. Improving recommendations may not be easy, but it's a problem well worth tackling. In order for Netflix to provide value, the only two things it really needs to do is create content users want to watch and make it easy for them to find it.Management seemed to think that it would take a year or two to get these changes in place to reaccelerate subscriber growth -- so a turnaround won't be sudden, but Netflix clearly isn't standing still.The good news is that the streaming stock trades for less than 20 times trailing earnings. If management executes, the stock could reclaim its previous heights in a few years.","news_type":1},"isVote":1,"tweetType":1,"viewCount":60,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9060532432,"gmtCreate":1651163169048,"gmtModify":1676534862159,"author":{"id":"3575540109780565","authorId":"3575540109780565","name":"Xiong_X","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3575540109780565","authorIdStr":"3575540109780565"},"themes":[],"htmlText":"Nice!","listText":"Nice!","text":"Nice!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9060532432","repostId":"1192830525","repostType":4,"repost":{"id":"1192830525","kind":"news","pubTimestamp":1651159867,"share":"https://ttm.financial/m/news/1192830525?lang=&edition=fundamental","pubTime":"2022-04-28 23:31","market":"us","language":"en","title":"Down 75%, Here's Why Netflix Could Become an Unstoppable Dividend Stock","url":"https://stock-news.laohu8.com/highlight/detail?id=1192830525","media":"Motley Fool","summary":"Netflix could potentially better serve investors as a dividend stock with a moderate growth rate.","content":"<html><head></head><body><p><b>Netflix</b> is often viewed as a growth stock. And like many growth-oriented companies, it has never paid a dividend or considered paying a dividend.</p><p>But the reality is that the company isn&#39;t growing as quickly as it did. And there&#39;s reason to believe it may never get back to the good ol&#39; days of growing revenue by over 200% in five years -- as it did from 2016 through 2021.</p><p>Here&#39;s why Netflix should consider implementing a dividend and why that move could be great for investors.</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/62a2fbac505f0c4a91d52bc59fe9aac3\" tg-width=\"2000\" tg-height=\"1236\" width=\"100%\" height=\"auto\"/><span>IMAGE SOURCE: GETTY IMAGES.</span></p><p><b>Pricing pressure</b></p><p>Netflix deserves credit for revolutionizing home entertainment -- first through on-demand DVDs delivered to your door and then through streaming. Unfortunately for Netflix, other companies have come to realize how attractive a subscription-based streaming model is. And that has made the streaming service industry more crowded than ever.</p><p>In the past, Netflix generated recurring revenue streams from existing subscribers and fueled its growth by obtaining new subscribers and raising prices. According to data byThe Verge, Netflix&#39;s January 2022 price bump represents a 40% increase compared to October 2017 for its premium price point and its standard option. Premium is now $19.99 per month and standard is $15.49. Meanwhile, the basic plan is $9.99 per month, representing a 25% increase.</p><p>All this is to say that Netflix had already raised prices by a considerable amount<i>before</i>inflation started accelerating, which leaves less room to raise prices later this year or even next year.</p><p>The big question looming over Netflix is whether it can get back to a 20% or preferably 30%-plus annual revenue growth rate. Given the fact that Netflix lost subscribers in Q1 after raising prices in January, it does appear that there is a limit to how much Netflix can pressure customers before some of them decide the service is just too expensive.</p><p>In many ways, Netflix stock deserved to get torched. Not only has the streaming industry become saturated, but demand for consumers&#39; attention is also high. Netflix isn&#39;t just competing with other streaming services -- it&#39;s competing with any company whose products and services are used by consumers for entertainment. That includes YouTube (part of <b>Alphabet</b>), video games, sports, and even social media.</p><p>Netflix retains and gains subscribers by producing new content that they enjoy. In this vein, it doesn&#39;t matter if consumers are watching a rival streaming service or are simply using <b>Meta Platforms</b>&#39; Instagram instead of watching Netflix.</p><p>The calculation can all be boiled down to one simple point -- are subscribers watching Netflix more or less? If they are watching Netflix less, for whatever reason, that is bad for the company. The risk going forward is that folks will have more home entertainment options outside of Netflix, which will pressure its ability to gain and retain subscribers and raise prices.</p><p><b>The way out</b></p><p>Given the state of the streaming industry and where it is going from here, it seems that Netflix&#39;s domination days are over. Instead of clinging on to what was, I think it&#39;s time for Netflix to move on toward its next chapter as a company -- the chapter of moderate growth and strong profitability.</p><p>For starters, Netflix could try to reel in its content spending and only produce its best ideas instead of doing what it does now, which is more or less throwing a bunch of shows and movies at the wall and hoping a few of them stick.</p><p>Secondly, Netflix could begin to pay a dividend. The company is guiding for $15.9 billion in first-half 2022 revenue and $3.7 billion in operating income. That means it plans to spend $12.2 billion in the first half of this year alone. In 2021, Netflix booked $6.2 billion in operating income off $29.7 billion in revenue, meaning it spent $23.5 billion.</p><p>Netflix can easily afford to pay at least $3 billion a year in dividends by cutting its content budget by 15% and only producing its best ideas. That would give Netflix over a 3% dividend yield. As Netflix returns to consistent, positive free cash flow, it can also consider repurchasing some of its stock at discounted levels.</p><p>The point here is that there are plenty of ways in which Netflix can reward its shareholders instead of the entire investment thesis hinging on its growth. There are many mature companies with low growth rates that pay dividends. And given that Netflix stock is now at its least expensive valuation in nine years -- with a price-to-sales ratio of just 2.8 and a price-to-earnings ratio of just 17.2 -- it makes sense that the company could consider a dividend and buying back some of its stock.</p><p><b>Where to go from here?</b></p><p>Netflix is part of a long list of growth stocks that were once market darlings and have now seen their share prices cut by 70% or more. In bear markets,fundamentals are put to the test, and valuations compress. Netflix stock is now much more attractive at its lower price. The company has its issues, but it remains one of the most powerful media companies in the world.</p><p>If Netflix continues to ramp up spending in a desperate effort to grow its subscribers, it would be a red flag that the company does not understand it is time to shift to a new strategy. If, on the other hand, Netflix reels in spending and considers other options, like an acquisition target such as <b>Spotify</b> or repurchasing stock and paying a dividend, it would bolster the long-term investment thesis for the company.</p></body></html>","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>Down 75%, Here's Why Netflix Could Become an Unstoppable Dividend Stock</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\">\nDown 75%, Here's Why Netflix Could Become an Unstoppable Dividend Stock\n</h2>\n\n<h4 class=\"meta\">\n\n\n2022-04-28 23:31 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.fool.com/investing/2022/04/28/down-75-heres-why-netflix-could-become-an-unstoppa/><strong>Motley Fool</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Netflix is often viewed as a growth stock. And like many growth-oriented companies, it has never paid a dividend or considered paying a dividend.But the reality is that the company isn't growing as ...</p>\n\n<a href=\"https://www.fool.com/investing/2022/04/28/down-75-heres-why-netflix-could-become-an-unstoppa/\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"NFLX":"奈飞"},"source_url":"https://www.fool.com/investing/2022/04/28/down-75-heres-why-netflix-could-become-an-unstoppa/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1192830525","content_text":"Netflix is often viewed as a growth stock. And like many growth-oriented companies, it has never paid a dividend or considered paying a dividend.But the reality is that the company isn't growing as quickly as it did. And there's reason to believe it may never get back to the good ol' days of growing revenue by over 200% in five years -- as it did from 2016 through 2021.Here's why Netflix should consider implementing a dividend and why that move could be great for investors.IMAGE SOURCE: GETTY IMAGES.Pricing pressureNetflix deserves credit for revolutionizing home entertainment -- first through on-demand DVDs delivered to your door and then through streaming. Unfortunately for Netflix, other companies have come to realize how attractive a subscription-based streaming model is. And that has made the streaming service industry more crowded than ever.In the past, Netflix generated recurring revenue streams from existing subscribers and fueled its growth by obtaining new subscribers and raising prices. According to data byThe Verge, Netflix's January 2022 price bump represents a 40% increase compared to October 2017 for its premium price point and its standard option. Premium is now $19.99 per month and standard is $15.49. Meanwhile, the basic plan is $9.99 per month, representing a 25% increase.All this is to say that Netflix had already raised prices by a considerable amountbeforeinflation started accelerating, which leaves less room to raise prices later this year or even next year.The big question looming over Netflix is whether it can get back to a 20% or preferably 30%-plus annual revenue growth rate. Given the fact that Netflix lost subscribers in Q1 after raising prices in January, it does appear that there is a limit to how much Netflix can pressure customers before some of them decide the service is just too expensive.In many ways, Netflix stock deserved to get torched. Not only has the streaming industry become saturated, but demand for consumers' attention is also high. Netflix isn't just competing with other streaming services -- it's competing with any company whose products and services are used by consumers for entertainment. That includes YouTube (part of Alphabet), video games, sports, and even social media.Netflix retains and gains subscribers by producing new content that they enjoy. In this vein, it doesn't matter if consumers are watching a rival streaming service or are simply using Meta Platforms' Instagram instead of watching Netflix.The calculation can all be boiled down to one simple point -- are subscribers watching Netflix more or less? If they are watching Netflix less, for whatever reason, that is bad for the company. The risk going forward is that folks will have more home entertainment options outside of Netflix, which will pressure its ability to gain and retain subscribers and raise prices.The way outGiven the state of the streaming industry and where it is going from here, it seems that Netflix's domination days are over. Instead of clinging on to what was, I think it's time for Netflix to move on toward its next chapter as a company -- the chapter of moderate growth and strong profitability.For starters, Netflix could try to reel in its content spending and only produce its best ideas instead of doing what it does now, which is more or less throwing a bunch of shows and movies at the wall and hoping a few of them stick.Secondly, Netflix could begin to pay a dividend. The company is guiding for $15.9 billion in first-half 2022 revenue and $3.7 billion in operating income. That means it plans to spend $12.2 billion in the first half of this year alone. In 2021, Netflix booked $6.2 billion in operating income off $29.7 billion in revenue, meaning it spent $23.5 billion.Netflix can easily afford to pay at least $3 billion a year in dividends by cutting its content budget by 15% and only producing its best ideas. That would give Netflix over a 3% dividend yield. As Netflix returns to consistent, positive free cash flow, it can also consider repurchasing some of its stock at discounted levels.The point here is that there are plenty of ways in which Netflix can reward its shareholders instead of the entire investment thesis hinging on its growth. There are many mature companies with low growth rates that pay dividends. And given that Netflix stock is now at its least expensive valuation in nine years -- with a price-to-sales ratio of just 2.8 and a price-to-earnings ratio of just 17.2 -- it makes sense that the company could consider a dividend and buying back some of its stock.Where to go from here?Netflix is part of a long list of growth stocks that were once market darlings and have now seen their share prices cut by 70% or more. In bear markets,fundamentals are put to the test, and valuations compress. Netflix stock is now much more attractive at its lower price. The company has its issues, but it remains one of the most powerful media companies in the world.If Netflix continues to ramp up spending in a desperate effort to grow its subscribers, it would be a red flag that the company does not understand it is time to shift to a new strategy. If, on the other hand, Netflix reels in spending and considers other options, like an acquisition target such as Spotify or repurchasing stock and paying a dividend, it would bolster the long-term investment thesis for the company.","news_type":1},"isVote":1,"tweetType":1,"viewCount":969,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9074135566,"gmtCreate":1658313434255,"gmtModify":1676536139100,"author":{"id":"3575540109780565","authorId":"3575540109780565","name":"Xiong_X","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3575540109780565","authorIdStr":"3575540109780565"},"themes":[],"htmlText":"Nice","listText":"Nice","text":"Nice","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9074135566","repostId":"1110784633","repostType":4,"repost":{"id":"1110784633","kind":"news","pubTimestamp":1658330115,"share":"https://ttm.financial/m/news/1110784633?lang=&edition=fundamental","pubTime":"2022-07-20 23:15","market":"us","language":"en","title":"Nvidia: Be Greedy When Others Are Fearful","url":"https://stock-news.laohu8.com/highlight/detail?id=1110784633","media":"seekingalpha","summary":"SummaryNVIDIA has crashed in recent months. Investors panic about rising rates and a potential reces","content":"<html><head></head><body><p><b>Summary</b></p><ul><li>NVIDIA has crashed in recent months. Investors panic about rising rates and a potential recession.</li><li>NVIDIA&#39;s long-term growth outlook is compelling, however. Its buybacks will also be even more impactful following the share price drop.</li><li>Even under conservative assumptions, the current share price crash makes for a solid entry point for long-term-oriented investors.</li></ul><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/6517c41157501f110716abd605cebeeb\" tg-width=\"1080\" tg-height=\"720\" referrerpolicy=\"no-referrer\"/><span>martin-dm</span></p><p><b>Article Thesis</b></p><p>NVIDIA Corporation (NASDAQ:NVDA) has seen its shares pull back massively in recent months. Shares are now trading at a discount compared to where they traded historically, for the first time in many years. Fear about its future has grippedthe market, but NVIDIA&#39;s long-term outlook is compelling since the long-term growth drivers remain in place. NVIDIA faces some short-term headwinds such as the crypto winter but should be a profitable investment at the current valuation for those that have a multi-year investment horizon.