Kennyhee personal page - To The Moon

Kennyhee

Kennyhee

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08-03 21:56

$GOOG 20260821 425.0 CALL$

08-03 21:55

$GraniteShares 2X Long INTC Daily ETF(INTW)$

05-28

$SATS(S58.SI)$ fly fly fly

05-27

Sounds so AI written

Why America is losing the AI productivity war to 3.5 million Chinese STEM graduates

2025-10-23

Hard for it to grow any more

2025-10-11

Great article, would you like to share it?

@Enid Bertha:$Tesla Motors(TSLA)$ is ready to soar to the moon!

2025-07-03

$DDOG 20260116 160.0 CALL$ rocket up

2024-09-24

$JD 20240927 30.0 CALL$ shiok, jackpot

2024-08-21

Good day

2024-07-19

Opportunity to buy into Microsoft shares

2021-08-31

$Dingdong (Cayman) Limited(DDL)$https://corpgov.law.harvard.edu/2019/02/04/the-risky-business-of-investing-in-chinese-tech-firms/Since 2019, there are warnings of this happening.

2021-07-29

Ok

Sorry, the original content has been removed

2021-07-23

Chinese tech disappoint

Sorry, the original content has been removed

2021-07-15

Fly fly fly

Sorry, the original content has been removed

2021-07-14

Latest

Sorry, the original content has been removed

2021-07-10

Nice

Sorry, the original content has been removed

2021-06-30

$Dingdong (Cayman) Limited(DDL)$hold and don't sell and we will see $40

2021-06-29

Read and like pls

Sorry, the original content has been removed

2021-06-25

Comment and like, thanks

Sorry, the original content has been removed

2021-06-23

Need to raise further, drop too much

Chinese Education Stocks gained in morning trading Wednesday

Go to Tiger App to see more news

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</a>&nbsp;","text":"$GraniteShares 2X Long INTC Daily ETF(INTW)$","images":[{"img":"https://community-static.tradeup.com/news/9b8a7b32fa53737390ad807d89f0cbc7","width":"1048","height":"1772"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/592858099827128","isVote":1,"tweetType":1,"viewCount":84,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":569036611564584,"gmtCreate":1779931243135,"gmtModify":1779931246536,"author":{"id":"3584371749224835","authorId":"3584371749224835","name":"Kennyhee","avatar":"https://static.tigerbbs.com/30a3ec7f0cc5906c0ee843a7799b4263","crmLevel":12,"crmLevelSwitch":1,"followedFlag":false,"authorIdStr":"3584371749224835","idStr":"3584371749224835"},"themes":[],"title":"","htmlText":"<a href=\"https://ttm.financial/S/S58.SI\">$SATS(S58.SI)$ </a> fly fly fly&nbsp;","listText":"<a 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written","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/568866383774632","repostId":"2638507713","repostType":2,"repost":{"id":"2638507713","kind":"highlight","weMediaInfo":{"introduction":"Dow Jones publishes the world’s most trusted business news and financial information in a variety of media.","home_visible":0,"media_name":"Dow Jones","id":"106","head_image":"https://static.tigerbbs.com/150f88aa4d182df19190059f4a365e99"},"pubTimestamp":1779883500,"share":"https://ttm.financial/m/news/2638507713?lang=en_US&edition=fundamental","pubTime":"2026-05-27 20:05","market":"sg","language":"en","title":"Why America is losing the AI productivity war to 3.5 million Chinese STEM graduates","url":"https://stock-news.laohu8.com/highlight/detail?id=2638507713","media":"Dow Jones","summary":"Big Tech's structural mistakes are costing stock investors and fueling a massive talent crisis. About 40% of China's university degrees are in science, technology, engineering and mathematics - double the U.S.The United States still leads in private AI investment, but it has not matched that commitment with investment in the human capital needed to sustain it.The hardest thing to manage is change. I wrote that line more than a decade ago in an article about the \"XPocalypse,\" Microsoft's  end-of-life deadline for Windows XP.My argument then was that the real crisis was not obsolete software. It was the shortage of technically literate professionals capable of guiding organizations through inevitable transitions.The organizations most exposed are not simply those using the wrong software. They are those that outsourced technical judgment along with technical execution. They purchased SaaS as a substitute for internal capability, accumulated organizational debt - and now lack the human ca","content":"<font class=\"NormalMinus1\" face=\"Arial\">\n<p>\nMW Why America is losing the AI productivity war to 3.5 million Chinese STEM graduates\n</p>\n<p>\n  By Shane D. Shook \n</p>\n<p>\n     Big Tech's structural mistakes are costing stock investors and fueling a massive talent crisis \n</p>\n<p>\n     About 40% of China's university degrees are in science, technology, engineering and mathematics - double the U.S. \n</p>\n<p>\n     The United States still leads in private AI investment, but it has not matched that commitment with investment in the human capital needed to sustain it. \n</p>\n<p>\n     The hardest thing to manage is change. I wrote that line more than a decade ago in an article about the \"XPocalypse,\" Microsoft's <a href=\"https://laohu8.com/S/MSFT\">$(MSFT)$</a> end-of-life deadline for Windows XP. \n</p>\n<p>\n     My argument then was that the real crisis was not obsolete software. It was the shortage of technically literate professionals capable of guiding organizations through inevitable transitions. \n</p>\n<p>\n     More than a decade later, the names have changed. The lesson has not. \n</p>\n<p>\n     Y2K defined the pattern. The risk was real, but disaster was avoided because skilled people did the work. When nothing happened at midnight as 1999 turned over into 2000, many assumed the threat had been exaggerated - instead of recognizing that it had been successfully managed. \n</p>\n<p>\n     Windows XP became the next version of the same problem. The operating system stayed embedded in retail, banking, healthcare, energy, law enforcement and defense systems long after it should have been retired. The vulnerability was real, but the larger lesson was mostly missed: organizations let technical debt pile up until a deadline turns it into a crisis. \n</p>\n<p>\n     Now we have the \"SaaSpocalypse.\" Headlines warn that agentic AI is breaking the SaaS business model, lowering software valuations and making entire categories of enterprise tools obsolete. Investors are reacting, analysts are talking about \"FOBO\" - fear of becoming obsolete - and organizations are again asking whether they are ready for what comes next. \n</p>\n<p>\n     AI disruption is real. AI agents can now automate workflows that once required dedicated software tools and teams of human operators. The per-seat pricing model that powered two decades of SaaS economics is under pressure. But the apocalyptic framing misdiagnoses the problem. SaaS is not dying. It is bifurcating. \n</p>\n<p>\n     Platforms requiring precision, auditability, complex state management and regulatory accountability, such as financial systems, healthcare records and compliance infrastructure, will remain essential. What is collapsing is the undifferentiated middle - the horizontal tools that AI agents can replicate cheaply and at scale. \n</p>\n<p>\n     The organizations most exposed are not simply those using the wrong software. They are those that outsourced technical judgment along with technical execution. They purchased SaaS as a substitute for internal capability, accumulated organizational debt - and now lack the human capital to navigate a transition that is fundamentally about people and process. \n</p>\n<p>\n     The old taxonomy still applies: people, process and technology. Technology serves business functions. Processes create efficiency. Qualified people sustain both. But the pace of technological change continues to outrun the education system's ability to produce experienced professionals with current skills. \n</p>\n<p>\n     AI has widened that gap. Data engineers now design orchestration infrastructure that determines whether AI produces value or liability. Security practitioners must govern autonomous agents acting on behalf of enterprises. Business leaders need enough technical fluency to make build-versus-buy decisions in a market changing in real time. \n</p>\n<p>\n     The U.S. is still not producing enough people with STEM skills. \n</p>\n<p>\n     These are not narrow technical tasks. They are the applied outputs of serious STEM education grounded in business context, professional standards and sustained practice. The U.S. is still not producing enough people with these skills. \n</p>\n<p>\n     The numbers are sobering. The U.S. now mints fewer than 820,000 STEM graduates annually, representing about 20% of all degrees awarded. In contrast, China produces roughly 3.57 million STEM graduates each year - about 40% of its university degrees. \n</p>\n<p>\n     At the doctoral level, the gap is even wider. In 2000, the United States awarded 17,830 STEM PhDs, compared with China's 7,520. By 2022, China awarded more than 50,970 STEM doctorates, over 50% more than the 33,820 awarded in the U.S. \n</p>\n<p>\n     This matters directly to AI leadership. Countries building the strongest STEM pipelines today are positioning themselves to define the architecture, governance and standards of AI systems tomorrow. \n</p>\n<p>\n     More than a decade ago, I argued that IT must be treated as a profession, not merely a resource. Finance, medicine, law, engineering and accounting all have formal professional pathways, standards and institutional support. Information technology underpins nearly every critical function of modern society, yet still lacks equivalent professional frameworks. \n</p>\n<p>\n     The technology sector has long harvested talent from a pipeline it does not adequately fund, then wondered why the pipeline runs short. \n</p>\n<p>\n     The AI transition makes this more urgent. As AI absorbs routine execution, the humans left in the loop must be more capable. Their role is shifting from implementation to governance, from configuration to architecture, from maintenance to judgment. That requires better preparation, stronger incentives and professional recognition. \n</p>\n<p>\n     The United States still leads in private AI investment, but it has not matched that commitment with investment in the human capital needed to sustain it. China has embedded AI degree programs across more than 500 universities and integrated corporations directly into research and workforce pipelines. India's AI upskilling surge is driven heavily by corporate sponsorship, with employers treating workforce education as strategic investment. The European Union has committed significant public funding to AI talent development and cross-border STEM mobility. \n</p>\n<p>\n     The U.S. has examples worth scaling. North Carolina's AI Academy at NC State, built with more than 100 corporate partners, combines university credentialing with applied workplace training. North Carolina A&amp;T is partnering with <a href=\"https://laohu8.com/S/NVDA\">Nvidia</a> (NVDA) and the Office of Naval Research to expand AI and cybersecurity talent. Texas has committed heavily to doctoral research infrastructure through the Texas Institute for Electronics, linking universities, government and industry around semiconductor and defense technology priorities. \n</p>\n<p>\n     These models show what a national strategy should look like: public investment, corporate sponsorship, university research capacity and continuous pathways from undergraduate study through doctoral work. But they remain exceptions. Corporate PhD fellowships from leading technology companies are valuable, but they are filters, not pipelines. \n</p>\n<p>\n     The technology sector has long harvested talent from a pipeline it does not adequately fund, then wondered why the pipeline runs short. That model is no longer sustainable. Federal and state governments must create the policy environment, including tax incentives, credentialing reform, research funding and visa frameworks, that makes corporate STEM investment structurally attractive rather than reputationally optional. \n</p>\n<p>\n     The SaaSpocalypse will pass, as Y2K and the XPocalypse passed, because capable people will do the work. But the underlying shortage will remain. \n</p>\n<p>\n     What I called for in 2014 still stands: STEM education, paired with business, information management and finance, must become sustained national infrastructure. Not as a reaction to this disruption, but as preparation for the next one. \n</p>\n<p>\n     The hardest thing to manage is change. The next is learning from it. \n</p>\n<p>\n     Shane D. Shook is a venture partner at Forgepoint Capital, an early-stage venture capital firm focused on cybersecurity, artificial intelligence and infrastructure software. \n</p>\n<p>\n     More: Nvidia's on a new path, and if you own an S&amp;P 500 index fund your money is riding on it \n</p>\n<p>\n     Also read: This bear-market signal that Wall Street ignores is putting your money at risk right now \n</p>\n<p>\n     -Shane D. Shook \n</p>\n<p>\n     This content was created by MarketWatch, which is operated by Dow Jones &amp; Co. MarketWatch is published independently from Dow Jones Newswires and The Wall Street Journal. \n</p>\n<pre style=\"white-space: pre\">\n \n</pre>\n<p>\n  (END) Dow Jones Newswires\n</p>\n<p>\n  May 27, 2026 08:05 ET (12:05 GMT)\n</p>\n<p>\n  Copyright (c) 2026 Dow Jones &amp; Company, Inc.\n</p>\n</font>","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>Why America is losing the AI productivity war to 3.5 million Chinese STEM graduates</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\">\nWhy America is losing the AI productivity war to 3.5 million Chinese STEM graduates\n</h2>\n\n<h4 class=\"meta\">\n\n\n<div class=\"head\" \">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/150f88aa4d182df19190059f4a365e99);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Dow Jones </p>\n<p class=\"h-time\">2026-05-27 20:05</p>\n</div>\n\n</div>\n\n\n</h4>\n\n</header>\n<article>\n<font class=\"NormalMinus1\" face=\"Arial\">\n<p>\nMW Why America is losing the AI productivity war to 3.5 million Chinese STEM graduates\n</p>\n<p>\n  By Shane D. Shook \n</p>\n<p>\n     Big Tech's structural mistakes are costing stock investors and fueling a massive talent crisis \n</p>\n<p>\n     About 40% of China's university degrees are in science, technology, engineering and mathematics - double the U.S. \n</p>\n<p>\n     The United States still leads in private AI investment, but it has not matched that commitment with investment in the human capital needed to sustain it. \n</p>\n<p>\n     The hardest thing to manage is change. I wrote that line more than a decade ago in an article about the \"XPocalypse,\" Microsoft's <a href=\"https://laohu8.com/S/MSFT\">$(MSFT)$</a> end-of-life deadline for Windows XP. \n</p>\n<p>\n     My argument then was that the real crisis was not obsolete software. It was the shortage of technically literate professionals capable of guiding organizations through inevitable transitions. \n</p>\n<p>\n     More than a decade later, the names have changed. The lesson has not. \n</p>\n<p>\n     Y2K defined the pattern. The risk was real, but disaster was avoided because skilled people did the work. When nothing happened at midnight as 1999 turned over into 2000, many assumed the threat had been exaggerated - instead of recognizing that it had been successfully managed. \n</p>\n<p>\n     Windows XP became the next version of the same problem. The operating system stayed embedded in retail, banking, healthcare, energy, law enforcement and defense systems long after it should have been retired. The vulnerability was real, but the larger lesson was mostly missed: organizations let technical debt pile up until a deadline turns it into a crisis. \n</p>\n<p>\n     Now we have the \"SaaSpocalypse.