DoNotPanic_SELL personal page - To The Moon

DoNotPanic_SELL

DoNotPanic_SELL

No personal profile

15Follow

2Followers

0Topic

0Badge

DoNotPanic_SELL

08-07

The stock go -3% after the news. Nice reporting

Disney Makes a Profit in Streaming, but Parks Business Feels Spending Pressure

DoNotPanic_SELL

07-04

TIGER ROARS, DECADES SOAR.

Find out more here: TIGER ROARS, DECADES SOAR. Join me to discover exciting features with me on Tiger Trade & win $1,010 worth of rewards!

TIGER ROARS, DECADES SOAR.

DoNotPanic_SELL

07-04

TIGER ROARS, DECADES SOAR.

Find out more here: TIGER ROARS, DECADES SOAR. Join me to discover exciting features with me on Tiger Trade & win $1,010 worth of rewards!

TIGER ROARS, DECADES SOAR.

DoNotPanic_SELL

07-04

TIGER ROARS, DECADES SOAR.

Find out more here: TIGER ROARS, DECADES SOAR. Join me to discover exciting features with me on Tiger Trade & win $1,010 worth of rewards!

TIGER ROARS, DECADES SOAR.

DoNotPanic_SELL

07-04

[Happy] [Happy] [Happy] [Miser] [Miser] [Miser] [What] [What]

@TigerEvents:[10th Anniv] Discover exciting features & win a US$1,010 reward!

DoNotPanic_SELL

06-20

Everything seem reasonable before the pop

Nvidia: Valuation Seems Reasonable After Recent Rally

DoNotPanic_SELL

06-19

$Ebang International Holdings Inc.(EBON)$ can it go lower down ? The value is non existent

DoNotPanic_SELL

06-15

$Dell Technologies Inc.(DELL)$ price is in dead water. No doubt the split $NVIDIA Corp(NVDA)$ beat the price of Dell.

DoNotPanic_SELL

05-31

$Dell Technologies Inc.(DELL)$ Is a total disaster which was hinted by today stock performace. Ai hype is very likely a bubble after all.

DoNotPanic_SELL

05-30

$Dell Technologies Inc.(DELL)$ Only a spike of hype that relate to nvidia, seem like the mass is not buying for the fact that Dell is outperforming other computers makers

DoNotPanic_SELL

05-07

$Walt Disney(DIS)$ Let's go. Walt disney seem to have a stable grow in term of their streaming services.

DoNotPanic_SELL

2021-08-27

$McAfee Corp.(MCFE)$Only 3usd per stock instead of 4.5usd. Perhaps taxes got in the way. Cannot understand at all. Really a crap stock

