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2022-04-22

$Vanguard Total World Bond ETF(BNDW)$sharing

2021-08-12

Please like. Thanks

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2021-08-03

Like like

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2022-02-24

$Novavax(NVAX)$[Cry]

2021-08-28

Liking king like

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2022-04-17

$Novavax(NVAX)$[Cry]

2022-02-01

$Novavax(NVAX)$[Cry]

2021-09-14

Wah lao eh

S&P 500 snaps losing streak with tax hikes, inflation data on horizon

2021-08-27

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2021-08-26

Oh ou jialat

Apple could pass chip costs into higher iPhone 13 prices

Go to Tiger App to see more news

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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/440710122136048","repostId":"1157137746","repostType":4,"repost":{"id":"1157137746","kind":"news","pubTimestamp":1748586882,"share":"https://ttm.financial/m/news/1157137746?lang=en_US&edition=fundamental","pubTime":"2025-05-30 14:34","market":"us","language":"en","title":"Ozempic And Wegovy, Once Europe’s Crown Jewels, Now Facing Their Demons","url":"https://stock-news.laohu8.com/highlight/detail?id=1157137746","media":"Euractiv","summary":"Copycat drugs, tariffs, US competitors, and insurance coverage headaches are throwing off a once-thriving EU weight-loss market and its Danish crown jewel, Novo Nordisk. In early May, Novo Nordisk’s C","content":"<html><head></head><body><p>Copycat drugs, tariffs, US competitors, and insurance coverage headaches are throwing off a once-thriving EU weight-loss market and its Danish crown jewel, Novo Nordisk.  </p><p>In early May, Novo Nordisk’s CEO, Lars Fruergaard Jørgensen, shockingly stepped down amid mounting pressure in the ultra-competitive weight-loss market.  </p><p>Once Europe&#39;s most valuable publicly listed company – having overtaken French luxury giant LVMH – Novo Nordisk soared to prominence thanks to its blockbuster diabetes and weight loss drugs, Ozempic and its little brother Wegovy.</p><p>These drugs not only made the company a household name but also helped fund hordes of Denmark’s public projects, from universities to roads.</p><p>But since June, Novo&#39;s shares have plunged 59 percent, eclipsed by US multinational Eli Lilly&#39;s rival product, Zepbound. </p><p>Novo Nordisk said Jørgensen’s resignation was a “mutual agreement” between him and the board. However, Board Chairman Helge Lund cited market headwinds, declining stock prices, and a request from Novo’s major shareholder as reasons behind the decision. </p><p>Jørgensen –  a quintessential Dane, calm and collected – had told reporters in January that Novo Nordisk was “well-positioned” to face looming US tariffs on EU pharmaceuticals.  </p><p>The board, seemingly, wasn&#39;t convinced. Now, the company is looking for a new boss with Danish values and a business-friendly American flair, reported the Financial Times.  </p><h2 id=\"id_2624508639\" style=\"text-align: start;\">The T-word </h2><p>Novo Nordisk is highly exposed to US tariffs, due to its massive export market to America – and a volatile political backdrop, including President Donald Trump’sthreats to imposehigh levies on Denmark if it refused to cede Greenland to Washington. </p><p>The company, a global leader in diabetes and obesity treatments, generates 61% of its sales in North America, where diabetes rates are high. Ozempic, for example, costs around $1,000 per monthly dose in the US, compared to just $92 in Germany.</p><p>Trump took aim at the drugs again in early May, during his announcement of a “most-favoured nation” drug pricing policy, vowing to slash drug prices by up to 80%.</p><p class=\"t-img-caption\"><img src=\"https://community-static.tradeup.com/news/79aff14ccb865175df09f7be53f59b51\" title=\"\" tg-width=\"678\" tg-height=\"627\"/></p><p style=\"text-align: justify;\">He specifically hit out at Ozempic, saying that US patients had to foot the bill for the high costs of innovation – a move that could send Novo&#39;s stock plummeting by a third. </p><p>A Novo Nordisk spokesperson told Euractiv that while the company was closely monitoring developments, it would not speculate on policy decisions, leaving that to “policymakers to manage the geopolitical landscape.”</p><p>“We remain focused on our commitment to deliver lifesaving medicines to the patients we serve,” the spokesperson added.  </p><p>However, the International Monetary Fund (IMF) noted in May that tariffs alone won’t be what slows down Denmark&#39;s pharmaceutical boom, as the country often outsources production to third-party manufacturers. Rather, broader trade tensions and export barriers may pose more serious long-term challenges, according to the IMF.</p><p><img 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\" alt=\"\"/></p><h2 id=\"id_2334064230\">Copycats &amp; competitors </h2><p>Once in a while, scientists develop treatments that end up being even more popular beyond their intended use.</p><p>Semaglutide – the active ingredient found in Ozempic and Wegovy – was originally developed to treat type 2 diabetes and regulate blood sugar levels. Today, it&#39;s hailed for trimming waistlines, being touted by influencers and stealing Hollywood&#39;s spotlight. Even Jørgensen admitted the drugs&#39; success had been “surprising.” </p><p>High demand for Ozempic – despite steep prices  – has led to supply shortages across Europe in recent years, prompting the emergence of copycat and counterfeit drugs. These often use the names and addresses of legitimate pharmacies to deceive buyers.</p><p>Mike Isles, director of the Alliance for Safe Online Pharmacy in the EU, said the number of  copycat drugs – many not even containing semaglutide – were rising in the bloc. In the US, compounded copies have hit direct-to-consumer telemedicine platforms like Hims &amp; Hers Health.</p><p>Novo told Euractiv it would &#34;rigorously&#34; defend its patents globally and take legal action if third parties violated them.</p><p>And it’s not just copycat drugs threatening the company’s sales. Eli Lilly is also aggressively competing for dominance in the US weight-loss market. In April, the company reported promising early results for a once-daily weight-loss pill – a potentially more appealing alternative to injections.</p><h2 id=\"id_3866723927\" style=\"text-align: start;\">Insurance headaches</h2><p>Another issue troubling Novo Nordisk sales is limited insurance coverage for its GLP-1 drugs. Most countries in Europe don&#39;t reimburse weight loss drugs over concerns they could be used for “aesthetic” rather than medical reasons.</p><p>But the tide could be turning. French Health Minister Yannick Neuder recently teased a new obesity plan in September during a visit to Novo Nordisk&#39;s production plant in Chartres. </p><p>If Europe had broader insurance policies for weight loss drugs, it could help to “ensure patients obtain [Ozempic] via legitimate ways,” said Isles.</p><p>The EU’s regulatory agency, the European Medicines Agency, told Euractiv it is reviewing Eli Lilly&#39;s Mounjaro for approval for other medical conditions such as chronic heart failure.</p><p>Novo could also argue for the EMA to consider broader approval for semaglutide as it has shown cardiovascular benefits.</p><h2 id=\"id_2148401248\" style=\"text-align: start;\">Poland, it’s Denmark’s turn  </h2><p>Meanwhile, EU capitals are battling over a revision of their pharmaceutical legislation.</p><p>Denmark and other countries with strong pharmaceutical sectors are pushing for longer data protection monopolies, while Poland, currently leading the Council Presidency, wants shorter ones.</p><p>The former camp could win as Denmark is set to assume the the rotating EU presidency in June, when Poland&#39;s six-month mandate ends.</p><p>But Danish lawmaker Stine Bosse told Euractiv that there was “nothing to fear” from country’s upcoming term, stressing that Denmark would champion accessible medicines.</p><p>Regardless, under growing pressure, Denmark&#39;s upcoming term is shaping up to be a Novo Nordisk presidency – while the company races to reinvent itself.</p></body></html>","source":"lsy1748586904288","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>Ozempic And Wegovy, Once Europe’s Crown Jewels, Now Facing Their Demons</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; 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overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nOzempic And Wegovy, Once Europe’s Crown Jewels, Now Facing Their Demons\n</h2>\n\n<h4 class=\"meta\">\n\n\n2025-05-30 14:34 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.euractiv.com/section/health-consumers/news/hold-ozempic-and-wegovy-once-europes-crown-jewels-now-facing-their-demons/><strong>Euractiv</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Copycat drugs, tariffs, US competitors, and insurance coverage headaches are throwing off a once-thriving EU weight-loss market and its Danish crown jewel, Novo Nordisk.  In early May, Novo Nordisk’s ...</p>\n\n<a href=\"https://www.euractiv.com/section/health-consumers/news/hold-ozempic-and-wegovy-once-europes-crown-jewels-now-facing-their-demons/\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"NVO":"诺和诺德"},"source_url":"https://www.euractiv.com/section/health-consumers/news/hold-ozempic-and-wegovy-once-europes-crown-jewels-now-facing-their-demons/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1157137746","content_text":"Copycat drugs, tariffs, US competitors, and insurance coverage headaches are throwing off a once-thriving EU weight-loss market and its Danish crown jewel, Novo Nordisk.  In early May, Novo Nordisk’s CEO, Lars Fruergaard Jørgensen, shockingly stepped down amid mounting pressure in the ultra-competitive weight-loss market.  Once Europe's most valuable publicly listed company – having overtaken French luxury giant LVMH – Novo Nordisk soared to prominence thanks to its blockbuster diabetes and weight loss drugs, Ozempic and its little brother Wegovy.These drugs not only made the company a household name but also helped fund hordes of Denmark’s public projects, from universities to roads.But since June, Novo's shares have plunged 59 percent, eclipsed by US multinational Eli Lilly's rival product, Zepbound. Novo Nordisk said Jørgensen’s resignation was a “mutual agreement” between him and the board. However, Board Chairman Helge Lund cited market headwinds, declining stock prices, and a request from Novo’s major shareholder as reasons behind the decision. Jørgensen –  a quintessential Dane, calm and collected – had told reporters in January that Novo Nordisk was “well-positioned” to face looming US tariffs on EU pharmaceuticals.  The board, seemingly, wasn't convinced. Now, the company is looking for a new boss with Danish values and a business-friendly American flair, reported the Financial Times.  The T-word Novo Nordisk is highly exposed to US tariffs, due to its massive export market to America – and a volatile political backdrop, including President Donald Trump’sthreats to imposehigh levies on Denmark if it refused to cede Greenland to Washington. The company, a global leader in diabetes and obesity treatments, generates 61% of its sales in North America, where diabetes rates are high. Ozempic, for example, costs around $1,000 per monthly dose in the US, compared to just $92 in Germany.Trump took aim at the drugs again in early May, during his announcement of a “most-favoured nation” drug pricing policy, vowing to slash drug prices by up to 80%.He specifically hit out at Ozempic, saying that US patients had to foot the bill for the high costs of innovation – a move that could send Novo's stock plummeting by a third. A Novo Nordisk spokesperson told Euractiv that while the company was closely monitoring developments, it would not speculate on policy decisions, leaving that to “policymakers to manage the geopolitical landscape.”“We remain focused on our commitment to deliver lifesaving medicines to the patients we serve,” the spokesperson added.  However, the International Monetary Fund (IMF) noted in May that tariffs alone won’t be what slows down Denmark's pharmaceutical boom, as the country often outsources production to third-party manufacturers. Rather, broader trade tensions and export barriers may pose more serious long-term challenges, according to the IMF.Copycats & competitors Once in a while, scientists develop treatments that end up being even more popular beyond their intended use.Semaglutide – the active ingredient found in Ozempic and Wegovy – was originally developed to treat type 2 diabetes and regulate blood sugar levels. Today, it's hailed for trimming waistlines, being touted by influencers and stealing Hollywood's spotlight. Even Jørgensen admitted the drugs' success had been “surprising.” High demand for Ozempic – despite steep prices  – has led to supply shortages across Europe in recent years, prompting the emergence of copycat and counterfeit drugs. These often use the names and addresses of legitimate pharmacies to deceive buyers.Mike Isles, director of the Alliance for Safe Online Pharmacy in the EU, said the number of  copycat drugs – many not even containing semaglutide – were rising in the bloc. In the US, compounded copies have hit direct-to-consumer telemedicine platforms like Hims & Hers Health.Novo told Euractiv it would \"rigorously\" defend its patents globally and take legal action if third parties violated them.And it’s not just copycat drugs threatening the company’s sales. Eli Lilly is also aggressively competing for dominance in the US weight-loss market. In April, the company reported promising early results for a once-daily weight-loss pill – a potentially more appealing alternative to injections.Insurance headachesAnother issue troubling Novo Nordisk sales is limited insurance coverage for its GLP-1 drugs. Most countries in Europe don't reimburse weight loss drugs over concerns they could be used for “aesthetic” rather than medical reasons.But the tide could be turning. French Health Minister Yannick Neuder recently teased a new obesity plan in September during a visit to Novo Nordisk's production plant in Chartres. If Europe had broader insurance policies for weight loss drugs, it could help to “ensure patients obtain [Ozempic] via legitimate ways,” said Isles.The EU’s regulatory agency, the European Medicines Agency, told Euractiv it is reviewing Eli Lilly's Mounjaro for approval for other medical conditions such as chronic heart failure.Novo could also argue for the EMA to consider broader approval for semaglutide as it has shown cardiovascular benefits.Poland, it’s Denmark’s turn  Meanwhile, EU capitals are battling over a revision of their pharmaceutical legislation.Denmark and other countries with strong pharmaceutical sectors are pushing for longer data protection monopolies, while Poland, currently leading the Council Presidency, wants shorter ones.The former camp could win as Denmark is set to assume the the rotating EU presidency in June, when Poland's six-month mandate ends.But Danish lawmaker Stine Bosse told Euractiv that there was “nothing to fear” from country’s upcoming term, stressing that Denmark would champion accessible medicines.Regardless, under growing pressure, Denmark's upcoming term is shaping up to be a Novo Nordisk presidency – while the company races to reinvent itself.","news_type":1,"symbols_score_info":{"NVO":1.1}},"isVote":1,"tweetType":1,"viewCount":1384,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":440272882663800,"gmtCreate":1748516757707,"gmtModify":1748516761472,"author":{"id":"3585981947031986","authorId":"3585981947031986","name":"RO8","avatar":"https://static.tigerbbs.com/1f744cb66900b3865c3ed1da7364ddce","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3585981947031986","idStr":"3585981947031986"},"themes":[],"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/440272882663800","repostId":"2539831752","repostType":4,"repost":{"id":"2539831752","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":1748512340,"share":"https://ttm.financial/m/news/2539831752?lang=en_US&edition=fundamental","pubTime":"2025-05-29 17:52","market":"sh","language":"en","title":"How Ozempic's Maker Lost Its Grip on the Obesity Market It Created","url":"https://stock-news.laohu8.com/highlight/detail?id=2539831752","media":"Dow Jones","summary":"In 2023, Novo Nordisk was the most valuable company in Europe, surpassing LVMH on the back of soaring demand for Ozempic and Wegovy.Today, the Danish company has lost its grip on the anti-obesity market it carved out.The company has lost market share amid production missteps and a bungled rollout of Wegovy that led to shortages. Its U.S. rival Eli Lilly -- initially in the rearview mirror -- has been proven to have the more effective weight-loss drug and a more promising pipeline of next-generation treatments. Novo Nordisk's research-and-development machine has disappointed, and a key marketing strategy was slow to get off the ground.Novo Nordisk's ability to stay atop a market that analysts see growing to $150 billion in annual sales is now in doubt. Its controlling shareholder this month forced a surprise ouster of the company's chief executive, Lars Fruergaard Jrgensen. And while it is still generating multibillion-dollar sales for Ozempic and Wegovy, shares have tumbled more than 5","content":"<html><head></head><body><p>In 2023, Novo Nordisk was the most valuable company in Europe, surpassing LVMH on the back of soaring demand for Ozempic and Wegovy.</p><p>Today, the Danish company has lost its grip on the anti-obesity market it carved out.</p><p>The company has lost market share amid production missteps and a bungled rollout of Wegovy that led to shortages. Its U.S. rival Eli Lilly -- initially in the rearview mirror -- has been proven to have the more effective weight-loss drug and a more promising pipeline of next-generation treatments. Novo Nordisk&#39;s research-and-development machine has disappointed, and a key marketing strategy was slow to get off the ground.</p><p>Novo Nordisk&#39;s ability to stay atop a market that analysts see growing to $150 billion in annual sales is now in doubt. Its controlling shareholder this month forced a surprise ouster of the company&#39;s chief executive, Lars Fruergaard Jørgensen. And while it is still generating multibillion-dollar sales for Ozempic and Wegovy, shares have tumbled more than 50% over the past year.</p><p>If Novo Nordisk doesn&#39;t turn things around, it could join a long list of companies that blew a first-mover advantage, from Sunshine Biscuits -- whose Hydrox cookies were overtaken by now-iconic Oreos -- to the Myspace social network.</p><p>&#34;Everyone wants to be the first footprints on the empty beach,&#34; said Americus Reed, marketing professor at the Wharton School of the University of Pennsylvania. &#34;But it depends on how you land on that first move. The second mover is watching them make mistakes. You&#39;re able to identify those and not make those mistakes.&#34;</p><p>A Novo Nordisk spokeswoman said the company remains the global-volume market leader in GLP-1 drugs, serving nearly two-thirds of patients taking them for diabetes and obesity.</p><p>Some investors and industry watchers say Novo Nordisk&#39;s troubles stem from a cautious, reactive approach starting when the market first burst onto the scene, in contrast with a faster, more aggressive tack in production and marketing by Lilly.</p><p>&#34;Novo is always a step behind,&#34; said Yuri Khodjamirian, chief investment officer at Tema ETFs, which owns Novo Nordisk shares .</p><p>One of Novo Nordisk&#39;s early stumbles was underestimating the demand for Wegovy -- the weight-loss version of semaglutide, the same compound as diabetes drug Ozempic -- ahead of its 2021 launch. The company&#39;s planning was informed by its experience generating modest sales for an earlier weight-loss drug, Saxenda. Doctors were skeptical of it, and many health-insurance plans in the U.S. didn&#39;t cover weight-loss drugs.</p><p>Novo Nordisk thought Wegovy might run into the same market constraints as Saxenda, so the company planned modest production levels, using a combination of in-house and contract manufacturing capacity.</p><p>It wasn&#39;t enough. It took only five weeks for the prescription rate of Wegovy to exceed the level that Saxenda had taken five years to reach. Jørgensen recalled later, in an interview in 2024, that he initially thought: &#34;&#39;That&#39;s patients who&#39;ve been lined up, there&#39;s pent-up demand, it will normalize.&#39; It didn&#39;t. It just kept growing.&#34;</p><p>The company responded by limiting demand -- the last thing a drugmaker wants to do with a new product. Sales representatives asked doctors not to start new patients. The company resorted to rationing by withholding the lower, starter doses for new patients, to conserve supplies for existing patients taking the higher doses.</p><p>The shortages opened the door for competition. They made it legal for special pharmacies in the U.S. to make compounded, copycat versions of semaglutide that sold for much less than list prices for Ozempic and Wegovy. Telehealth firms capitalized on the new, lower-cost supply by hawking the compounded versions, taking away market share from Novo Nordisk.</p><p>The shortages gave rival Eli Lilly time to catch up. Lilly introduced Mounjaro for diabetes in 2022, followed by Zepbound, a weight-loss version of the same drug, in 2023. Zepbound has been shown in studies to induce greater weight loss than Wegovy, more than 20% of body weight.</p><p>Although Lilly also encountered shortages due to high demand, it was able to resolve them more quickly than Novo Nordisk. Now, weekly U.S. prescriptions for Lilly&#39;s Zepbound have surpassed Wegovy&#39;s. Mounjaro still trails Ozempic but is closing the gap.</p><p>Novo Nordisk has spent billions of dollars trying to expand manufacturing capacity, including an unusual deal last year for its controlling foundation to acquire the contract manufacturer <a href=\"https://laohu8.com/S/CTLT\">Catalent</a> for $16 billion.</p><p>The R&amp;D race for future weight-loss drugs also has tilted in Eli Lilly&#39;s direction. Lilly has reported favorable clinical-trial data for two closely watched experimental drugs, including a pill version that analysts think could be appealing to people who don&#39;t want injections.</p><p>Novo Nordisk, meanwhile, has had some R&amp;D disappointments, including studies of an experimental combination weight-loss drug dubbed CagriSema. The less-than-expected results of one study sent Novo Nordisk shares plunging more than 20% in one day in December, wiping out nearly $100 billion in stock-market capitalization for the company. Some analysts have cut their sales forecasts for the drug.</p><p>Lilly has gained an edge on the marketing front as well. The company beat Novo Nordisk to the punch in launching a direct-to-consumer, online service selling weight-loss drugs at discounted cash prices, aimed at people who don&#39;t have insurance coverage. And it was first to strike a deal with a big telehealth firm, Ro, to sell a discounted weight-loss drug. Novo Nordisk eventually made similar moves, but months after Lilly.</p><p>&#34;They seem to be missing a lot of these kinds of strategic endeavors to help sell into a market that is different from a lot of pharma markets,&#34; said BMO Capital Markets analyst Evan David Seigerman.</p><p>The Novo Nordisk spokeswoman said the company resolved its shortages before announcing its direct-to-patient service and striking telehealth deals.</p><p>Novo Nordisk isn&#39;t out of the race. The company can still turn things around by leaning into CagriSema, which generated solid weight-loss data even if it missed expectations, and by developing other new drugs that target various segments of the growing market, Seigerman said.</p><p>More recently, Novo Nordisk has shown signs of being more aggressive. It signed a deal with CVS to make Wegovy the preferred weight-loss drug for members of its drug-benefit plans.</p><p>Author Hanne Sindbæk, who has written two books about Novo Nordisk, says there has been an eternal tug of war inside the company between those who are guided by values -- the idea that the company works for the common good rather than simply to make a profit -- and those who run the business. If Novo Nordisk wants to stay in the game, it may have to lean toward the latter in choosing its next CEO.</p><p>Jørgensen, the outgoing CEO, is still in his role while the company searches for a new chief. His predecessor as CEO, Lars Rebien Sørensen, who is chairman of the foundation that has voting control of the drugmaker&#39;s shares, will join the Novo Nordisk board of directors.</p><p>&#34;Now they need somebody more business-driven,&#34; Sindbæk said.</p><p>Write to Peter Loftus at Peter.Loftus@wsj.com and Noemie Bisserbe at noemie.bisserbe@wsj.com</p><p>(END) Dow Jones Newswires</p><p>May 28, 2025 21:00 ET (01:00 GMT)</p><p>Copyright (c) 2025 Dow Jones &amp; Company, Inc.</p></body></html>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>How Ozempic's Maker Lost Its Grip on the Obesity Market It Created</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\">\nHow Ozempic's Maker Lost Its Grip on the Obesity Market It Created\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\">2025-05-29 17:52</p>\n</div>\n\n</div>\n\n\n</h4>\n\n</header>\n<article>\n<html><head></head><body><p>In 2023, Novo Nordisk was the most valuable company in Europe, surpassing LVMH on the back of soaring demand for Ozempic and Wegovy.</p><p>Today, the Danish company has lost its grip on the anti-obesity market it carved out.</p><p>The company has lost market share amid production missteps and a bungled rollout of Wegovy that led to shortages. Its U.S. rival Eli Lilly -- initially in the rearview mirror -- has been proven to have the more effective weight-loss drug and a more promising pipeline of next-generation treatments. Novo Nordisk&#39;s research-and-development machine has disappointed, and a key marketing strategy was slow to get off the ground.</p><p>Novo Nordisk&#39;s ability to stay atop a market that analysts see growing to $150 billion in annual sales is now in doubt. Its controlling shareholder this month forced a surprise ouster of the company&#39;s chief executive, Lars Fruergaard Jørgensen. And while it is still generating multibillion-dollar sales for Ozempic and Wegovy, shares have tumbled more than 50% over the past year.