\" Headlines warn that agentic AI is breaking the SaaS business model, lowering software valuations and making entire categories of enterprise tools obsolete. Investors are reacting, analysts are talking about \"FOBO\" - fear of becoming obsolete - and organizations are again asking whether they are ready for what comes next. \n</p>\n<p>\n     AI disruption is real. AI agents can now automate workflows that once required dedicated software tools and teams of human operators. The per-seat pricing model that powered two decades of SaaS economics is under pressure. But the apocalyptic framing misdiagnoses the problem. SaaS is not dying. It is bifurcating. \n</p>\n<p>\n     Platforms requiring precision, auditability, complex state management and regulatory accountability, such as financial systems, healthcare records and compliance infrastructure, will remain essential. What is collapsing is the undifferentiated middle - the horizontal tools that AI agents can replicate cheaply and at scale. \n</p>\n<p>\n     The organizations most exposed are not simply those using the wrong software. They are those that outsourced technical judgment along with technical execution. They purchased SaaS as a substitute for internal capability, accumulated organizational debt - and now lack the human capital to navigate a transition that is fundamentally about people and process. \n</p>\n<p>\n     The old taxonomy still applies: people, process and technology. Technology serves business functions. Processes create efficiency. Qualified people sustain both. But the pace of technological change continues to outrun the education system's ability to produce experienced professionals with current skills. \n</p>\n<p>\n     AI has widened that gap. Data engineers now design orchestration infrastructure that determines whether AI produces value or liability. Security practitioners must govern autonomous agents acting on behalf of enterprises. Business leaders need enough technical fluency to make build-versus-buy decisions in a market changing in real time. \n</p>\n<p>\n     The U.S. is still not producing enough people with STEM skills. \n</p>\n<p>\n     These are not narrow technical tasks. They are the applied outputs of serious STEM education grounded in business context, professional standards and sustained practice. The U.S. is still not producing enough people with these skills. \n</p>\n<p>\n     The numbers are sobering. The U.S. now mints fewer than 820,000 STEM graduates annually, representing about 20% of all degrees awarded. In contrast, China produces roughly 3.57 million STEM graduates each year - about 40% of its university degrees. \n</p>\n<p>\n     At the doctoral level, the gap is even wider. In 2000, the United States awarded 17,830 STEM PhDs, compared with China's 7,520. By 2022, China awarded more than 50,970 STEM doctorates, over 50% more than the 33,820 awarded in the U.S. \n</p>\n<p>\n     This matters directly to AI leadership. Countries building the strongest STEM pipelines today are positioning themselves to define the architecture, governance and standards of AI systems tomorrow. \n</p>\n<p>\n     More than a decade ago, I argued that IT must be treated as a profession, not merely a resource. Finance, medicine, law, engineering and accounting all have formal professional pathways, standards and institutional support. Information technology underpins nearly every critical function of modern society, yet still lacks equivalent professional frameworks. \n</p>\n<p>\n     The technology sector has long harvested talent from a pipeline it does not adequately fund, then wondered why the pipeline runs short. \n</p>\n<p>\n     The AI transition makes this more urgent. As AI absorbs routine execution, the humans left in the loop must be more capable. Their role is shifting from implementation to governance, from configuration to architecture, from maintenance to judgment. That requires better preparation, stronger incentives and professional recognition. \n</p>\n<p>\n     The United States still leads in private AI investment, but it has not matched that commitment with investment in the human capital needed to sustain it. China has embedded AI degree programs across more than 500 universities and integrated corporations directly into research and workforce pipelines. India's AI upskilling surge is driven heavily by corporate sponsorship, with employers treating workforce education as strategic investment. The European Union has committed significant public funding to AI talent development and cross-border STEM mobility. \n</p>\n<p>\n     The U.S. has examples worth scaling. North Carolina's AI Academy at NC State, built with more than 100 corporate partners, combines university credentialing with applied workplace training. North Carolina A&amp;T is partnering with <a href=\"https://laohu8.com/S/NVDA\">Nvidia</a> (NVDA) and the Office of Naval Research to expand AI and cybersecurity talent. Texas has committed heavily to doctoral research infrastructure through the Texas Institute for Electronics, linking universities, government and industry around semiconductor and defense technology priorities. \n</p>\n<p>\n     These models show what a national strategy should look like: public investment, corporate sponsorship, university research capacity and continuous pathways from undergraduate study through doctoral work. But they remain exceptions. Corporate PhD fellowships from leading technology companies are valuable, but they are filters, not pipelines. \n</p>\n<p>\n     The technology sector has long harvested talent from a pipeline it does not adequately fund, then wondered why the pipeline runs short. That model is no longer sustainable. Federal and state governments must create the policy environment, including tax incentives, credentialing reform, research funding and visa frameworks, that makes corporate STEM investment structurally attractive rather than reputationally optional. \n</p>\n<p>\n     The SaaSpocalypse will pass, as Y2K and the XPocalypse passed, because capable people will do the work. But the underlying shortage will remain. \n</p>\n<p>\n     What I called for in 2014 still stands: STEM education, paired with business, information management and finance, must become sustained national infrastructure. Not as a reaction to this disruption, but as preparation for the next one. \n</p>\n<p>\n     The hardest thing to manage is change. The next is learning from it. \n</p>\n<p>\n     Shane D. Shook is a venture partner at Forgepoint Capital, an early-stage venture capital firm focused on cybersecurity, artificial intelligence and infrastructure software. \n</p>\n<p>\n     More: Nvidia's on a new path, and if you own an S&amp;P 500 index fund your money is riding on it \n</p>\n<p>\n     Also read: This bear-market signal that Wall Street ignores is putting your money at risk right now \n</p>\n<p>\n     -Shane D. Shook \n</p>\n<p>\n     This content was created by MarketWatch, which is operated by Dow Jones &amp; Co. MarketWatch is published independently from Dow Jones Newswires and The Wall Street Journal. \n</p>\n<pre style=\"white-space: pre\">\n \n</pre>\n<p>\n  (END) Dow Jones Newswires\n</p>\n<p>\n  May 27, 2026 08:05 ET (12:05 GMT)\n</p>\n<p>\n  Copyright (c) 2026 Dow Jones &amp; Company, Inc.\n</p>\n</font>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"LU2360108059.USD":"BGF CIRCULAR ECONOMY \"A4\" (USD) INC","LU2756315318.SGD":"ALLIANZ INCOME AND GROWTH \"AMG\" (SGDHDG) INC A","LU1803068979.SGD":"FTIF - Franklin Technology A (acc) SGD-H1","IE00BLSP4452.SGD":"Legg Mason ClearBridge - Tactical Dividend Income A Mdis SGD-H Plus","LU0949170772.SGD":"Blackrock Global Equity Income A6 SGD-H","LU0757359954.USD":"SCHRODER ISF GLOBAL MULTI-ASSET INCOME \"A\" (USD) INC MF","SG9999002232.USD":"Allianz Global High Payout USD","SG9999002224.SGD":"Allianz Global High Payout SGD","LU0265550946.USD":"BGF SYSTEMATIC GLOBAL ENHANCED EQUITY YIELD \"A5\" (USD) INC","LU2083900584.USD":"HSBC GIF US INCOME FOCUSED \"AM2\" (USD) INC","LU0738911758.USD":"Blackrock Global Equity Income A6 USD","LU1400636491.USD":"Allianz Europe Income and Growth Cl AMg DIS H2-USD","LU0472753341.HKD":"SUSTAINABLE GLOBAL THEMATIC PORTFOLIO \"A\" (HKD) ACC","LU1127390331.HKD":"AB SICAV I - 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Shook \n\n\n     Big Tech's structural mistakes are costing stock investors and fueling a massive talent crisis \n\n\n     About 40% of China's university degrees are in science, technology, engineering and mathematics - double the U.S. \n\n\n     The United States still leads in private AI investment, but it has not matched that commitment with investment in the human capital needed to sustain it. \n\n\n     The hardest thing to manage is change. I wrote that line more than a decade ago in an article about the \"XPocalypse,\" Microsoft's $(MSFT)$ end-of-life deadline for Windows XP. \n\n\n     My argument then was that the real crisis was not obsolete software. It was the shortage of technically literate professionals capable of guiding organizations through inevitable transitions. \n\n\n     More than a decade later, the names have changed. The lesson has not. \n\n\n     Y2K defined the pattern. The risk was real, but disaster was avoided because skilled people did the work. When nothing happened at midnight as 1999 turned over into 2000, many assumed the threat had been exaggerated - instead of recognizing that it had been successfully managed. \n\n\n     Windows XP became the next version of the same problem. The operating system stayed embedded in retail, banking, healthcare, energy, law enforcement and defense systems long after it should have been retired. The vulnerability was real, but the larger lesson was mostly missed: organizations let technical debt pile up until a deadline turns it into a crisis. \n\n\n     Now we have the \"SaaSpocalypse.\" Headlines warn that agentic AI is breaking the SaaS business model, lowering software valuations and making entire categories of enterprise tools obsolete. Investors are reacting, analysts are talking about \"FOBO\" - fear of becoming obsolete - and organizations are again asking whether they are ready for what comes next. \n\n\n     AI disruption is real. AI agents can now automate workflows that once required dedicated software tools and teams of human operators. The per-seat pricing model that powered two decades of SaaS economics is under pressure. But the apocalyptic framing misdiagnoses the problem. SaaS is not dying. It is bifurcating. \n\n\n     Platforms requiring precision, auditability, complex state management and regulatory accountability, such as financial systems, healthcare records and compliance infrastructure, will remain essential. What is collapsing is the undifferentiated middle - the horizontal tools that AI agents can replicate cheaply and at scale. \n\n\n     The organizations most exposed are not simply those using the wrong software. They are those that outsourced technical judgment along with technical execution. They purchased SaaS as a substitute for internal capability, accumulated organizational debt - and now lack the human capital to navigate a transition that is fundamentally about people and process. \n\n\n     The old taxonomy still applies: people, process and technology. Technology serves business functions. Processes create efficiency. Qualified people sustain both. But the pace of technological change continues to outrun the education system's ability to produce experienced professionals with current skills. \n\n\n     AI has widened that gap. Data engineers now design orchestration infrastructure that determines whether AI produces value or liability. Security practitioners must govern autonomous agents acting on behalf of enterprises. Business leaders need enough technical fluency to make build-versus-buy decisions in a market changing in real time. \n\n\n     The U.S. is still not producing enough people with STEM skills. \n\n\n     These are not narrow technical tasks. They are the applied outputs of serious STEM education grounded in business context, professional standards and sustained practice. The U.S. is still not producing enough people with these skills. \n\n\n     The numbers are sobering. The U.S. now mints fewer than 820,000 STEM graduates annually, representing about 20% of all degrees awarded. In contrast, China produces roughly 3.57 million STEM graduates each year - about 40% of its university degrees. \n\n\n     At the doctoral level, the gap is even wider. In 2000, the United States awarded 17,830 STEM PhDs, compared with China's 7,520. By 2022, China awarded more than 50,970 STEM doctorates, over 50% more than the 33,820 awarded in the U.S. \n\n\n     This matters directly to AI leadership. Countries building the strongest STEM pipelines today are positioning themselves to define the architecture, governance and standards of AI systems tomorrow. \n\n\n     More than a decade ago, I argued that IT must be treated as a profession, not merely a resource. Finance, medicine, law, engineering and accounting all have formal professional pathways, standards and institutional support. Information technology underpins nearly every critical function of modern society, yet still lacks equivalent professional frameworks. \n\n\n     The technology sector has long harvested talent from a pipeline it does not adequately fund, then wondered why the pipeline runs short. \n\n\n     The AI transition makes this more urgent. As AI absorbs routine execution, the humans left in the loop must be more capable. Their role is shifting from implementation to governance, from configuration to architecture, from maintenance to judgment. That requires better preparation, stronger incentives and professional recognition. \n\n\n     The United States still leads in private AI investment, but it has not matched that commitment with investment in the human capital needed to sustain it. China has embedded AI degree programs across more than 500 universities and integrated corporations directly into research and workforce pipelines. India's AI upskilling surge is driven heavily by corporate sponsorship, with employers treating workforce education as strategic investment. The European Union has committed significant public funding to AI talent development and cross-border STEM mobility. \n\n\n     The U.S. has examples worth scaling. North Carolina's AI Academy at NC State, built with more than 100 corporate partners, combines university credentialing with applied workplace training. North Carolina A&T is partnering with Nvidia (NVDA) and the Office of Naval Research to expand AI and cybersecurity talent. Texas has committed heavily to doctoral research infrastructure through the Texas Institute for