DoNotPanic_SELL

2021-08-12

$McAfee Corp.(MCFE)$i am bad in math. Please help

DoNotPanic_SELL

2021-06-25

$Alibaba(BABA)$up and up please

DoNotPanic_SELL

2021-06-24

$Tesla Motors(TSLA)$To mars we ride

DoNotPanic_SELL

2021-06-24

Tesla to the mars

Tesla lifts Nasdaq to record-high close, S&P 500 dips

DoNotPanic_SELL

2021-06-24

best buy

DoNotPanic_SELL

2021-06-23

$ContextLogic Inc.(WISH)$Dun stop

DoNotPanic_SELL

2021-06-23

Going to the sky

DoNotPanic_SELL

2021-06-22

$ContextLogic Inc.(WISH)$Moon gang

Go to Tiger App to see more news

{"i18n":{"language":"en_US"},"userPageInfo":{"id":"3579424939309533","uuid":"3579424939309533","gmtCreate":1616330915328,"gmtModify":1722961776185,"name":"DoNotPanic_SELL","pinyin":"donotpanicselldonotpanicsell","introduction":"","introductionEn":"","signature":"","avatar":"https://static.tigerbbs.com/cae30f73aec7d7c4da058fdc042b182f","hat":"https://static.tigerbbs.com/0a8758340a08196056f8bc1e54805193","hatId":"ca_profile_frame_Lm11L6","hatName":"LV4 头像框","vip":1,"status":2,"fanSize":2,"headSize":15,"tweetSize":43,"questionSize":0,"limitLevel":999,"accountStatus":4,"level":{"id":3,"name":"书生虎","nameTw":"書生虎","represent":"努力向上","factor":"发布10条非转发主帖,其中5条获得他人回复或点赞","iconColor":"3C9E83","bgColor":"A2F1D9"},"themeCounts":0,"badgeCounts":0,"badges":[],"moderator":false,"superModerator":false,"manageSymbols":null,"badgeLevel":null,"boolIsFan":false,"boolIsHead":false,"favoriteSize":0,"symbols":null,"coverImage":null,"realNameVerified":"success","userBadges":[{"badgeId":"44212b71d0be4ec88898348dbe882e03-2","templateUuid":"44212b71d0be4ec88898348dbe882e03","name":"Executive Tiger","description":"The transaction amount of the securities account reaches $300,000","bigImgUrl":"https://static.tigerbbs.com/9d20b23f1b6335407f882bc5c2ad12c0","smallImgUrl":"https://static.tigerbbs.com/ada3b4533518ace8404a3f6dd192bd29","grayImgUrl":"https://static.tigerbbs.com/177f283ba21d1c077054dac07f88f3bd","redirectLinkEnabled":0,"redirectLink":null,"hasAllocated":1,"isWearing":0,"stamp":null,"stampPosition":0,"hasStamp":0,"allocationCount":1,"allocatedDate":"2024.08.09","exceedPercentage":"80.87%","individualDisplayEnabled":0,"backgroundColor":null,"fontColor":null,"individualDisplaySort":0,"categoryType":1101},{"badgeId":"972123088c9646f7b6091ae0662215be-3","templateUuid":"972123088c9646f7b6091ae0662215be","name":"Legendary Trader","description":"Total number of securities or futures transactions reached 300","bigImgUrl":"https://static.tigerbbs.com/656db16598a0b8f21429e10d6c1cb033","smallImgUrl":"https://static.tigerbbs.com/03f10910d4dd9234f9b5702a3342193a","grayImgUrl":"https://static.tigerbbs.com/0c767e35268feb729d50d3fa9a386c5a","redirectLinkEnabled":0,"redirectLink":null,"hasAllocated":1,"isWearing":0,"stamp":null,"stampPosition":0,"hasStamp":0,"allocationCount":1,"allocatedDate":"2024.08.09","exceedPercentage":"93.08%","individualDisplayEnabled":0,"backgroundColor":null,"fontColor":null,"individualDisplaySort":0,"categoryType":1100},{"badgeId":"1026c425416b44e0aac28c11a0848493-2","templateUuid":"1026c425416b44e0aac28c11a0848493","name":"Senior Tiger","description":"Join the tiger community for 1000 days","bigImgUrl":"https://static.tigerbbs.com/0063fb68ea29c9ae6858c58630e182d5","smallImgUrl":"https://static.tigerbbs.com/96c699a93be4214d4b49aea6a5a5d1a4","grayImgUrl":"https://static.tigerbbs.com/35b0e542a9ff77046ed69ef602bc105d","redirectLinkEnabled":0,"redirectLink":null,"hasAllocated":1,"isWearing":0,"stamp":null,"stampPosition":0,"hasStamp":0,"allocationCount":1,"allocatedDate":"2023.12.17","exceedPercentage":null,"individualDisplayEnabled":0,"backgroundColor":null,"fontColor":null,"individualDisplaySort":0,"categoryType":1001},{"badgeId":"7a9f168ff73447fe856ed6c938b61789-1","templateUuid":"7a9f168ff73447fe856ed6c938b61789","name":"Knowledgeable Investor","description":"Traded more than 10 stocks","bigImgUrl":"https://static.tigerbbs.com/e74cc24115c4fbae6154ec1b1041bf47","smallImgUrl":"https://static.tigerbbs.com/d48265cbfd97c57f9048db29f22227b0","grayImgUrl":"https://static.tigerbbs.com/76c6d6898b073c77e1c537ebe9ac1c57","redirectLinkEnabled":0,"redirectLink":null,"hasAllocated":1,"isWearing":0,"stamp":null,"stampPosition":0,"hasStamp":0,"allocationCount":1,"allocatedDate":"2021.12.21","exceedPercentage":null,"individualDisplayEnabled":0,"backgroundColor":null,"fontColor":null,"individualDisplaySort":0,"categoryType":1102},{"badgeId":"a83d7582f45846ffbccbce770ce65d84-1","templateUuid":"a83d7582f45846ffbccbce770ce65d84","name":"Real Trader","description":"Completed a transaction","bigImgUrl":"https://static.tigerbbs.com/2e08a1cc2087a1de93402c2c290fa65b","smallImgUrl":"https://static.tigerbbs.com/4504a6397ce1137932d56e5f4ce27166","grayImgUrl":"https://static.tigerbbs.com/4b22c79415b4cd6e3d8ebc4a0fa32604","redirectLinkEnabled":0,"redirectLink":null,"hasAllocated":1,"isWearing":0,"stamp":null,"stampPosition":0,"hasStamp":0,"allocationCount":1,"allocatedDate":"2021.12.21","exceedPercentage":null,"individualDisplayEnabled":0,"backgroundColor":null,"fontColor":null,"individualDisplaySort":0,"categoryType":1100}],"userBadgeCount":5,"currentWearingBadge":{"badgeId":"972123088c9646f7b6091ae0662215be-2","templateUuid":"972123088c9646f7b6091ae0662215be","name":"Master Trader","description":"Total number of securities or futures transactions reached 100","bigImgUrl":"https://static.tigerbbs.com/ad22cfbe2d05aa393b18e9226e4b0307","smallImgUrl":"https://static.tigerbbs.com/36702e6ff3ffe46acafee66cc85273ca","grayImgUrl":"https://static.tigerbbs.com/d52eb88fa385cf5abe2616ed63781765","redirectLinkEnabled":0,"redirectLink":null,"hasAllocated":1,"isWearing":1,"stamp":null,"stampPosition":0,"hasStamp":0,"allocationCount":1,"allocatedDate":"2024.07.12","exceedPercentage":"80.42%","individualDisplayEnabled":0,"backgroundColor":null,"fontColor":null,"individualDisplaySort":0,"categoryType":1100},"individualDisplayBadges":null,"crmLevel":8,"crmLevelSwitch":0,"location":null,"starInvestorFollowerNum":0,"starInvestorFlag":false,"starInvestorOrderShareNum":0,"subscribeStarInvestorNum":0,"ror":null,"winRationPercentage":null,"showRor":false,"investmentPhilosophy":null,"starInvestorSubscribeFlag":false},"baikeInfo":{},"tab":"post","tweets":[{"id":335840309289152,"gmtCreate":1723028444441,"gmtModify":1723028448493,"author":{"id":"3579424939309533","authorId":"3579424939309533","name":"DoNotPanic_SELL","avatar":"https://static.tigerbbs.com/cae30f73aec7d7c4da058fdc042b182f","crmLevel":8,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3579424939309533","authorIdStr":"3579424939309533"},"themes":[],"htmlText":"The stock go -3% after the news. Nice reporting","listText":"The stock go -3% after the news. Nice reporting","text":"The stock go -3% after the news. Nice reporting","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/335840309289152","repostId":"2457591816","repostType":4,"repost":{"id":"2457591816","weMediaInfo":{"introduction":"Dow Jones publishes the world’s most trusted business news and financial information in a variety of media.","home_visible":1,"media_name":"Dow Jones","id":"1012688067","head_image":"https://static.tigerbbs.com/150f88aa4d182df19190059f4a365e99"},"pubTimestamp":1723027962,"share":"https://ttm.financial/m/news/2457591816?lang=&edition=fundamental","pubTime":"2024-08-07 18:52","market":"us","language":"en","title":"Disney Makes a Profit in Streaming, but Parks Business Feels Spending Pressure","url":"https://stock-news.laohu8.com/highlight/detail?id=2457591816","media":"Dow Jones","summary":"By Dawn Chmielewski and Lisa Richwine      LOS ANGELES, Aug 7 (Reuters) - Walt Disney    reported on Wednesday quarterly earnings that exceeded Wall Street expectations, buoyed by the success of anima","content":"<html><head></head><body><p><a href=\"https://laohu8.com/S/DIS\">Walt Disney</a> turned a surprise profit in its combined streaming business, but its stock was moving lower in Wednesday’s premarket trading as the company signaled that consumer spending pressure is impacting the parks business.</p><p>Disney shares were up about 1% in premarket trading Wednesday.</p><p></p><p class=\"t-img-caption\"><img src=\"https://community-static.tradeup.com/news/1d131c760878269888be8ff9fd01ac22\" title=\"\" tg-width=\"416\" tg-height=\"391\"/></p><p style=\"text-align: start;\">Overall revenue rose to $23.16 billion from $22.3 billion in the fiscal third quarter, driven by increases in all three of the company’s segments. Analysts surveyed by FactSet had been modeling $23.08 billion.</p><p>Disney’s<strong> </strong>entertainment business saw revenue rise 4% to $10.58 billion, despite a decline in revenue from linear networks. The direct-to-consumer business recorded a 15% uptick in revenue to $5.81 billion.</p><p>The company’s streaming business reached profitability on a combined basis a quarter before management was expecting to hit that milestone.</p><p style=\"text-align: start;\">Disney now anticipates 30% growth in adjusted earnings per share for the full fiscal year. The FactSet consensus implied a projection for about 27% growth.</p><p style=\"text-align: start;\">Subscribers to core Disney+ increased by 1% in the June quarter. Disney expects modest growth there in the September quarter.</p><p style=\"text-align: start;\">Disney’s experiences segment drove a 2% revenue increase to $8.39 billion, coming in below the FactSet consensus, which was for $8.59 billion. The release noted a “moderation of consumer demand towards the end of Q3 that exceeded our previous expectations.”</p><p style=\"text-align: start;\">That demand moderation “could impact the next few quarters,” Disney added.</p><p>The company reported fiscal third-quarter net income of $2.6 billion, or $1.44 a share, whereas it logged a loss of $460 million, or 25 cents a share, in the year-earlier period.</p><p style=\"text-align: start;\">On an adjusted basis, Disney earned $1.39 a share, while analysts tracked by FactSet had been expecting $1.20 a share.</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>Disney Makes a Profit in Streaming, but Parks Business Feels Spending Pressure</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\">\nDisney Makes a Profit in Streaming, but Parks Business Feels Spending Pressure\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1012688067\">\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\">2024-08-07 18:52</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<html><head></head><body><p><a href=\"https://laohu8.com/S/DIS\">Walt Disney</a> turned a surprise profit in its combined streaming business, but its stock was moving lower in Wednesday’s premarket trading as the company signaled that consumer spending pressure is impacting the parks business.</p><p>Disney shares were up about 1% in premarket trading Wednesday.</p><p></p><p class=\"t-img-caption\"><img src=\"https://community-static.tradeup.com/news/1d131c760878269888be8ff9fd01ac22\" title=\"\" tg-width=\"416\" tg-height=\"391\"/></p><p style=\"text-align: start;\">Overall revenue rose to $23.16 billion from $22.3 billion in the fiscal third quarter, driven by increases in all three of the company’s segments. Analysts surveyed by FactSet had been modeling $23.08 billion.</p><p>Disney’s<strong> </strong>entertainment business saw revenue rise 4% to $10.58 billion, despite a decline in revenue from linear networks. The direct-to-consumer business recorded a 15% uptick in revenue to $5.81 billion.</p><p>The company’s streaming business reached profitability on a combined basis a quarter before management was expecting to hit that milestone.</p><p style=\"text-align: start;\">Disney now anticipates 30% growth in adjusted earnings per share for the full fiscal year. The FactSet consensus implied a projection for about 27% growth.</p><p style=\"text-align: start;\">Subscribers to core Disney+ increased by 1% in the June quarter. Disney expects modest growth there in the September quarter.</p><p style=\"text-align: start;\">Disney’s experiences segment drove a 2% revenue increase to $8.39 billion, coming in below the FactSet consensus, which was for $8.59 billion. The release noted a “moderation of consumer demand towards the end of Q3 that exceeded our previous expectations.”</p><p style=\"text-align: start;\">That demand moderation “could impact the next few quarters,” Disney added.</p><p>The company reported fiscal third-quarter net income of $2.6 billion, or $1.44 a share, whereas it logged a loss of $460 million, or 25 cents a share, in the year-earlier period.</p><p style=\"text-align: start;\">On an adjusted basis, Disney earned $1.39 a share, while analysts tracked by FactSet had been expecting $1.20 a share.</p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"DIS":"迪士尼"},"source_url":"https://api.rkd.refinitiv.com/api/News/News.svc/REST/News_1/RetrieveStoryML_1","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2457591816","content_text":"Walt Disney turned a surprise profit in its combined streaming business, but its stock was moving lower in Wednesday’s premarket trading as the company signaled that consumer spending pressure is impacting the parks business.Disney shares were up about 1% in premarket trading Wednesday.Overall revenue rose to $23.16 billion from $22.3 billion in the fiscal third quarter, driven by increases in all three of the company’s segments. Analysts surveyed by FactSet had been modeling $23.08 billion.Disney’s entertainment business saw revenue rise 4% to $10.58 billion, despite a decline in revenue from linear networks. The direct-to-consumer business recorded a 15% uptick in revenue to $5.81 billion.The company’s streaming business reached profitability on a combined basis a quarter before management was expecting to hit that milestone.Disney now anticipates 30% growth in adjusted earnings per share for the full fiscal year. The FactSet consensus implied a projection for about 27% growth.Subscribers to core Disney+ increased by 1% in the June quarter. Disney expects modest growth there in the September quarter.Disney’s experiences segment drove a 2% revenue increase to $8.39 billion, coming in below the FactSet consensus, which was for $8.59 billion. The release noted a “moderation of consumer demand towards the end of Q3 that exceeded our previous expectations.”That demand moderation “could impact the next few quarters,” Disney added.The company reported fiscal third-quarter net income of $2.6 billion, or $1.44 a share, whereas it logged a loss of $460 million, or 25 cents a share, in the year-earlier period.On an adjusted basis, Disney earned $1.39 a share, while analysts tracked by FactSet had been expecting $1.20 a share.","news_type":1},"isVote":1,"tweetType":1,"viewCount":163,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":323924830159032,"gmtCreate":1720089521944,"gmtModify":1720097829615,"author":{"id":"3579424939309533","authorId":"3579424939309533","name":"DoNotPanic_SELL","avatar":"https://static.tigerbbs.com/cae30f73aec7d7c4da058fdc042b182f","crmLevel":8,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3579424939309533","authorIdStr":"3579424939309533"},"themes":[],"title":"TIGER ROARS, DECADES SOAR.","htmlText":"Find out more here: <a href=\"https://www.tigerbrokers.com.sg/activity/market/2024/10th-anniversary?banner=0&amp;adcode=AC1718527559510bEArSe&amp;feature=Message&amp;utm_source=invite&amp;utm_campaign=AC1718527559510bEArSe&amp;utm_medium=tiger_community&amp;platform=iOS&amp;shareID=a87bea1a95a5be9225fee3657331895a&amp;invite=S8GT0K&amp;lang=en_US\">TIGER ROARS, DECADES SOAR.</a> Join me to discover exciting features with me on Tiger Trade &amp; win $1,010 worth of rewards!","listText":"Find out more here: <a href=\"https://www.tigerbrokers.com.sg/activity/market/2024/10th-anniversary?banner=0&amp;adcode=AC1718527559510bEArSe&amp;feature=Message&amp;utm_source=invite&amp;utm_campaign=AC1718527559510bEArSe&amp;utm_medium=tiger_community&amp;platform=iOS&amp;shareID=a87bea1a95a5be9225fee3657331895a&amp;invite=S8GT0K&amp;lang=en_US\">TIGER ROARS, DECADES SOAR.</a> Join me to discover exciting features with me on Tiger Trade &amp; win $1,010 worth of rewards!","text":"Find out more here: TIGER ROARS, DECADES SOAR. Join me to discover exciting features with me on Tiger Trade & win $1,010 worth of rewards!","images":[],"top":1,"highlighted":1,"essential":1,"paper":2,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/323924830159032","isVote":1,"tweetType":1,"viewCount":106,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":323925459038288,"gmtCreate":1720089417503,"gmtModify":1720097829487,"author":{"id":"3579424939309533","authorId":"3579424939309533","name":"DoNotPanic_SELL","avatar":"https://static.tigerbbs.com/cae30f73aec7d7c4da058fdc042b182f","crmLevel":8,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3579424939309533","authorIdStr":"3579424939309533"},"themes":[],"title":"TIGER ROARS, DECADES SOAR.","htmlText":"Find out more here: <a href=\"https://www.tigerbrokers.com.sg/activity/market/2024/10th-anniversary?banner=0&amp;adcode=AC1718527559510bEArSe&amp;feature=Message&amp;utm_source=invite&amp;utm_campaign=AC1718527559510bEArSe&amp;utm_medium=tiger_community&amp;platform=iOS&amp;shareID=fe858834a828b652c0da16a8b9604ee4&amp;invite=S8GT0K&amp;lang=en_US\">TIGER ROARS, DECADES SOAR.</a> Join me to discover exciting features with me on Tiger Trade &amp; win $1,010 worth of rewards!","listText":"Find out more here: <a href=\"https://www.tigerbrokers.com.sg/activity/market/2024/10th-anniversary?banner=0&amp;adcode=AC1718527559510bEArSe&amp;feature=Message&amp;utm_source=invite&amp;utm_campaign=AC1718527559510bEArSe&amp;utm_medium=tiger_community&amp;platform=iOS&amp;shareID=fe858834a828b652c0da16a8b9604ee4&amp;invite=S8GT0K&amp;lang=en_US\">TIGER ROARS, DECADES SOAR.</a> Join me to discover exciting features with me on Tiger Trade &amp; win $1,010 worth of rewards!","text":"Find out more here: TIGER ROARS, DECADES SOAR. Join me to discover exciting features with me on Tiger Trade & win $1,010 worth of rewards!","images":[],"top":1,"highlighted":1,"essential":1,"paper":2,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/323925459038288","isVote":1,"tweetType":1,"viewCount":185,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":323924341428352,"gmtCreate":1720089393662,"gmtModify":1720097829970,"author":{"id":"3579424939309533","authorId":"3579424939309533","name":"DoNotPanic_SELL","avatar":"https://static.tigerbbs.com/cae30f73aec7d7c4da058fdc042b182f","crmLevel":8,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3579424939309533","authorIdStr":"3579424939309533"},"themes":[],"title":"TIGER ROARS, DECADES SOAR.","htmlText":"Find out more here: <a href=\"https://www.tigerbrokers.com.sg/activity/market/2024/10th-anniversary?banner=0&amp;adcode=AC1718527559510bEArSe&amp;feature=Message&amp;utm_source=invite&amp;utm_campaign=AC1718527559510bEArSe&amp;utm_medium=tiger_community&amp;platform=iOS&amp;shareID=81248dc5158488d5cc5e4416feeb6d4f&amp;invite=S8GT0K&amp;lang=en_US\">TIGER ROARS, DECADES SOAR.</a> Join me to discover exciting features with me on Tiger Trade &amp; win $1,010 worth of rewards!","listText":"Find out more here: <a href=\"https://www.tigerbrokers.com.sg/activity/market/2024/10th-anniversary?banner=0&amp;adcode=AC1718527559510bEArSe&amp;feature=Message&amp;utm_source=invite&amp;utm_campaign=AC1718527559510bEArSe&amp;utm_medium=tiger_community&amp;platform=iOS&amp;shareID=81248dc5158488d5cc5e4416feeb6d4f&amp;invite=S8GT0K&amp;lang=en_US\">TIGER ROARS, DECADES SOAR.</a> Join me to discover exciting features with me on Tiger Trade &amp; win $1,010 worth of rewards!","text":"Find out more here: TIGER ROARS, DECADES SOAR. Join me to discover exciting features with me on Tiger Trade & win $1,010 worth of rewards!","images":[],"top":1,"highlighted":1,"essential":1,"paper":2,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/323924341428352","isVote":1,"tweetType":1,"viewCount":103,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":323923785859120,"gmtCreate":1720089344075,"gmtModify":1720089348899,"author":{"id":"3579424939309533","authorId":"3579424939309533","name":"DoNotPanic_SELL","avatar":"https://static.tigerbbs.com/cae30f73aec7d7c4da058fdc042b182f","crmLevel":8,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3579424939309533","authorIdStr":"3579424939309533"},"themes":[],"htmlText":"[Happy]&nbsp;[Happy]&nbsp;[Happy]&nbsp;[Miser]&nbsp;[Miser]&nbsp;[Miser]&nbsp;[What]&nbsp;[What]&nbsp;&nbsp;","listText":"[Happy]&nbsp;[Happy]&nbsp;[Happy]&nbsp;[Miser]&nbsp;[Miser]&nbsp;[Miser]&nbsp;[What]&nbsp;[What]&nbsp;&nbsp;","text":"[Happy] [Happy] [Happy] [Miser] [Miser] [Miser] [What] [What]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/323923785859120","repostId":"313600081719480","repostType":1,"repost":{"id":313600081719480,"gmtCreate":1717584773809,"gmtModify":1719559158217,"author":{"id":"3527667667103859","authorId":"3527667667103859","name":"TigerEvents","avatar":"https://community-static.tradeup.com/news/c266ef25181ace18bec1262357bbe1a8","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3527667667103859","authorIdStr":"3527667667103859"},"themes":[],"title":"[10th Anniv] Discover exciting features & win a US$1,010 reward!","htmlText":"🎉 Unlock Your Path to $1,010 voucher with Our Winning Guide! 🎉Our exclusive anniversary event is now LIVE, and we want YOU to join in the fun! Not only can you explore our unique tech-driven features, but you also stand a chance to win incredible rewards. Here’s how you can maximize your winnings:🏆 Winning Guide 🏆Discover Exclusive Features:Click to explore the unique features you’re interested in.Watch the feature introduction videos and complete the corresponding tasksShow Your Love:Like your favorite featuresIf the features you like end up in the top three, you’ll share in extra grand prizes!Collect and Win:Complete special tasks to earn pieces.Collect all pieces to exchange for high-value rewards!💡 Pro Tips:Complete highlighted tasks to earn extra rewards and a big bonus!Ready to dive","listText":"🎉 Unlock Your Path to $1,010 voucher with Our Winning Guide! 🎉Our exclusive anniversary event is now LIVE, and we want YOU to join in the fun! Not only can you explore our unique tech-driven features, but you also stand a chance to win incredible rewards. Here’s how you can maximize your winnings:🏆 Winning Guide 🏆Discover Exclusive Features:Click to explore the unique features you’re interested in.Watch the feature introduction videos and complete the corresponding tasksShow Your Love:Like your favorite featuresIf the features you like end up in the top three, you’ll share in extra grand prizes!Collect and Win:Complete special tasks to earn pieces.Collect all pieces to exchange for high-value rewards!💡 Pro Tips:Complete highlighted tasks to earn extra rewards and a big bonus!Ready to dive","text":"🎉 Unlock Your Path to $1,010 voucher with Our Winning Guide! 🎉Our exclusive anniversary event is now LIVE, and we want YOU to join in the fun! Not only can you explore our unique tech-driven features, but you also stand a chance to win incredible rewards. Here’s how you can maximize your winnings:🏆 Winning Guide 🏆Discover Exclusive Features:Click to explore the unique features you’re interested in.Watch the feature introduction videos and complete the corresponding tasksShow Your Love:Like your favorite featuresIf the features you like end up in the top three, you’ll share in extra grand prizes!Collect and Win:Complete special tasks to earn pieces.Collect all pieces to exchange for high-value rewards!💡 Pro Tips:Complete highlighted tasks to earn extra rewards and a big bonus!Ready to dive","images":[{"img":"https://community-static.tradeup.com/news/ba3323c6518b57d08bcc75d90ffa0c5a","width":"2000","height":"2000"}],"top":1,"highlighted":1,"essential":2,"paper":2,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/313600081719480","isVote":1,"tweetType":1,"viewCount":0,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},"isVote":1,"tweetType":1,"viewCount":218,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":318711242526776,"gmtCreate":1718858314401,"gmtModify":1718858317746,"author":{"id":"3579424939309533","authorId":"3579424939309533","name":"DoNotPanic_SELL","avatar":"https://static.tigerbbs.com/cae30f73aec7d7c4da058fdc042b182f","crmLevel":8,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3579424939309533","authorIdStr":"3579424939309533"},"themes":[],"htmlText":"Everything seem reasonable before the pop","listText":"Everything seem reasonable before the pop","text":"Everything seem reasonable before the pop","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/318711242526776","repostId":"2444429849","repostType":4,"repost":{"id":"2444429849","pubTimestamp":1718853852,"share":"https://ttm.financial/m/news/2444429849?lang=&edition=fundamental","pubTime":"2024-06-20 11:24","market":"hk","language":"en","title":"Nvidia: Valuation Seems Reasonable After Recent Rally","url":"https://stock-news.laohu8.com/highlight/detail?id=2444429849","media":"seekingalpha","summary":"Nvidia has passed Apple and Microsoft to become the largest company in the world, and we evaluate if the company deserves such high of a valuation.We use a Reverse DCF model to obtain the market-impli","content":"<html><head></head><body><ul style=\"\"><li><p>Nvidia has passed Apple and Microsoft to become the largest company in the world, and we evaluate if the company deserves such high of a valuation.</p></li><li><p>We use a Reverse DCF model to obtain the market-implied assumptions of the company&#39;s growth rate, terminal value multiples, and profit margins and compare them against our own assumptions.</p></li><li><p>We believe the company&#39;s Blackwell architecture launch and expanded cloud partnerships with major providers contribute to its competitiveness and growth outlook.</p></li></ul><p></p><p class=\"t-img-caption\"><img src=\"https://community-static.tradeup.com/news/6144f6f01bec9d39bca22c82ac595a7e\" tg-width=\"750\" tg-height=\"500\"/></p><p>BING-JHEN HONG</p><p></p><p>In our previous analysis of NVIDIA Corporation (NASDAQ:NVDA) (NEOE:NVDA:CA), we highlighted the strong performance of Nvidia’s growth of 126% in CY2023, and we remained positive on Nvidia’s Data Center segment, supported by cloud partnerships and sovereign AI initiatives. For 2024, we projected a 58% overall revenue growth, led by the Data Center, with contributions from Gaming, Professional Visualization, and a recovery in PC GPU revenue, as well as 20.6% growth in the Automotive segment.</p><p>Since our last analysis in March, we started reviewing Nvidia again as its share price had risen by 28% in May, with a further upside of 18.3% left based on our previous price target of <em>$1,294.14 ($129.41 post-stock split). </em>Therefore, we initially aimed to determine whether our expectations for Nvidia’s upside were justified. Since then, Nvidia has overtaken both Apple and Microsoft as the largest company globally by market cap, rising by a further 30% and meeting our price target. Firstly, we conducted a reverse DCF analysis determining the market implied revenue growth forecast, terminal value multiple, and profitability margins. Based on that, we compared the reverse DCF model with our revenue, terminal value and margin assumptions and determined whether our assumptions were appropriate.</p><h2 id=\"id_1356393531\">Sustainable Revenue Growth</h2><p>Firstly, we examined whether our revenue growth forecast is appropriate. Based on the reverse DCF model, holding all previous assumptions constant, we derived the market-implied revenue growth rate for Nvidia based on the current market price.</p><p></p><p class=\"t-img-caption\"><img src=\"https://community-static.tradeup.com/news/0ce46a7a6e946a7995df8c13ad343a0e\" tg-width=\"640\" tg-height=\"360\"/></p><p>Company Data, Khaveen Investments</p><p></p><table style=\"border-collapse:collapse;\"><tbody><tr><td style=\"text-align:left;\"><p><strong>Revenue Comparison ($ mln)</strong></p></td><td style=\"text-align:left;\"><p><strong>2024F</strong></p></td><td style=\"text-align:left;\"><p><strong>2025F</strong></p></td><td style=\"text-align:left;\"><p><strong>2026F</strong></p></td><td style=\"text-align:left;\"><p><strong>2027F</strong></p></td><td style=\"text-align:left;\"><p><strong>2028F</strong></p></td><td style=\"text-align:left;\"><p><strong>2029F</strong></p></td><td style=\"text-align:left;\"><p><strong>2030F</strong></p></td><td style=\"text-align:left;\"><p><strong>2031F</strong></p></td><td style=\"text-align:left;\"><p><strong>2032F</strong></p></td><td style=\"text-align:left;\"><p><strong>2033F</strong></p></td><td style=\"text-align:left;\"><p><strong>Avr. (5-yr)</strong></p></td><td style=\"text-align:left;\"><p><strong>Avr. (10-yr)</strong></p></td></tr><tr><td style=\"text-align:left;\"><p>Revenue (Reverse DCF)</p></td><td style=\"text-align:left;\"><p>113,185</p></td><td style=\"text-align:left;\"><p>163,293</p></td><td style=\"text-align:left;\"><p>220,004</p></td><td style=\"text-align:left;\"><p>273,487</p></td><td style=\"text-align:left;\"><p>320,027</p></td><td style=\"text-align:left;\"><p>358,148</p></td><td style=\"text-align:left;\"><p>388,012</p></td><td style=\"text-align:left;\"><p>410,660</p></td><td style=\"text-align:left;\"><p>427,439</p></td><td style=\"text-align:left;\"><p>439,664</p></td><td style=\"text-align:left;\"><p></p></td><td style=\"text-align:left;\"><p></p></td></tr><tr><td style=\"text-align:left;\"><p>Revenue Growth</p></td><td style=\"text-align:left;\"><p>85.8%</p></td><td style=\"text-align:left;\"><p>44.3%</p></td><td style=\"text-align:left;\"><p>34.7%</p></td><td style=\"text-align:left;\"><p>24.3%</p></td><td style=\"text-align:left;\"><p>17.0%</p></td><td style=\"text-align:left;\"><p>11.9%</p></td><td style=\"text-align:left;\"><p>8.3%</p></td><td style=\"text-align:left;\"><p>5.8%</p></td><td style=\"text-align:left;\"><p>4.1%</p></td><td style=\"text-align:left;\"><p>2.9%</p></td><td style=\"text-align:left;\"><p>41.2%</p></td><td style=\"text-align:left;\"><p>23.9%</p></td></tr><tr><td style=\"text-align:left;\"><p>Revenue (Our Previous Forecast)</p></td><td style=\"text-align:left;\"><p>95,720</p></td><td style=\"text-align:left;\"><p>148,848</p></td><td style=\"text-align:left;\"><p>225,273</p></td><td style=\"text-align:left;\"><p>306,238</p></td><td style=\"text-align:left;\"><p>383,284</p></td><td style=\"text-align:left;\"><p>450,785</p></td><td style=\"text-align:left;\"><p>506,357</p></td><td style=\"text-align:left;\"><p>550,053</p></td><td style=\"text-align:left;\"><p>583,280</p></td><td style=\"text-align:left;\"><p>607,943</p></td><td style=\"text-align:left;\"><p></p></td><td style=\"text-align:left;\"><p></p></td></tr><tr><td style=\"text-align:left;\"><p>Revenue Growth</p></td><td style=\"text-align:left;\"><p>57.1%</p></td><td style=\"text-align:left;\"><p>55.5%</p></td><td style=\"text-align:left;\"><p>51.3%</p></td><td style=\"text-align:left;\"><p>35.9%</p></td><td style=\"text-align:left;\"><p>25.2%</p></td><td style=\"text-align:left;\"><p>17.6%</p></td><td style=\"text-align:left;\"><p>12.3%</p></td><td style=\"text-align:left;\"><p>8.6%</p></td><td style=\"text-align:left;\"><p>6.0%</p></td><td style=\"text-align:left;\"><p>4.2%</p></td><td style=\"text-align:left;\"><p>45.0%</p></td><td style=\"text-align:left;\"><p>27.4%</p></td></tr></tbody></table><p>Click to enlarge</p><p><em>Source: Company Data, Khaveen Investments</em></p><p>Based on the reverse DCF model, we derived the revenue growth rate at a forward average of 41.2% in the next 5 years, compared to our average forward growth forecast of 44.8%. Furthermore, we derived a 10-year forward growth of 23.9% from the reverse DCF model, compared to 27.4% from our projections. Therefore, this indicates our revenue growth assumption is higher compared to the calculated growth rate from the reverse DCF model. In our previous analysis, we highlighted that we maintained a more stable long-term growth projection “derived independently based on individual segment projections and modeling” for the company “driven primarily due to its Data Center segment at a forward average of 60.9% underpinned by its AI leadership”.</p><p>We examined the latest developments of the company which could support its growth outlook below, including its product launch of its Blackwell architecture, expanded partnerships, and competition.</p><h3 id=\"id_3707924856\">Competitiveness (Blackwell Launch)</h3><p>Nvidia announced the next-gen Blackwell architecture in March 2024, claiming that it enhances computing and generative AI by providing improvements in scale, performance, and efficiency, with customer data centers planned to be operational by Q4 2024. The Blackwell-architecture GPUs are “manufactured using a custom-built 4NP TSMC process” with 208 bln transistors. Previously, we had highlighted the company’s Blackwell architecture based on the company’s provided roadmap in 2024; thus, we believe this indicates its execution on its continued product launches for Data Center.</p><table style=\"border-collapse:collapse;\"><tbody><tr><td style=\"text-align:left;\"><p><strong>Category</strong></p></td><td style=\"text-align:left;\"><p><strong>H100</strong></p></td><td style=\"text-align:left;\"><p><strong>H200</strong></p></td><td style=\"text-align:left;\"><p><strong>B100</strong></p></td><td style=\"text-align:left;\"><p><strong>B200</strong></p></td><td style=\"text-align:left;\"><p><strong>GB200 Superchip</strong></p></td></tr><tr><td style=\"text-align:left;\"><p>Price</p></td><td style=\"text-align:left;\"><p>$24,000</p></td><td style=\"text-align:left;\"><p>$24,000</p></td><td style=\"text-align:left;\"><p>$30,000</p></td><td style=\"text-align:left;\"><p>$30,000-$40,000</p></td><td style=\"text-align:left;\"><p>$60,000-$70,000</p></td></tr><tr><td style=\"text-align:left;\"><p>Increase %</p></td><td style=\"text-align:left;\"><p></p></td><td style=\"text-align:left;\"><p>0.0%</p></td><td style=\"text-align:left;\"><p>25.0%</p></td><td style=\"text-align:left;\"><p>16.7%</p></td><td style=\"text-align:left;\"><p>85.7%</p></td></tr><tr><td style=\"text-align:left;\"><p>Memory Capacity (GB)</p></td><td style=\"text-align:left;\"><p>80.00</p></td><td style=\"text-align:left;\"><p>141.00</p></td><td style=\"text-align:left;\"><p>192.00</p></td><td style=\"text-align:left;\"><p>192.00</p></td><td style=\"text-align:left;\"><p>384.00</p></td></tr><tr><td style=\"text-align:left;\"><p>Memory Bandwidth (GB/s)</p></td><td style=\"text-align:left;\"><p>3,352.00</p></td><td style=\"text-align:left;\"><p>4,800.00</p></td><td style=\"text-align:left;\"><p>8,000.00</p></td><td style=\"text-align:left;\"><p>8,000.00</p></td><td style=\"text-align:left;\"><p>16,000.00</p></td></tr><tr><td style=\"text-align:left;\"><p>Improvement %</p></td><td style=\"text-align:left;\"><p></p></td><td style=\"text-align:left;\"><p>43.2%</p></td><td style=\"text-align:left;\"><p>66.7%</p></td><td style=\"text-align:left;\"><p>0.0%</p></td><td style=\"text-align:left;\"><p>100.0%</p></td></tr><tr><td style=\"text-align:left;\"><p>TF32 (Teraflops)</p></td><td style=\"text-align:left;\"><p>495.00</p></td><td style=\"text-align:left;\"><p>495.00</p></td><td style=\"text-align:left;\"><p>900.00</p></td><td style=\"text-align:left;\"><p>1,100.00</p></td><td style=\"text-align:left;\"><p>2,500.00</p></td></tr><tr><td style=\"text-align:left;\"><p>Improvement %</p></td><td style=\"text-align:left;\"><p></p></td><td style=\"text-align:left;\"><p>0.0%</p></td><td style=\"text-align:left;\"><p>81.8%</p></td><td style=\"text-align:left;\"><p>22.2%</p></td><td style=\"text-align:left;\"><p>127.3%</p></td></tr><tr><td style=\"text-align:left;\"><p>FP16 (Teraflops)</p></td><td style=\"text-align:left;\"><p>989.00</p></td><td style=\"text-align:left;\"><p>989.00</p></td><td style=\"text-align:left;\"><p>1,750.00</p></td><td style=\"text-align:left;\"><p>2,250.00</p></td><td style=\"text-align:left;\"><p>5,000.00</p></td></tr><tr><td style=\"text-align:left;\"><p>Improvement %</p></td><td style=\"text-align:left;\"><p></p></td><td style=\"text-align:left;\"><p>0.0%</p></td><td style=\"text-align:left;\"><p>76.9%</p></td><td style=\"text-align:left;\"><p>28.6%</p></td><td style=\"text-align:left;\"><p>122.2%</p></td></tr><tr><td style=\"text-align:left;\"><p>FP8 (Teraflops)</p></td><td style=\"text-align:left;\"><p>1,979.00</p></td><td style=\"text-align:left;\"><p>1,979.00</p></td><td style=\"text-align:left;\"><p>3,500.00</p></td><td style=\"text-align:left;\"><p>4,500.00</p></td><td style=\"text-align:left;\"><p>10,000.00</p></td></tr><tr><td style=\"text-align:left;\"><p>Improvement %</p></td><td style=\"text-align:left;\"><p></p></td><td style=\"text-align:left;\"><p>0.0%</p></td><td style=\"text-align:left;\"><p>76.9%</p></td><td style=\"text-align:left;\"><p>28.6%</p></td><td style=\"text-align:left;\"><p>122.2%</p></td></tr><tr><td style=\"text-align:left;\"><p>FP4 (Teraflops)</p></td><td style=\"text-align:left;\"><p>1,979.00</p></td><td style=\"text-align:left;\"><p>1,979.00</p></td><td style=\"text-align:left;\"><p>7,000.00</p></td><td style=\"text-align:left;\"><p>9,000.00</p></td><td style=\"text-align:left;\"><p>20,000.00</p></td></tr><tr><td style=\"text-align:left;\"><p>Improvement %</p></td><td style=\"text-align:left;\"><p></p></td><td style=\"text-align:left;\"><p>0.0%</p></td><td style=\"text-align:left;\"><p>253.7%</p></td><td style=\"text-align:left;\"><p>28.6%</p></td><td style=\"text-align:left;\"><p>122.2%</p></td></tr></tbody></table><p>Click to enlarge</p><p><em>Source: Company Data, Khaveen Investments</em></p><p>According to the above table comparing the GPUs across Nvidia’s portfolio, the Blackwell chips (B100 and B200) show increasing capabilities including memory capacity, memory bandwidth, and improvements in floating-point performance metrics which play important roles in deep learning model training, as well as higher pricing compared to the Hopper chips (H100 and H200).