</p><p><b>NVIDIA&#39;s Long-Term Growth Will Likely Continue</b></p><p>NVIDIA has experienced massive business growth in the last couple of years, and that should be the case in the future, too. Growth will likely slow down on a relative basis, but that is to be expected from every company, as the law of large numbers dictates that maintaining extraordinary relative growth rates becomes impossible at some point. But revenue growth of 30%, 50%, or even more per year is not needed for NVIDIA to be a good long-term investment. In fact, I do believe that even a 10% or 15% annual revenue growth rate could lead to compelling total returns for NVIDIA&#39;s shareholders when they hold for a long-enough time frame.</p><p>Where will that growth come from? NVIDIA benefits from several macro trends that continue to grow its addressable market. The first one is data centers. Here, NVIDIA competes with AMD (AMD) and Intel (INTC) primarily. According to GMI Research, the global data center market will grow by12%a year through 2028, which allows for solid baseline growth in a scenario where NVIDIA does not take any market share from its competitors. That&#39;s not my assumption, however. Instead, I do believe that NVIDIA will continue to grow its data center business at an above-market growth rate thanks to its attractive offerings in this space. NVIDIA&#39;s HGX-1 hyperscale GPU accelerator, powered by eight NVIDIA Tesla GPUs, is the world&#39;s fastest product in its class. Its industry-leading performance makes it attractive for hyperscale data centers that can rely on its computing power, while cost advantages also make it attractive for buyers:</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/fdf736a70ce0a53051ca6ec29feb9ada\" tg-width=\"632\" tg-height=\"149\" referrerpolicy=\"no-referrer\"/><span>NVIDIA website</span></p><p>HGX-1&#39;s performance especially shines in deep learning and other AI-related tasks, where it outperforms traditional CPUs <i>by up to 10,000%</i>. With inflation hurting the margins of many companies, and with a potential recession eating into their growth outlook, many companies have become more focused on bringing down expenses and becoming more efficient (such as Meta Platforms (META) and Alphabet (GOOG)). With these major cloud computing players focusing more on efficiency and profitability, NVIDIA&#39;s massive cost advantages in machine learning and other AI-related tasks should be a huge selling point for its HGX-1 and similar products. In a recession, when cost controls are highly important, the most cost-efficient product should be especially attractive, which should help NVIDIA grow its market share.</p><p>NVIDIA&#39;s management also is positive when it comes to the company&#39;s growth outlook in the data center space. In the most recent earnings call, NVIDIA&#39;s EVP and CFO Colette Kress stated that &#34;Data Center has become [NVIDIA&#39;s] largest market platform, and we see <i>continued strong momentum</i> going forward&#34; [emphasis by author].</p><p>During the most recent quarter, data center revenue totaled $3.8 billion, or around $15 billion annualized. That was up 15% on a sequential basis, and up more than 80% year over year. Growth will not always be this high, of course, but with NVIDIA&#39;s strong product lineup and the strong momentum its CFO has hinted at, investors can probably expect that the data center business will remain a major growth driver going forward.</p><p>Data centers are not the only attractive market for NVIDIA. The company is also well-positioned to benefit from a massive increase in high-end chip demand from the automobile industry. Automobiles have been using chips for many years, but the number of chips per vehicle and the power (and cost) of those chips are not static. While traditional cars didn&#39;t use a lot of chips in the past, and while those chips generally weren&#39;t very capable and thus pretty cheap, things are changing due to two megatrends.</p><p>First, electric vehicles use more chips than ICE-powered vehicles, due to additional tasks such as battery management. Even more importantly, the young but accelerating trend of autonomous vehicles increases the number of chips per car and requires much more powerful chips. More powerful chips naturally cost more and do thereby create a way larger revenue opportunity for suppliers to the automobile industry. Autonomous vehicles, or semi-autonomous vehicles, need to gather gigantic amounts of data via cameras, LiDAR, and so on. That data has to be processed very quickly, as (semi-) autonomous vehicles need to make decisions in split seconds.</p><p>NVIDIA is one of the suppliers of high-powered chips that can do this task, via its lineup of autonomous-focused products. The DRIVE Orin SoC is one such product that has gone into production earlier this year. The SoC has gotten a lot of attention from potential customers, and more than 35 customer wins have been announced to date. This includes major wins such as from Buffett-backed BYD (OTCPK:BYDDY), which is China&#39;s biggest EV player and a major competitor to Tesla (TSLA). Lucid (LCID), which isn&#39;t very large yet but has received a lot of praise for its exceptional tech, has also agreed to use DRIVE Orin in its vehicles. CFO Colette Kress explains that NVIDIA&#39;s &#34;automotive design win pipeline now exceeds $11 billion over the next six years, up from $8 billion just a year ago&#34; (see link above). Year-over-year growth of close to 40% is great, and over time, that business should become way more impactful for NVIDIA&#39;s top and bottom line. So far, one can argue that revenue contribution isn&#39;t very large - $11 billion over six years is around $2 billion a year. But if growth remains sky-high, the autonomous business will likely become highly important in a couple of years. Due to the massive market growth for autonomous driving chips and due to NVIDIA ramping up its product line in this space and seemingly adding new customers every week, I do believe that there is a high likelihood of growth in this space to remain very strong for years to come.</p><p>Analysts believe that NVIDIA&#39;s revenue growth could look like this in the coming years:</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/153c5bbed3d3f2ab39650f5ccde57b85\" tg-width=\"640\" tg-height=\"169\" referrerpolicy=\"no-referrer\"/><span>Seeking Alpha</span></p><p>25% growth this year would still be very strong, while growth in the following years will slow down to a 10%-15% range - if Wall Street is correct. The forecast for 2026 (ending January 2027) sees an acceleration towards the mid-20s again, but there are fewer analysts with estimates for that year, so this estimate likely is more uncertain compared to the next couple of years.</p><p>Even revenue growth of 15% or so would be sufficient to generate compelling longer-term returns, however. NVIDIA should, like most other companies, benefit from some margin expansion when it continues to grow its revenue. Operating leverage dictates that operating expenses, such as those for administration, should decline as a percentage of revenue and gross profit as a company grows over time. Net profit can thus be expected to grow somewhat faster than NVIDIA&#39;s revenues. On top of that, since NVIDIA has a clean balance sheet and a low dividend payout ratio, the company has ample surplus cash that can be used for other purposes, such as buybacks. NVIDIA has a $15 billion buyback program in place, which is enough to repurchase 4% of the company at current prices. Over time, these buybacks will add meaningfully to NVIDIA&#39;s earnings per share growth and its total return potential.</p><p><b>A Look At NVIDIA&#39;s Valuation And Risks</b></p><p>NVIDIA traded for as much as $350 over the last year, which was not justified. But since then, shares dropped by more than half. Today, NVIDIA trades well below the historic valuation norm:</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/3b6a2084206ce7c222e2a70653bb2901\" tg-width=\"635\" tg-height=\"467\" referrerpolicy=\"no-referrer\"/><span>Data by YCharts</span></p><p>At 29x net profit, NVIDIA is valued at 25% less than the 10-year median earnings multiple. The discounts to the 5-year and 3-year earnings multiples are even larger, at around 50% and 60%, respectively. The market has cooled on NVIDIA, and it&#39;s likely that greed is no longer the driving force for NVIDIA&#39;s share price. Instead, some investors seem to be fearful, which is why NVIDIA has seen its share price drop so much in the last couple of months.</p><p>Panic selling by some investors can provide attractive entry points for other investors, and I do believe that such a buying opportunity is emerging. With NVIDIA trading for 29x forward earnings, while still growing at a compelling rate, the total return outlook is pretty solid. If NVIDIA hits the $5.40 EPS estimate this year and grows its earnings per share by 17% a year over the following three years, before EPS growth slows down to 14% for 2026-2030, then EPS could total $16.70 in 2030. Put a 20x earnings multiple on that and you get a share price of $340 - which equates to an upside potential of more than 100% over the next eight years, even under rather conservative assumptions. EPS growth could be higher, especially when we factor in buybacks, and the valuation in 2030 could also be higher. I do thus believe that the current sell-off in NVIDIA provides a nice entry point for long-term investors.</p><p>Risks shouldn&#39;t be neglected, however. The current crypto winter is a potential near-term headwind, as it may result in lower GPU sales in the coming quarters. In the long run, that should be more than balanced out by data center and autonomous growth, however.</p><p>NVIDIA&#39;s reliance on foundries is another risk. Especially the exposure to Taiwan Semiconductor Manufacturing Company (TSM).</p><p><b>Takeaway</b></p><p>NVIDIA&#39;s shares have crashed, dropping by more than 50% from the 52-week high. This panic selling has made NVIDIA&#39;s valuation drop to a below-average level, as shares are now trading at a clear discount compared to how the company was valued in the past. At the same time, its growth outlook is still very compelling and its buybacks will be more effective with shares trading at a lower valuation.</p><p>For long-term-oriented investors, the selloff, which was driven by panic around rising rates, a potential recession, etc., makes for a nice entry point. Shares should be able to double through 2030, and returns could be significantly higher as that estimate already accounts for further multiple compression.</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>Nvidia: Be Greedy When Others Are Fearful</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\">\nNvidia: Be Greedy When Others Are Fearful\n</h2>\n\n<h4 class=\"meta\">\n\n\n2022-07-20 23:15 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://seekingalpha.com/article/4524190-nvidia-be-greedy-when-others-are-fearful?source=content_type%3Areact%7Cfirst_level_url%3Ahome%7Csection%3Aportfolio%7Csection_asset%3Aheadlines%7Cline%3A2><strong>seekingalpha</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>SummaryNVIDIA has crashed in recent months. Investors panic about rising rates and a potential recession.NVIDIA's long-term growth outlook is compelling, however. Its buybacks will also be even more ...</p>\n\n<a href=\"https://seekingalpha.com/article/4524190-nvidia-be-greedy-when-others-are-fearful?source=content_type%3Areact%7Cfirst_level_url%3Ahome%7Csection%3Aportfolio%7Csection_asset%3Aheadlines%7Cline%3A2\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"NVDA":"英伟达"},"source_url":"https://seekingalpha.com/article/4524190-nvidia-be-greedy-when-others-are-fearful?source=content_type%3Areact%7Cfirst_level_url%3Ahome%7Csection%3Aportfolio%7Csection_asset%3Aheadlines%7Cline%3A2","is_english":true,"share_image_url":"https://static.laohu8.com/5a36db9d73b4222bc376d24ccc48c8a4","article_id":"1110784633","content_text":"SummaryNVIDIA has crashed in recent months. Investors panic about rising rates and a potential recession.NVIDIA's long-term growth outlook is compelling, however. Its buybacks will also be even more impactful following the share price drop.Even under conservative assumptions, the current share price crash makes for a solid entry point for long-term-oriented investors.martin-dmArticle ThesisNVIDIA Corporation (NASDAQ:NVDA) has seen its shares pull back massively in recent months. Shares are now trading at a discount compared to where they traded historically, for the first time in many years. Fear about its future has grippedthe market, but NVIDIA's long-term outlook is compelling since the long-term growth drivers remain in place. NVIDIA faces some short-term headwinds such as the crypto winter but should be a profitable investment at the current valuation for those that have a multi-year investment horizon.NVIDIA's Long-Term Growth Will Likely ContinueNVIDIA has experienced massive business growth in the last couple of years, and that should be the case in the future, too. Growth will likely slow down on a relative basis, but that is to be expected from every company, as the law of large numbers dictates that maintaining extraordinary relative growth rates becomes impossible at some point. But revenue growth of 30%, 50%, or even more per year is not needed for NVIDIA to be a good long-term investment. In fact, I do believe that even a 10% or 15% annual revenue growth rate could lead to compelling total returns for NVIDIA's shareholders when they hold for a long-enough time frame.Where will that growth come from? NVIDIA benefits from several macro trends that continue to grow its addressable market. The first one is data centers. Here, NVIDIA competes with AMD (AMD) and Intel (INTC) primarily. According to GMI Research, the global data center market will grow by12%a year through 2028, which allows for solid baseline growth in a scenario where NVIDIA does not take any market share from its competitors. That's not my assumption, however. Instead, I do believe that NVIDIA will continue to grow its data center business at an above-market growth rate thanks to its attractive offerings in this space. NVIDIA's HGX-1 hyperscale GPU accelerator, powered by eight NVIDIA Tesla GPUs, is the world's fastest product in its class. Its industry-leading performance makes it attractive for hyperscale data centers that can rely on its computing power, while cost advantages also make it attractive for buyers:NVIDIA websiteHGX-1's performance especially shines in deep learning and other AI-related tasks, where it outperforms traditional CPUs by up to 10,000%. With inflation hurting the margins of many companies, and with a potential recession eating into their growth outlook, many companies have become more focused on bringing down expenses and becoming more efficient (such as Meta Platforms (META) and Alphabet (GOOG)). With these major cloud computing players focusing more on efficiency and profitability, NVIDIA's massive cost advantages in machine learning and other AI-related tasks should be a huge selling point for its HGX-1 and similar products. In a recession, when cost controls are highly important, the most cost-efficient product should be especially attractive, which should help NVIDIA grow its market share.NVIDIA's management also is positive when it comes to the company's growth outlook in the data center space. In the most recent earnings call, NVIDIA's EVP and CFO Colette Kress stated that \"Data Center has become [NVIDIA's] largest market platform, and we see continued strong momentum going