Electronics, linking universities, government and industry around semiconductor and defense technology priorities. \n\n\n     These models show what a national strategy should look like: public investment, corporate sponsorship, university research capacity and continuous pathways from undergraduate study through doctoral work. But they remain exceptions. Corporate PhD fellowships from leading technology companies are valuable, but they are filters, not pipelines. \n\n\n     The technology sector has long harvested talent from a pipeline it does not adequately fund, then wondered why the pipeline runs short. That model is no longer sustainable. Federal and state governments must create the policy environment, including tax incentives, credentialing reform, research funding and visa frameworks, that makes corporate STEM investment structurally attractive rather than reputationally optional. \n\n\n     The SaaSpocalypse will pass, as Y2K and the XPocalypse passed, because capable people will do the work. But the underlying shortage will remain. \n\n\n     What I called for in 2014 still stands: STEM education, paired with business, information management and finance, must become sustained national infrastructure. Not as a reaction to this disruption, but as preparation for the next one. \n\n\n     The hardest thing to manage is change. The next is learning from it. \n\n\n     Shane D. Shook is a venture partner at Forgepoint Capital, an early-stage venture capital firm focused on cybersecurity, artificial intelligence and infrastructure software. \n\n\n     More: Nvidia's on a new path, and if you own an S&P 500 index fund your money is riding on it \n\n\n     Also read: This bear-market signal that Wall Street ignores is putting your money at risk right now \n\n\n     -Shane D. Shook \n\n\n     This content was created by MarketWatch, which is operated by Dow Jones & Co. MarketWatch is published independently from Dow Jones Newswires and The Wall Street Journal. \n\n\n \n\n\n  (END) Dow Jones Newswires\n\n\n  May 27, 2026 08:05 ET (12:05 GMT)\n\n\n  Copyright (c) 2026 Dow Jones & Company, Inc.","news_type":1,"symbols_score_info":{"MSFX":0.6,"2NVD.UK":0.6,"NVD2.UK":0.6,"NVDX":0.6,"SNVD.UK":0.6,"MSFO":0.6,"NVDL":0.6,"NVDW":0.6,"NVDQ":0.6,"NVDS":0.6,"NVDD":0.6,"NVDY":0.6,"NVDU":0.6,"MSFD":0.6,"DIPS":0.6,"MSFL":0.6,"MSFY":0.6,"NVIW.SI":0.6,"NVDA":1.85,"NVYY":0.6,"07788":0.6,"07388":0.6,"MSFU":0.6,"NVD":0.6,"NVDS.UK":0.6,"NVII":0.6,"NVDG":0.6,"MSFW":0.6,"NVDO":0.6,"3NVD.UK":0.6,"ANV":0.6,"MSFT":1.85,"NVDB":0.6,"NVD3.UK":0.6}},"isVote":1,"tweetType":1,"viewCount":849,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":492352133202016,"gmtCreate":1761225717804,"gmtModify":1761225721729,"author":{"id":"3584371749224835","authorId":"3584371749224835","name":"Kennyhee","avatar":"https://static.tigerbbs.com/30a3ec7f0cc5906c0ee843a7799b4263","crmLevel":12,"crmLevelSwitch":1,"followedFlag":false,"authorIdStr":"3584371749224835","idStr":"3584371749224835"},"themes":[],"title":"","htmlText":"Hard for it to grow any more","listText":"Hard for it to grow any more","text":"Hard for it to grow any more","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/492352133202016","isVote":1,"tweetType":1,"viewCount":2453,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":487995505631488,"gmtCreate":1760162804601,"gmtModify":1760162808229,"author":{"id":"3584371749224835","authorId":"3584371749224835","name":"Kennyhee","avatar":"https://static.tigerbbs.com/30a3ec7f0cc5906c0ee843a7799b4263","crmLevel":12,"crmLevelSwitch":1,"followedFlag":false,"authorIdStr":"3584371749224835","idStr":"3584371749224835"},"themes":[],"title":"","htmlText":"Great article, would you like to share it?","listText":"Great article, would you like to share it?","text":"Great article, would you like to share it?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/487995505631488","repostId":"487460650168600","repostType":1,"repost":{"id":487460650168600,"gmtCreate":1760035148000,"gmtModify":1760056531138,"author":{"id":"10000000000010993","authorId":"10000000000010993","name":"Enid Bertha","avatar":"https://static.tigerbbs.com/a539edbf3388702a82cb1d4728704766","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"10000000000010993","idStr":"10000000000010993"},"themes":[],"title":"","htmlText":"<a href=\"https://ttm.financial/S/TSLA\">$Tesla Motors(TSLA)$&nbsp;</a> is ready to soar to the moon!","listText":"<a href=\"https://ttm.financial/S/TSLA\">$Tesla Motors(TSLA)$&nbsp;</a> is ready to soar to the moon!","text":"$Tesla Motors(TSLA)$ is ready to soar to the moon!","images":[{"img":"https://community-static.tradeup.com/news/a17cc32386ed49ae8e31e3d5144ea69e","width":"480","height":"268"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/487460650168600","isVote":1,"tweetType":1,"viewCount":0,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},"isVote":1,"tweetType":1,"viewCount":2366,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":452720224723800,"gmtCreate":1751553041428,"gmtModify":1751553931664,"author":{"id":"3584371749224835","authorId":"3584371749224835","name":"Kennyhee","avatar":"https://static.tigerbbs.com/30a3ec7f0cc5906c0ee843a7799b4263","crmLevel":12,"crmLevelSwitch":1,"followedFlag":false,"authorIdStr":"3584371749224835","idStr":"3584371749224835"},"themes":[],"title":"","htmlText":"<a href=\"https://ttm.financial/OPT/DDOG 20260116 160.0 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</a> shiok, jackpot","text":"$JD 20240927 30.0 CALL$ shiok, jackpot","images":[{"img":"https://community-static.tradeup.com/news/6c9437bfce597354366efbad24c55366","width":"882","height":"1668"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/353006034043000","isVote":1,"tweetType":1,"viewCount":5926,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":340876351316072,"gmtCreate":1724252708231,"gmtModify":1724252713104,"author":{"id":"3584371749224835","authorId":"3584371749224835","name":"Kennyhee","avatar":"https://static.tigerbbs.com/30a3ec7f0cc5906c0ee843a7799b4263","crmLevel":12,"crmLevelSwitch":1,"followedFlag":false,"authorIdStr":"3584371749224835","idStr":"3584371749224835"},"themes":[],"title":"","htmlText":"Good day&nbsp;","listText":"Good day&nbsp;","text":"Good day","images":[{"img":"https://community-static.tradeup.com/news/7ffbbb490a6a58d8bd110d885f934c90","width":"882","height":"1668"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/340876351316072","isVote":1,"tweetType":1,"viewCount":3307,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":329276652343368,"gmtCreate":1721395426517,"gmtModify":1721395440037,"author":{"id":"3584371749224835","authorId":"3584371749224835","name":"Kennyhee","avatar":"https://static.tigerbbs.com/30a3ec7f0cc5906c0ee843a7799b4263","crmLevel":12,"crmLevelSwitch":1,"followedFlag":false,"authorIdStr":"3584371749224835","idStr":"3584371749224835"},"themes":[],"title":"","htmlText":"Opportunity to buy into Microsoft shares&nbsp;","listText":"Opportunity to buy into Microsoft shares&nbsp;","text":"Opportunity to buy into Microsoft shares","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/329276652343368","isVote":1,"tweetType":1,"viewCount":4208,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":818430310,"gmtCreate":1630423975630,"gmtModify":1676530300920,"author":{"id":"3584371749224835","authorId":"3584371749224835","name":"Kennyhee","avatar":"https://static.tigerbbs.com/30a3ec7f0cc5906c0ee843a7799b4263","crmLevel":12,"crmLevelSwitch":1,"followedFlag":false,"authorIdStr":"3584371749224835","idStr":"3584371749224835"},"themes":[],"title":"","htmlText":"<a href=\"https://laohu8.com/S/DDL\">$Dingdong (Cayman) Limited(DDL)$</a>https://corpgov.law.harvard.edu/2019/02/04/the-risky-business-of-investing-in-chinese-tech-firms/Since 2019, there are warnings of this happening.&nbsp;","listText":"<a href=\"https://laohu8.com/S/DDL\">$Dingdong (Cayman) Limited(DDL)$</a>https://corpgov.law.harvard.edu/2019/02/04/the-risky-business-of-investing-in-chinese-tech-firms/Since 2019, there are warnings of this happening.&nbsp;","text":"$Dingdong (Cayman) Limited(DDL)$https://corpgov.law.harvard.edu/2019/02/04/the-risky-business-of-investing-in-chinese-tech-firms/Since 2019, there are warnings of this happening.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/818430310","isVote":1,"tweetType":1,"viewCount":4496,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":808133695,"gmtCreate":1627563790617,"gmtModify":1703492428243,"author":{"id":"3584371749224835","authorId":"3584371749224835","name":"Kennyhee","avatar":"https://static.tigerbbs.com/30a3ec7f0cc5906c0ee843a7799b4263","crmLevel":12,"crmLevelSwitch":1,"followedFlag":false,"authorIdStr":"3584371749224835","idStr":"3584371749224835"},"themes":[],"title":"","htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/808133695","repostId":"1122445859","repostType":4,"isVote":1,"tweetType":1,"viewCount":4336,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":172759805,"gmtCreate":1626995912407,"gmtModify":1703481930574,"author":{"id":"3584371749224835","authorId":"3584371749224835","name":"Kennyhee","avatar":"https://static.tigerbbs.com/30a3ec7f0cc5906c0ee843a7799b4263","crmLevel":12,"crmLevelSwitch":1,"followedFlag":false,"authorIdStr":"3584371749224835","idStr":"3584371749224835"},"themes":[],"title":"","htmlText":"Chinese tech disappoint&nbsp;","listText":"Chinese tech disappoint&nbsp;","text":"Chinese tech disappoint","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/172759805","repostId":"1164478982","repostType":4,"isVote":1,"tweetType":1,"viewCount":4812,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":147884968,"gmtCreate":1626350235654,"gmtModify":1703758401101,"author":{"id":"3584371749224835","authorId":"3584371749224835","name":"Kennyhee","avatar":"https://static.tigerbbs.com/30a3ec7f0cc5906c0ee843a7799b4263","crmLevel":12,"crmLevelSwitch":1,"followedFlag":false,"authorIdStr":"3584371749224835","idStr":"3584371749224835"},"themes":[],"title":"","htmlText":"Fly fly fly","listText":"Fly fly fly","text":"Fly fly fly","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/147884968","repostId":"2151544104","repostType":4,"isVote":1,"tweetType":1,"viewCount":3647,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":144837930,"gmtCreate":1626274595620,"gmtModify":1703756952259,"author":{"id":"3584371749224835","authorId":"3584371749224835","name":"Kennyhee","avatar":"https://static.tigerbbs.com/30a3ec7f0cc5906c0ee843a7799b4263","crmLevel":12,"crmLevelSwitch":1,"followedFlag":false,"authorIdStr":"3584371749224835","idStr":"3584371749224835"},"themes":[],"title":"","htmlText":"Latest","listText":"Latest","text":"Latest","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/144837930","repostId":"1110985217","repostType":4,"isVote":1,"tweetType":1,"viewCount":2800,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":141858290,"gmtCreate":1625849470110,"gmtModify":1703749914113,"author":{"id":"3584371749224835","authorId":"3584371749224835","name":"Kennyhee","avatar":"https://static.tigerbbs.com/30a3ec7f0cc5906c0ee843a7799b4263","crmLevel":12,"crmLevelSwitch":1,"followedFlag":false,"authorIdStr":"3584371749224835","idStr":"3584371749224835"},"themes":[],"title":"","htmlText":"Nice","listText":"Nice","text":"Nice","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/141858290","repostId":"1155625151","repostType":4,"isVote":1,"tweetType":1,"viewCount":2943,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":151998933,"gmtCreate":1625060936422,"gmtModify":1703735109271,"author":{"id":"3584371749224835","authorId":"3584371749224835","name":"Kennyhee","avatar":"https://static.tigerbbs.com/30a3ec7f0cc5906c0ee843a7799b4263","crmLevel":12,"crmLevelSwitch":1,"followedFlag":false,"authorIdStr":"3584371749224835","idStr":"3584371749224835"},"themes":[],"title":"","htmlText":"<a href=\"https://laohu8.com/S/DDL\">$Dingdong (Cayman) Limited(DDL)$</a>hold and don't sell and we will see $40","listText":"<a href=\"https://laohu8.com/S/DDL\">$Dingdong (Cayman) Limited(DDL)$</a>hold and don't sell and we will see $40","text":"$Dingdong (Cayman) Limited(DDL)$hold and don't sell and we will see $40","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/151998933","isVote":1,"tweetType":1,"viewCount":2706,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":150725616,"gmtCreate":1624928624135,"gmtModify":1703848091636,"author":{"id":"3584371749224835","authorId":"3584371749224835","name":"Kennyhee","avatar":"https://static.tigerbbs.com/30a3ec7f0cc5906c0ee843a7799b4263","crmLevel":12,"crmLevelSwitch":1,"followedFlag":false,"authorIdStr":"3584371749224835","idStr":"3584371749224835"},"themes":[],"title":"","htmlText":"Read and like pls","listText":"Read and like pls","text":"Read and like pls","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":8,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/150725616","repostId":"2147837316","repostType":4,"isVote":1,"tweetType":1,"viewCount":1552,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":122551568,"gmtCreate":1624628645854,"gmtModify":1703842134608,"author":{"id":"3584371749224835","authorId":"3584371749224835","name":"Kennyhee","avatar":"https://static.tigerbbs.com/30a3ec7f0cc5906c0ee843a7799b4263","crmLevel":12,"crmLevelSwitch":1,"followedFlag":false,"authorIdStr":"3584371749224835","idStr":"3584371749224835"},"themes":[],"title":"","htmlText":"Comment and like, thanks&nbsp;","listText":"Comment and like, thanks&nbsp;","text":"Comment and like, thanks","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/122551568","repostId":"2146023165","repostType":4,"isVote":1,"tweetType":1,"viewCount":2468,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":121631170,"gmtCreate":1624461049390,"gmtModify":1703837532353,"author":{"id":"3584371749224835","authorId":"3584371749224835","name":"Kennyhee","avatar":"https://static.tigerbbs.com/30a3ec7f0cc5906c0ee843a7799b4263","crmLevel":12,"crmLevelSwitch":1,"followedFlag":false,"authorIdStr":"3584371749224835","idStr":"3584371749224835"},"themes":[],"title":"","htmlText":"Need to raise further, drop too much","listText":"Need to raise further, drop too much","text":"Need to raise further, drop too much","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/121631170","repostId":"1170395888","repostType":4,"repost":{"id":"1170395888","kind":"news","weMediaInfo":{"introduction":"Providing stock market headlines, business news, financials and earnings ","home_visible":1,"media_name":"Tiger Newspress","id":"1079075236","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1624457324,"share":"https://ttm.financial/m/news/1170395888?lang=en_US&edition=fundamental","pubTime":"2021-06-23 22:08","market":"us","language":"en","title":"Chinese Education Stocks gained in morning trading Wednesday","url":"https://stock-news.laohu8.com/highlight/detail?id=1170395888","media":"Tiger Newspress","summary":"(June 23) Most of Chinese education stocks gained in morning trading Wednesday.\n\nDo Hedge Funds Thin","content":"<p>(June 23)&nbsp;Most&nbsp;of&nbsp;Chinese education stocks gained in morning trading Wednesday.</p>\n<p><img src=\"https://static.tigerbbs.com/57df6b30357b75fb3994787c3780885e\" tg-width=\"281\" tg-height=\"241\" referrerpolicy=\"no-referrer\"></p>\n<p><b>Do Hedge Funds Think EDU Is A Good Stock To Buy Now?