</p><p>Additionally, the GB200 Superchip which consists of two Blackwell GPUs and one Grace CPU, is reported to have a price range of $60,000-$70,000, along with doubled memory capacity and bandwidth in comparison to previous gen B200 and more than 100% of improvements in the above listed floating-point performance metrics for deep learning model training.</p><p>Furthermore, we updated our comparison of the top data center GPU chips of Nvidia with its top competitors. Besides Nvidia, AMD (AMD) is expected to launch its new MI350 chip this year and Intel’s (INTC) new Gaudi 3 is expected to be released in Q2. Furthermore, Nvidia highlighted competition in China from Huawei which is expected to release its new and improved Ascend 910B chip this year as well following its Ascend 910 introduction in 2019.</p><table style=\"border-collapse:collapse;\"><tbody><tr><td style=\"text-align:left;\"><p><strong>Data Center GPU Comparison Metrics</strong></p></td><td style=\"text-align:left;\"><p><strong>AMD (MI300x)</strong></p></td><td style=\"text-align:left;\"><p><strong>AMD (MI350)</strong></p></td><td style=\"text-align:left;\"><p>Nvidia (B100)</p></td><td style=\"text-align:left;\"><p><strong>Nvidia (GB200 Superchip)</strong></p></td><td style=\"text-align:left;\"><p><strong>Intel (Gaudi 2)</strong></p></td><td style=\"text-align:left;\"><p>Intel (Gaudi 3)</p></td><td style=\"text-align:left;\"><p>Huawei (Ascend 910B)</p></td></tr><tr><td style=\"text-align:left;\"><p>Processor</p></td><td style=\"text-align:left;\"><p>5nm (TSMC)</p></td><td style=\"text-align:left;\"><p>4nm (TSMC)</p></td><td style=\"text-align:left;\"><p>4nm (TSMC)</p></td><td style=\"text-align:left;\"><p>4nm (TSMC)</p></td><td style=\"text-align:left;\"><p>7nm (TSMC)</p></td><td style=\"text-align:left;\"><p>5nm (TSMC)</p></td><td style=\"text-align:left;\"><p>7nm</p></td></tr><tr><td style=\"text-align:left;\"><p>Transistors (&#39;bln&#39;)</p></td><td style=\"text-align:left;\"><p>153</p></td><td style=\"text-align:left;\"><p>-</p></td><td style=\"text-align:left;\"><p>208</p></td><td style=\"text-align:left;\"><p>208</p></td><td style=\"text-align:left;\"><p>&gt;100</p></td><td style=\"text-align:left;\"><p>-</p></td><td style=\"text-align:left;\"><p>-</p></td></tr><tr><td style=\"text-align:left;\"><p>FP16 Peak (Teraflops)</p></td><td style=\"text-align:left;\"><p>1,532</p></td><td style=\"text-align:left;\"><p>-</p></td><td style=\"text-align:left;\"><p>3,500</p></td><td style=\"text-align:left;\"><p>10,000</p></td><td style=\"text-align:left;\"><p>839</p></td><td style=\"text-align:left;\"><p>1,835</p></td><td style=\"text-align:left;\"><p>320</p></td></tr><tr><td style=\"text-align:left;\"><p>INT 8 (Teraflops)</p></td><td style=\"text-align:left;\"><p>3,064</p></td><td style=\"text-align:left;\"><p>-</p></td><td style=\"text-align:left;\"><p>7,000</p></td><td style=\"text-align:left;\"><p>40,000</p></td><td style=\"text-align:left;\"><p>1,628</p></td><td style=\"text-align:left;\"><p>-</p></td><td style=\"text-align:left;\"><p>640</p></td></tr><tr><td style=\"text-align:left;\"><p>Memory Clock</p></td><td style=\"text-align:left;\"><p>1.9GHz</p></td><td style=\"text-align:left;\"><p>-</p></td><td style=\"text-align:left;\"><p>8Gbps HBM3E</p></td><td style=\"text-align:left;\"><p>8Gbps HBM3E</p></td><td style=\"text-align:left;\"><p>1.56GHz</p></td><td style=\"text-align:left;\"><p>3.6GHz</p></td><td style=\"text-align:left;\"><p>-</p></td></tr><tr><td style=\"text-align:left;\"><p>Memory Capacity</p></td><td style=\"text-align:left;\"><p>192GB</p></td><td style=\"text-align:left;\"><p>288GB</p></td><td style=\"text-align:left;\"><p>192GB</p></td><td style=\"text-align:left;\"><p>384GB</p></td><td style=\"text-align:left;\"><p>96GB</p></td><td style=\"text-align:left;\"><p>128GB</p></td><td style=\"text-align:left;\"><p>64GB</p></td></tr><tr><td style=\"text-align:left;\"><p>Memory Bandwidth</p></td><td style=\"text-align:left;\"><p>5.2TB/sec</p></td><td style=\"text-align:left;\"><p>-</p></td><td style=\"text-align:left;\"><p>8TB/sec</p></td><td style=\"text-align:left;\"><p>16TB/sec</p></td><td style=\"text-align:left;\"><p>2.45TB/sec</p></td><td style=\"text-align:left;\"><p>3.7TB/sec</p></td><td style=\"text-align:left;\"><p>-</p></td></tr><tr><td style=\"text-align:left;\"><p>Interconnect Bandwidth</p></td><td style=\"text-align:left;\"><p>896 GB/sec</p></td><td style=\"text-align:left;\"><p>-</p></td><td style=\"text-align:left;\"><p>1800GB/s</p></td><td style=\"text-align:left;\"><p>1800GB/s</p></td><td style=\"text-align:left;\"><p>300GB/s</p></td><td style=\"text-align:left;\"><p>600GB/s</p></td><td style=\"text-align:left;\"><p>400G/s</p></td></tr><tr><td style=\"text-align:left;\"><p>Max Power Consumption</p></td><td style=\"text-align:left;\"><p>700W</p></td><td style=\"text-align:left;\"><p>-</p></td><td style=\"text-align:left;\"><p>700W</p></td><td style=\"text-align:left;\"><p>1000W</p></td><td style=\"text-align:left;\"><p>600W</p></td><td style=\"text-align:left;\"><p>900W</p></td><td style=\"text-align:left;\"><p>310W</p></td></tr></tbody></table><p>Click to enlarge</p><p><em>Source: Company Data, Khaveen Investments</em></p><p>Based on the table, Nvidia’s Blackwell chips show superior performance capabilities, especially GB200 Superchip which stands out with its 4nm processor, highest transistor counts at 208 bln, and exceptional FP16 and INT8 peak performance metrics, 10,000 teraflops and 40,000 teraflops, respectively. It also offers the largest memory capacity of 384GB and the highest memory bandwidth at 16TB/sec, although it comes with the highest power consumption of 1000W.</p><p>In contrast, AMD has yet to provide details on its MI350 product with limited information about it besides its 4nm process and 288Gb memory capacity, which is lower than the Nvidia GB200. The previous AMD MI300x was built on a 5nm process, providing 1,532 teraflops of FP16 and 3,064 teraflops of INT8 performance with a memory capacity of 192GB and bandwidth of 5.2TB/sec, consuming 700W.</p><p>Furthermore, Intel Gaudi 3 also uses 5nm technology, with 1,835 teraflops FP16 and 128GB memory but has a higher power consumption of 900W. Notably, the Huawei Ascend 910B, although using older 7nm technology, has the lowest power consumption of 310W.</p><p>Overall, our forward average revenue growth rate projections (45%) are higher compared to the market implied growth rate through the reverse DCF model (41.2%), a difference of 3.8% which we expect due to the company’s enhanced competitiveness. For example, we believe the improvements in Nvidia’s data center GPU capabilities with Blackwell highlight the company’s execution of its product roadmap and commitment to future product launches, which could cement its competitiveness.</p><h3 id=\"id_1140507\">Partnerships</h3><table style=\"border-collapse:collapse;\"><tbody><tr><td style=\"text-align:left;\"><p><strong>Company</strong></p></td><td style=\"text-align:left;\"><p><strong>Purpose of Adoption of Blackwell</strong></p></td><td style=\"text-align:left;\"><p><strong>Cloud Market Share</strong></p></td><td style=\"text-align:left;\"><p><strong>Avr. Revenue Growth (3-yr)</strong></p></td><td style=\"text-align:left;\"><p><strong>Cloud Revenue ($ bln)</strong></p></td></tr><tr><td style=\"text-align:left;\"><p>AWS</p></td><td style=\"text-align:left;\"><p>To securely build and run large AI models on AWS</p></td><td style=\"text-align:left;\"><p>34%</p></td><td style=\"text-align:left;\"><p>26.4%</p></td><td style=\"text-align:left;\"><p>90.76</p></td></tr><tr><td style=\"text-align:left;\"><p>Google Cloud</p></td><td style=\"text-align:left;\"><p>To enable Google Cloud with advanced AI and data analytics capabilities</p></td><td style=\"text-align:left;\"><p>12%</p></td><td style=\"text-align:left;\"><p>37.7%</p></td><td style=\"text-align:left;\"><p>33.09</p></td></tr><tr><td style=\"text-align:left;\"><p>Microsoft</p></td><td style=\"text-align:left;\"><p>To boost Microsoft Azure&#39;s capabilities regarding large-scale AI workloads handling</p></td><td style=\"text-align:left;\"><p>26%</p></td><td style=\"text-align:left;\"><p>38.8%</p></td><td style=\"text-align:left;\"><p>70.20</p></td></tr><tr><td style=\"text-align:left;\"><p>Oracle</p></td><td style=\"text-align:left;\"><p>To enhance Oracle&#39;s AI model capabilities for faster and higher efficiency of data processing and AI training</p></td><td style=\"text-align:left;\"><p>2%</p></td><td style=\"text-align:left;\"><p>30.2%</p></td><td style=\"text-align:left;\"><p>5.70</p></td></tr></tbody></table><p>Click to enlarge</p><p><em>Source: Company Data, Khaveen Investments</em></p><p>Along with the launch of NVIDIA’s Grace Blackwell GPU platform, its cloud partners including AWS (AMZN), Google (GOOG), Microsoft (MSFT), and Oracle (ORCL) announced plans for adoption. Firstly, AWS will “offer the NVIDIA GB200 Grace Blackwell Superchip and B100 Tensor Core GPUs” and enhance the performance of its AI models with Nvidia’s Grace Blackwell GPU and DGX Cloud. Similarly, Google Cloud claims future adoption of the Grace Blackwell platform to its “AI Hypercomputer architecture in two configurations”, while also focusing on the development of trillion-parameter language models. Microsoft aims to improve its AI infrastructure with the integration of Grace Blackwell GB200 with Microsoft Azure. Oracle also plans on adopting Nvidia’s Grace Blackwell platform across its OCI Supercluster and OCI Compute, aiming to improve performance and efficiency for AI workloads such as LLM inference.</p><p>Based on the table above, we believe these expanded partnerships with AWS, Google, Microsoft, and Oracle are significant for Nvidia as these major cloud providers purchase and use Nvidia’s chips. They account for 74% of the global cloud market share combined and have robust growth averages of between 26.4% to 38.8%. Furthermore, according to UBS (UBS), Microsoft is believed to be its largest customer with 19% of revenues last year.</p><p>Overall, we believe the expanded partnerships of Nvidia with the major cloud providers market share combined bodes well for the sustainability of its growth outlook, which is reflected in our projections as we forecasted its forward 3-year growth rate of around 54% on average compared to the reverse DCF model growth which tapers down significantly from 86% to 35% in the next 3 years, as we expect the company’s growth to continue to be sustained by the adoption of upcoming products such as Blackwell.</p><h3 id=\"id_2518720661\">Current Development of CSPs With Their Own AI Chips</h3><p></p><p class=\"t-img-caption\"><img src=\"https://community-static.tradeup.com/news/955260cbea0325acfd8958c6dcb2006b\" tg-width=\"640\" tg-height=\"335\"/></p><p>TrendForce</p><p></p><p>However, according to TrendForce, several cloud service providers such as Microsoft and Google have also been developing their respective AI chip technologies recently. For instance, Microsoft is currently in the process of developing their “in-house AI chip Azure Maia 100” and Cobalt 100, which we covered in our previous analysis. Along with Google’s recent development of its tensor processing unit (TPU) of v5e, which is particularly designed for training large AI models. Despite that, Google stated it will provide the optionality for customers to use Google TPUs and Nvidia’s Blackwell GPUs. Additionally, other major companies such as Tesla, Meta, and OpenAI are also pursuing their own respective development regarding AI accelerator chips.</p><p>Therefore, as competition heats up against Nvidia from key competitors, we believe our projections fairly incorporated this as we tapered down its growth rate beyond 2026. Additionally, while the development of custom AI chips by its cloud customers could affect the company’s growth, we believe Nvidia has an advantage as these companies are not specialized in chip design. While these companies have higher total company absolute R&amp;D expenses than Microsoft, Amazon, and Google, they predominantly focus across the Software &amp; Services (Microsoft), Consumer Discretionary Distribution &amp; Retail (Amazon), and Media &amp; Entertainment industries (Google). Therefore, in comparison, Nvidia is more specialized as it focuses on Semiconductors, enhancing its competitiveness with improved capabilities over competition, including custom chips from cloud providers. For example, in our analysis of Microsoft, we highlighted Microsoft’s Maia 100 GPU trailing behind Nvidia’s H100 chip specifications as it uses older process technology (5nm) and has memory capacity and bandwidth. Furthermore, the Maia 100 would lag behind compared to Nvidia’s B100 chips with an even wider gap as the B100 has twice the number of transistors and 3x higher memory capacity and bandwidth than the Maia 100. Furthermore, we also highlighted the focus on cost as a rationale for custom chip development by cloud providers, such as Microsoft emphasizing Maia enabling cheaper models for customers and “to diversify and provide choices to customers” rather than replacing Nvidia’s high-performance GPUs as well as Amazon highlighting its low-cost AI inference enabled by Inferentia2.</p><h3 id=\"id_2945945714\">Forward Growth</h3><p>Overall, our revenue growth projections (44.8%) are higher compared to the calculated market implied revenue growth of the company (41.2%), but we believe it is appropriate given factors such as the enhanced competitiveness of Nvidia and execution on its product roadmap such as with the upcoming Blackwell launch, which we believe cements its competitive positioning against key competitors and custom chip developments by cloud providers, supporting our expectations for the company to continue outperforming the market growth as reflected by our revenue projections. Additionally, our projection which is more sustainable on a 3-year forward average compared to the market implied growth through the reverse DCF which we believe could be supported by the expanded partnerships of major cloud service providers with Nvidia.</p><h2 id=\"id_3227000819\">Determining Appropriate Terminal Value</h2><p>Furthermore, we conducted another reverse DCF analysis, adjusting our model holding all assumptions constant except for our terminal value which is derived based on the EV/EBITDA multiple.</p><p></p><p class=\"t-img-caption\"><img src=\"https://community-static.tradeup.com/news/9747b715cab9de5845d3b411e3e0c6d4\" tg-width=\"640\" tg-height=\"360\"/></p><p>Company Data, Khaveen Investments</p><p></p><table style=\"border-collapse:collapse;\"><tbody><tr><td style=\"text-align:left;\"><p><strong>Comparison</strong></p></td><td style=\"text-align:left;\"><p><strong>Terminal Value</strong></p></td><td style=\"text-align:left;\"><p><strong>EV/EBITDA</strong></p></td></tr><tr><td style=\"text-align:left;\"><p><strong>Reverse DCF</strong></p></td><td style=\"text-align:left;\"><p>8,091,521</p></td><td style=\"text-align:left;\"><p>19.17x</p></td></tr><tr><td style=\"text-align:left;\"><p><strong>Our DCF</strong></p></td><td style=\"text-align:left;\"><p>9,712,487</p></td><td style=\"text-align:left;\"><p>27.78x</p></td></tr></tbody></table><p>Click to enlarge</p><p><em>Source: Company Data, Khaveen Investments</em></p><p>Based on the table, we calculated the Reverse DCF method a terminal value of $8,091 mln with an EV/EBITDA multiple of 19.17x. In comparison, our previous analysis, however, shows a higher terminal value of $9,712 mln and an EV/EBITDA multiple of 27.78x. Previously, we based our terminal value EV/EBITDA on the 5-year US-only chipmaker average of 27.78x.</p><h3 id=\"id_3270132057\">Industry Multiple</h3><p></p><p class=\"t-img-caption\"><img src=\"https://community-static.tradeup.com/news/87bc458d9fc8a868a53e4b313a36d68c\" tg-width=\"640\" tg-height=\"360\"/></p><p>Seeking Alpha, Investing.com, Khaveen Investments</p><p></p><table style=\"border-collapse:collapse;\"><tbody><tr><td style=\"text-align:left;\"><p><strong>EV/EBITDA and CAGR Comparison</strong></p></td><td style=\"text-align:left;\"><p><strong>EV/EBITDA (5-yr)</strong></p></td><td style=\"text-align:left;\"><p><strong>5-year Revenue CAGR</strong></p></td></tr><tr><td style=\"text-align:left;\"><p>US Only</p></td><td style=\"text-align:left;\"><p>27.78x</p></td><td style=\"text-align:left;\"><p>11.70%</p></td></tr><tr><td style=\"text-align:left;\"><p>European Only</p></td><td style=\"text-align:left;\"><p>11.65x</p></td><td style=\"text-align:left;\"><p>13.44%</p></td></tr><tr><td style=\"text-align:left;\"><p>Asian Only</p></td><td style=\"text-align:left;\"><p>8.26x</p></td><td style=\"text-align:left;\"><p>6.99%</p></td></tr><tr><td style=\"text-align:left;\"><p><strong>Overall</strong></p></td><td style=\"text-align:left;\"><p><strong>21.58x</strong></p></td><td style=\"text-align:left;\"><p><strong>11.18%</strong></p></td></tr></tbody></table><p>Click to enlarge</p><p><em>Source: Company Data, Khaveen Investments</em></p><p>We compiled the US-only chipmaker EV/EBITDA and compared it with the non-US chipmaker EV/EBITDA above. The overall chipmaker average is 21.58x, closer to our calculated reverse DCF model multiple of 19.17x. However, the US-only chipmakers have a much higher average of 27.78x compared to 9.96x for non-US chipmakers. Thus, this indicates a premium for US-only chipmakers, which we believe is more appropriate for Nvidia’s valuation.</p><table style=\"border-collapse:collapse;\"><tbody><tr><td style=\"text-align:left;\"><p><strong>EV/EBITDA and CAGR Comparison</strong></p></td><td style=\"text-align:left;\"><p><strong>EV/EBITDA (5-yr)</strong></p></td><td style=\"text-align:left;\"><p><strong>5-year Revenue CAGR</strong></p></td></tr><tr><td style=\"text-align:left;\"><p>Logic</p></td><td style=\"text-align:left;\"><p>33.14x</p></td><td style=\"text-align:left;\"><p>16.85%</p></td></tr><tr><td style=\"text-align:left;\"><p>DAO</p></td><td style=\"text-align:left;\"><p>19.89x</p></td><td style=\"text-align:left;\"><p>10.98%</p></td></tr><tr><td style=\"text-align:left;\"><p>Memory</p></td><td style=\"text-align:left;\"><p>6.36x</p></td><td style=\"text-align:left;\"><p>-3.66%</p></td></tr></tbody></table><p>Click to enlarge</p><p><em>Source: Company Data, Khaveen Investments</em></p><p>Furthermore, we categorized companies within the industry based on their primary business segments. The logic segment demonstrates the highest multiple of 33.14x along with the highest CAGR of 16.85. On the other hand, the memory segment shows a relatively lower multiple at 6.36x with a negative CAGR of -3.66%. Hence, with the Logic segment’s higher EV/EBITDA, we believe this supports a higher multiple used for Nvidia’s valuation as a Logic chipmaker.</p><table style=\"border-collapse:collapse;\"><tbody><tr><td style=\"text-align:left;\"><p><strong>EV/EBITDA and CAGR Comparison</strong></p></td><td style=\"text-align:left;\"><p><strong>EV/EBITDA (5-yr)</strong></p></td><td style=\"text-align:left;\"><p><strong>5-year Revenue CAGR</strong></p></td></tr><tr><td style=\"text-align:left;\"><p>Higher Growth (20%+)</p></td><td style=\"text-align:left;\"><p>45.80x</p></td><td style=\"text-align:left;\"><p>31.22%</p></td></tr><tr><td style=\"text-align:left;\"><p>Medium Growth (10% to 20%)</p></td><td style=\"text-align:left;\"><p>21.94x</p></td><td style=\"text-align:left;\"><p>11.67%</p></td></tr><tr><td style=\"text-align:left;\"><p>Low Growth (0% to 10%)</p></td><td style=\"text-align:left;\"><p>13.10x</p></td><td style=\"text-align:left;\"><p>4.41%</p></td></tr><tr><td style=\"text-align:left;\"><p>Negative Growth (&lt;0%)</p></td><td style=\"text-align:left;\"><p>8.00x</p></td><td style=\"text-align:left;\"><p>-6.12%</p></td></tr></tbody></table><p>Click to enlarge</p><p><em>Source: Company Data, Khaveen Investments</em></p><p>Additionally, we further compiled the above table by stratifying major companies within the industry by their respective growth rates. We observed that companies experiencing higher growth (20%+) hold the highest multiples at 45.80x along with a high CAGR of 31.22%. This contrasts with the companies possessing negative growth (&lt;0%), which are valued at a lower multiple of 8.00x with a CAGR of -6.12%. Thus, this further supports Nvidia’s higher multiple used as it aligns with the high growth category at a CAGR of 49.37%.</p><h3 id=\"id_2193681664\">Company Multiple</h3><p></p><p class=\"t-img-caption\"><img src=\"https://community-static.tradeup.com/news/8d03fd23857db8c07e637debc107c290\" tg-width=\"635\" tg-height=\"439\"/></p><p>YCharts</p><p></p><table style=\"border-collapse:collapse;\"><tbody><tr><td style=\"text-align:left;\"><p><strong>Nvidia</strong></p></td><td style=\"text-align:left;\"><p><strong>2019</strong></p></td><td style=\"text-align:left;\"><p><strong>2020</strong></p></td><td style=\"text-align:left;\"><p><strong>2021</strong></p></td><td style=\"text-align:left;\"><p><strong>2022</strong></p></td><td style=\"text-align:left;\"><p><strong>2023</strong></p></td><td style=\"text-align:left;\"><p><strong>Average</strong></p></td></tr><tr><td style=\"text-align:left;\"><p>EV/EBITDA</p></td><td style=\"text-align:left;\"><p>42.18x</p></td><td style=\"text-align:left;\"><p>55.91x</p></td><td style=\"text-align:left;\"><p>53.23x</p></td><td style=\"text-align:left;\"><p>80.26x</p></td><td style=\"text-align:left;\"><p>42.19x</p></td><td style=\"text-align:left;\"><p>54.75x</p></td></tr></tbody></table><p>Click to enlarge</p><p><em>Source: Company Data, Khaveen Investments</em></p><p>Furthermore, we analyzed the company’s historical EV/EBITDA above. The company’s EV/EBITDA has been volatile with a significant spike in 2023 but has moderated since. Its 5-year median multiple shows a rising trend. Its 5-year average is 54.75x, thus using its 5-year average EV/EBITDA would result in a much higher terminal value and valuation of the company compared to our assumption based on the 5-year average US-only chipmakers.</p><h3 id=\"id_2858467795\">Forward Multiple</h3><table style=\"border-collapse:collapse;\"><tbody><tr><td style=\"text-align:left;\"><p><strong>EV/EBITDA Average</strong></p></td><td style=\"text-align:left;\"><p><strong>Multiple</strong></p></td></tr><tr><td style=\"text-align:left;\"><p>US Only</p></td><td style=\"text-align:left;\"><p>27.78x</p></td></tr><tr><td style=\"text-align:left;\"><p>Logic Chipmaker</p></td><td style=\"text-align:left;\"><p>33.14x</p></td></tr><tr><td style=\"text-align:left;\"><p>High Growth</p></td><td style=\"text-align:left;\"><p>45.80x</p></td></tr><tr><td style=\"text-align:left;\"><p>Nvidia Historical</p></td><td style=\"text-align:left;\"><p>54.75x</p></td></tr></tbody></table><p>Click to enlarge</p><p><em>Source: Company Data, Khaveen Investments</em></p><p>Overall, we believe our EV/EBITDA assumption used of 27.78x, based on the US-only average chipmakers, is more appropriate compared to our derived EV/EBITDA based on the reverse DCF model which is more in line with the overall semicon chipmaker average. Furthermore, comparing the average EV/EBITDA in the table summary above, the US-only average has the lowest compared to Logic Chipmaker, High Growth, and Nvidia&#39;s Historical average; thus we believe our assumption is relatively conservative.</p><h2 id=\"id_28603474\">Strong Profit Margins</h2><p>Finally, we conducted the reverse DCF analysis on its profitability margins, holding all other assumptions constant. We adjusted the reverse DCF model to obtain the EBIT and FCF margins based on the current market price.</p><p></p><p class=\"t-img-caption\"><img src=\"https://community-static.tradeup.com/news/fcd2847ba36389af6308a3cbdf5c1810\" tg-width=\"640\" tg-height=\"360\"/></p><p>Company Data, Khaveen Investments</p><p></p><table style=\"border-collapse:collapse;\"><tbody><tr><td style=\"text-align:left;\"><p><strong>Comparison</strong></p></td><td style=\"text-align:left;\"><p><strong>EBIT Margin</strong></p></td><td style=\"text-align:left;\"><p><strong>FCF Margin</strong></p></td></tr><tr><td style=\"text-align:left;\"><p>Reverse DCF</p></td><td style=\"text-align:left;\"><p>41.6%</p></td><td style=\"text-align:left;\"><p>24.8%</p></td></tr><tr><td style=\"text-align:left;\"><p>Our Previous Analysis</p></td><td style=\"text-align:left;\"><p>56.2%</p></td><td style=\"text-align:left;\"><p>39.4%</p></td></tr></tbody></table><p>Click to enlarge</p><p><em>Source: Company Data, Khaveen Investments</em></p><p>As seen above, the reverse DCF model calculated an average 5-year forward EBIT margin of 41.6% compared to 56.2% for our assumptions based on our previous analysis. Additionally, in terms of FCF margins, the reverse DFC model implies an average 24.8% forward FCF margin, lower compared to our forecasts of 39.4%.</p><h3 id=\"id_4010505352\">Gross and EBIT Margins</h3><p></p><p class=\"t-img-caption\"><img src=\"https://community-static.tradeup.com/news/15df2ef56f27d9e3522347767415845f\" tg-width=\"640\" tg-height=\"360\"/></p><p>Company Data, Khaveen Investments</p><p></p><table style=\"border-collapse:collapse;\"><tbody><tr><td style=\"text-align:left;\"><p><strong>Earnings &amp; Margins</strong></p></td><td style=\"text-align:left;\"><p><strong>2014</strong></p></td><td style=\"text-align:left;\"><p><strong>2015</strong></p></td><td style=\"text-align:left;\"><p><strong>2016</strong></p></td><td style=\"text-align:left;\"><p><strong>2017</strong></p></td><td style=\"text-align:left;\"><p><strong>2018</strong></p></td><td style=\"text-align:left;\"><p><strong>2019</strong></p></td><td style=\"text-align:left;\"><p><strong>2020</strong></p></td><td style=\"text-align:left;\"><p><strong>2021</strong></p></td><td style=\"text-align:left;\"><p><strong>2022</strong></p></td><td style=\"text-align:left;\"><p><strong>2023</strong></p></td><td style=\"text-align:left;\"><p><strong>TTM</strong></p></td><td style=\"text-align:left;\"><p><strong>5-year Average</strong></p></td></tr><tr><td style=\"text-align:left;\"><p>Gross Margin</p></td><td style=\"text-align:left;\"><p>55.51%</p></td><td style=\"text-align:left;\"><p>56.11%</p></td><td style=\"text-align:left;\"><p>58.80%</p></td><td style=\"text-align:left;\"><p>59.93%</p></td><td style=\"text-align:left;\"><p>61.21%</p></td><td style=\"text-align:left;\"><p>61.99%</p></td><td style=\"text-align:left;\"><p>63.31%</p></td><td style=\"text-align:left;\"><p>64.93%</p></td><td style=\"text-align:left;\"><p>56.93%</p></td><td style=\"text-align:left;\"><p>72.72%</p></td><td style=\"text-align:left;\"><p>75.29%</p></td><td style=\"text-align:left;\"><p>66.6%</p></td></tr><tr><td style=\"text-align:left;\"><p>EBIT Margin</p></td><td style=\"text-align:left;\"><p>16.21%</p></td><td style=\"text-align:left;\"><p>17.52%</p></td><td style=\"text-align:left;\"><p>28.03%</p></td><td style=\"text-align:left;\"><p>33.05%</p></td><td style=\"text-align:left;\"><p>32.47%</p></td><td style=\"text-align:left;\"><p>26.07%</p></td><td style=\"text-align:left;\"><p>28.31%</p></td><td style=\"text-align:left;\"><p>37.31%</p></td><td style=\"text-align:left;\"><p>20.68%</p></td><td style=\"text-align:left;\"><p>54.12%</p></td><td style=\"text-align:left;\"><p>59.85%</p></td><td style=\"text-align:left;\"><p>40.05%</p></td></tr></tbody></table><p>Click to enlarge</p><p><em>Source: Company Data, Khaveen Investments</em></p><p>Based on the earnings and margins chart above, our derived average forward EBIT margin based on the reverse DCF model (41.6%) corresponds the closest to the company’s historical EBIT margin in 2021 (37.31%). In comparison, our projected EBIT margin (56.2%) is closer to the company’s historical margin in 2023 (54.12%).</p><p>Therefore, we analyzed the specific differences between the company’s margins in 2021 and improvement in 2023. Firstly, in terms of gross margins, the company’s gross margins improved from 64.3% in 2021 to 72.72% in 2023 which indicates it benefited from economies of scale and contributed to its EBIT margin increase. Also, we analyzed in our previous analysis one main reason for the decline in margins in 2022 was due to inventory provisions which had “impacted its gross margins by 7.5%” because of “the slump in the GPU market as its shipments fell by 48%” that year, but expected it to be non-recurring as the GPU market improved beyond that.</p><table style=\"border-collapse:collapse;\"><tbody><tr><td style=\"text-align:left;\"><p><strong>Nvidia</strong></p></td><td style=\"text-align:left;\"><p><strong>2019</strong></p></td><td style=\"text-align:left;\"><p><strong>2020</strong></p></td><td style=\"text-align:left;\"><p><strong>2021</strong></p></td><td style=\"text-align:left;\"><p><strong>2022</strong></p></td><td style=\"text-align:left;\"><p><strong>2023</strong></p></td><td style=\"text-align:left;\"><p><strong>Average</strong></p></td></tr><tr><td style=\"text-align:left;\"><p>Employee Headcount</p></td><td style=\"text-align:left;\"><p>13,775</p></td><td style=\"text-align:left;\"><p>18,975</p></td><td style=\"text-align:left;\"><p>22,473</p></td><td style=\"text-align:left;\"><p>26,196</p></td><td style=\"text-align:left;\"><p>29,600</p></td><td style=\"text-align:left;\"><p></p></td></tr><tr><td style=\"text-align:left;\"><p>Growth %</p></td><td style=\"text-align:left;\"><p></p></td><td style=\"text-align:left;\"><p>37.7%</p></td><td style=\"text-align:left;\"><p>18.4%</p></td><td style=\"text-align:left;\"><p>16.6%</p></td><td style=\"text-align:left;\"><p>13.0%</p></td><td style=\"text-align:left;\"><p>21.4%</p></td></tr><tr><td style=\"text-align:left;\"><p>SG&amp;A ($ mln)</p></td><td style=\"text-align:left;\"><p>1,093</p></td><td style=\"text-align:left;\"><p>1,912</p></td><td style=\"text-align:left;\"><p>2,166</p></td><td style=\"text-align:left;\"><p>2,440</p></td><td style=\"text-align:left;\"><p>2,654</p></td><td style=\"text-align:left;\"><p></p></td></tr><tr><td style=\"text-align:left;\"><p>Growth %</p></td><td style=\"text-align:left;\"><p></p></td><td style=\"text-align:left;\"><p>74.9%</p></td><td style=\"text-align:left;\"><p>13.3%</p></td><td style=\"text-align:left;\"><p>12.7%</p></td><td style=\"text-align:left;\"><p>8.8%</p></td><td style=\"text-align:left;\"><p>27.4%</p></td></tr><tr><td style=\"text-align:left;\"><p>SG&amp;A % of Revenue</p></td><td style=\"text-align:left;\"><p>10.01%</p></td><td style=\"text-align:left;\"><p>11.47%</p></td><td style=\"text-align:left;\"><p>8.05%</p></td><td style=\"text-align:left;\"><p>9.05%</p></td><td style=\"text-align:left;\"><p>4.36%</p></td><td style=\"text-align:left;\"><p></p></td></tr><tr><td style=\"text-align:left;\"><p>R&amp;D ($ mln)</p></td><td style=\"text-align:left;\"><p>2,829</p></td><td style=\"text-align:left;\"><p>3,924</p></td><td style=\"text-align:left;\"><p>5,268</p></td><td style=\"text-align:left;\"><p>7,339</p></td><td style=\"text-align:left;\"><p>8,675</p></td><td style=\"text-align:left;\"><p></p></td></tr><tr><td style=\"text-align:left;\"><p>Growth %</p></td><td style=\"text-align:left;\"><p></p></td><td style=\"text-align:left;\"><p>38.7%</p></td><td style=\"text-align:left;\"><p>34.3%</p></td><td style=\"text-align:left;\"><p>39.3%</p></td><td style=\"text-align:left;\"><p>18.2%</p></td><td style=\"text-align:left;\"><p>32.6%</p></td></tr><tr><td style=\"text-align:left;\"><p>R&amp;D % of Revenue</p></td><td style=\"text-align:left;\"><p>25.91%</p></td><td style=\"text-align:left;\"><p>23.53%</p></td><td style=\"text-align:left;\"><p>19.57%</p></td><td style=\"text-align:left;\"><p>27.21%</p></td><td style=\"text-align:left;\"><p>14.24%</p></td><td style=\"text-align:left;\"><p></p></td></tr></tbody></table><p>Click to enlarge</p><p><em>Source: Company Data, Khaveen Investments</em></p><p>Furthermore, another factor in the increased margins is lower growth in SG&amp;A and R&amp;D expenses. As stated by management, the increase in R&amp;D as well as SG&amp;A for fiscal year 2023 “was primarily driven by increased compensation and employee growth”. We compared the employee growth of Nvidia with its SG&amp;A and R&amp;D expense growth. As seen in the table, the company’s SG&amp;A expense growth has been lower than employee growth and revenue growth between 2021 to 2023, leading to lower SG&amp;A % of revenue from 8.05% to 4.36%. We believe this could be due to the company’s business model with an ecosystem of partners including a network of cloud providers, PC &amp; server makers, and distributors, allowing the company to depend on its established partner ecosystems to increase sales rather than requiring to scale its direct sales force.</p><p>On the other hand, its R&amp;D expenses growth had been higher than employee growth over the period. However, its R&amp;D expenses growth had been lower than revenue growth, leading to a decline of R&amp;D % of Revenue from 19.57% in 2021 to 14.24% in 2023. We believe the reason for this is related to its business model, as the company is a chip designer. It designs main chip architectures such as Blackwell and focuses on developments to improve its chipset architectures; thus we believe its business model primarily requires better-skilled employees and talent which the company could attract by increasing its compensation, explaining the higher expense growth compared to employee growth.