forward\" [emphasis by author].During the most recent quarter, data center revenue totaled $3.8 billion, or around $15 billion annualized. That was up 15% on a sequential basis, and up more than 80% year over year. Growth will not always be this high, of course, but with NVIDIA's strong product lineup and the strong momentum its CFO has hinted at, investors can probably expect that the data center business will remain a major growth driver going forward.Data centers are not the only attractive market for NVIDIA. The company is also well-positioned to benefit from a massive increase in high-end chip demand from the automobile industry. Automobiles have been using chips for many years, but the number of chips per vehicle and the power (and cost) of those chips are not static. While traditional cars didn't use a lot of chips in the past, and while those chips generally weren't very capable and thus pretty cheap, things are changing due to two megatrends.First, electric vehicles use more chips than ICE-powered vehicles, due to additional tasks such as battery management. Even more importantly, the young but accelerating trend of autonomous vehicles increases the number of chips per car and requires much more powerful chips. More powerful chips naturally cost more and do thereby create a way larger revenue opportunity for suppliers to the automobile industry. Autonomous vehicles, or semi-autonomous vehicles, need to gather gigantic amounts of data via cameras, LiDAR, and so on. That data has to be processed very quickly, as (semi-) autonomous vehicles need to make decisions in split seconds.NVIDIA is one of the suppliers of high-powered chips that can do this task, via its lineup of autonomous-focused products. The DRIVE Orin SoC is one such product that has gone into production earlier this year. The SoC has gotten a lot of attention from potential customers, and more than 35 customer wins have been announced to date. This includes major wins such as from Buffett-backed BYD (OTCPK:BYDDY), which is China's biggest EV player and a major competitor to Tesla (TSLA). Lucid (LCID), which isn't very large yet but has received a lot of praise for its exceptional tech, has also agreed to use DRIVE Orin in its vehicles. CFO Colette Kress explains that NVIDIA's \"automotive design win pipeline now exceeds $11 billion over the next six years, up from $8 billion just a year ago\" (see link above). Year-over-year growth of close to 40% is great, and over time, that business should become way more impactful for NVIDIA's top and bottom line. So far, one can argue that revenue contribution isn't very large - $11 billion over six years is around $2 billion a year. But if growth remains sky-high, the autonomous business will likely become highly important in a couple of years. Due to the massive market growth for autonomous driving chips and due to NVIDIA ramping up its product line in this space and seemingly adding new customers every week, I do believe that there is a high likelihood of growth in this space to remain very strong for years to come.Analysts believe that NVIDIA's revenue growth could look like this in the coming years:Seeking Alpha25% growth this year would still be very strong, while growth in the following years will slow down to a 10%-15% range - if Wall Street is correct. The forecast for 2026 (ending January 2027) sees an acceleration towards the mid-20s again, but there are fewer analysts with estimates for that year, so this estimate likely is more uncertain compared to the next couple of years.Even revenue growth of 15% or so would be sufficient to generate compelling longer-term returns, however. NVIDIA should, like most other companies, benefit from some margin expansion when it continues to grow its revenue. Operating leverage dictates that operating expenses, such as those for administration, should decline as a percentage of revenue and gross profit as a company grows over time. Net profit can thus be expected to grow somewhat faster than NVIDIA's revenues. On top of that, since NVIDIA has a clean balance sheet and a low dividend payout ratio, the company has ample surplus cash that can be used for other purposes, such as buybacks. NVIDIA has a $15 billion buyback program in place, which is enough to repurchase 4% of the company at current prices. Over time, these buybacks will add meaningfully to NVIDIA's earnings per share growth and its total return potential.A Look At NVIDIA's Valuation And RisksNVIDIA traded for as much as $350 over the last year, which was not justified. But since then, shares dropped by more than half. Today, NVIDIA trades well below the historic valuation norm:Data by YChartsAt 29x net profit, NVIDIA is valued at 25% less than the 10-year median earnings multiple. The discounts to the 5-year and 3-year earnings multiples are even larger, at around 50% and 60%, respectively. The market has cooled on NVIDIA, and it's likely that greed is no longer the driving force for NVIDIA's share price. Instead, some investors seem to be fearful, which is why NVIDIA has seen its share price drop so much in the last couple of months.Panic selling by some investors can provide attractive entry points for other investors, and I do believe that such a buying opportunity is emerging. With NVIDIA trading for 29x forward earnings, while still growing at a compelling rate, the total return outlook is pretty solid. If NVIDIA hits the $5.40 EPS estimate this year and grows its earnings per share by 17% a year over the following three years, before EPS growth slows down to 14% for 2026-2030, then EPS could total $16.70 in 2030. Put a 20x earnings multiple on that and you get a share price of $340 - which equates to an upside potential of more than 100% over the next eight years, even under rather conservative assumptions. EPS growth could be higher, especially when we factor in buybacks, and the valuation in 2030 could also be higher. I do thus believe that the current sell-off in NVIDIA provides a nice entry point for long-term investors.Risks shouldn't be neglected, however. The current crypto winter is a potential near-term headwind, as it may result in lower GPU sales in the coming quarters. In the long run, that should be more than balanced out by data center and autonomous growth, however.NVIDIA's reliance on foundries is another risk. Especially the exposure to Taiwan Semiconductor Manufacturing Company (TSM).TakeawayNVIDIA's shares have crashed, dropping by more than 50% from the 52-week high. This panic selling has made NVIDIA's valuation drop to a below-average level, as shares are now trading at a clear discount compared to how the company was valued in the past. At the same time, its growth outlook is still very compelling and its buybacks will be more effective with shares trading at a lower valuation.For long-term-oriented investors, the selloff, which was driven by panic around rising rates, a potential recession, etc., makes for a nice entry point. Shares should be able to double through 2030, and returns could be significantly higher as that estimate already accounts for further multiple compression.","news_type":1},"isVote":1,"tweetType":1,"viewCount":162,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9081591310,"gmtCreate":1650250038449,"gmtModify":1676534679138,"author":{"id":"3575540109780565","authorId":"3575540109780565","name":"Xiong_X","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3575540109780565","authorIdStr":"3575540109780565"},"themes":[],"htmlText":"Nice","listText":"Nice","text":"Nice","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9081591310","repostId":"2227600101","repostType":2,"repost":{"id":"2227600101","kind":"news","pubTimestamp":1650248539,"share":"https://ttm.financial/m/news/2227600101?lang=&edition=fundamental","pubTime":"2022-04-18 10:22","market":"us","language":"en","title":"Apple Vs. Microsoft: Why We Like Apple Better","url":"https://stock-news.laohu8.com/highlight/detail?id=2227600101","media":"seekingalpha","summary":"SummaryThe competition between Apple and Microsoft has shaped the evolution of personal computing.Th","content":"<html><head></head><body><p><b>Summary</b></p><ul><li>The competition between Apple and Microsoft has shaped the evolution of personal computing.</li><li>Their competition will continue in many core areas, but both are good candidates to play the world’s unstoppable shift toward a digital future.</li><li>This article provides an in-depth comparison so you can see why we like Apple better ourselves.</li><li>Our investing roadmap shows Apple provides a higher return potential with its better profitability, better R&amp;D yields, lower valuation, and consumer-centric devices.</li><li>And having a coherent investing roadmap keeps us clear headed, especially during challenging times like this.</li></ul><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/0f5fd4c711942def6b79ac0bfdd04167\" tg-width=\"750\" tg-height=\"479\" referrerpolicy=\"no-referrer\"/><span>Chip Somodevilla/Getty Images News</span></p><p><b>The investment thesis</b></p><p>The thesis of this article is really simple – under the current conditions, both Apple (NASDAQ:AAPL) and Microsoft (NASDAQ:MSFT) provide far superior returns for long-term investors than the overall market. The key argument is built on the following chart. This chart also is the roadmap that we use in our Marketplace service to pick our tactical holdings. Having a coherent investing roadmap keeps us clear-headed, especially during challenging times like this.</p><p>You will see from the following chart, AAPL is projected to provide about 13% annual return (“ROI”) in the long term and MSFT about 10%, while the overall market is only about 6.5%. The main reasons are threefold:</p><ul><li>Their far superior ROCE (return on capital employed) over the market average, which gives it the ability to grow without the need for too much capital and subsequently can return most of the earnings to shareholders (either as dividends or share buybacks).</li><li>Their fundamental business models provide a stable moat and enjoy strong secular support.</li><li>Yet both of them sell at a similar valuation compared to the overall market.</li></ul><p>Then we will detail the reasons why we only own AAPL even though both are good candidates to play the world’s unstoppable shift toward a digital future. As you will see, the primary reason is that we like a concentrated portfolio and usually limit our exposure to one sector to one holding. And we choose AAPL because of its better profitability and its consumer-centric business model. We feel consumer stickiness, once established, is longer lasting and harder to change.</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/6f9fbd0e002bec5dc3e06183618e8562\" tg-width=\"640\" tg-height=\"432\" referrerpolicy=\"no-referrer\"/><span>Source: author</span></p><p><b>How did we build our roadmap and how did it perform?</b></p><p>The key in building this road is to think like a business owner, not a stock trader. As detailed in our earlier article:</p><blockquote><ul><li><i>The long-term ROI for a business owner is simply determined by two things: A) the price paid to buy the business and B) the quality of the business. More specifically, part A is determined by the owner’s earning yield (“OEY”) when we purchased the business. And that is why PE is the first dimension in our roadmap. Part B is determined by the quality of the business and that is why ROCE, the most important metric for profitability, is the second dimension in our roadmap.</i></li><li><i>Now, the long-term growth rate is governed by ROCE and the Reinvestment Rate. These are the two most important growth engines, and they mutually enhance each other. High ROCE means every $1 reinvested can lead to a higher growth rate, which leads to more future profits and more flexible capital allocation to fuel further growth, and so on. So to summarize:</i></li><li><i>Longer-Term ROI = valuation + quality = OEY + Growth Rate = OEY + ROCE*Reinvestment Rate</i></li></ul></blockquote><p>The performance of our stocks picked using this road is recently updated in this article. Using the date I first published our portfolio on 5/31/2021 as the inception date, our picks have outperformed the S&amp;P 500 by about 11%.</p><p>With this background, the remainder of this article will show how the above roadmap applies to AAPL and MSFT.</p><p><b>APPL vs MSFT: the competitive landscape</b></p><p>AAPL and MSFT compete head-on in many of their core areas, ranging from operation systems, digital ad, mobile devices, PCs and laptops, et al. Besides their own competitions, they also face competition from all sides. No big tech companies stay in their own corner these days. For example, MSFT’s Bing search is in direct competition with Google. GOOG’s Chrome OS and Android OS now have become popular desktop operating systems in the world, directly and meaningfully competing with MSFT Windows and also Apple IOS.</p><p>But overall, they dominate the intersection of technology and consumer access. As such, both are protected by a formidable moat and well positioned to benefit from our world’s continued shifts toward digitalization. And the good news is that the pie is getting bigger itself as our appetite grows exponentially for data, automation, and entertainment.</p><p>Although we like AAPL better ourselves, we really do not see a bad choice here. Investors just need to pick the one that suits their own risk profile and fits in their own circle of competence.</p><p>For us, we understand AAPL’s consumer-centric business model better than MSFT’s enterprise-centric model. AAPL has mastered the interplay of freemium pricing and premium pricing strategy with billions of consumers. It can set substantially higher prices for its products (ranging from iPhone, MacBook, iPad, et al) than Microsoft and Android devices. As you will see immediately below, it has created a profitability category of its own kind.</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/520b7911627c79cc9d82b83c715f8170\" tg-width=\"640\" tg-height=\"390\" referrerpolicy=\"no-referrer\"/><span>Source: https://startuptalky.com/apple-vs-microsoft-marketing-strategy/</span></p><p><b>MSFT: more consistent and aggressive R&amp;D</b></p><p>First, we do not invest in a given tech stock because we have high confidence in a certain product that they are developing in the pipeline. Instead, we feel more comfortable betting on A) the recurring resources available to fund new R&amp;D efforts sustainably, and B) the overall efficiency of the R&amp;D <i>process</i>. So correspondingly, in the long run, I feel comfortable as long as a tech business can A) sustainably support new R&amp;D expenditures, and B) has demonstrated a consistent R&amp;D yield. I do not feel the need to particularly bet on any one of the new products to be a hit (or a complete failure).</p><p>So let’s first see how well and sustainably MSFT and AAPL can fund their new R&amp;D efforts. The short answer is: Extremely well. The next chart shows the R&amp;D expenses of MSFT and AAPL over the past decade. As seen, both have been consistently investing heavily in R&amp;D. A few observations:</p><ul><li>MSFT has been spending very consistently on R&amp;D, on average about 13% of its total revenue.</li><li>AAPL’s story is a bit more colorful. It did not spend that much on R&amp;D earlier in the decade. Partly because AAPL products were so disruptive at that time and enjoyed a quasi-monopoly status. Partly because Steve Jobs himself did not believe in R&amp;D spending. He commented that “Innovation has nothing to do with how many R&amp;D dollars you have. It&#39;s not about money.”</li><li>Then Tim Cook transitioned it to a different model. He more than doubled the R&amp;D expenses since he took over. The R&amp;D expenses are on average about 6.1% of sales now, still lower than other tech giants in relative terms. But in absolute terms, it&#39;s a mind-boggling amount (exceeding $20 billion in 2021).