</p><p>If Novo Nordisk doesn&#39;t turn things around, it could join a long list of companies that blew a first-mover advantage, from Sunshine Biscuits -- whose Hydrox cookies were overtaken by now-iconic Oreos -- to the Myspace social network.</p><p>&#34;Everyone wants to be the first footprints on the empty beach,&#34; said Americus Reed, marketing professor at the Wharton School of the University of Pennsylvania. &#34;But it depends on how you land on that first move. The second mover is watching them make mistakes. You&#39;re able to identify those and not make those mistakes.&#34;</p><p>A Novo Nordisk spokeswoman said the company remains the global-volume market leader in GLP-1 drugs, serving nearly two-thirds of patients taking them for diabetes and obesity.</p><p>Some investors and industry watchers say Novo Nordisk&#39;s troubles stem from a cautious, reactive approach starting when the market first burst onto the scene, in contrast with a faster, more aggressive tack in production and marketing by Lilly.</p><p>&#34;Novo is always a step behind,&#34; said Yuri Khodjamirian, chief investment officer at Tema ETFs, which owns Novo Nordisk shares .</p><p>One of Novo Nordisk&#39;s early stumbles was underestimating the demand for Wegovy -- the weight-loss version of semaglutide, the same compound as diabetes drug Ozempic -- ahead of its 2021 launch. The company&#39;s planning was informed by its experience generating modest sales for an earlier weight-loss drug, Saxenda. Doctors were skeptical of it, and many health-insurance plans in the U.S. didn&#39;t cover weight-loss drugs.</p><p>Novo Nordisk thought Wegovy might run into the same market constraints as Saxenda, so the company planned modest production levels, using a combination of in-house and contract manufacturing capacity.</p><p>It wasn&#39;t enough. It took only five weeks for the prescription rate of Wegovy to exceed the level that Saxenda had taken five years to reach. Jørgensen recalled later, in an interview in 2024, that he initially thought: &#34;&#39;That&#39;s patients who&#39;ve been lined up, there&#39;s pent-up demand, it will normalize.&#39; It didn&#39;t. It just kept growing.&#34;</p><p>The company responded by limiting demand -- the last thing a drugmaker wants to do with a new product. Sales representatives asked doctors not to start new patients. The company resorted to rationing by withholding the lower, starter doses for new patients, to conserve supplies for existing patients taking the higher doses.</p><p>The shortages opened the door for competition. They made it legal for special pharmacies in the U.S. to make compounded, copycat versions of semaglutide that sold for much less than list prices for Ozempic and Wegovy. Telehealth firms capitalized on the new, lower-cost supply by hawking the compounded versions, taking away market share from Novo Nordisk.</p><p>The shortages gave rival Eli Lilly time to catch up. Lilly introduced Mounjaro for diabetes in 2022, followed by Zepbound, a weight-loss version of the same drug, in 2023. Zepbound has been shown in studies to induce greater weight loss than Wegovy, more than 20% of body weight.</p><p>Although Lilly also encountered shortages due to high demand, it was able to resolve them more quickly than Novo Nordisk. Now, weekly U.S. prescriptions for Lilly&#39;s Zepbound have surpassed Wegovy&#39;s. Mounjaro still trails Ozempic but is closing the gap.</p><p>Novo Nordisk has spent billions of dollars trying to expand manufacturing capacity, including an unusual deal last year for its controlling foundation to acquire the contract manufacturer <a href=\"https://laohu8.com/S/CTLT\">Catalent</a> for $16 billion.</p><p>The R&amp;D race for future weight-loss drugs also has tilted in Eli Lilly&#39;s direction. Lilly has reported favorable clinical-trial data for two closely watched experimental drugs, including a pill version that analysts think could be appealing to people who don&#39;t want injections.</p><p>Novo Nordisk, meanwhile, has had some R&amp;D disappointments, including studies of an experimental combination weight-loss drug dubbed CagriSema. The less-than-expected results of one study sent Novo Nordisk shares plunging more than 20% in one day in December, wiping out nearly $100 billion in stock-market capitalization for the company. Some analysts have cut their sales forecasts for the drug.</p><p>Lilly has gained an edge on the marketing front as well. The company beat Novo Nordisk to the punch in launching a direct-to-consumer, online service selling weight-loss drugs at discounted cash prices, aimed at people who don&#39;t have insurance coverage. And it was first to strike a deal with a big telehealth firm, Ro, to sell a discounted weight-loss drug. Novo Nordisk eventually made similar moves, but months after Lilly.</p><p>&#34;They seem to be missing a lot of these kinds of strategic endeavors to help sell into a market that is different from a lot of pharma markets,&#34; said BMO Capital Markets analyst Evan David Seigerman.</p><p>The Novo Nordisk spokeswoman said the company resolved its shortages before announcing its direct-to-patient service and striking telehealth deals.</p><p>Novo Nordisk isn&#39;t out of the race. The company can still turn things around by leaning into CagriSema, which generated solid weight-loss data even if it missed expectations, and by developing other new drugs that target various segments of the growing market, Seigerman said.</p><p>More recently, Novo Nordisk has shown signs of being more aggressive. It signed a deal with CVS to make Wegovy the preferred weight-loss drug for members of its drug-benefit plans.</p><p>Author Hanne Sindbæk, who has written two books about Novo Nordisk, says there has been an eternal tug of war inside the company between those who are guided by values -- the idea that the company works for the common good rather than simply to make a profit -- and those who run the business. If Novo Nordisk wants to stay in the game, it may have to lean toward the latter in choosing its next CEO.</p><p>Jørgensen, the outgoing CEO, is still in his role while the company searches for a new chief. His predecessor as CEO, Lars Rebien Sørensen, who is chairman of the foundation that has voting control of the drugmaker&#39;s shares, will join the Novo Nordisk board of directors.</p><p>&#34;Now they need somebody more business-driven,&#34; Sindbæk said.</p><p>Write to Peter Loftus at Peter.Loftus@wsj.com and Noemie Bisserbe at noemie.bisserbe@wsj.com</p><p>(END) Dow Jones Newswires</p><p>May 28, 2025 21:00 ET (01:00 GMT)</p><p>Copyright (c) 2025 Dow Jones &amp; Company, Inc.</p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"IE00BJLML261.HKD":"HSBC GLOBAL EQUITY INDEX \"HCH\" (HKD) ACC","SG9999014898.SGD":"United Global Quality Growth Fund Dis SGD","LU2491049909.HKD":"WELLINGTON SUSTAINABLE OUTCOMES \"A\" (HKD) ACC","LU1720051017.SGD":"Allianz Global Artificial Intelligence AT Acc H2-SGD","SG9999014914.USD":"UNITED GLOBAL QUALITY GROWTH (USDHDG) INC","LU0198837287.USD":"UBS (LUX) EQUITY SICAV - USA GROWTH \"P\" (USD) ACC","SG9999018865.SGD":"United Global Quality Growth Fd Cl Dist SGD-H","LU0109391861.USD":"富兰克林美国机遇基金A Acc","LU1868837136.USD":"CT (LUX) I AMERICAN \"8\" (USD) ACC","BK4532":"文艺复兴科技持仓","LU0238689110.USD":"贝莱德环球动力股票基金","LU0417517546.SGD":"Allianz US Equity Cl AT Acc SGD","LU2552382215.SGD":"WELLINGTON US BRAND POWER \"A\" (SGDHDG) ACC","BK4581":"高盛持仓","BK4599":"减肥药","LU2264538146.SGD":"Fullerton Lux Funds - Global Absolute Alpha A Acc SGD","LU2361044949.HKD":"WELLINGTON US QUALITY GROWTH \"A\" (HKD) ACC","LU2106854487.HKD":"ALLIANZ THEMATICA \"AMG\" (HKD) INC","LU1551013342.USD":"Allianz Income and Growth Cl AMg2 DIS USD","BK4585":"ETF&股票定投概念","SG9999014906.USD":"大华全球优质成长基金Acc USD","LU0471298694.HKD":"BGF NUTRITION \"A2\" (HKD) ACC","IE00BK4W5M84.HKD":"HSBC GLOBAL FUNDS ICAV US EQUITY INDEX \"HC\" (HKD) ACC","LU1623119135.USD":"Natixis Mirova Global Sustainable Equity R-NPF/A USD","LU2471134879.HKD":"INVESCO GLOBAL EQUITY INCOME ADVANTAGE \"A\" (HKD) INC","NVO":"诺和诺德","LU0640476718.USD":"THREADNEEDLE (LUX) US CONTRARIAN CORE EQ \"AU\" (USD) ACC","BK4533":"AQR资本管理(全球第二大对冲基金)","LU0471298777.SGD":"Blackrock Nutrition A2 SGD-H","LU0466842654.USD":"HSBC ISLAMIC GLOBAL EQUITY INDEX \"A\" (USD) ACC","LU0109394709.USD":"富兰克林生物科技新领域基金A (acc)","LU2471134796.USD":"INVESCO GLOBAL EQUITY INCOME ADVANTAGE \"A\" (USD) INC","LU0943347566.SGD":"安联收益及增长平衡基金AM H2-SGD","IE00B1BXHZ80.USD":"Legg Mason ClearBridge - US Appreciation A Acc USD","LU0122379950.USD":"贝莱德世界健康科学A2","BK4516":"特朗普概念","LU2746668461.USD":"MANULIFE DYNAMIC LEADERS \"AA\" (USD) ACC","LU2063271972.USD":"富兰克林创新领域基金","LU0456855351.SGD":"JPMorgan Funds - Global Equity A (acc) SGD","LU0058720904.USD":"联博国际健康护理基金A","LU0385154629.USD":"贝莱德营养科学基金A2","LU2324357040.USD":"HSBC GIF GLOBAL EQUITY SUSTAINABLE HEALTHCARE \"AC\" (USD) ACC","LU1093756325.SGD":"FTIF - Franklin K2 Alt Strat Fd A (acc) SGD-H1","LU2237443549.SGD":"Aberdeen Standard SICAV I - Global Dynamic Dividend A MIncA SGD-H","SGXZ81514606.USD":"大华环球创新基金A Acc USD","LU0203201768.USD":"AB SICAV I - ALL MARKET INCOME PORTFOLIO \"AX\" (USD) INC","LU0320765059.SGD":"FTIF - Franklin US Opportunities A Acc SGD"},"source_url":"https://dowjonesnews.com/newdjn/logon.aspx?AL=N","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2539831752","content_text":"In 2023, Novo Nordisk was the most valuable company in Europe, surpassing LVMH on the back of soaring demand for Ozempic and Wegovy.Today, the Danish company has lost its grip on the anti-obesity market it carved out.The company has lost market share amid production missteps and a bungled rollout of Wegovy that led to shortages. Its U.S. rival Eli Lilly -- initially in the rearview mirror -- has been proven to have the more effective weight-loss drug and a more promising pipeline of next-generation treatments. Novo Nordisk's research-and-development machine has disappointed, and a key marketing strategy was slow to get off the ground.Novo Nordisk's ability to stay atop a market that analysts see growing to $150 billion in annual sales is now in doubt. Its controlling shareholder this month forced a surprise ouster of the company's chief executive, Lars Fruergaard Jørgensen. And while it is still generating multibillion-dollar sales for Ozempic and Wegovy, shares have tumbled more than 50% over the past year.If Novo Nordisk doesn't turn things around, it could join a long list of companies that blew a first-mover advantage, from Sunshine Biscuits -- whose Hydrox cookies were overtaken by now-iconic Oreos -- to the Myspace social network.\"Everyone wants to be the first footprints on the empty beach,\" said Americus Reed, marketing professor at the Wharton School of the University of Pennsylvania. \"But it depends on how you land on that first move. The second mover is watching them make mistakes. You're able to identify those and not make those mistakes.\"A Novo Nordisk spokeswoman said the company remains the global-volume market leader in GLP-1 drugs, serving nearly two-thirds of patients taking them for diabetes and obesity.Some investors and industry watchers say Novo Nordisk's troubles stem from a cautious, reactive approach starting when the market first burst onto the scene, in contrast with a faster, more aggressive tack in production and marketing by Lilly.\"Novo is always a step behind,\" said Yuri Khodjamirian, chief investment officer at Tema ETFs, which owns Novo Nordisk shares .One of Novo Nordisk's early stumbles was underestimating the demand for Wegovy -- the weight-loss version of semaglutide, the same compound as diabetes drug Ozempic -- ahead of its 2021 launch. The company's planning was informed by its experience generating modest sales for an earlier weight-loss drug, Saxenda. Doctors were skeptical of it, and many health-insurance plans in the U.S. didn't cover weight-loss drugs.Novo Nordisk thought Wegovy might run into the same market constraints as Saxenda, so the company planned modest production levels, using a combination of in-house and contract manufacturing capacity.It wasn't enough. It took only five weeks for the prescription rate of Wegovy to exceed the level that Saxenda had taken five years to reach. Jørgensen recalled later, in an interview in 2024, that he initially thought: \"'That's patients who've been lined up, there's pent-up demand, it will normalize.' It didn't. It just kept growing.\"The company responded by limiting demand -- the last thing a drugmaker wants to do with a new product. Sales representatives asked doctors not to start new patients. The company resorted to rationing by withholding the lower, starter doses for new patients, to conserve supplies for existing patients taking the higher doses.The shortages opened the door for competition. They made it legal for special pharmacies in the U.S. to make compounded, copycat versions of semaglutide that sold for much less than list prices for Ozempic and Wegovy. Telehealth firms capitalized on the new, lower-cost supply by hawking the compounded versions, taking away market share from Novo Nordisk.The shortages gave rival Eli Lilly time to catch up. Lilly introduced Mounjaro for diabetes in 2022, followed by Zepbound, a weight-loss version of the same drug, in 2023. Zepbound has been shown in studies to induce greater weight loss than Wegovy, more than 20% of body weight.Although Lilly also encountered shortages due to high demand, it was able to resolve them more quickly than Novo Nordisk. Now, weekly U.S. prescriptions for Lilly's Zepbound have surpassed Wegovy's. Mounjaro still trails Ozempic but is closing the gap.Novo Nordisk has spent billions of dollars trying to expand manufacturing capacity, including an unusual deal last year for its controlling foundation to acquire the contract manufacturer Catalent for $16 billion.The R&D race for future weight-loss drugs also has tilted in Eli Lilly's direction. Lilly has reported favorable clinical-trial data for two closely watched experimental drugs, including a pill version that analysts think could be appealing to people who don't want injections.Novo Nordisk, meanwhile, has had some R&D disappointments, including studies of an experimental combination weight-loss drug dubbed CagriSema. The less-than-expected results of one study sent Novo Nordisk shares plunging more than 20% in one day in December, wiping out nearly $100 billion in stock-market capitalization for the company. Some analysts have cut their sales forecasts for the drug.Lilly has gained an edge on the marketing front as well. The company beat Novo Nordisk to the punch in launching a direct-to-consumer, online service selling weight-loss drugs at discounted cash prices, aimed at people who don't have insurance coverage. And it was first to strike a deal with a big telehealth firm, Ro, to sell a discounted weight-loss drug. Novo Nordisk eventually made similar moves, but months after Lilly.\"They seem to be missing a lot of these kinds of strategic endeavors to help sell into a market that is different from a lot of pharma markets,\" said BMO Capital Markets analyst Evan David Seigerman.The Novo Nordisk spokeswoman said the company resolved its shortages before announcing its direct-to-patient service and striking telehealth deals.Novo Nordisk isn't out of the race. The company can still turn things around by leaning into CagriSema, which generated solid weight-loss data even if it missed expectations, and by developing other new drugs that target various segments of the growing market, Seigerman said.More recently, Novo Nordisk has shown signs of being more aggressive. It signed a deal with CVS to make Wegovy the preferred weight-loss drug for members of its drug-benefit plans.Author Hanne Sindbæk, who has written two books about Novo Nordisk, says there has been an eternal tug of war inside the company between those who are guided by values -- the idea that the company works for the common good rather than simply to make a profit -- and those who run the business. If Novo Nordisk wants to stay in the game, it may have to lean toward the latter in choosing its next CEO.Jørgensen, the outgoing CEO, is still in his role while the company searches for a new chief. His predecessor as CEO, Lars Rebien Sørensen, who is chairman of the foundation that has voting control of the drugmaker's shares, will join the Novo Nordisk board of directors.\"Now they need somebody more business-driven,\" Sindbæk said.Write to Peter Loftus at Peter.Loftus@wsj.com and Noemie Bisserbe at noemie.bisserbe@wsj.com(END) Dow Jones NewswiresMay 28, 2025 21:00 ET (01:00 GMT)Copyright (c) 2025 Dow Jones & Company, Inc.","news_type":1,"symbols_score_info":{"NVO":0.9}},"isVote":1,"tweetType":1,"viewCount":835,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":402128936997552,"gmtCreate":1739203605975,"gmtModify":1739203608853,"author":{"id":"3585981947031986","authorId":"3585981947031986","name":"RO8","avatar":"https://static.tigerbbs.com/1f744cb66900b3865c3ed1da7364ddce","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3585981947031986","idStr":"3585981947031986"},"themes":[],"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":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/402128936997552","repostId":"2510086135","repostType":4,"repost":{"id":"2510086135","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":1739203098,"share":"https://ttm.financial/m/news/2510086135?lang=en_US&edition=fundamental","pubTime":"2025-02-10 23:58","market":"sg","language":"en","title":"Gold Could Hit $3,000 Soon and $4,000 in 2026, This Market Pro Says. Here's Why","url":"https://stock-news.laohu8.com/highlight/detail?id=2510086135","media":"Dow Jones","summary":"Yardeni: Inflation, tariffs, plus countries accumulating gold as a haven from U.S. sanctions.S&P 500 to reach 7,000 by year-end. Overweight the Information Technology, Communication Services, Industri","content":"<html><head></head><body><p>Yardeni: Inflation, tariffs, plus countries accumulating gold as a haven from U.S. sanctions.</p><p>S&amp;P 500 to reach 7,000 by year-end. Overweight the Information Technology, Communication Services, Industrials, and Financials sectors.</p><p>The major U.S. stock market indexes are up since Election Day, despite recent turbulence caused by DeepSeek and Trump Tariffs 2.0. The former is weighing on the shares of AI companies. However, cloud giants Amazon.com, Microsoft, and Alphabet&#39;s Google remain committed to spending record sums this year to build out their AI capacity. Asked last week about the AI cost efficiencies represented by DeepSeek&#39;s widely followed advances, Amazon CEO Andy Jassy echoed the sentiments of other tech leaders in saying that he expects the trend to increase overall AI demand.</p><p>Trump Tariffs 2.0 hit the U.S. stock market hard on Feb 7. after President Trump said he plans to announce reciprocal tariffs on many countries this week - a major escalation of his offensive to tear up and reshape global trade relationships in America&#39;s favor.</p><p>We view this as a positive development, given that Trump previously planned to impose a uniform 10%-20% tariff on all U.S. imports. The reciprocal approach leaves plenty of room for the U.S. to negotiate tariff cuts with each of America&#39;s trading partners separately. They&#39;re Trump&#39;s &#34;art of the tariff&#34; deals.</p><p>Trump&#39;s reciprocal tariff threat also spooked the U.S. bond market last Friday. That&#39;s because higher tariffs would cause at least a one-time spike in consumer prices, which might trigger a renewed inflation cycle. Another possible reason for the backup in the bond yield is that the bond &#34;vigilantes&#34; figure that Trump&#39;s reciprocal approach to tariffs suggests that he may be abandoning the idea of a uniform tariff aimed at raising revenues.</p><p>Here&#39;s more:</p><p>1. Expected inflation: Exacerbating Friday&#39;s stock- and bond-market selloffs was news that the one-year expected inflation rate jumped to 4.3% this month from 3.3% in January, according to the University of Michigan&#39;s latest consumer survey. The interviews for the survey concluded on Feb. 4, just days after the Trump administration announced 25% tariffs on Mexico and Canada, which were quickly delayed by 30 days. But Trump slapped an extra 10% duty on Chinese goods, which was met immediately with retaliation by China.</p><p>The jump in expected inflation reduces the likelihood that the Fed will be cutting the federal-funds rate again soon. For now, we remain in the none-and-done camp in 2025 regarding Fed rate cuts.</p><p>2. Gold: On Friday, the price of an ounce of gold (GC00) soared to another record high on the tariff news. This may be helping to pull the price of copper (HG00) higher, which might also be attributable to increased spending on data centers. We don&#39;t think this development reflects an improvement in China&#39;s economy.</p><p>The price of gold is likely to hit $3,000 soon and perhaps $4,000 in 2026 as the central banks of China continue to accumulate it as a haven from U.S. sanctions. They&#39;ve been doing so since the U.S. froze the international reserves of Russia when it invaded Ukraine in early 2022.</p><p>China&#39;s weak economy might explain why China&#39;s response to Trump&#39;s 10% tariff has been relatively muted so far.</p><p>3. Copper: Also raising doubts that copper is signaling an improvement in China&#39;s economy is the renewed drop in the Chinese government&#39;s 10-year bond yield back down to its recent record low. China&#39;s weak economy might explain why China&#39;s response to Trump&#39;s 10% tariff has been relatively muted so far.</p><p>4. Bitcoin: Tariff turmoil is boosting uncertainty and can explain some of the recent strength in the price of gold. Increased risk has recently weighed on the stock market, especially the riskiest segment such as the TQQQ TQQQ. Bitcoin (BTCUSD) has also underperformed gold lately. The former is a risk-on play; the latter is a risk-off haven.</p><p>5. Bottom line: We expect the S&amp;P 500 might remain choppy through midyear before resuming its climb in record-high territory to 7,000 by the end of this year. We still favor overweighting the information technology, communication service, industrial and financial sectors. In particular, the financial sectors of the S&amp;P 500 MidCap 400 MID, and SmallCap 600 SML indexes all are likely to outperform all the other sectors as long as Trump Tariff 2.0 turmoil persists.</p><p>Ed Yardeni is president of Yardeni Research Inc., a provider of global investment strategy and asset-allocation analyses and recommendations. Eric Wallerstein is Yardeni Research&#39;s chief markets strategist. This article is excerpted from Yardeni Research&#39;s &#34;Market Call&#34; for Feb. 8, 2025 - &#34;Choppy Waters.&#34; Individual investors can read Yardeni Research reports here. Follow Yardeni on LinkedIn and his LinkedIn Blog.</p></body></html>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Gold Could Hit $3,000 Soon and $4,000 in 2026, This Market Pro Says. Here's Why</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\">\nGold Could Hit $3,000 Soon and $4,000 in 2026, This Market Pro Says. Here's Why\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\">2025-02-10 23:58</p>\n</div>\n\n</div>\n\n\n</h4>\n\n</header>\n<article>\n<html><head></head><body><p>Yardeni: Inflation, tariffs, plus countries accumulating gold as a haven from U.S. sanctions.</p><p>S&amp;P 500 to reach 7,000 by year-end. Overweight the Information Technology, Communication Services, Industrials, and Financials sectors.</p><p>The major U.S. stock market indexes are up since Election Day, despite recent turbulence caused by DeepSeek and Trump Tariffs 2.0. The former is weighing on the shares of AI companies. However, cloud giants Amazon.com, Microsoft, and Alphabet&#39;s Google remain committed to spending record sums this year to build out their AI capacity. Asked last week about the AI cost efficiencies represented by DeepSeek&#39;s widely followed advances, Amazon CEO Andy Jassy echoed the sentiments of other tech leaders in saying that he expects the trend to increase overall AI demand.</p><p>Trump Tariffs 2.0 hit the U.S. stock market hard on Feb 7. after President Trump said he plans to announce reciprocal tariffs on many countries this week - a major escalation of his offensive to tear up and reshape global trade relationships in America&#39;s favor.</p><p>We view this as a positive development, given that Trump previously planned to impose a uniform 10%-20% tariff on all U.S. imports. The reciprocal approach leaves plenty of room for the U.S. to negotiate tariff cuts with each of America&#39;s trading partners separately. They&#39;re Trump&#39;s &#34;art of the tariff&#34; deals.</p><p>Trump&#39;s reciprocal tariff threat also spooked the U.S. bond market last Friday. That&#39;s because higher tariffs would cause at least a one-time spike in consumer prices, which might trigger a renewed inflation cycle. Another possible reason for the backup in the bond yield is that the bond &#34;vigilantes&#34; figure that Trump&#39;s reciprocal approach to tariffs suggests that he may be abandoning the idea of a uniform tariff aimed at raising revenues.</p><p>Here&#39;s more:</p><p>1. Expected inflation: Exacerbating Friday&#39;s stock- and bond-market selloffs was news that the one-year expected inflation rate jumped to 4.3% this month from 3.3% in January, according to the University of Michigan&#39;s latest consumer survey. The interviews for the survey concluded on Feb. 4, just days after the Trump administration announced 25% tariffs on Mexico and Canada, which were quickly delayed by 30 days. But Trump slapped an extra 10% duty on Chinese goods, which was met immediately with retaliation by China.</p><p>The jump in expected inflation reduces the likelihood that the Fed will be cutting the federal-funds rate again soon. For now, we remain in the none-and-done camp in 2025 regarding Fed rate cuts.</p><p>2. Gold: On Friday, the price of an ounce of gold (GC00) soared to another record high on the tariff news. This may be helping to pull the price of copper (HG00) higher, which might also be attributable to increased spending on data centers. We don&#39;t think this development reflects an improvement in China&#39;s economy.