</p><p>Overall, we believe the company could at least sustain its margins around its historical 2023 levels, by maintaining its level of economies of scale as its sales capacity is much higher compared to 2021. Additionally, we expect its operating expenses (R&amp;D and SG&amp;A) % of Revenue to be maintained due to its business model. We believe the company’s partner ecosystem is more established compared to 2021 as it has expanded partnerships with key cloud partners as well as management highlighted in its recent earnings briefing that “Blackwell will be available in over 100 OEM and ODM systems at launch, more than double the number of Hopper&#39;s launch”. Furthermore, we believe its increased compensation levels could indicate its ability to attract and retain better-skilled employees compared to 2021.</p><h3 id=\"id_2296655564\">FCF Margins</h3><p></p><p class=\"t-img-caption\"><img src=\"https://community-static.tradeup.com/news/e81bbff1ef994c48084383e3ddc0bf29\" tg-width=\"640\" tg-height=\"360\"/></p><p>Company Data, Khaveen Investments</p><p></p><table style=\"border-collapse:collapse;\"><tbody><tr><td style=\"text-align:left;\"><p><strong>Earnings &amp; Margins</strong></p></td><td style=\"text-align:left;\"><p><strong>2014</strong></p></td><td style=\"text-align:left;\"><p><strong>2015</strong></p></td><td style=\"text-align:left;\"><p><strong>2016</strong></p></td><td style=\"text-align:left;\"><p><strong>2017</strong></p></td><td style=\"text-align:left;\"><p><strong>2018</strong></p></td><td style=\"text-align:left;\"><p><strong>2019</strong></p></td><td style=\"text-align:left;\"><p><strong>2020</strong></p></td><td style=\"text-align:left;\"><p><strong>2021</strong></p></td><td style=\"text-align:left;\"><p><strong>2022</strong></p></td><td style=\"text-align:left;\"><p><strong>2023</strong></p></td><td style=\"text-align:left;\"><p><strong>TTM</strong></p></td><td style=\"text-align:left;\"><p><strong>5-yr Avg</strong></p></td></tr><tr><td style=\"text-align:left;\"><p>Free Cash Flow Margin (Capex Only)</p></td><td style=\"text-align:left;\"><p>17.05%</p></td><td style=\"text-align:left;\"><p>21.86%</p></td><td style=\"text-align:left;\"><p>21.70%</p></td><td style=\"text-align:left;\"><p>29.88%</p></td><td style=\"text-align:left;\"><p>26.30%</p></td><td style=\"text-align:left;\"><p>38.22%</p></td><td style=\"text-align:left;\"><p>28.75%</p></td><td style=\"text-align:left;\"><p>30.82%</p></td><td style=\"text-align:left;\"><p>14.10%</p></td><td style=\"text-align:left;\"><p>43.56%</p></td><td style=\"text-align:left;\"><p>48.49%</p></td><td style=\"text-align:left;\"><p>33.1%</p></td></tr><tr><td style=\"text-align:left;\"><p>Adjusted CapEx/Revenue</p></td><td style=\"text-align:left;\"><p>2.6%</p></td><td style=\"text-align:left;\"><p>1.7%</p></td><td style=\"text-align:left;\"><p>2.5%</p></td><td style=\"text-align:left;\"><p>6.1%</p></td><td style=\"text-align:left;\"><p>5.1%</p></td><td style=\"text-align:left;\"><p>4.5%</p></td><td style=\"text-align:left;\"><p>6.8%</p></td><td style=\"text-align:left;\"><p>3.6%</p></td><td style=\"text-align:left;\"><p>6.8%</p></td><td style=\"text-align:left;\"><p>1.8%</p></td><td style=\"text-align:left;\"><p>1.5%</p></td><td style=\"text-align:left;\"><p>4.1%</p></td></tr><tr><td style=\"text-align:left;\"><p>Adjusted CapEx/Fixed Assets</p></td><td style=\"text-align:left;\"><p>8.2%</p></td><td style=\"text-align:left;\"><p>6.5%</p></td><td style=\"text-align:left;\"><p>13.5%</p></td><td style=\"text-align:left;\"><p>29.9%</p></td><td style=\"text-align:left;\"><p>21.9%</p></td><td style=\"text-align:left;\"><p>13.5%</p></td><td style=\"text-align:left;\"><p>8.9%</p></td><td style=\"text-align:left;\"><p>6.4%</p></td><td style=\"text-align:left;\"><p>10.1%</p></td><td style=\"text-align:left;\"><p>5.0%</p></td><td style=\"text-align:left;\"><p>5.1%</p></td><td style=\"text-align:left;\"><p>7.1%</p></td></tr></tbody></table><p>Click to enlarge</p><p><em>Source: Company Data, Khaveen Investments</em></p><p>Furthermore, the reverse DCF model average forward FCF margins (24.8%) are closer to the company’s historical FCF margins in 2020 (28.75%). In comparison, our projected forward average FCF margin (39.4%) is higher and more aligned with its 2023 FCF margin (43.56%). The improvement of the company’s FCF margin is mainly due to the rise in its EBIT margin as explained above from 2021 to 2023 (16.8%). Furthermore, another factor for the increase in FCF margins is due to its higher EBIT margins as explained above as well as lower capex intensity. From the table above, its capex % of revenue and fixed assets declined in 2023 and TTM to its lowest levels over the period which we believe is due to the lean operating business model of Nvidia as a fabless chipmaker with minimal capex requirements to support revenue growth, depending on foundry partners such as TSMC.</p><h3 id=\"id_2563638781\">Forward Margins</h3><p>Overall, the reverse DCF model margins are lower compared to our projected margins in terms of both EBIT and FCF margins. The reverse DCF EBIT average forward margins (41.6%) are in line with the company’s historical 2021 margin levels, while our projected margins are closer to its 2023 margins. We believe our margin assumptions are more appropriate as the company’s EBIT margin has improved between 2021 to 2023 due to improved economies of scale with higher gross margins as well as its lower operating expenses including SG&amp;A and R&amp;D due to its business model depending on its established partner ecosystem for sales and its R&amp;D activities as a chip designer. Furthermore, we expect its higher sales capacity and improved partner ecosystem and enhanced R&amp;D capabilities to sustain its current margin levels going forward; thus we believe our forecasted margins to be more appropriate. Additionally, we highlighted the improved EBIT margins supporting its FCF, which bodes well for its FCF margins.</p><h2 id=\"id_2066159317\">Risk: Growth Outlook</h2><p>Among the 3 factors analyzed, we believe our assumptions are appropriate compared to the reversed DCF model. However, we believe revenue growth could be a risk due to competitive factors as AMD is expected to release more details for its upcoming launch of its MI350X, and data center customers invest in their chip development which leads us to await further details on their performance capabilities to determine whether they could be formidable rivals to Nvidia. Based on our projections previously derived based on market growth and competitive factor for Nvidia, the competitive factor contributes 21% of growth for its Data Center segment. Further, Nvidia faces geopolitical risks such as in China with the imposition of sanctions on sales to Chinese chipmakers, which could affect its competitiveness in that market. China accounted for 17% of its total revenues in FY2024.</p><h2 id=\"id_1998547241\">Valuation</h2><p></p><p class=\"t-img-caption\"><img src=\"https://community-static.tradeup.com/news/4048dc1eeb437f7d3203c3adf2c80170\" tg-width=\"640\" tg-height=\"360\"/></p><p>Khaveen Investments</p><p></p><p>We maintain the same assumption for our valuation from our previous analysis, as we have thoroughly justified the appropriateness in this analysis but with a lower discount rate of 13.5% (company’s WACC). This includes revenue growth (57.1%), EV/EBITDA based on US-only chipmakers (27.78x), average forward EBIT (56.2%), and FCF margin (39.4%) and derived an upside of 8.84%.</p><h2 id=\"id_3188397411\">Verdict</h2><p>We believe our 5-year forward average revenue growth projections for Nvidia are appropriate, albeit slightly higher than our market-implied growth assumption (44.8% vs 41.2%), driven by the execution of its product roadmap with new products including Blackwell supporting its competitiveness. Furthermore, we believe Nvidia&#39;s strong partnerships with major cloud providers further could contribute to sustained growth. In terms of the terminal value, we believe our EV/EBITDA assumption of 27.78x, based on the US-only average for chipmakers, is more appropriate than the reverse DCF model-derived value, which aligns with the overall semiconductor average. The US-only average is the lowest compared to Logic Chipmaker, High Growth, and Nvidia&#39;s historical averages, making our assumption relatively conservative. Finally, we believe our higher margin projections compared to the reverse DCF are more appropriate, reflecting Nvidia&#39;s improved economies of scale, higher gross margins, and lower operating expenses. Also, we expect its higher sales capacity, robust partner ecosystem, and advanced R&amp;D capabilities to sustain these margins and positively contribute to its robust FCFs. However, Nvidia’s share price has rocketed by 43% in the past month and 58% since our last coverage, meeting our price target while overtaking Apple and Microsoft as the most valuable company. Therefore, we believe its current valuation is appropriate, and we have updated our latest price target of <em>$147.57</em> (14% higher than $129.71 previously mainly due to a lower discount rate) indicates limited upside in the near term of 8.84% based on our current conservative assumptions; thus we now downgrade it as a <em>Hold.</em></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: Valuation Seems Reasonable After Recent Rally</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: Valuation Seems Reasonable After Recent Rally\n</h2>\n\n<h4 class=\"meta\">\n\n\n2024-06-20 11:24 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://seekingalpha.com/article/4699963-nvidia-stock-valuation-seems-reasonable-after-recent-rally-downgrade-hold><strong>seekingalpha</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Nvidia has passed Apple and Microsoft to become the largest company in the world, and we evaluate if the company deserves such high of a valuation.We use a Reverse DCF model to obtain the market-...</p>\n\n<a href=\"https://seekingalpha.com/article/4699963-nvidia-stock-valuation-seems-reasonable-after-recent-rally-downgrade-hold\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"IE00BBT3K403.USD":"LEGG MASON CLEARBRIDGE TACTICAL DIVIDEND INCOME \"A(USD) ACC","LU1803068979.SGD":"FTIF - Franklin Technology A (acc) SGD-H1","LU1804176565.USD":"EASTSPRING INV GLOBAL GROWTH EQUITY \"A\" (USD) ACC","LU0171293334.USD":"贝莱德英国基金A2","LU0310800965.SGD":"FTIF - Templeton Global Balanced A Acc SGD","BK4548":"巴美列捷福持仓","LU1489326972.SGD":"First Eagle Amundi International AHS-MD SGD-H","INTC":"英特尔","LU0061474705.USD":"THREADNEEDLE (LUX) GLOBAL DYNAMIC REAL RETURN \"AU\" (USD) ACC","LU0949170772.SGD":"Blackrock Global Equity Income A6 SGD-H","BK4516":"特朗普概念","LU0289960550.SGD":"AB FCP I - GLOBAL EQUITY BLEND PORTFOLIO 'A' (SGD) ACC","BK4554":"元宇宙及AR概念","LU1691799644.USD":"Amundi Funds Polen Capital Global Growth A2 (C) USD","BK4515":"5G概念","GOOG":"谷歌","LU1064131342.USD":"Fullerton Lux Funds - Global Absolute Alpha A Acc USD","NVDA":"英伟达","LU0149725797.USD":"汇丰美国股市经济规模基金","AMD":"美国超微公司","LU0985489474.SGD":"First Eagle Amundi International AHS-C SGD-H","LU0354030511.USD":"ALLSPRING  U.S. LARGE CAP GROWTH \"I\" (USD) ACC","LU0738911758.USD":"Blackrock Global Equity Income A6 USD","GOOGL":"谷歌A","BK4585":"ETF&股票定投概念","LU0878866978.SGD":"First Eagle Amundi International AHS-QD SGD-H","BK4227":"交易和支付处理服务","IE00BJTD4N35.SGD":"Neuberger Berman US Long Short Equity A1  Acc SGD-H","BK4575":"芯片概念","BK4587":"ChatGPT概念","BK4525":"远程办公概念","MSFT":"微软","LU2098885051.SGD":"JPMorgan Funds - Multi-Manager Alternatives A (acc) SGD","IE00B7SZLL34.SGD":"Legg Mason ClearBridge - Value A Acc SGD-H","LU2458330169.SGD":"FRANKLIN SHARIAH TECHNOLOGY \"A\" (SGD) ACC","UBS":"瑞银","IE00B775SV38.USD":"NEUBERGER BERMAN US MULTICAP OPPORTUNITIES \"A\" (USD) ACC","IE00BFSS7M15.SGD":"Janus Henderson Balanced A Acc SGD-H","ORCL":"甲骨文","LU0109391861.USD":"富兰克林美国机遇基金A Acc","LU1988902786.USD":"FULLERTON LUX FUNDS GLOBAL ABSOLUTE ALPHA \"I\" (USD) ACC","LU1506573853.SGD":"MANULIFE GF GLOBAL EQUITY \"AA\" (SGD) INC","BK4077":"互动媒体与服务","LU0068578508.USD":"First Eagle Amundi International Cl AU-C USD","LU0048573561.USD":"FIDELITY AMERICA \"A\" (USD) INC","BK4122":"互联网与直销零售","LU0056508442.USD":"贝莱德世界科技基金A2","BK4574":"无人驾驶"},"source_url":"https://seekingalpha.com/article/4699963-nvidia-stock-valuation-seems-reasonable-after-recent-rally-downgrade-hold","is_english":true,"share_image_url":"https://static.laohu8.com/5a36db9d73b4222bc376d24ccc48c8a4","article_id":"2444429849","content_text":"Nvidia has passed Apple and Microsoft to become the largest company in the world, and we evaluate if the company deserves such high of a valuation.We use a Reverse DCF model to obtain the market-implied assumptions of the company's growth rate, terminal value multiples, and profit margins and compare them against our own assumptions.We believe the company's Blackwell architecture launch and expanded cloud partnerships with major providers contribute to its competitiveness and growth outlook.BING-JHEN HONGIn our previous analysis of NVIDIA Corporation (NASDAQ:NVDA) (NEOE:NVDA:CA), we highlighted the strong performance of Nvidia’s growth of 126% in CY2023, and we remained positive on Nvidia’s Data Center segment, supported by cloud partnerships and sovereign AI initiatives. For 2024, we projected a 58% overall revenue growth, led by the Data Center, with contributions from Gaming, Professional Visualization, and a recovery in PC GPU revenue, as well as 20.6% growth in the Automotive segment.Since our last analysis in March, we started reviewing Nvidia again as its share price had risen by 28% in May, with a further upside of 18.3% left based on our previous price target of $1,294.14 ($129.41 post-stock split). Therefore, we initially aimed to determine whether our expectations for Nvidia’s upside were justified. Since then, Nvidia has overtaken both Apple and Microsoft as the largest company globally by market cap, rising by a further 30% and meeting our price target. Firstly, we conducted a reverse DCF analysis determining the market implied revenue growth forecast, terminal value multiple, and profitability margins. Based on that, we compared the reverse DCF model with our revenue, terminal value and margin assumptions and determined whether our assumptions were appropriate.Sustainable Revenue GrowthFirstly, we examined whether our revenue growth forecast is appropriate. Based on the reverse DCF model, holding all previous assumptions constant, we derived the market-implied revenue growth rate for Nvidia based on the current market price.Company Data, Khaveen InvestmentsRevenue Comparison ($ mln)2024F2025F2026F2027F2028F2029F2030F2031F2032F2033FAvr. (5-yr)Avr. (10-yr)Revenue (Reverse DCF)113,185163,293220,004273,487320,027358,148388,012410,660427,439439,664Revenue Growth85.8%44.3%34.7%24.3%17.0%11.9%8.3%5.8%4.1%2.9%41.2%23.9%Revenue (Our Previous Forecast)95,720148,848225,273306,238383,284450,785506,357550,053583,280607,943Revenue Growth57.1%55.5%51.3%35.9%25.2%17.6%12.3%8.6%6.0%4.2%45.0%27.4%Click to enlargeSource: Company Data, Khaveen InvestmentsBased on the reverse DCF model, we derived the revenue growth rate at a forward average of 41.2% in the next 5 years, compared to our average forward growth forecast of 44.8%. Furthermore, we derived a 10-year forward growth of 23.9% from the reverse DCF model, compared to 27.4% from our projections. Therefore, this indicates our revenue growth assumption is higher compared to the calculated growth rate from the reverse DCF model. In our previous analysis, we highlighted that we maintained a more stable long-term growth projection “derived independently based on individual segment projections and modeling” for the company “driven primarily due to its Data Center segment at a forward average of 60.9% underpinned by its AI leadership”.We examined the latest developments of the company which could support its growth outlook below, including its product launch of its Blackwell architecture, expanded partnerships, and competition.Competitiveness (Blackwell Launch)Nvidia announced the next-gen Blackwell architecture in March 2024, claiming that it enhances computing and generative AI by providing improvements in scale, performance, and efficiency, with customer data centers planned to be operational by Q4 2024. The Blackwell-architecture GPUs are “manufactured using a custom-built 4NP TSMC process” with 208 bln transistors. Previously, we had highlighted the company’s Blackwell architecture based on the company’s provided roadmap in 2024; thus, we believe this indicates its execution on its continued product launches for Data Center.CategoryH100H200B100B200GB200 SuperchipPrice$24,000$24,000$30,000$30,000-$40,000$60,000-$70,000Increase %0.0%25.0%16.7%85.7%Memory Capacity (GB)80.00141.00192.00192.00384.00Memory Bandwidth (GB/s)3,352.004,800.008,000.008,000.0016,000.00Improvement %43.2%66.7%0.0%100.0%TF32 (Teraflops)495.00495.00900.001,100.002,500.00Improvement %0.0%81.8%22.2%127.3%FP16 (Teraflops)989.00989.001,750.002,250.005,000.00Improvement %0.0%76.9%28.6%122.2%FP8 (Teraflops)1,979.001,979.003,500.004,500.0010,000.00Improvement %0.0%76.9%28.6%122.2%FP4 (Teraflops)1,979.001,979.007,000.009,000.0020,000.00Improvement %0.0%253.7%28.6%122.2%Click to enlargeSource: Company Data, Khaveen InvestmentsAccording to the above table comparing the GPUs across Nvidia’s portfolio, the Blackwell chips (B100 and B200) show increasing capabilities including memory capacity, memory bandwidth, and improvements in floating-point performance metrics which play important roles in deep learning model training, as well as higher pricing compared to the Hopper chips (H100 and H200).Additionally, the GB200 Superchip which consists of two Blackwell GPUs and one Grace CPU, is reported to have a price range of $60,000-$70,000, along with doubled memory capacity and bandwidth in comparison to previous gen B200 and more than 100% of improvements in the above listed floating-point performance metrics for deep learning model training.Furthermore, we updated our comparison of the top data center GPU chips of Nvidia with its top competitors. Besides Nvidia, AMD (AMD) is expected to launch its new MI350 chip this year and Intel’s (INTC) new Gaudi 3 is expected to be released in Q2. Furthermore, Nvidia highlighted competition in China from Huawei which is expected to release its new and improved Ascend 910B chip this year as well following its Ascend 910 introduction in 2019.Data Center GPU Comparison MetricsAMD (MI300x)AMD (MI350)Nvidia (B100)Nvidia (GB200 Superchip)Intel (Gaudi 2)Intel (Gaudi 3)Huawei (Ascend 910B)Processor5nm (TSMC)4nm (TSMC)4nm (TSMC)4nm (TSMC)7nm (TSMC)5nm (TSMC)7nmTransistors ('bln')153-208208>100--FP16 Peak (Teraflops)1,532-3,50010,0008391,835320INT 8 (Teraflops)3,064-7,00040,0001,628-640Memory Clock1.9GHz-8Gbps HBM3E8Gbps HBM3E1.56GHz3.6GHz-Memory Capacity192GB288GB192GB384GB96GB128GB64GBMemory Bandwidth5.2TB/sec-8TB/sec16TB/sec2.45TB/sec3.7TB/sec-Interconnect Bandwidth896 GB/sec-1800GB/s1800GB/s300GB/s600GB/s400G/sMax Power Consumption700W-700W1000W600W900W310WClick to enlargeSource: Company Data, Khaveen InvestmentsBased on the table, Nvidia’s Blackwell chips show superior performance capabilities, especially GB200 Superchip which stands out with its 4nm processor, highest transistor counts at 208 bln, and exceptional FP16 and INT8 peak performance metrics, 10,000 teraflops and 40,000 teraflops, respectively. It also offers the largest memory capacity of 384GB and the highest memory bandwidth at 16TB/sec, although it comes with the highest power consumption of 1000W.In contrast, AMD has yet to provide details on its MI350 product with limited information about it besides its 4nm process and 288Gb memory capacity, which is lower than the Nvidia GB200. The previous AMD MI300x was built on a 5nm process, providing 1,532 teraflops of FP16 and 3,064 teraflops of INT8 performance with a memory capacity of 192GB and bandwidth of 5.2TB/sec, consuming 700W.Furthermore, Intel Gaudi 3 also uses 5nm technology, with 1,835 teraflops FP16 and 128GB memory but has a higher power consumption of 900W. Notably, the Huawei Ascend 910B, although using older 7nm technology, has the lowest power consumption of 310W.Overall, our forward average revenue growth rate projections (45%) are higher compared to the market implied growth rate through the reverse DCF model (41.2%), a difference of 3.8% which we expect due to the company’s enhanced competitiveness. For example, we believe the improvements in Nvidia’s data center GPU capabilities with Blackwell highlight the company’s execution of its product roadmap and commitment to future product launches, which could cement its competitiveness.PartnershipsCompanyPurpose of Adoption of BlackwellCloud Market ShareAvr. Revenue Growth (3-yr)Cloud Revenue ($ bln)AWSTo securely build and run large AI models on AWS34%26.4%90.76Google CloudTo enable Google Cloud with advanced AI and data analytics capabilities12%37.7%33.09MicrosoftTo boost Microsoft Azure's capabilities regarding large-scale AI workloads handling26%38.8%70.20OracleTo enhance Oracle's AI model capabilities for faster and higher efficiency of data processing and AI training2%30.2%5.70Click to enlargeSource: Company Data, Khaveen InvestmentsAlong with the launch of NVIDIA’s Grace Blackwell GPU platform, its cloud partners including AWS (AMZN), Google (GOOG), Microsoft (MSFT), and Oracle (ORCL) announced plans for adoption. Firstly, AWS will “offer the NVIDIA GB200 Grace Blackwell Superchip and B100 Tensor Core GPUs” and enhance the performance of its AI models with Nvidia’s Grace Blackwell GPU and DGX Cloud. Similarly, Google Cloud claims future adoption of the Grace Blackwell platform to its “AI Hypercomputer architecture in two configurations”, while also focusing on the development of trillion-parameter language models. Microsoft aims to improve its AI infrastructure with the integration of Grace Blackwell GB200 with Microsoft Azure. Oracle also plans on adopting Nvidia’s Grace Blackwell platform across its OCI Supercluster and OCI Compute, aiming to improve performance and efficiency for AI workloads such as LLM inference.Based on the table above, we believe these expanded partnerships with AWS, Google, Microsoft, and Oracle are significant for Nvidia as these major cloud providers purchase and use Nvidia’s chips. They account for 74% of the global cloud market share combined and have robust growth averages of between 26.4% to 38.8%. Furthermore, according to UBS (UBS), Microsoft is believed to be its largest customer with 19% of revenues last year.Overall, we believe the expanded partnerships of Nvidia with the major cloud providers market share combined bodes well for the sustainability of its growth outlook, which is reflected in our projections as we forecasted its forward 3-year growth rate of around 54% on average compared to the reverse DCF model growth which tapers down significantly from 86% to 35% in the next 3 years, as we expect the company’s growth to continue to be sustained by the adoption of upcoming products such as Blackwell.Current Development of CSPs With Their Own AI ChipsTrendForceHowever, according to TrendForce, several cloud service providers such as Microsoft and Google have also been developing their respective AI chip technologies recently. For instance, Microsoft is currently in the process of developing their “in-house AI chip Azure Maia 100” and Cobalt 100, which we covered in our previous analysis. Along with Google’s recent development of its tensor processing unit (TPU) of v5e, which is particularly designed for training large AI models. Despite that, Google stated it will provide the optionality for customers to use Google TPUs and Nvidia’s Blackwell GPUs. Additionally, other major companies such as Tesla, Meta, and OpenAI are also pursuing their own respective development regarding AI accelerator chips.Therefore, as competition heats up against Nvidia from key competitors, we believe our projections fairly incorporated this as we tapered down its growth rate beyond 2026. Additionally, while the development of custom AI chips by its cloud customers could affect the company’s growth, we believe Nvidia has an advantage as these companies are not specialized in chip design. While these companies have higher total company absolute R&D expenses than Microsoft, Amazon, and Google, they predominantly focus across the Software & Services (Microsoft), Consumer Discretionary Distribution & Retail (Amazon), and Media & Entertainment industries (Google). Therefore, in comparison, Nvidia is more specialized as it focuses on Semiconductors, enhancing its competitiveness with improved capabilities over competition, including custom chips from cloud providers. For example, in our analysis of Microsoft, we highlighted Microsoft’s Maia 100 GPU trailing behind Nvidia’s H100 chip specifications as it uses older process technology (5nm) and has memory capacity and bandwidth. Furthermore, the Maia 100 would lag behind compared to Nvidia’s B100 chips with an even wider gap as the B100 has twice the number of transistors and 3x higher memory capacity and bandwidth than the Maia 100. Furthermore, we also highlighted the focus on cost as a rationale for custom chip development by cloud providers, such as Microsoft emphasizing Maia enabling cheaper models for customers and “to diversify and provide choices to customers” rather than replacing Nvidia’s high-performance GPUs as well as Amazon highlighting its low-cost AI inference enabled by Inferentia2.Forward GrowthOverall, our revenue growth projections (44.8%) are higher compared to the calculated market implied revenue growth of the company (41.2%), but we believe it is appropriate given factors such as the enhanced competitiveness of Nvidia and execution on its product roadmap such as with the upcoming Blackwell launch, which we believe cements its competitive positioning against key competitors and custom chip developments by cloud providers, supporting our expectations for the company to continue outperforming the market growth as reflected by our revenue projections. Additionally, our projection which is more sustainable on a 3-year forward average compared to the market implied growth through the reverse DCF which we believe could be supported by the expanded partnerships of major cloud service providers with Nvidia.Determining Appropriate Terminal ValueFurthermore, we conducted another reverse DCF analysis, adjusting our model holding all assumptions constant except for our terminal value which is derived based on the EV/EBITDA multiple.Company Data, Khaveen InvestmentsComparisonTerminal ValueEV/EBITDAReverse DCF8,091,52119.17xOur DCF9,712,48727.78xClick to enlargeSource: Company Data, Khaveen InvestmentsBased on the table, we calculated the Reverse DCF method a terminal value of $8,091 mln with an EV/EBITDA multiple of 19.17x. In comparison, our previous analysis, however, shows a higher terminal value of $9,712 mln and an EV/EBITDA multiple of 27.78x. Previously, we based our terminal value EV/EBITDA on the 5-year US-only chipmaker average of 27.78x.Industry MultipleSeeking Alpha, Investing.com, Khaveen InvestmentsEV/EBITDA and CAGR ComparisonEV/EBITDA (5-yr)5-year Revenue CAGRUS Only27.78x11.70%European Only11.65x13.44%Asian Only8.26x6.99%Overall21.58x11.18%Click to enlargeSource: Company Data, Khaveen InvestmentsWe compiled the US-only chipmaker EV/EBITDA and compared it with the non-US chipmaker EV/EBITDA above. The overall chipmaker average is 21.58x, closer to our calculated reverse DCF model multiple of 19.17x. However, the US-only chipmakers have a much higher average of 27.78x compared to 9.96x for non-US chipmakers. Thus, this indicates a premium for US-only chipmakers, which we believe is more appropriate for Nvidia’s valuation.EV/EBITDA and CAGR ComparisonEV/EBITDA (5-yr)5-year Revenue CAGRLogic33.14x16.85%DAO19.89x10.98%Memory6.36x-3.66%Click to enlargeSource: Company Data, Khaveen InvestmentsFurthermore, we categorized companies within the industry based on their primary business segments. The logic segment demonstrates the highest multiple of 33.14x along with the highest CAGR of 16.85. On the other hand, the memory segment shows a relatively lower multiple at 6.36x with a negative CAGR of -3.66%. Hence, with the Logic segment’s higher EV/EBITDA, we believe this supports a higher multiple used for Nvidia’s valuation as a Logic chipmaker.EV/EBITDA and CAGR ComparisonEV/EBITDA (5-yr)5-year Revenue CAGRHigher Growth (20%+)45.80x31.22%Medium Growth (10% to 20%)21.94x11.67%Low Growth (0% to 10%)13.10x4.41%Negative Growth (<0%)8.00x-6.12%Click to enlargeSource: Company Data, Khaveen InvestmentsAdditionally, we further compiled the above table by stratifying major companies within the industry by their respective growth rates. We observed that companies experiencing higher growth (20%+) hold the highest multiples at 45.80x along with a high CAGR of 31.22%. This contrasts with the companies possessing negative growth (<0%), which are valued at a lower multiple of 8.00x with a CAGR of -6.12%. Thus, this further supports Nvidia’s higher multiple used as it aligns with the high growth category at a CAGR of 49.37%.Company MultipleYChartsNvidia20192020202120222023AverageEV/EBITDA42.18x55.91x53.23x80.26x42.19x54.75xClick to enlargeSource: Company Data, Khaveen InvestmentsFurthermore, we analyzed the company’s historical EV/EBITDA above. The company’s EV/EBITDA has been volatile with a significant spike in 2023 but has moderated since. Its 5-year median multiple shows a rising trend. Its 5-year average is 54.75x, thus using its 5-year average EV/EBITDA would result in a much higher terminal value and valuation of the company compared to our assumption based on the 5-year average US-only chipmakers.Forward MultipleEV/EBITDA AverageMultipleUS Only27.78xLogic Chipmaker33.14xHigh Growth45.80xNvidia Historical54.75xClick to enlargeSource: Company Data, Khaveen InvestmentsOverall, we believe our EV/EBITDA assumption used of 27.78x, based on the US-only average chipmakers, is more appropriate compared to our derived EV/EBITDA based on the reverse DCF model which is more in line with the overall semicon chipmaker average. Furthermore, comparing the average EV/EBITDA in the table summary above, the US-only average has the lowest compared to Logic Chipmaker, High Growth, and Nvidia's Historical average; thus we believe our assumption is relatively conservative.Strong Profit MarginsFinally, we conducted the reverse DCF analysis on its profitability margins, holding all other assumptions constant. We adjusted the reverse DCF model to obtain the EBIT and FCF margins based on the current market price.Company Data, Khaveen InvestmentsComparisonEBIT MarginFCF MarginReverse DCF41.6%24.8%Our Previous Analysis56.2%39.4%Click to enlargeSource: Company Data, Khaveen InvestmentsAs seen above, the reverse DCF model calculated an average 5-year forward EBIT margin of 41.6% compared to 56.2% for our assumptions based on our previous analysis. Additionally, in terms of FCF margins, the reverse DFC model implies an average 24.8% forward FCF margin, lower compared to our forecasts of 39.4%.Gross and EBIT MarginsCompany Data, Khaveen InvestmentsEarnings & Margins2014201520162017201820192020202120222023TTM5-year AverageGross Margin55.51%56.11%58.80%59.93%61.21%61.99%63.31%64.93%56.93%72.72%75.29%66.6%EBIT Margin16.21%17.52%28.03%33.05%32.47%26.07%28.31%37.31%20.68%54.12%59.85%40.05%Click to enlargeSource: Company Data, Khaveen InvestmentsBased on the earnings and margins chart above, our derived average forward EBIT margin based on the reverse DCF model (41.6%) corresponds the closest to the company’s historical EBIT margin in 2021 (37.31%). In comparison, our projected EBIT margin (56.2%) is closer to the company’s historical margin in 2023 (54.12%).Therefore, we analyzed the specific differences between the company’s margins in 2021 and improvement in 2023. Firstly, in terms of gross margins, the company’s gross margins improved from 64.3% in 2021 to 72.72% in 2023 which indicates it benefited from economies of scale and contributed to its EBIT margin increase. Also, we analyzed in our previous analysis one main reason for the decline in margins in 2022 was due to inventory provisions which had “impacted its gross margins by 7.5%” because of “the slump in the GPU market as its shipments fell by 48%” that year, but expected it to be non-recurring as the GPU market improved beyond that.Nvidia20192020202120222023AverageEmployee Headcount13,77518,97522,47326,19629,600Growth %37.7%18.4%16.6%13.0%21.4%SG&A ($ mln)1,0931,9122,1662,4402,654Growth %74.9%13.3%12.7%8.8%27.4%SG&A % of Revenue10.01%11.47%8.05%9.05%4.36%R&D ($ mln)2,8293,9245,2687,3398,675Growth %38.7%34.3%39.3%18.2%32.6%R&D % of Revenue25.91%23.53%19.57%27.21%14.24%Click to enlargeSource: Company Data, Khaveen InvestmentsFurthermore, another factor in the increased margins is lower growth in SG&A and R&D expenses. As stated by management, the increase in R&D as well as SG&A for fiscal year 2023 “was primarily driven by increased compensation and employee growth”. We compared the employee growth of Nvidia with its SG&A and R&D expense growth. As seen in the table, the company’s SG&A expense growth has been lower than employee growth and revenue growth between 2021 to 2023, leading to lower SG&A % of revenue from 8.05% to 4.36%. We believe this could be due to the company’s business model with an ecosystem of partners including a network of cloud providers, PC & server makers, and distributors, allowing the company to depend on its established partner ecosystems to increase sales rather than requiring to scale its direct sales force.On the other hand, its R&D expenses growth had been higher than employee growth over the period. However, its R&D expenses growth had been lower than revenue growth, leading to a decline of R&D % of Revenue from 19.57% in 2021 to 14.24% in 2023. We believe the reason for this is related to its business model, as the company is a chip designer. It designs main chip architectures such as Blackwell and focuses on developments to improve its chipset architectures; thus we believe its business model primarily requires better-skilled employees and talent which the company could attract by increasing its compensation, explaining the higher expense growth compared to employee growth.Overall, we believe the company could at least sustain its margins around its historical 2023 levels, by maintaining its level of economies of scale as its sales capacity is much higher compared to 2021. Additionally, we expect its operating expenses (R&D and SG&A) % of Revenue to be maintained due to its business model. We believe the company’s partner ecosystem is more established compared to 2021 as it has expanded partnerships with key cloud partners as well as management highlighted in its recent earnings briefing that “Blackwell will be available in over 100 OEM and ODM systems at launch, more than double the number of Hopper's launch”. Furthermore, we believe its increased compensation levels could indicate its ability to attract and retain better-skilled employees compared to 2021.FCF MarginsCompany Data, Khaveen InvestmentsEarnings & Margins2014201520162017201820192020202120222023TTM5-yr AvgFree Cash Flow Margin (Capex Only)17.05%21.86%21.70%29.88%26.30%38.22%28.75%30.82%14.10%43.56%48.49%33.1%Adjusted CapEx/Revenue2.6%1.7%2.5%6.1%5.1%4.5%6.8%3.6%6.8%1.8%1.5%4.1%Adjusted CapEx/Fixed Assets8.2%6.5%13.5%29.9%21.9%13.5%8.9%6.4%10.1%5.0%5.1%7.1%Click to enlargeSource: Company Data, Khaveen InvestmentsFurthermore, the reverse DCF model average forward FCF margins (24.8%) are closer to the company’s historical FCF margins in 2020 (28.75%). In comparison, our projected forward average FCF margin (39.4%) is higher and more aligned with its 2023 FCF margin (43.56%). The improvement of the company’s FCF margin is mainly due to the rise in its EBIT margin as explained above from 2021 to 2023 (16.8%). Furthermore, another factor for the increase in FCF margins is due to its higher EBIT margins as explained above as well as lower capex intensity. From the table above, its capex % of revenue and fixed assets declined in 2023 and TTM to its lowest levels over the period which we believe is due to the lean operating business model of Nvidia as a fabless chipmaker with minimal capex requirements to support revenue growth, depending on foundry partners such as TSMC.Forward MarginsOverall, the reverse DCF model margins are lower compared to our projected margins in terms of both EBIT and FCF margins. The reverse DCF EBIT average forward margins (41.6%) are in line with the company’s historical 2021 margin levels, while our projected margins are closer to its 2023 margins. We believe our margin assumptions are more appropriate as the company’s EBIT margin has improved between 2021 to 2023 due to improved economies of scale with higher gross margins as well as its lower operating expenses including SG&A and R&D due to its business model depending on its established partner ecosystem for sales and its R&D activities as a chip designer. Furthermore, we expect its higher sales capacity and improved partner ecosystem and enhanced R&D capabilities to sustain its current margin levels going forward; thus we believe our forecasted margins to be more appropriate. Additionally, we highlighted the improved EBIT margins supporting its FCF, which bodes well for its FCF margins.Risk: Growth OutlookAmong the 3 factors analyzed, we believe our assumptions are appropriate compared to the reversed DCF model. However, we believe revenue growth could be a risk due to competitive factors as AMD is expected to release more details for its upcoming launch of its MI350X, and data center customers invest in their chip development which leads us to await further details on their performance capabilities to determine whether they could be formidable rivals to Nvidia. Based on our projections previously derived based on market growth and competitive factor for Nvidia, the competitive factor contributes 21% of growth for its Data Center segment. Further, Nvidia faces geopolitical risks such as in China with the imposition of sanctions on sales to Chinese chipmakers, which could affect its competitiveness in that market. China accounted for 17% of its total revenues in FY2024.ValuationKhaveen InvestmentsWe maintain the same assumption for our valuation from our previous analysis, as we have thoroughly justified the appropriateness in this analysis but with a lower discount rate of 13.5% (company’s WACC). This includes revenue growth (57.1%), EV/EBITDA based on US-only chipmakers (27.78x), average forward EBIT (56.2%), and FCF margin (39.4%) and derived an upside of 8.84%.VerdictWe believe our 5-year forward average revenue growth projections for Nvidia are appropriate, albeit slightly higher than our market-implied growth assumption (44.8% vs 41.2%), driven by the execution of its product roadmap with new products including Blackwell supporting its competitiveness. Furthermore, we believe Nvidia's strong partnerships with major cloud providers further could contribute to sustained growth. In terms of the terminal value, we believe our EV/EBITDA assumption of 27.78x, based on the US-only average for chipmakers, is more appropriate than the reverse DCF model-derived value, which aligns with the overall semiconductor average. The US-only average is the lowest compared to Logic Chipmaker, High Growth, and Nvidia's historical averages, making our assumption relatively conservative. Finally, we believe our higher margin projections compared to the reverse DCF are more appropriate, reflecting Nvidia's improved economies of scale, higher gross margins, and lower operating expenses. Also, we expect its higher sales capacity, robust partner ecosystem, and advanced R&D capabilities to sustain these margins and positively contribute to its robust FCFs. However, Nvidia’s share price has rocketed by 43% in the past month and 58% since our last coverage, meeting our price target while overtaking Apple and Microsoft as the most valuable company. Therefore, we believe its current valuation is appropriate, and we have updated our latest price target of $147.57 (14% higher than $129.71 previously mainly due to a lower discount rate) indicates limited upside in the near term of 8.84% based on our current conservative assumptions; thus we now downgrade it as a Hold.","news_type":1},"isVote":1,"tweetType":1,"viewCount":155,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":318583176986664,"gmtCreate":1718792858903,"gmtModify":1718792863519,"author":{"id":"3579424939309533","authorId":"3579424939309533","name":"DoNotPanic_SELL","avatar":"https://static.tigerbbs.com/cae30f73aec7d7c4da058fdc042b182f","crmLevel":8,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3579424939309533","authorIdStr":"3579424939309533"},"themes":[],"htmlText":"<a href=\"https://ttm.financial/S/EBON\">$Ebang International Holdings Inc.