</li></ul><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/7152ffd849f9eba247a9dc86052864b4\" tg-width=\"640\" tg-height=\"353\" referrerpolicy=\"no-referrer\"/><span>Author</span></p><p>Then the next question is, how effective is the R&amp;D process? The short answer is again: Extremely effective. We ourselves like to use a variation of Buffett’s $1 test on R&amp;D expenses. We do not only listen to CEOs’ pitches on their brilliant new ideas that will shake the earth (again). We also examine the financials to see their words are corroborated by the numbers. And in MSFT and AAPL’s case, they are.</p><p>The purpose of any corporate R&amp;D is obviously to generate profit. Therefore, it&#39;s intuitive to quantify the yield by taking the ratio between profit and R&amp;D expenditures. This way we can quantify how many dollars of profit has been generated per dollar of R&amp;D expenses (i.e., the $1 test), as shown in the next chart. In this chart, I used the operating cash flow as the measure of profit. Also, most R&amp;D investments do not produce any results in the same year. They typically have a lifetime of a few years. Therefore, this analysis assumes a three-year average investment cycle for R&amp;D. And as a result, we use the three-year moving average of operating cash flow to represent this three-year cycle.</p><p>A few key observations:</p><ul><li>The R&amp;D yield for MSFT is again very consistent, boasting a long-term average of $2.8 of yield per $1 of R&amp;D expenditure. The consistency again shows the stable moat.</li><li>AAPL, as usual, has a more colorful story. As you can see, its R&amp;D yield has been more than $10 in 2013 under the tutelage of Steve Jobs. And it has declined to a range between $4.0 and $5.0 in recent years with an average of $4.3.</li><li>You might interpret the decline of AAPL’s R&amp;D yield as bad news. However, keep in mind that A) the level of profitability AAPL enjoyed in the early part of the decade is simply unsustainable, B) the decline is only relative to its own glorious past.</li><li>Overall, both AAPL and MSFT enjoy R&amp;D yields that are very competitive. To put things under perspective, for the overachieving FAAMG group, their average R&amp;D yield is “only” about $2.5.</li></ul><p>Then as we will next, both MSFT and AAPL enjoy superb profitability to fuel their R&amp;D efforts sustainably, which will lead to sustainable growth in turn.</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/7759bd87d22eab2200f1865c5436dc14\" tg-width=\"640\" tg-height=\"345\" referrerpolicy=\"no-referrer\"/><span>Author</span></p><p><b>Both enjoy superb profitability but AAPL in its own category</b></p><p>When we think of long-term growth (like in 10 years or more), the framework I use is the following. In the long term, the growth rate is “simply” the product of ROCE and reinvestment rate, i.e.,</p><p><b>Long-Term Growth Rate = ROCE * Reinvestment Rate</b></p><p>ROCE stands for the return on capital employed and is the most important metric for measuring profitability. Note that ROCE is different from the return on equity (and more fundamental and important in my view). ROCE considers the return of capital ACTUALLY employed and therefore provides insight into how much additional capital a business needs to invest in order to earn a given extra amount of income – a key to estimating the long-term growth rate.</p><p>The detailed background ROCE has been detailed in my early articles and I will just directly quote the results below. In this analysis, I consider the following items capital actually employed A) Working capital (including payables, receivables, inventory), B) Gross Property, Plant, and Equipment, and C) Research and development expenses are also capitalized.</p><p>Based on the above considerations, the ROCE of MSFT and AAPL over the past decade is shown below. As seen,</p><ul><li>MSFT again is able to maintain a remarkably high ROCE and consistent level of ROCE: On average about 67% in recent years.</li><li>AAPL’s ROCE again has “declined” from an unsustainable level of 200% to 300% in the early years of the decade to the current level of around 150% in recent years.</li><li>But the keyword here is again <i>relative</i>. Their current level of ROCE may be higher or lower relative to each other or their own past. But any ROCE above 60% is remarkable. To put things under perspective, the overachievers in the FAAMG pack have an average ROCE of around 50% in recent years.</li></ul><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/595c877bbeb53f45b4d80d0d41b7ba50\" tg-width=\"640\" tg-height=\"330\" referrerpolicy=\"no-referrer\"/><span>Author</span></p><p>In terms of reinvestment rate, both companies enjoy enviable capital allocation flexibility. The capital allocation picture is really simple for both companies here: Both earn a load of cash organically from their operations but do not need to spend much.</p><p>Given their high ROCE, it obviously makes total sense to reinvest as much of their earnings back into the business to fuel further growth as possible. But the problem is that for businesses at this scale, there are just not that many opportunities to reinvest the earnings. As a result, both have been allocating a large part of the remaining earnings to buy back shares. According to the current financials available on Seeking Alpha, as of TTM 2022, MSFT has been spending about 33% of the OPC on average on share repurchases, and AAPL even higher, about 77%.</p><p>All told, my estimates are that MSFT has been maintaining a reinvestment rate between 7.5% to 10% in recent years, and AAPL about 5% to 7.5%. And we will see the implications of the investment rates next.</p><p><b>Back to the roadmap</b></p><p>For AAPL, at its current price levels, the OEY is about ~3.8%. The growth rate is about 7.5% assuming a 7.5% reinvestment and a ROCE of 100% to be a bit conservative, resulting in a double-digit ROI already! For MSFT, the OEY is about ~3.3%. The growth rate is about 6.7% assuming a 10% reinvestment and a ROCE of 67%, resulting in about 10% ROI.</p><p>This is a key insight that we&#39;ve learned from Buffett – when you think like a business owner, you do not need a 10% growth rate to achieve a 10% return. We feel much more comfortable with a few percent of reliable and sustainable growth rate in stocks that we understand well.</p><p>The road map below shows the ROI based on an assumption of a 10% reinvestment rate, which is the average rate for the large and mature businesses in the S&amp;P 500 index. Admittedly, both MSFT&#39;s and AAPL’s reinvestment rate (especially APPL) is not as high as 10% currently. So the total ROI would be a bit lower than what is shown in the roadmap below. However, note that both boast strong cash generation capability and fortress balance sheet, which provide the optionality to crank up reinvestment rates or to boost growth through acquisitions.</p><p>In contrast, the overall market is currently valued at about 26.5x PE, resulting in an OEY of about 3.8%. however, the overall market’s ROCE is on the order of 20% or so. And with a 10% reinvestment rate, the growth rate would be about 2%, leading to a long-term ROI of about 6% per year.</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/6f9fbd0e002bec5dc3e06183618e8562\" tg-width=\"640\" tg-height=\"432\" referrerpolicy=\"no-referrer\"/><span>Source: author</span></p><p><b>Risks</b></p><p>First and foremost, I do not see any structural risk associated with AAPL or MSFT at this moment. Remotely, there might be an antitrust regulatory risk. But even if it comes to that, I&#39;m not entirely certain if it will be bad for AAPL or MSFT investors for sure. If it really comes to that and the company has to be broken up, the market would be forced to value each of its business segments separately. And such a complete and transparent valuation may or may not result in a lower valuation.</p><p>There can be significant short-term volatility risks too. Regardless of AAPL and MSFT scale and business model, the valuation is at a high level and the overall market itself is also near a historical record valuation. There are several large macroeconomic and geopolitical uncertainties unfolding right now, including the pandemic, Ukraine conflicts, global logistic chain interruptions, and Fed’s interest rate decisions. Such a combination of high valuation and high volatility certainly could cause short terms risks – but are irrelevant for the long term.</p><p><b>Conclusion and final thought</b></p><p>When we invest like a business owner, not a stock trader, our long-term ROI is simply the sum of two things: A) the price paid to buy the business and B) the quality of the business. In both MSFT and AAPL’s case, they provide a far superior return for long-term investors than the overall market because of their far superior ROCE over the market average. Such high ROCE gives it the ability to grow without the need for too much capital and subsequently can return most of the earnings to shareholders (either as dividends or share buybacks).</p><p>The key takeaways are:</p><ul><li>Both dominate the intersection of technology and consumer access and both are protected by a formidable moat. They both provide favorable odds for double-digit returns in the long term.</li><li>As such, we really do not see a bad choice here. Investors just need to pick the one that suits their own risk profile and fits in their own circle of competence.</li><li>We like AAPL better ourselves mostly because we understand its consumer-centric business model better. We understand the roots of its superb profitability and consumer stickiness. After all and above all, having a coherent investing roadmap and staying within one’s circle of competence is the key to investing.</li></ul></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>Apple Vs. Microsoft: Why We Like Apple Better</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 Vs. Microsoft: Why We Like Apple Better\n</h2>\n\n<h4 class=\"meta\">\n\n\n2022-04-18 10:22 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://seekingalpha.com/article/4501666-apple-vs-microsoft-why-we-like-apple-better><strong>seekingalpha</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>SummaryThe competition between Apple and Microsoft has shaped the evolution of personal computing.Their competition will continue in many core areas, but both are good candidates to play the world’s ...</p>\n\n<a href=\"https://seekingalpha.com/article/4501666-apple-vs-microsoft-why-we-like-apple-better\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"BK4535":"淡马锡持仓","MSFT":"微软","BK4501":"段永平概念","BK4538":"云计算","BK4577":"网络游戏","BK4559":"巴菲特持仓","BK4527":"明星科技股","BK4550":"红杉资本持仓","BK4579":"人工智能","BK4503":"景林资产持仓","BK4574":"无人驾驶","BK4097":"系统软件","BK4505":"高瓴资本持仓","BK4573":"虚拟现实","BK4504":"桥水持仓","BK4581":"高盛持仓","BK4512":"苹果概念","AAPL":"苹果","BK4548":"巴美列捷福持仓","BK4170":"电脑硬件、储存设备及电脑周边","BK4566":"资本集团","BK4528":"SaaS概念","BK4516":"特朗普概念","BK4532":"文艺复兴科技持仓","BK4554":"元宇宙及AR概念","BK4515":"5G概念","BK4553":"喜马拉雅资本持仓","BK4571":"数字音乐概念","BK4567":"ESG概念","BK4534":"瑞士信贷持仓","BK4507":"流媒体概念","BK4576":"AR","BK4533":"AQR资本管理(全球第二大对冲基金)","BK4575":"芯片概念","BK4525":"远程办公概念"},"source_url":"https://seekingalpha.com/article/4501666-apple-vs-microsoft-why-we-like-apple-better","is_english":true,"share_image_url":"https://static.laohu8.com/5a36db9d73b4222bc376d24ccc48c8a4","article_id":"2227600101","content_text":"SummaryThe competition between Apple and Microsoft has shaped the evolution of personal computing.Their competition will continue in many core areas, but both are good candidates to play the world’s unstoppable shift toward a digital future.This article provides an in-depth comparison so you can see why we like Apple better ourselves.Our investing roadmap shows Apple provides a higher return potential with its better profitability, better R&D yields, lower valuation, and consumer-centric devices.And having a coherent investing roadmap keeps us clear headed, especially during challenging times like this.Chip Somodevilla/Getty Images NewsThe investment thesisThe thesis of this article is really simple – under the current conditions, both Apple (NASDAQ:AAPL) and Microsoft (NASDAQ:MSFT) provide far superior returns for long-term investors than the overall market. The key argument is built on the following chart. This chart also is the roadmap that we use in our Marketplace service to pick our tactical holdings. Having a coherent investing roadmap keeps us clear-headed, especially during challenging times like this.You will see from the following chart, AAPL is projected to provide about 13% annual return (“ROI”) in the long term and MSFT about 10%, while the overall market is only about 6.5%. The main reasons are threefold:Their far superior ROCE (return on capital employed) over the market average, which gives it the ability to grow without the need for too much capital and subsequently can return most of the earnings to shareholders (either as dividends or share buybacks).Their fundamental business models provide a stable moat and enjoy strong secular support.Yet both of them sell at a similar valuation compared to the overall market.Then we will detail the reasons why we only own AAPL even though both are good candidates to play the world’s unstoppable shift toward a digital future. As you will see, the primary reason is that we like a concentrated portfolio and usually limit our exposure to one sector to one holding. And we choose AAPL because of its better profitability and its consumer-centric business model. We feel consumer stickiness, once established, is longer lasting and harder to change.Source: authorHow did we build our roadmap and how did it perform?The key in building this road is to think like a business owner, not a stock trader. As detailed in our earlier article:The long-term ROI for a business owner is simply determined by two things: A) the price paid to buy the business and B) the quality of the business. More specifically, part A is determined by the owner’s earning yield (“OEY”) when we purchased the business. And that is why PE is the first dimension in our roadmap. Part B is determined by the quality of the business and that is why ROCE, the most important metric for profitability, is the second dimension in our roadmap.Now, the long-term growth rate is governed by ROCE and the Reinvestment Rate. These are the two most important growth engines, and they mutually enhance each other. High ROCE means every $1 reinvested can lead to a higher growth rate, which leads to more future profits and more flexible capital allocation to fuel further growth, and so on. So to summarize:Longer-Term ROI = valuation + quality = OEY + Growth Rate = OEY + ROCE*Reinvestment RateThe performance of our stocks picked using this road is recently updated in this article. Using the date I first published our portfolio on 5/31/2021 as the inception date, our picks have outperformed the S&P 500 by about 11%.With this background, the remainder of this article will show how the above roadmap applies to AAPL and MSFT.APPL vs MSFT: the competitive landscapeAAPL and MSFT compete head-on in many of their core areas, ranging from operation systems, digital ad, mobile devices, PCs and laptops, et al. Besides their own competitions, they also face competition from all sides. No big tech companies stay in their own corner these days. For example, MSFT’s Bing search is in direct competition with Google. GOOG’s Chrome OS and Android OS now have become popular desktop operating systems in the world, directly and meaningfully competing with MSFT Windows and also Apple IOS.But overall, they dominate the intersection of technology and consumer access. As such, both