</p><p>The price of gold is likely to hit $3,000 soon and perhaps $4,000 in 2026 as the central banks of China continue to accumulate it as a haven from U.S. sanctions. They&#39;ve been doing so since the U.S. froze the international reserves of Russia when it invaded Ukraine in early 2022.</p><p>China&#39;s weak economy might explain why China&#39;s response to Trump&#39;s 10% tariff has been relatively muted so far.</p><p>3. Copper: Also raising doubts that copper is signaling an improvement in China&#39;s economy is the renewed drop in the Chinese government&#39;s 10-year bond yield back down to its recent record low. China&#39;s weak economy might explain why China&#39;s response to Trump&#39;s 10% tariff has been relatively muted so far.</p><p>4. Bitcoin: Tariff turmoil is boosting uncertainty and can explain some of the recent strength in the price of gold. Increased risk has recently weighed on the stock market, especially the riskiest segment such as the TQQQ TQQQ. Bitcoin (BTCUSD) has also underperformed gold lately. The former is a risk-on play; the latter is a risk-off haven.</p><p>5. Bottom line: We expect the S&amp;P 500 might remain choppy through midyear before resuming its climb in record-high territory to 7,000 by the end of this year. We still favor overweighting the information technology, communication service, industrial and financial sectors. In particular, the financial sectors of the S&amp;P 500 MidCap 400 MID, and SmallCap 600 SML indexes all are likely to outperform all the other sectors as long as Trump Tariff 2.0 turmoil persists.</p><p>Ed Yardeni is president of Yardeni Research Inc., a provider of global investment strategy and asset-allocation analyses and recommendations. Eric Wallerstein is Yardeni Research&#39;s chief markets strategist. This article is excerpted from Yardeni Research&#39;s &#34;Market Call&#34; for Feb. 8, 2025 - &#34;Choppy Waters.&#34; Individual investors can read Yardeni Research reports here. Follow Yardeni on LinkedIn and his LinkedIn Blog.</p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"LU2271345857.HKD":"ALLIANZ GLOBAL SUSTAINABILITY \"AT\" (HKD) ACC","HMY":"哈莫尼黄金","IE000KEQY171.SGD":"PIMCO BALANCED INCOME AND GROWTH \"M\" (SGDHDG) INC","LU2250418816.HKD":"BGF WORLD TECHNOLOGY \"A\" (HKD) ACC","VGZ":"Vista Gold Corp","LU0456855351.SGD":"JPMorgan Funds - Global Equity A (acc) SGD","LU0203347892.USD":"SCHRODER ISF QEP GLOBAL ACTIVE VALLUE \"A\" (USD)  INC AV","GDX":"黄金矿业ETF-VanEck","LU0354030511.USD":"ALLSPRING  U.S. LARGE CAP GROWTH \"I\" (USD) ACC","SGOL":"Abrdn Gold ETF Trust","LU0251131958.USD":"FIDELITY AMERICA \"A\" (USD) ACC","LU1935042991.SGD":"MANULIFE GF GLOBAL MULTI-ASSET DIVERSIFIED INCOME  \"AA\" (SGDHDG) INC","USAU":"美国黄金公司","FGLD":"Franklin Responsibly Sourced Gold ETF","LU0175139822.USD":"AB FCP I Global Equity Blend A USD","OUNZ":"VanEck Merk黄金股票基金","LU0823417737.USD":"BNP PARIBAS SUSTAINABLE GLOBAL LOW VOL EQUITY \"C\" (USD) INC","LU1066051225.USD":"HSBC GIF GLOBAL EQUITY VOLATILITY FOCUSED \"AC\" (USD) ACC","NUGT":"二倍做多黄金矿业指数ETF-Direxion","LU0719512351.SGD":"JPMorgan Funds - US Technology A (acc) SGD","LU1571399168.USD":"ALLSPRING GLOBAL LONG/SHORT EQUITY \"IP\" (USD) ACC","GDXJ":"小型黄金矿业ETF(Market Vectors)","NEM":"纽曼矿业","LU0683600562.USD":"AB SELECT US EQUITY \"A\" (USD) ACC","DUST":"二倍做空黄金矿业指数ETF-Direxion","AAAU":"Goldman Sachs Physical Gold ETF","KGC":"金罗斯黄金","LU1059921491.USD":"NORDEA 1 GLOBAL STABLE EQUITY \"HB\" (USDHDG) ACC","GDXU":"MicroSectors Gold Miners 3x Leveraged ETN","IE0004086264.USD":"BNY MELLON GLOBAL OPPORTUNITIES \"A\" (USD) ACC","LU2491049909.HKD":"WELLINGTON SUSTAINABLE OUTCOMES \"A\" (HKD) ACC","IE00BMPRXN33.USD":"NEUBERGER BERMAN 5G CONNECTIVITY \"A\" (USD) ACC","RING":"iShares MSCI Global Gold Miners ETF","LU2023250843.SGD":"Allianz Thematica Cl AT Acc H2-SGD","GFI":"金田","LU2420271590.USD":"ALLIANZ SELECT INCOME AND GROWTH \"AT\" (USD) ACC","LU2362540622.SGD":"WELLINGTON NEXT GENERATION GLOBAL EQUITY \"A\" (SGDHDG) ACC","BK4574":"无人驾驶","LU0820561909.HKD":"ALLIANZ INCOME AND GROWTH \"AM\" (HKD) INC","LU1670711123.USD":"M&G (LUX) GLOBAL DIVIDEND \"A\" (USD) INC","SG9999015358.SGD":"United Income Focus Trust Dis SGD-H","LU0345774631.USD":"NINETY ONE GSF AMERICAN FRANCHISE \"A\" (USD) INC","GORO":"黄金资源","LU1699723380.USD":"ALLSPRING GLOBAL LONG/SHORT EQUITY \"AP\" (USD) ACC","SG9999018865.SGD":"United Global Quality Growth Fd Cl Dist SGD-H","IAU":"黄金信托ETF-iShares","GLL":"2倍做空黄金ETF-ProShares","SAND":"沙尘暴黄金","LU1718418525.SGD":"JPMorgan Investment Funds - Global Select Equity A (acc) SGD","GLD":"黄金ETF-SPDR","EGO":"埃氏金业","GOLD":"Gold.com","AEM":"伊格尔矿业","LU0545039389.USD":"BGF GLOBAL EQUITY INCOME \"A2\" ACC","UGL":"2倍做多黄金ETF-ProShares","LU0943347566.SGD":"安联收益及增长平衡基金AM H2-SGD","LU0390134368.USD":"FRANKLIN GLOBAL GROWTH \"A\" (USD) ACC","LU2471134796.USD":"INVESCO GLOBAL EQUITY INCOME ADVANTAGE \"A\" (USD) INC","LU0130517989.USD":"HARRIS ASSOCIATES US VALUE EQUITY \"R\" INC","LU0289941410.SGD":"AB FCP I Dynamic Diversified AX SGD","IE0009G5SDU7.USD":"PIMCO BALANCED INCOME AND GROWTH \"M\" (USD) INC","LU2065169927.USD":"M&G (LUX) GLOBAL MAXIMA \"A\" (USD) ACC","RGLD":"皇家黄金","IE00B1XK9C88.USD":"PINEBRIDGE US LARGE CAP RESEARCH ENHANCED \"A\" (USD) ACC","LU1043141396.HKD":"NINETY ONE GSF GLOBAL FRANCHISE \"A\" (HKD) ACC","HL":"赫克拉矿业","LU1267930227.SGD":"TEMPLETON GLOBAL BALANCED \"AS\" (SGD) ACC A","LU0323240290.USD":"HSBC GIF GLOBAL EQUITY CLIMATE CHANGE \"AD\" INC","LU0106261372.USD":"SCHRODER ISF US LARGE CAP \"A\" ACC","EQX":"EQUINOX GOLD CORP","LU2098885051.SGD":"JPMorgan Funds - Multi-Manager Alternatives A (acc) SGD","IAUM":"ISHARES GOLD TRUST MICRO","GLDM":"SPDR Gold MiniShares Trust","CDE":"科尔黛伦矿业","LU0868494617.USD":"UBS (LUX) EQUITY SICAV - US TOTAL YIELD SUSTAINABLE \"P\" (USD) ACC","LU2097344357.USD":"SCHRODER ISF SUSTAINABLE MULTI-ASSET INCOME \"A\" (USDHDG) ACC"},"source_url":"https://dowjonesnews.com/newdjn/logon.aspx?AL=N","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2510086135","content_text":"Yardeni: Inflation, tariffs, plus countries accumulating gold as a haven from U.S. sanctions.S&P 500 to reach 7,000 by year-end. Overweight the Information Technology, Communication Services, Industrials, and Financials sectors.The major U.S. stock market indexes are up since Election Day, despite recent turbulence caused by DeepSeek and Trump Tariffs 2.0. The former is weighing on the shares of AI companies. However, cloud giants Amazon.com, Microsoft, and Alphabet's Google remain committed to spending record sums this year to build out their AI capacity. Asked last week about the AI cost efficiencies represented by DeepSeek's widely followed advances, Amazon CEO Andy Jassy echoed the sentiments of other tech leaders in saying that he expects the trend to increase overall AI demand.Trump Tariffs 2.0 hit the U.S. stock market hard on Feb 7. after President Trump said he plans to announce reciprocal tariffs on many countries this week - a major escalation of his offensive to tear up and reshape global trade relationships in America's favor.We view this as a positive development, given that Trump previously planned to impose a uniform 10%-20% tariff on all U.S. imports. The reciprocal approach leaves plenty of room for the U.S. to negotiate tariff cuts with each of America's trading partners separately. They're Trump's \"art of the tariff\" deals.Trump's reciprocal tariff threat also spooked the U.S. bond market last Friday. That's because higher tariffs would cause at least a one-time spike in consumer prices, which might trigger a renewed inflation cycle. Another possible reason for the backup in the bond yield is that the bond \"vigilantes\" figure that Trump's reciprocal approach to tariffs suggests that he may be abandoning the idea of a uniform tariff aimed at raising revenues.Here's more:1. Expected inflation: Exacerbating Friday's stock- and bond-market selloffs was news that the one-year expected inflation rate jumped to 4.3% this month from 3.3% in January, according to the University of Michigan's latest consumer survey. The interviews for the survey concluded on Feb. 4, just days after the Trump administration announced 25% tariffs on Mexico and Canada, which were quickly delayed by 30 days. But Trump slapped an extra 10% duty on Chinese goods, which was met immediately with retaliation by China.The jump in expected inflation reduces the likelihood that the Fed will be cutting the federal-funds rate again soon. For now, we remain in the none-and-done camp in 2025 regarding Fed rate cuts.2. Gold: On Friday, the price of an ounce of gold (GC00) soared to another record high on the tariff news. This may be helping to pull the price of copper (HG00) higher, which might also be attributable to increased spending on data centers. We don't think this development reflects an improvement in China's economy.The price of gold is likely to hit $3,000 soon and perhaps $4,000 in 2026 as the central banks of China continue to accumulate it as a haven from U.S. sanctions. They've been doing so since the U.S. froze the international reserves of Russia when it invaded Ukraine in early 2022.China's weak economy might explain why China's response to Trump's 10% tariff has been relatively muted so far.3. Copper: Also raising doubts that copper is signaling an improvement in China's economy is the renewed drop in the Chinese government's 10-year bond yield back down to its recent record low. China's weak economy might explain why China's response to Trump's 10% tariff has been relatively muted so far.4. Bitcoin: Tariff turmoil is boosting uncertainty and can explain some of the recent strength in the price of gold. Increased risk has recently weighed on the stock market, especially the riskiest segment such as the TQQQ TQQQ. Bitcoin (BTCUSD) has also underperformed gold lately. The former is a risk-on play; the latter is a risk-off haven.5. Bottom line: We expect the S&P 500 might remain choppy through midyear before resuming its climb in record-high territory to 7,000 by the end of this year. We still favor overweighting the information technology, communication service, industrial and financial sectors. In particular, the financial sectors of the S&P 500 MidCap 400 MID, and SmallCap 600 SML indexes all are likely to outperform all the other sectors as long as Trump Tariff 2.0 turmoil persists.Ed Yardeni is president of Yardeni Research Inc., a provider of global investment strategy and asset-allocation analyses and recommendations. Eric Wallerstein is Yardeni Research's chief markets strategist. This article is excerpted from Yardeni Research's \"Market Call\" for Feb. 8, 2025 - \"Choppy Waters.\" Individual investors can read Yardeni Research reports here. Follow Yardeni on LinkedIn and his LinkedIn Blog.","news_type":1,"symbols_score_info":{"USAU":1.1,"GDXU":1.1,"NUGT":1.1,"HL":1.1,"UGL":1.1,"VGZ":1.1,"GLD":1.1,"DUST":1.1,"HMY":1.1,"AEM":1.1,"RGLD":1.1,"GCmain":1.1,"EGO":1.1,"SAND":1.1,"PLmain":1.1,"PAmain":1.1,"GOLD":1.1,"RING":1.1,"GORO":1.1,"IAU":1.1,"GDXJ":1.1,"OUNZ":1.1,"AGOL":1.1,"GLDM":1.1,"NEM":1.1,"KGC":1.1,"GDX":1.1,"FGLD":1.1,"EQX":1.1,"CDE":1.1,"SGOL":1.1,"GLL":1.1,"GFI":1.1,"AAAU":1.1,"IAUM":1.1}},"isVote":1,"tweetType":1,"viewCount":1502,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":399310599434432,"gmtCreate":1738512970628,"gmtModify":1738512973929,"author":{"id":"3585981947031986","authorId":"3585981947031986","name":"RO8","avatar":"https://static.tigerbbs.com/1f744cb66900b3865c3ed1da7364ddce","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3585981947031986","idStr":"3585981947031986"},"themes":[],"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":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/399310599434432","repostId":"2508791872","repostType":4,"repost":{"id":"2508791872","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":1738491408,"share":"https://ttm.financial/m/news/2508791872?lang=en_US&edition=fundamental","pubTime":"2025-02-02 18:16","market":"fut","language":"en","title":"DeepSeek Took a Bite Out of the Mag 7. Here's What Happens Next","url":"https://stock-news.laohu8.com/highlight/detail?id=2508791872","media":"Dow Jones","summary":"The so-called Magnificent Seven group of tech stocks have spent the past two years looking invincible, so it's ironic that the companies worth $18 trillion in total market value were undercut this past week by a Chinese start-up no one on Wall Street had heard of just days earlier.Such is the power -- and vulnerability -- of being on the cutting edge.The new R1 artificial-intelligence model from China's DeepSeek has comparable performance to some of the world's best models, and seemingly comes at a lower price to train and run in the cloud.There are many reasons to be skeptical of R1, beginning with the fact that the Chinese government may be subsidizing R1's creation and deployment. But DeepSeek has made the model open source and produced two white papers detailing its methods, and AI labs in the U.S. and allied countries are busy trying to replicate what DeepSeek did.It's the cloud, in fact, that looks most vulnerable from the DeepSeek development. The ability to run models on local ","content":"<html><head></head><body><p>The so-called Magnificent Seven group of tech stocks have spent the past two years looking invincible, so it&#39;s ironic that the companies worth $18 trillion in total market value were undercut this past week by a Chinese start-up no one on Wall Street had heard of just days earlier.</p><p>Such is the power -- and vulnerability -- of being on the cutting edge.</p><p>The new R1 artificial-intelligence model from China&#39;s DeepSeek has comparable performance to some of the world&#39;s best models, and seemingly comes at a lower price to train and run in the cloud.</p><p>There are many reasons to be skeptical of R1, beginning with the fact that the Chinese government may be subsidizing R1&#39;s creation and deployment. But DeepSeek has made the model open source and produced two white papers detailing its methods, and AI labs in the U.S. and allied countries are busy trying to replicate what DeepSeek did.</p><p>If they can, it may signal the beginning of a new, much lower cost structure for AI, and this means more risk for the companies that are spending hundreds of billions on capital expenditures for new AI data centers.</p><p>Amazon.com, Microsoft, Google parent Alphabet, and Meta Platforms have spent $212 billion on capex over the past 12 months, up 45% from the year before.</p><p>Microsoft has projected $80 billion this year, and Meta, $60 billion to $65 billion.</p><p>Investors spent most of the week wondering what happens if all that spending goes for naught.</p><p>Here&#39;s our breakdown of what DeepSeek means for the Mag 7:</p><p> <a href=\"https://laohu8.com/S/AAPL\">Apple</a> </p><p>Apple has the most to win from a low-cost AI world. The company has been frequently criticized in recent years for spending less on AI infrastructure and cloud data centers than its large rivals and lagging in model development. The company&#39;s reticence to spend could now prove prescient.</p><p>&#34;I think innovation that drives efficiency is a good thing,&#34; Apple CEO Tim Cook told investors about DeepSeek on the company&#39;s earnings call this past week. &#34;That&#39;s what you see in that model. Our tight integration of silicon and software will continue to serve us very well.&#34;</p><p>Cook defended its more parsimonious AI strategy, saying Apple has taken a &#34;prudent&#34; approach to capital expenditures for a reason.</p><p>If DeepSeek&#39;s optimization techniques prove to be replicable by U.S. AI vendors, the rise of smaller, more efficient models could be positive for Apple and other hardware companies. It means the timeline for more powerful models that can run on local devices like smartphones and laptops may have been pulled forward. If large-language models can run entirely on an iPhone, it&#39;s a win for Apple and a loss for the larger cloud platforms.</p><p> <a href=\"https://laohu8.com/S/AMZN\">Amazon.com</a> </p><p>It&#39;s the cloud, in fact, that looks most vulnerable from the DeepSeek development. The ability to run models on local servers may reduce the profit margins of the cloud. That could be particularly problematic for Amazon, the pioneering public cloud firm, whose Amazon Web Services still leads the market.</p><p>Amazon will benefit from cheaper AI across its retail e-commerce business, allowing for more personalization and better recommendations. But investors traditionally buy Amazon for its high-growth and high-margin cloud business. Cheaper AI run outside of the cloud represents a challenge. Amazon reports earnings next week, and DeepSeek is sure to be a popular topic on the company&#39;s earnings call.</p><p> <a href=\"https://laohu8.com/S/NVDA\">NVIDIA</a> </p><p>No one has benefited from the AI trade more than Nvidia, so it isn&#39;t a surprise that the stock took the biggest hit of the Mag Seven group this past week. The stock tumbled 17% on Monday, before regaining some of the losses as the week went on. DeepSeek&#39;s suddenly efficient AI raised concerns that Nvidia&#39;s big advantage -- its powerful Blackwell graphics processing units for AI training and inference -- could become its main vulnerability if an AI chip shortage turns into a glut.</p><p>Nvidia recently started shipping the GB200 NVL72 AI server system, which combines 72 Blackwell GPUs for unrivaled AI computing power.</p><p>But investors are missing the big picture when it comes to Nvidia. In fact, greater efficiency in driving down the cost of AI is exactly what Nvidia wants, as it will encourage adoption and enable innovative applications. Over the past week, many technology executives referenced Jevons paradox, which says that increases in a technology&#39;s efficiency tend to increase consumption rather than lower it. </p><p> <a href=\"https://laohu8.com/S/TSLA\">Tesla Motors</a> </p><p>DeepSeek could also be positive for Tesla. As the company&#39;s disappointing earnings demonstrated this past week, Tesla is no longer seen as a car company. Rather, it&#39;s viewed as an AI beneficiary, particularly as artificial intelligence moves out of the digital world and into the physical one, writes Morgan Stanley analyst Adam Jonas.</p><p>&#34;While the journey may be volatile and nonlinear, we believe 2025 will be a year where investors will continue to appreciate and value these existing and nascent industries of embodied AI where we believe Tesla has established a material competitive advantage,&#34; Jonas wrote.</p><p>Tesla is mainly about applying AI, not building it, says Greg Martin, managing director at Rainmaker Securities, a platform that facilitates transactions in privately held companies, including Elon Musk&#39;s xAI. As costs to develop AI drop, there is a shift in value from those developing the foundational models to those building applications. Tesla is essentially a vertically integrated application developer. It won&#39;t mind cheaper AI.</p><p>The company said in its fourth-quarter earnings report that its AI computing power more than quintupled in 2024. That didn&#39;t come cheap. Tesla spent $11.3 billion on plants and equipment and $4.5 billion on research and development. DeepSeek has the potential to drive those costs lower.</p><p> <a href=\"https://laohu8.com/S/MSFT\">Microsoft</a>,  <a href=\"https://laohu8.com/S/GOOGL\">Alphabet</a>, and  <a href=\"https://laohu8.com/S/META\">Meta Platforms, Inc.</a> </p><p>That leaves us with Microsoft, Google, and Meta -- the largest spenders in the AI arms race after Amazon. Not to fret -- they could overspend and still wind up winners.</p><p>Microsoft&#39;s cloud segment has been growing quickly, with revenue up 19% last quarter, but its business software unit is still the star, accounting for 42% of revenue and 53% of operating profit. The centerpiece of Microsoft&#39;s AI strategy for business software is Microsoft 365 Copilot, the $360 a year add-on to Office apps like Word and Excel. Until now, the cost of those apps has been prohibitive for many. With a lower AI cost structure, Microsoft could reduce the price significantly, speed up adoption, and get to AI profit far more quickly</p><p>Revenue from Alphabet&#39;s Google&#39;s cloud unit grew by 35% last quarter, and R1 brings new risk for that unit. But ad-supported services are still 75% of its revenue, and these stand to benefit. Search can be enhanced with natural-language queries, more relevant results, better AI summaries, and improved ad targeting. YouTube can serve up better video feeds in Shorts, its TikTok competitor, and target ads more personally. Cheap AI is a benefit across all of Google services.</p><p>Meta is in a similar place, with most of its revenue from ads. It&#39;s unique within the Mag Seven in that it&#39;s spending a lot on AI data centers, but just for its own use, not to rent out in the cloud. It&#39;s a risk not having rental income to offset a potential overspend. But regardless of spending levels, Meta will be able to use less expensive AI to increase engagement and enhance ad targeting, and the balance is likely to work out well for the company.</p></body></html>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>DeepSeek Took a Bite Out of the Mag 7. Here's What Happens Next</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\">\nDeepSeek Took a Bite Out of the Mag 7. Here's What Happens Next\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\">2025-02-02 18:16</p>\n</div>\n\n</div>\n\n\n</h4>\n\n</header>\n<article>\n<html><head></head><body><p>The so-called Magnificent Seven group of tech stocks have spent the past two years looking invincible, so it&#39;s ironic that the companies worth $18 trillion in total market value were undercut this past week by a Chinese start-up no one on Wall Street had heard of just days earlier.</p><p>Such is the power -- and vulnerability -- of being on the cutting edge.</p><p>The new R1 artificial-intelligence model from China&#39;s DeepSeek has comparable performance to some of the world&#39;s best models, and seemingly comes at a lower price to train and run in the cloud.</p><p>There are many reasons to be skeptical of R1, beginning with the fact that the Chinese government may be subsidizing R1&#39;s creation and deployment. But DeepSeek has made the model open source and produced two white papers detailing its methods, and AI labs in the U.S. and allied countries are busy trying to replicate what DeepSeek did.</p><p>If they can, it may signal the beginning of a new, much lower cost structure for AI, and this means more risk for the companies that are spending hundreds of billions on capital expenditures for new AI data centers.</p><p>Amazon.com, Microsoft, Google parent Alphabet, and Meta Platforms have spent $212 billion on capex over the past 12 months, up 45% from the year before.</p><p>Microsoft has projected $80 billion this year, and Meta, $60 billion to $65 billion.</p><p>Investors spent most of the week wondering what happens if all that spending goes for naught.</p><p>Here&#39;s our breakdown of what DeepSeek means for the Mag 7:</p><p> <a href=\"https://laohu8.com/S/AAPL\">Apple</a> </p><p>Apple has the most to win from a low-cost AI world. The company has been frequently criticized in recent years for spending less on AI infrastructure and cloud data centers than its large rivals and lagging in model development. The company&#39;s reticence to spend could now prove prescient.</p><p>&#34;I think innovation that drives efficiency is a good thing,&#34; Apple CEO Tim Cook told investors about DeepSeek on the company&#39;s earnings call this past week. &#34;That&#39;s what you see in that model. Our tight integration of silicon and software will continue to serve us very well.&#34;</p><p>Cook defended its more parsimonious AI strategy, saying Apple has taken a &#34;prudent&#34; approach to capital expenditures for a reason.</p><p>If DeepSeek&#39;s optimization techniques prove to be replicable by U.S. AI vendors, the rise of smaller, more efficient models could be positive for Apple and other hardware companies. It means the timeline for more powerful models that can run on local devices like smartphones and laptops may have been pulled forward. If large-language models can run entirely on an iPhone, it&#39;s a win for Apple and a loss for the larger cloud platforms.</p><p> <a href=\"https://laohu8.com/S/AMZN\">Amazon.com</a> </p><p>It&#39;s the cloud, in fact, that looks most vulnerable from the DeepSeek development. The ability to run models on local servers may reduce the profit margins of the cloud. That could be particularly problematic for Amazon, the pioneering public cloud firm, whose Amazon Web Services still leads the market.</p><p>Amazon will benefit from cheaper AI across its retail e-commerce business, allowing for more personalization and better recommendations. But investors traditionally buy Amazon for its high-growth and high-margin cloud business. Cheaper AI run outside of the cloud represents a challenge. Amazon reports earnings next week, and DeepSeek is sure to be a popular topic on the company&#39;s earnings call.</p><p> <a href=\"https://laohu8.com/S/NVDA\">NVIDIA</a> </p><p>No one has benefited from the AI trade more than Nvidia, so it isn&#39;t a surprise that the stock took the biggest hit of the Mag Seven group this past week. The stock tumbled 17% on Monday, before regaining some of the losses as the week went on. DeepSeek&#39;s suddenly efficient AI raised concerns that Nvidia&#39;s big advantage -- its powerful Blackwell graphics processing units for AI training and inference -- could become its main vulnerability if an AI chip shortage turns into a glut.</p><p>Nvidia recently started shipping the GB200 NVL72 AI server system, which combines 72 Blackwell GPUs for unrivaled AI computing power.</p><p>But investors are missing the big picture when it comes to Nvidia. In fact, greater efficiency in driving down the cost of AI is exactly what Nvidia wants, as it will encourage adoption and enable innovative applications. Over the past week, many technology executives referenced Jevons paradox, which says that increases in a technology&#39;s efficiency tend to increase consumption rather than lower it. </p><p> <a href=\"https://laohu8.com/S/TSLA\">Tesla Motors</a> </p><p>DeepSeek could also be positive for Tesla. As the company&#39;s disappointing earnings demonstrated this past week, Tesla is no longer seen as a car company. Rather, it&#39;s viewed as an AI beneficiary, particularly as artificial intelligence moves out of the digital world and into the physical one, writes Morgan Stanley analyst Adam Jonas.