(EBON)$</a> can it go lower down ? The value is non existent&nbsp;","listText":"<a href=\"https://ttm.financial/S/EBON\">$Ebang International Holdings Inc.(EBON)$</a> can it go lower down ? The value is non existent&nbsp;","text":"$Ebang International Holdings Inc.(EBON)$ can it go lower down ? The value is non existent","images":[{"img":"https://community-static.tradeup.com/news/61c26b80d69873b027755e474b8e8e19","width":"1092","height":"1717"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/318583176986664","isVote":1,"tweetType":1,"viewCount":155,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":316807991312600,"gmtCreate":1718384744342,"gmtModify":1718384748390,"author":{"id":"3579424939309533","authorId":"3579424939309533","name":"DoNotPanic_SELL","avatar":"https://static.tigerbbs.com/cae30f73aec7d7c4da058fdc042b182f","crmLevel":8,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3579424939309533","authorIdStr":"3579424939309533"},"themes":[],"htmlText":"<a href=\"https://ttm.financial/S/DELL\">$Dell Technologies Inc.(DELL)$</a> price is in dead water. No doubt the split <a href=\"https://ttm.financial/S/NVDA\">$NVIDIA Corp(NVDA)$&nbsp;</a>beat the price of Dell.","listText":"<a href=\"https://ttm.financial/S/DELL\">$Dell Technologies Inc.(DELL)$</a> price is in dead water. No doubt the split <a href=\"https://ttm.financial/S/NVDA\">$NVIDIA Corp(NVDA)$&nbsp;</a>beat the price of Dell.","text":"$Dell Technologies Inc.(DELL)$ price is in dead water. No doubt the split $NVIDIA Corp(NVDA)$ beat the price of Dell.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/316807991312600","isVote":1,"tweetType":1,"viewCount":210,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":311603342336208,"gmtCreate":1717100905650,"gmtModify":1717100909431,"author":{"id":"3579424939309533","authorId":"3579424939309533","name":"DoNotPanic_SELL","avatar":"https://static.tigerbbs.com/cae30f73aec7d7c4da058fdc042b182f","crmLevel":8,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3579424939309533","authorIdStr":"3579424939309533"},"themes":[],"htmlText":"<a href=\"https://ttm.financial/S/DELL\">$Dell Technologies Inc.(DELL)$</a> Is a total disaster which was hinted by today stock performace. Ai hype is very likely a bubble after all.","listText":"<a href=\"https://ttm.financial/S/DELL\">$Dell Technologies Inc.(DELL)$</a> Is a total disaster which was hinted by today stock performace. Ai hype is very likely a bubble after all.","text":"$Dell Technologies Inc.(DELL)$ Is a total disaster which was hinted by today stock performace. Ai hype is very likely a bubble after all.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/311603342336208","isVote":1,"tweetType":1,"viewCount":363,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":311507674738712,"gmtCreate":1717077522797,"gmtModify":1717077528116,"author":{"id":"3579424939309533","authorId":"3579424939309533","name":"DoNotPanic_SELL","avatar":"https://static.tigerbbs.com/cae30f73aec7d7c4da058fdc042b182f","crmLevel":8,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3579424939309533","authorIdStr":"3579424939309533"},"themes":[],"htmlText":"<a href=\"https://ttm.financial/S/DELL\">$Dell Technologies Inc.(DELL)$</a> Only a spike of hype that relate to nvidia, seem like the mass is not buying for the fact that Dell is outperforming other computers makers","listText":"<a href=\"https://ttm.financial/S/DELL\">$Dell Technologies Inc.(DELL)$</a> Only a spike of hype that relate to nvidia, seem like the mass is not buying for the fact that Dell is outperforming other computers makers","text":"$Dell Technologies Inc.(DELL)$ Only a spike of hype that relate to nvidia, seem like the mass is not buying for the fact that Dell is outperforming other computers makers","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/311507674738712","isVote":1,"tweetType":1,"viewCount":2529,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":303038827376808,"gmtCreate":1715019611806,"gmtModify":1715019617128,"author":{"id":"3579424939309533","authorId":"3579424939309533","name":"DoNotPanic_SELL","avatar":"https://static.tigerbbs.com/cae30f73aec7d7c4da058fdc042b182f","crmLevel":8,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3579424939309533","authorIdStr":"3579424939309533"},"themes":[],"htmlText":"<a href=\"https://ttm.financial/S/DIS\">$Walt Disney(DIS)$&nbsp;</a><v-v data-views=\"1\"></v-v> Let's go. Walt disney seem to have a stable grow in term of their streaming services.&nbsp;","listText":"<a href=\"https://ttm.financial/S/DIS\">$Walt Disney(DIS)$&nbsp;</a><v-v data-views=\"1\"></v-v> Let's go. Walt disney seem to have a stable grow in term of their streaming services.&nbsp;","text":"$Walt Disney(DIS)$ Let's go. Walt disney seem to have a stable grow in term of their streaming services.","images":[{"img":"https://community-static.tradeup.com/news/3747327a101f8817be2b7b9af9270f84","width":"1092","height":"1717"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/303038827376808","isVote":1,"tweetType":1,"viewCount":139,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":819160049,"gmtCreate":1630045330581,"gmtModify":1676530209382,"author":{"id":"3579424939309533","authorId":"3579424939309533","name":"DoNotPanic_SELL","avatar":"https://static.tigerbbs.com/cae30f73aec7d7c4da058fdc042b182f","crmLevel":8,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3579424939309533","authorIdStr":"3579424939309533"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/MCFE\">$McAfee Corp.(MCFE)$</a>Only 3usd per stock instead of 4.5usd. Perhaps taxes got in the way. Cannot understand at all. Really a crap stock","listText":"<a href=\"https://laohu8.com/S/MCFE\">$McAfee Corp.(MCFE)$</a>Only 3usd per stock instead of 4.5usd. Perhaps taxes got in the way. Cannot understand at all. Really a crap stock","text":"$McAfee Corp.(MCFE)$Only 3usd per stock instead of 4.5usd. Perhaps taxes got in the way. Cannot understand at all. Really a crap stock","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":2,"repostSize":0,"link":"https://ttm.financial/post/819160049","isVote":1,"tweetType":1,"viewCount":630,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":895249874,"gmtCreate":1628751030698,"gmtModify":1676529842306,"author":{"id":"3579424939309533","authorId":"3579424939309533","name":"DoNotPanic_SELL","avatar":"https://static.tigerbbs.com/cae30f73aec7d7c4da058fdc042b182f","crmLevel":8,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3579424939309533","authorIdStr":"3579424939309533"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/MCFE\">$McAfee Corp.(MCFE)$</a>i am bad in math. Please help&nbsp;","listText":"<a href=\"https://laohu8.com/S/MCFE\">$McAfee Corp.(MCFE)$</a>i am bad in math. Please help&nbsp;","text":"$McAfee Corp.(MCFE)$i am bad in math. Please help","images":[{"img":"https://static.tigerbbs.com/2a00f45f0b3284acbc0507da40445955","width":"1284","height":"2223"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/895249874","isVote":1,"tweetType":1,"viewCount":699,"authorTweetTopStatus":1,"verified":2,"comments":[{"author":{"id":"3575549636304964","authorId":"3575549636304964","name":"Mythz","avatar":"https://community-static.tradeup.com/news/b3687cf317c2983638aa7f320098b14b","crmLevel":6,"crmLevelSwitch":0,"idStr":"3575549636304964","authorIdStr":"3575549636304964"},"content":"If you take a look at your P/L, you will see that the loss is inclusive of the dividend amount. Later the market will reflect the actual amount.","text":"If you take a look at your P/L, you will see that the loss is inclusive of the dividend amount. Later the market will reflect the actual amount.","html":"If you take a look at your P/L, you will see that the loss is inclusive of the dividend amount. Later the market will reflect the actual amount."}],"imageCount":1,"langContent":"EN","totalScore":0},{"id":122050571,"gmtCreate":1624589384993,"gmtModify":1703841140841,"author":{"id":"3579424939309533","authorId":"3579424939309533","name":"DoNotPanic_SELL","avatar":"https://static.tigerbbs.com/cae30f73aec7d7c4da058fdc042b182f","crmLevel":8,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3579424939309533","authorIdStr":"3579424939309533"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/BABA\">$Alibaba(BABA)$</a>up and up please","listText":"<a href=\"https://laohu8.com/S/BABA\">$Alibaba(BABA)$</a>up and up please","text":"$Alibaba(BABA)$up and up please","images":[{"img":"https://static.tigerbbs.com/f950be7d3b86deeb028912092e3098e6","width":"1284","height":"2223"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/122050571","isVote":1,"tweetType":1,"viewCount":264,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":128887092,"gmtCreate":1624510271016,"gmtModify":1703838839417,"author":{"id":"3579424939309533","authorId":"3579424939309533","name":"DoNotPanic_SELL","avatar":"https://static.tigerbbs.com/cae30f73aec7d7c4da058fdc042b182f","crmLevel":8,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3579424939309533","authorIdStr":"3579424939309533"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/TSLA\">$Tesla Motors(TSLA)$</a>To mars we ride","listText":"<a href=\"https://laohu8.com/S/TSLA\">$Tesla Motors(TSLA)$</a>To mars we ride","text":"$Tesla Motors(TSLA)$To mars we ride","images":[{"img":"https://static.tigerbbs.com/55e3a2da6e269ec4985c0871e6fc362b","width":"1284","height":"2223"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/128887092","isVote":1,"tweetType":1,"viewCount":386,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":128884335,"gmtCreate":1624510249927,"gmtModify":1703838837779,"author":{"id":"3579424939309533","authorId":"3579424939309533","name":"DoNotPanic_SELL","avatar":"https://static.tigerbbs.com/cae30f73aec7d7c4da058fdc042b182f","crmLevel":8,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3579424939309533","authorIdStr":"3579424939309533"},"themes":[],"htmlText":"Tesla to the mars","listText":"Tesla to the mars","text":"Tesla to the mars","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/128884335","repostId":"2145156570","repostType":4,"repost":{"id":"2145156570","weMediaInfo":{"introduction":"Reuters.com brings you the latest news from around the world, covering breaking news in markets, business, politics, entertainment and technology","home_visible":1,"media_name":"Reuters","id":"1036604489","head_image":"https://static.tigerbbs.com/443ce19704621c837795676028cec868"},"pubTimestamp":1624489510,"share":"https://ttm.financial/m/news/2145156570?lang=&edition=fundamental","pubTime":"2021-06-24 07:05","market":"us","language":"en","title":"Tesla lifts Nasdaq to record-high close, S&P 500 dips","url":"https://stock-news.laohu8.com/highlight/detail?id=2145156570","media":"Reuters","summary":"June 23  - The Nasdaq climbed to a record-high close on Wednesday, fueled by a rally in Tesla Inc , while the S&P 500 dipped, even as investors cheered data that showed a record peak for U.S. factory activity in June.Gains in Nvidia Corp and $Facebook$ Inc extended a recent rebound in top-shelf growth stocks that fell out of favor in recent months as investors focused on companies expected to do well as the economy recovers from the pandemic.Data firm IHS $Markit$ said its flash U.S. manufacturi","content":"<p>June 23 (Reuters) - The Nasdaq climbed to a record-high close on Wednesday, fueled by a rally in Tesla Inc , while the S&amp;P 500 dipped, even as investors cheered data that showed a record peak for U.S. factory activity in June.</p>\n<p>Gains in Nvidia Corp and <a href=\"https://laohu8.com/S/FB\">Facebook</a> Inc extended a recent rebound in top-shelf growth stocks that fell out of favor in recent months as investors focused on companies expected to do well as the economy recovers from the pandemic.</p>\n<p>Data firm IHS <a href=\"https://laohu8.com/S/MRKT\">Markit</a> said its flash U.S. manufacturing Purchasing Managers' Index rose to a reading of 62.6 this month, beating estimates of 61.5, but manufacturers are still struggling to secure raw materials and qualified workers, substantially raising prices.</p>\n<p>The \"high level of today's surveys will provide some confirmation for the Fed that the time to begin taking its foot off the accelerator is not far away,\" said Jai Malhi, global market strategist at J.P. Morgan Asset Management.</p>\n<p>On Tuesday, Fed Chair Jerome Powell reaffirmed the central bank's intent not to raise interest rates too quickly, based only on the fear of coming inflation.</p>\n<p>Powell's comments follow the Fed's projection a week ago of an increase in interest rates as soon as 2023, sooner than anticipated. Since then, growth stocks, including major tech names like Tesla and Nvidia, have mostly rallied and outperformed value stocks, like banks and materials companies.</p>\n<p>\"People are plowing money into what has worked. People are basically momentum-chasing and they're using the last three years of performance to figure out what to chase,\" said Mike Zigmont, head of trading and research at Harvest Volatility Management in New York.</p>\n<p>Eight of the 11 major S&amp;P sector indexes fell, with utilities down about 1% and leading the way lower, followed by a 0.6% dip in materials .</p>\n<p>Tesla jumped 5.3% after the electric vehicle maker said it had opened a solar-powered charging station with on-site power storage in the Tibetan capital Lhasa, its first such facility in China. That trimmed the stock's loss in 2021 to about 7%.</p>\n<p>Extending investors' recent preference for growth stocks, the S&amp;P 500 growth index edged up 0.01%, while the value index dipped 0.24%.</p>\n<p>The Dow Jones Industrial Average fell 0.21% to end at 33,874.24 points, while the S&amp;P 500 lost 0.11% to 4,241.84.</p>\n<p>The Nasdaq Composite climbed 0.13% to 14,271.73.</p>\n<p>The S&amp;P 500 has gained about 13% in 2021, while the Nasdaq and Dow are up about 11%.</p>\n<p>Nikola Corp rallied 4.3% after the electric and hydrogen vehicle maker said it is investing $50 million in Wabash Valley Resources LLC to produce clean hydrogen in the U.S. Midwest for its zero-emission trucks.</p>\n<p>Among so-called meme stocks, software firm Alfi Inc tumbled 26% after more than doubling in value in the prior session, while <a href=\"https://laohu8.com/S/TRCH\">Torchlight Energy Resources Inc</a> slumped 30%, tumbling for a second day after announcing an upsized stock offering.</p>\n<p>Advancing issues outnumbered declining ones on the NYSE by a 1.14-to-1 ratio; on Nasdaq, a 1.42-to-1 ratio favored advancers.</p>\n<p>The S&amp;P 500 posted 33 new 52-week highs and no new lows; the Nasdaq Composite recorded 91 new highs and 28 new lows.</p>\n<p>Volume on U.S. exchanges was 9.3 billion shares, compared with the 11.1 billion average over the last 20 trading days.</p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Tesla lifts Nasdaq to record-high close, S&P 500 dips</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\">\nTesla lifts Nasdaq to record-high close, S&P 500 dips\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1036604489\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/443ce19704621c837795676028cec868);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Reuters </p>\n<p class=\"h-time\">2021-06-24 07:05</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<p>June 23 (Reuters) - The Nasdaq climbed to a record-high close on Wednesday, fueled by a rally in Tesla Inc , while the S&amp;P 500 dipped, even as investors cheered data that showed a record peak for U.S. factory activity in June.</p>\n<p>Gains in Nvidia Corp and <a href=\"https://laohu8.com/S/FB\">Facebook</a> Inc extended a recent rebound in top-shelf growth stocks that fell out of favor in recent months as investors focused on companies expected to do well as the economy recovers from the pandemic.</p>\n<p>Data firm IHS <a href=\"https://laohu8.com/S/MRKT\">Markit</a> said its flash U.S. manufacturing Purchasing Managers' Index rose to a reading of 62.6 this month, beating estimates of 61.5, but manufacturers are still struggling to secure raw materials and qualified workers, substantially raising prices.</p>\n<p>The \"high level of today's surveys will provide some confirmation for the Fed that the time to begin taking its foot off the accelerator is not far away,\" said Jai Malhi, global market strategist at J.P. Morgan Asset Management.</p>\n<p>On Tuesday, Fed Chair Jerome Powell reaffirmed the central bank's intent not to raise interest rates too quickly, based only on the fear of coming inflation.</p>\n<p>Powell's comments follow the Fed's projection a week ago of an increase in interest rates as soon as 2023, sooner than anticipated. Since then, growth stocks, including major tech names like Tesla and Nvidia, have mostly rallied and outperformed value stocks, like banks and materials companies.</p>\n<p>\"People are plowing money into what has worked. People are basically momentum-chasing and they're using the last three years of performance to figure out what to chase,\" said Mike Zigmont, head of trading and research at Harvest Volatility Management in New York.</p>\n<p>Eight of the 11 major S&amp;P sector indexes fell, with utilities down about 1% and leading the way lower, followed by a 0.6% dip in materials .</p>\n<p>Tesla jumped 5.3% after the electric vehicle maker said it had opened a solar-powered charging station with on-site power storage in the Tibetan capital Lhasa, its first such facility in China. That trimmed the stock's loss in 2021 to about 7%.</p>\n<p>Extending investors' recent preference for growth stocks, the S&amp;P 500 growth index edged up 0.01%, while the value index dipped 0.24%.</p>\n<p>The Dow Jones Industrial Average fell 0.21% to end at 33,874.24 points, while the S&amp;P 500 lost 0.11% to 4,241.84.</p>\n<p>The Nasdaq Composite climbed 0.13% to 14,271.73.</p>\n<p>The S&amp;P 500 has gained about 13% in 2021, while the Nasdaq and Dow are up about 11%.</p>\n<p>Nikola Corp rallied 4.3% after the electric and hydrogen vehicle maker said it is investing $50 million in Wabash Valley Resources LLC to produce clean hydrogen in the U.S. Midwest for its zero-emission trucks.</p>\n<p>Among so-called meme stocks, software firm Alfi Inc tumbled 26% after more than doubling in value in the prior session, while <a href=\"https://laohu8.com/S/TRCH\">Torchlight Energy Resources Inc</a> slumped 30%, tumbling for a second day after announcing an upsized stock offering.</p>\n<p>Advancing issues outnumbered declining ones on the NYSE by a 1.14-to-1 ratio; on Nasdaq, a 1.42-to-1 ratio favored advancers.</p>\n<p>The S&amp;P 500 posted 33 new 52-week highs and no new lows; the Nasdaq Composite recorded 91 new highs and 28 new lows.</p>\n<p>Volume on U.S. exchanges was 9.3 billion shares, compared with the 11.1 billion average over the last 20 trading days.</p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"INFO":"Harbor PanAgora Dynamic Large Cap Core ETF","NKLA":"Nikola Corporation",".SPX":"S&P 500 Index","IVV":"标普500指数ETF","TSLA":"特斯拉","NDAQ":"纳斯达克OMX交易所","UPRO":"三倍做多标普500ETF",".DJI":"道琼斯","NVDA":"英伟达",".IXIC":"NASDAQ Composite"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2145156570","content_text":"June 23 (Reuters) - The Nasdaq climbed to a record-high close on Wednesday, fueled by a rally in Tesla Inc , while the S&P 500 dipped, even as investors cheered data that showed a record peak for U.S. factory activity in June.\nGains in Nvidia Corp and Facebook Inc extended a recent rebound in top-shelf growth stocks that fell out of favor in recent months as investors focused on companies expected to do well as the economy recovers from the pandemic.\nData firm IHS Markit said its flash U.S. manufacturing Purchasing Managers' Index rose to a reading of 62.6 this month, beating estimates of 61.5, but manufacturers are still struggling to secure raw materials and qualified workers, substantially raising prices.\nThe \"high level of today's surveys will provide some confirmation for the Fed that the time to begin taking its foot off the accelerator is not far away,\" said Jai Malhi, global market strategist at J.P. Morgan Asset Management.\nOn Tuesday, Fed Chair Jerome Powell reaffirmed the central bank's intent not to raise interest rates too quickly, based only on the fear of coming inflation.\nPowell's comments follow the Fed's projection a week ago of an increase in interest rates as soon as 2023, sooner than anticipated. Since then, growth stocks, including major tech names like Tesla and Nvidia, have mostly rallied and outperformed value stocks, like banks and materials companies.\n\"People are plowing money into what has worked. People are basically momentum-chasing and they're using the last three years of performance to figure out what to chase,\" said Mike Zigmont, head of trading and research at Harvest Volatility Management in New York.\nEight of the 11 major S&P sector indexes fell, with utilities down about 1% and leading the way lower, followed by a 0.6% dip in materials .\nTesla jumped 5.3% after the electric vehicle maker said it had opened a solar-powered charging station with on-site power storage in the Tibetan capital Lhasa, its first such facility in China. That trimmed the stock's loss in 2021 to about 7%.\nExtending investors' recent preference for growth stocks, the S&P 500 growth index edged up 0.01%, while the value index dipped 0.24%.\nThe Dow Jones Industrial Average fell 0.21% to end at 33,874.24 points, while the S&P 500 lost 0.11% to 4,241.84.\nThe Nasdaq Composite climbed 0.13% to 14,271.73.\nThe S&P 500 has gained about 13% in 2021, while the Nasdaq and Dow are up about 11%.\nNikola Corp rallied 4.3% after the electric and hydrogen vehicle maker said it is investing $50 million in Wabash Valley Resources LLC to produce clean hydrogen in the U.S. Midwest for its zero-emission trucks.\nAmong so-called meme stocks, software firm Alfi Inc tumbled 26% after more than doubling in value in the prior session, while Torchlight Energy Resources Inc slumped 30%, tumbling for a second day after announcing an upsized stock offering.\nAdvancing issues outnumbered declining ones on the NYSE by a 1.14-to-1 ratio; on Nasdaq, a 1.42-to-1 ratio favored advancers.\nThe S&P 500 posted 33 new 52-week highs and no new lows; the Nasdaq Composite recorded 91 new highs and 28 new lows.\nVolume on U.S. exchanges was 9.3 billion shares, compared with the 11.1 billion average over the last 20 trading days.","news_type":1},"isVote":1,"tweetType":1,"viewCount":375,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":128885336,"gmtCreate":1624510224425,"gmtModify":1703838836133,"author":{"id":"3579424939309533","authorId":"3579424939309533","name":"DoNotPanic_SELL","avatar":"https://static.tigerbbs.com/cae30f73aec7d7c4da058fdc042b182f","crmLevel":8,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3579424939309533","authorIdStr":"3579424939309533"},"themes":[],"htmlText":"best buy","listText":"best buy","text":"best buy","images":[{"img":"https://static.tigerbbs.com/db05afd98f418cce20eafed915359045","width":"1125","height":"3213"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/128885336","isVote":1,"tweetType":1,"viewCount":193,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":123627750,"gmtCreate":1624421989970,"gmtModify":1703836182842,"author":{"id":"3579424939309533","authorId":"3579424939309533","name":"DoNotPanic_SELL","avatar":"https://static.tigerbbs.com/cae30f73aec7d7c4da058fdc042b182f","crmLevel":8,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3579424939309533","authorIdStr":"3579424939309533"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/WISH\">$ContextLogic Inc.(WISH)$</a>Dun stop","listText":"<a href=\"https://laohu8.com/S/WISH\">$ContextLogic Inc.(WISH)$</a>Dun stop","text":"$ContextLogic Inc.(WISH)$Dun stop","images":[{"img":"https://static.tigerbbs.com/769710800c10b14116178a5c3b095d8b","width":"1284","height":"2223"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/123627750","isVote":1,"tweetType":1,"viewCount":323,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":123624720,"gmtCreate":1624421946060,"gmtModify":1703836181384,"author":{"id":"3579424939309533","authorId":"3579424939309533","name":"DoNotPanic_SELL","avatar":"https://static.tigerbbs.com/cae30f73aec7d7c4da058fdc042b182f","crmLevel":8,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3579424939309533","authorIdStr":"3579424939309533"},"themes":[],"htmlText":"Going to the sky","listText":"Going to the sky","text":"Going to the sky","images":[{"img":"https://static.tigerbbs.com/dddd3118dfbf281dc705be3aa4d7d38a","width":"1125","height":"3213"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/123624720","isVote":1,"tweetType":1,"viewCount":301,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":120502391,"gmtCreate":1624326608513,"gmtModify":1703833546422,"author":{"id":"3579424939309533","authorId":"3579424939309533","name":"DoNotPanic_SELL","avatar":"https://static.tigerbbs.com/cae30f73aec7d7c4da058fdc042b182f","crmLevel":8,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3579424939309533","authorIdStr":"3579424939309533"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/WISH\">$ContextLogic Inc.(WISH)$</a>Moon gang","listText":"<a href=\"https://laohu8.com/S/WISH\">$ContextLogic Inc.(WISH)$</a>Moon gang","text":"$ContextLogic Inc.(WISH)$Moon gang","images":[{"img":"https://static.tigerbbs.com/b0aaaaca8ce79577a4709d74090a3c60","width":"1284","height":"2223"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/120502391","isVote":1,"tweetType":1,"viewCount":353,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0}],"hots":[{"id":819160049,"gmtCreate":1630045330581,"gmtModify":1676530209382,"author":{"id":"3579424939309533","authorId":"3579424939309533","name":"DoNotPanic_SELL","avatar":"https://static.tigerbbs.com/cae30f73aec7d7c4da058fdc042b182f","crmLevel":8,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3579424939309533","authorIdStr":"3579424939309533"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/MCFE\">$McAfee Corp.(MCFE)$</a>Only 3usd per stock instead of 4.5usd. Perhaps taxes got in the way. Cannot understand at all. Really a crap stock","listText":"<a href=\"https://laohu8.com/S/MCFE\">$McAfee Corp.(MCFE)$</a>Only 3usd per stock instead of 4.5usd. Perhaps taxes got in the way. Cannot understand at all. Really a crap stock","text":"$McAfee Corp.(MCFE)$Only 3usd per stock instead of 4.5usd. Perhaps taxes got in the way. Cannot understand at all. Really a crap stock","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":2,"repostSize":0,"link":"https://ttm.financial/post/819160049","isVote":1,"tweetType":1,"viewCount":630,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":184792715,"gmtCreate":1623723982037,"gmtModify":1704209636079,"author":{"id":"3579424939309533","authorId":"3579424939309533","name":"DoNotPanic_SELL","avatar":"https://static.tigerbbs.com/cae30f73aec7d7c4da058fdc042b182f","crmLevel":8,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3579424939309533","authorIdStr":"3579424939309533"},"themes":[],"htmlText":"Futuree is always fill with&nbsp;uncertainty&nbsp;","listText":"Futuree is always fill with&nbsp;uncertainty&nbsp;","text":"Futuree is always fill with uncertainty","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/184792715","repostId":"1140305126","repostType":4,"repost":{"id":"1140305126","pubTimestamp":1623722258,"share":"https://ttm.financial/m/news/1140305126?lang=&edition=fundamental","pubTime":"2021-06-15 09:57","market":"us","language":"en","title":"NIO: One EV Company To Rule Them All","url":"https://stock-news.laohu8.com/highlight/detail?id=1140305126","media":"seekingalpha","summary":"NIO has unique characteristics that make it a superior player in the EV sector.The company could find new avenues of monetization through BaaS and software licensing.NIO commands high valuation multiples and should continue to do so in the future. My price target for NIO is $174 by 2023-24.Having said this, charging stations today are for the most part unprofitable. But these work a bit different from NIO’s BaaS system. A big problem with regular charging stations is that their cost of electrici","content":"<p><b>Summary</b></p>\n<ul>\n <li>NIO has unique characteristics that make it a superior player in the EV sector.</li>\n <li>The company could find new avenues of monetization through BaaS and software licensing.</li>\n <li>NIO commands high valuation multiples and should continue to do so in the future. My price target for NIO is $174 by 2023-24.</li>\n</ul>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/e73b2f5c2c6359610a15264530773421\" tg-width=\"768\" tg-height=\"461\"><span>Eoneren/E+ via Getty ImagesThesis Summary</span></p>\n<p>NIO Inc.,(NYSE:NIO)is a fast-growing Chinese EV company with some very unique characteristics. Despite its youth and relatively small size in terms of global EV sales, NIO looks like it could one day be one of the most relevant companies in the EV sector. NIO is much more than just an EV car manufacturer, as it is also one of the most innovative companies in the space. Revolutions in charging technology and proprietary software should help NIO establish a moat, a unique selling point and can potentially create new revenue sources.</p>\n<p><b>BaaS: Another Layer of Revenue</b></p>\n<p>I have already talked extensively about NIO’s core business in previous articles. Today, I’d like to start by focusing on the implications behind one NIO’s signature characteristic: Battery-as-a-Service. (BaaS)</p>\n<p>Granted, many articles have already covered this topic too. Normally though, these focus on BaaS vs regular charging, or how BaaS technology can make NIO cars more appealing. However, in this section, I am focusing on the implications BaaS can have on NIO’s revenue, as a completely separate business, which it could one day be.</p>\n<p>NIO’s BaaS offerings have come a very long way since the company first initiated this idea. In April, the company&nbsp;reached a deal&nbsp;with Sinopec Shanghai Petrochemical Company Limited(NYSE:SHI)to create a vast network of battery swap stations. NIO aims to have over 5000 stations by 2024. Furthermore, the latest iteration of the BaaS charging system allows car-owners to swap the battery for a fully charged one in minutes and without even needing to exit their car. BaaS is the fastest way to achieve the level of convenience we have when refueling traditional gas cars, and it may perhaps be the only way.</p>\n<p>So, the question is; Can NIO monetize its BaaS, and if so how would this look? The short answer to this question is yes. Ford Motors, Inc(NYSE:F)has already entered a deal with NIO to&nbsp;make use of NIO’s charging infrastructure.