are protected by a formidable moat and well positioned to benefit from our world’s continued shifts toward digitalization. And the good news is that the pie is getting bigger itself as our appetite grows exponentially for data, automation, and entertainment.Although we like AAPL better ourselves, we really do not see a bad choice here. Investors just need to pick the one that suits their own risk profile and fits in their own circle of competence.For us, we understand AAPL’s consumer-centric business model better than MSFT’s enterprise-centric model. AAPL has mastered the interplay of freemium pricing and premium pricing strategy with billions of consumers. It can set substantially higher prices for its products (ranging from iPhone, MacBook, iPad, et al) than Microsoft and Android devices. As you will see immediately below, it has created a profitability category of its own kind.Source: https://startuptalky.com/apple-vs-microsoft-marketing-strategy/MSFT: more consistent and aggressive R&DFirst, we do not invest in a given tech stock because we have high confidence in a certain product that they are developing in the pipeline. Instead, we feel more comfortable betting on A) the recurring resources available to fund new R&D efforts sustainably, and B) the overall efficiency of the R&D process. So correspondingly, in the long run, I feel comfortable as long as a tech business can A) sustainably support new R&D expenditures, and B) has demonstrated a consistent R&D yield. I do not feel the need to particularly bet on any one of the new products to be a hit (or a complete failure).So let’s first see how well and sustainably MSFT and AAPL can fund their new R&D efforts. The short answer is: Extremely well. The next chart shows the R&D expenses of MSFT and AAPL over the past decade. As seen, both have been consistently investing heavily in R&D. A few observations:MSFT has been spending very consistently on R&D, on average about 13% of its total revenue.AAPL’s story is a bit more colorful. It did not spend that much on R&D earlier in the decade. Partly because AAPL products were so disruptive at that time and enjoyed a quasi-monopoly status. Partly because Steve Jobs himself did not believe in R&D spending. He commented that “Innovation has nothing to do with how many R&D dollars you have. It's not about money.”Then Tim Cook transitioned it to a different model. He more than doubled the R&D expenses since he took over. The R&D expenses are on average about 6.1% of sales now, still lower than other tech giants in relative terms. But in absolute terms, it's a mind-boggling amount (exceeding $20 billion in 2021).AuthorThen the next question is, how effective is the R&D process? The short answer is again: Extremely effective. We ourselves like to use a variation of Buffett’s $1 test on R&D expenses. We do not only listen to CEOs’ pitches on their brilliant new ideas that will shake the earth (again). We also examine the financials to see their words are corroborated by the numbers. And in MSFT and AAPL’s case, they are.The purpose of any corporate R&D is obviously to generate profit. Therefore, it's intuitive to quantify the yield by taking the ratio between profit and R&D expenditures. This way we can quantify how many dollars of profit has been generated per dollar of R&D expenses (i.e., the $1 test), as shown in the next chart. In this chart, I used the operating cash flow as the measure of profit. Also, most R&D investments do not produce any results in the same year. They typically have a lifetime of a few years. Therefore, this analysis assumes a three-year average investment cycle for R&D. And as a result, we use the three-year moving average of operating cash flow to represent this three-year cycle.A few key observations:The R&D yield for MSFT is again very consistent, boasting a long-term average of $2.8 of yield per $1 of R&D expenditure. The consistency again shows the stable moat.AAPL, as usual, has a more colorful story. As you can see, its R&D yield has been more than $10 in 2013 under the tutelage of Steve Jobs. And it has declined to a range between $4.0 and $5.0 in recent years with an average of $4.3.You might interpret the decline of AAPL’s R&D yield as bad news. However, keep in mind that A) the level of profitability AAPL enjoyed in the early part of the decade is simply unsustainable, B) the decline is only relative to its own glorious past.Overall, both AAPL and MSFT enjoy R&D yields that are very competitive. To put things under perspective, for the overachieving FAAMG group, their average R&D yield is “only” about $2.5.Then as we will next, both MSFT and AAPL enjoy superb profitability to fuel their R&D efforts sustainably, which will lead to sustainable growth in turn.AuthorBoth enjoy superb profitability but AAPL in its own categoryWhen we think of long-term growth (like in 10 years or more), the framework I use is the following. In the long term, the growth rate is “simply” the product of ROCE and reinvestment rate, i.e.,Long-Term Growth Rate = ROCE * Reinvestment RateROCE stands for the return on capital employed and is the most important metric for measuring profitability. Note that ROCE is different from the return on equity (and more fundamental and important in my view). ROCE considers the return of capital ACTUALLY employed and therefore provides insight into how much additional capital a business needs to invest in order to earn a given extra amount of income – a key to estimating the long-term growth rate.The detailed background ROCE has been detailed in my early articles and I will just directly quote the results below. In this analysis, I consider the following items capital actually employed A) Working capital (including payables, receivables, inventory), B) Gross Property, Plant, and Equipment, and C) Research and development expenses are also capitalized.Based on the above considerations, the ROCE of MSFT and AAPL over the past decade is shown below. As seen,MSFT again is able to maintain a remarkably high ROCE and consistent level of ROCE: On average about 67% in recent years.AAPL’s ROCE again has “declined” from an unsustainable level of 200% to 300% in the early years of the decade to the current level of around 150% in recent years.But the keyword here is again relative. Their current level of ROCE may be higher or lower relative to each other or their own past. But any ROCE above 60% is remarkable. To put things under perspective, the overachievers in the FAAMG pack have an average ROCE of around 50% in recent years.AuthorIn terms of reinvestment rate, both companies enjoy enviable capital allocation flexibility. The capital allocation picture is really simple for both companies here: Both earn a load of cash organically from their operations but do not need to spend much.Given their high ROCE, it obviously makes total sense to reinvest as much of their earnings back into the business to fuel further growth as possible. But the problem is that for businesses at this scale, there are just not that many opportunities to reinvest the earnings. As a result, both have been allocating a large part of the remaining earnings to buy back shares. According to the current financials available on Seeking Alpha, as of TTM 2022, MSFT has been spending about 33% of the OPC on average on share repurchases, and AAPL even higher, about 77%.All told, my estimates are that MSFT has been maintaining a reinvestment rate between 7.5% to 10% in recent years, and AAPL about 5% to 7.5%. And we will see the implications of the investment rates next.Back to the roadmapFor AAPL, at its current price levels, the OEY is about ~3.8%. The growth rate is about 7.5% assuming a 7.5% reinvestment and a ROCE of 100% to be a bit conservative, resulting in a double-digit ROI already! For MSFT, the OEY is about ~3.3%. The growth rate is about 6.7% assuming a 10% reinvestment and a ROCE of 67%, resulting in about 10% ROI.This is a key insight that we've learned from Buffett – when you think like a business owner, you do not need a 10% growth rate to achieve a 10% return. We feel much more comfortable with a few percent of reliable and sustainable growth rate in stocks that we understand well.The road map below shows the ROI based on an assumption of a 10% reinvestment rate, which is the average rate for the large and mature businesses in the S&P 500 index. Admittedly, both MSFT's and AAPL’s reinvestment rate (especially APPL) is not as high as 10% currently. So the total ROI would be a bit lower than what is shown in the roadmap below. However, note that both boast strong cash generation capability and fortress balance sheet, which provide the optionality to crank up reinvestment rates or to boost growth through acquisitions.In contrast, the overall market is currently valued at about 26.5x PE, resulting in an OEY of about 3.8%. however, the overall market’s ROCE is on the order of 20% or so. And with a 10% reinvestment rate, the growth rate would be about 2%, leading to a long-term ROI of about 6% per year.Source: authorRisksFirst and foremost, I do not see any structural risk associated with AAPL or MSFT at this moment. Remotely, there might be an antitrust regulatory risk. But even if it comes to that, I'm not entirely certain if it will be bad for AAPL or MSFT investors for sure. If it really comes to that and the company has to be broken up, the market would be forced to value each of its business segments separately. And such a complete and transparent valuation may or may not result in a lower valuation.There can be significant short-term volatility risks too. Regardless of AAPL and MSFT scale and business model, the valuation is at a high level and the overall market itself is also near a historical record valuation. There are several large macroeconomic and geopolitical uncertainties unfolding right now, including the pandemic, Ukraine conflicts, global logistic chain interruptions, and Fed’s interest rate decisions. Such a combination of high valuation and high volatility certainly could cause short terms risks – but are irrelevant for the long term.Conclusion and final thoughtWhen we invest like a business owner, not a stock trader, our long-term ROI is simply the sum of two things: A) the price paid to buy the business and B) the quality of the business. In both MSFT and AAPL’s case, they provide a far superior return for long-term investors than the overall market because of their far superior ROCE over the market average. Such high ROCE gives it the ability to grow without the need for too much capital and subsequently can return most of the earnings to shareholders (either as dividends or share buybacks).The key takeaways are:Both dominate the intersection of technology and consumer access and both are protected by a formidable moat. They both provide favorable odds for double-digit returns in the long term.As such, we really do not see a bad choice here. Investors just need to pick the one that suits their own risk profile and fits in their own circle of competence.We like AAPL better ourselves mostly because we understand its consumer-centric business model better. We understand the roots of its superb profitability and consumer stickiness. After all and above all, having a coherent investing roadmap and staying within one’s circle of competence is the key to investing.","news_type":1},"isVote":1,"tweetType":1,"viewCount":114,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9068188163,"gmtCreate":1651735899052,"gmtModify":1676534958932,"author":{"id":"3575540109780565","authorId":"3575540109780565","name":"Xiong_X","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3575540109780565","authorIdStr":"3575540109780565"},"themes":[],"htmlText":"Good!","listText":"Good!","text":"Good!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9068188163","repostId":"1190007574","repostType":2,"repost":{"id":"1190007574","kind":"news","pubTimestamp":1651720493,"share":"https://ttm.financial/m/news/1190007574?lang=&edition=fundamental","pubTime":"2022-05-05 11:14","market":"us","language":"en","title":"AMD Crushes Estimates; Time to Get In?","url":"https://stock-news.laohu8.com/highlight/detail?id=1190007574","media":"TipRanks","summary":"The chip shortage is still going strong in some sectors, and gains are being made accordingly. That’","content":"<div>\n<p>The chip shortage is still going strong in some sectors, and gains are being made accordingly. That’s the case for Advanced Micro Devices, which recently posted its earnings report to investor acclaim...</p>\n\n<a href=\"https://www.tipranks.com/news/article/amd-crushes-estimates-time-to-get-in/\">Web Link</a>\n\n</div>\n","source":"lsy1606183248679","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>AMD Crushes Estimates; Time to Get In?</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\">\nAMD Crushes Estimates; Time to Get In?\n</h2>\n\n<h4 class=\"meta\">\n\n\n2022-05-05 11:14 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.tipranks.com/news/article/amd-crushes-estimates-time-to-get-in/><strong>TipRanks</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>The chip shortage is still going strong in some sectors, and gains are being made accordingly. That’s the case for Advanced Micro Devices, which recently posted its earnings report to investor acclaim...</p>\n\n<a href=\"https://www.tipranks.com/news/article/amd-crushes-estimates-time-to-get-in/\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AMD":"美国超微公司"},"source_url":"https://www.tipranks.com/news/article/amd-crushes-estimates-time-to-get-in/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1190007574","content_text":"The chip shortage is still going strong in some sectors, and gains are being made accordingly. That’s the case for Advanced Micro Devices, which recently posted its earnings report to investor acclaim. The company saw its stock gain 9.1% on Wednesday.I’m bullish on AMD right now. That’s largely thanks to the perfect-storm combination of increasing use cases for processing chips and the declining supply. This should add up to be a great thing for anyone making chips – like AMD.The last 12 months for AMD have seen ups and downs alike, though mostly in equal measure. May to November of 2021 saw AMD climb sufficient to double its share price from May 2021. November to May 2022, however, saw most of those gains lost.The latest news, meanwhile, offers some hope for investors. The company posted an amazing earnings report that featured analyst projections shattered. AMD turned in $1.13 per share in earnings, which beat Street forecasts of $0.91.Revenue came in at $5.89 billion adjusted, which beat estimates calling for $5.52 billion. Revenue represented a gain of 71% against this time last year, and earnings were up a staggering 117%.Wall Street’s TakeTurning to Wall Street, AMD has a Moderate Buy consensus rating. That’s based on 14 Buys and eight Holds assigned in the past three months. The average Advanced Micro Devices price target of $134.11 implies 43.1% upside potential.Analyst price targets range from a low of $98 per share to a high of $200 per share.Investor Sentiment Looks Positive for the ChipmakerSometimes, investor sentiment isn’t that clear. Sometimes, it’s much more so. AMD investor sentiment, meanwhile, is mostly clear and mostly positive.First, let’s check out the retail investors who hold portfolios on TipRanks. Retail investor involvement has increased substantially over the last month, though it’s tapered off a bit in recent days. In the last seven days, TipRanks portfolios with AMD are up 1.6%. In the last 30 days, they’re up 6.9%.Then there’s the matter of hedge funds. Hedge funds are very interested in AMD, the TipRanks 13-F Tracker reveals. Hedge funds have put more cash behind AMD every quarter since March 2021.The bump up from March to June is small but present. More pronounced increases followed