</p><p>&#34;While the journey may be volatile and nonlinear, we believe 2025 will be a year where investors will continue to appreciate and value these existing and nascent industries of embodied AI where we believe Tesla has established a material competitive advantage,&#34; Jonas wrote.</p><p>Tesla is mainly about applying AI, not building it, says Greg Martin, managing director at Rainmaker Securities, a platform that facilitates transactions in privately held companies, including Elon Musk&#39;s xAI. As costs to develop AI drop, there is a shift in value from those developing the foundational models to those building applications. Tesla is essentially a vertically integrated application developer. It won&#39;t mind cheaper AI.</p><p>The company said in its fourth-quarter earnings report that its AI computing power more than quintupled in 2024. That didn&#39;t come cheap. Tesla spent $11.3 billion on plants and equipment and $4.5 billion on research and development. DeepSeek has the potential to drive those costs lower.</p><p> <a href=\"https://laohu8.com/S/MSFT\">Microsoft</a>,  <a href=\"https://laohu8.com/S/GOOGL\">Alphabet</a>, and  <a href=\"https://laohu8.com/S/META\">Meta Platforms, Inc.</a> </p><p>That leaves us with Microsoft, Google, and Meta -- the largest spenders in the AI arms race after Amazon. Not to fret -- they could overspend and still wind up winners.</p><p>Microsoft&#39;s cloud segment has been growing quickly, with revenue up 19% last quarter, but its business software unit is still the star, accounting for 42% of revenue and 53% of operating profit. The centerpiece of Microsoft&#39;s AI strategy for business software is Microsoft 365 Copilot, the $360 a year add-on to Office apps like Word and Excel. Until now, the cost of those apps has been prohibitive for many. With a lower AI cost structure, Microsoft could reduce the price significantly, speed up adoption, and get to AI profit far more quickly</p><p>Revenue from Alphabet&#39;s Google&#39;s cloud unit grew by 35% last quarter, and R1 brings new risk for that unit. But ad-supported services are still 75% of its revenue, and these stand to benefit. Search can be enhanced with natural-language queries, more relevant results, better AI summaries, and improved ad targeting. YouTube can serve up better video feeds in Shorts, its TikTok competitor, and target ads more personally. Cheap AI is a benefit across all of Google services.</p><p>Meta is in a similar place, with most of its revenue from ads. It&#39;s unique within the Mag Seven in that it&#39;s spending a lot on AI data centers, but just for its own use, not to rent out in the cloud. It&#39;s a risk not having rental income to offset a potential overspend. But regardless of spending levels, Meta will be able to use less expensive AI to increase engagement and enhance ad targeting, and the balance is likely to work out well for the company.</p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AMZN":"亚马逊","TSLA":"特斯拉","MSFT":"微软","NVDA":"英伟达","AAPL":"苹果"},"source_url":"https://dowjonesnews.com/newdjn/logon.aspx?AL=N","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2508791872","content_text":"The so-called Magnificent Seven group of tech stocks have spent the past two years looking invincible, so it's ironic that the companies worth $18 trillion in total market value were undercut this past week by a Chinese start-up no one on Wall Street had heard of just days earlier.Such is the power -- and vulnerability -- of being on the cutting edge.The new R1 artificial-intelligence model from China's DeepSeek has comparable performance to some of the world's best models, and seemingly comes at a lower price to train and run in the cloud.There are many reasons to be skeptical of R1, beginning with the fact that the Chinese government may be subsidizing R1's creation and deployment. But DeepSeek has made the model open source and produced two white papers detailing its methods, and AI labs in the U.S. and allied countries are busy trying to replicate what DeepSeek did.If they can, it may signal the beginning of a new, much lower cost structure for AI, and this means more risk for the companies that are spending hundreds of billions on capital expenditures for new AI data centers.Amazon.com, Microsoft, Google parent Alphabet, and Meta Platforms have spent $212 billion on capex over the past 12 months, up 45% from the year before.Microsoft has projected $80 billion this year, and Meta, $60 billion to $65 billion.Investors spent most of the week wondering what happens if all that spending goes for naught.Here's our breakdown of what DeepSeek means for the Mag 7: Apple Apple has the most to win from a low-cost AI world. The company has been frequently criticized in recent years for spending less on AI infrastructure and cloud data centers than its large rivals and lagging in model development. The company's reticence to spend could now prove prescient.\"I think innovation that drives efficiency is a good thing,\" Apple CEO Tim Cook told investors about DeepSeek on the company's earnings call this past week. \"That's what you see in that model. Our tight integration of silicon and software will continue to serve us very well.\"Cook defended its more parsimonious AI strategy, saying Apple has taken a \"prudent\" approach to capital expenditures for a reason.If DeepSeek's optimization techniques prove to be replicable by U.S. AI vendors, the rise of smaller, more efficient models could be positive for Apple and other hardware companies. It means the timeline for more powerful models that can run on local devices like smartphones and laptops may have been pulled forward. If large-language models can run entirely on an iPhone, it's a win for Apple and a loss for the larger cloud platforms. Amazon.com It's the cloud, in fact, that looks most vulnerable from the DeepSeek development. The ability to run models on local servers may reduce the profit margins of the cloud. That could be particularly problematic for Amazon, the pioneering public cloud firm, whose Amazon Web Services still leads the market.Amazon will benefit from cheaper AI across its retail e-commerce business, allowing for more personalization and better recommendations. But investors traditionally buy Amazon for its high-growth and high-margin cloud business. Cheaper AI run outside of the cloud represents a challenge. Amazon reports earnings next week, and DeepSeek is sure to be a popular topic on the company's earnings call. NVIDIA No one has benefited from the AI trade more than Nvidia, so it isn't a surprise that the stock took the biggest hit of the Mag Seven group this past week. The stock tumbled 17% on Monday, before regaining some of the losses as the week went on. DeepSeek's suddenly efficient AI raised concerns that Nvidia's big advantage -- its powerful Blackwell graphics processing units for AI training and inference -- could become its main vulnerability if an AI chip shortage turns into a glut.Nvidia recently started shipping the GB200 NVL72 AI server system, which combines 72 Blackwell GPUs for unrivaled AI computing power.But investors are missing the big picture when it comes to Nvidia. In fact, greater efficiency in driving down the cost of AI is exactly what Nvidia wants, as it will encourage adoption and enable innovative applications. Over the past week, many technology executives referenced Jevons paradox, which says that increases in a technology's efficiency tend to increase consumption rather than lower it.  Tesla Motors DeepSeek could also be positive for Tesla. As the company's disappointing earnings demonstrated this past week, Tesla is no longer seen as a car company. Rather, it's viewed as an AI beneficiary, particularly as artificial intelligence moves out of the digital world and into the physical one, writes Morgan Stanley analyst Adam Jonas.\"While the journey may be volatile and nonlinear, we believe 2025 will be a year where investors will continue to appreciate and value these existing and nascent industries of embodied AI where we believe Tesla has established a material competitive advantage,\" Jonas wrote.Tesla is mainly about applying AI, not building it, says Greg Martin, managing director at Rainmaker Securities, a platform that facilitates transactions in privately held companies, including Elon Musk's xAI. As costs to develop AI drop, there is a shift in value from those developing the foundational models to those building applications. Tesla is essentially a vertically integrated application developer. It won't mind cheaper AI.The company said in its fourth-quarter earnings report that its AI computing power more than quintupled in 2024. That didn't come cheap. Tesla spent $11.3 billion on plants and equipment and $4.5 billion on research and development. DeepSeek has the potential to drive those costs lower. Microsoft,  Alphabet, and  Meta Platforms, Inc. That leaves us with Microsoft, Google, and Meta -- the largest spenders in the AI arms race after Amazon. Not to fret -- they could overspend and still wind up winners.Microsoft's cloud segment has been growing quickly, with revenue up 19% last quarter, but its business software unit is still the star, accounting for 42% of revenue and 53% of operating profit. The centerpiece of Microsoft's AI strategy for business software is Microsoft 365 Copilot, the $360 a year add-on to Office apps like Word and Excel. Until now, the cost of those apps has been prohibitive for many. With a lower AI cost structure, Microsoft could reduce the price significantly, speed up adoption, and get to AI profit far more quicklyRevenue from Alphabet's Google's cloud unit grew by 35% last quarter, and R1 brings new risk for that unit. But ad-supported services are still 75% of its revenue, and these stand to benefit. Search can be enhanced with natural-language queries, more relevant results, better AI summaries, and improved ad targeting. YouTube can serve up better video feeds in Shorts, its TikTok competitor, and target ads more personally. Cheap AI is a benefit across all of Google services.Meta is in a similar place, with most of its revenue from ads. It's unique within the Mag Seven in that it's spending a lot on AI data centers, but just for its own use, not to rent out in the cloud. It's a risk not having rental income to offset a potential overspend. But regardless of spending levels, Meta will be able to use less expensive AI to increase engagement and enhance ad targeting, and the balance is likely to work out well for the company.","news_type":1,"symbols_score_info":{"AMZN":0.9,"MSFT":0.9,"TSLA":0.9,"NVDA":0.9,"AAPL":0.9}},"isVote":1,"tweetType":1,"viewCount":1586,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":312252195762184,"gmtCreate":1717259293218,"gmtModify":1717259296754,"author":{"id":"3585981947031986","authorId":"3585981947031986","name":"RO8","avatar":"https://static.tigerbbs.com/1f744cb66900b3865c3ed1da7364ddce","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3585981947031986","idStr":"3585981947031986"},"themes":[],"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":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/312252195762184","repostId":"312211255341056","repostType":1,"repost":{"id":312211255341056,"gmtCreate":1717242110871,"gmtModify":1717297802015,"author":{"id":"3527667646990931","authorId":"3527667646990931","name":"ETF_Tracker","avatar":"https://community-static.tradeup.com/news/087e050021c7db2ae39b1cb7515b694d","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3527667646990931","idStr":"3527667646990931"},"themes":[],"title":"Best Low-Dividend S&P 500 and NASDAQ 100 ETFs for Singapore Investors","htmlText":"Warren Buffett has repeatedly stated that investing in the S&amp;P 500 index fund is one of the best long-term investment strategies for ordinary investors. He believes that by investing in the S&amp;P 500 index, investors can benefit from the long-term growth of the U.S. economy. S&amp;P 500 index funds and ETFs are not only low-cost but also highly diversified, making them ideal tools for investors seeking stable returns.Recently, a Singaporean friend asked if there are any S&amp;P 500 or NASDAQ 100 ETFs that do not pay dividends. This is because Singaporean investors face a 30% withholding tax on dividends but no capital gains tax. For Singaporean investors, choosing ETFs that do not pay dividends or pay minimal dividends is particularly important.To be honest,it might be relatively dif","listText":"Warren Buffett has repeatedly stated that investing in the S&amp;P 500 index fund is one of the best long-term investment strategies for ordinary investors. He believes that by investing in the S&amp;P 500 index, investors can benefit from the long-term growth of the U.S. economy. S&amp;P 500 index funds and ETFs are not only low-cost but also highly diversified, making them ideal tools for investors seeking stable returns.Recently, a Singaporean friend asked if there are any S&amp;P 500 or NASDAQ 100 ETFs that do not pay dividends. This is because Singaporean investors face a 30% withholding tax on dividends but no capital gains tax. For Singaporean investors, choosing ETFs that do not pay dividends or pay minimal dividends is particularly important.To be honest,it might be relatively dif","text":"Warren Buffett has repeatedly stated that investing in the S&P 500 index fund is one of the best long-term investment strategies for ordinary investors. He believes that by investing in the S&P 500 index, investors can benefit from the long-term growth of the U.S. economy. S&P 500 index funds and ETFs are not only low-cost but also highly diversified, making them ideal tools for investors seeking stable returns.Recently, a Singaporean friend asked if there are any S&P 500 or NASDAQ 100 ETFs that do not pay dividends. This is because Singaporean investors face a 30% withholding tax on dividends but no capital gains tax. For Singaporean investors, choosing ETFs that do not pay dividends or pay minimal dividends is particularly important.To be honest,it might be relatively dif","images":[{"img":"https://community-static.tradeup.com/news/7e0cac5f286c95d1ca17e34effd9e62f","width":"1080","height":"1920"}],"top":1,"highlighted":2,"essential":2,"paper":2,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/312211255341056","isVote":1,"tweetType":1,"viewCount":0,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},"isVote":1,"tweetType":1,"viewCount":2638,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":302720558694464,"gmtCreate":1714925909528,"gmtModify":1714925912969,"author":{"id":"3585981947031986","authorId":"3585981947031986","name":"RO8","avatar":"https://static.tigerbbs.com/1f744cb66900b3865c3ed1da7364ddce","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3585981947031986","idStr":"3585981947031986"},"themes":[],"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":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/302720558694464","repostId":"302718139351048","repostType":1,"repost":{"id":302718139351048,"gmtCreate":1714911647609,"gmtModify":1714989601976,"author":{"id":"3527667646990931","authorId":"3527667646990931","name":"ETF_Tracker","avatar":"https://community-static.tradeup.com/news/087e050021c7db2ae39b1cb7515b694d","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3527667646990931","idStr":"3527667646990931"},"themes":[],"title":"VOO vs. SPY vs. IVV vs. SPLG: What is the Best S&P 500 ETF?","htmlText":"Billionaire investors typically prefer simpler ways to make money, with a typical example being their use of Exchange-Traded Funds (ETFs) like Vanguard S&amp;P 500 ETF.Warren Buffett and Ken Griffin are two of the world's most successful investors. Both have opted for the simple investment route of Vanguard S&amp;P 500 ETF (VOO).<a href=\"https://ttm.financial/S/BRK.A\">$Berkshire Hathaway(BRK.A)$</a> Chairman Buffett even recommended this ETF in his will as part of his family's legacy. Similarly, Griffin's hedge fund Citadel not only invests in the same ETF but also holds significant options.Why is the S&amp;P 500 ETF so favored?The S&amp;P 500 ETF tracks the S&amp;P 500 Index, considered a benchmark for the U.S. economy. It holds the 500 largest U.S. stocks across all sectors, including te","listText":"Billionaire investors typically prefer simpler ways to make money, with a typical example being their use of Exchange-Traded Funds (ETFs) like Vanguard S&amp;P 500 ETF.Warren Buffett and Ken Griffin are two of the world's most successful investors. Both have opted for the simple investment route of Vanguard S&amp;P 500 ETF (VOO).<a href=\"https://ttm.financial/S/BRK.A\">$Berkshire Hathaway(BRK.A)$</a> Chairman Buffett even recommended this ETF in his will as part of his family's legacy. Similarly, Griffin's hedge fund Citadel not only invests in the same ETF but also holds significant options.Why is the S&amp;P 500 ETF so favored?The S&amp;P 500 ETF tracks the S&amp;P 500 Index, considered a benchmark for the U.S. economy. It holds the 500 largest U.S. stocks across all sectors, including te","text":"Billionaire investors typically prefer simpler ways to make money, with a typical example being their use of Exchange-Traded Funds (ETFs) like Vanguard S&P 500 ETF.Warren Buffett and Ken Griffin are two of the world's most successful investors. Both have opted for the simple investment route of Vanguard S&P 500 ETF (VOO).$Berkshire Hathaway(BRK.A)$ Chairman Buffett even recommended this ETF in his will as part of his family's legacy. Similarly, Griffin's hedge fund Citadel not only invests in the same ETF but also holds significant options.Why is the S&P 500 ETF so favored?The S&P 500 ETF tracks the S&P 500 Index, considered a benchmark for the U.S. economy. It holds the 500 largest U.S. stocks across all sectors, including te","images":[{"img":"https://community-static.tradeup.com/news/8ff282e31ae27873d452987fcdffd91b","width":"1080","height":"1080"}],"top":1,"highlighted":2,"essential":2,"paper":2,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/302718139351048","isVote":1,"tweetType":1,"viewCount":0,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":2,"langContent":"EN","totalScore":0},"isVote":1,"tweetType":1,"viewCount":2191,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":182472669585536,"gmtCreate":1685558232119,"gmtModify":1685558235731,"author":{"id":"3585981947031986","authorId":"3585981947031986","name":"RO8","avatar":"https://static.tigerbbs.com/1f744cb66900b3865c3ed1da7364ddce","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3585981947031986","idStr":"3585981947031986"},"themes":[],"htmlText":"Great ariticle, would you like to share it?","listText":"Great ariticle, would you like to share it?","text":"Great ariticle, 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/182472669585536","repostId":"9942615702","repostType":1,"repost":{"id":9942615702,"gmtCreate":1681210190306,"gmtModify":1681210403063,"author":{"id":"3527667628464496","authorId":"3527667628464496","name":"Tiger_Newspress","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3527667628464496","idStr":"3527667628464496"},"themes":[],"title":"Best Gold ETFs: Top Funds for Investing in Gold","htmlText":"Gold gained 9% in Q1 2023, but see-sawed on bond market volatility. A surge in March to record the highest monthly inflows since 2019, reversed two weak months for global gold ETFs and futures investment. The recent surge in gold is impressive. Investing in gold has never been easier, with some gold ETFs providing a simple, cost-efficient way to add some gold exposure to your investment portfolio.Which gold ETF is best?1. <a href=\"https://ttm.financial/S/GLD\">$SPDR Gold Shares ETF(GLD)$</a> (GLD, 02840HK, O87SI)<a href=\"https://ttm.financial/S/02840\">$SPDR Gold Shares ETF(02840)$</a> is one of the most popular ETFs available. The fund invests in physical gold, and its performance is highly correlated to gold spot prices.<a href=\"https://ttm.financial/S/O87.SI\">$SPDR Gold Shares ETF(O87.SI)</a>","listText":"Gold gained 9% in Q1 2023, but see-sawed on bond market volatility. A surge in March to record the highest monthly inflows since 2019, reversed two weak months for global gold ETFs and futures investment. The recent surge in gold is impressive. Investing in gold has never been easier, with some gold ETFs providing a simple, cost-efficient way to add some gold exposure to your investment portfolio.Which gold ETF is best?1. <a href=\"https://ttm.financial/S/GLD\">$SPDR Gold Shares ETF(GLD)$</a> (GLD, 02840HK, O87SI)<a href=\"https://ttm.financial/S/02840\">$SPDR Gold Shares ETF(02840)$</a> is one of the most popular ETFs available. The fund invests in physical gold, and its performance is highly correlated to gold spot prices.<a href=\"https://ttm.financial/S/O87.SI\">$SPDR Gold Shares ETF(O87.SI)</a>","text":"Gold gained 9% in Q1 2023, but see-sawed on bond market volatility. A surge in March to record the highest monthly inflows since 2019, reversed two weak months for global gold ETFs and futures investment. The recent surge in gold is impressive. Investing in gold has never been easier, with some gold ETFs providing a simple, cost-efficient way to add some gold exposure to your investment portfolio.Which gold ETF is best?1. $SPDR Gold Shares ETF(GLD)$ (GLD, 02840HK, O87SI)$SPDR Gold Shares ETF(02840)$ is one of the most popular ETFs available. The fund invests in physical gold, and its performance is highly correlated to gold spot prices.$SPDR Gold Shares ETF(O87.SI)","images":[{"img":"https://community-static.tradeup.com/news/b9cceb9203f16d0475de4326cfc541fe","width":"749","height":"1028"}],"top":1,"highlighted":2,"essential":2,"paper":2,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9942615702","isVote":1,"tweetType":1,"viewCount":0,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},"isVote":1,"tweetType":1,"viewCount":2793,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9981267227,"gmtCreate":1666523265170,"gmtModify":1676537765356,"author":{"id":"3585981947031986","authorId":"3585981947031986","name":"RO8","avatar":"https://static.tigerbbs.com/1f744cb66900b3865c3ed1da7364ddce","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3585981947031986","idStr":"3585981947031986"},"themes":[],"htmlText":"Lol","listText":"Lol","text":"Lol","images":[{"img":"https://community-static.tradeup.com/news/90d63b3aefa1be6ab1ff26ec8b5afbdb","width":"1080","height":"1665"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9981267227","isVote":1,"tweetType":1,"viewCount":2304,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":9905939770,"gmtCreate":1659792101491,"gmtModify":1703766569559,"author":{"id":"3585981947031986","authorId":"3585981947031986","name":"RO8","avatar":"https://static.tigerbbs.com/1f744cb66900b3865c3ed1da7364ddce","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3585981947031986","idStr":"3585981947031986"},"themes":[],"htmlText":"ETF&nbsp;","listText":"ETF&nbsp;","text":"ETF","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9905939770","repostId":"2257198726","repostType":4,"repost":{"id":"2257198726","kind":"highlight","pubTimestamp":1659757800,"share":"https://ttm.financial/m/news/2257198726?lang=en_US&edition=fundamental","pubTime":"2022-08-06 11:50","market":"other","language":"en","title":"3 First-Rate ETFs for Stock Dividends","url":"https://stock-news.laohu8.com/highlight/detail?id=2257198726","media":"Motley Fool","summary":"You can't go wrong with reliable income.","content":"<div>\n<p>It can't be overstated just how pivotal dividends can be to an investors' total returns -- especially when reinvested. From 1960 through 2021, reinvested dividends accounted for 84% of the total ...</p>\n\n<a href=\"https://www.fool.com/investing/2022/08/05/3-first-rate-etfs-for-stock-dividends/\">Source Link</a>\n\n</div>\n","source":"fool_stock","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>3 First-Rate ETFs for Stock Dividends</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n3 First-Rate ETFs for Stock Dividends\n</h2>\n\n<h4 class=\"meta\">\n\n\n2022-08-06 11:50 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.fool.com/investing/2022/08/05/3-first-rate-etfs-for-stock-dividends/><strong>Motley Fool</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>It can't be overstated just how pivotal dividends can be to an investors' total returns -- especially when reinvested. From 1960 through 2021, reinvested dividends accounted for 84% of the total ...