</p>\n<p>Having said this, charging stations today are&nbsp;for the most part&nbsp;unprofitable. But these work a bit different from NIO’s BaaS system. A big problem with regular charging stations is that their cost of electricity is much higher than what you would pay if you charged your car at home during the night. BaaS, however, works around this, since the replacement batteries could be charged anywhere. On top of that, what we do know is that NIO will stand to benefit a lot more from this line of business thanks to government subsidies. It has been openly stated by the CCP that China is moving away from consumer-focused subsidies, in favour of&nbsp;infrastructure based subsidies.</p>\n<p>It’s still early days, but if BaaS takes off, and other producers focus on this model, NIO could stand to gain a lot from this by being a source of infrastructure and technology. For example, NIO could play a key role in providing the necessary charging infrastructure for Europe, a market which it is just recently entering.</p>\n<p><b>NIO: Monetizing knowledge</b></p>\n<p>The other key area where NIO excels, and many may not realize it, is technology and knowledge. Let’s make this clear with some numbers.</p>\n<p>According to data from Tencent Tech, NIO has 2768 patents in China, 204 in Europe and 193 patents in the United States. 1208 of the patents held in China are “innovation patents”. This is a significant fact, because “innovation patents” as classified by the Chinese are the ones whose content can be considered “groundbreaking”. To put these numbers into perspective, NIO holds&nbsp;more patents than rivals&nbsp;like Li Auto Inc.(NASDAQ:LI)and Xpeng Inc [XVEP].</p>\n<p>Diving deeper into these patents, we can see that most of these patents are related to the above-mentioned battery swap technology. Another hot topic of research today is autonomous driving. In this field, NIO has 47 patents, 64% of which are still pending. This is quite a small number if we compare it to Baidu, Inc(NASDAQ:BIDU), which boasts 632 patents. Lastly, I will note that I think one of the most successful areas where NIO is innovating is in terms of design and user interface/software. For example, the NIO ET7 features an `intelligent&nbsp;cockpit”, which is powered by NOMI, NIO’s artificial intelligence.</p>\n<p>What I am trying to say is that perhaps what some see as NIO’s weakness, could be one of its biggest strengths. Many analysts seem to have a problem with the fact that NIO doesn’t make its cars, but this aspect of the car business is becoming less and less relevant. The CEO of NVIDIA Corporation(NASDAQ:NVDA)&nbsp;has been quoted&nbsp;as saying that by 2025, cars will be sold at cost price, and it will be software sales that will provide these manufacturers revenue.</p>\n<p>It seems like the traditional car is going the way of smartphones. Putting together the components is perhaps the least important of the value-adding activities here. What’s most relevant is the operating system and the value of the brand. NIO shines in both of these areas, and this is perhaps another way in which we could say&nbsp;NIO is quite similar&nbsp;to Apple Inc(NASDAQ:AAPL).</p>\n<p><b>Valuation</b></p>\n<p>I believe the above are two strong points that highlight that NIO has potential way beyond the production of cars. Having said this, it is very hard to quantify how these advancements in innovation will change NIO’s revenues and profitability in the future. What I propose here is a valuation where we value NIO at its most basic level, through revenues achieved from car sales. However, I will defend that the P/S multiple will remain much higher than that of its “peers” given the reasons stated above.</p>\n<p>Now, let’s start with revenues and sales. At its most core level, we can predict NIO’s revenues by looking at how many cars it will produce in the next few years, and we have a good idea of what this could be. Recently, NIO renewed its&nbsp;manufacturing agreement&nbsp;with Jianghuai Automobile Group [JAC]. Supposedly, the company will be doubling its production capacity to around 240.000 units per year, at least until May 2024.</p>\n<p>Therefore, a very simple forecast of NIO’s revenues could be made based on this simple production fact. In the next 3 years, NIO will have the capacity to produce 720.000 new cars. Will they be able to sell them all? In 2020, NIO sold 43,728 vehicles. Forwards growth estimates have NIO doubling in revenue in the next year, which, assuming all revenues come from car sales and the price stays the same, would mean selling 87.456 units. If we pulled back growth to around 80% for 2022 and 50% for 2023, we would have corresponding sales of 157,420 and 236,132. This kind of growth is close to&nbsp;current estimates, and fits in quite nicely with NIO’s plans, since it seems like, by the end of this period, when the manufacturing agreement ends, NIO would be selling at near full capacity. The important point I am trying to make here is that given this recent deal, investors should not be worried about NIO’s production constraints. Furthermore, it doesn’t seem like NIO will struggle from the demand side, especially as it plans to enter the&nbsp;European EV market.</p>\n<p>Now, the second point I will argue in this valuation, is that, given the changes in how the EV sector is shaping up, we should not apply industry multiples to a stock like NIO. In my&nbsp;previous article on the company, I did this and forecasted a price for 2030 of up to $400/share. However, a case can be made that NIO should command a premium in valuation. This is because the company is, quite literally, not making cars. Rather, it’s developing a brand, proprietary technology and also changing how we think about charging.</p>\n<p>Creating batteries for cars is a business in and of itself. A successful company in this sector is Contemporary Amperex Technology [CATL]. According to&nbsp;data from Market Screener,this company has an operating margin of 13%, grew revenues by 250% last year and trades at a P/E of 114 and a P/S of around 25.</p>\n<p>On the other hand, as car manufacturers begin to focus on delivering cars with an integrated operating system and software, we may see company’s like NIO trade at valuation multiples more in line with that of SaaS companies. Companies that sell software, like Adobe, Inc.(NASDAQ:ADBE)or Salesforce.com(NYSE:CRM)trade at P/S multiples of 15-20.</p>\n<p>If NIO were to sell 236,132 cars in 2023-2024 at an average price of $57,000, it would bring in $13,440 million in revenue. Assuming no dilution, this would imply roughly $10.25 of revenue/share. Given the fact that NIO could also begin to monetize its BaaS offerings, and that the company could even license its software and technology to other players, I feel like today’s P/S of 17 should be maintained, if not expanded. Growth may slow down, but we have to put a value on the assets NIO has in the form of patents and technology.</p>\n<p>In conclusion, my price target for NIO would be $174/share by the end of 2023.</p>\n<p><b>Risks</b></p>\n<p>Having said this, there are some potential risks that the company faces in today’s environment. Firstly, and even though I see this mostly as a strength, not having its own manufacturing facilities can be seen as a disadvantage. If push comes to shove, JAC could refuse to honour their manufacturing contract, though I am sure this would be expensive.</p>\n<p>On another note, it is still not clear how widely adopted BaaS technology will be. Traditional charging spots are getting more advanced and, thanks to renewable sources of energy, such as solar, these charging stations could soon provide much more competitive charging rates. Clearly, NIO will have to partner up with other manufacturers to make BaaS a worldwide reality.</p>\n<p>Lastly, it is worth mentioning that, despite the high growth and improving profitability, it is very much on the cards to see further shareholder dilution, something which the valuation above did not account for.</p>\n<p><b>Takeaway</b></p>\n<p>NIO’s success over the last few years will ultimately be what makes the company successful in the future. NIO has found a way to innovate left, right and centre. It has changed the concept of charging through BaaS. It has also executed this innovation by building battery swap stations that are incredibly fast. It has innovated in terms of software and style, and I do not doubt that the company will continue to do so in the future. Ultimately, NIO is much more than an EV manufacturer and should be valued as such.</p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>NIO: One EV Company To Rule Them All</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\">\nNIO: One EV Company To Rule Them All\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-06-15 09:57 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://seekingalpha.com/article/4434788-nio-one-ev-company-to-rule-them-all><strong>seekingalpha</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Summary\n\nNIO has unique characteristics that make it a superior player in the EV sector.\nThe company could find new avenues of monetization through BaaS and software licensing.\nNIO commands high ...</p>\n\n<a href=\"https://seekingalpha.com/article/4434788-nio-one-ev-company-to-rule-them-all\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"NIO":"蔚来"},"source_url":"https://seekingalpha.com/article/4434788-nio-one-ev-company-to-rule-them-all","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1140305126","content_text":"Summary\n\nNIO has unique characteristics that make it a superior player in the EV sector.\nThe company could find new avenues of monetization through BaaS and software licensing.\nNIO commands high valuation multiples and should continue to do so in the future. My price target for NIO is $174 by 2023-24.\n\nEoneren/E+ via Getty ImagesThesis Summary\nNIO Inc.,(NYSE:NIO)is a fast-growing Chinese EV company with some very unique characteristics. Despite its youth and relatively small size in terms of global EV sales, NIO looks like it could one day be one of the most relevant companies in the EV sector. NIO is much more than just an EV car manufacturer, as it is also one of the most innovative companies in the space. Revolutions in charging technology and proprietary software should help NIO establish a moat, a unique selling point and can potentially create new revenue sources.\nBaaS: Another Layer of Revenue\nI have already talked extensively about NIO’s core business in previous articles. Today, I’d like to start by focusing on the implications behind one NIO’s signature characteristic: Battery-as-a-Service. (BaaS)\nGranted, many articles have already covered this topic too. Normally though, these focus on BaaS vs regular charging, or how BaaS technology can make NIO cars more appealing. However, in this section, I am focusing on the implications BaaS can have on NIO’s revenue, as a completely separate business, which it could one day be.\nNIO’s BaaS offerings have come a very long way since the company first initiated this idea. In April, the company reached a deal with Sinopec Shanghai Petrochemical Company Limited(NYSE:SHI)to create a vast network of battery swap stations. NIO aims to have over 5000 stations by 2024. Furthermore, the latest iteration of the BaaS charging system allows car-owners to swap the battery for a fully charged one in minutes and without even needing to exit their car. BaaS is the fastest way to achieve the level of convenience we have when refueling traditional gas cars, and it may perhaps be the only way.\nSo, the question is; Can NIO monetize its BaaS, and if so how would this look? The short answer to this question is yes. Ford Motors, Inc(NYSE:F)has already entered a deal with NIO to make use of NIO’s charging infrastructure.\nHaving said this, charging stations today are for the most part unprofitable. But these work a bit different from NIO’s BaaS system. A big problem with regular charging stations is that their cost of electricity is much higher than what you would pay if you charged your car at home during the night. BaaS, however, works around this, since the replacement batteries could be charged anywhere. On top of that, what we do know is that NIO will stand to benefit a lot more from this line of business thanks to government subsidies. It has been openly stated by the CCP that China is moving away from consumer-focused subsidies, in favour of infrastructure based subsidies.\nIt’s still early days, but if BaaS takes off, and other producers focus on this model, NIO could stand to gain a lot from this by being a source of infrastructure and technology. For example, NIO could play a key role in providing the necessary charging infrastructure for Europe, a market which it is just recently entering.\nNIO: Monetizing knowledge\nThe other key area where NIO excels, and many may not realize it, is technology and knowledge. Let’s make this clear with some numbers.\nAccording to data from Tencent Tech, NIO has 2768 patents in China, 204 in Europe and 193 patents in the United States. 1208 of the patents held in China are “innovation patents”. This is a significant fact, because “innovation patents” as classified by the Chinese are the ones whose content can be considered “groundbreaking”. To put these numbers into perspective, NIO holds more patents than rivals like Li Auto Inc.(NASDAQ:LI)and Xpeng Inc [XVEP].\nDiving deeper into these patents, we can see that most of these patents are related to the above-mentioned battery swap technology. Another hot topic of research today is autonomous driving. In this field, NIO has 47 patents, 64% of which are still pending. This is quite a small number if we compare it to Baidu, Inc(NASDAQ:BIDU), which boasts 632 patents. Lastly, I will note that I think one of the most successful areas where NIO is innovating is in terms of design and user interface/software. For example, the NIO ET7 features an `intelligent cockpit”, which is powered by NOMI, NIO’s artificial intelligence.\nWhat I am trying to say is that perhaps what some see as NIO’s weakness, could be one of its biggest strengths. Many analysts seem to have a problem with the fact that NIO doesn’t make its cars, but this aspect of the car business is becoming less and less relevant. The CEO of NVIDIA Corporation(NASDAQ:NVDA) has been quoted as saying that by 2025, cars will be sold at cost price, and it will be software sales that will provide these manufacturers revenue.\nIt seems like the traditional car is going the way of smartphones. Putting together the components is perhaps the least important of the value-adding activities here. What’s most relevant is the operating system and the value of the brand. NIO shines in both of these areas, and this is perhaps another way in which we could say NIO is quite similar to Apple Inc(NASDAQ:AAPL).\nValuation\nI believe the above are two strong points that highlight that NIO has potential way beyond the production of cars. Having said this, it is very hard to quantify how these advancements in innovation will change NIO’s revenues and profitability in the future. What I propose here is a valuation where we value NIO at its most basic level, through revenues achieved from car sales. However, I will defend that the P/S multiple will remain much higher than that of its “peers” given the reasons stated above.\nNow, let’s start with revenues and sales. At its most core level, we can predict NIO’s revenues by looking at how many cars it will produce in the next few years, and we have a good idea of what this could be. Recently, NIO renewed its manufacturing agreement with Jianghuai Automobile Group [JAC]. Supposedly, the company will be doubling its production capacity to around 240.000 units per year, at least until May 2024.\nTherefore, a very simple forecast of NIO’s revenues could be made based on this simple production fact. In the next 3 years, NIO will have the capacity to produce 720.000 new cars. Will they be able to sell them all? In 2020, NIO sold 43,728 vehicles. Forwards growth estimates have NIO doubling in revenue in the next year, which, assuming all revenues come from car sales and the price stays the same, would mean selling 87.456 units. If we pulled back growth to around 80% for 2022 and 50% for 2023, we would have corresponding sales of 157,420 and 236,132. This kind of growth is close to current estimates, and fits in quite nicely with NIO’s plans, since it seems like, by the end of this period, when the manufacturing agreement ends, NIO would be selling at near full capacity. The important point I am trying to make here is that given this recent deal, investors should not be worried about NIO’s production constraints. Furthermore, it doesn’t seem like NIO will struggle from the demand side, especially as it plans to enter the European EV market.\nNow, the second point I will argue in this valuation, is that, given the changes in how the EV sector is shaping up, we should not apply industry multiples to a stock like NIO. In my previous article on the company, I did this and forecasted a price for 2030 of up to $400/share. However, a case can be made that NIO should command a premium in valuation. This is because the company is, quite literally, not making cars. Rather, it’s developing a brand, proprietary technology and also changing how we think about charging.\nCreating batteries for cars is a business in and of itself. A successful company in this sector is Contemporary Amperex Technology [CATL]. According to data from Market Screener,this company has an operating margin of 13%, grew revenues by 250% last year and trades at a P/E of 114 and a P/S of around 25.\nOn the other hand, as car manufacturers begin to focus on delivering cars with an integrated operating system and software, we may see company’s like NIO trade at valuation multiples more in line with that of SaaS companies. Companies that sell software, like Adobe, Inc.(NASDAQ:ADBE)or Salesforce.com(NYSE:CRM)trade at P/S multiples of 15-20.\nIf NIO were to sell 236,132 cars in 2023-2024 at an average price of $57,000, it would bring in $13,440 million in revenue. Assuming no dilution, this would imply roughly $10.25 of revenue/share. Given the fact that NIO could also begin to monetize its BaaS offerings, and that the company could even license its software and technology to other players, I feel like today’s P/S of 17 should be maintained, if not expanded. Growth may slow down, but we have to put a value on the assets NIO has in the form of patents and technology.\nIn conclusion, my price target for NIO would be $174/share by the end of 2023.\nRisks\nHaving said this, there are some potential risks that the company faces in today’s environment. Firstly, and even though I see this mostly as a strength, not having its own manufacturing facilities can be seen as a disadvantage. If push comes to shove, JAC could refuse to honour their manufacturing contract, though I am sure this would be expensive.\nOn another note, it is still not clear how widely adopted BaaS technology will be. Traditional charging spots are getting more advanced and, thanks to renewable sources of energy, such as solar, these charging stations could soon provide much more competitive charging rates. Clearly, NIO will have to partner up with other manufacturers to make BaaS a worldwide reality.\nLastly, it is worth mentioning that, despite the high growth and improving profitability, it is very much on the cards to see further shareholder dilution, something which the valuation above did not account for.\nTakeaway\nNIO’s success over the last few years will ultimately be what makes the company successful in the future. NIO has found a way to innovate left, right and centre. It has changed the concept of charging through BaaS. It has also executed this innovation by building battery swap stations that are incredibly fast. It has innovated in terms of software and style, and I do not doubt that the company will continue to do so in the future. Ultimately, NIO is much more than an EV manufacturer and should be valued as such.","news_type":1},"isVote":1,"tweetType":1,"viewCount":87,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":183969354,"gmtCreate":1623300812278,"gmtModify":1704200420577,"author":{"id":"3579424939309533","authorId":"3579424939309533","name":"DoNotPanic_SELL","avatar":"https://static.tigerbbs.com/cae30f73aec7d7c4da058fdc042b182f","crmLevel":8,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3579424939309533","authorIdStr":"3579424939309533"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/WISH\">$ContextLogic Inc.(WISH)$</a> where is the moon? Seem to be at earth core","listText":"<a href=\"https://laohu8.com/S/WISH\">$ContextLogic Inc.(WISH)$</a> where is the moon? Seem to be at earth core","text":"$ContextLogic Inc.(WISH)$ where is the moon? Seem to be at earth core","images":[{"img":"https://static.tigerbbs.com/cfa03a275414230098d24d3004f8a631","width":"1284","height":"2457"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":2,"repostSize":0,"link":"https://ttm.financial/post/183969354","isVote":1,"tweetType":1,"viewCount":504,"authorTweetTopStatus":1,"verified":2,"comments":[{"author":{"id":"3574930217087651","authorId":"3574930217087651","name":"DurianMSW","avatar":"https://static.tigerbbs.com/858fbccc761d683b5840dfe445ad5e3e","crmLevel":2,"crmLevelSwitch":0,"idStr":"3574930217087651","authorIdStr":"3574930217087651"},"content":"So nooB. A bit loss kPkb alr","text":"So nooB. A bit loss kPkb alr","html":"So nooB. A bit loss kPkb alr"}],"imageCount":1,"langContent":"EN","totalScore":0},{"id":101992629,"gmtCreate":1619834985261,"gmtModify":1704335530689,"author":{"id":"3579424939309533","authorId":"3579424939309533","name":"DoNotPanic_SELL","avatar":"https://static.tigerbbs.com/cae30f73aec7d7c4da058fdc042b182f","crmLevel":8,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3579424939309533","authorIdStr":"3579424939309533"},"themes":[],"htmlText":"Ev gogo save the world","listText":"Ev gogo save the world","text":"Ev gogo save the world","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":2,"repostSize":0,"link":"https://ttm.financial/post/101992629","repostId":"1142070002","repostType":4,"repost":{"id":"1142070002","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":1619792975,"share":"https://ttm.financial/m/news/1142070002?lang=&edition=fundamental","pubTime":"2021-04-30 22:29","market":"us","language":"en","title":"NIO rose more than 5%, after falling nearly 4% before","url":"https://stock-news.laohu8.com/highlight/detail?id=1142070002","media":"Tiger Newspress","summary":"NIO Earnings Looked a Lot Like Ford’s. What to Know.Chinese electric vehicle maker NIO posted better than expected first quarter results. But the global automotive microchip shortage will hit production in the coming months.NIO  is a highly valued, high-growth stock. Now NIO bulls have to decide whether solid earnings will trump the growth hiccup or whether the chip shortage can hurt the company in the long run.NIO lost 23 cents a share on an adjusted, non-GAAP basis, from $1.2 billion in sales.","content":"<p>NIO rose more than 5%, after falling nearly 4% before.</p><p><img src=\"https://static.tigerbbs.com/80881ae9e6de48ac5e3733583db3ba9e\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"></p><p><b>NIO Earnings Looked a Lot Like Ford’s. What to Know.</b></p><p>Chinese electric vehicle maker NIO posted better than expected first quarter results. But the global automotive microchip shortage will hit production in the coming months.</p><p>NIO (ticker: NIO) is a highly valued, high-growth stock. Now NIO bulls have to decide whether solid earnings will trump the growth hiccup or whether the chip shortage can hurt the company in the long run.</p><p>NIO lost&nbsp;23 cents&nbsp;a share on an adjusted, non-GAAP basis, from $1.2 billion in sales. Wall Street was looking for a comparable 84 cent loss from $1.1 billion in sales. NIO’s corporate gross profit margin came in at 19.5%, about 3 percentage points better than analysts projected and up from negative 12% a year ago. First quarter results look solid.</p><p>The stock isn’t moving though. NIO reported numbers at 5:30 p.m. eastern time and not a lot of stock is trading after hours. NIO shares closed down 5.3% in Thursday trading. TheS&amp;P 500&nbsp;and&nbsp;Dow Jones Industrial Average&nbsp;rose about&nbsp; 0.7%.</p><p>“NIO started the year of 2021 with a new quarterly delivery record of 20,060 vehicles in the first quarter,” said CEO William Bin Li in the company’s news release. “The overall demand for our products continues to be quite strong, but the supply chain is still facing significant challenges due to the semiconductor shortage.”</p><p>Management called the chip situation “very severe” on its conference call and projected 21,000 to 22,000 vehicle deliveries for the second quarter and sales of about $1.3 billion. The Street is projecting $1.2 billion in sales. But the unit delivery guidance is a little lower than Deutsche Bank analyst Edison Yu had expected.</p><p>For the full year, Yu is modeling 95,000 deliveries. With about 42,000 deliveries likely for the first half of 2021, the resolution of the global chip shortage will go a long way to deciding whether or not NIO can reach Yu’s number.</p><p>Yu rates NIO shares Buy and has a $60 price target for the stock.</p><p>The overall quarter feels a little like&nbsp;Ford Motor‘s (F) quarter, which was&nbsp;reported Wednesday. Ford reported sales and earnings far better than Wall Street projected. Unit volumes were below the company’s internal projections, but improving vehicle mix boosted sales beyond Street projections. Ford prioritized making higher-end vehicles in the face of limited chip supply. Looking ahead, Ford said the impact of the chip shortage would be at the high end of the company’s initial $1 billion to $2.5 billion cost guidance.</p><p>Ford stock close down 9.4% Thursday, the day after the Wednesday evening report. The NIO second-quarter guidance isn’t as surprising as Ford’s. And NIO doesn’t have full-year guidance. But calling NIO’s stock price reaction is difficult.</p><p>Ford trades for less than 7 times estimated 2022 earnings. NIO is expected to become profitable on a full-year basis in 2022. What’s more, NIO is worth about 50% more than Ford.</p><p>NIO’s conference call wrapped up about 10 p.m. eastern time. After the chip shortage, analysts focused questions on EV competition in China and NIO’s production expansion. NIO is putting in place&nbsp;capacity to produce&nbsp;hundreds of thousands of vehicles in coming years.</p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>NIO rose more than 5%, after falling nearly 4% before</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\">\nNIO rose more than 5%, after falling nearly 4% before\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time\">2021-04-30 22:29</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<p>NIO rose more than 5%, after falling nearly 4% before.</p><p><img src=\"https://static.tigerbbs.com/80881ae9e6de48ac5e3733583db3ba9e\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"></p><p><b>NIO Earnings Looked a Lot Like Ford’s. What to Know.</b></p><p>Chinese electric vehicle maker NIO posted better than expected first quarter results. But the global automotive microchip shortage will hit production in the coming months.</p><p>NIO (ticker: NIO) is a highly valued, high-growth stock. Now NIO bulls have to decide whether solid earnings will trump the growth hiccup or whether the chip shortage can hurt the company in the long run.</p><p>NIO lost&nbsp;23 cents&nbsp;a share on an adjusted, non-GAAP basis, from $1.2 billion in sales. Wall Street was looking for a comparable 84 cent loss from $1.1 billion in sales. NIO’s corporate gross profit margin came in at 19.5%, about 3 percentage points better than analysts projected and up from negative 12% a year ago. First quarter results look solid.</p><p>The stock isn’t moving though. NIO reported numbers at 5:30 p.m. eastern time and not a lot of stock is trading after hours. NIO shares closed down 5.3% in Thursday trading. TheS&amp;P 500&nbsp;and&nbsp;Dow Jones Industrial Average&nbsp;rose about&nbsp; 0.7%.</p><p>“NIO started the year of 2021 with a new quarterly delivery record of 20,060 vehicles in the first quarter,” said CEO William Bin Li in the company’s news release. “The overall demand for our products continues to be quite strong, but the supply chain is still facing significant challenges due to the semiconductor shortage.”</p><p>Management called the chip situation “very severe” on its conference call and projected 21,000 to 22,000 vehicle deliveries for the second quarter and sales of about $1.3 billion. The Street is projecting $1.2 billion in sales. But the unit delivery guidance is a little lower than Deutsche Bank analyst Edison Yu had expected.</p><p>For the full year, Yu is modeling 95,000 deliveries. With about 42,000 deliveries likely for the first half of 2021, the resolution of the global chip shortage will go a long way to deciding whether or not NIO can reach Yu’s number.</p><p>Yu rates NIO shares Buy and has a $60 price target for the stock.</p><p>The overall quarter feels a little like&nbsp;Ford Motor‘s (F) quarter, which was&nbsp;reported Wednesday. Ford reported sales and earnings far better than Wall Street projected. Unit volumes were below the company’s internal projections, but improving vehicle mix boosted sales beyond Street projections. Ford prioritized making higher-end vehicles in the face of limited chip supply. Looking ahead, Ford said the impact of the chip shortage would be at the high end of the company’s initial $1 billion to $2.5 billion cost guidance.</p><p>Ford stock close down 9.4% Thursday, the day after the Wednesday evening report. The NIO second-quarter guidance isn’t as surprising as Ford’s. And NIO doesn’t have full-year guidance. But calling NIO’s stock price reaction is difficult.</p><p>Ford trades for less than 7 times estimated 2022 earnings. NIO is expected to become profitable on a full-year basis in 2022. What’s more, NIO is worth about 50% more than Ford.</p><p>NIO’s conference call wrapped up about 10 p.m. eastern time. After the chip shortage, analysts focused questions on EV competition in China and NIO’s production expansion. NIO is putting in place&nbsp;capacity to produce&nbsp;hundreds of thousands of vehicles in coming years.</p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"NIO":"蔚来"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1142070002","content_text":"NIO rose more than 5%, after falling nearly 4% before.NIO Earnings Looked a Lot Like Ford’s. What to Know.Chinese electric vehicle maker NIO posted better than expected first quarter results. But the global automotive microchip shortage will hit production in the coming months.NIO (ticker: NIO) is a highly valued, high-growth stock. Now NIO bulls have to decide whether solid earnings will trump the growth hiccup or whether the chip shortage can hurt the company in the long run.NIO lost 23 cents a share on an adjusted, non-GAAP basis, from $1.2 billion in sales. Wall Street was looking for a comparable 84 cent loss from $1.1 billion in sales. NIO’s corporate gross profit margin came in at 19.5%, about 3 percentage points better than analysts projected and up from negative 12% a year ago. First quarter results look solid.The stock isn’t moving though. NIO reported numbers at 5:30 p.m. eastern time and not a lot of stock is trading after hours. NIO shares closed down 5.3% in Thursday trading. TheS&P 500 and Dow Jones Industrial Average rose about  0.7%.“NIO started the year of 2021 with a new quarterly delivery record of 20,060 vehicles in the first quarter,” said CEO William Bin Li in the company’s news release. “The overall demand for our products continues to be quite strong, but the supply chain is still facing significant challenges due to the semiconductor shortage.”Management called the chip situation “very severe” on its conference call and projected 21,000 to 22,000 vehicle deliveries for the second quarter and sales of about $1.3 billion. The Street is projecting $1.2 billion in sales. But the unit delivery guidance is a little lower than Deutsche Bank analyst Edison Yu had expected.For the full year, Yu is modeling 95,000 deliveries. With about 42,000 deliveries likely for the first half of 2021, the resolution of the global chip shortage will go a long way to deciding whether or not NIO can reach Yu’s number.Yu rates NIO shares Buy and has a $60 price target for the stock.The overall quarter feels a little like Ford Motor‘s (F) quarter, which was reported Wednesday. Ford reported sales and earnings far better than Wall Street projected. Unit volumes were below the company’s internal projections, but improving vehicle mix boosted sales beyond Street projections. Ford prioritized making higher-end vehicles in the face of limited chip supply. Looking ahead, Ford said the impact of the chip shortage would be at the high end of the company’s initial $1 billion to $2.5 billion cost guidance.Ford stock close down 9.4% Thursday, the day after the Wednesday evening report. The NIO second-quarter guidance isn’t as surprising as Ford’s. And NIO doesn’t have full-year guidance. But calling NIO’s stock price reaction is difficult.Ford trades for less than 7 times estimated 2022 earnings. NIO is expected to become profitable on a full-year basis in 2022. What’s more, NIO is worth about 50% more than Ford.NIO’s conference call wrapped up about 10 p.m. eastern time. After the chip shortage, analysts focused questions on EV competition in China and NIO’s production expansion. NIO is putting in place capacity to produce hundreds of thousands of vehicles in coming years.","news_type":1},"isVote":1,"tweetType":1,"viewCount":115,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":316807991312600,"gmtCreate":1718384744342,"gmtModify":1718384748390,"author":{"id":"3579424939309533","authorId":"3579424939309533","name":"DoNotPanic_SELL","avatar":"https://static.tigerbbs.com/cae30f73aec7d7c4da058fdc042b182f","crmLevel":8,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3579424939309533","authorIdStr":"3579424939309533"},"themes":[],"htmlText":"<a href=\"https://ttm.financial/S/DELL\">$Dell Technologies Inc.(DELL)$</a> price is in dead water. No doubt the split <a href=\"https://ttm.financial/S/NVDA\">$NVIDIA Corp(NVDA)$&nbsp;</a>beat the price of Dell.","listText":"<a href=\"https://ttm.financial/S/DELL\">$Dell Technologies Inc.(DELL)$</a> price is in dead water. No doubt the split <a href=\"https://ttm.financial/S/NVDA\">$NVIDIA Corp(NVDA)$&nbsp;</a>beat the price of Dell.","text":"$Dell Technologies Inc.(DELL)$ price is in dead water. No doubt the split $NVIDIA Corp(NVDA)$ beat the price of Dell.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/316807991312600","isVote":1,"tweetType":1,"viewCount":210,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":164302146,"gmtCreate":1624169546885,"gmtModify":1703830075940,"author":{"id":"3579424939309533","authorId":"3579424939309533","name":"DoNotPanic_SELL","avatar":"https://static.tigerbbs.com/cae30f73aec7d7c4da058fdc042b182f","crmLevel":8,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3579424939309533","authorIdStr":"3579424939309533"},"themes":[],"htmlText":"Inflationg is meant for the poor","listText":"Inflationg is meant for the poor","text":"Inflationg is meant for the poor","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/164302146","repostId":"1133385197","repostType":4,"repost":{"id":"1133385197","pubTimestamp":1624151969,"share":"https://ttm.financial/m/news/1133385197?lang=&edition=fundamental","pubTime":"2021-06-20 09:19","market":"us","language":"en","title":"Answering the great inflation question of our time","url":"https://stock-news.laohu8.com/highlight/detail?id=1133385197","media":"finance.yahoo","summary":"Prices of everything; a house in Phoenix, a Ford F-150, a plane ticket to New York, have all gone up","content":"<p>Prices of everything; a house in Phoenix, a Ford F-150, a plane ticket to New York, have all gone up. That much is true.