in the next two quarters. In fact, December 2021’s involvement level is nearly double what it was in December 2020.There are two downside points to consider, however. AMD doesn’t pay a dividend, and there are no signs of a dividend to come. That’s bad news for income investors. Then there’s the matter of insider trading at AMD.Insider trading in the last three months is evenly matched, with four buy transactions and four sell transactions. In the last year, there were 21 buy transactions and 42 sell transactions.It’s important to note, however, that that selling activity mainly took place during AMD’s big run-up back in the May to November 2021 corridor. The buying kicked in on the downside, which is reasonable behavior for any investor.The Chip Shortage Continues, Making AMD’s Future BrighterThe good news—though it’s backhanded good news at best—is that the chip shortage is likely to continue for some time. Intel CEO Pat Gelsinger suggests that the chip shortage is likely to continue until at least 2024. Gelsinger suggests that “…constrained availability of key manufacturing tools” will become an issue.Meanwhile, Ford reported a 10.5% sales decline. Though this was a smaller sales loss than had been seen earlier, the chip shortage was still hurting car supplies. Supplies of PlayStation 5 units will likely continue to see shortfalls going into 2024 as well, reports note.Take these factors together, and suddenly, things look good for AMD. Not only will there be steady and rising demand for all its products—AMD itself looks for gains from increasing demand from data centers—but the ability of other firms to join the fray and pull market share will decline as well. That should open up a new opportunity for AMD to sell about as much as it can produce.Basically, there’s more demand than ever for chips. There’s a growing demand for things that you wouldn’t expect to have a chip in them but do somehow (like cars). There’s a growing demand for gaming consoles; the new console versions are spiking demand, especially with lingering concerns over COVID-19.Take the combination of ongoing high demand for AMD products, a declining number of firms that can even get into the market, and AMD’s recent drop in value over April, and that certainly suggests a course of action.Granted, some are concerned about the impacts of inflation on chip demand, and with good reason. When people are struggling to buy food, they’re not going to be too interested in a new computer.However, consider how wide the demand/supply gap is right now. Consider Ford’s “Ice Mountain.” Back in February, an array of new Broncos sat in an outdoor lot, awaiting the last chips needed to complete them.While inflation will certainly have an impact, it’s safe to say that the demand right now is sufficiently broad that it can accommodate a little inflation-fueled loss.Concluding ViewsDemand for computers is brisk across virtually every sector of the economy. Big data systems demand computers to search for actionable patterns. Smart homes need computers to operate their various voice-controlled systems. Gamers need computers to play the latest titles. The list just keeps going.With all these use cases on AMD’s side, even some inflation-induced losses aren’t likely to slow the overall trajectory of demand very much. That, combined with some attractive per-share pricing right now that’s well under highs, makes for a combination that’s hard to resist. That’s exactly why I’m bullish on AMD.","news_type":1},"isVote":1,"tweetType":1,"viewCount":88,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9061558541,"gmtCreate":1651651615804,"gmtModify":1676534942489,"author":{"id":"3575540109780565","authorId":"3575540109780565","name":"Xiong_X","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3575540109780565","authorIdStr":"3575540109780565"},"themes":[],"htmlText":"Great!!!!!","listText":"Great!!!!!","text":"Great!!!!!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9061558541","repostId":"1154843702","repostType":2,"repost":{"id":"1154843702","kind":"news","weMediaInfo":{"introduction":"Providing stock market headlines, business news, financials and earnings ","home_visible":1,"media_name":"Tiger Newspress","id":"1079075236","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1651651440,"share":"https://ttm.financial/m/news/1154843702?lang=&edition=fundamental","pubTime":"2022-05-04 16:04","market":"us","language":"en","title":"AMD Jumps 6% on Beat-and-Raise Earnings as Revenues Rise 71% Amid Xilinx Deal","url":"https://stock-news.laohu8.com/highlight/detail?id=1154843702","media":"Tiger Newspress","summary":"AMD shares jumped over 6% in premarket trading following a strong beat-and-raise first quarter.Non-G","content":"<html><head></head><body><p>AMD shares jumped over 6% in premarket trading following a strong beat-and-raise first quarter.<img src=\"https://static.tigerbbs.com/6999a0b018f0832cec7c9532789ff7ef\" tg-width=\"841\" tg-height=\"659\" width=\"100%\" height=\"auto\"/>Non-GAAP net income for Q1 was $1.13 per share, well above the consensus of $0.91. Revenue rose 71% to $5.9 billion and included partial quarter financial results from the Xilinx merger.</p><p>&#34;The first quarter marked a significant inflection point in our journey to scale and transform AMD as we delivered record revenue and closed our strategic acquisition of Xilinx,&#34; said AMD Chair and CEO Dr. Lisa Su. &#34;Each of our businesses grew by a significant double digit percentage year-over-year, led by EPYC server processor revenue more than doubling for the third straight quarter. Demand remains strong for our leadership products, with our increased full-year guidance reflecting higher AMD organic growth and the addition of the growing Xilinx business.&#34;</p><p>For the second quarter, AMD sees revenue up approximately 69% year-over-year and approximately 10% quarter-over-quarter to $6.3-$6.7 billion, or $6.5 billion at the mid-point, above the consensus of $6.38 billion. The increase is expected to be driven by the addition of Xilinx and higher server, semi-custom and client revenue.</p><p>For the year, AMD sees revenue up approximately 60% to $26.3 billion versus the consensus of $25.15 billion. The results are seen driven by the addition of Xilinx and higher server and semi-custom revenue.</p></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>AMD Jumps 6% on Beat-and-Raise Earnings as Revenues Rise 71% Amid Xilinx Deal</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\">\nAMD Jumps 6% on Beat-and-Raise Earnings as Revenues Rise 71% Amid Xilinx Deal\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\">2022-05-04 16:04</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<html><head></head><body><p>AMD shares jumped over 6% in premarket trading following a strong beat-and-raise first quarter.<img src=\"https://static.tigerbbs.com/6999a0b018f0832cec7c9532789ff7ef\" tg-width=\"841\" tg-height=\"659\" width=\"100%\" height=\"auto\"/>Non-GAAP net income for Q1 was $1.13 per share, well above the consensus of $0.91. Revenue rose 71% to $5.9 billion and included partial quarter financial results from the Xilinx merger.</p><p>&#34;The first quarter marked a significant inflection point in our journey to scale and transform AMD as we delivered record revenue and closed our strategic acquisition of Xilinx,&#34; said AMD Chair and CEO Dr. Lisa Su. &#34;Each of our businesses grew by a significant double digit percentage year-over-year, led by EPYC server processor revenue more than doubling for the third straight quarter. Demand remains strong for our leadership products, with our increased full-year guidance reflecting higher AMD organic growth and the addition of the growing Xilinx business.&#34;</p><p>For the second quarter, AMD sees revenue up approximately 69% year-over-year and approximately 10% quarter-over-quarter to $6.3-$6.7 billion, or $6.5 billion at the mid-point, above the consensus of $6.38 billion. The increase is expected to be driven by the addition of Xilinx and higher server, semi-custom and client revenue.</p><p>For the year, AMD sees revenue up approximately 60% to $26.3 billion versus the consensus of $25.15 billion. The results are seen driven by the addition of Xilinx and higher server and semi-custom revenue.</p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AMD":"美国超微公司"},"source_url":"","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1154843702","content_text":"AMD shares jumped over 6% in premarket trading following a strong beat-and-raise first quarter.Non-GAAP net income for Q1 was $1.13 per share, well above the consensus of $0.91. Revenue rose 71% to $5.9 billion and included partial quarter financial results from the Xilinx merger.\"The first quarter marked a significant inflection point in our journey to scale and transform AMD as we delivered record revenue and closed our strategic acquisition of Xilinx,\" said AMD Chair and CEO Dr. Lisa Su. \"Each of our businesses grew by a significant double digit percentage year-over-year, led by EPYC server processor revenue more than doubling for the third straight quarter. Demand remains strong for our leadership products, with our increased full-year guidance reflecting higher AMD organic growth and the addition of the growing Xilinx business.\"For the second quarter, AMD sees revenue up approximately 69% year-over-year and approximately 10% quarter-over-quarter to $6.3-$6.7 billion, or $6.5 billion at the mid-point, above the consensus of $6.38 billion. The increase is expected to be driven by the addition of Xilinx and higher server, semi-custom and client revenue.For the year, AMD sees revenue up approximately 60% to $26.3 billion versus the consensus of $25.15 billion. The results are seen driven by the addition of Xilinx and higher server and semi-custom revenue.","news_type":1},"isVote":1,"tweetType":1,"viewCount":95,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9018792960,"gmtCreate":1649085843847,"gmtModify":1676534448147,"author":{"id":"3575540109780565","authorId":"3575540109780565","name":"Xiong_X","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3575540109780565","authorIdStr":"3575540109780565"},"themes":[],"htmlText":"Great !","listText":"Great !","text":"Great !","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9018792960","repostId":"2224530588","repostType":4,"repost":{"id":"2224530588","kind":"news","pubTimestamp":1649078353,"share":"https://ttm.financial/m/news/2224530588?lang=&edition=fundamental","pubTime":"2022-04-04 21:19","market":"us","language":"en","title":"Roku Signs Multi-Year Extension of Agreement with Amazon","url":"https://stock-news.laohu8.com/highlight/detail?id=2224530588","media":"seekingalpha","summary":"Roku (NASDAQ:ROKU) reached a multi-year extension of its distribution agreement with Amazon.Customer","content":"<html><head></head><body><p>Roku (NASDAQ:ROKU) reached a multi-year extension of its distribution agreement with Amazon.</p><p>Customers can continue to access the Prime Video and IMDb TV apps on their Roku devices.</p><p>Terms of the agreement were not disclosed.</p><p>Roku shares trade 3.62% higher premarket.</p><p><img src=\"https://static.tigerbbs.com/38ba2c8ee926e8a257c9abef3e857552\" tg-width=\"857\" tg-height=\"833\" width=\"100%\" height=\"auto\"/></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>Roku Signs Multi-Year Extension of Agreement with Amazon</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; 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overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 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\">\nRoku Signs Multi-Year Extension of Agreement with Amazon\n</h2>\n\n<h4 class=\"meta\">\n\n\n2022-04-04 21:19 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://seekingalpha.com/news/3820361-roku-signs-multi-year-extension-of-agreement-with-amazon><strong>seekingalpha</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Roku (NASDAQ:ROKU) reached a multi-year extension of its distribution agreement with Amazon.Customers can continue to access the Prime Video and IMDb TV apps on their Roku devices.Terms of the ...</p>\n\n<a href=\"https://seekingalpha.com/news/3820361-roku-signs-multi-year-extension-of-agreement-with-amazon\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"BK4548":"巴美列捷福持仓","BK4554":"元宇宙及AR概念","BK4532":"文艺复兴科技持仓","BK4108":"电影和娱乐","BK4534":"瑞士信贷持仓","BK4507":"流媒体概念","AMZN":"亚马逊","ROKU":"Roku Inc","BK4533":"AQR资本管理(全球第二大对冲基金)","BK4566":"资本集团","BK4535":"淡马锡持仓","BK4524":"宅经济概念","BK4527":"明星科技股","BK4538":"云计算","BK4559":"巴菲特持仓","BK4579":"人工智能","BK4550":"红杉资本持仓","BK4503":"景林资产持仓","BK4122":"互联网与直销零售","BK4551":"寇图资本持仓","BK4561":"索罗斯持仓","BK4581":"高盛持仓"},"source_url":"https://seekingalpha.com/news/3820361-roku-signs-multi-year-extension-of-agreement-with-amazon","is_english":true,"share_image_url":"https://static.laohu8.com/5a36db9d73b4222bc376d24ccc48c8a4","article_id":"2224530588","content_text":"Roku (NASDAQ:ROKU) reached a multi-year extension of its distribution agreement with Amazon.Customers can continue to access the Prime Video and IMDb TV apps on their Roku devices.Terms of the agreement were not disclosed.Roku shares trade 3.62% higher premarket.","news_type":1},"isVote":1,"tweetType":1,"viewCount":35,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9068162708,"gmtCreate":1651738107804,"gmtModify":1676534959261,"author":{"id":"3575540109780565","authorId":"3575540109780565","name":"Xiong_X","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3575540109780565","authorIdStr":"3575540109780565"},"themes":[],"htmlText":"Good!","listText":"Good!","text":"Good!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9068162708","repostId":"1180073890","repostType":4,"isVote":1,"tweetType":1,"viewCount":281,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9068162212,"gmtCreate":1651738066136,"gmtModify":1676534959245,"author":{"id":"3575540109780565","authorId":"3575540109780565","name":"Xiong_X","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3575540109780565","authorIdStr":"3575540109780565"},"themes":[],"htmlText":"Nice!","listText":"Nice!","text":"Nice!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9068162212","repostId":"1180073890","repostType":4,"repost":{"id":"1180073890","kind":"news","pubTimestamp":1651719811,"share":"https://ttm.financial/m/news/1180073890?lang=&edition=fundamental","pubTime":"2022-05-05 11:03","market":"us","language":"en","title":"Nvidia Stock: Headwinds Priced In - Buy On Weakness","url":"https://stock-news.laohu8.com/highlight/detail?id=1180073890","media":"Seeking Alpha","summary":"SummaryGiven declining price trends in GPUs and crypto-mining weakness, much fear has been stoked ov","content":"<html><head></head><body><p>Summary</p><ul><li>Given declining price trends in GPUs and crypto-mining weakness, much fear has been stoked over NVIDIA&#39;s gaming segment. But, AMD&#39;s Q1 results yesterday assuaged investors&#39; fears.</li><li>We are also optimistic over NVIDIA&#39;s upcoming RTX-40 series Ada Lovelace launch, reportedly this fall. The refresh should help drive momentum for GPU prices, with improved chip supply in H2.</li><li>We are also confident that NVIDIA could announce new design wins for its automotive segment. Qualcomm highlighted a marked increase in its automotive pipeline in its recent FQ2 card.</li><li>We discuss why NVIDIA&#39;s long-term thesis remains intact. So, investors should consider adding NVDA stock on weakness.</li></ul><p>Investment Thesis</p><p>NVIDIA Corporation (NASDAQ:NVDA) stock has been battered after a rapid recovery from its recent March lows. Bullish NVDA investors piled into the stock as CEO Jensen Huang &amp; team introduced its next-gen Hopper architecture for cloud and data center computing. However, the market was also skittish over the weakness in PC end demand, thrashing NVDA stock. As a result, NVDA stock has retraced to its October lows, 43.4% below its November highs.