</b></p>\n<p>At first quarter's end, a total of 45 of the hedge funds tracked by Insider Monkey were bullish on this stock, a change of 5% from one quarter earlier. Below, you can check out the change in hedge fund sentiment towards EDU over the last 23 quarters. With the smart money's positions undergoing their usual ebb and flow, there exists an \"upper tier\" of noteworthy hedge fund managers who were upping their holdings significantly (or already accumulated large positions).</p>\n<p><img src=\"https://static.tigerbbs.com/055cab6f7b38ad60f8784706fac000bf\" tg-width=\"680\" tg-height=\"433\" referrerpolicy=\"no-referrer\">The largest stake in New Oriental Education &amp; Technology Group Inc. (NYSE:EDU) was held byD1 Capital Partners, which reported holding $350.5 million worth of stock at the end of December. It was followed by GQG Partners with a $319.8 million position. Other investors bullish on the company included Tiger Global Management LLC, Farallon Capital, and Alkeon Capital Management. In terms of the portfolio weights assigned to each position Serenity Capital allocated the biggest weight to New Oriental Education &amp; Technology Group Inc. (NYSE:EDU), around 42.13% of its 13F portfolio.Kylin Managementis also relatively very bullish on the stock, designating 18.73 percent of its 13F equity portfolio to EDU.</p>\n<p>As industrywide interest jumped, some big names were breaking ground themselves. Thunderbird Partners, managed by David Fear, established the most valuable position in New Oriental Education &amp; Technology Group Inc. (NYSE:EDU). Thunderbird Partners had $16.7 million invested in the company at the end of the quarter. Eduardo Costa'sCalixto Global Investorsalso made a $14.7 million investment in the stock during the quarter. The other funds with brand new EDU positions are Matthew Hulsizer's PEAK6 Capital Management, Campbell Wilson'sOld Well Partners, and Daryl Smith's Kayak Investment Partners.</p>\n<p>Let's now review hedge fund activity in other stocks - not necessarily in the same industry as New Oriental Education &amp; Technology Group Inc. (NYSE:EDU) but similarly valued. These stocks are Kansas City Southern (NYSE:KSU), Nucor Corporation (NYSE:NUE), Franco-Nevada Corporation (NYSE:FNV), Fortive Corporation (NYSE:FTV), The Hartford Financial Services Group Inc (NYSE:HIG), Itau Unibanco Holding SA (NYSE:ITUB), and Trip.com Group Limited (NASDAQ:TCOM). All of these stocks' market caps are closest to EDU's market cap.</p>\n<p>As you can see these stocks had an average of 32.1 hedge funds with bullish positions and the average amount invested in these stocks was $1239 million. That figure was $2188 million in EDU's case. The Hartford Financial Services Group Inc (NYSE:HIG) is the most popular stock in this table. On the other hand Itau Unibanco Holding SA (NYSE:ITUB) is the least popular one with only 12 bullish hedge fund positions. New Oriental Education &amp; Technology Group Inc. (NYSE:EDU) is not the most popular stock in this group but hedge fund interest is still above average. Our overall hedge fund sentiment score for EDU is 70.7. Stocks with higher number of hedge fund positions relative to other stocks as well as relative to their historical range receive a higher sentiment score. This is a slightly positive signal but we'd rather spend our time researching stocks that hedge funds are piling on. Our calculations showed thattop 5 most popular stocksamong hedge funds returned 95.8% in 2019 and 2020, and outperformed the S&amp;P 500 ETF (SPY) by 40 percentage points. These stocks gained 17.4% in 2021 through June 18th and beat the market again by 6.1 percentage points. Unfortunately EDU wasn't nearly as popular as these 5 stocks and hedge funds that were betting on EDU were disappointed as the stock returned -45.8% since the end of March (through 6/18) and underperformed the market.</p>\n<p><b>TAL Education: Not Ready To Handle A New Wave Of Market Rivalry</b></p>\n<p><b>Summary</b></p>\n<ul>\n <li>FY2Q2021 revenue and XRS online growth fell below consensus expectations.</li>\n <li>In 2020, the online K12 education market size in China reached CNY 89 billion, with a year-on-year increase of 37.6%.</li>\n <li>Unlike its nemesis New Oriental, TAL's investment amount into other firms has been continuously decreasing since 2016.</li>\n <li>With COVID-19 reshaping the market, tech giants have started to make big moves into the digital education industry.</li>\n <li>We do not see the company handling the upcoming tough competition within the industry but are rather optimistic about its business capabilities and steady growth.</li>\n</ul>\n<p>TAL Education Group (also known as Tomorrow Advanced Learning) (TAL) is an education company that focuses on K12 students in China. It also has business segments in adult education, early education &amp; parenting and education informatization. The firm takes quality education and extracurricular tutoring as the carrier system to serve on a global scale. Founded in 2003, it went public on NYSE in 2010.</p>\n<p>In China, TAL competes with New Oriental (EDU), a company founded back in 1993. It can be said that both firms are leading China's education industry; for one, the market coverage of the two is evenly matched. From the latest information, New Oriental has active businesses in a total of 98 cities in China and one foreign city (Toronto). TAL has laid its business in a total of 90 cities across China.</p>\n<p>As parents in the fast-growing country pay more and more attention to their children's basic education and e-learning is increasingly popular, the vast field of primary and secondary education and online education has eventually become a battleground for companies.</p>\n<p><b>Decent financial results</b></p>\n<p>TAL's 2Q 2021financial resultsweren't very impressive, as the firm earned USD 1.10 billion (up 20.8% year-on-year) compared to analysts' expectations of USD 1.12 billion for the quarter. However, it reported USD 0.08 earnings per share for the quarter, beating analysts' consensus estimates of USD 0.05 by USD 0.03. TAL Education Group had a return on equity of 0.21% and a net margin of 1.35% compared to 8.97% in 1Q 2021 due to strong competition presented in the primary education segment. It includes local pure online education companies such asYuanfudaoandZuoyebangthat recently completed mega-rounds of investment. Meanwhile, the non-GAAP operating margins were down to -1.1% compared to 9.8% in 2Q 2020 as customer acquisition costs rose backed by the fierce competition.</p>\n<p><img src=\"https://static.tigerbbs.com/e0bea7dc26e41fa05c9d8fef1c355e7d\" tg-width=\"640\" tg-height=\"382\" referrerpolicy=\"no-referrer\"><b>New market opportunities</b></p>\n<p>In the past five to six years, with the support of the state, the development of technology, and the inflow of capital, China's online K12 education industry has undergone rapid development. In 2020, the overall online K12 education market size in China reached approximately CNY 89 billion, with a year-over-year increase of 37.6%.</p>\n<p>In 2019, the penetration rate of K12 online education in China was about 15%. As COVID-19 struck during the beginning of 2020, the advantages of online education have been very apparent. The penetration rate of online K12 education reached its peak in March 2020. Although the industry is still in the stage of consumption popularization in China, there are obvious trends. This field consistently demonstrates a long-term massive demand as an emerging way of obtaining education information and services. Hence, the industry penetration rate has huge room for improvement in the future. According to thepredictionof the Chinese Academy of Sciences, the penetration rate of the K12 online education industry may exceed 55% by 2022.</p>\n<p><img src=\"https://static.tigerbbs.com/6c29976387d48527f1570b7fbf255f1e\" tg-width=\"640\" tg-height=\"351\" referrerpolicy=\"no-referrer\"></p>\n<p>The fact that TAL owns 871 learning centers (offline tutoring centers), 648 Peiyou (好未来培优) centers and 128 one-on-one centers is the reason why we believe TAL is not pandemic-proof. Possible closure of these centers by the government in order to control the spread of COVID-19 will lead to huge declines in the firm's financials.</p>\n<p>TAL does own online education apps – but they can't compete with the likes of VIPKID, Yuanfudao, and Zuoyebang, even though there has been an increase in revenue contribution of Xueersi TAL’s online app from 17% in FY2Q2020 to 26% in FY2Q2021.</p>\n<p>The re-emergence of COVID-19 in China is a headwind for TAL's offline classroom-based training business. Although the vaccine has emerged, children below the age of 18 are not allowed to administer it. TAL's stock price might soon fall when most investors realize that the company still focused on formal or classroom-based tutorials and training.</p>\n<p>TAL has had stable growth since getting listed about nine years ago. Revenue has increased about 30 times, at a compound annual rate of 45.7% since then and gross margins averaged as high as 50.8%.</p>\n<p>Results from the last fiscal year ending February were materially affected by COVID-19 induced restrictions which had started early in China. Offline operations, primarily core Peiyou small classes, had to be quickly transferred to online platforms. As a result, some revenue was lost due to the lower selling prices for online classes, the total revenue in Q4 grew just 6.2% compared to 44.1% the previous year. Student enrollments were still up on aggregate with a rate of, 56.6% year-over-year.</p>\n<p><b>Less venture investment presence</b></p>\n<p>Since 2017, the number of investments by TAL has been decreasing. New Oriental has been more aggressive compared to TAL since 2018. TAL's financing has dropped sharply from 24 in 2016 to only two in 2020. The two investments were made on an interactive learning SaaS platform UMU and an online children's math tutoring app.</p>\n<p><img src=\"https://static.tigerbbs.com/6af6af29d7cc826e97357d73c53b7a51\" tg-width=\"640\" tg-height=\"398\" referrerpolicy=\"no-referrer\"></p>\n<p><b>The entrance of tech giants</b></p>\n<p>Sales and marketing expenses surged as the competition got tough for online players in the summer. Sales and marketing expenses surged 64% year-on-year and made up 22% of the total revenue, up 4.9% year-on-year.</p>\n<p>With upstarts raising mega-rounds, things might get even tougher for TAL as more companies with huge capital to spend on marketing will try to grab market share. Other than that, Chinese giants such as Alibaba(NYSE:BABA), NetEase(NASDAQ:NTES), Tencent(OTCPK:TCEHY), ByteDance and Baidu(NASDAQ:BIDU)engage their businesses into online education. TAL needs to upgrade its online education business to stay afloat.</p>\n<p>The education field is likely to be divided up by companies outside of this industry. It is also worth mentioning that the firm's key competitiveness is its in-depth application of technologies such as big data and live broadcast intelligence in China's online education industry. The firm has not spent much on research and development in terms of proprietary tuition-based technology. There are few existing barriers to entry. Teaching staff and market share could be theoretically purchased by new entrants.</p>\n<p><b>Allegation probe</b></p>\n<p>In April 2020,TAL became one of the scandalous US-listed Chinese firmsafter admitting to inflate sales figures driven by employee wrongdoing, further hindering market confidence after Luckin Coffee's(OTCPK:LKNCY)USD 310 million fraud.</p>\n<p>Two years before this event, Muddy Waters released areportnaming the company 'A Real Business With Fake Financials.' The report claimed that \"TAL commits fraud in the financials for its core Peiyou business. The Peiyou fraud is more difficult to quantify, but our research suggests fraudulent overstatement of approximately 25% to 30% of the company’s revenue.\"</p>\n<p><b>Bottom line</b></p>\n<p>This might not be a suitable time to invest in TAL Education. We give a neutral rating to the stock because we do not see the company handling the upcoming tough competition within the industry but are rather optimistic about its business capabilities and steady growth. Therefore, TAL does have a chance to enhance its online business and compete with newcomers and experienced enterprises, including the likes of Zuoyebang, Yuanfudao, Baidu and NetEase.</p>\n<h3>Gaotu Group: Policy Overhang Keeps The Risk-Reward Balanced</h3>\n<p><b>Summary</b></p>\n<ul>\n <li>The longer-term outlook remains bright for Gaotu Group (formerly GSX TechEdu).</li>\n <li>Adverse regulatory changes remain the key risk for the near-term outlook, but a healthier longer-term dynamic should benefit profitability.</li>\n <li>Growth drivers such as alternative student acquisition channels and increased contribution from adult education should help as well.</li>\n <li>Despite the discounted EV/Sales multiple, I would hold off on initiating a position for now pending clearance of the policy overhang.</li>\n</ul>\n<p>Newly rebranded Gaotu Group’s (GOTU/GSX) recently heldinvestor eventfeatured an interesting tour of its operation and top management strategy presentations, which offered timely insight into the longer-term outlook. In particular, GSX emphasized its continued focus on teaching excellence, service quality, and technology investments as key differentiators. However, policy risks remains the biggest concern, and if government intervention in the online after-school tutoring space turns out to be stricter than expected, I see material downside risks to GSX’s near-term growth trajectory. On the flip side, it could also result in a healthier industry dynamic, which should drive narrowing losses as well. While the policy reform overhang makes it difficult to turn bullish, GSX’s discounted c. 3x EV/Sales multiple also looks undemanding, keeping the risk/reward fairly balanced.</p>\n<p><b>Growing Importance of Alternative Student Acquisition Channels</b></p>\n<p>Worryingly, GSX has seen reduced traffic acquisition in FQ4 ‘20 and FQ1 ‘21, with a whopping c. 20% lower sales lead cost in Jan-Feb 2021 (down from the Nov-Dec 2020 period). The recent decline is likely attributable to regulatory uncertainties around online traffic acquisition triggered by a recent Ministry of Education (MOE)interviewearlier this year. The significantly pressured new enrolment growth in FQ1 ‘21 may have been one of the reasons for the lower-than-expected top-line guidance as well. In response, management is exploring new student acquisition channels to offset the pressure – this includes the offline, short video, and live streaming e-commerce channels, among others. The good news is that successful expansion here could see the student acquisition cost lowered by over 50%, which is positive for the margin outlook (GSX is currently loss-making at the operating level).</p>\n<p><img src=\"https://static.tigerbbs.com/e2602f4695bfb8d694d546b29bca897a\" tg-width=\"602\" tg-height=\"288\" referrerpolicy=\"no-referrer\"></p>\n<p>Source:GSX Investor Presentation Slides</p>\n<p>However, GSX is not alone in this regard – other online AST players have initiated similar moves, from online one-on-one and small-class players such as 51talk (COE), VIPKID, and New Oriental subsidiary Koolearn, whose large-class coverage has reached c.100 cities. Similarly, online large-class after-school tutoring players have also started expanding into offline acquisition through partnerships, with TAL Education (TAL) subsidiaryXueersi.comalsotying upwith Lenovo (OTCPK:LNVGY) in recent months. And with private players like Zuoyebang alsobuildingoffline traffic acquisition teams, the competitive pressures could drive downside to the near-term outlook.