</p>\n\n<a href=\"https://www.fool.com/investing/2022/08/05/3-first-rate-etfs-for-stock-dividends/\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"SDY":"股息指数ETF-SPDR S&P","VYM":"红利股ETF-Vanguard","HDV":"iShares High Dividend Equity Fun"},"source_url":"https://www.fool.com/investing/2022/08/05/3-first-rate-etfs-for-stock-dividends/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2257198726","content_text":"It can't be overstated just how pivotal dividends can be to an investors' total returns -- especially when reinvested. From 1960 through 2021, reinvested dividends accounted for 84% of the total return of the S&P 500, according to Hartford Funds.In other words, dividends can be powerful. If you're looking to invest in dividend-paying stocks, look no further than dividend-focused exchange-traded funds (ETFs).ETFs that prioritize dividends can provide the benefit of having higher dividend yields as well as diversification, one of the key pillars of investing. Here are three first-rate dividend ETFs to check out.1. Vanguard High Dividend Yield ETFThe Vanguard High Dividend Yield ETF is a popular option with a fairly broad approach to which stocks it holds. Excluding REITs, the fund consists of 443 public U.S. companies that have paid out above-average dividends in the previous 12 months. With the Vanguard High Dividend Yield ETF, investors will get exposure to large-cap companies spanning all 11 sectors. And since it's market-cap weighted, larger companies make up the bulk of the fund.A great thing about this ETF is its low cost with an expense ratio of just 0.06%. A small difference in percentages may not seem like much on paper, but higher expense ratios can eat away at your returns over time. With trailing-12-month payouts of $3.20 per share (or a 3.0% yield as of this writing), it's also in line with some top-paying dividend ETFs.2. SPDR S&P Dividend ETFThe SPDR S&P Dividend ETF is a bit more selective in the stocks it includes, only screening for companies that have consistently increased their dividends at least 20 consecutive years. Although that's five years less than what it takes to attain the Dividend Aristocrat title, this ETF still consists of many of them, providing a bit more sense of reliability.The index is weighted by dividend yield, so the higher a company's yield, the greater its representation in the fund. There are only 119 companies total, but the largest holding, Franklin Resources, only makes up 1.85% of it. The companies within the fund are chosen each January and reweighted every quarter.The fund paid out $3.35 over the past year (around a 2.7% yield). However, one downside to the SPDR S&P Dividend ETF is its expense ratio, which comes in a bit pricier than other options at 0.35%.3. iShares Core High Dividend ETFThe iShares Core High Dividend ETF is the most selective of the three listed here, holding only 75 U.S. stocks that the fund has screened for financial health. This ETF consists mostly of large-cap stocks, and it's a bit more top-heavy than the other ETFs with the top three holdings -- ExxonMobil, Johnson & Johnson, and Chevron -- making up over 19% of the fund. The top three sectors -- healthcare, energy, and consumer staples -- make up about 58% of the fund as well.With a $3.16 trailing-12-month payout (or a 3.1% yield), it can be a lucrative choice for investors looking to kill two birds with one stone with dividends and large-cap investing. It's also low cost with a 0.08% expense ratio.","news_type":1,"symbols_score_info":{"SDY":0.9,"VYM":0.9,"HDV":0.9}},"isVote":1,"tweetType":1,"viewCount":2412,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9042057251,"gmtCreate":1656411324473,"gmtModify":1676535823090,"author":{"id":"3585981947031986","authorId":"3585981947031986","name":"RO8","avatar":"https://static.tigerbbs.com/1f744cb66900b3865c3ed1da7364ddce","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3585981947031986","idStr":"3585981947031986"},"themes":[],"htmlText":"Novavax&nbsp;","listText":"Novavax&nbsp;","text":"Novavax","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9042057251","repostId":"2246803790","repostType":4,"repost":{"id":"2246803790","kind":"highlight","pubTimestamp":1656382573,"share":"https://ttm.financial/m/news/2246803790?lang=en_US&edition=fundamental","pubTime":"2022-06-28 10:16","market":"us","language":"en","title":"3 Reasons to Buy Novavax and 1 to Sell","url":"https://stock-news.laohu8.com/highlight/detail?id=2246803790","media":"Motley Fool","summary":"What does the future hold for this COVID-19 vaccination stock?","content":"<div>\n<p>Novavax is a pandemic stock. That's why it soared in 2020-21 when the world faced the worst pandemic since the influenza outbreak of 1918. When COVID-19 hit, this vaccine biotech made an almost ...</p>\n\n<a href=\"https://www.fool.com/investing/2022/06/27/3-reasons-to-buy-novavax-and-1-to-sell/\">Source Link</a>\n\n</div>\n","source":"fool_stock","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>3 Reasons to Buy Novavax and 1 to Sell</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n3 Reasons to Buy Novavax and 1 to Sell\n</h2>\n\n<h4 class=\"meta\">\n\n\n2022-06-28 10:16 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.fool.com/investing/2022/06/27/3-reasons-to-buy-novavax-and-1-to-sell/><strong>Motley Fool</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Novavax is a pandemic stock. That's why it soared in 2020-21 when the world faced the worst pandemic since the influenza outbreak of 1918. When COVID-19 hit, this vaccine biotech made an almost ...</p>\n\n<a href=\"https://www.fool.com/investing/2022/06/27/3-reasons-to-buy-novavax-and-1-to-sell/\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"NVAX":"诺瓦瓦克斯医药"},"source_url":"https://www.fool.com/investing/2022/06/27/3-reasons-to-buy-novavax-and-1-to-sell/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2246803790","content_text":"Novavax is a pandemic stock. That's why it soared in 2020-21 when the world faced the worst pandemic since the influenza outbreak of 1918. When COVID-19 hit, this vaccine biotech made an almost impossible run, from a low of $4 a share all the way to $330.Now it's down to $50, and the company's market cap is under $4 billion. Is it a buy at these prices? Here are three arguments for buying Novavax stock and one reason for why you might want to avoid these shares.Image source: Getty Images.Green Flag #1: Huge revenue in 2022 plus profits!In the first quarter, Novavax reported its first profitable quarter as a public company, with $200 million in profits off of $700 million in sales. That's a huge step up for a biotech, which has been unprofitable since it hit the public markets way back in the 20th century (1995 to be exact).Novavax is a scrappy underdog that has survived for almost three decades without making any money. When Stan Erck arrived at the CEO slot in 2011, the company turned its focus toward vaccines to thwart pandemics. So if you're worried about severe acute respiratory syndrome (SARS), Novavax has discovered a potential vaccine for that. The biotech also has vaccine candidates in its pipeline for Ebola, malaria, Middle East respiratory syndrome (MERS), and influenza.None of those drugs have been approved yet (Novavax is still waiting for its first FDA approval), but all of this scientific research gave the small biotech a big advantage when it came to combating the new coronavirus that hit the world two years ago. Based on its research, Novavax was awarded a massive $399 million check from the Bill Gates-funded Coalition for Epidemic Preparedness Innovations (CEPI). It's still the largest grant CEPI has ever made.Novavax got an even bigger check from the U.S. government when Operation Warp Speed (OWS) pre-ordered 100 million doses of the company's COVID-19 vaccine and paid $1.6 billion in advance. Multiple governments around the world followed suit. So far, Novavax has received orders for 2 billion doses of its COVID-19 vaccine. Management estimates it will make over $4 billion in revenue in 2022 and maybe as much as $5 billion.Green Flag #2: The stock is cheap, and the opportunity massiveAt the end of Q1, Novavax reported $1.6 billion in cash. So right now, the stock is trading at less than three times cash. Its forward price-to-earnings (P/E) ratio is 1.6, and its price-to-sales (P/S) ratio is 1.8. This is incredibly cheap given how fast revenue is escalating. In Q1, the biotech delivered 42 million doses of the COVID vaccine to the European Union (EU), Canada, South Korea, Australia, New Zealand, and Indonesia.While 42 million is a lot, Novavax's massive roll-out has just begun. The company anticipates an Emergency Use Authorization (EUA) from American regulators this month. A few weeks ago, the FDA's advisory committee voted 21-0 that Novavax's vaccine should be available to the people of the United States. If and when the FDA follows the advice of its advisory committee, Novavax will be allowed to start shipping 110 million doses of vaccine in the U.S.While the stock market is waiting for the FDA's decision, most of Novavax's market opportunity is actually abroad. The company has already received authorizations to ship its vaccines to over 170 countries. This is huge for Novavax as the biotech has advance-purchase agreements for up to 430 million doses, or 10 times what it delivered in Q1.Green Flag #3: At least $7 billion in near-term revenueIf 42 million doses brought in $700 million in Q1, what will 430 million doses bring in? And note that these contracts are in many of the same places that were responsible for the Q1 revenue (EU, Canada, Australia, and New Zealand).While Novavax keeps its pricing data secret, these deals were made when the pandemic was at its worst. If the price points are similar, the company might pull in $7 billion from these contracts alone (some of this revenue will likely spill over into 2023). So management's estimate of $4 billion to $5 billion in revenues for 2022 seems very doable.What's remarkable is that this $7 billion does not include any revenue from the 110 million doses in the U.S.; nor does it include the 1.1 billion doses that Novavax is distributing to COVID-19 Vaccines Global Access (COVAX) as part of its CEPI obligations, nor another 400 million doses the company is distributing as part of licensing agreements in Asia. So to my mind, this back-of-the-envelope $7 billion calculation is a floor -- not a ceiling.Red Flag: Can Novavax deliver 2 billion doses?The big question for Novavax is not in regard to its science -- some observers call its vaccine best-in-class -- but rather the manufacturing issues which have dogged the tiny biotech. Novavax has signed multiple contracts with third-party sites to manufacture its COVID vaccine. So far, however, the only site that has been approved by regulators is the Serum Institute of India (the largest vaccine manufacturer in the world by volume). Some of the other manufacturing sites have been hampered by purity issues.It's these manufacturing difficulties that have caused a year-long delay in getting this vaccine to market in the U.S. Novavax's share price hit $330 in the days after the company released its amazing phase 3 data for its COVID vaccine in early 2021.  But after all the delays, the stock has seen a massive price drop to $50 a share, while Pfizer and Moderna have vaccinated most of the country.Nonetheless, I'm very bullish that Novavax will solve its manufacturing issues. The Serum Institute can and will produce a billion doses of the vaccine. (That's the manufacturer Novavax has relied on to get its EUAs around the world). And now additional manufacturing sites are approaching readiness. In April, the biotech submitted data from another highly regarded manufacturer, SK Bioscience, to European health authorities. And in Q2, Novavax will file data from its own manufacturing site in the Czech Republic. That state-of-the-art facility will ultimately manufacture another one billion doses a year for Novavax.What is the future for Novavax?The market, with its short-term dynamics, seems to think that COVID-19 is over. While I wish this were the case, I'm afraid it's highly unlikely. Since COVID mutates like flu viruses, many of us may well need to be vaccinated annually. COVID hospitalizations spiked dramatically in the winters of 2020 and 2021, so that is likely to happen this year too. Like the flu, the worst cases of COVID seem to be seasonal.In that regard, Novavax is in the lead in finding a flu/COVID combo vaccine. The company has already started clinical trials and will advance its candidate into a phase 2 trial later this year. Over the next year or two, I expect Novavax revenue to spike a lot higher. But the real gains will happen if and when Novavax is first to market with its COVID/flu combo shot.","news_type":1,"symbols_score_info":{"NVAX":1}},"isVote":1,"tweetType":1,"viewCount":2685,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9062329878,"gmtCreate":1652008928594,"gmtModify":1676535013001,"author":{"id":"3585981947031986","authorId":"3585981947031986","name":"RO8","avatar":"https://static.tigerbbs.com/1f744cb66900b3865c3ed1da7364ddce","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3585981947031986","idStr":"3585981947031986"},"themes":[],"htmlText":"Sharing&nbsp;","listText":"Sharing&nbsp;","text":"Sharing","images":[{"img":"https://community-static.tradeup.com/news/36665c190f76fcb63596db159e05532a","width":"1080","height":"2431"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9062329878","isVote":1,"tweetType":1,"viewCount":1776,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":9062320732,"gmtCreate":1652008810326,"gmtModify":1676535012993,"author":{"id":"3585981947031986","authorId":"3585981947031986","name":"RO8","avatar":"https://static.tigerbbs.com/1f744cb66900b3865c3ed1da7364ddce","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3585981947031986","idStr":"3585981947031986"},"themes":[],"htmlText":"NVAX&nbsp;","listText":"NVAX&nbsp;","text":"NVAX","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9062320732","repostId":"1117562991","repostType":4,"repost":{"id":"1117562991","kind":"news","pubTimestamp":1651978981,"share":"https://ttm.financial/m/news/1117562991?lang=en_US&edition=fundamental","pubTime":"2022-05-08 11:03","market":"us","language":"en","title":"Novavax: Don't Catch The Falling Knives","url":"https://stock-news.laohu8.com/highlight/detail?id=1117562991","media":"Seeking Alpha","summary":"SummaryNovavax is scheduled to report its Q1 earnings on May 9. Unfortunately, the situation in the ","content":"<html><head></head><body><p>Summary</p><ul><li>Novavax is scheduled to report its Q1 earnings on May 9. Unfortunately, the situation in the COVID-19 vaccines market has changed significantly. Now, we have an oversupply reality.</li><li>Yet, Novavax still does not have its EUA from the US FDA. Also, we think its revenue visibility for FY22-23 is at risk.</li><li>Therefore, we revise our rating on NVAX stock from Buy to Sell. Don&#39;t catch the falling knives from here.</li></ul><p>Investment Thesis</p><p>Novavax, Inc. (NASDAQ:NVAX) is slated to report its Q1 earnings on May 9, ahead of the FDA review of its EUAfor its COVID-19 vaccine. As a result, Novavax investors have been waiting for a considerable amount of time. Unfortunately, much has changed over the last few months since its FQ4 earnings call.</p><p>In April, Moderna (MRNA) highlighted that the world now has an oversupply of COVID-19 vaccines. It also added that COVAX declined to take up additional options for more vaccines. In its Q1 earnings call, it also highlighted that its FY22 COVID-19 vaccines guidance could be impacted &#34;if COVAX is unable to confirm demand aligned to their contracted volume in the 2022 calendar year.&#34;</p><p>Furthermore, Novavax&#39;s key manufacturing partner Serum Institute of India, reportedly suspended the production of COVID-19 vaccines back in December 2021. It highlighted that &#34;supply outpaced demand amid global vaccine glut.&#34;</p><p>As a result, NVAX stock investors should not be surprised that its stock has collapsed 83% from its 2021 highs. We were cautiously optimistic in a previous update, as it had managed to gain several EUAs outside of the US. However, we think the tide has turned significantly for Novavax.</p><p>Despite the significant battering in its price, we think the time has come for Novavax investors to use any rally in NVAX stock to cut exposure partially or fully.</p><p>As a result, we revise our rating on NVAX stock from Buy to Sell.</p><p>NVAX Stock Deserves Its Lower Valuation Multiples<img src=\"https://static.tigerbbs.com/03a4e51160f8b018f1c769d47982b446\" tg-width=\"640\" tg-height=\"384\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>NVAX stock NTM revenue multiples(TIKR)</p><p>NVAX stock last traded at an NTM revenue multiple of 0.8x. It was well below the valuations of its two leading mRNA counterparts, Moderna and BioNTech (BNTX) stock. We think the bifurcation is justified, given the proven commercial success of its mRNA peers&#39; vaccines. Furthermore, they have several pipelines developed on top of their proven mRNA platforms that should attract more confidence from biotech investors.</p><p>While Novavax keeps its investors on tenterhooks, Moderna and BioNTech have capitalized on its tardiness and dominated the COVID-19 vaccines market. So even though we recognized that Novavax&#39;s vaccine holds tremendous promise, it&#39;s simply too little too late.</p><p>Furthermore, the reality in The African Union and COVAX accentuated the waning demand for COVID-19 vaccines as they dealt with several challenges. Bloomberg reported that these &#34;lower-income countries left behind in the global rollout are now grappling with a lack of funds, hesitancy, supply-chain obstacles, and other factors that are hampering distribution.&#34; As a result, &#34;the vaccine landscape has changed drastically in recent months.&#34;</p><p>Notably, Pfizer (PFE) also declined to provide an update on FY23&#39;s visibility, despite reiterating its guidance for 2022. Therefore, we believe that the oversupply situation in 2022 would likely drag on further to 2023. As a result, Novavax&#39;s estimates for FY22-23 could have significant downside risks.</p><p>Novavax&#39;s Estimates Revised Downwards<img src=\"https://static.tigerbbs.com/fc50807c7a93b44fec42a8bb17d30faf\" tg-width=\"640\" tg-height=\"395\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>Novavax revenue consensus estimates(S&amp;P Capital IQ)</p><p>Hence, investors shouldn&#39;t be surprised that Novavax&#39;s revenue estimates have been revised downwards to reflect these uncertainties. The updated consensus estimates suggest the revenue bar that Novavax needs to clear in Q1 is $845.2M, down from March&#39;s estimates of $909.08M. However, the Street remains convinced that Novavax&#39;s revenue growth could gain momentum from Q2. Therefore, we believe that it&#39;s imperative for Novavax to reiterate or raise its previous FY22 guidance of $4.5B to assuage the market.</p><p>Nevertheless, we believe that the market remains uncertain over its guidance from FY23. As a result, we think the lack of visibility from its mRNA counterparts could continue to hamper NVAX stock momentum moving forward. Moreover, we believe it will be a tall order for management to communicate guidance beyond FY22, given the dynamics in the supply situation surrounding the COVID-19 vaccines.</p><p>Is NVAX Stock A Buy, Sell, Or Hold?<img src=\"https://static.tigerbbs.com/1fe89d7d4e0995b3b31ef612aa3733da\" tg-width=\"640\" tg-height=\"356\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>NVAX stock price chart(TradingView)</p><p>The bull trap in early 2021 proved prescient for investors who sold into that rally and took profit astutely. NVAX stock bagholders are now left with a mess as it broke below a critical support zone ($76) in April 2022. A recovery above that zone will be critical for NVAX stock to regain its support. Otherwise, it is increasingly likely that the stock is currently in free fall to an undetermined support level.</p><p>Therefore, we think the speculative run on NVAX stock has come to an abrupt end. Accordingly, we <i>revise our rating on NVAX stock from Buy to Sell</i>ahead of its Q1 card.</p></body></html>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Novavax: Don't Catch The Falling Knives</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\">\nNovavax: Don't Catch The Falling Knives\n</h2>\n\n<h4 class=\"meta\">\n\n\n2022-05-08 11:03 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://seekingalpha.com/article/4508330-novavax-falling-knive-stock-sell><strong>Seeking Alpha</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>SummaryNovavax is scheduled to report its Q1 earnings on May 9. Unfortunately, the situation in the COVID-19 vaccines market has changed significantly. Now, we have an oversupply reality.Yet, Novavax ...</p>\n\n<a href=\"https://seekingalpha.com/article/4508330-novavax-falling-knive-stock-sell\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"NVAX":"诺瓦瓦克斯医药"},"source_url":"https://seekingalpha.com/article/4508330-novavax-falling-knive-stock-sell","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1117562991","content_text":"SummaryNovavax is scheduled to report its Q1 earnings on May 9. Unfortunately, the situation in the COVID-19 vaccines market has changed significantly. Now, we have an oversupply reality.Yet, Novavax still does not have its EUA from the US FDA. Also, we think its revenue visibility for FY22-23 is at risk.Therefore, we revise our rating on NVAX stock from Buy to Sell. Don't catch the falling knives from here.Investment ThesisNovavax, Inc. (NASDAQ:NVAX) is slated to report its Q1 earnings on May 9, ahead of the FDA review of its EUAfor its COVID-19 vaccine. As a result, Novavax investors have been waiting for a considerable amount of time. Unfortunately, much has changed over the last few months since its FQ4 earnings call.In April, Moderna (MRNA) highlighted that the world now has an oversupply of COVID-19 vaccines. It also added that COVAX declined to take up additional options for more vaccines. In its Q1 earnings call, it also highlighted that its FY22 COVID-19 vaccines guidance could be impacted \"if COVAX is unable to confirm demand aligned to their contracted volume in the 2022 calendar year.\"Furthermore, Novavax's key manufacturing partner Serum Institute of India, reportedly suspended the production of COVID-19 vaccines back in December 2021. It highlighted that \"supply outpaced demand amid global vaccine glut.\"As a result, NVAX stock investors should not be surprised that its stock has collapsed 83% from its 2021 highs. We were cautiously optimistic in a previous update, as it had managed to gain several EUAs outside of the US. However, we think the tide has turned significantly for Novavax.Despite the significant battering in its price, we think the time has come for Novavax investors to use any rally in NVAX stock to cut exposure partially or fully.As a result, we revise our rating on NVAX stock from Buy to Sell.NVAX Stock Deserves Its Lower Valuation MultiplesNVAX stock NTM revenue multiples(TIKR)NVAX stock last traded at an NTM revenue multiple of 0.8x. It was well below the valuations of its two leading mRNA counterparts, Moderna and BioNTech (BNTX) stock. We think the bifurcation is justified, given the proven commercial success of its mRNA peers' vaccines. Furthermore, they have several pipelines developed on top of their proven mRNA platforms that should attract more confidence from biotech investors.While Novavax keeps its investors on tenterhooks, Moderna and BioNTech have capitalized on its tardiness and dominated the COVID-19 vaccines market. So even though we recognized that Novavax's vaccine holds tremendous promise, it's simply too little too late.Furthermore, the reality in The African Union and COVAX accentuated the waning demand for COVID-19 vaccines as they dealt with several challenges. Bloomberg reported that these \"lower-income countries left behind in the global rollout are now grappling with a lack of funds, hesitancy, supply-chain obstacles, and other factors that are hampering distribution.\" As a result, \"the vaccine landscape has changed drastically in recent months.\"Notably, Pfizer (PFE) also declined to provide an update on FY23's visibility, despite reiterating its guidance for 2022. Therefore, we believe that the oversupply situation in 2022 would likely drag on further to 2023. As a result, Novavax's estimates for FY22-23 could have significant downside risks.Novavax's Estimates Revised DownwardsNovavax revenue consensus estimates(S&P Capital IQ)Hence, investors shouldn't be surprised that Novavax's revenue estimates have been revised downwards to reflect these uncertainties. The updated consensus estimates suggest the revenue bar that Novavax needs to clear in Q1 is $845.2M, down from March's estimates of $909.08M. However, the Street remains convinced that Novavax's revenue growth could gain momentum from Q2. Therefore, we believe that it's imperative for Novavax to reiterate or raise its previous FY22 guidance of $4.5B to assuage the market.Nevertheless, we believe that the market remains uncertain over its guidance from FY23. As a result, we think the lack of visibility from its mRNA counterparts could continue to hamper NVAX stock momentum moving forward. Moreover, we believe it will be a tall order for management to communicate guidance beyond FY22, given the dynamics in the supply situation surrounding the COVID-19 vaccines.Is NVAX Stock A Buy, Sell, Or Hold?NVAX stock price chart(TradingView)The bull trap in early 2021 proved prescient for investors who sold into that rally and took profit astutely. NVAX stock bagholders are now left with a mess as it broke below a critical support zone ($76) in April 2022. A recovery above that zone will be critical for NVAX stock to regain its support. Otherwise, it is increasingly likely that the stock is currently in free fall to an undetermined support level.Therefore, we think the speculative run on NVAX stock has come to an abrupt end. Accordingly, we revise our rating on NVAX stock from Buy to Sellahead of its Q1 card.","news_type":1,"symbols_score_info":{"NVAX":0.9}},"isVote":1,"tweetType":1,"viewCount":1677,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9062320849,"gmtCreate":1652008738881,"gmtModify":1676535012993,"author":{"id":"3585981947031986","authorId":"3585981947031986","name":"RO8","avatar":"https://static.tigerbbs.com/1f744cb66900b3865c3ed1da7364ddce","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3585981947031986","idStr":"3585981947031986"},"themes":[],"htmlText":"Tesla","listText":"Tesla","text":"Tesla","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9062320849","repostId":"1131831539","repostType":4,"repost":{"id":"1131831539","kind":"news","pubTimestamp":1651980653,"share":"https://ttm.financial/m/news/1131831539?lang=en_US&edition=fundamental","pubTime":"2022-05-08 11:30","market":"us","language":"en","title":"Tesla: Overvalued By 85.26% And Not A Technology Company","url":"https://stock-news.laohu8.com/highlight/detail?id=1131831539","media":"Seeking Alpha","summary":"SummaryMake no mistake, Tesla is a phenomenal company that has accomplished the unthinkable as it broke through extreme barriers of entry to disrupt the auto industry.Just because Tesla is a successfu","content":"<html><head></head><body><p>Summary</p><ul><li>Make no mistake, Tesla is a phenomenal company that has accomplished the unthinkable as it broke through extreme barriers of entry to disrupt the auto industry.</li><li>Just because Tesla is a successful company that is causing automotive titans to change from combustible engines to EVs doesn&#39;t mean Tesla&#39;s stock is a good investment today.</li><li>100% of gross profit and net income is generated from the automotive sector as Tesla&#39;s other businesses lose money, making them an automobile manufacturing company, not a technology company.</li><li>I compared Tesla&#39;s metrics to the auto industry and big tech and the results are the same, Tesla&#39;s valuation is egregious.</li></ul><p>It&#39;s rare to find companies that have cult-like followings with loyalists willing to pay any price for its stock. The debate regarding Tesla, Inc.