</p><p>Therefore, NVDA stock growth premium has been digested significantly, as investors priced in potential weakness in its gaming segment, impacted by weaker crypto mining and PC weakness. NVDA stock was also initially impacted by Intel&#39;s (INTC)weak Q2 guidance, triggering a sell-off last week.</p><p>However, AMD&#39;s (AMD) spectacular FQ1 card reassured investors of a PC market that seemed hampered by weaker end demand. Investors were concerned with a multitude of factors relating to weaker macros, ongoing chip shortages, and China&#39;s COVID lockdowns. Therefore, we think Huang &amp; team will do just fine in its upcoming FQ1&#39;23 earnings release on May 25.</p><p>Notably, NVDA stock growth premium has also moderated significantly and is in line with its 5Y mean. Therefore, we think the opportunity to add more exposure to NVDA stock has returned for patient investors.</p><p>Nevertheless, a bull trap that lured buyers after its GTC in March had digested its upward momentum. Given the potent trap, we encourage investors to spread their purchases and dollar-cost average if the current support levels do not consolidate and hold.</p><p>We reiterate our Buy rating on NVDA stock.</p><p>Intel Worried Investors, But AMD Sprung To The Rescue</p><p>In our Intel Q1 earnings update, we discussed that Intel CEO Pat Gelsinger &amp; team guided to a markedly weaker Q2 due to pretty significant headwinds in the consumer PC market. As a result, investors were concerned about whether NVIDIA stock was next on the &#34;chopping block&#34; given its embedded growth premium.</p><p>However, AMD CEO Dr. Lisa Su assuaged semi investors that the pockets of weakness in the PC market were generally limited to the lower-end market. Therefore, its data center, cloud computing, gaming, and enterprise segments remain robust as management also raised guidance. Dr. Su accentuated (edited):</p><blockquote>Our Desktop GPU sales nearly doubled year-over-year as sales of our Radeon 6000 Series graphics cards were strong. In mobile, the first notebooks featuring our latest Radeon 6000 mobile GPUs launched in the quarter, and we expect sales to ramp over the coming quarters. Data center graphics revenue was flat year-over-year as we launched our Instinct MI210 accelerators. There is some softness in the PC market. But we had, for the last number of quarters, actually been shifting our mix to the higher end or the more premium segments of the PC market, and so that&#39;s where more of our exposure is. (AMD&#39;s FQ1&#39;22 earnings call)</blockquote><p>Furthermore,SIA accentuated that global semi sales in Q1 remained robust, despite digesting a whole month of the Russia-Ukraine conflict. It also reported that global semiconductor revenue was up by 1.1% MoM in March. Q1 sales were $151.7B, up 23% YoY and down just by 0.5% QoQ, due to seasonality from Q4. Furthermore, Europe was up 2.6% MoM in March, indicating continued strength. Therefore, we think the headwinds of a significant slowdown in semi sales have been overblown.</p><p>Furthermore, even though the pricing trends for GPU were down significantly in March,the decline moderated in April, according to a Tom&#39;s Hardware update. Furthermore, it also highlighted that GPUs were still sold above MSRP in the current refresh cycle. It emphasized that &#34;GPU pricing would normally be 10 to 20% below MSRP at this point in the refresh cycle.&#34; In addition, we think AMD&#39;s robust showing in its GPU segment demonstrated that such fears had been overstated.</p><p>Ada Lovelace Impending Release &amp; H100 Price Leadership</p><p>Furthermore, investors should note that NVIDIA is expected to release its RTX-40 series Ada Lovelace GPU this fall. In addition, NVIDIA has reportedly started to test its AD102 GPU and is expected to be on track for its timely release. We believe the new release will likely generate much hype among bullish investors and help support NVDA stock moving forward.</p><p>Furthermore, in a clear demonstration of price leadership and value, NVIDIA&#39;s H100 Hopper GPU 80GB accelerator was released at a price &#34;considerably more expensive&#34; than its A100 Ampere predecessor. Therefore, we believe NVIDIA has tremendous pricing power in its data center business, given the scale and differentiation of its Hopper architecture. As a result, investors should not understate its leadership in the data center GPU segment.</p><p>Notably, we will also be looking to NVIDIA&#39;s design win updates for its highly anticipated automotive segment. Qualcomm (QCOM)updated in its FQ2 earnings card that its design pipeline has increased to $16B, from $3B previously. Qualcomm CEO Cristiano Amon is optimistic that its &#34;smartphone on wheels&#34; segment could even rival or trump its smartphone revenue over time.</p><p>Investors should recall that NVIDIA estimated its automotive opportunity to be worth $300Bin its recent spring GTC update. Thus, we encourage investors to watch management&#39;s commentary on its automotive design wins in its Q1 card. We also believe the market has yet to fully appreciate what could be NVIDIA&#39;s most exciting revenue contributor, given its scale and rapid adoption.</p><p>Is NVDA Stock A Buy, Sell, Or Hold?<img src=\"https://static.tigerbbs.com/a28d3d588daac616e0977528e650684c\" referrerpolicy=\"no-referrer\"/></p><p>NVDA stock NTM FCF yield % and NTM normalized P/E (TIKR)</p><p><img src=\"https://static.tigerbbs.com/e232702e3c8d75eb89b8de4709cd8f64\" tg-width=\"640\" tg-height=\"356\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>NVDA stock price chart (TradingView)</p><p>NVDA stock growth premium has been substantially digested due to the recent headwinds. As a result, its NTM FCF yield has moderated to 2.62%, in line with its 5Y mean of 2.63%. Furthermore, its NTM normalized P/E has also normalized to 34.78x, slightly below its 5Y mean of 39.93x.</p><p>Of course, NVDA stock still traded well above its peers and the market. Therefore, investors should continue to expect near-term volatility. But, we are confident that its long-term thesis remains intact. And we think the recent headwinds over potential end demand weakness have been priced in.</p><p>However, we observed a potent bull trap in NVDA stock post-GTC that seems to be digested. In addition, the stock seems to have found near-term support. Therefore, a further consolidation along the current levels should be helpful for NVDA stock moving forward.</p><p>As such, <i>we reiterate our Buy rating on NVDA stock</i>.</p></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>Nvidia Stock: Headwinds Priced In - Buy On Weakness</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\">\nNvidia Stock: Headwinds Priced In - Buy On Weakness\n</h2>\n\n<h4 class=\"meta\">\n\n\n2022-05-05 11:03 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://seekingalpha.com/article/4506831-nvidia-headwinds-priced-in-buy-on-weakness><strong>Seeking Alpha</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>SummaryGiven declining price trends in GPUs and crypto-mining weakness, much fear has been stoked over NVIDIA's gaming segment. But, AMD's Q1 results yesterday assuaged investors' fears.We are also ...</p>\n\n<a href=\"https://seekingalpha.com/article/4506831-nvidia-headwinds-priced-in-buy-on-weakness\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"NVDA":"英伟达"},"source_url":"https://seekingalpha.com/article/4506831-nvidia-headwinds-priced-in-buy-on-weakness","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1180073890","content_text":"SummaryGiven declining price trends in GPUs and crypto-mining weakness, much fear has been stoked over NVIDIA's gaming segment. But, AMD's Q1 results yesterday assuaged investors' fears.We are also optimistic over NVIDIA's upcoming RTX-40 series Ada Lovelace launch, reportedly this fall. The refresh should help drive momentum for GPU prices, with improved chip supply in H2.We are also confident that NVIDIA could announce new design wins for its automotive segment. Qualcomm highlighted a marked increase in its automotive pipeline in its recent FQ2 card.We discuss why NVIDIA's long-term thesis remains intact. So, investors should consider adding NVDA stock on weakness.Investment ThesisNVIDIA Corporation (NASDAQ:NVDA) stock has been battered after a rapid recovery from its recent March lows. Bullish NVDA investors piled into the stock as CEO Jensen Huang & team introduced its next-gen Hopper architecture for cloud and data center computing. However, the market was also skittish over the weakness in PC end demand, thrashing NVDA stock. As a result, NVDA stock has retraced to its October lows, 43.4% below its November highs.Therefore, NVDA stock growth premium has been digested significantly, as investors priced in potential weakness in its gaming segment, impacted by weaker crypto mining and PC weakness. NVDA stock was also initially impacted by Intel's (INTC)weak Q2 guidance, triggering a sell-off last week.However, AMD's (AMD) spectacular FQ1 card reassured investors of a PC market that seemed hampered by weaker end demand. Investors were concerned with a multitude of factors relating to weaker macros, ongoing chip shortages, and China's COVID lockdowns. Therefore, we think Huang & team will do just fine in its upcoming FQ1'23 earnings release on May 25.Notably, NVDA stock growth premium has also moderated significantly and is in line with its 5Y mean. Therefore, we think the opportunity to add more exposure to NVDA stock has returned for patient investors.Nevertheless, a bull trap that lured buyers after its GTC in March had digested its upward momentum. Given the potent trap, we encourage investors to spread their purchases and dollar-cost average if the current support levels do not consolidate and hold.We reiterate our Buy rating on NVDA stock.Intel Worried Investors, But AMD Sprung To The RescueIn our Intel Q1 earnings update, we discussed that Intel CEO Pat Gelsinger & team guided to a markedly weaker Q2 due to pretty significant headwinds in the consumer PC market. As a result, investors were concerned about whether NVIDIA stock was next on the \"chopping block\" given its embedded growth premium.However, AMD CEO Dr. Lisa Su assuaged semi investors that the pockets of weakness in the PC market were generally limited to the lower-end market. Therefore, its data center, cloud computing, gaming, and enterprise segments remain robust as management also raised guidance. Dr. Su accentuated (edited):Our Desktop GPU sales nearly doubled year-over-year as sales of our Radeon 6000 Series graphics cards were strong. In mobile, the first notebooks featuring our latest Radeon 6000 mobile GPUs launched in the quarter, and we expect sales to ramp over the coming quarters. Data center graphics revenue was flat year-over-year as we launched our Instinct MI210 accelerators. There is some softness in the PC market. But we had, for the last number of quarters, actually been shifting our mix to the higher end or the more premium segments of the PC market, and so that's where more of our exposure is. (AMD's FQ1'22 earnings call)Furthermore,SIA accentuated that global semi sales in Q1 remained robust, despite digesting a whole month of the Russia-Ukraine conflict. It also reported that global semiconductor revenue was up by 1.1% MoM in March. Q1 sales were $151.7B, up 23% YoY and down just by 0.5% QoQ, due to seasonality from Q4. Furthermore, Europe was up 2.6% MoM in March, indicating continued strength. Therefore, we think the headwinds of a significant slowdown in semi sales have been overblown.Furthermore, even though the pricing trends for GPU were down significantly in March,the decline moderated in April, according to a Tom's Hardware update. Furthermore, it also highlighted that GPUs were still sold above MSRP in the current refresh cycle. It emphasized that \"GPU pricing would normally be 10 to 20% below MSRP at this point in the refresh cycle.\" In addition, we think AMD's robust showing in its GPU segment demonstrated that such fears had been overstated.Ada Lovelace Impending Release & H100 Price LeadershipFurthermore, investors should note that NVIDIA is expected to release its RTX-40 series Ada Lovelace GPU this fall. In addition, NVIDIA has reportedly started to test its AD102 GPU and is expected to be on track for its timely release. We believe the new release will likely generate much hype among bullish investors and help support NVDA stock moving forward.Furthermore, in a clear demonstration of price leadership and value, NVIDIA's H100 Hopper GPU 80GB accelerator was released at a price \"considerably more expensive\" than its A100 Ampere predecessor. Therefore, we believe NVIDIA has tremendous pricing power in its data center business, given the scale and differentiation of its Hopper architecture. As a result, investors should not understate its leadership in the data center GPU segment.Notably, we will also be looking to NVIDIA's design win updates for its highly anticipated automotive segment. Qualcomm (QCOM)updated in its FQ2 earnings card that its design pipeline has increased to $16B, from $3B previously. Qualcomm CEO Cristiano Amon is optimistic that its \"smartphone on wheels\" segment could even rival or trump its smartphone revenue over time.Investors should recall that NVIDIA estimated its automotive opportunity to be worth $300Bin its recent spring GTC update. Thus, we encourage investors to watch management's commentary on its automotive design wins in its Q1 card. We also believe the market has yet to fully appreciate what could be NVIDIA's most exciting revenue contributor, given its scale and rapid adoption.Is NVDA Stock A Buy, Sell, Or Hold?NVDA stock NTM FCF yield % and NTM normalized P/E (TIKR)NVDA stock price chart (TradingView)NVDA stock growth premium has been substantially digested due to the recent headwinds. As a result, its NTM FCF yield has moderated to 2.62%, in line with its 5Y mean of 2.63%. Furthermore, its NTM normalized P/E has also normalized to 34.78x, slightly below its 5Y mean of 39.93x.Of course, NVDA stock still traded well above its peers and the market. Therefore, investors should continue to expect near-term volatility. But, we are confident that its long-term thesis remains intact. And we think the recent headwinds over potential end demand weakness have been priced in.However, we observed a potent bull trap in NVDA stock post-GTC that seems to be digested. In addition, the stock seems to have found near-term support. Therefore, a further consolidation along the current levels should be helpful for NVDA stock moving forward.As such, we reiterate our Buy rating on NVDA stock.","news_type":1},"isVote":1,"tweetType":1,"viewCount":29,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9068162656,"gmtCreate":1651738043775,"gmtModify":1676534959241,"author":{"id":"3575540109780565","authorId":"3575540109780565","name":"Xiong_X","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3575540109780565","authorIdStr":"3575540109780565"},"themes":[],"htmlText":"Nice!","listText":"Nice!","text":"Nice!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9068162656","repostId":"1180073890","repostType":4,"repost":{"id":"1180073890","kind":"news","pubTimestamp":1651719811,"share":"https://ttm.financial/m/news/1180073890?lang=&edition=fundamental","pubTime":"2022-05-05 11:03","market":"us","language":"en","title":"Nvidia Stock: Headwinds Priced In - Buy On Weakness","url":"https://stock-news.laohu8.com/highlight/detail?id=1180073890","media":"Seeking Alpha","summary":"SummaryGiven declining price trends in GPUs and crypto-mining weakness, much fear has been stoked ov","content":"<html><head></head><body><p>Summary</p><ul><li>Given declining price trends in GPUs and crypto-mining weakness, much fear has been stoked over NVIDIA&#39;s gaming segment. But, AMD&#39;s Q1 results yesterday assuaged investors&#39; fears.