</p>\n<p>Unfortunately pretty much everything else about inflation—a red hot topic these days—is conjecture. And that’s vexing, not just for the dismal scientists (aka economists), but for all of us, because whether or not prices are really rising, by how much and for how long, has massive implications in our lives. Or as Mark Zandi, chief economist at Moody’s Analytics, says: “Inflation is one of the mysteries of economic study and thought. A difficult thing to gauge and forecast and get right. That’s why the risks are high.”</p>\n<p>The current debate over inflation really revolves around two questions: First, is this current spate of inflation, just that, a spate—or to use Wall Street’s buzzword of the moment, “transitory,”—or not? (Just to give you an idea of how buzzy, when I Google the word “transitory” the search engine suggests “inflation” after it.) And second, transitory (aka temporary) inflation or not, what does it suggest for the economy and markets?</p>\n<p>Before I get into that, let me lay out what’s going on with prices right now. First, know that inflation,which peaked in 1980 at an annualized rate of 13.55%,has been tame for quite some time, specifically 4% or less for nearly 30 years. Which means that anyone 40 years old or younger has no experience with inflation other than maybe from an Econ 101 textbook. Obviously that could be a problem.</p>\n<p>As an aside I remember President Ford in 1974 trying to jawbone inflation down with his \"Whip Inflation Now\" campaign, which featured“Win” buttons,earringsand evenugly sweaters.None of this worked and it took draconian measures by Fed Chair Paul Volcker (raising rates and targeting money supply,as described by Former President of the Federal Reserve Bank of St. Louis, William Poole)to eventually tame inflation and keep it under wraps for all those years.</p>\n<p>Until now perhaps. Last week theLabor Department reported that consumer prices (the CPI, or consumer price index) rose 5% in May,the fastest annual rate in nearly 13 years—which was when the economy was overheating from the housing boom which subsequently went bust and sent the economy off a cliff and into the Great Recession. Core inflation, which excludes volatile food and energy prices, was up 3.8%, the biggest increase since May 1992. (For the record, the likelihood of the economy tanking right now is de minimis.)</p>\n<p><img src=\"https://static.tigerbbs.com/87f75dfcb98fb5a0e7c3f9d3f8d336e2\" tg-width=\"705\" tg-height=\"412\" referrerpolicy=\"no-referrer\"></p>\n<p>Used car and truck prices are a major driver of inflation, climbing 7.3% last month and 29.7% over the past year. New car prices are up too, which have pushed upshares of Ford and GM a remarkable 40% plus this year.Clearly Americans want to buy vehicles to go on vacation and get back to work. And Yahoo Finance’sJanna Herron reportsthat rents are rising at their fastest pace in 15 years.</p>\n<p>To be sure, not all prices are climbing.As Yahoo Finance’s Rick Newman points out,prices are not up much at all for health care, education and are basically flat for technology, including computers, smartphones and internet service (an important point which we’ll get back to.)</p>\n<p>But that’s the counterpoint really. Americans are obsessed with cars, housing is critical and many of us are experiencing sticker shock booking travel this summer. Higher prices are front and center. Wall Street too is in a tizzy about inflation, and concerns about it and more importantly Federal Reserve policy in response to inflation (see below), sent stocks lower with the S&amp;P 500 down 1.91% this week, its worst week since February.</p>\n<p>Given this backdrop, the tension (such as it is) was high when the Fed met this week to deliver its forecast and for Chair Jay Powell to answer questions from the media. Or at least so said hedge fund honcho Paul Tudor Jones,who characterized the proceedings on CNBCas “the most important meeting in [Chairman] Jay Powell’s career, certainly the most important Fed meeting of the past four or five years.” Jones was critical of the Fed, which he believes is now stimulating the economy unnecessarily by keeping interest rates low and by buying financial assets. Unnecessarily, Jones says, because the economy is already running hot and needs no support. The Fed (which is in the transitory camp when it comes to inflation) risks overheating the economy by creating runaway inflation, according to PTJ.</p>\n<p>Now I don’t see eye to eye with Jones on this, though I should point out, he's a billionaire from investing in financial markets, and let’s just say I’m not. I should also point out that Jones, 66, is in fact old enough to remember inflation, never mind that as a young man he called the 1987 stock market crash. So we should all ignore Jones at our peril.</p>\n<p>As for what the Fed put forth this past Wednesday, well it wasn’t much, signaling an expectation ofraising interest rates twice by the end of 2023(yes, that is down the road.) And Powell, who’s become much more adept at not rippling the waters these days after some rougher forays earlier in his tenure, didn’t drop any bombshells in the presser.</p>\n<p>Which brings us to the question of why the Federal Reserve isn’t so concerned about inflation and thinks it is mostly—here’s that word again—transitory. To answer that, we need to first address why prices are rising right now, which can be summed up in one very familiar abbreviation: COVID-19. When COVID hit last spring the economy collapsed, which crushed demand in sectors like leisure, travel and retail. Now the economy is roaring back to life and businesses can raise prices, certainly over 2020 levels.</p>\n<p>“We clearly should’ve expected it,” says William Spriggs, chief economist at the AFL-CIO and a professor of economics at Howard University. “You can’t shut down the economy and think you turn on the switch [without some inflation].”</p>\n<p>“We had a pandemic that forced an artificial shutdown of the economy in a way that even the collapse of the financial system and the housing market didn’t, and we had a snapback at a rate we’ve never seen before—not because of the fundamentals driving recovery but because of government,” says Joel Naroff, president and chief economist of Naroff Economics.</p>\n<p>COVID had other secondary effects on the economy though, besides just ultimately producing a snapback. For one thing, the pandemic throttled supply chains, specifically the shipping of parts and components from one part of the globe to another. It also confused managers about how much to produce and therefore how many parts to order.</p>\n<p>A prime example here is what happened to the chip (semiconductor) and auto industrieswhich I wrote about last month.Car makers thought no one would buy vehicles during the pandemic and pared back their orders with chipmakers, (which were having a tough time shipping their chips anyway.) Turned out the car guys were wrong, millions of people wanted cars and trucks, but the automakers didn’t have enough chips for their cars and had to curb production. Fewer vehicles and strong demand led to higher new car prices, which cascaded to used car prices then to car rental rates. Net net, all the friction and slowness of getting things delivered now adds to costs which causes companies to raise prices.</p>\n<p>Another secondary effect of COVID which has been inflationary comes from employment,which I got into a bit last week.We all know millions were thrown out of work by COVID last year, many of whom were backstopped by government payments that could add up to $600 a week (state and federal.) These folks have been none too keen on coming back to work for minimum wage, or $290 a week. So to lure them back employers are having to pay more, which puts more money in people's pockets which allows stores for example to raise prices.</p>\n<p><b>Anti-inflation forces</b></p>\n<p>But here’s the big-time question: If COVID was temporary, and therefore its effects are temporary and inflation is one of its effects then doesn’t it follow, ipso facto, that inflation is (OK I’ll say it again), transitory?</p>\n<p>I say yes, (with a bit of a caveat.) And most economists, like Claudia Sahm, a senior fellow at the Jain Family Institute and a former Federal Reserve economist, agree. “‘Transitory’ has become a buzzword,” she says. “It is important to be more concrete about what we mean by that. We’re probably going to see in the next few months inflation numbers that are bigger than average, but as long as they keep stepping down, that’s the sign of it being transitory. If we didn’t see any sign of inflation stepping down some, it would’ve started feeling like ‘Houston, we have a problem.’”</p>\n<p>To buttress my argument beyond that above \"if-then\" syllogism, let’s take a look at why inflation has been so low for the past three decades.</p>\n<p>To me this is mostly obvious. Prices have been tamped down by the greatest anti-inflation force of our lifetime, that being technology, specifically the explosion of consumer technology. Think about it. The first wave of technology, a good example would be IBM mainframes, saved big companies money in back-office functions, savings which they mostly kept for themselves (higher profits) and their shareholders. But the four great landmark events in the advent of consumer technology; the introduction ofthe PC in 1974 (MITS Altair),the Netscape IPO of 1995,Google search in 1998,and the launch of theiPhone in 2007(I remember Steve Jobs demoing it to me like it was yesterday), greatly accelerated, broadened and deepened this deflationary trend.</p>\n<p>Not only has technology been pushing down the cost of everything from drilling for oil, to manufacturing clothes to farming, and allowing for the creation of groundbreaking (and deflationary) competitors like Uber, Airbnb and Netflix, but it also let consumers find—on their phones—the most affordable trip to Hawaii, the least expensive haircut or the best deal on Nikes.</p>\n<p>So technology has reduced the cost of almost everything and will continue to do so the rest of our lifetime. Bottom line: Unless something terrible happens, the power of technology will outweigh and outlive COVID.</p>\n<p>There is one mitigating factor and that is globalism, which is connected to both technology and COVID. Let me briefly explain.</p>\n<p>After World War II, most of humanity has become more and more connected in terms of trade, communication, travel, etc. (See supply chain above.) Technology of course was a major enabler here; better ships, planes and faster internet, all of which as it grew more potent, accelerated globalism. Another element was the introduction of political constructs like the World Trade Organization and NAFTA. (I think of the Clinton administration andChina joining the WTO in 2001as perhaps the high-water marks of globalization.)</p>\n<p>Like its technological cousin, globalism has deflationary effects particularly on the labor front as companies could more and more easily find lowest cost countries to produce goods and source materials. And like technology, globalization seemed inexorable, which it was, until it wasn’t. Political winds, manifested by the likes of Brexit and leaders like Putin, Xi Jinping, Erdogan, Bolsonaro, Duterte and of course Donald Trump have caused globalism to wane and anti-globalism and nationalism to wax.</p>\n<p>The internet too, once seen as only a great connector, has also become a global divider, as the world increasingly fractures into Chinese, U.S. and European walled digital zones when it comes to social media and search for example. Security risks, privacy, spying and hacking of course divide us further here too.</p>\n<p>So technology, which had made globalism stronger and stronger, now also makes it weaker and weaker.</p>\n<p>COVID plays a role in rethinking globalism as it exposes vulnerabilities in the supply chain. Companies that were rethinking their manufacturing in China but considering another country, are now wondering if it just makes sense to repatriate the whole shebang. Supply chains that were optimized for cost only are being rethought with security and reliability being factored in and that costs money.</p>\n<p>How significant is this decline in globalization and how permanent is it? Good questions. But my point here is whether or not \"globalism disrupted\" is transitory (!) or not, it could push prices up, (in the short and intermediate run at least), as cost is sacrificed for predictability. Longer term I say Americans are a resourceful people. We’ll figure out how to make cost effective stuff in the U.S. It’s also likely that globalism will trend upward again, though perhaps not as unfettered as it once was.</p>\n<p>More downward pressure on pricing could come from shifts in employment practices. Mark Zandi points out that “the work-from-anywhere dynamic could depress wage growth and prices. If I don’t need to work in New York anymore and could live in Tampa, it stands to reason my wage could get cut or I won’t get the same wage increase in the future.”</p>\n<p>And so what is Zandi’s take on transitory? “What we’re observing now is prices going back to pre-pandemic,” he says. “The price spikes we’re experiencing now will continue for the next few months through summer but certainly by the end of year, this time next year, they will have disappeared. I do think underlying inflation will be higher post-pandemic than pre-pandemic, but that’s a feature not a bug.”</p>\n<p>I don’t disagree. To me it’s simple: The technology wave I’ve described above is bigger than COVID and bigger than the rise and fall of globalism. And that is why, ladies and gentlemen, I believe inflation will be transitory, certainly in the long run. (Though I’m well aware of whatJohn Maynard Keynes said about the long run.)</p>","source":"lsy1612507957220","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Answering the great inflation question of our time</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\">\nAnswering the great inflation question of our time\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-06-20 09:19 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://finance.yahoo.com/news/answering-the-great-inflation-question-of-our-time-114153460.html><strong>finance.yahoo</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Prices of everything; a house in Phoenix, a Ford F-150, a plane ticket to New York, have all gone up. That much is true.\nUnfortunately pretty much everything else about inflation—a red hot topic these...</p>\n\n<a href=\"https://finance.yahoo.com/news/answering-the-great-inflation-question-of-our-time-114153460.html\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".DJI":"道琼斯"},"source_url":"https://finance.yahoo.com/news/answering-the-great-inflation-question-of-our-time-114153460.html","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1133385197","content_text":"Prices of everything; a house in Phoenix, a Ford F-150, a plane ticket to New York, have all gone up. That much is true.\nUnfortunately pretty much everything else about inflation—a red hot topic these days—is conjecture. And that’s vexing, not just for the dismal scientists (aka economists), but for all of us, because whether or not prices are really rising, by how much and for how long, has massive implications in our lives. Or as Mark Zandi, chief economist at Moody’s Analytics, says: “Inflation is one of the mysteries of economic study and thought. A difficult thing to gauge and forecast and get right. That’s why the risks are high.”\nThe current debate over inflation really revolves around two questions: First, is this current spate of inflation, just that, a spate—or to use Wall Street’s buzzword of the moment, “transitory,”—or not? (Just to give you an idea of how buzzy, when I Google the word “transitory” the search engine suggests “inflation” after it.) And second, transitory (aka temporary) inflation or not, what does it suggest for the economy and markets?\nBefore I get into that, let me lay out what’s going on with prices right now. First, know that inflation,which peaked in 1980 at an annualized rate of 13.55%,has been tame for quite some time, specifically 4% or less for nearly 30 years. Which means that anyone 40 years old or younger has no experience with inflation other than maybe from an Econ 101 textbook. Obviously that could be a problem.\nAs an aside I remember President Ford in 1974 trying to jawbone inflation down with his \"Whip Inflation Now\" campaign, which featured“Win” buttons,earringsand evenugly sweaters.None of this worked and it took draconian measures by Fed Chair Paul Volcker (raising rates and targeting money supply,as described by Former President of the Federal Reserve Bank of St. Louis, William Poole)to eventually tame inflation and keep it under wraps for all those years.\nUntil now perhaps. Last week theLabor Department reported that consumer prices (the CPI, or consumer price index) rose 5% in May,the fastest annual rate in nearly 13 years—which was when the economy was overheating from the housing boom which subsequently went bust and sent the economy off a cliff and into the Great Recession. Core inflation, which excludes volatile food and energy prices, was up 3.8%, the biggest increase since May 1992. (For the record, the likelihood of the economy tanking right now is de minimis.)\n\nUsed car and truck prices are a major driver of inflation, climbing 7.3% last month and 29.7% over the past year. New car prices are up too, which have pushed upshares of Ford and GM a remarkable 40% plus this year.Clearly Americans want to buy vehicles to go on vacation and get back to work. And Yahoo Finance’sJanna Herron reportsthat rents are rising at their fastest pace in 15 years.\nTo be sure, not all prices are climbing.As Yahoo Finance’s Rick Newman points out,prices are not up much at all for health care, education and are basically flat for technology, including computers, smartphones and internet service (an important point which we’ll get back to.)\nBut that’s the counterpoint really. Americans are obsessed with cars, housing is critical and many of us are experiencing sticker shock booking travel this summer. Higher prices are front and center. Wall Street too is in a tizzy about inflation, and concerns about it and more importantly Federal Reserve policy in response to inflation (see below), sent stocks lower with the S&P 500 down 1.91% this week, its worst week since February.\nGiven this backdrop, the tension (such as it is) was high when the Fed met this week to deliver its forecast and for Chair Jay Powell to answer questions from the media. Or at least so said hedge fund honcho Paul Tudor Jones,who characterized the proceedings on CNBCas “the most important meeting in [Chairman] Jay Powell’s career, certainly the most important Fed meeting of the past four or five years.” Jones was critical of the Fed, which he believes is now stimulating the economy unnecessarily by keeping interest rates low and by buying financial assets. Unnecessarily, Jones says, because the economy is already running hot and needs no support. The Fed (which is in the transitory camp when it comes to inflation) risks overheating the economy by creating runaway inflation, according to PTJ.\nNow I don’t see eye to eye with Jones on this, though I should point out, he's a billionaire from investing in financial markets, and let’s just say I’m not. I should also point out that Jones, 66, is in fact old enough to remember inflation, never mind that as a young man he called the 1987 stock market crash. So we should all ignore Jones at our peril.\nAs for what the Fed put forth this past Wednesday, well it wasn’t much, signaling an expectation ofraising interest rates twice by the end of 2023(yes, that is down the road.) And Powell, who’s become much more adept at not rippling the waters these days after some rougher forays earlier in his tenure, didn’t drop any bombshells in the presser.\nWhich brings us to the question of why the Federal Reserve isn’t so concerned about inflation and thinks it is mostly—here’s that word again—transitory. To answer that, we need to first address why prices are rising right now, which can be summed up in one very familiar abbreviation: COVID-19. When COVID hit last spring the economy collapsed, which crushed demand in sectors like leisure, travel and retail. Now the economy is roaring back to life and businesses can raise prices, certainly over 2020 levels.\n“We clearly should’ve expected it,” says William Spriggs, chief economist at the AFL-CIO and a professor of economics at Howard University. “You can’t shut down the economy and think you turn on the switch [without some inflation].”\n“We had a pandemic that forced an artificial shutdown of the economy in a way that even the collapse of the financial system and the housing market didn’t, and we had a snapback at a rate we’ve never seen before—not because of the fundamentals driving recovery but because of government,” says Joel Naroff, president and chief economist of Naroff Economics.\nCOVID had other secondary effects on the economy though, besides just ultimately producing a snapback. For one thing, the pandemic throttled supply chains, specifically the shipping of parts and components from one part of the globe to another. It also confused managers about how much to produce and therefore how many parts to order.\nA prime example here is what happened to the chip (semiconductor) and auto industrieswhich I wrote about last month.Car makers thought no one would buy vehicles during the pandemic and pared back their orders with chipmakers, (which were having a tough time shipping their chips anyway.) Turned out the car guys were wrong, millions of people wanted cars and trucks, but the automakers didn’t have enough chips for their cars and had to curb production. Fewer vehicles and strong demand led to higher new car prices, which cascaded to used car prices then to car rental rates. Net net, all the friction and slowness of getting things delivered now adds to costs which causes companies to raise prices.\nAnother secondary effect of COVID which has been inflationary comes from employment,which I got into a bit last week.We all know millions were thrown out of work by COVID last year, many of whom were backstopped by government payments that could add up to $600 a week (state and federal.) These folks have been none too keen on coming back to work for minimum wage, or $290 a week. So to lure them back employers are having to pay more, which puts more money in people's pockets which allows stores for example to raise prices.\nAnti-inflation forces\nBut here’s the big-time question: If COVID was temporary, and therefore its effects are temporary and inflation is one of its effects then doesn’t it follow, ipso facto, that inflation is (OK I’ll say it again), transitory?\nI say yes, (with a bit of a caveat.) And most economists, like Claudia Sahm, a senior fellow at the Jain Family Institute and a former Federal Reserve economist, agree. “‘Transitory’ has become a buzzword,” she says. “It is important to be more concrete about what we mean by that. We’re probably going to see in the next few months inflation numbers that are bigger than average, but as long as they keep stepping down, that’s the sign of it being transitory. If we didn’t see any sign of inflation stepping down some, it would’ve started feeling like ‘Houston, we have a problem.’”\nTo buttress my argument beyond that above \"if-then\" syllogism, let’s take a look at why inflation has been so low for the past three decades.\nTo me this is mostly obvious. Prices have been tamped down by the greatest anti-inflation force of our lifetime, that being technology, specifically the explosion of consumer technology. Think about it. The first wave of technology, a good example would be IBM mainframes, saved big companies money in back-office functions, savings which they mostly kept for themselves (higher profits) and their shareholders. But the four great landmark events in the advent of consumer technology; the introduction ofthe PC in 1974 (MITS Altair),the Netscape IPO of 1995,Google search in 1998,and the launch of theiPhone in 2007(I remember Steve Jobs demoing it to me like it was yesterday), greatly accelerated, broadened and deepened this deflationary trend.\nNot only has technology been pushing down the cost of everything from drilling for oil, to manufacturing clothes to farming, and allowing for the creation of groundbreaking (and deflationary) competitors like Uber, Airbnb and Netflix, but it also let consumers find—on their phones—the most affordable trip to Hawaii, the least expensive haircut or the best deal on Nikes.\nSo technology has reduced the cost of almost everything and will continue to do so the rest of our lifetime. Bottom line: Unless something terrible happens, the power of technology will outweigh and outlive COVID.\nThere is one mitigating factor and that is globalism, which is connected to both technology and COVID. Let me briefly explain.\nAfter World War II, most of humanity has become more and more connected in terms of trade, communication, travel, etc. (See supply chain above.) Technology of course was a major enabler here; better ships, planes and faster internet, all of which as it grew more potent, accelerated globalism. Another element was the introduction of political constructs like the World Trade Organization and NAFTA. (I think of the Clinton administration andChina joining the WTO in 2001as perhaps the high-water marks of globalization.)\nLike its technological cousin, globalism has deflationary effects particularly on the labor front as companies could more and more easily find lowest cost countries to produce goods and source materials. And like technology, globalization seemed inexorable, which it was, until it wasn’t. Political winds, manifested by the likes of Brexit and leaders like Putin, Xi Jinping, Erdogan, Bolsonaro, Duterte and of course Donald Trump have caused globalism to wane and anti-globalism and nationalism to wax.\nThe internet too, once seen as only a great connector, has also become a global divider, as the world increasingly fractures into Chinese, U.S. and European walled digital zones when it comes to social media and search for example. Security risks, privacy, spying and hacking of course divide us further here too.\nSo technology, which had made globalism stronger and stronger, now also makes it weaker and weaker.\nCOVID plays a role in rethinking globalism as it exposes vulnerabilities in the supply chain. Companies that were rethinking their manufacturing in China but considering another country, are now wondering if it just makes sense to repatriate the whole shebang. Supply chains that were optimized for cost only are being rethought with security and reliability being factored in and that costs money.\nHow significant is this decline in globalization and how permanent is it? Good questions. But my point here is whether or not \"globalism disrupted\" is transitory (!) or not, it could push prices up, (in the short and intermediate run at least), as cost is sacrificed for predictability. Longer term I say Americans are a resourceful people. We’ll figure out how to make cost effective stuff in the U.S. It’s also likely that globalism will trend upward again, though perhaps not as unfettered as it once was.\nMore downward pressure on pricing could come from shifts in employment practices. Mark Zandi points out that “the work-from-anywhere dynamic could depress wage growth and prices. If I don’t need to work in New York anymore and could live in Tampa, it stands to reason my wage could get cut or I won’t get the same wage increase in the future.”\nAnd so what is Zandi’s take on transitory? “What we’re observing now is prices going back to pre-pandemic,” he says. “The price spikes we’re experiencing now will continue for the next few months through summer but certainly by the end of year, this time next year, they will have disappeared. I do think underlying inflation will be higher post-pandemic than pre-pandemic, but that’s a feature not a bug.”\nI don’t disagree. To me it’s simple: The technology wave I’ve described above is bigger than COVID and bigger than the rise and fall of globalism. And that is why, ladies and gentlemen, I believe inflation will be transitory, certainly in the long run. (Though I’m well aware of whatJohn Maynard Keynes said about the long run.)","news_type":1},"isVote":1,"tweetType":1,"viewCount":196,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":165038950,"gmtCreate":1624079782870,"gmtModify":1703828448038,"author":{"id":"3579424939309533","authorId":"3579424939309533","name":"DoNotPanic_SELL","avatar":"https://static.tigerbbs.com/cae30f73aec7d7c4da058fdc042b182f","crmLevel":8,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3579424939309533","authorIdStr":"3579424939309533"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/WISH\">$ContextLogic Inc.(WISH)$</a>Need more pumping","listText":"<a href=\"https://laohu8.com/S/WISH\">$ContextLogic Inc.(WISH)$</a>Need more pumping","text":"$ContextLogic Inc.(WISH)$Need more pumping","images":[{"img":"https://static.tigerbbs.com/81ac3d3aefbe275395e4ab9965edac9a","width":"1284","height":"2223"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/165038950","isVote":1,"tweetType":1,"viewCount":216,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":185531919,"gmtCreate":1623659053231,"gmtModify":1704207990884,"author":{"id":"3579424939309533","authorId":"3579424939309533","name":"DoNotPanic_SELL","avatar":"https://static.tigerbbs.com/cae30f73aec7d7c4da058fdc042b182f","crmLevel":8,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3579424939309533","authorIdStr":"3579424939309533"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/WISH\">$ContextLogic Inc.(WISH)$</a>sign of life please","listText":"<a href=\"https://laohu8.com/S/WISH\">$ContextLogic Inc.(WISH)$</a>sign of life please","text":"$ContextLogic Inc.(WISH)$sign of life please","images":[{"img":"https://static.tigerbbs.com/db082e2462a6c8611cb0e6e3955d4700","width":"1284","height":"2223"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/185531919","isVote":1,"tweetType":1,"viewCount":89,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":181603642,"gmtCreate":1623387567586,"gmtModify":1704202287811,"author":{"id":"3579424939309533","authorId":"3579424939309533","name":"DoNotPanic_SELL","avatar":"https://static.tigerbbs.com/cae30f73aec7d7c4da058fdc042b182f","crmLevel":8,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3579424939309533","authorIdStr":"3579424939309533"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/WISH\">$ContextLogic Inc.(WISH)$</a>Panic","listText":"<a href=\"https://laohu8.com/S/WISH\">$ContextLogic Inc.(WISH)$</a>Panic","text":"$ContextLogic Inc.(WISH)$Panic","images":[{"img":"https://static.tigerbbs.com/a09e9b80ac8a64d81ac2a8ff1ab927b0","width":"1284","height":"2223"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/181603642","isVote":1,"tweetType":1,"viewCount":378,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":895249874,"gmtCreate":1628751030698,"gmtModify":1676529842306,"author":{"id":"3579424939309533","authorId":"3579424939309533","name":"DoNotPanic_SELL","avatar":"https://static.tigerbbs.com/cae30f73aec7d7c4da058fdc042b182f","crmLevel":8,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3579424939309533","authorIdStr":"3579424939309533"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/MCFE\">$McAfee Corp.(MCFE)$</a>i am bad in math. Please help&nbsp;","listText":"<a href=\"https://laohu8.com/S/MCFE\">$McAfee Corp.(MCFE)$</a>i am bad in math. Please help&nbsp;","text":"$McAfee Corp.(MCFE)$i am bad in math. Please help","images":[{"img":"https://static.tigerbbs.com/2a00f45f0b3284acbc0507da40445955","width":"1284","height":"2223"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/895249874","isVote":1,"tweetType":1,"viewCount":699,"authorTweetTopStatus":1,"verified":2,"comments":[{"author":{"id":"3575549636304964","authorId":"3575549636304964","name":"Mythz","avatar":"https://community-static.tradeup.com/news/b3687cf317c2983638aa7f320098b14b","crmLevel":6,"crmLevelSwitch":0,"idStr":"3575549636304964","authorIdStr":"3575549636304964"},"content":"If you take a look at your P/L, you will see that the loss is inclusive of the dividend amount. Later the market will reflect the actual amount.","text":"If you take a look at your P/L, you will see that the loss is inclusive of the dividend amount. Later the market will reflect the actual amount.","html":"If you take a look at your P/L, you will see that the loss is inclusive of the dividend amount. Later the market will reflect the actual amount."}],"imageCount":1,"langContent":"EN","totalScore":0},{"id":167919500,"gmtCreate":1624242149600,"gmtModify":1703831342260,"author":{"id":"3579424939309533","authorId":"3579424939309533","name":"DoNotPanic_SELL","avatar":"https://static.tigerbbs.com/cae30f73aec7d7c4da058fdc042b182f","crmLevel":8,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3579424939309533","authorIdStr":"3579424939309533"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/WISH\">$ContextLogic Inc.(WISH)$</a>[Smile]&nbsp;[Smile]&nbsp;[Smile]&nbsp;","listText":"<a href=\"https://laohu8.com/S/WISH\">$ContextLogic Inc.(WISH)$</a>[Smile]&nbsp;[Smile]&nbsp;[Smile]&nbsp;","text":"$ContextLogic Inc.(WISH)$[Smile] [Smile] [Smile]","images":[{"img":"https://static.tigerbbs.com/81ac3d3aefbe275395e4ab9965edac9a","width":"1284","height":"2223"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/167919500","isVote":1,"tweetType":1,"viewCount":66,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":166944572,"gmtCreate":1623989820196,"gmtModify":1703825874408,"author":{"id":"3579424939309533","authorId":"3579424939309533","name":"DoNotPanic_SELL","avatar":"https://static.tigerbbs.com/cae30f73aec7d7c4da058fdc042b182f","crmLevel":8,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3579424939309533","authorIdStr":"3579424939309533"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/WISH\">$ContextLogic Inc.(WISH)$</a>where is the exit ?","listText":"<a href=\"https://laohu8.com/S/WISH\">$ContextLogic Inc.(WISH)$</a>where is the exit ?","text":"$ContextLogic Inc.(WISH)$where is the exit ?","images":[{"img":"https://static.tigerbbs.com/7f4b1d5c176a3bf6cbc28e277fcabda9","width":"1284","height":"2223"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/166944572","isVote":1,"tweetType":1,"viewCount":207,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":184791082,"gmtCreate":1623723842546,"gmtModify":1704209630045,"author":{"id":"3579424939309533","authorId":"3579424939309533","name":"DoNotPanic_SELL","avatar":"https://static.tigerbbs.com/cae30f73aec7d7c4da058fdc042b182f","crmLevel":8,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3579424939309533","authorIdStr":"3579424939309533"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/WISH\">$ContextLogic Inc.(WISH)$</a>to the moon. Rocket it","listText":"<a href=\"https://laohu8.com/S/WISH\">$ContextLogic Inc.(WISH)$</a>to the moon. Rocket it","text":"$ContextLogic Inc.