&#39;s (NASDAQ:TSLA) valuation continues to be a topic of conversation between the bulls and the bears. Oneside argues that TSLA&#39;s financial growth and future prospects, including FSD, insurance, and robotaxis, justify the current $902.12 billion valuations, while others argue that the current financials and cult-like following have led to a massive overvaluation in TSLA&#39;s stock.</p><p>I tip my hat to Elon Musk, as his accomplishments are second to none. When others called him crazy, Mr. Musk chose one of the hardest industries to compete in, started TSLA from the ground up, went to battle against the auto manufacturers, and succeeded. TSLA is one of the rare success stories that has truly shaped an industry, and the barriers of entry that were overcome are astonishing. TSLA didn&#39;t have the capital, manufacturing, credibility, or the infrastructure that its competitors did, yet they found a way to succeed. If the odds weren&#39;t enough which TSLA faced, they accomplished their goals without a combustible engine and pioneered an entirely new sector within the automotive industry.</p><p>Just because TSLA is a great company, it doesn&#39;t mean TSLA has a great stock, or it isn&#39;t overvalued. I am not bearish on TSLA the company because I believe they still have a long runway of growth ahead of them, but I am bearish on the valuation. Prior to leaving a comment on why I am wrong, please read the article and think about the metrics I am citing; then, I will happily discuss any viewpoints about the analysis.</p><p><b>Tesla Vs. The World In The Automotive Sector</b></p><p>It feels like TSLA vs. the world whenever TSLA is discussed. Discussing who makes a better automobile is a matter of opinion, and everyone is correct because it&#39;s their opinion. If person A thinks TSLA makes the best car and person B thinks Mercedes Benz makes the best car, they are both correct. Debating over this is pointless, so let&#39;s look at the raw numbers.</p><p>TSLA has a larger market cap than the combination ofToyota(TM),Volkswagen(OTCPK:VWAGY),Daimler(OTCPK:DDAIF),BMW(OTCPK:BMWYY),General Motors(GM),Ford(F),Honda(HMC),Ferrari(RACE),Nissan(OTCPK:NSANY),Subaru(OTCPK:FUJHY),Volvo(OTCPK:VOLAF), andMazda(OTCPK:MZDAY). TSLA&#39;s market cap is currently $986.92 billion, while the combination of these 12 companies is $777.41 billion.</p><p><img src=\"https://static.tigerbbs.com/ff930d2442bf282c1bd880cca408eb94\" tg-width=\"640\" tg-height=\"327\" referrerpolicy=\"no-referrer\"/></p><p>Steven Fiorillo</p><p>The P/S ratio is often cited to justify the valuation. The combination of TM, VWAGY, DDAIF, BMWYY, GM, F, HMC, RACE, NSANY, FUJHY, VOLAF, and MZDAY has generated $1.38 trillion in revenue over the TTM, putting their P/S at 0.56, while TSLA has generated $62.19 billion in revenue and has a 15.87 P/S.</p><p><img src=\"https://static.tigerbbs.com/c9b9661fde232925a758c38fd2e93f36\" tg-width=\"640\" tg-height=\"330\" referrerpolicy=\"no-referrer\"/></p><p>Steven Fiorillo, Seeking Alpha</p><p>As a combined entity, these 12 companies have generated $118.29 billion in net income, while TSLA has produced $8.4 billion.</p><p><img src=\"https://static.tigerbbs.com/d25806eb839eb9ca2b4ef3c24218048c\" tg-width=\"640\" tg-height=\"330\" referrerpolicy=\"no-referrer\"/></p><p>Steven Fiorillo, Seeking Alpha</p><p>TSLA is a great company, but its current valuation has become overly inflated. TSLA&#39;s market cap is $209.52 billion larger than these 12 auto manufacturers, yet the combination of the 12 auto manufacturers generates $1.32 trillion more in revenue and $109.89 billion more in net income.</p><p><img src=\"https://static.tigerbbs.com/a1b686de4009ca733ff9651ce0d9fcaf\" tg-width=\"640\" tg-height=\"348\" referrerpolicy=\"no-referrer\"/></p><p>Steven Fiorillo, Seeking Alpha</p><p>Looking at the market caps, one would assume that TSLA has a dominant majority over its competitors in auto sales within the U.S. According to the2021 data, TSLA sold 2.02% of all vehicles in the U.S. TSLA&#39;s market cap reflects a level of dominance that is non-existent.</p><p>Realistically, TSLA will have a hard time disrupting the sector further due to the price point of their vehicles. The reality is that, unless TSLA can sell a car that rivals a Honda or Toyota, doubling its market share is going to be a daunting task. It&#39;s just math. TSLA doesn&#39;t have a product for the masses, and while it may continue to grow in the luxury segment, the amount of growth that can be achieved is limited due to the pricing power of the consumer.</p><p><img src=\"https://static.tigerbbs.com/442ffe151dd83bc524785857925f9797\" tg-width=\"640\" tg-height=\"227\" referrerpolicy=\"no-referrer\"/></p><p>www.goodcarbadcar.net</p><p><b>Tesla Isn&#39;t A Technology Company And Shouldn&#39;t Be Valued As One</b></p><p>The valuation rebuttal has always been that TSLA isn&#39;t an automobile company, rather, it&#39;s a technology company.</p><p><img src=\"https://static.tigerbbs.com/bbc9ccb2cb8a0e7d40804db24e183214\" tg-width=\"640\" tg-height=\"341\" referrerpolicy=\"no-referrer\"/></p><p>Tesla</p><p>Page 23 ofTSLA&#39;s Q1 2022 slide deck from their earnings call is their statement of operations. Once again, 100% of TSLA&#39;s gross profit and net income are derived from automobiles. Energy generation and storage lose money as it generates $616 million in revenue while the cost of this revenue is $688 million. The same goes for Services and others, as this segment generates $1.279 billion in revenue while the cost of this revenue is $1.286 billion. This doesn&#39;t even factor in operating expenses.</p><p>TSLA manufacturers state of the art automobiles, but this doesn&#39;t classify them as a technology company, nor should they be classified as one. Since this is always the rebuttal and technology companies trade at larger earnings multiples, I will compare TSLA to Apple (AAPL), Microsoft (MSFT), Amazon (AMZN), Alphabet (GOOG) (GOOGL), and Meta Platforms (FB) and illustrate why TSLA is still drastically overvalued if the market was still to provide it with a tech multiple.</p><p>Prior to the comparisons, I want to frame the analysis by providing each company&#39;s market cap:</p><ul><li>AAPL $2.69 Trillion</li><li>MSFT $2.17 Trillion</li><li>GOOGL $1.62 Trillion</li><li>AMZN $1.28 Trillion</li><li>TSLA $986.92 Billion</li><li>FB $604.62 Billion</li></ul><p>I am going to start with growth because this is always the key metric bulls point out. Since the close of 2018, which is 3.25 fiscal years, TSLA has grown its revenue from $21.46 billion to $62.19 billion.</p><p>This is absolutely remarkable, but it doesn&#39;t place TSLA in the upper epsilon of technology companies. Over the same period, FB grew its revenue by $63.83 billion, which is more than what TSLA produced in the TTM. FB grew its revenue by more than what TSLA produces and generates just about double the revenue ($119.67 billion), yet TSLA has a larger market cap. For everyone who has used growth as their investment premise, FB having a market cap that&#39;s $382.30 less than TSLA nullifies that aspect of the bull thesis. AMZN&#39;s market cap is only $294.33 billion larger than TSLA, yet they generated $477.75 billion in revenue and grew their revenue by $341.76 billion in this period. Using revenue growth for TSLA doesn&#39;t support the valuation.</p><p><img src=\"https://static.tigerbbs.com/3c0fbd4eb93f026c4575ee8f77f53e4b\" tg-width=\"640\" tg-height=\"396\" referrerpolicy=\"no-referrer\"/></p><p>Steven Fiorillo, Seeking Alpha</p><p>Next, I will turn to profits because, at the end of the day, businesses are in the business of making money. Once again, TSLA has done a fantastic job of monetizing its business and, in 3.25 short years, has gone from losing -$976 million to make $8.4 billion in the TTM for an increase of $9.38 billion. FB has produced $37.34 billion in profit in the TTM, and its net income grew by $15.23 billion over this period. Using growth doesn&#39;t support the valuation when FB has a market cap that&#39;s $382.30 less than TSLA and grew its profits in this period by almost double what TSLA has generated in the TTM.</p><p><img src=\"https://static.tigerbbs.com/c9716477607711ee0b6d4f77eb24c890\" tg-width=\"640\" tg-height=\"382\" referrerpolicy=\"no-referrer\"/></p><p>Steven Fiorillo, Seeking Alpha</p><p>The new metric bulls are using in their thesis is TSLA&#39;s free cash flow (FCF). Once again, TSLA has done an excellent job, going from -$221 million of FCF in 2018 to $6.93 billion of FCF in the TTM. Many companies would love to grow their annual FCF by $7.15 billion over a 3.25-year period, and this should be applauded.</p><p>Let&#39;s look at FB once again, since TSLA&#39;s valuation isn&#39;t based on its core segment as an automobile manufacturer. FB has grown its FCF over the previous 3.25 years by $23.45 billion, more than 3x TSLA&#39;s growth, and has generated $39.81 billion of FCF in the TTM. FB generated roughly 5.75x more FCF than TSLA and grew its FCF by more than 3x what TSLA produces, yet FB has a market cap that&#39;s almost $400 billion less than TSLA. Growth within the financials does not support TSLA&#39;s valuation, which is a breath away from $1 trillion.</p><p><img src=\"https://static.tigerbbs.com/902a7074eda9e8f2f2765e0833423d2c\" tg-width=\"640\" tg-height=\"373\" referrerpolicy=\"no-referrer\"/></p><p>Steven Fiorillo, Seeking Alpha</p><p>Today you&#39;re paying a 113.81 P/E for TSLA. Paying a larger multiple for a company that&#39;s growing its earnings quickly is normal, but TSLA isn&#39;t growing by larger amounts than FB, and FB trades at a 16.66 P/E. I have seen TSLA bulls justify the P/E because of TSLA&#39;s growth factor, but this doesn&#39;t hold up when FB has grown by larger amounts from larger starting positions and has a P/E that&#39;s a fraction of TSLA. Look at AAPL, which is the largest company in the world. AAPL has grown its net income by $56.25 billion and its FCF by $52.3 billion over the past 3.25 years, and its P/E is 26.78. People are blindly paying any multiple the market places on TSLA.</p><p><img src=\"https://static.tigerbbs.com/75168f6e39ced721cf0c53d78481a983\" tg-width=\"614\" tg-height=\"335\" referrerpolicy=\"no-referrer\"/>TSLA is trading at a 15.38 P/S. The justification for this multiple is difficult to defend while AMZN trades at a P/S of 11.31. AMZN&#39;s revenue grew by $341.76 billion over the past 3.25 years while TSLA grew their revenue by $40.73 billion. Instead of an absolute basis, looking at this from a percentage aspect, TSLA grew its revenue by 189.78%, while AMZN&#39;s grew by 251.32%. The P/S ratio is not a supporting valuation metric as TSLA is trading at a larger multiple than AMZN yet produced $301.03 billion less in revenue growth compared to AMZN. At the very least, TSLA should trade at a lower P/S multiple than AMZN considering their revenue growth was a fraction of AMZN&#39;s.</p><p><img src=\"https://static.tigerbbs.com/aad00a6c490808962705a1a2dae45cfe\" tg-width=\"608\" tg-height=\"338\" referrerpolicy=\"no-referrer\"/>TSLA has done an excellent job monetizing its revenue, delivering exceptional margins, and generating FCF. Now that TSLA is generating billions in FCF, it&#39;s been inserted into the bull thesis. FCF is a measure of profitability that excludes the non-cash expenses of the income statement and includes spending on equipment and assets as well as changes in working capital from the balance sheet. FCF could be the most underrated and most important financial metric to look at, as this is the pool of capital that companies can utilize to repay debt, pay dividends, buy back shares, make acquisitions, or reinvest in the business.</p><p>Every investment is the present value of all future cash flow. This is why investors look at the price to FCF valuation. Investors want to pay the cheapest multiple for a company&#39;s FCF. Today, you&#39;re paying 142.52x TSLA&#39;s FCF. Going back to the FCF section, TSLA grew its FCF by $7.15 billion over the past 3.25 years. FB generated $23.45 billion of FCF in this period, which is 3x the amount TSLA grew, yet FB is trading at a 15.19x multiple on price to FCF.</p><p>Why on earth would you want to pay 142.52x for TSLA&#39;s FCF when you could pay 15.19x for FB, which is growing their FCF by more than 3x the amount that TSLA is growing by? How about AAPL? AAPL grew its FCF by $52.3 billion and trades at a 25.4x price to FCF. If I exclude FB for a moment, should TSLA trade at a larger FCF multiple than GOOGL, which has grown its FCF by $46.15 billion over the past 3.25 years? My answer is no because there is no guarantee that TSLA will ever generate $46.15 billion in annual FCF, let alone the $68.99 billion in FCF that GOOGL generates.</p><p>So what is a fair price to FCF multiple for TSLA? I don&#39;t believe TSLA has earned the right to trade at the same multiples as the rest of big tech considering the levels of FCF they produce. If I stick with the methodology that FB is egregiously undervalued, then TSLA should trade above 15.19x its FCF but lower than the 23.42x multiple GOOGL trades at.</p><p>I don&#39;t want to be overly bearish, so I will place a 21x multiple on TSLA&#39;s FCF, which is more than fair considering big tech metrics. A 21x multiple on TSLA&#39;s FCF puts its market cap at $145.43 billion, which is -85.26% from its current market cap of $986.92 billion. It&#39;s just math, and if TSLA is going to be valued as a technology company, it needs to be compared to the technology companies with similar market caps.</p><p>At the very least, there isn&#39;t a single reason why TSLA&#39;s market cap is larger than FB&#39;s. There isn&#39;t a single metric that TSLA beats FB in. Based on FB&#39;s valuation, if TSLA traded at the same FCF multiple, it would have a market cap of $105.19 billion.</p><p><img src=\"https://static.tigerbbs.com/b81a61d60d9ec098276569cc4a501da0\" tg-width=\"627\" tg-height=\"341\" referrerpolicy=\"no-referrer\"/>TSLA has a gross profit margin of 27.1% ($16.85b / $62.19b) and a profit margin of 13.51% ($8.4b / $62.19b). FB has a gross profit margin of 80.34% ($96.14b / $119.67b) and a profit margin of 31.2% ($37.34b / $119.67b). FB has much wider margins and is growing its revenue by larger amounts. This reinforces my methodology as to why TSLA is grossly overvalued. GOOGL has a gross profit margin of 56.93% ($153.9b / $270.33b) and a profit margin of 27.57% ($74.54b / $270.33b).</p><p>The chances are incredibly slim that TSLA can double its profit margin to be within striking distance of GOOGL&#39;s. TSLA should not trade at a larger FCF, P/E, or P/S multiple than FB or GOOGL. While the market would indicate that I am wrong today, eventually, the hype will wear off, and TSLA will trade at a realistic valuation.</p><p><b>TSLA&#39;s Future Catalysts Have A Long Way To Go Before Impacting Its Bottom Line</b></p><p>There are three main catalysts people discuss, which include insurance, robotaxis, and FSD.TSLA offers insurance using real-time driving behavior. This is currently available to all Model S, Model 3, Model X, and Model Y owners. The catch is that it&#39;s only available in Arizona, Colorado, Illinois, Ohio, Oregon, Texas, and Virginia as of now.</p><p>TSLA uses a safety rating score to determine the monthly premium for its vehicles. At the largest premium of $130/mo, this would be $1,560 per year. If TSLA converted 100% of their U.S sales in 2021 as an insurance customer, which I think could be possible if TSLA insurance was available in every state, it would have generated $471.12 million in revenue.</p><p>We have no idea what the margins would have been, but if the margin was 50%, it would have been an additional $235.56 million in net income in 2021. While this is nothing to sneeze at, an additional $235.56 million in net income hardly moves the needle. This could be a $1 billion top-line revenue segment in the future, but with availability in only 7 states, insurance&#39;s $1 billion revenue mark is a long way away.</p><p><img src=\"https://static.tigerbbs.com/e86de6232b9abf7cee46a9607eb09741\" tg-width=\"640\" tg-height=\"326\" referrerpolicy=\"no-referrer\"/></p><p>Tesla</p><p>Next,FSD, for which TSLA has created two subscription models, a $99/mo price point and a $199/mo price point. The problem with FSD is that it doesn&#39;t make the vehicle fully autonomous, and you still need a driver to be attentive and alert. While I am not arguing that TSLA&#39;s FSD isn&#39;t leaps and bounds ahead of the competition, the problem is that it&#39;s not exactly a self-driving car.</p><p>The questions around legality and where you can use it pop into my head, and how many of TSLA&#39;s drivers opt for this upgrade. Until there is clear legislation and the technology advances to where vehicles can fully drive a person from point A to B while that person takes a nap or reads, I have a hard time believing enough TSLA owners will spend the extra $199/mo on FSD. If there is somewhere where TSLA produces the numbers about how many owners opt for this package, please let me know, and I will crunch the numbers.</p><p>Which Features Come With My Subscription?</p><blockquote>The FSD capability features you receive are based on your configuration and location. Not all features are available in all markets, and features are subject to change.Learn more about Autopilot and Full Self-Driving capability features.</blockquote><blockquote><i>Note: These features are designed to become more capable over time; however the currently enabled features do not make the vehicle autonomous. The currently enabled features require a fully attentive driver, who has their hands on the wheel and is prepared to take over at any moment.</i></blockquote><p>The last catalyst is Robotaxis which many have commented on in my articles before. We&#39;re so far off on Robotaxis that this can&#39;t be considered in TSLA&#39;s upcoming revenue. I would think major legislation would be needed for Robotaxis to exist, and there is no telling how many years away we are from this.</p><p>Also, what is the percentage of TSLA owners that would actually allow their vehicle to be used as a Robotaxi? Depending on what the profitability is, I can see people buying TSLAs to enroll them in this program, but, once again, we need to see the economics behind it. I know I am just one opinion, but I would never enroll one of my cars into a robotaxi program because I don&#39;t want other people that I don&#39;t know in my car. I would think there are many others that have similar viewpoints.</p><p>The real upcoming catalysts are future revenue growth and entering the Chinese market. In 2021 TSLA grew its YoY revenue by 70.67%, and their off to a great start after Q1 2022. Only time will tell what type of growth rate TSLA can maintain, but too many people are assuming that TSLA will obliterate the competition. Over the next several years, we could see TSLA&#39;s growth rate become significantly reduced as more luxury operators put EVs on the road.</p><p>At TSLA&#39;s current margins, they would need to increase their revenue by 444.55% to $276.47 billion to produce the same amount of net income ($37.34b) that FB produces today at their current 13.51% profit margin. Maybe TSLA can get there in the future, but why should TSLA be valued at almost $1 trillion today, considering not a single metric of theirs is similar to FB or GOOGL, and TSLA&#39;s growth across any of the sectors isn&#39;t larger than FB or GOOGL?</p><p><b>Tesla Continues To Dilute Shareholders, And Almost No Shareholders Care</b></p><p>Dilution kills shareholder value. Look, I am a shareholder of TSLA, and I hate that my shares continue to be diluted. These numbers are split-adjusted that I am using. Over the past decade,TSLA has diluted its shares by 80.93%. This is horrible compared to big tech, yet investors can&#39;t buy enough TSLA shares. TSLA finished 2012 with 572.6 million shares and, as of its last filing, had increased its outstanding shares to 1.036 billion shares.</p><p>This is the equivalent of me taking a pizza, and instead of giving you a slice, cutting another 6.5 slices, then giving you one. The pizza represents TSLA, the company, and they basically turned an 8-slice pie into a 14.5-slice pie, reducing shareholder&#39;s ownership and the amount of equity, revenue, and EPS our shares represent.</p><p>If you want to see what a true shepherd of shareholder value looks like, turn to AAPL. In 2012 AAPL had 26.3 billion shares outstanding. Over the past decade, AAPL has repurchased 10.09 billion shares, reducing its outstanding shares by 38.37%. Every quarter, AAPL is buying back shares and increasing the ownership its shares represent. TSLA, on the other hand, continues to dilute shareholders by increasing shares YOY.</p><p><b>I Could Be Completely Wrong, And Tesla Could Continue Growing At These Rates</b></p><p>TSLA&#39;s vehicle deliveries continue to outpace its growing production. YoY TSLA&#39;s deliveries increased by 68% in Q1, adding 125,171 delivered vehicles to its customers. TSLA just began Model Y deliveries from the Austin facility, and production at the Gigafactory in Berlin started in March of 2022. TSLA&#39;s Shanghai facility had strong production rates prior to the spike in COVID that resulted in temporary shutdowns. TSLA isn&#39;t just focusing on the U.S, they have Europe and China in their sights.</p><p>EVs accounted for 488,000 sales in the U.S for 2021, and the previous projection was that EVs would account for 670,000 units sold in 2022. Oil has hovered around $100 per barrel and could render the previous projections of 37% increased EV sales domestically for 2022 conservative. TSLA is in a prime position to capitalize on this trend. In 2021 TSLA vehicles accounted for 61.89% of EVs sold in the U.S (301,998 / 488,000).</p><p>Hypothetically, if the previous projection of 670,000 EV sales for 2022 is accurate and TSLA maintains its current margin, they would sell 414,628 vehicles throughout the U.S in 2022. If gas prices do alter the decision-making process when deciding between a combustible engine or an EV, then TSLA could continue surprising the market with QoQ earnings beats.</p><p>The U.S has a national goal of reaching 50% of domestic auto sales coming from EVs. In 2021, EVs accounted for 3.26% of total sales in the U.S auto market. Based on U.S auto sales in 2021, annual EV sales would need to grow by 6,989,403 to reach a 50% EV to combustible engine ratio. Hypothetically if U.S auto sales stayed flat but EVs reached 50% of the market in 2030 they would sell 7,477,403 vehicles. If TSLA&#39;s dominance in the EV sector was to drop from 61.89% to 15% due to increased competition, they would generate 1,121,610 in sales compared to 301,998 in 2021. When you add in Europe and China, TSLA certainly has the ability to become a top auto manufacturer by sales next decade.</p><p>Bulls aren&#39;t incorrect to be excited about TSLA. The world is moving toward EVs, and TSLA is the crème de la crème. As I said in the beginning, I am bullish about TSLA&#39;s future prospects, but I think the valuation today is overinflated. Nobody can predict the future, but I have no doubt that TSLA will continue to grow its sales YoY.</p><p>The question becomes, how much growth will they be able to achieve YoY? In 2021, TM generated $226.48 billion of revenue and, based on the future of EVs, TSLA certainly could achieve this level of revenue in the future. Based on TSLA&#39;s current 13.51% profit margin, if they achieved TM&#39;s level of revenue, they would generate $30.59 billion of net income, which would definitely make today&#39;s valuation look more realistic.</p><p><img src=\"https://static.tigerbbs.com/93c9176fa9bebc2c940e038cafd23229\" tg-width=\"603\" tg-height=\"631\" referrerpolicy=\"no-referrer\"/></p><p>Tesla</p><p><b>Conclusion</b></p><p>You&#39;re probably wondering how I can be a shareholder and be a bear on TSLA&#39;s valuation at the same time. It&#39;s simple; my wife bought shares of TSLA, which makes me a shareholder. My stance has always been bullish on the company and bearish on the valuation. What Elon Musk and the team at TSLA has accomplished is astonishing, and they deserve nothing but respect.</p><p>Keep in mind a company and a company&#39;s stock are two separate things. TSLA continues to dilute shareholders, and they and the market are valuing TSLA as if it&#39;s FB or GOOGL. TSLA is not a technology company; it&#39;s an automobile company, as the automotive segments drive 100% of its gross revenue and net income.</p><p>TSLA is trading at a P/E of 113.81, a P/S of 15.38, and a 142.52x multiple on its FCF. The numbers are drastically inflated as TSLA has no business trading at a larger P/S multiple than AMZN, which trades at 11.31 P/S when it has grown its revenue by $341.76 billion over the previous 3.25 years compared to TSLA&#39;s $40.73 billion of revenue growth. TSLA has generated $6.93 billion in FCF over the TTM, while Mr. Market has placed a 142.52x multiple on TSLA due to $7.15 billion FCF growth over the past 3.25 years. FB trades at a 15.19x FCF multiple while growing FCF by $23.45 billion over this period which is more than 3x what TSLA has generated in the TTM.</p><p>With FB trading at 15.19x FCF, GOOGL at 23.42x FCF, and AAPL at 25.4x FCF, it&#39;s hard to justify any number above 20x for TSLA. I think a 21x FCF multiple is generous and that places TSLA at a market cap of $145.43 billion, which is -85.26% from its current market cap of $986.92 billion.</p></body></html>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Tesla: Overvalued By 85.26% And Not A Technology Company</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nTesla: Overvalued By 85.26% And Not A Technology Company\n</h2>\n\n<h4 class=\"meta\">\n\n\n2022-05-08 11:30 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://seekingalpha.com/article/4507535-tesla-overvalued-by-85-26-percent-and-not-a-technology-company><strong>Seeking Alpha</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>SummaryMake no mistake, Tesla is a phenomenal company that has accomplished the unthinkable as it broke through extreme barriers of entry to disrupt the auto industry.Just because Tesla is a ...