</li><li>We are also optimistic over NVIDIA&#39;s upcoming RTX-40 series Ada Lovelace launch, reportedly this fall. The refresh should help drive momentum for GPU prices, with improved chip supply in H2.</li><li>We are also confident that NVIDIA could announce new design wins for its automotive segment. Qualcomm highlighted a marked increase in its automotive pipeline in its recent FQ2 card.</li><li>We discuss why NVIDIA&#39;s long-term thesis remains intact. So, investors should consider adding NVDA stock on weakness.</li></ul><p>Investment Thesis</p><p>NVIDIA Corporation (NASDAQ:NVDA) stock has been battered after a rapid recovery from its recent March lows. Bullish NVDA investors piled into the stock as CEO Jensen Huang &amp; team introduced its next-gen Hopper architecture for cloud and data center computing. However, the market was also skittish over the weakness in PC end demand, thrashing NVDA stock. As a result, NVDA stock has retraced to its October lows, 43.4% below its November highs.</p><p>Therefore, NVDA stock growth premium has been digested significantly, as investors priced in potential weakness in its gaming segment, impacted by weaker crypto mining and PC weakness. NVDA stock was also initially impacted by Intel&#39;s (INTC)weak Q2 guidance, triggering a sell-off last week.</p><p>However, AMD&#39;s (AMD) spectacular FQ1 card reassured investors of a PC market that seemed hampered by weaker end demand. Investors were concerned with a multitude of factors relating to weaker macros, ongoing chip shortages, and China&#39;s COVID lockdowns. Therefore, we think Huang &amp; team will do just fine in its upcoming FQ1&#39;23 earnings release on May 25.</p><p>Notably, NVDA stock growth premium has also moderated significantly and is in line with its 5Y mean. Therefore, we think the opportunity to add more exposure to NVDA stock has returned for patient investors.</p><p>Nevertheless, a bull trap that lured buyers after its GTC in March had digested its upward momentum. Given the potent trap, we encourage investors to spread their purchases and dollar-cost average if the current support levels do not consolidate and hold.</p><p>We reiterate our Buy rating on NVDA stock.</p><p>Intel Worried Investors, But AMD Sprung To The Rescue</p><p>In our Intel Q1 earnings update, we discussed that Intel CEO Pat Gelsinger &amp; team guided to a markedly weaker Q2 due to pretty significant headwinds in the consumer PC market. As a result, investors were concerned about whether NVIDIA stock was next on the &#34;chopping block&#34; given its embedded growth premium.</p><p>However, AMD CEO Dr. Lisa Su assuaged semi investors that the pockets of weakness in the PC market were generally limited to the lower-end market. Therefore, its data center, cloud computing, gaming, and enterprise segments remain robust as management also raised guidance. Dr. Su accentuated (edited):</p><blockquote>Our Desktop GPU sales nearly doubled year-over-year as sales of our Radeon 6000 Series graphics cards were strong. In mobile, the first notebooks featuring our latest Radeon 6000 mobile GPUs launched in the quarter, and we expect sales to ramp over the coming quarters. Data center graphics revenue was flat year-over-year as we launched our Instinct MI210 accelerators. There is some softness in the PC market. But we had, for the last number of quarters, actually been shifting our mix to the higher end or the more premium segments of the PC market, and so that&#39;s where more of our exposure is. (AMD&#39;s FQ1&#39;22 earnings call)</blockquote><p>Furthermore,SIA accentuated that global semi sales in Q1 remained robust, despite digesting a whole month of the Russia-Ukraine conflict. It also reported that global semiconductor revenue was up by 1.1% MoM in March. Q1 sales were $151.7B, up 23% YoY and down just by 0.5% QoQ, due to seasonality from Q4. Furthermore, Europe was up 2.6% MoM in March, indicating continued strength. Therefore, we think the headwinds of a significant slowdown in semi sales have been overblown.</p><p>Furthermore, even though the pricing trends for GPU were down significantly in March,the decline moderated in April, according to a Tom&#39;s Hardware update. Furthermore, it also highlighted that GPUs were still sold above MSRP in the current refresh cycle. It emphasized that &#34;GPU pricing would normally be 10 to 20% below MSRP at this point in the refresh cycle.&#34; In addition, we think AMD&#39;s robust showing in its GPU segment demonstrated that such fears had been overstated.</p><p>Ada Lovelace Impending Release &amp; H100 Price Leadership</p><p>Furthermore, investors should note that NVIDIA is expected to release its RTX-40 series Ada Lovelace GPU this fall. In addition, NVIDIA has reportedly started to test its AD102 GPU and is expected to be on track for its timely release. We believe the new release will likely generate much hype among bullish investors and help support NVDA stock moving forward.</p><p>Furthermore, in a clear demonstration of price leadership and value, NVIDIA&#39;s H100 Hopper GPU 80GB accelerator was released at a price &#34;considerably more expensive&#34; than its A100 Ampere predecessor. Therefore, we believe NVIDIA has tremendous pricing power in its data center business, given the scale and differentiation of its Hopper architecture. As a result, investors should not understate its leadership in the data center GPU segment.</p><p>Notably, we will also be looking to NVIDIA&#39;s design win updates for its highly anticipated automotive segment. Qualcomm (QCOM)updated in its FQ2 earnings card that its design pipeline has increased to $16B, from $3B previously. Qualcomm CEO Cristiano Amon is optimistic that its &#34;smartphone on wheels&#34; segment could even rival or trump its smartphone revenue over time.</p><p>Investors should recall that NVIDIA estimated its automotive opportunity to be worth $300Bin its recent spring GTC update. Thus, we encourage investors to watch management&#39;s commentary on its automotive design wins in its Q1 card. We also believe the market has yet to fully appreciate what could be NVIDIA&#39;s most exciting revenue contributor, given its scale and rapid adoption.</p><p>Is NVDA Stock A Buy, Sell, Or Hold?<img src=\"https://static.tigerbbs.com/a28d3d588daac616e0977528e650684c\" referrerpolicy=\"no-referrer\"/></p><p>NVDA stock NTM FCF yield % and NTM normalized P/E (TIKR)</p><p><img src=\"https://static.tigerbbs.com/e232702e3c8d75eb89b8de4709cd8f64\" tg-width=\"640\" tg-height=\"356\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>NVDA stock price chart (TradingView)</p><p>NVDA stock growth premium has been substantially digested due to the recent headwinds. As a result, its NTM FCF yield has moderated to 2.62%, in line with its 5Y mean of 2.63%. Furthermore, its NTM normalized P/E has also normalized to 34.78x, slightly below its 5Y mean of 39.93x.</p><p>Of course, NVDA stock still traded well above its peers and the market. Therefore, investors should continue to expect near-term volatility. But, we are confident that its long-term thesis remains intact. And we think the recent headwinds over potential end demand weakness have been priced in.</p><p>However, we observed a potent bull trap in NVDA stock post-GTC that seems to be digested. In addition, the stock seems to have found near-term support. Therefore, a further consolidation along the current levels should be helpful for NVDA stock moving forward.</p><p>As such, <i>we reiterate our Buy rating on NVDA stock</i>.</p></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>Nvidia Stock: Headwinds Priced In - Buy On Weakness</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\">\nNvidia Stock: Headwinds Priced In - Buy On Weakness\n</h2>\n\n<h4 class=\"meta\">\n\n\n2022-05-05 11:03 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://seekingalpha.com/article/4506831-nvidia-headwinds-priced-in-buy-on-weakness><strong>Seeking Alpha</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>SummaryGiven declining price trends in GPUs and crypto-mining weakness, much fear has been stoked over NVIDIA's gaming segment. But, AMD's Q1 results yesterday assuaged investors' fears.We are also ...</p>\n\n<a href=\"https://seekingalpha.com/article/4506831-nvidia-headwinds-priced-in-buy-on-weakness\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"NVDA":"英伟达"},"source_url":"https://seekingalpha.com/article/4506831-nvidia-headwinds-priced-in-buy-on-weakness","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1180073890","content_text":"SummaryGiven declining price trends in GPUs and crypto-mining weakness, much fear has been stoked over NVIDIA's gaming segment. But, AMD's Q1 results yesterday assuaged investors' fears.We are also optimistic over NVIDIA's upcoming RTX-40 series Ada Lovelace launch, reportedly this fall. The refresh should help drive momentum for GPU prices, with improved chip supply in H2.We are also confident that NVIDIA could announce new design wins for its automotive segment. Qualcomm highlighted a marked increase in its automotive pipeline in its recent FQ2 card.We discuss why NVIDIA's long-term thesis remains intact. So, investors should consider adding NVDA stock on weakness.Investment ThesisNVIDIA Corporation (NASDAQ:NVDA) stock has been battered after a rapid recovery from its recent March lows. Bullish NVDA investors piled into the stock as CEO Jensen Huang & team introduced its next-gen Hopper architecture for cloud and data center computing. However, the market was also skittish over the weakness in PC end demand, thrashing NVDA stock. As a result, NVDA stock has retraced to its October lows, 43.4% below its November highs.Therefore, NVDA stock growth premium has been digested significantly, as investors priced in potential weakness in its gaming segment, impacted by weaker crypto mining and PC weakness. NVDA stock was also initially impacted by Intel's (INTC)weak Q2 guidance, triggering a sell-off last week.However, AMD's (AMD) spectacular FQ1 card reassured investors of a PC market that seemed hampered by weaker end demand. Investors were concerned with a multitude of factors relating to weaker macros, ongoing chip shortages, and China's COVID lockdowns. Therefore, we think Huang & team will do just fine in its upcoming FQ1'23 earnings release on May 25.Notably, NVDA stock growth premium has also moderated significantly and is in line with its 5Y mean. Therefore, we think the opportunity to add more exposure to NVDA stock has returned for patient investors.Nevertheless, a bull trap that lured buyers after its GTC in March had digested its upward momentum. Given the potent trap, we encourage investors to spread their purchases and dollar-cost average if the current support levels do not consolidate and hold.We reiterate our Buy rating on NVDA stock.Intel Worried Investors, But AMD Sprung To The RescueIn our Intel Q1 earnings update, we discussed that Intel CEO Pat Gelsinger & team guided to a markedly weaker Q2 due to pretty significant headwinds in the consumer PC market. As a result, investors were concerned about whether NVIDIA stock was next on the \"chopping block\" given its embedded growth premium.However, AMD CEO Dr. Lisa Su assuaged semi investors that the pockets of weakness in the PC market were generally limited to the lower-end market. Therefore, its data center, cloud computing, gaming, and enterprise segments remain robust as management also raised guidance. Dr. Su accentuated (edited):Our Desktop GPU sales nearly doubled year-over-year as sales of our Radeon 6000 Series graphics cards were strong. In mobile, the first notebooks featuring our latest Radeon 6000 mobile GPUs launched in the quarter, and we expect sales to ramp over the coming quarters. Data center graphics revenue was flat year-over-year as we launched our Instinct MI210 accelerators. There is some softness in the PC market. But we had, for the last number of quarters, actually been shifting our mix to the higher end or the more premium segments of the PC market, and so that's where more of our exposure is. (AMD's FQ1'22 earnings call)Furthermore,SIA accentuated that global semi sales in Q1 remained robust, despite digesting a whole month of the Russia-Ukraine conflict. It also reported that global semiconductor revenue was up by 1.1% MoM in March. Q1 sales were $151.7B, up 23% YoY and down just by 0.5% QoQ, due to seasonality from Q4. Furthermore, Europe was up 2.6% MoM in March, indicating continued strength. Therefore, we think the headwinds of a significant slowdown in semi sales have been overblown.Furthermore, even though the pricing trends for GPU were down significantly in March,the decline moderated in April, according to a Tom's Hardware update. Furthermore, it also highlighted that GPUs were still sold above MSRP in the current refresh cycle. It emphasized that \"GPU pricing would normally be 10 to 20% below MSRP at this point in the refresh cycle.\" In addition, we think AMD's robust showing in its GPU segment demonstrated that such fears had been overstated.Ada Lovelace Impending Release & H100 Price LeadershipFurthermore, investors should note that NVIDIA is expected to release its RTX-40 series Ada Lovelace GPU this fall. In addition, NVIDIA has reportedly started to test its AD102 GPU and is expected to be on track for its timely release. We believe the new release will likely generate much hype among bullish investors and help support NVDA stock moving forward.Furthermore, in a clear demonstration of price leadership and value, NVIDIA's H100 Hopper GPU 80GB accelerator was released at a price \"considerably more expensive\" than its A100 Ampere predecessor. Therefore, we believe NVIDIA has tremendous pricing power in its data center business, given the scale and differentiation of its Hopper architecture. As a result, investors should not understate its leadership in the data center GPU segment.Notably, we will also be looking to NVIDIA's design win updates for its highly anticipated automotive segment. Qualcomm (QCOM)updated in its FQ2 earnings card that its design pipeline has increased to $16B, from $3B previously. Qualcomm CEO Cristiano Amon is optimistic that its \"smartphone on wheels\" segment could even rival or trump its smartphone revenue over time.Investors should recall that NVIDIA estimated its automotive opportunity to be worth $300Bin its recent spring GTC update. Thus, we encourage investors to watch management's commentary on its automotive design wins in its Q1 card. We also believe the market has yet to fully appreciate what could be NVIDIA's most exciting revenue contributor, given its scale and rapid adoption.Is NVDA Stock A Buy, Sell, Or Hold?NVDA stock NTM FCF yield % and NTM normalized P/E (TIKR)NVDA stock price chart (TradingView)NVDA stock growth premium has been substantially digested due to the recent headwinds. As a result, its NTM FCF yield has moderated to 2.62%, in line with its 5Y mean of 2.63%. Furthermore, its NTM normalized P/E has also normalized to 34.78x, slightly below its 5Y mean of 39.93x.Of course, NVDA stock still traded well above its peers and the market. Therefore, investors should continue to expect near-term volatility. But, we are confident that its long-term thesis remains intact. And we think the recent headwinds over potential end demand weakness have been priced in.However, we observed a potent bull trap in NVDA stock post-GTC that seems to be digested. In addition, the stock seems to have found near-term support. Therefore, a further consolidation along the current levels should be helpful for NVDA stock moving forward.As such, we reiterate our Buy rating on NVDA stock.","news_type":1},"isVote":1,"tweetType":1,"viewCount":55,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}