</p>\n<p><b>Adult Education Set to be Another Top-Line Growth Driver</b></p>\n<p>Within the Chinese education market, adult education is also emerging as a potential growth opportunity as people are increasingly looking to upskill in an uncertain job market. Alongside income level rises, people are also spending more on education to better prepare themselves for career development. As a result, gross billings have grown at a CAGR of 24.5% and are expected to grow further at 22.4% CAGR into fiscal 2023, reaching RMB265 billion.</p>\n<p><img src=\"https://static.tigerbbs.com/98361534c62ba1d36e6adf2696116a49\" tg-width=\"602\" tg-height=\"200\" referrerpolicy=\"no-referrer\"></p>\n<p>Source:GSX Listing Prospectus Filing</p>\n<p>Notably, while GSX currently expects fiscal 2021 revenue growth to be in the range of 70-80% Y/Y, the adult education business is guided to be a key growth driver at +100% Y/Y revenue growth. Considering that adult education accounted for over 10% of GSX’s revenue in fiscal 2020, I expect the contribution to continue rising over time. Key areas of growth here include English training, graduate school admission exam prep, and finance-related courses. Longer-term, I think the adult education business could even see higher gross margins than K-12 after-school tutoring due to the higher enrolment/tutor ratio.</p>\n<p><b>Online Regulations Remain the Key Concern</b></p>\n<p>Looking ahead, potential online regulations in the after-school tutoring space are concerning, with likely measures including a fake advertising ban, increased control over marketing spend in education, and more stringent quality requirements for institutions and instructors. On the flip side, these measures will also be beneficial to the overall industry development longer-term, allowing online after-school tutoring players to reinvest more dollars into improving the product and teaching quality. While clarity around the new regulations for both the offline/online markets remains lacking, I see a more positive outcome than the prior industry experience in 2018.</p>\n<p>Any restrictions on marketing limitation will likely have a negative impact on enrolment and sales growth in the near term but will also benefit margins due to the lower marketing spending. In turn, this should improve the longer-term economics of the business and drive narrowing losses in the upcoming quarter. Another key positive from the slower growth is that GSX will be able to focus on improving its product/service quality and extract more student lifetime value while also preserving its robust balance sheet. As of end-2020, GSX had a c. RMB8.2 billion cash position (including liquid investments), which should allow it to weather any unforeseen negative policy impacts.</p>\n<p><img src=\"https://static.tigerbbs.com/a96e5d1f7d5a8fb561314a81180e06dd\" tg-width=\"602\" tg-height=\"280\" referrerpolicy=\"no-referrer\"></p>\n<p>Source: GSX Investor Presentation Slides</p>\n<p><b>Final Take</b></p>\n<p>Overall, regulations on marketing will likely have a negative impact on enrolment and top-line growth but should also lead to a healthier operating dynamic and narrowing losses ahead. With GSX also focused on alternative acquisition channels and tapping into markets such as adult education, I think the company could surprise positively in the upcoming quarters. While the GSX share price has suffered due to the Archegos Capital event and policy concerns, its forward EV/Sales multiple has declined significantly to c. 3x, and the widening relative discount to peers like TAL and EDU likely means the negatives have been priced in. Until the policy overhang has been lifted, however, I see the risk/reward as balanced at current levels.</p>\n<p><img src=\"https://static.tigerbbs.com/dd579bffc2a24fd55d7ccc3346eae7cb\" tg-width=\"635\" tg-height=\"436\" referrerpolicy=\"no-referrer\">Data by YCharts</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>Chinese Education Stocks gained in morning trading Wednesday</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\">\nChinese Education Stocks gained in morning trading Wednesday\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time\">2021-06-23 22:08</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<p>(June 23)&nbsp;Most&nbsp;of&nbsp;Chinese education stocks gained in morning trading Wednesday.</p>\n<p><img src=\"https://static.tigerbbs.com/57df6b30357b75fb3994787c3780885e\" tg-width=\"281\" tg-height=\"241\" referrerpolicy=\"no-referrer\"></p>\n<p><b>Do Hedge Funds Think EDU Is A Good Stock To Buy Now?</b></p>\n<p>At first quarter's end, a total of 45 of the hedge funds tracked by Insider Monkey were bullish on this stock, a change of 5% from one quarter earlier. Below, you can check out the change in hedge fund sentiment towards EDU over the last 23 quarters. With the smart money's positions undergoing their usual ebb and flow, there exists an \"upper tier\" of noteworthy hedge fund managers who were upping their holdings significantly (or already accumulated large positions).</p>\n<p><img src=\"https://static.tigerbbs.com/055cab6f7b38ad60f8784706fac000bf\" tg-width=\"680\" tg-height=\"433\" referrerpolicy=\"no-referrer\">The largest stake in New Oriental Education &amp; Technology Group Inc. (NYSE:EDU) was held byD1 Capital Partners, which reported holding $350.5 million worth of stock at the end of December. It was followed by GQG Partners with a $319.8 million position. Other investors bullish on the company included Tiger Global Management LLC, Farallon Capital, and Alkeon Capital Management. In terms of the portfolio weights assigned to each position Serenity Capital allocated the biggest weight to New Oriental Education &amp; Technology Group Inc. (NYSE:EDU), around 42.13% of its 13F portfolio.Kylin Managementis also relatively very bullish on the stock, designating 18.73 percent of its 13F equity portfolio to EDU.</p>\n<p>As industrywide interest jumped, some big names were breaking ground themselves. Thunderbird Partners, managed by David Fear, established the most valuable position in New Oriental Education &amp; Technology Group Inc. (NYSE:EDU). Thunderbird Partners had $16.7 million invested in the company at the end of the quarter. Eduardo Costa'sCalixto Global Investorsalso made a $14.7 million investment in the stock during the quarter. The other funds with brand new EDU positions are Matthew Hulsizer's PEAK6 Capital Management, Campbell Wilson'sOld Well Partners, and Daryl Smith's Kayak Investment Partners.</p>\n<p>Let's now review hedge fund activity in other stocks - not necessarily in the same industry as New Oriental Education &amp; Technology Group Inc. (NYSE:EDU) but similarly valued. These stocks are Kansas City Southern (NYSE:KSU), Nucor Corporation (NYSE:NUE), Franco-Nevada Corporation (NYSE:FNV), Fortive Corporation (NYSE:FTV), The Hartford Financial Services Group Inc (NYSE:HIG), Itau Unibanco Holding SA (NYSE:ITUB), and Trip.com Group Limited (NASDAQ:TCOM). All of these stocks' market caps are closest to EDU's market cap.</p>\n<p>As you can see these stocks had an average of 32.1 hedge funds with bullish positions and the average amount invested in these stocks was $1239 million. That figure was $2188 million in EDU's case. The Hartford Financial Services Group Inc (NYSE:HIG) is the most popular stock in this table. On the other hand Itau Unibanco Holding SA (NYSE:ITUB) is the least popular one with only 12 bullish hedge fund positions. New Oriental Education &amp; Technology Group Inc. (NYSE:EDU) is not the most popular stock in this group but hedge fund interest is still above average. Our overall hedge fund sentiment score for EDU is 70.7. Stocks with higher number of hedge fund positions relative to other stocks as well as relative to their historical range receive a higher sentiment score. This is a slightly positive signal but we'd rather spend our time researching stocks that hedge funds are piling on. Our calculations showed thattop 5 most popular stocksamong hedge funds returned 95.8% in 2019 and 2020, and outperformed the S&amp;P 500 ETF (SPY) by 40 percentage points. These stocks gained 17.4% in 2021 through June 18th and beat the market again by 6.1 percentage points. Unfortunately EDU wasn't nearly as popular as these 5 stocks and hedge funds that were betting on EDU were disappointed as the stock returned -45.8% since the end of March (through 6/18) and underperformed the market.</p>\n<p><b>TAL Education: Not Ready To Handle A New Wave Of Market Rivalry</b></p>\n<p><b>Summary</b></p>\n<ul>\n <li>FY2Q2021 revenue and XRS online growth fell below consensus expectations.</li>\n <li>In 2020, the online K12 education market size in China reached CNY 89 billion, with a year-on-year increase of 37.6%.</li>\n <li>Unlike its nemesis New Oriental, TAL's investment amount into other firms has been continuously decreasing since 2016.</li>\n <li>With COVID-19 reshaping the market, tech giants have started to make big moves into the digital education industry.</li>\n <li>We do not see the company handling the upcoming tough competition within the industry but are rather optimistic about its business capabilities and steady growth.</li>\n</ul>\n<p>TAL Education Group (also known as Tomorrow Advanced Learning) (TAL) is an education company that focuses on K12 students in China. It also has business segments in adult education, early education &amp; parenting and education informatization. The firm takes quality education and extracurricular tutoring as the carrier system to serve on a global scale. Founded in 2003, it went public on NYSE in 2010.</p>\n<p>In China, TAL competes with New Oriental (EDU), a company founded back in 1993. It can be said that both firms are leading China's education industry; for one, the market coverage of the two is evenly matched. From the latest information, New Oriental has active businesses in a total of 98 cities in China and one foreign city (Toronto). TAL has laid its business in a total of 90 cities across China.</p>\n<p>As parents in the fast-growing country pay more and more attention to their children's basic education and e-learning is increasingly popular, the vast field of primary and secondary education and online education has eventually become a battleground for companies.</p>\n<p><b>Decent financial results</b></p>\n<p>TAL's 2Q 2021financial resultsweren't very impressive, as the firm earned USD 1.10 billion (up 20.8% year-on-year) compared to analysts' expectations of USD 1.12 billion for the quarter. However, it reported USD 0.08 earnings per share for the quarter, beating analysts' consensus estimates of USD 0.05 by USD 0.03. TAL Education Group had a return on equity of 0.21% and a net margin of 1.35% compared to 8.97% in 1Q 2021 due to strong competition presented in the primary education segment. It includes local pure online education companies such asYuanfudaoandZuoyebangthat recently completed mega-rounds of investment. Meanwhile, the non-GAAP operating margins were down to -1.1% compared to 9.8% in 2Q 2020 as customer acquisition costs rose backed by the fierce competition.</p>\n<p><img src=\"https://static.tigerbbs.com/e0bea7dc26e41fa05c9d8fef1c355e7d\" tg-width=\"640\" tg-height=\"382\" referrerpolicy=\"no-referrer\"><b>New market opportunities</b></p>\n<p>In the past five to six years, with the support of the state, the development of technology, and the inflow of capital, China's online K12 education industry has undergone rapid development. In 2020, the overall online K12 education market size in China reached approximately CNY 89 billion, with a year-over-year increase of 37.6%.</p>\n<p>In 2019, the penetration rate of K12 online education in China was about 15%. As COVID-19 struck during the beginning of 2020, the advantages of online education have been very apparent. The penetration rate of online K12 education reached its peak in March 2020. Although the industry is still in the stage of consumption popularization in China, there are obvious trends. This field consistently demonstrates a long-term massive demand as an emerging way of obtaining education information and services. Hence, the industry penetration rate has huge room for improvement in the future. According to thepredictionof the Chinese Academy of Sciences, the penetration rate of the K12 online education industry may exceed 55% by 2022.</p>\n<p><img src=\"https://static.tigerbbs.com/6c29976387d48527f1570b7fbf255f1e\" tg-width=\"640\" tg-height=\"351\" referrerpolicy=\"no-referrer\"></p>\n<p>The fact that TAL owns 871 learning centers (offline tutoring centers), 648 Peiyou (好未来培优) centers and 128 one-on-one centers is the reason why we believe TAL is not pandemic-proof. Possible closure of these centers by the government in order to control the spread of COVID-19 will lead to huge declines in the firm's financials.</p>\n<p>TAL does own online education apps – but they can't compete with the likes of VIPKID, Yuanfudao, and Zuoyebang, even though there has been an increase in revenue contribution of Xueersi TAL’s online app from 17% in FY2Q2020 to 26% in FY2Q2021.</p>\n<p>The re-emergence of COVID-19 in China is a headwind for TAL's offline classroom-based training business. Although the vaccine has emerged, children below the age of 18 are not allowed to administer it. TAL's stock price might soon fall when most investors realize that the company still focused on formal or classroom-based tutorials and training.</p>\n<p>TAL has had stable growth since getting listed about nine years ago. Revenue has increased about 30 times, at a compound annual rate of 45.7% since then and gross margins averaged as high as 50.8%.</p>\n<p>Results from the last fiscal year ending February were materially affected by COVID-19 induced restrictions which had started early in China. Offline operations, primarily core Peiyou small classes, had to be quickly transferred to online platforms. As a result, some revenue was lost due to the lower selling prices for online classes, the total revenue in Q4 grew just 6.2% compared to 44.1% the previous year. Student enrollments were still up on aggregate with a rate of, 56.6% year-over-year.</p>\n<p><b>Less venture investment presence</b></p>\n<p>Since 2017, the number of investments by TAL has been decreasing. New Oriental has been more aggressive compared to TAL since 2018. TAL's financing has dropped sharply from 24 in 2016 to only two in 2020. The two investments were made on an interactive learning SaaS platform UMU and an online children's math tutoring app.</p>\n<p><img src=\"https://static.tigerbbs.com/6af6af29d7cc826e97357d73c53b7a51\" tg-width=\"640\" tg-height=\"398\" referrerpolicy=\"no-referrer\"></p>\n<p><b>The entrance of tech giants</b></p>\n<p>Sales and marketing expenses surged as the competition got tough for online players in the summer. Sales and marketing expenses surged 64% year-on-year and made up 22% of the total revenue, up 4.9% year-on-year.