</p>\n\n<a href=\"https://seekingalpha.com/article/4507535-tesla-overvalued-by-85-26-percent-and-not-a-technology-company\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"TSLA":"特斯拉"},"source_url":"https://seekingalpha.com/article/4507535-tesla-overvalued-by-85-26-percent-and-not-a-technology-company","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1131831539","content_text":"SummaryMake no mistake, Tesla is a phenomenal company that has accomplished the unthinkable as it broke through extreme barriers of entry to disrupt the auto industry.Just because Tesla is a successful company that is causing automotive titans to change from combustible engines to EVs doesn't mean Tesla's stock is a good investment today.100% of gross profit and net income is generated from the automotive sector as Tesla's other businesses lose money, making them an automobile manufacturing company, not a technology company.I compared Tesla's metrics to the auto industry and big tech and the results are the same, Tesla's valuation is egregious.It's rare to find companies that have cult-like followings with loyalists willing to pay any price for its stock. The debate regarding Tesla, Inc.'s (NASDAQ:TSLA) valuation continues to be a topic of conversation between the bulls and the bears. Oneside argues that TSLA's financial growth and future prospects, including FSD, insurance, and robotaxis, justify the current $902.12 billion valuations, while others argue that the current financials and cult-like following have led to a massive overvaluation in TSLA's stock.I tip my hat to Elon Musk, as his accomplishments are second to none. When others called him crazy, Mr. Musk chose one of the hardest industries to compete in, started TSLA from the ground up, went to battle against the auto manufacturers, and succeeded. TSLA is one of the rare success stories that has truly shaped an industry, and the barriers of entry that were overcome are astonishing. TSLA didn't have the capital, manufacturing, credibility, or the infrastructure that its competitors did, yet they found a way to succeed. If the odds weren't enough which TSLA faced, they accomplished their goals without a combustible engine and pioneered an entirely new sector within the automotive industry.Just because TSLA is a great company, it doesn't mean TSLA has a great stock, or it isn't overvalued. I am not bearish on TSLA the company because I believe they still have a long runway of growth ahead of them, but I am bearish on the valuation. Prior to leaving a comment on why I am wrong, please read the article and think about the metrics I am citing; then, I will happily discuss any viewpoints about the analysis.Tesla Vs. The World In The Automotive SectorIt feels like TSLA vs. the world whenever TSLA is discussed. Discussing who makes a better automobile is a matter of opinion, and everyone is correct because it's their opinion. If person A thinks TSLA makes the best car and person B thinks Mercedes Benz makes the best car, they are both correct. Debating over this is pointless, so let's look at the raw numbers.TSLA has a larger market cap than the combination ofToyota(TM),Volkswagen(OTCPK:VWAGY),Daimler(OTCPK:DDAIF),BMW(OTCPK:BMWYY),General Motors(GM),Ford(F),Honda(HMC),Ferrari(RACE),Nissan(OTCPK:NSANY),Subaru(OTCPK:FUJHY),Volvo(OTCPK:VOLAF), andMazda(OTCPK:MZDAY). TSLA's market cap is currently $986.92 billion, while the combination of these 12 companies is $777.41 billion.Steven FiorilloThe P/S ratio is often cited to justify the valuation. The combination of TM, VWAGY, DDAIF, BMWYY, GM, F, HMC, RACE, NSANY, FUJHY, VOLAF, and MZDAY has generated $1.38 trillion in revenue over the TTM, putting their P/S at 0.56, while TSLA has generated $62.19 billion in revenue and has a 15.87 P/S.Steven Fiorillo, Seeking AlphaAs a combined entity, these 12 companies have generated $118.29 billion in net income, while TSLA has produced $8.4 billion.Steven Fiorillo, Seeking AlphaTSLA is a great company, but its current valuation has become overly inflated. TSLA's market cap is $209.52 billion larger than these 12 auto manufacturers, yet the combination of the 12 auto manufacturers generates $1.32 trillion more in revenue and $109.89 billion more in net income.Steven Fiorillo, Seeking AlphaLooking at the market caps, one would assume that TSLA has a dominant majority over its competitors in auto sales within the U.S. According to the2021 data, TSLA sold 2.02% of all vehicles in the U.S. TSLA's market cap reflects a level of dominance that is non-existent.Realistically, TSLA will have a hard time disrupting the sector further due to the price point of their vehicles. The reality is that, unless TSLA can sell a car that rivals a Honda or Toyota, doubling its market share is going to be a daunting task. It's just math. TSLA doesn't have a product for the masses, and while it may continue to grow in the luxury segment, the amount of growth that can be achieved is limited due to the pricing power of the consumer.www.goodcarbadcar.netTesla Isn't A Technology Company And Shouldn't Be Valued As OneThe valuation rebuttal has always been that TSLA isn't an automobile company, rather, it's a technology company.TeslaPage 23 ofTSLA's Q1 2022 slide deck from their earnings call is their statement of operations. Once again, 100% of TSLA's gross profit and net income are derived from automobiles. Energy generation and storage lose money as it generates $616 million in revenue while the cost of this revenue is $688 million. The same goes for Services and others, as this segment generates $1.279 billion in revenue while the cost of this revenue is $1.286 billion. This doesn't even factor in operating expenses.TSLA manufacturers state of the art automobiles, but this doesn't classify them as a technology company, nor should they be classified as one. Since this is always the rebuttal and technology companies trade at larger earnings multiples, I will compare TSLA to Apple (AAPL), Microsoft (MSFT), Amazon (AMZN), Alphabet (GOOG) (GOOGL), and Meta Platforms (FB) and illustrate why TSLA is still drastically overvalued if the market was still to provide it with a tech multiple.Prior to the comparisons, I want to frame the analysis by providing each company's market cap:AAPL $2.69 TrillionMSFT $2.17 TrillionGOOGL $1.62 TrillionAMZN $1.28 TrillionTSLA $986.92 BillionFB $604.62 BillionI am going to start with growth because this is always the key metric bulls point out. Since the close of 2018, which is 3.25 fiscal years, TSLA has grown its revenue from $21.46 billion to $62.19 billion.This is absolutely remarkable, but it doesn't place TSLA in the upper epsilon of technology companies. Over the same period, FB grew its revenue by $63.83 billion, which is more than what TSLA produced in the TTM. FB grew its revenue by more than what TSLA produces and generates just about double the revenue ($119.67 billion), yet TSLA has a larger market cap. For everyone who has used growth as their investment premise, FB having a market cap that's $382.30 less than TSLA nullifies that aspect of the bull thesis. AMZN's market cap is only $294.33 billion larger than TSLA, yet they generated $477.75 billion in revenue and grew their revenue by $341.76 billion in this period. Using revenue growth for TSLA doesn't support the valuation.Steven Fiorillo, Seeking AlphaNext, I will turn to profits because, at the end of the day, businesses are in the business of making money. Once again, TSLA has done a fantastic job of monetizing its business and, in 3.25 short years, has gone from losing -$976 million to make $8.4 billion in the TTM for an increase of $9.38 billion. FB has produced $37.34 billion in profit in the TTM, and its net income grew by $15.23 billion over this period. Using growth doesn't support the valuation when FB has a market cap that's $382.30 less than TSLA and grew its profits in this period by almost double what TSLA has generated in the TTM.Steven Fiorillo, Seeking AlphaThe new metric bulls are using in their thesis is TSLA's free cash flow (FCF). Once again, TSLA has done an excellent job, going from -$221 million of FCF in 2018 to $6.93 billion of FCF in the TTM. Many companies would love to grow their annual FCF by $7.15 billion over a 3.25-year period, and this should be applauded.Let's look at FB once again, since TSLA's valuation isn't based on its core segment as an automobile manufacturer. FB has grown its FCF over the previous 3.25 years by $23.45 billion, more than 3x TSLA's growth, and has generated $39.81 billion of FCF in the TTM. FB generated roughly 5.75x more FCF than TSLA and grew its FCF by more than 3x what TSLA produces, yet FB has a market cap that's almost $400 billion less than TSLA. Growth within the financials does not support TSLA's valuation, which is a breath away from $1 trillion.Steven Fiorillo, Seeking AlphaToday you're paying a 113.81 P/E for TSLA. Paying a larger multiple for a company that's growing its earnings quickly is normal, but TSLA isn't growing by larger amounts than FB, and FB trades at a 16.66 P/E. I have seen TSLA bulls justify the P/E because of TSLA's growth factor, but this doesn't hold up when FB has grown by larger amounts from larger starting positions and has a P/E that's a fraction of TSLA. Look at AAPL, which is the largest company in the world. AAPL has grown its net income by $56.25 billion and its FCF by $52.3 billion over the past 3.25 years, and its P/E is 26.78. People are blindly paying any multiple the market places on TSLA.TSLA is trading at a 15.38 P/S. The justification for this multiple is difficult to defend while AMZN trades at a P/S of 11.31. AMZN's revenue grew by $341.76 billion over the past 3.25 years while TSLA grew their revenue by $40.73 billion. Instead of an absolute basis, looking at this from a percentage aspect, TSLA grew its revenue by 189.78%, while AMZN's grew by 251.32%. The P/S ratio is not a supporting valuation metric as TSLA is trading at a larger multiple than AMZN yet produced $301.03 billion less in revenue growth compared to AMZN. At the very least, TSLA should trade at a lower P/S multiple than AMZN considering their revenue growth was a fraction of AMZN's.TSLA has done an excellent job monetizing its revenue, delivering exceptional margins, and generating FCF. Now that TSLA is generating billions in FCF, it's been inserted into the bull thesis. FCF is a measure of profitability that excludes the non-cash expenses of the income statement and includes spending on equipment and assets as well as changes in working capital from the balance sheet. FCF could be the most underrated and most important financial metric to look at, as this is the pool of capital that companies can utilize to repay debt, pay dividends, buy back shares, make acquisitions, or reinvest in the business.Every investment is the present value of all future cash flow. This is why investors look at the price to FCF valuation. Investors want to pay the cheapest multiple for a company's FCF. Today, you're paying 142.52x TSLA's FCF. Going back to the FCF section, TSLA grew its FCF by $7.15 billion over the past 3.25 years. FB generated $23.45 billion of FCF in this period, which is 3x the amount TSLA grew, yet FB is trading at a 15.19x multiple on price to FCF.Why on earth would you want to pay 142.52x for TSLA's FCF when you could pay 15.19x for FB, which is growing their FCF by more than 3x the amount that TSLA is growing by? How about AAPL? AAPL grew its FCF by $52.3 billion and trades at a 25.4x price to FCF. If I exclude FB for a moment, should TSLA trade at a larger FCF multiple than GOOGL, which has grown its FCF by $46.15 billion over the past 3.25 years? My answer is no because there is no guarantee that TSLA will ever generate $46.15 billion in annual FCF, let alone the $68.99 billion in FCF that GOOGL generates.So what is a fair price to FCF multiple for TSLA? I don't believe TSLA has earned the right to trade at the same multiples as the rest of big tech considering the levels of FCF they produce. If I stick with the methodology that FB is egregiously undervalued, then TSLA should trade above 15.19x its FCF but lower than the 23.42x multiple GOOGL trades at.I don't want to be overly bearish, so I will place a 21x multiple on TSLA's FCF, which is more than fair considering big tech metrics. A 21x multiple on TSLA's FCF puts its market cap at $145.43 billion, which is -85.26% from its current market cap of $986.92 billion. It's just math, and if TSLA is going to be valued as a technology company, it needs to be compared to the technology companies with similar market caps.At the very least, there isn't a single reason why TSLA's market cap is larger than FB's. There isn't a single metric that TSLA beats FB in. Based on FB's valuation, if TSLA traded at the same FCF multiple, it would have a market cap of $105.19 billion.TSLA has a gross profit margin of 27.1% ($16.85b / $62.19b) and a profit margin of 13.51% ($8.4b / $62.19b). FB has a gross profit margin of 80.34% ($96.14b / $119.67b) and a profit margin of 31.2% ($37.34b / $119.67b). FB has much wider margins and is growing its revenue by larger amounts. This reinforces my methodology as to why TSLA is grossly overvalued. GOOGL has a gross profit margin of 56.93% ($153.9b / $270.33b) and a profit margin of 27.57% ($74.54b / $270.33b).The chances are incredibly slim that TSLA can double its profit margin to be within striking distance of GOOGL's. TSLA should not trade at a larger FCF, P/E, or P/S multiple than FB or GOOGL. While the market would indicate that I am wrong today, eventually, the hype will wear off, and TSLA will trade at a realistic valuation.TSLA's Future Catalysts Have A Long Way To Go Before Impacting Its Bottom LineThere are three main catalysts people discuss, which include insurance, robotaxis, and FSD.TSLA offers insurance using real-time driving behavior. This is currently available to all Model S, Model 3, Model X, and Model Y owners. The catch is that it's only available in Arizona, Colorado, Illinois, Ohio, Oregon, Texas, and Virginia as of now.TSLA uses a safety rating score to determine the monthly premium for its vehicles. At the largest premium of $130/mo, this would be $1,560 per year. If TSLA converted 100% of their U.S sales in 2021 as an insurance customer, which I think could be possible if TSLA insurance was available in every state, it would have generated $471.12 million in revenue.We have no idea what the margins would have been, but if the margin was 50%, it would have been an additional $235.56 million in net income in 2021. While this is nothing to sneeze at, an additional $235.56 million in net income hardly moves the needle. This could be a $1 billion top-line revenue segment in the future, but with availability in only 7 states, insurance's $1 billion revenue mark is a long way away.TeslaNext,FSD, for which TSLA has created two subscription models, a $99/mo price point and a $199/mo price point. The problem with FSD is that it doesn't make the vehicle fully autonomous, and you still need a driver to be attentive and alert. While I am not arguing that TSLA's FSD isn't leaps and bounds ahead of the competition, the problem is that it's not exactly a self-driving car.The questions around legality and where you can use it pop into my head, and how many of TSLA's drivers opt for this upgrade. Until there is clear legislation and the technology advances to where vehicles can fully drive a person from point A to B while that person takes a nap or reads, I have a hard time believing enough TSLA owners will spend the extra $199/mo on FSD. If there is somewhere where TSLA produces the numbers about how many owners opt for this package, please let me know, and I will crunch the numbers.Which Features Come With My Subscription?The FSD capability features you receive are based on your configuration and location. Not all features are available in all markets, and features are subject to change.Learn more about Autopilot and Full Self-Driving capability features.Note: These features are designed to become more capable over time; however the currently enabled features do not make the vehicle autonomous. The currently enabled features require a fully attentive driver, who has their hands on the wheel and is prepared to take over at any moment.The last catalyst is Robotaxis which many have commented on in my articles before. We're so far off on Robotaxis that this can't be considered in TSLA's upcoming revenue. I would think major legislation would be needed for Robotaxis to exist, and there is no telling how many years away we are from this.Also, what is the percentage of TSLA owners that would actually allow their vehicle to be used as a Robotaxi? Depending on what the profitability is, I can see people buying TSLAs to enroll them in this program, but, once again, we need to see the economics behind it. I know I am just one opinion, but I would never enroll one of my cars into a robotaxi program because I don't want other people that I don't know in my car. I would think there are many others that have similar viewpoints.The real upcoming catalysts are future revenue growth and entering the Chinese market. In 2021 TSLA grew its YoY revenue by 70.67%, and their off to a great start after Q1 2022. Only time will tell what type of growth rate TSLA can maintain, but too many people are assuming that TSLA will obliterate the competition. Over the next several years, we could see TSLA's growth rate become significantly reduced as more luxury operators put EVs on the road.At TSLA's current margins, they would need to increase their revenue by 444.55% to $276.47 billion to produce the same amount of net income ($37.34b) that FB produces today at their current 13.51% profit margin. Maybe TSLA can get there in the future, but why should TSLA be valued at almost $1 trillion today, considering not a single metric of theirs is similar to FB or GOOGL, and TSLA's growth across any of the sectors isn't larger than FB or GOOGL?Tesla Continues To Dilute Shareholders, And Almost No Shareholders CareDilution kills shareholder value. Look, I am a shareholder of TSLA, and I hate that my shares continue to be diluted. These numbers are split-adjusted that I am using. Over the past decade,TSLA has diluted its shares by 80.93%. This is horrible compared to big tech, yet investors can't buy enough TSLA shares. TSLA finished 2012 with 572.6 million shares and, as of its last filing, had increased its outstanding shares to 1.036 billion shares.This is the equivalent of me taking a pizza, and instead of giving you a slice, cutting another 6.5 slices, then giving you one. The pizza represents TSLA, the company, and they basically turned an 8-slice pie into a 14.5-slice pie, reducing shareholder's ownership and the amount of equity, revenue, and EPS our shares represent.If you want to see what a true shepherd of shareholder value looks like, turn to AAPL. In 2012 AAPL had 26.3 billion shares outstanding. Over the past decade, AAPL has repurchased 10.09 billion shares, reducing its outstanding shares by 38.37%. Every quarter, AAPL is buying back shares and increasing the ownership its shares represent. TSLA, on the other hand, continues to dilute shareholders by increasing shares YOY.I Could Be Completely Wrong, And Tesla Could Continue Growing At These RatesTSLA's vehicle deliveries continue to outpace its growing production. YoY TSLA's deliveries increased by 68% in Q1, adding 125,171 delivered vehicles to its customers. TSLA just began Model Y deliveries from the Austin facility, and production at the Gigafactory in Berlin started in March of 2022. TSLA's Shanghai facility had strong production rates prior to the spike in COVID that resulted in temporary shutdowns. TSLA isn't just focusing on the U.S, they have Europe and China in their sights.EVs accounted for 488,000 sales in the U.S for 2021, and the previous projection was that EVs would account for 670,000 units sold in 2022. Oil has hovered around $100 per barrel and could render the previous projections of 37% increased EV sales domestically for 2022 conservative. TSLA is in a prime position to capitalize on this trend. In 2021 TSLA vehicles accounted for 61.89% of EVs sold in the U.S (301,998 / 488,000).Hypothetically, if the previous projection of 670,000 EV sales for 2022 is accurate and TSLA maintains its current margin, they would sell 414,628 vehicles throughout the U.S in 2022. If gas prices do alter the decision-making process when deciding between a combustible engine or an EV, then TSLA could continue surprising the market with QoQ earnings beats.The U.S has a national goal of reaching 50% of domestic auto sales coming from EVs. In 2021, EVs accounted for 3.26% of total sales in the U.S auto market. Based on U.S auto sales in 2021, annual EV sales would need to grow by 6,989,403 to reach a 50% EV to combustible engine ratio. Hypothetically if U.S auto sales stayed flat but EVs reached 50% of the market in 2030 they would sell 7,477,403 vehicles. If TSLA's dominance in the EV sector was to drop from 61.89% to 15% due to increased competition, they would generate 1,121,610 in sales compared to 301,998 in 2021. When you add in Europe and China, TSLA certainly has the ability to become a top auto manufacturer by sales next decade.Bulls aren't incorrect to be excited about TSLA. The world is moving toward EVs, and TSLA is the crème de la crème. As I said in the beginning, I am bullish about TSLA's future prospects, but I think the valuation today is overinflated. Nobody can predict the future, but I have no doubt that TSLA will continue to grow its sales YoY.The question becomes, how much growth will they be able to achieve YoY? In 2021, TM generated $226.48 billion of revenue and, based on the future of EVs, TSLA certainly could achieve this level of revenue in the future. Based on TSLA's current 13.51% profit margin, if they achieved TM's level of revenue, they would generate $30.59 billion of net income, which would definitely make today's valuation look more realistic.TeslaConclusionYou're probably wondering how I can be a shareholder and be a bear on TSLA's valuation at the same time. It's simple; my wife bought shares of TSLA, which makes me a shareholder. My stance has always been bullish on the company and bearish on the valuation. What Elon Musk and the team at TSLA has accomplished is astonishing, and they deserve nothing but respect.Keep in mind a company and a company's stock are two separate things. TSLA continues to dilute shareholders, and they and the market are valuing TSLA as if it's FB or GOOGL. TSLA is not a technology company; it's an automobile company, as the automotive segments drive 100% of its gross revenue and net income.TSLA is trading at a P/E of 113.81, a P/S of 15.38, and a 142.52x multiple on its FCF. The numbers are drastically inflated as TSLA has no business trading at a larger P/S multiple than AMZN, which trades at 11.31 P/S when it has grown its revenue by $341.76 billion over the previous 3.25 years compared to TSLA's $40.73 billion of revenue growth. TSLA has generated $6.93 billion in FCF over the TTM, while Mr. Market has placed a 142.52x multiple on TSLA due to $7.15 billion FCF growth over the past 3.25 years. FB trades at a 15.19x FCF multiple while growing FCF by $23.45 billion over this period which is more than 3x what TSLA has generated in the TTM.With FB trading at 15.19x FCF, GOOGL at 23.42x FCF, and AAPL at 25.4x FCF, it's hard to justify any number above 20x for TSLA. I think a 21x FCF multiple is generous and that places TSLA at a market cap of $145.43 billion, which is -85.26% from its current market cap of $986.92 billion.","news_type":1,"symbols_score_info":{"TSLA":0.9}},"isVote":1,"tweetType":1,"viewCount":1136,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9066418770,"gmtCreate":1651940498390,"gmtModify":1676535001050,"author":{"id":"3585981947031986","authorId":"3585981947031986","name":"RO8","avatar":"https://static.tigerbbs.com/1f744cb66900b3865c3ed1da7364ddce","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3585981947031986","idStr":"3585981947031986"},"themes":[],"htmlText":"<a href=\"https://ttm.financial/S/JCPI\">$JPMorgan Inflation Managed Bond ETF(JCPI)$</a>sharing","listText":"<a href=\"https://ttm.financial/S/JCPI\">$JPMorgan Inflation Managed Bond ETF(JCPI)$</a>sharing","text":"$JPMorgan Inflation Managed Bond ETF(JCPI)$sharing","images":[{"img":"https://community-static.tradeup.com/news/e260eabcfe30d011f531b1ee73e512ac","width":"1080","height":"2431"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9066418770","isVote":1,"tweetType":1,"viewCount":1572,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":9066411258,"gmtCreate":1651940176274,"gmtModify":1676535001023,"author":{"id":"3585981947031986","authorId":"3585981947031986","name":"RO8","avatar":"https://static.tigerbbs.com/1f744cb66900b3865c3ed1da7364ddce","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3585981947031986","idStr":"3585981947031986"},"themes":[],"htmlText":"Sharing&nbsp;","listText":"Sharing&nbsp;","text":"Sharing","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9066411258","repostId":"9066994743","repostType":1,"repost":{"id":9066994743,"gmtCreate":1651834130520,"gmtModify":1676534980410,"author":{"id":"3527667668165440","authorId":"3527667668165440","name":"Capital_Insights","avatar":"https://static.tigerbbs.com/cfdc66fff48bb2b9e2d328ac5eb33100","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3527667668165440","idStr":"3527667668165440"},"themes":[],"title":"Why Market Plummeted? Joining the Vote of 8 Biggest Factors!","htmlText":"On Thursday, the major indexes of US stocks plunged,&nbsp;the <a target=\"_blank\" href=\"https://laohu8.com/S/.IXIC\">$NASDAQ(.IXIC)$</a> dropped the most since 2020.&nbsp;U.S. stocks lost&nbsp;$100 billion overnight, with&nbsp;<a target=\"_blank\" href=\"https://laohu8.com/S/VIX\">$Cboe Volatility Index(VIX)$</a> rose by&nbsp;22%, and <a target=\"_blank\" href=\"https://laohu8.com/S/UVIX\">$2x Long VIX Futures ETF(UVIX)$</a> rose 37%. Last time we&nbsp;saw&nbsp;such a huge decline was when the COVID-19 hit the USA in 2020. The figure below shows the 5 largest declines of <a target=\"_blank\" href=\"https://laohu8.com/S/.IXIC\">$NASDAQ(.IXIC)$</a> in the past 2&nbsp;years. The explanations of the reasons for the sharp decline of US stocks includes the Non-farm&nbsp;payroll&nbsp;jobs data lower than expec","listText":"On Thursday, the major indexes of US stocks plunged,&nbsp;the <a target=\"_blank\" href=\"https://laohu8.com/S/.IXIC\">$NASDAQ(.IXIC)$</a> dropped the most since 2020.