(WISH)$to the moon. Rocket it","images":[{"img":"https://static.tigerbbs.com/81ac3d3aefbe275395e4ab9965edac9a","width":"1284","height":"2223"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/184791082","isVote":1,"tweetType":1,"viewCount":212,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":108129177,"gmtCreate":1620005884399,"gmtModify":1704337222738,"author":{"id":"3579424939309533","authorId":"3579424939309533","name":"DoNotPanic_SELL","avatar":"https://static.tigerbbs.com/cae30f73aec7d7c4da058fdc042b182f","crmLevel":8,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3579424939309533","authorIdStr":"3579424939309533"},"themes":[],"htmlText":"oh yes。。","listText":"oh yes。。","text":"oh yes。。","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/108129177","repostId":"1135819410","repostType":4,"repost":{"id":"1135819410","pubTimestamp":1619999342,"share":"https://ttm.financial/m/news/1135819410?lang=&edition=fundamental","pubTime":"2021-05-03 07:49","market":"us","language":"en","title":"Uber, Pfizer, PayPal, T-Mobile, ViacomCBS, General Motors, and Other Stocks for Investors to Watch This Week","url":"https://stock-news.laohu8.com/highlight/detail?id=1135819410","media":"Barrons","summary":"It’s another packed week of earnings reports, with 130 S&P 500 companies on deck to release their fi","content":"<p>It’s another packed week of earnings reports, with 130 S&amp;P 500 companies on deck to release their first-quarter results. Estée Lauder is among Monday’s highlights, before things pick up on Tuesday:&nbsp;Activision Blizzard, CVS Health, DuPont, Pfizer, and T-Mobile US all report.</p><p>On Wednesday,&nbsp;Barrick Gold, Booking Holdings, General Motors, PayPal Holdings, and Uber Technologies release earnings.&nbsp;Anheuser-Busch InBev, Moderna, Regeneron Pharmaceuticals, Square, and ViacomCBS go on Thursday. And finally, Cigna closes the week on&nbsp;Friday.</p><p><img src=\"https://static.tigerbbs.com/e1a866fbe5118566e68842053d76e2b9\" tg-width=\"1382\" tg-height=\"750\"></p><p>On the economic calendar this week, the&nbsp;main event will jobs Friday.&nbsp;The Bureau of Labor Statistics is forecast to report a gain of 975,000 nonfarm payrolls in April, and an unemployment rate of 5.8%—down from 6% a month earlier.</p><p>Other data out this week include the Institute for Supply Management’s Manufacturing Purchasing Managers’ Index for April on Monday and its&nbsp;Services equivalent on Wednesday.</p><p>Enterprise Products Partners&nbsp;and Estée Lauder release earnings.</p><p>Merck and&nbsp;Public Storage&nbsp;hold virtual investor days.</p><p><b>The Census Bureau</b>&nbsp;reports construction-spending data for March. Consensus estimate is for a 0.6% month-over-month increase in construction spending to a seasonally adjusted annual rate of $1.53 trillion.</p><p><b>The Institute for Supply</b>&nbsp;Management releases its Manufacturing Purchasing Managers’ Index for April. Economists forecast a 65 reading, roughly even with the March figure. The March reading was the highest for the index since December 1983.</p><p><b>Tuesday 5/4</b></p><p>Activision Blizzard,ConocoPhillips, Cummins, CVS Health,Dominion Energy,DuPont, Eaton, Pfizer,Sysco,and T-Mobile US report quarterly results.</p><p>Eli Lilly&nbsp;holds a conference call to discuss its sustainability initiatives.</p><p>Union Pacific&nbsp;holds its 2021 virtual investor day.</p><p><b>Wednesday 5/5</b></p><p>Barrick Gold, Booking Holdings,BorgWarner,Emerson Electric,General Motors,Hilton Worldwide Holdings,Novo Nordisk,PayPal Holdings, and Uber Technologies release earnings.</p><p><b>ADP releases</b>&nbsp;its National Employment Report for April. Expectations are for a gain of 762,500 jobs in private-sector employment after a 517,000 increase in March.</p><p><b>ISM releases</b>&nbsp;its Services PMI for April. The consensus call is for a 64.6 reading, a tick higher than the March data. The March reading was an all-time high for the index.</p><p><b>Thursday 5/6</b></p><p>Anheuser-Busch InBev,Becton Dickinson,Expedia Group,Fidelity National Information Services,Kellogg, Linde,MetLife,Moderna, Regeneron Pharmaceuticals, Square, ViacomCBS, and&nbsp;Zoetishold conference calls to discuss quarterly results.</p><p><b>The Department of Labor</b>&nbsp;reports initial jobless claims for the week ending on May 1. Initial jobless claims have averaged 611,750 a week in April and are at their lowest level since March of last year.</p><p><b>The Bureau of Labor</b>&nbsp;Statistics reports labor costs and productivity for the first quarter. Expectations are for a seasonally adjusted annual rate of 2.2% productivity growth, compared with a 4.2% decline in the fourth quarter of 2020. Unit labor costs are seen falling 0.4% after rising 6% previously.</p><p><b>Friday 5/7</b></p><p><b>The Bureau of Labor</b>&nbsp;Statistics releases the jobs report for April. Economists forecast a gain of 975,000 in nonfarm payroll employment. The unemployment rate is expected to edge down to 5.8% from 6%.</p><p>Cigna and&nbsp;<b>Liberty Media</b>&nbsp;report earnings.</p>","source":"lsy1601382232898","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Uber, Pfizer, PayPal, T-Mobile, ViacomCBS, General Motors, and Other Stocks for Investors to Watch This Week</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\">\nUber, Pfizer, PayPal, T-Mobile, ViacomCBS, General Motors, and Other Stocks for Investors to Watch This Week\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-05-03 07:49 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.barrons.com/articles/uber-pfizer-paypal-t-mobile-viacomcbs-general-motors-and-other-stocks-for-investors-to-watch-this-week-51619982000?mod=hp_LEADSUPP_2><strong>Barrons</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>It’s another packed week of earnings reports, with 130 S&P 500 companies on deck to release their first-quarter results. Estée Lauder is among Monday’s highlights, before things pick up on Tuesday: ...</p>\n\n<a href=\"https://www.barrons.com/articles/uber-pfizer-paypal-t-mobile-viacomcbs-general-motors-and-other-stocks-for-investors-to-watch-this-week-51619982000?mod=hp_LEADSUPP_2\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"UBER":"优步","PFE":"辉瑞","GM":"通用汽车",".DJI":"道琼斯",".IXIC":"NASDAQ Composite","TMUS":"T-Mobile US Inc","PYPL":"PayPal",".SPX":"S&P 500 Index"},"source_url":"https://www.barrons.com/articles/uber-pfizer-paypal-t-mobile-viacomcbs-general-motors-and-other-stocks-for-investors-to-watch-this-week-51619982000?mod=hp_LEADSUPP_2","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1135819410","content_text":"It’s another packed week of earnings reports, with 130 S&P 500 companies on deck to release their first-quarter results. Estée Lauder is among Monday’s highlights, before things pick up on Tuesday: Activision Blizzard, CVS Health, DuPont, Pfizer, and T-Mobile US all report.On Wednesday, Barrick Gold, Booking Holdings, General Motors, PayPal Holdings, and Uber Technologies release earnings. Anheuser-Busch InBev, Moderna, Regeneron Pharmaceuticals, Square, and ViacomCBS go on Thursday. And finally, Cigna closes the week on Friday.On the economic calendar this week, the main event will jobs Friday. The Bureau of Labor Statistics is forecast to report a gain of 975,000 nonfarm payrolls in April, and an unemployment rate of 5.8%—down from 6% a month earlier.Other data out this week include the Institute for Supply Management’s Manufacturing Purchasing Managers’ Index for April on Monday and its Services equivalent on Wednesday.Enterprise Products Partners and Estée Lauder release earnings.Merck and Public Storage hold virtual investor days.The Census Bureau reports construction-spending data for March. Consensus estimate is for a 0.6% month-over-month increase in construction spending to a seasonally adjusted annual rate of $1.53 trillion.The Institute for Supply Management releases its Manufacturing Purchasing Managers’ Index for April. Economists forecast a 65 reading, roughly even with the March figure. The March reading was the highest for the index since December 1983.Tuesday 5/4Activision Blizzard,ConocoPhillips, Cummins, CVS Health,Dominion Energy,DuPont, Eaton, Pfizer,Sysco,and T-Mobile US report quarterly results.Eli Lilly holds a conference call to discuss its sustainability initiatives.Union Pacific holds its 2021 virtual investor day.Wednesday 5/5Barrick Gold, Booking Holdings,BorgWarner,Emerson Electric,General Motors,Hilton Worldwide Holdings,Novo Nordisk,PayPal Holdings, and Uber Technologies release earnings.ADP releases its National Employment Report for April. Expectations are for a gain of 762,500 jobs in private-sector employment after a 517,000 increase in March.ISM releases its Services PMI for April. The consensus call is for a 64.6 reading, a tick higher than the March data. The March reading was an all-time high for the index.Thursday 5/6Anheuser-Busch InBev,Becton Dickinson,Expedia Group,Fidelity National Information Services,Kellogg, Linde,MetLife,Moderna, Regeneron Pharmaceuticals, Square, ViacomCBS, and Zoetishold conference calls to discuss quarterly results.The Department of Labor reports initial jobless claims for the week ending on May 1. Initial jobless claims have averaged 611,750 a week in April and are at their lowest level since March of last year.The Bureau of Labor Statistics reports labor costs and productivity for the first quarter. Expectations are for a seasonally adjusted annual rate of 2.2% productivity growth, compared with a 4.2% decline in the fourth quarter of 2020. Unit labor costs are seen falling 0.4% after rising 6% previously.Friday 5/7The Bureau of Labor Statistics releases the jobs report for April. Economists forecast a gain of 975,000 in nonfarm payroll employment. The unemployment rate is expected to edge down to 5.8% from 6%.Cigna and Liberty Media report earnings.","news_type":1},"isVote":1,"tweetType":1,"viewCount":38,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":311507674738712,"gmtCreate":1717077522797,"gmtModify":1717077528116,"author":{"id":"3579424939309533","authorId":"3579424939309533","name":"DoNotPanic_SELL","avatar":"https://static.tigerbbs.com/cae30f73aec7d7c4da058fdc042b182f","crmLevel":8,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3579424939309533","authorIdStr":"3579424939309533"},"themes":[],"htmlText":"<a href=\"https://ttm.financial/S/DELL\">$Dell Technologies Inc.(DELL)$</a> Only a spike of hype that relate to nvidia, seem like the mass is not buying for the fact that Dell is outperforming other computers makers","listText":"<a href=\"https://ttm.financial/S/DELL\">$Dell Technologies Inc.(DELL)$</a> Only a spike of hype that relate to nvidia, seem like the mass is not buying for the fact that Dell is outperforming other computers makers","text":"$Dell Technologies Inc.(DELL)$ Only a spike of hype that relate to nvidia, seem like the mass is not buying for the fact that Dell is outperforming other computers makers","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/311507674738712","isVote":1,"tweetType":1,"viewCount":2529,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":128884335,"gmtCreate":1624510249927,"gmtModify":1703838837779,"author":{"id":"3579424939309533","authorId":"3579424939309533","name":"DoNotPanic_SELL","avatar":"https://static.tigerbbs.com/cae30f73aec7d7c4da058fdc042b182f","crmLevel":8,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3579424939309533","authorIdStr":"3579424939309533"},"themes":[],"htmlText":"Tesla to the mars","listText":"Tesla to the mars","text":"Tesla to the mars","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/128884335","repostId":"2145156570","repostType":4,"repost":{"id":"2145156570","weMediaInfo":{"introduction":"Reuters.com brings you the latest news from around the world, covering breaking news in markets, business, politics, entertainment and technology","home_visible":1,"media_name":"Reuters","id":"1036604489","head_image":"https://static.tigerbbs.com/443ce19704621c837795676028cec868"},"pubTimestamp":1624489510,"share":"https://ttm.financial/m/news/2145156570?lang=&edition=fundamental","pubTime":"2021-06-24 07:05","market":"us","language":"en","title":"Tesla lifts Nasdaq to record-high close, S&P 500 dips","url":"https://stock-news.laohu8.com/highlight/detail?id=2145156570","media":"Reuters","summary":"June 23  - The Nasdaq climbed to a record-high close on Wednesday, fueled by a rally in Tesla Inc , while the S&P 500 dipped, even as investors cheered data that showed a record peak for U.S. factory activity in June.Gains in Nvidia Corp and $Facebook$ Inc extended a recent rebound in top-shelf growth stocks that fell out of favor in recent months as investors focused on companies expected to do well as the economy recovers from the pandemic.Data firm IHS $Markit$ said its flash U.S. manufacturi","content":"<p>June 23 (Reuters) - The Nasdaq climbed to a record-high close on Wednesday, fueled by a rally in Tesla Inc , while the S&amp;P 500 dipped, even as investors cheered data that showed a record peak for U.S. factory activity in June.</p>\n<p>Gains in Nvidia Corp and <a href=\"https://laohu8.com/S/FB\">Facebook</a> Inc extended a recent rebound in top-shelf growth stocks that fell out of favor in recent months as investors focused on companies expected to do well as the economy recovers from the pandemic.</p>\n<p>Data firm IHS <a href=\"https://laohu8.com/S/MRKT\">Markit</a> said its flash U.S. manufacturing Purchasing Managers' Index rose to a reading of 62.6 this month, beating estimates of 61.5, but manufacturers are still struggling to secure raw materials and qualified workers, substantially raising prices.</p>\n<p>The \"high level of today's surveys will provide some confirmation for the Fed that the time to begin taking its foot off the accelerator is not far away,\" said Jai Malhi, global market strategist at J.P. Morgan Asset Management.</p>\n<p>On Tuesday, Fed Chair Jerome Powell reaffirmed the central bank's intent not to raise interest rates too quickly, based only on the fear of coming inflation.</p>\n<p>Powell's comments follow the Fed's projection a week ago of an increase in interest rates as soon as 2023, sooner than anticipated. Since then, growth stocks, including major tech names like Tesla and Nvidia, have mostly rallied and outperformed value stocks, like banks and materials companies.</p>\n<p>\"People are plowing money into what has worked. People are basically momentum-chasing and they're using the last three years of performance to figure out what to chase,\" said Mike Zigmont, head of trading and research at Harvest Volatility Management in New York.</p>\n<p>Eight of the 11 major S&amp;P sector indexes fell, with utilities down about 1% and leading the way lower, followed by a 0.6% dip in materials .</p>\n<p>Tesla jumped 5.3% after the electric vehicle maker said it had opened a solar-powered charging station with on-site power storage in the Tibetan capital Lhasa, its first such facility in China. That trimmed the stock's loss in 2021 to about 7%.</p>\n<p>Extending investors' recent preference for growth stocks, the S&amp;P 500 growth index edged up 0.01%, while the value index dipped 0.24%.</p>\n<p>The Dow Jones Industrial Average fell 0.21% to end at 33,874.24 points, while the S&amp;P 500 lost 0.11% to 4,241.84.</p>\n<p>The Nasdaq Composite climbed 0.13% to 14,271.73.</p>\n<p>The S&amp;P 500 has gained about 13% in 2021, while the Nasdaq and Dow are up about 11%.</p>\n<p>Nikola Corp rallied 4.3% after the electric and hydrogen vehicle maker said it is investing $50 million in Wabash Valley Resources LLC to produce clean hydrogen in the U.S. Midwest for its zero-emission trucks.</p>\n<p>Among so-called meme stocks, software firm Alfi Inc tumbled 26% after more than doubling in value in the prior session, while <a href=\"https://laohu8.com/S/TRCH\">Torchlight Energy Resources Inc</a> slumped 30%, tumbling for a second day after announcing an upsized stock offering.</p>\n<p>Advancing issues outnumbered declining ones on the NYSE by a 1.14-to-1 ratio; on Nasdaq, a 1.42-to-1 ratio favored advancers.</p>\n<p>The S&amp;P 500 posted 33 new 52-week highs and no new lows; the Nasdaq Composite recorded 91 new highs and 28 new lows.</p>\n<p>Volume on U.S. exchanges was 9.3 billion shares, compared with the 11.1 billion average over the last 20 trading days.</p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Tesla lifts Nasdaq to record-high close, S&P 500 dips</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\">\nTesla lifts Nasdaq to record-high close, S&P 500 dips\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1036604489\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/443ce19704621c837795676028cec868);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Reuters </p>\n<p class=\"h-time\">2021-06-24 07:05</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<p>June 23 (Reuters) - The Nasdaq climbed to a record-high close on Wednesday, fueled by a rally in Tesla Inc , while the S&amp;P 500 dipped, even as investors cheered data that showed a record peak for U.S. factory activity in June.</p>\n<p>Gains in Nvidia Corp and <a href=\"https://laohu8.com/S/FB\">Facebook</a> Inc extended a recent rebound in top-shelf growth stocks that fell out of favor in recent months as investors focused on companies expected to do well as the economy recovers from the pandemic.</p>\n<p>Data firm IHS <a href=\"https://laohu8.com/S/MRKT\">Markit</a> said its flash U.S. manufacturing Purchasing Managers' Index rose to a reading of 62.6 this month, beating estimates of 61.5, but manufacturers are still struggling to secure raw materials and qualified workers, substantially raising prices.</p>\n<p>The \"high level of today's surveys will provide some confirmation for the Fed that the time to begin taking its foot off the accelerator is not far away,\" said Jai Malhi, global market strategist at J.P. Morgan Asset Management.</p>\n<p>On Tuesday, Fed Chair Jerome Powell reaffirmed the central bank's intent not to raise interest rates too quickly, based only on the fear of coming inflation.</p>\n<p>Powell's comments follow the Fed's projection a week ago of an increase in interest rates as soon as 2023, sooner than anticipated. Since then, growth stocks, including major tech names like Tesla and Nvidia, have mostly rallied and outperformed value stocks, like banks and materials companies.</p>\n<p>\"People are plowing money into what has worked. People are basically momentum-chasing and they're using the last three years of performance to figure out what to chase,\" said Mike Zigmont, head of trading and research at Harvest Volatility Management in New York.</p>\n<p>Eight of the 11 major S&amp;P sector indexes fell, with utilities down about 1% and leading the way lower, followed by a 0.6% dip in materials .</p>\n<p>Tesla jumped 5.3% after the electric vehicle maker said it had opened a solar-powered charging station with on-site power storage in the Tibetan capital Lhasa, its first such facility in China. That trimmed the stock's loss in 2021 to about 7%.</p>\n<p>Extending investors' recent preference for growth stocks, the S&amp;P 500 growth index edged up 0.01%, while the value index dipped 0.24%.</p>\n<p>The Dow Jones Industrial Average fell 0.21% to end at 33,874.24 points, while the S&amp;P 500 lost 0.11% to 4,241.84.</p>\n<p>The Nasdaq Composite climbed 0.13% to 14,271.73.</p>\n<p>The S&amp;P 500 has gained about 13% in 2021, while the Nasdaq and Dow are up about 11%.</p>\n<p>Nikola Corp rallied 4.3% after the electric and hydrogen vehicle maker said it is investing $50 million in Wabash Valley Resources LLC to produce clean hydrogen in the U.S. Midwest for its zero-emission trucks.</p>\n<p>Among so-called meme stocks, software firm Alfi Inc tumbled 26% after more than doubling in value in the prior session, while <a href=\"https://laohu8.com/S/TRCH\">Torchlight Energy Resources Inc</a> slumped 30%, tumbling for a second day after announcing an upsized stock offering.</p>\n<p>Advancing issues outnumbered declining ones on the NYSE by a 1.14-to-1 ratio; on Nasdaq, a 1.42-to-1 ratio favored advancers.</p>\n<p>The S&amp;P 500 posted 33 new 52-week highs and no new lows; the Nasdaq Composite recorded 91 new highs and 28 new lows.</p>\n<p>Volume on U.S. exchanges was 9.3 billion shares, compared with the 11.1 billion average over the last 20 trading days.</p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"INFO":"Harbor PanAgora Dynamic Large Cap Core ETF","NKLA":"Nikola Corporation",".SPX":"S&P 500 Index","IVV":"标普500指数ETF","TSLA":"特斯拉","NDAQ":"纳斯达克OMX交易所","UPRO":"三倍做多标普500ETF",".DJI":"道琼斯","NVDA":"英伟达",".IXIC":"NASDAQ Composite"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2145156570","content_text":"June 23 (Reuters) - The Nasdaq climbed to a record-high close on Wednesday, fueled by a rally in Tesla Inc , while the S&P 500 dipped, even as investors cheered data that showed a record peak for U.S. factory activity in June.\nGains in Nvidia Corp and Facebook Inc extended a recent rebound in top-shelf growth stocks that fell out of favor in recent months as investors focused on companies expected to do well as the economy recovers from the pandemic.\nData firm IHS Markit said its flash U.S. manufacturing Purchasing Managers' Index rose to a reading of 62.6 this month, beating estimates of 61.5, but manufacturers are still struggling to secure raw materials and qualified workers, substantially raising prices.\nThe \"high level of today's surveys will provide some confirmation for the Fed that the time to begin taking its foot off the accelerator is not far away,\" said Jai Malhi, global market strategist at J.P. Morgan Asset Management.\nOn Tuesday, Fed Chair Jerome Powell reaffirmed the central bank's intent not to raise interest rates too quickly, based only on the fear of coming inflation.\nPowell's comments follow the Fed's projection a week ago of an increase in interest rates as soon as 2023, sooner than anticipated. Since then, growth stocks, including major tech names like Tesla and Nvidia, have mostly rallied and outperformed value stocks, like banks and materials companies.\n\"People are plowing money into what has worked. People are basically momentum-chasing and they're using the last three years of performance to figure out what to chase,\" said Mike Zigmont, head of trading and research at Harvest Volatility Management in New York.\nEight of the 11 major S&P sector indexes fell, with utilities down about 1% and leading the way lower, followed by a 0.6% dip in materials .\nTesla jumped 5.3% after the electric vehicle maker said it had opened a solar-powered charging station with on-site power storage in the Tibetan capital Lhasa, its first such facility in China. That trimmed the stock's loss in 2021 to about 7%.\nExtending investors' recent preference for growth stocks, the S&P 500 growth index edged up 0.01%, while the value index dipped 0.24%.\nThe Dow Jones Industrial Average fell 0.21% to end at 33,874.24 points, while the S&P 500 lost 0.11% to 4,241.84.\nThe Nasdaq Composite climbed 0.13% to 14,271.73.\nThe S&P 500 has gained about 13% in 2021, while the Nasdaq and Dow are up about 11%.\nNikola Corp rallied 4.3% after the electric and hydrogen vehicle maker said it is investing $50 million in Wabash Valley Resources LLC to produce clean hydrogen in the U.S. Midwest for its zero-emission trucks.\nAmong so-called meme stocks, software firm Alfi Inc tumbled 26% after more than doubling in value in the prior session, while Torchlight Energy Resources Inc slumped 30%, tumbling for a second day after announcing an upsized stock offering.\nAdvancing issues outnumbered declining ones on the NYSE by a 1.14-to-1 ratio; on Nasdaq, a 1.42-to-1 ratio favored advancers.\nThe S&P 500 posted 33 new 52-week highs and no new lows; the Nasdaq Composite recorded 91 new highs and 28 new lows.\nVolume on U.S. exchanges was 9.3 billion shares, compared with the 11.1 billion average over the last 20 trading days.","news_type":1},"isVote":1,"tweetType":1,"viewCount":375,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":335840309289152,"gmtCreate":1723028444441,"gmtModify":1723028448493,"author":{"id":"3579424939309533","authorId":"3579424939309533","name":"DoNotPanic_SELL","avatar":"https://static.tigerbbs.com/cae30f73aec7d7c4da058fdc042b182f","crmLevel":8,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3579424939309533","authorIdStr":"3579424939309533"},"themes":[],"htmlText":"The stock go -3% after the news. Nice reporting","listText":"The stock go -3% after the news. Nice reporting","text":"The stock go -3% after the news. Nice reporting","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/335840309289152","repostId":"2457591816","repostType":4,"repost":{"id":"2457591816","weMediaInfo":{"introduction":"Dow Jones publishes the world’s most trusted business news and financial information in a variety of media.","home_visible":1,"media_name":"Dow Jones","id":"1012688067","head_image":"https://static.tigerbbs.com/150f88aa4d182df19190059f4a365e99"},"pubTimestamp":1723027962,"share":"https://ttm.financial/m/news/2457591816?lang=&edition=fundamental","pubTime":"2024-08-07 18:52","market":"us","language":"en","title":"Disney Makes a Profit in Streaming, but Parks Business Feels Spending Pressure","url":"https://stock-news.laohu8.com/highlight/detail?id=2457591816","media":"Dow Jones","summary":"By Dawn Chmielewski and Lisa Richwine      LOS ANGELES, Aug 7 (Reuters) - Walt Disney    reported on Wednesday quarterly earnings that exceeded Wall Street expectations, buoyed by the success of anima","content":"<html><head></head><body><p><a href=\"https://laohu8.com/S/DIS\">Walt Disney</a> turned a surprise profit in its combined streaming business, but its stock was moving lower in Wednesday’s premarket trading as the company signaled that consumer spending pressure is impacting the parks business.</p><p>Disney shares were up about 1% in premarket trading Wednesday.</p><p></p><p class=\"t-img-caption\"><img src=\"https://community-static.tradeup.com/news/1d131c760878269888be8ff9fd01ac22\" title=\"\" tg-width=\"416\" tg-height=\"391\"/></p><p style=\"text-align: start;\">Overall revenue rose to $23.16 billion from $22.3 billion in the fiscal third quarter, driven by increases in all three of the company’s segments. Analysts surveyed by FactSet had been modeling $23.08 billion.</p><p>Disney’s<strong> </strong>entertainment business saw revenue rise 4% to $10.58 billion, despite a decline in revenue from linear networks. The direct-to-consumer business recorded a 15% uptick in revenue to $5.81 billion.</p><p>The company’s streaming business reached profitability on a combined basis a quarter before management was expecting to hit that milestone.</p><p style=\"text-align: start;\">Disney now anticipates 30% growth in adjusted earnings per share for the full fiscal year. The FactSet consensus implied a projection for about 27% growth.</p><p style=\"text-align: start;\">Subscribers to core Disney+ increased by 1% in the June quarter. Disney expects modest growth there in the September quarter.</p><p style=\"text-align: start;\">Disney’s experiences segment drove a 2% revenue increase to $8.39 billion, coming in below the FactSet consensus, which was for $8.59 billion. The release noted a “moderation of consumer demand towards the end of Q3 that exceeded our previous expectations.”</p><p style=\"text-align: start;\">That demand moderation “could impact the next few quarters,” Disney added.</p><p>The company reported fiscal third-quarter net income of $2.6 billion, or $1.44 a share, whereas it logged a loss of $460 million, or 25 cents a share, in the year-earlier period.</p><p style=\"text-align: start;\">On an adjusted basis, Disney earned $1.39 a share, while analysts tracked by FactSet had been expecting $1.20 a share.</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>Disney Makes a Profit in Streaming, but Parks Business Feels Spending Pressure</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\">\nDisney Makes a Profit in Streaming, but Parks Business Feels Spending Pressure\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1012688067\">\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\">2024-08-07 18:52</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<html><head></head><body><p><a href=\"https://laohu8.com/S/DIS\">Walt Disney</a> turned a surprise profit in its combined streaming business, but its stock was moving lower in Wednesday’s premarket trading as the company signaled that consumer spending pressure is impacting the parks business.</p><p>Disney shares were up about 1% in premarket trading Wednesday.</p><p></p><p class=\"t-img-caption\"><img src=\"https://community-static.tradeup.com/news/1d131c760878269888be8ff9fd01ac22\" title=\"\" tg-width=\"416\" tg-height=\"391\"/></p><p style=\"text-align: start;\">Overall revenue rose to $23.16 billion from $22.3 billion in the fiscal third quarter, driven by increases in all three of the company’s segments. Analysts surveyed by FactSet had been modeling $23.08 billion.</p><p>Disney’s<strong> </strong>entertainment business saw revenue rise 4% to $10.58 billion, despite a decline in revenue from linear networks. The direct-to-consumer business recorded a 15% uptick in revenue to $5.81 billion.</p><p>The company’s streaming business reached profitability on a combined basis a quarter before management was expecting to hit that milestone.</p><p style=\"text-align: start;\">Disney now anticipates 30% growth in adjusted earnings per share for the full fiscal year. The FactSet consensus implied a projection for about 27% growth.</p><p style=\"text-align: start;\">Subscribers to core Disney+ increased by 1% in the June quarter. Disney expects modest growth there in the September quarter.</p><p style=\"text-align: start;\">Disney’s experiences segment drove a 2% revenue increase to $8.39 billion, coming in below the FactSet consensus, which was for $8.59 billion. The release noted a “moderation of consumer demand towards the end of Q3 that exceeded our previous expectations.”</p><p style=\"text-align: start;\">That demand moderation “could impact the next few quarters,” Disney added.</p><p>The company reported fiscal third-quarter net income of $2.6 billion, or $1.44 a share, whereas it logged a loss of $460 million, or 25 cents a share, in the year-earlier period.</p><p style=\"text-align: start;\">On an adjusted basis, Disney earned $1.39 a share, while analysts tracked by FactSet had been expecting $1.20 a share.</p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"DIS":"迪士尼"},"source_url":"https://api.rkd.refinitiv.com/api/News/News.svc/REST/News_1/RetrieveStoryML_1","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2457591816","content_text":"Walt Disney turned a surprise profit in its combined streaming business, but its stock was moving lower in Wednesday’s premarket trading as the company signaled that consumer spending pressure is impacting the parks business.Disney shares were up about 1% in premarket trading Wednesday.Overall revenue rose to $23.16 billion from $22.3 billion in the fiscal third quarter, driven by increases in all three of the company’s segments. Analysts surveyed by FactSet had been modeling $23.08 billion.Disney’s entertainment business saw revenue rise 4% to $10.58 billion, despite a decline in revenue from linear networks. The direct-to-consumer business recorded a 15% uptick in revenue to $5.81 billion.The company’s streaming business reached profitability on a combined basis a quarter before management was expecting to hit that milestone.Disney now anticipates 30% growth in adjusted earnings per share for the full fiscal year. The FactSet consensus implied a projection for about 27% growth.Subscribers to core Disney+ increased by 1% in the June quarter. Disney expects modest growth there in the September quarter.Disney’s experiences segment drove a 2% revenue increase to $8.39 billion, coming in below the FactSet consensus, which was for $8.59 billion. The release noted a “moderation of consumer demand towards the end of Q3 that exceeded our previous expectations.”That demand moderation “could impact the next few quarters,” Disney added.The company reported fiscal third-quarter net income of $2.6 billion, or $1.44 a share, whereas it logged a loss of $460 million, or 25 cents a share, in the year-earlier period.On an adjusted basis, Disney earned $1.39 a share, while analysts tracked by FactSet had been expecting $1.20 a share.","news_type":1},"isVote":1,"tweetType":1,"viewCount":163,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":311603342336208,"gmtCreate":1717100905650,"gmtModify":1717100909431,"author":{"id":"3579424939309533","authorId":"3579424939309533","name":"DoNotPanic_SELL","avatar":"https://static.tigerbbs.com/cae30f73aec7d7c4da058fdc042b182f","crmLevel":8,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3579424939309533","authorIdStr":"3579424939309533"},"themes":[],"htmlText":"<a href=\"https://ttm.financial/S/DELL\">$Dell Technologies Inc.(DELL)$</a> Is a total disaster which was hinted by today stock performace. Ai hype is very likely a bubble after all.","listText":"<a href=\"https://ttm.financial/S/DELL\">$Dell Technologies Inc.(DELL)$</a> Is a total disaster which was hinted by today stock performace. Ai hype is very likely a bubble after all.","text":"$Dell Technologies Inc.(DELL)$ Is a total disaster which was hinted by today stock performace. Ai hype is very likely a bubble after all.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/311603342336208","isVote":1,"tweetType":1,"viewCount":363,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":303038827376808,"gmtCreate":1715019611806,"gmtModify":1715019617128,"author":{"id":"3579424939309533","authorId":"3579424939309533","name":"DoNotPanic_SELL","avatar":"https://static.tigerbbs.com/cae30f73aec7d7c4da058fdc042b182f","crmLevel":8,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3579424939309533","authorIdStr":"3579424939309533"},"themes":[],"htmlText":"<a href=\"https://ttm.financial/S/DIS\">$Walt Disney(DIS)$&nbsp;</a><v-v data-views=\"1\"></v-v> Let's go. Walt disney seem to have a stable grow in term of their streaming services.&nbsp;","listText":"<a href=\"https://ttm.financial/S/DIS\">$Walt Disney(DIS)$&nbsp;</a><v-v data-views=\"1\"></v-v> Let's go. Walt disney seem to have a stable grow in term of their streaming services.&nbsp;","text":"$Walt Disney(DIS)$ Let's go. Walt disney seem to have a stable grow in term of their streaming services.","images":[{"img":"https://community-static.tradeup.com/news/3747327a101f8817be2b7b9af9270f84","width":"1092","height":"1717"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/303038827376808","isVote":1,"tweetType":1,"viewCount":139,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":164302718,"gmtCreate":1624169582434,"gmtModify":1703830076589,"author":{"id":"3579424939309533","authorId":"3579424939309533","name":"DoNotPanic_SELL","avatar":"https://static.tigerbbs.com/cae30f73aec7d7c4da058fdc042b182f","crmLevel":8,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3579424939309533","authorIdStr":"3579424939309533"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/WISH\">$ContextLogic Inc.(WISH)$</a>To the moon or mars","listText":"<a href=\"https://laohu8.com/S/WISH\">$ContextLogic Inc.(WISH)$</a>To the moon or mars","text":"$ContextLogic Inc.(WISH)$To the moon or mars","images":[{"img":"https://static.tigerbbs.com/81ac3d3aefbe275395e4ab9965edac9a","width":"1284","height":"2223"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/164302718","isVote":1,"tweetType":1,"viewCount":155,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0}],"lives":[]}