</p>\n<p>With upstarts raising mega-rounds, things might get even tougher for TAL as more companies with huge capital to spend on marketing will try to grab market share. Other than that, Chinese giants such as Alibaba(NYSE:BABA), NetEase(NASDAQ:NTES), Tencent(OTCPK:TCEHY), ByteDance and Baidu(NASDAQ:BIDU)engage their businesses into online education. TAL needs to upgrade its online education business to stay afloat.</p>\n<p>The education field is likely to be divided up by companies outside of this industry. It is also worth mentioning that the firm's key competitiveness is its in-depth application of technologies such as big data and live broadcast intelligence in China's online education industry. The firm has not spent much on research and development in terms of proprietary tuition-based technology. There are few existing barriers to entry. Teaching staff and market share could be theoretically purchased by new entrants.</p>\n<p><b>Allegation probe</b></p>\n<p>In April 2020,TAL became one of the scandalous US-listed Chinese firmsafter admitting to inflate sales figures driven by employee wrongdoing, further hindering market confidence after Luckin Coffee's(OTCPK:LKNCY)USD 310 million fraud.</p>\n<p>Two years before this event, Muddy Waters released areportnaming the company 'A Real Business With Fake Financials.' The report claimed that \"TAL commits fraud in the financials for its core Peiyou business. The Peiyou fraud is more difficult to quantify, but our research suggests fraudulent overstatement of approximately 25% to 30% of the company’s revenue.\"</p>\n<p><b>Bottom line</b></p>\n<p>This might not be a suitable time to invest in TAL Education. We give a neutral rating to the stock because we do not see the company handling the upcoming tough competition within the industry but are rather optimistic about its business capabilities and steady growth. Therefore, TAL does have a chance to enhance its online business and compete with newcomers and experienced enterprises, including the likes of Zuoyebang, Yuanfudao, Baidu and NetEase.</p>\n<h3>Gaotu Group: Policy Overhang Keeps The Risk-Reward Balanced</h3>\n<p><b>Summary</b></p>\n<ul>\n <li>The longer-term outlook remains bright for Gaotu Group (formerly GSX TechEdu).</li>\n <li>Adverse regulatory changes remain the key risk for the near-term outlook, but a healthier longer-term dynamic should benefit profitability.</li>\n <li>Growth drivers such as alternative student acquisition channels and increased contribution from adult education should help as well.</li>\n <li>Despite the discounted EV/Sales multiple, I would hold off on initiating a position for now pending clearance of the policy overhang.</li>\n</ul>\n<p>Newly rebranded Gaotu Group’s (GOTU/GSX) recently heldinvestor eventfeatured an interesting tour of its operation and top management strategy presentations, which offered timely insight into the longer-term outlook. In particular, GSX emphasized its continued focus on teaching excellence, service quality, and technology investments as key differentiators. However, policy risks remains the biggest concern, and if government intervention in the online after-school tutoring space turns out to be stricter than expected, I see material downside risks to GSX’s near-term growth trajectory. On the flip side, it could also result in a healthier industry dynamic, which should drive narrowing losses as well. While the policy reform overhang makes it difficult to turn bullish, GSX’s discounted c. 3x EV/Sales multiple also looks undemanding, keeping the risk/reward fairly balanced.</p>\n<p><b>Growing Importance of Alternative Student Acquisition Channels</b></p>\n<p>Worryingly, GSX has seen reduced traffic acquisition in FQ4 ‘20 and FQ1 ‘21, with a whopping c. 20% lower sales lead cost in Jan-Feb 2021 (down from the Nov-Dec 2020 period). The recent decline is likely attributable to regulatory uncertainties around online traffic acquisition triggered by a recent Ministry of Education (MOE)interviewearlier this year. The significantly pressured new enrolment growth in FQ1 ‘21 may have been one of the reasons for the lower-than-expected top-line guidance as well. In response, management is exploring new student acquisition channels to offset the pressure – this includes the offline, short video, and live streaming e-commerce channels, among others. The good news is that successful expansion here could see the student acquisition cost lowered by over 50%, which is positive for the margin outlook (GSX is currently loss-making at the operating level).</p>\n<p><img src=\"https://static.tigerbbs.com/e2602f4695bfb8d694d546b29bca897a\" tg-width=\"602\" tg-height=\"288\" referrerpolicy=\"no-referrer\"></p>\n<p>Source:GSX Investor Presentation Slides</p>\n<p>However, GSX is not alone in this regard – other online AST players have initiated similar moves, from online one-on-one and small-class players such as 51talk (COE), VIPKID, and New Oriental subsidiary Koolearn, whose large-class coverage has reached c.100 cities. Similarly, online large-class after-school tutoring players have also started expanding into offline acquisition through partnerships, with TAL Education (TAL) subsidiaryXueersi.comalsotying upwith Lenovo (OTCPK:LNVGY) in recent months. And with private players like Zuoyebang alsobuildingoffline traffic acquisition teams, the competitive pressures could drive downside to the near-term outlook.</p>\n<p><b>Adult Education Set to be Another Top-Line Growth Driver</b></p>\n<p>Within the Chinese education market, adult education is also emerging as a potential growth opportunity as people are increasingly looking to upskill in an uncertain job market. Alongside income level rises, people are also spending more on education to better prepare themselves for career development. As a result, gross billings have grown at a CAGR of 24.5% and are expected to grow further at 22.4% CAGR into fiscal 2023, reaching RMB265 billion.</p>\n<p><img src=\"https://static.tigerbbs.com/98361534c62ba1d36e6adf2696116a49\" tg-width=\"602\" tg-height=\"200\" referrerpolicy=\"no-referrer\"></p>\n<p>Source:GSX Listing Prospectus Filing</p>\n<p>Notably, while GSX currently expects fiscal 2021 revenue growth to be in the range of 70-80% Y/Y, the adult education business is guided to be a key growth driver at +100% Y/Y revenue growth. Considering that adult education accounted for over 10% of GSX’s revenue in fiscal 2020, I expect the contribution to continue rising over time. Key areas of growth here include English training, graduate school admission exam prep, and finance-related courses. Longer-term, I think the adult education business could even see higher gross margins than K-12 after-school tutoring due to the higher enrolment/tutor ratio.</p>\n<p><b>Online Regulations Remain the Key Concern</b></p>\n<p>Looking ahead, potential online regulations in the after-school tutoring space are concerning, with likely measures including a fake advertising ban, increased control over marketing spend in education, and more stringent quality requirements for institutions and instructors. On the flip side, these measures will also be beneficial to the overall industry development longer-term, allowing online after-school tutoring players to reinvest more dollars into improving the product and teaching quality. While clarity around the new regulations for both the offline/online markets remains lacking, I see a more positive outcome than the prior industry experience in 2018.</p>\n<p>Any restrictions on marketing limitation will likely have a negative impact on enrolment and sales growth in the near term but will also benefit margins due to the lower marketing spending. In turn, this should improve the longer-term economics of the business and drive narrowing losses in the upcoming quarter. Another key positive from the slower growth is that GSX will be able to focus on improving its product/service quality and extract more student lifetime value while also preserving its robust balance sheet. As of end-2020, GSX had a c. RMB8.2 billion cash position (including liquid investments), which should allow it to weather any unforeseen negative policy impacts.</p>\n<p><img src=\"https://static.tigerbbs.com/a96e5d1f7d5a8fb561314a81180e06dd\" tg-width=\"602\" tg-height=\"280\" referrerpolicy=\"no-referrer\"></p>\n<p>Source: GSX Investor Presentation Slides</p>\n<p><b>Final Take</b></p>\n<p>Overall, regulations on marketing will likely have a negative impact on enrolment and top-line growth but should also lead to a healthier operating dynamic and narrowing losses ahead. With GSX also focused on alternative acquisition channels and tapping into markets such as adult education, I think the company could surprise positively in the upcoming quarters. While the GSX share price has suffered due to the Archegos Capital event and policy concerns, its forward EV/Sales multiple has declined significantly to c. 3x, and the widening relative discount to peers like TAL and EDU likely means the negatives have been priced in. Until the policy overhang has been lifted, however, I see the risk/reward as balanced at current levels.</p>\n<p><img src=\"https://static.tigerbbs.com/dd579bffc2a24fd55d7ccc3346eae7cb\" tg-width=\"635\" tg-height=\"436\" referrerpolicy=\"no-referrer\">Data by YCharts</p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"GOTU":"高途","TAL":"好未来","EDU":"新东方"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1170395888","content_text":"(June 23) Most of Chinese education stocks gained in morning trading Wednesday.\n\nDo Hedge Funds Think EDU Is A Good Stock To Buy Now?\nAt first quarter's end, a total of 45 of the hedge funds tracked by Insider Monkey were bullish on this stock, a change of 5% from one quarter earlier. Below, you can check out the change in hedge fund sentiment towards EDU over the last 23 quarters. With the smart money's positions undergoing their usual ebb and flow, there exists an \"upper tier\" of noteworthy hedge fund managers who were upping their holdings significantly (or already accumulated large positions).\nThe largest stake in New Oriental Education & Technology Group Inc. (NYSE:EDU) was held byD1 Capital Partners, which reported holding $350.5 million worth of stock at the end of December. It was followed by GQG Partners with a $319.8 million position. Other investors bullish on the company included Tiger Global Management LLC, Farallon Capital, and Alkeon Capital Management. In terms of the portfolio weights assigned to each position Serenity Capital allocated the biggest weight to New Oriental Education & Technology Group Inc. (NYSE:EDU), around 42.13% of its 13F portfolio.Kylin Managementis also relatively very bullish on the stock, designating 18.73 percent of its 13F equity portfolio to EDU.\nAs industrywide interest jumped, some big names were breaking ground themselves. Thunderbird Partners, managed by David Fear, established the most valuable position in New Oriental Education & Technology Group Inc. (NYSE:EDU). Thunderbird Partners had $16.7 million invested in the company at the end of the quarter. Eduardo Costa'sCalixto Global Investorsalso made a $14.7 million investment in the stock during the quarter. The other funds with brand new EDU positions are Matthew Hulsizer's PEAK6 Capital Management, Campbell Wilson'sOld Well Partners, and Daryl Smith's Kayak Investment Partners.\nLet's now review hedge fund activity in other stocks - not necessarily in the same industry as New Oriental Education & Technology Group Inc. (NYSE:EDU) but similarly valued. These stocks are Kansas City Southern (NYSE:KSU), Nucor Corporation (NYSE:NUE), Franco-Nevada Corporation (NYSE:FNV), Fortive Corporation (NYSE:FTV), The Hartford Financial Services Group Inc (NYSE:HIG), Itau Unibanco Holding SA (NYSE:ITUB), and Trip.com Group Limited (NASDAQ:TCOM). All of these stocks' market caps are closest to EDU's market cap.\nAs you can see these stocks had an average of 32.1 hedge funds with bullish positions and the average amount invested in these stocks was $1239 million. That figure was $2188 million in EDU's case. The Hartford Financial Services Group Inc (NYSE:HIG) is the most popular stock in this table. On the other hand Itau Unibanco Holding SA (NYSE:ITUB) is the least popular one with only 12 bullish hedge fund positions. New Oriental Education & Technology Group Inc. (NYSE:EDU) is not the most popular stock in this group but hedge fund interest is still above average. Our overall hedge fund sentiment score for EDU is 70.7. Stocks with higher number of hedge fund positions relative to other stocks as well as relative to their historical range receive a higher sentiment score. This is a slightly positive signal but we'd rather spend our time researching stocks that hedge funds are piling on. Our calculations showed thattop 5 most popular stocksamong hedge funds returned 95.8% in 2019 and 2020, and outperformed the S&P 500 ETF (SPY) by 40 percentage points. These stocks gained 17.4% in 2021 through June 18th and beat the market again by 6.1 percentage points. Unfortunately EDU wasn't nearly as popular as these 5 stocks and hedge funds that were betting on EDU were disappointed as the stock returned -45.8% since the end of March (through 6/18) and underperformed the market.\nTAL Education: Not Ready To Handle A New Wave Of Market Rivalry\nSummary\n\nFY2Q2021 revenue and XRS online growth fell below consensus expectations.\nIn 2020, the online K12 education market size in China reached CNY 89 billion, with a year-on-year increase of 37.6%.\nUnlike its nemesis New Oriental, TAL's investment amount into other firms has been continuously decreasing since 2016.\nWith COVID-19 reshaping the market, tech giants have started to make big moves into the digital education industry.\nWe do not see the company handling the upcoming tough competition within the industry but are rather optimistic about its business capabilities and steady growth.\n\nTAL Education Group (also known as Tomorrow Advanced Learning) (TAL) is an education company that focuses on K12 students in China. It also has business segments in adult education, early education & parenting and education informatization. The firm takes quality education and extracurricular tutoring as the carrier system to serve on a global scale. Founded in 2003, it went public on NYSE in 2010.\nIn China, TAL competes with New Oriental (EDU), a company founded back in 1993. It can be said that both firms are leading China's education industry; for one, the market coverage of the two is evenly matched. From the latest information, New Oriental has active businesses in a total of 98 cities in China and one foreign city (Toronto). TAL has laid its business in a total of 90 cities across China.\nAs parents in the fast-growing country pay more and more attention to their children's basic education and e-learning is increasingly popular, the vast field of primary and secondary education and online education has eventually become a battleground for companies.\nDecent financial results\nTAL's 2Q 2021financial resultsweren't very impressive, as the firm earned USD 1.10 billion (up 20.8% year-on-year) compared to analysts' expectations of USD 1.12 billion for the quarter. However, it reported USD 0.08 earnings per share for the quarter, beating analysts' consensus estimates of USD 0.05 by USD 0.03. TAL Education Group had a return on equity of 0.21% and a net margin of 1.35% compared to 8.97% in 1Q 2021 due to strong competition presented in the primary education segment. It includes local pure online education companies such asYuanfudaoandZuoyebangthat recently completed mega-rounds of investment. Meanwhile, the non-GAAP operating margins were down to -1.1% compared to 9.8% in 2Q 2020 as customer acquisition costs rose backed by the fierce competition.\nNew market opportunities\nIn the past five to six years, with the support of the state, the development of technology, and the inflow of capital, China's online K12 education industry has undergone rapid development. In 2020, the overall online K12 education market size in China reached approximately CNY 89 billion, with a year-over-year increase of 37.6%.\nIn 2019, the penetration rate of K12 online education in China was about 15%. As COVID-19 struck during the beginning of 2020, the advantages of online education have been very apparent. The penetration rate of online K12 education reached its peak in March 2020. Although the industry is still in the stage of consumption popularization in China, there are obvious trends. This field consistently demonstrates a long-term massive demand as an emerging way of obtaining education information and services. Hence, the industry penetration rate has huge room for improvement in the future. According to thepredictionof the Chinese Academy of Sciences, the penetration rate of the K12 online education industry may exceed 55% by 2022.\n\nThe fact that TAL owns 871 learning centers (offline tutoring centers), 648 Peiyou (好未来培优) centers and 128 one-on-one centers is the reason why we believe TAL is not pandemic-proof. Possible closure of these centers by the government in order to control the spread of COVID-19 will lead to huge declines in the firm's financials.\nTAL does own online education apps – but they can't compete with the likes of VIPKID, Yuanfudao, and Zuoyebang, even though there has been an increase in revenue contribution of Xueersi TAL’s online app from 17% in FY2Q2020 to 26% in FY2Q2021.\nThe re-emergence of COVID-19 in China is a headwind for TAL's offline classroom-based training business. Although the vaccine has emerged, children below the age of 18 are not allowed to administer it. TAL's stock price might soon fall when most investors realize that the company still focused on formal or classroom-based tutorials and training.\nTAL has had stable growth since getting listed about nine years ago. Revenue has increased about 30 times, at a compound annual rate of 45.7% since then and gross margins averaged as high as 50.8%.\nResults from the last fiscal year ending February were materially affected by COVID-19 induced restrictions which had started early in China. Offline operations, primarily core Peiyou small classes, had to be quickly transferred to online platforms. As a result, some revenue was lost due to the lower selling prices for online classes, the total revenue in Q4 grew just 6.2% compared to 44.1% the previous year. Student enrollments were still up on aggregate with a rate of, 56.6% year-over-year.\nLess venture investment presence\nSince 2017, the number of investments by TAL has been decreasing. New Oriental has been more aggressive compared to TAL since 2018. TAL's financing has dropped sharply from 24 in 2016 to only two in 2020. The two investments were made on an interactive learning SaaS platform UMU and an online children's math tutoring app.\n\nThe entrance of tech giants\nSales and marketing expenses surged as the competition got tough for online players in the summer. Sales and marketing expenses surged 64% year-on-year and made up 22% of the total revenue, up 4.9% year-on-year.\nWith upstarts raising mega-rounds, things might get even tougher for TAL as more companies with huge capital to spend on marketing will try to grab market share. Other than that, Chinese giants such as Alibaba(NYSE:BABA), NetEase(NASDAQ:NTES), Tencent(OTCPK:TCEHY), ByteDance and Baidu(NASDAQ:BIDU)engage their businesses into online education. TAL needs to upgrade its online education business to stay afloat.\nThe education field is likely to be divided up by companies outside of this industry. It is also worth mentioning that the firm's key competitiveness is its in-depth application of technologies such as big data and live broadcast intelligence in China's online education industry. The firm has not spent much on research and development in terms of proprietary tuition-based technology. There are few existing barriers to entry. Teaching staff and market share could be theoretically purchased by new entrants.\nAllegation probe\nIn April 2020,TAL became one of the scandalous US-listed Chinese firmsafter admitting to inflate sales figures driven by employee wrongdoing, further hindering market confidence after Luckin Coffee's(OTCPK:LKNCY)USD 310 million fraud.\nTwo years before this event, Muddy Waters released areportnaming the company 'A Real Business With Fake Financials.' The report claimed that \"TAL commits fraud in the financials for its core Peiyou business. The Peiyou fraud is more difficult to quantify, but our research suggests fraudulent overstatement of approximately 25% to 30% of the company’s revenue.\"\nBottom line\nThis might not be a suitable time to invest in TAL Education. We give a neutral rating to the stock because we do not see the company handling the upcoming tough competition within the industry but are rather optimistic about its business capabilities and steady growth. Therefore, TAL does have a chance to enhance its online business and compete with newcomers and experienced enterprises, including the likes of Zuoyebang, Yuanfudao, Baidu and NetEase.\nGaotu Group: Policy Overhang Keeps The Risk-Reward Balanced\nSummary\n\nThe longer-term outlook remains bright for Gaotu Group (formerly GSX TechEdu).\nAdverse regulatory changes remain the key risk for the near-term outlook, but a healthier longer-term dynamic should benefit profitability.\nGrowth drivers such as alternative student acquisition channels and increased contribution from adult education should help as well.\nDespite the discounted EV/Sales multiple, I would hold off on initiating a position for now pending clearance of the policy overhang.\n\nNewly rebranded Gaotu Group’s (GOTU/GSX) recently heldinvestor eventfeatured an interesting tour of its operation and top management strategy presentations, which offered timely insight into the longer-term outlook. In particular, GSX emphasized its continued focus on teaching excellence, service quality, and technology investments as key differentiators. However, policy risks remains the biggest concern, and if government intervention in the online after-school tutoring space turns out to be stricter than expected, I see material downside risks to GSX’s near-term growth trajectory. On the flip side, it could also result in a healthier industry dynamic, which should drive narrowing losses as well. While the policy reform overhang makes it difficult to turn bullish, GSX’s discounted c. 3x EV/Sales multiple also looks undemanding, keeping the risk/reward fairly balanced.\nGrowing Importance of Alternative Student Acquisition Channels\nWorryingly, GSX has seen reduced traffic acquisition in FQ4 ‘20 and FQ1 ‘21, with a whopping c. 20% lower sales lead cost in Jan-Feb 2021 (down from the Nov-Dec 2020 period). The recent decline is likely attributable to regulatory uncertainties around online traffic acquisition triggered by a recent Ministry of Education (MOE)interviewearlier this year. The significantly pressured new enrolment growth in FQ1 ‘21 may have been one of the reasons for the lower-than-expected top-line guidance as well. In response, management is exploring new student acquisition channels to offset the pressure – this includes the offline, short video, and live streaming e-commerce channels, among others. The good news is that successful expansion here could see the student acquisition cost lowered by over 50%, which is positive for the margin outlook (GSX is currently loss-making at the operating level).\n\nSource:GSX Investor Presentation Slides\nHowever, GSX is not alone in this regard – other online AST players have initiated similar moves, from online one-on-one and small-class players such as 51talk (COE), VIPKID, and New Oriental subsidiary Koolearn, whose large-class coverage has reached c.100 cities. Similarly, online large-class after-school tutoring players have also started expanding into offline acquisition through partnerships, with TAL Education (TAL) subsidiaryXueersi.comalsotying upwith Lenovo (OTCPK:LNVGY) in recent months. And with private players like Zuoyebang alsobuildingoffline traffic acquisition teams, the competitive pressures could drive downside to the near-term outlook.\nAdult Education Set to be Another Top-Line Growth Driver\nWithin the Chinese education market, adult education is also emerging as a potential growth opportunity as people are increasingly looking to upskill in an uncertain job market. Alongside income level rises, people are also spending more on education to better prepare themselves for career development. As a result, gross billings have grown at a CAGR of 24.5% and are expected to grow further at 22.4% CAGR into fiscal 2023, reaching RMB265 billion.\n\nSource:GSX Listing Prospectus Filing\nNotably, while GSX currently expects fiscal 2021 revenue growth to be in the range of 70-80% Y/Y, the adult education business is guided to be a key growth driver at +100% Y/Y revenue growth. Considering that adult education accounted for over 10% of GSX’s revenue in fiscal 2020, I expect the contribution to continue rising over time. Key areas of growth here include English training, graduate school admission exam prep, and finance-related courses. Longer-term, I think the adult education business could even see higher gross margins than K-12 after-school tutoring due to the higher enrolment/tutor ratio.\nOnline Regulations Remain the Key Concern\nLooking ahead, potential online regulations in the after-school tutoring space are concerning, with likely measures including a fake advertising ban, increased control over marketing spend in education, and more stringent quality requirements for institutions and instructors. On the flip side, these measures will also be beneficial to the overall industry development longer-term, allowing online after-school tutoring players to reinvest more dollars into improving the product and teaching quality. While clarity around the new regulations for both the offline/online markets remains lacking, I see a more positive outcome than the prior industry experience in 2018.\nAny restrictions on marketing limitation will likely have a negative impact on enrolment and sales growth in the near term but will also benefit margins due to the lower marketing spending. In turn, this should improve the longer-term economics of the business and drive narrowing losses in the upcoming quarter. Another key positive from the slower growth is that GSX will be able to focus on improving its product/service quality and extract more student lifetime value while also preserving its robust balance sheet. As of end-2020, GSX had a c. RMB8.2 billion cash position (including liquid investments), which should allow it to weather any unforeseen negative policy impacts.\n\nSource: GSX Investor Presentation Slides\nFinal Take\nOverall, regulations on marketing will likely have a negative impact on enrolment and top-line growth but should also lead to a healthier operating dynamic and narrowing losses ahead. With GSX also focused on alternative acquisition channels and tapping into markets such as adult education, I think the company could surprise positively in the upcoming quarters. While the GSX share price has suffered due to the Archegos Capital event and policy concerns, its forward EV/Sales multiple has declined significantly to c. 3x, and the widening relative discount to peers like TAL and EDU likely means the negatives have been priced in. Until the policy overhang has been lifted, however, I see the risk/reward as balanced at current levels.\nData by YCharts","news_type":1,"symbols_score_info":{"EDU":0.9,"GOTU":0.9,"TAL":0.9}},"isVote":1,"tweetType":1,"viewCount":2050,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"hots":[{"id":340876351316072,"gmtCreate":1724252708231,"gmtModify":1724252713104,"author":{"id":"3584371749224835","authorId":"3584371749224835","name":"Kennyhee","avatar":"https://static.tigerbbs.com/30a3ec7f0cc5906c0ee843a7799b4263","crmLevel":12,"crmLevelSwitch":1,"followedFlag":false,"idStr":"3584371749224835","authorIdStr":"3584371749224835"},"themes":[],"title":"","htmlText":"Good day&nbsp;","listText":"Good day&nbsp;","text":"Good day","images":[{"img":"https://community-static.tradeup.com/news/7ffbbb490a6a58d8bd110d885f934c90","width":"882","height":"1668"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/340876351316072","isVote":1,"tweetType":1,"viewCount":3307,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":592858308808848,"gmtCreate":1785765372339,"gmtModify":1785765965787,"author":{"id":"3584371749224835","authorId":"3584371749224835","name":"Kennyhee","avatar":"https://static.tigerbbs.com/30a3ec7f0cc5906c0ee843a7799b4263","crmLevel":12,"crmLevelSwitch":1,"followedFlag":false,"idStr":"3584371749224835","authorIdStr":"3584371749224835"},"themes":[],"title":"","htmlText":"<a href=\"https://ttm.financial/OPT/GOOG 20260821 425.0 CALL\">$GOOG 20260821 425.0 CALL$ </a>&nbsp;","listText":"<a href=\"https://ttm.financial/OPT/GOOG 20260821 425.0 CALL\">$GOOG 20260821 425.0 CALL$ </a>&nbsp;","text":"$GOOG 20260821 425.0 CALL$","images":[{"img":"https://community-static.tradeup.com/news/830d5665a8b2633159eb353da44bfae1","width":"1048","height":"1731"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/592858308808848","isVote":1,"tweetType":1,"viewCount":0,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":592858099827128,"gmtCreate":1785765318111,"gmtModify":1785765321461,"author":{"id":"3584371749224835","authorId":"3584371749224835","name":"Kennyhee","avatar":"https://static.tigerbbs.com/30a3ec7f0cc5906c0ee843a7799b4263","crmLevel":12,"crmLevelSwitch":1,"followedFlag":false,"idStr":"3584371749224835","authorIdStr":"3584371749224835"},"themes":[],"title":"","htmlText":"<a href=\"https://ttm.financial/S/INTW\">$GraniteShares 2X Long INTC Daily ETF(INTW)$ </a>&nbsp;","listText":"<a href=\"https://ttm.financial/S/INTW\">$GraniteShares 2X Long INTC Daily ETF(INTW)$ </a>&nbsp;","text":"$GraniteShares 2X Long INTC Daily ETF(INTW)$","images":[{"img":"https://community-static.tradeup.com/news/9b8a7b32fa53737390ad807d89f0cbc7","width":"1048","height":"1772"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/592858099827128","isVote":1,"tweetType":1,"viewCount":84,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":141858290,"gmtCreate":1625849470110,"gmtModify":1703749914113,"author":{"id":"3584371749224835","authorId":"3584371749224835","name":"Kennyhee","avatar":"https://static.tigerbbs.com/30a3ec7f0cc5906c0ee843a7799b4263","crmLevel":12,"crmLevelSwitch":1,"followedFlag":false,"idStr":"3584371749224835","authorIdStr":"3584371749224835"},"themes":[],"title":"","htmlText":"Nice","listText":"Nice","text":"Nice","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/141858290","repostId":"1155625151","repostType":4,"isVote":1,"tweetType":1,"viewCount":2943,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":150725616,"gmtCreate":1624928624135,"gmtModify":1703848091636,"author":{"id":"3584371749224835","authorId":"3584371749224835","name":"Kennyhee","avatar":"https://static.tigerbbs.com/30a3ec7f0cc5906c0ee843a7799b4263","crmLevel":12,"crmLevelSwitch":1,"followedFlag":false,"idStr":"3584371749224835","authorIdStr":"3584371749224835"},"themes":[],"title":"","htmlText":"Read and like pls","listText":"Read and like pls","text":"Read and like pls","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":8,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/150725616","repostId":"2147837316","repostType":4,"isVote":1,"tweetType":1,"viewCount":1552,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":172759805,"gmtCreate":1626995912407,"gmtModify":1703481930574,"author":{"id":"3584371749224835","authorId":"3584371749224835","name":"Kennyhee","avatar":"https://static.tigerbbs.com/30a3ec7f0cc5906c0ee843a7799b4263","crmLevel":12,"crmLevelSwitch":1,"followedFlag":false,"idStr":"3584371749224835","authorIdStr":"3584371749224835"},"themes":[],"title":"","htmlText":"Chinese tech disappoint&nbsp;","listText":"Chinese tech disappoint&nbsp;","text":"Chinese tech disappoint","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/172759805","repostId":"1164478982","repostType":4,"isVote":1,"tweetType":1,"viewCount":4812,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":122551568,"gmtCreate":1624628645854,"gmtModify":1703842134608,"author":{"id":"3584371749224835","authorId":"3584371749224835","name":"Kennyhee","avatar":"https://static.tigerbbs.com/30a3ec7f0cc5906c0ee843a7799b4263","crmLevel":12,"crmLevelSwitch":1,"followedFlag":false,"idStr":"3584371749224835","authorIdStr":"3584371749224835"},"themes":[],"title":"","htmlText":"Comment and like, thanks&nbsp;","listText":"Comment and like, thanks&nbsp;","text":"Comment and like, thanks","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/122551568","repostId":"2146023165","repostType":4,"isVote":1,"tweetType":1,"viewCount":2468,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":151998933,"gmtCreate":1625060936422,"gmtModify":1703735109271,"author":{"id":"3584371749224835","authorId":"3584371749224835","name":"Kennyhee","avatar":"https://static.tigerbbs.com/30a3ec7f0cc5906c0ee843a7799b4263","crmLevel":12,"crmLevelSwitch":1,"followedFlag":false,"idStr":"3584371749224835","authorIdStr":"3584371749224835"},"themes":[],"title":"","htmlText":"<a href=\"https://laohu8.com/S/DDL\">$Dingdong (Cayman) Limited(DDL)$</a>hold and don't sell and we will see $40","listText":"<a href=\"https://laohu8.com/S/DDL\">$Dingdong (Cayman) Limited(DDL)$</a>hold and don't sell and we will see $40","text":"$Dingdong (Cayman) Limited(DDL)$hold and don't sell and we will see $40","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/151998933","isVote":1,"tweetType":1,"viewCount":2706,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":163136717,"gmtCreate":1623861866839,"gmtModify":1703821902790,"author":{"id":"3584371749224835","authorId":"3584371749224835","name":"Kennyhee","avatar":"https://static.tigerbbs.com/30a3ec7f0cc5906c0ee843a7799b4263","crmLevel":12,"crmLevelSwitch":1,"followedFlag":false,"idStr":"3584371749224835","authorIdStr":"3584371749224835"},"themes":[],"title":"","htmlText":"Buy now before it climb too high&nbsp;","listText":"Buy now before it climb too high&nbsp;","text":"Buy now before it climb too high","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/163136717","repostId":"1118154026","repostType":4,"repost":{"id":"1118154026","kind":"news","weMediaInfo":{"introduction":"Providing stock market headlines, business news, financials and earnings ","home_visible":1,"media_name":"Tiger Newspress","id":"1079075236","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1623850220,"share":"https://ttm.financial/m/news/1118154026?lang=en_US&edition=fundamental","pubTime":"2021-06-16 21:30","market":"us","language":"en","title":"S&P 500 is flat near a record with all eyes on Federal Reserve’s update","url":"https://stock-news.laohu8.com/highlight/detail?id=1118154026","media":"Tiger Newspress","summary":"U.S. stocks were mostly flat on Wednesday ahead of theFederal Reserve’s updateon monetary policy.\nTh","content":"<p>U.S. stocks were mostly flat on Wednesday ahead of theFederal Reserve’s updateon monetary policy.</p> \n<p>The Dow Jones Industrial Average traded 20 points higher. The S&amp;P 500 inched up 0.1%, sitting just a few points below an all-time high reached in the previous session. The tech-heavy Nasdaq Composite edged up 0.2%.</p> \n<p>Large tech shares like Tesla and Nvidia were slightly lower, while shares of economic reopening plays Royal Caribbean and Carnival gained 1% each.</p> \n<p>Stocks pulled back from record levels duringTuesday’s trading session, with the S&amp;P 500 closing 0.2% lower after hitting an all-time intraday high earlier in the day. The Dow slid nearly 100 points and the Nasdaq Composite dipped 0.7% amid weakness in shares of Big Tech.</p> \n<p>The Federal Reserve kicked off its two-day meeting on Tuesday. The central bank is not expected to make any policy moves, but it could signal that it’s beginning to think abouteasing its bond-buying policy. The Fed will also release new forecasts on Wednesday, which could indicate a possible first rate hike penciled in for 2023. Previously, Fed officials hadn’t come to a consensus for a rate hike through 2023.</p> \n<p>The Fed’s statement and forecasts will come out at 2 p.m. ET followed by a press conference by Chairman Jerome Powell 30 minutes later.</p> \n<p>The meeting comes as inflation heats up, with producer prices rising at their fastest annual rate in nearly 11 years duringMay, a report on Tuesday showed. This has prompted some, including Paul Tudor Jones, to call for the central bank to re-think its easy monetary policy.</p> \n<p>\"I still think&nbsp;equities are going higher,\" BlackRock global bond chief&nbsp;Rick Rieder&nbsp;said on CNBC's \"Squawk Box\" on Wednesday.&nbsp;\"If we don't hear anything&nbsp;different, then I worry a little&nbsp;bit about risk&nbsp;the system creates — you can&nbsp;create asset bubbles&nbsp;you can create leverage.&nbsp;We've seen markets that are a&nbsp;little bit concerning with&nbsp;literally zero spread to them&nbsp;for risk assets.\"</p> \n<p>The central bank has been buying $120 billion worth of bonds each month as the economy continues to recover from the coronavirus pandemic.</p> \n<p>\"The drama this week will be whether the Fed sits tight or admits that inflation is rising and that the Fed needs to tighten,\" said Brad McMillan, CIO at Commonwealth Financial Network. \"Since the Fed has a dual mandate—unemployment and inflation—that suggests it should indeed keep its focus on unemployment, rather than inflation.\"</p> \n<p>Minutes from the central bank's last meeting showed that some Fed officials said it could be appropriate to start discussing adjustments to the bond-buying program should the economy continue to recover. Economists predict that while some of these discussions could begin, concrete details will not be revealed until later this year.</p> \n<p>On Wednesday,China said it will release industrial metalsincluding copper, aluminum and zinc from its national reserves to curb commodity prices. Copper price has fallen more than 10% from its record high, dipping into correction territory on Tuesday.</p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>S&P 500 is flat near a record with all eyes on Federal Reserve’s update</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nS&P 500 is flat near a record with all eyes on Federal Reserve’s update\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time\">2021-06-16 21:30</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<p>U.S. stocks were mostly flat on Wednesday ahead of theFederal Reserve’s updateon monetary policy.</p> \n<p>The Dow Jones Industrial Average traded 20 points higher. The S&amp;P 500 inched up 0.1%, sitting just a few points below an all-time high reached in the previous session. The tech-heavy Nasdaq Composite edged up 0.2%.</p> \n<p>Large tech shares like Tesla and Nvidia were slightly lower, while shares of economic reopening plays Royal Caribbean and Carnival gained 1% each.</p> \n<p>Stocks pulled back from record levels duringTuesday’s trading session, with the S&amp;P 500 closing 0.2% lower after hitting an all-time intraday high earlier in the day. The Dow slid nearly 100 points and the Nasdaq Composite dipped 0.7% amid weakness in shares of Big Tech.</p> \n<p>The Federal Reserve kicked off its two-day meeting on Tuesday. The central bank is not expected to make any policy moves, but it could signal that it’s beginning to think abouteasing its bond-buying policy. The Fed will also release new forecasts on Wednesday, which could indicate a possible first rate hike penciled in for 2023. Previously, Fed officials hadn’t come to a consensus for a rate hike through 2023.</p> \n<p>The Fed’s statement and forecasts will come out at 2 p.m. ET followed by a press conference by Chairman Jerome Powell 30 minutes later.</p> \n<p>The meeting comes as inflation heats up, with producer prices rising at their fastest annual rate in nearly 11 years duringMay, a report on Tuesday showed. This has prompted some, including Paul Tudor Jones, to call for the central bank to re-think its easy monetary policy.</p> \n<p>\"I still think&nbsp;equities are going higher,\" BlackRock global bond chief&nbsp;Rick Rieder&nbsp;said on CNBC's \"Squawk Box\" on Wednesday.&nbsp;\"If we don't hear anything&nbsp;different, then I worry a little&nbsp;bit about risk&nbsp;the system creates — you can&nbsp;create asset bubbles&nbsp;you can create leverage.&nbsp;We've seen markets that are a&nbsp;little bit concerning with&nbsp;literally zero spread to them&nbsp;for risk assets.\"</p> \n<p>The central bank has been buying $120 billion worth of bonds each month as the economy continues to recover from the coronavirus pandemic.</p> \n<p>\"The drama this week will be whether the Fed sits tight or admits that inflation is rising and that the Fed needs to tighten,\" said Brad McMillan, CIO at Commonwealth Financial Network. \"Since the Fed has a dual mandate—unemployment and inflation—that suggests it should indeed keep its focus on unemployment, rather than inflation.\"</p> \n<p>Minutes from the central bank's last meeting showed that some Fed officials said it could be appropriate to start discussing adjustments to the bond-buying program should the economy continue to recover. Economists predict that while some of these discussions could begin, concrete details will not be revealed until later this year.</p> \n<p>On Wednesday,China said it will release industrial metalsincluding copper, aluminum and zinc from its national reserves to curb commodity prices. Copper price has fallen more than 10% from its record high, dipping into correction territory on Tuesday.</p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".IXIC":"NASDAQ Composite",".DJI":"道琼斯",".SPX":"S&P 500 Index"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1118154026","content_text":"U.S. stocks were mostly flat on Wednesday ahead of theFederal Reserve’s updateon monetary policy.\nThe Dow Jones Industrial Average traded 20 points higher. The S&P 500 inched up 0.1%, sitting just a few points below an all-time high reached in the previous session. The tech-heavy Nasdaq Composite edged up 0.2%.\nLarge tech shares like Tesla and Nvidia were slightly lower, while shares of economic reopening plays Royal Caribbean and Carnival gained 1% each.\nStocks pulled back from record levels duringTuesday’s trading session, with the S&P 500 closing 0.2% lower after hitting an all-time intraday high earlier in the day. The Dow slid nearly 100 points and the Nasdaq Composite dipped 0.7% amid weakness in shares of Big Tech.\nThe Federal Reserve kicked off its two-day meeting on Tuesday. The central bank is not expected to make any policy moves, but it could signal that it’s beginning to think abouteasing its bond-buying policy. The Fed will also release new forecasts on Wednesday, which could indicate a possible first rate hike penciled in for 2023. Previously, Fed officials hadn’t come to a consensus for a rate hike through 2023.\nThe Fed’s statement and forecasts will come out at 2 p.m. ET followed by a press conference by Chairman Jerome Powell 30 minutes later.\nThe meeting comes as inflation heats up, with producer prices rising at their fastest annual rate in nearly 11 years duringMay, a report on Tuesday showed. This has prompted some, including Paul Tudor Jones, to call for the central bank to re-think its easy monetary policy.\n\"I still think equities are going higher,\" BlackRock global bond chief Rick Rieder said on CNBC's \"Squawk Box\" on Wednesday. \"If we don't hear anything different, then I worry a little bit about risk the system creates — you can create asset bubbles you can create leverage. We've seen markets that are a little bit concerning with literally zero spread to them for risk assets.\"\nThe central bank has been buying $120 billion worth of bonds each month as the economy continues to recover from the coronavirus pandemic.\n\"The drama this week will be whether the Fed sits tight or admits that inflation is rising and that the Fed needs to tighten,\" said Brad McMillan, CIO at Commonwealth Financial Network. \"Since the Fed has a dual mandate—unemployment and inflation—that suggests it should indeed keep its focus on unemployment, rather than inflation.\"\nMinutes from the central bank's last meeting showed that some Fed officials said it could be appropriate to start discussing adjustments to the bond-buying program should the economy continue to recover. Economists predict that while some of these discussions could begin, concrete details will not be revealed until later this year.\nOn Wednesday,China said it will release industrial metalsincluding copper, aluminum and zinc from its national reserves to curb commodity prices. Copper price has fallen more than 10% from its record high, dipping into correction territory on Tuesday.","news_type":1,"symbols_score_info":{".DJI":0.9,".SPX":0.9,".IXIC":0.9}},"isVote":1,"tweetType":1,"viewCount":1173,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":353006034043000,"gmtCreate":1727192219594,"gmtModify":1727192223512,"author":{"id":"3584371749224835","authorId":"3584371749224835","name":"Kennyhee","avatar":"https://static.tigerbbs.com/30a3ec7f0cc5906c0ee843a7799b4263","crmLevel":12,"crmLevelSwitch":1,"followedFlag":false,"idStr":"3584371749224835","authorIdStr":"3584371749224835"},"themes":[],"title":"","htmlText":"<a href=\"https://ttm.financial/OPT/JD 20240927 30.0 CALL\">$JD 20240927 30.0 CALL$ </a> shiok, jackpot","listText":"<a href=\"https://ttm.financial/OPT/JD 20240927 30.0 CALL\">$JD 20240927 30.0 CALL$ </a> shiok, jackpot","text":"$JD 20240927 30.0 CALL$ shiok, jackpot","images":[{"img":"https://community-static.tradeup.com/news/6c9437bfce597354366efbad24c55366","width":"882","height":"1668"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/353006034043000","isVote":1,"tweetType":1,"viewCount":5926,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0}],"lives":[]}