&nbsp;U.S. stocks lost&nbsp;$100 billion overnight, with&nbsp;<a target=\"_blank\" href=\"https://laohu8.com/S/VIX\">$Cboe Volatility Index(VIX)$</a> rose by&nbsp;22%, and <a target=\"_blank\" href=\"https://laohu8.com/S/UVIX\">$2x Long VIX Futures ETF(UVIX)$</a> rose 37%. Last time we&nbsp;saw&nbsp;such a huge decline was when the COVID-19 hit the USA in 2020. The figure below shows the 5 largest declines of <a target=\"_blank\" href=\"https://laohu8.com/S/.IXIC\">$NASDAQ(.IXIC)$</a> in the past 2&nbsp;years. The explanations of the reasons for the sharp decline of US stocks includes the Non-farm&nbsp;payroll&nbsp;jobs data lower than expec","text":"On Thursday, the major indexes of US stocks plunged, the $NASDAQ(.IXIC)$ dropped the most since 2020. U.S. stocks lost $100 billion overnight, with $Cboe Volatility Index(VIX)$ rose by 22%, and $2x Long VIX Futures ETF(UVIX)$ rose 37%. Last time we saw such a huge decline was when the COVID-19 hit the USA in 2020. The figure below shows the 5 largest declines of $NASDAQ(.IXIC)$ in the past 2 years. The explanations of the reasons for the sharp decline of US stocks includes the Non-farm payroll jobs data lower than expec","images":[{"img":"https://community-static.tradeup.com/news/e37f534a843c9d44dfc9bf301c4b042a","width":"782","height":"478"},{"img":"https://community-static.tradeup.com/news/f576248c13464066f65a4d317e6ff015","width":"741","height":"372"},{"img":"https://community-static.tradeup.com/news/bea0cba3110aff9375f3cb998bed5817","width":"594","height":"420"}],"top":1,"highlighted":2,"essential":2,"paper":2,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9066994743","isVote":1,"tweetType":1,"viewCount":0,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":7,"langContent":"EN","totalScore":0},"isVote":1,"tweetType":1,"viewCount":1664,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9066411806,"gmtCreate":1651940090305,"gmtModify":1676535001013,"author":{"id":"3585981947031986","authorId":"3585981947031986","name":"RO8","avatar":"https://static.tigerbbs.com/1f744cb66900b3865c3ed1da7364ddce","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3585981947031986","idStr":"3585981947031986"},"themes":[],"htmlText":"<a href=\"https://ttm.financial/S/NVAX\">$Novavax(NVAX)$</a>[Cry]&nbsp;","listText":"<a href=\"https://ttm.financial/S/NVAX\">$Novavax(NVAX)$</a>[Cry]&nbsp;","text":"$Novavax(NVAX)$[Cry]","images":[{"img":"https://community-static.tradeup.com/news/b976dc2bc887ab686c71c94f2e7afbfd","width":"1080","height":"1920"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9066411806","isVote":1,"tweetType":1,"viewCount":1617,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":9066960761,"gmtCreate":1651839922153,"gmtModify":1676534981339,"author":{"id":"3585981947031986","authorId":"3585981947031986","name":"RO8","avatar":"https://static.tigerbbs.com/1f744cb66900b3865c3ed1da7364ddce","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3585981947031986","idStr":"3585981947031986"},"themes":[],"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9066960761","repostId":"2233376983","repostType":4,"isVote":1,"tweetType":1,"viewCount":1096,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9066960431,"gmtCreate":1651839900323,"gmtModify":1676534981331,"author":{"id":"3585981947031986","authorId":"3585981947031986","name":"RO8","avatar":"https://static.tigerbbs.com/1f744cb66900b3865c3ed1da7364ddce","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3585981947031986","idStr":"3585981947031986"},"themes":[],"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9066960431","repostId":"2233330483","repostType":4,"repost":{"id":"2233330483","kind":"highlight","pubTimestamp":1651838945,"share":"https://ttm.financial/m/news/2233330483?lang=en_US&edition=fundamental","pubTime":"2022-05-06 20:09","market":"us","language":"en","title":"Is It Safer to Pull Your Money Out of the Stock Market or Keep Investing for Now?","url":"https://stock-news.laohu8.com/highlight/detail?id=2233330483","media":"Motley Fool","summary":"Time in the market is important.","content":"<div>\n<p>It can be nerve-wracking to watch your portfolio consistently drop during bear market periods. After all, nobody likes losing money; that goes against the whole purpose of investing. However, pulling ...</p>\n\n<a href=\"https://www.fool.com/investing/2022/05/06/is-it-safer-to-pull-your-money-out-of-the-stock-ma/\">Source Link</a>\n\n</div>\n","source":"fool_stock","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Is It Safer to Pull Your Money Out of the Stock Market or Keep Investing for Now?</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nIs It Safer to Pull Your Money Out of the Stock Market or Keep Investing for Now?\n</h2>\n\n<h4 class=\"meta\">\n\n\n2022-05-06 20:09 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.fool.com/investing/2022/05/06/is-it-safer-to-pull-your-money-out-of-the-stock-ma/><strong>Motley Fool</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>It can be nerve-wracking to watch your portfolio consistently drop during bear market periods. After all, nobody likes losing money; that goes against the whole purpose of investing. However, pulling ...</p>\n\n<a href=\"https://www.fool.com/investing/2022/05/06/is-it-safer-to-pull-your-money-out-of-the-stock-ma/\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".SPX":"S&P 500 Index",".DJI":"道琼斯",".IXIC":"NASDAQ Composite"},"source_url":"https://www.fool.com/investing/2022/05/06/is-it-safer-to-pull-your-money-out-of-the-stock-ma/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2233330483","content_text":"It can be nerve-wracking to watch your portfolio consistently drop during bear market periods. After all, nobody likes losing money; that goes against the whole purpose of investing. However, pulling your money out of the stock market during down periods can often do more harm than good in the long term. Here's why you should keep investing during such periods.Image source: Getty Images.Use down periods to lower your cost basisAlthough nobody likes seeing their investments decline in price, it can actually be a good opportunity for long-term investors because it's a chance to lower your cost basis. Your cost basis essentially tells you the average price you paid per share for a particular company. If you bought 10 shares of a company at $100 each, your cost basis would be $100. If the stock's price dropped to $80 and you purchased 10 more shares, your new cost basis would be $90 ($1,800 spent / 20 shares owned).Lowering your cost basis is valuable because it increases your profit whenever you eventually sell your shares. Imagine you own 20 shares with a $90 cost basis, and someone else also owns 20 shares of the same company but with a $100 cost basis. If that stock's price increases to $150 and you both sell, you would have profited $1,200, and they would have profited $1,000.Although you both own the same number of shares, your profits are higher because you were able to lower your cost basis.If you're investing in sound businesses, don't panic over short-term drops in price; consider it a blessing in disguise and put yourself in a better long-term position.Time in the market is important\"Time in the market is better than timing the market\" is an investing saying that has stood the test of time -- and it's one investors should always keep in mind. On one end, it points to how timing the market is virtually impossible to do consistently long term. It also speaks to the power of time in the market -- especially regarding dividends.Companies pay out dividends to reward their shareholders for holding on to their investments. If you're investing in dividend-paying companies (preferably Dividend Aristocrats or Dividend Kings, which also have stood the test of time), you're doing yourself a disservice if you pull your money out due to drops in the market.If you have $10,000 invested in a company or fund with a 3% annual dividend yield, you can expect to receive $300 in dividends each year. If the stock's price is rising, you can expect that dividend payout; if the stock's price is dropping, you can expect that dividend payout. The company's stock price shouldn't be your only focus as long as it manages to keep paying out dividends.If you panic sell because the stock is dropping, you essentially remove an income source that could prove to be key to your return on investment. If the stock price drops and the value of your investment loses $200 in a year, but you made $300 from dividends, you still came out positive.Don't be an emotional investorAs an investor, it's easy to get too high on the highs and too low on the lows in the short term. One of the best ways to remove some emotions from investing is applying dollar-cost averaging. Dollar-cost averaging involves making consistent investments at regular intervals, no matter what the stock price is at the time. It's how 401(k) plans operate; no matter the cost of the investments, you contribute your designated amount each pay period.Focusing on the end goal and ignoring the short-term volatility can make investing less stressful and can help prevent you from making emotional decisions that may go against your best long-term interest. Keep your eyes on the prize.","news_type":1,"symbols_score_info":{".DJI":0.9,".SPX":0.9,".IXIC":0.9}},"isVote":1,"tweetType":1,"viewCount":1458,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9066960693,"gmtCreate":1651839883713,"gmtModify":1676534981322,"author":{"id":"3585981947031986","authorId":"3585981947031986","name":"RO8","avatar":"https://static.tigerbbs.com/1f744cb66900b3865c3ed1da7364ddce","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3585981947031986","idStr":"3585981947031986"},"themes":[],"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9066960693","repostId":"2233846183","repostType":4,"repost":{"id":"2233846183","kind":"highlight","pubTimestamp":1651850745,"share":"https://ttm.financial/m/news/2233846183?lang=en_US&edition=fundamental","pubTime":"2022-05-06 23:25","market":"us","language":"en","title":"Down 42%, This Dow Stock Is a Screaming Buy in May","url":"https://stock-news.laohu8.com/highlight/detail?id=2233846183","media":"Motley Fool","summary":"The stock's slump has created an opportunity for long-term investors to scoop up this iconic brand at a discount.","content":"<div>\n<p>The Walt Disney Company's stock has been on a roller-coaster ride, crashing at the pandemic's onset, recovering throughout 2020, then crashing again in early 2021. Overall, the stock is down 42% from ...</p>\n\n<a href=\"https://www.fool.com/investing/2022/05/05/this-dow-stock-screaming-buy-in-may-disney/\">Source Link</a>\n\n</div>\n","source":"fool_stock","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Down 42%, This Dow Stock Is a Screaming Buy in May</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nDown 42%, This Dow Stock Is a Screaming Buy in May\n</h2>\n\n<h4 class=\"meta\">\n\n\n2022-05-06 23:25 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.fool.com/investing/2022/05/05/this-dow-stock-screaming-buy-in-may-disney/><strong>Motley Fool</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>The Walt Disney Company's stock has been on a roller-coaster ride, crashing at the pandemic's onset, recovering throughout 2020, then crashing again in early 2021. Overall, the stock is down 42% from ...</p>\n\n<a href=\"https://www.fool.com/investing/2022/05/05/this-dow-stock-screaming-buy-in-may-disney/\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"BK4561":"索罗斯持仓","BK4548":"巴美列捷福持仓","BK4534":"瑞士信贷持仓","BK4507":"流媒体概念","BK4108":"电影和娱乐","NFLX":"奈飞","QNETCN":"纳斯达克中美互联网老虎指数","BK4554":"元宇宙及AR概念","BK4524":"宅经济概念","BK4581":"高盛持仓","BK4532":"文艺复兴科技持仓","BK4566":"资本集团","BK4527":"明星科技股","BK4551":"寇图资本持仓","DIS":"迪士尼","BK4550":"红杉资本持仓"},"source_url":"https://www.fool.com/investing/2022/05/05/this-dow-stock-screaming-buy-in-may-disney/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2233846183","content_text":"The Walt Disney Company's stock has been on a roller-coaster ride, crashing at the pandemic's onset, recovering throughout 2020, then crashing again in early 2021. Overall, the stock is down 42% from its high in January 2021.Investors are concerned about the business as consumer behavior evolves rapidly and unevenly worldwide. Regardless of the near-term challenges of navigating a global company during a pandemic, Disney's long-term prospects are excellent.The streaming segment is gaining tractionThe core of Disney's business is a treasure trove of proprietary characters and stories that have delighted consumers for decades. The difficult-to-replicate intellectual property flows into Disney's theme parks, movies, series, merchandise, cruise ships, hotels, and more. The crucial element of its business is based on proprietary content. That means competitors cannot infringe on its business without spending decades and billions of dollars to build a suite of characters and stories that spark consumers' enthusiasm.DIS Revenue (Quarterly) data by YChartsBut the past decade has been tricky. Disney has had to navigate the transitioning of its legacy cable TV business over to streaming. The legacy method was a boon for The House of Mouse, so it was careful not to switch to streaming hastily. Nevertheless, in 2019 it committed to streaming entirely and launched its flagship service Disney+. As of Jan. 1, the service boasts 130 million subscribers, and the streaming segment as a whole (which also includes Hulu and ESPN+) has attracted 196.4 million.Management forecasts that Disney+ will reach between 230 million and 260 million subs by 2024 and be profitable. To put that potential into context, Netflix surpassed 200 million subs in 2021 and reported revenue of $29.7 billion that year. In 2019, before the coronavirus disrupted operations, Disney's revenue was $69.6 billion. Home to iconic franchises like Pixar, Star Wars, Marvel, and Mickey Mouse, Disney can reasonably reach and surpass Netflix's achievements.The theme parks are emerging stronger than beforeIn 2019, Disney's theme parks generated $24.7 billion in revenue and $6.1 billion in operating income. Of course, the pandemic devastated the business, but it is bouncing back and more vital than ever. In its recently completed quarter, which ended in January, Disney's theme park segment produced $7.2 billion in revenue and $2.5 billion in operating income. Despite self-imposed capacity restrictions, the segment is on pace to eclipse 2019 totals.DIS Operating Income (Annual) data by YChartsWhen the parks were forced to shut down to guests, management developed and implemented several improvements. These included a digital reservation system that allows the company to manage attendance effectively, mobile ordering at food and concession stands, and premium features like Genie+, which enables guests to pay for the privilege of skipping lines.This likely means that the parks will be more profitable from now on than before the pandemic's onset. The near term might be volatile as consumer behavior changes with COVID-19 trends. However, Disney's unique and valuable assets are likely to attract consumers in large numbers over the longer run. And the stock's 44% crash from its high only makes this investment a better value.","news_type":1,"symbols_score_info":{"NFLX":0.9,"QNETCN":0.6,"DIS":0.9}},"isVote":1,"tweetType":1,"viewCount":975,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9066960803,"gmtCreate":1651839868102,"gmtModify":1676534981322,"author":{"id":"3585981947031986","authorId":"3585981947031986","name":"RO8","avatar":"https://static.tigerbbs.com/1f744cb66900b3865c3ed1da7364ddce","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3585981947031986","idStr":"3585981947031986"},"themes":[],"htmlText":"Sharing&nbsp;","listText":"Sharing&nbsp;","text":"Sharing","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9066960803","repostId":"2233330483","repostType":4,"repost":{"id":"2233330483","kind":"highlight","pubTimestamp":1651838945,"share":"https://ttm.financial/m/news/2233330483?lang=en_US&edition=fundamental","pubTime":"2022-05-06 20:09","market":"us","language":"en","title":"Is It Safer to Pull Your Money Out of the Stock Market or Keep Investing for Now?","url":"https://stock-news.laohu8.com/highlight/detail?id=2233330483","media":"Motley Fool","summary":"Time in the market is important.","content":"<div>\n<p>It can be nerve-wracking to watch your portfolio consistently drop during bear market periods. After all, nobody likes losing money; that goes against the whole purpose of investing. However, pulling ...</p>\n\n<a href=\"https://www.fool.com/investing/2022/05/06/is-it-safer-to-pull-your-money-out-of-the-stock-ma/\">Source Link</a>\n\n</div>\n","source":"fool_stock","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Is It Safer to Pull Your Money Out of the Stock Market or Keep Investing for Now?</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nIs It Safer to Pull Your Money Out of the Stock Market or Keep Investing for Now?\n</h2>\n\n<h4 class=\"meta\">\n\n\n2022-05-06 20:09 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.fool.com/investing/2022/05/06/is-it-safer-to-pull-your-money-out-of-the-stock-ma/><strong>Motley Fool</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>It can be nerve-wracking to watch your portfolio consistently drop during bear market periods. After all, nobody likes losing money; that goes against the whole purpose of investing. However, pulling ...</p>\n\n<a href=\"https://www.fool.com/investing/2022/05/06/is-it-safer-to-pull-your-money-out-of-the-stock-ma/\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".SPX":"S&P 500 Index",".DJI":"道琼斯",".IXIC":"NASDAQ Composite"},"source_url":"https://www.fool.com/investing/2022/05/06/is-it-safer-to-pull-your-money-out-of-the-stock-ma/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2233330483","content_text":"It can be nerve-wracking to watch your portfolio consistently drop during bear market periods. After all, nobody likes losing money; that goes against the whole purpose of investing. However, pulling your money out of the stock market during down periods can often do more harm than good in the long term. Here's why you should keep investing during such periods.Image source: Getty Images.Use down periods to lower your cost basisAlthough nobody likes seeing their investments decline in price, it can actually be a good opportunity for long-term investors because it's a chance to lower your cost basis. Your cost basis essentially tells you the average price you paid per share for a particular company. If you bought 10 shares of a company at $100 each, your cost basis would be $100. If the stock's price dropped to $80 and you purchased 10 more shares, your new cost basis would be $90 ($1,800 spent / 20 shares owned).Lowering your cost basis is valuable because it increases your profit whenever you eventually sell your shares. Imagine you own 20 shares with a $90 cost basis, and someone else also owns 20 shares of the same company but with a $100 cost basis. If that stock's price increases to $150 and you both sell, you would have profited $1,200, and they would have profited $1,000.Although you both own the same number of shares, your profits are higher because you were able to lower your cost basis.If you're investing in sound businesses, don't panic over short-term drops in price; consider it a blessing in disguise and put yourself in a better long-term position.Time in the market is important\"Time in the market is better than timing the market\" is an investing saying that has stood the test of time -- and it's one investors should always keep in mind. On one end, it points to how timing the market is virtually impossible to do consistently long term. It also speaks to the power of time in the market -- especially regarding dividends.Companies pay out dividends to reward their shareholders for holding on to their investments. If you're investing in dividend-paying companies (preferably Dividend Aristocrats or Dividend Kings, which also have stood the test of time), you're doing yourself a disservice if you pull your money out due to drops in the market.If you have $10,000 invested in a company or fund with a 3% annual dividend yield, you can expect to receive $300 in dividends each year. If the stock's price is rising, you can expect that dividend payout; if the stock's price is dropping, you can expect that dividend payout. The company's stock price shouldn't be your only focus as long as it manages to keep paying out dividends.If you panic sell because the stock is dropping, you essentially remove an income source that could prove to be key to your return on investment. If the stock price drops and the value of your investment loses $200 in a year, but you made $300 from dividends, you still came out positive.Don't be an emotional investorAs an investor, it's easy to get too high on the highs and too low on the lows in the short term. One of the best ways to remove some emotions from investing is applying dollar-cost averaging. Dollar-cost averaging involves making consistent investments at regular intervals, no matter what the stock price is at the time. It's how 401(k) plans operate; no matter the cost of the investments, you contribute your designated amount each pay period.Focusing on the end goal and ignoring the short-term volatility can make investing less stressful and can help prevent you from making emotional decisions that may go against your best long-term interest. Keep your eyes on the prize.","news_type":1,"symbols_score_info":{".DJI":0.9,".SPX":0.9,".IXIC":0.9}},"isVote":1,"tweetType":1,"viewCount":855,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"hots":[{"id":9085962774,"gmtCreate":1650635833699,"gmtModify":1676534767950,"author":{"id":"3585981947031986","authorId":"3585981947031986","name":"RO8","avatar":"https://static.tigerbbs.com/1f744cb66900b3865c3ed1da7364ddce","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3585981947031986","idStr":"3585981947031986"},"themes":[],"htmlText":"<a href=\"https://ttm.financial/S/BNDW\">$Vanguard Total World Bond ETF(BNDW)$</a>sharing","listText":"<a href=\"https://ttm.financial/S/BNDW\">$Vanguard Total World Bond ETF(BNDW)$</a>sharing","text":"$Vanguard Total World Bond ETF(BNDW)$sharing","images":[{"img":"https://community-static.tradeup.com/news/5c11bff3d90a8ec2afb4fbb6dfaea59e","width":"1080","height":"2431"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9085962774","isVote":1,"tweetType":1,"viewCount":724,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":895583219,"gmtCreate":1628756684831,"gmtModify":1676529844042,"author":{"id":"3585981947031986","authorId":"3585981947031986","name":"RO8","avatar":"https://static.tigerbbs.com/1f744cb66900b3865c3ed1da7364ddce","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3585981947031986","idStr":"3585981947031986"},"themes":[],"htmlText":"Please like. Thanks&nbsp;","listText":"Please like. Thanks&nbsp;","text":"Please like. Thanks","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":8,"commentSize":3,"repostSize":0,"link":"https://ttm.financial/post/895583219","repostId":"1162340118","repostType":4,"isVote":1,"tweetType":1,"viewCount":784,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":804733747,"gmtCreate":1627978917889,"gmtModify":1703498991370,"author":{"id":"3585981947031986","authorId":"3585981947031986","name":"RO8","avatar":"https://static.tigerbbs.com/1f744cb66900b3865c3ed1da7364ddce","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3585981947031986","idStr":"3585981947031986"},"themes":[],"htmlText":"Like like","listText":"Like like","text":"Like like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":4,"repostSize":0,"link":"https://ttm.financial/post/804733747","repostId":"2156462011","repostType":4,"isVote":1,"tweetType":1,"viewCount":493,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9030823328,"gmtCreate":1645687122517,"gmtModify":1676534053692,"author":{"id":"3585981947031986","authorId":"3585981947031986","name":"RO8","avatar":"https://static.tigerbbs.com/1f744cb66900b3865c3ed1da7364ddce","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3585981947031986","idStr":"3585981947031986"},"themes":[],"htmlText":"<a href=\"https://ttm.financial/S/NVAX\">$Novavax(NVAX)$</a>[Cry]&nbsp;","listText":"<a href=\"https://ttm.financial/S/NVAX\">$Novavax(NVAX)$</a>[Cry]&nbsp;","text":"$Novavax(NVAX)$[Cry]","images":[{"img":"https://static.itradeup.com/news/4b20191c2ddf5715ace3494bd6e623c1","width":"1080","height":"1920"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9030823328","isVote":1,"tweetType":1,"viewCount":884,"authorTweetTopStatus":1,"verified":2,"comments":[{"author":{"id":"3575537003016625","authorId":"3575537003016625","name":"Broccolini","avatar":"https://static.tigerbbs.com/54c299a6e74bf12c242820d48cce2d41","crmLevel":12,"crmLevelSwitch":1,"authorIdStr":"3575537003016625","idStr":"3575537003016625"},"content":"I have cut loss at -65%. What a disappointment.","text":"I have cut loss at -65%. What a disappointment.","html":"I have cut loss at -65%. What a disappointment."},{"author":{"id":"3572081437772198","authorId":"3572081437772198","name":"林晨晖","avatar":"https://static.tigerbbs.com/7695bdeb8b530982483aaa3d244bd72e","crmLevel":2,"crmLevelSwitch":0,"authorIdStr":"3572081437772198","idStr":"3572081437772198"},"content":"No worry, the shares will goes up","text":"No worry, the shares will goes up","html":"No worry, the shares will goes up"}],"imageCount":1,"langContent":"EN","totalScore":0},{"id":813122223,"gmtCreate":1630155795662,"gmtModify":1676530235824,"author":{"id":"3585981947031986","authorId":"3585981947031986","name":"RO8","avatar":"https://static.tigerbbs.com/1f744cb66900b3865c3ed1da7364ddce","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3585981947031986","idStr":"3585981947031986"},"themes":[],"htmlText":"Liking king like&nbsp;","listText":"Liking king like&nbsp;","text":"Liking king like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":9,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/813122223","repostId":"2162733980","repostType":4,"isVote":1,"tweetType":1,"viewCount":911,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9081988840,"gmtCreate":1650180392100,"gmtModify":1676534664798,"author":{"id":"3585981947031986","authorId":"3585981947031986","name":"RO8","avatar":"https://static.tigerbbs.com/1f744cb66900b3865c3ed1da7364ddce","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3585981947031986","idStr":"3585981947031986"},"themes":[],"htmlText":"<a href=\"https://ttm.financial/S/NVAX\">$Novavax(NVAX)$</a>[Cry]&nbsp;","listText":"<a href=\"https://ttm.financial/S/NVAX\">$Novavax(NVAX)$</a>[Cry]&nbsp;","text":"$Novavax(NVAX)$[Cry]","images":[{"img":"https://community-static.tradeup.com/news/680e46b58304306f1d442eed79ba7d24","width":"1080","height":"1920"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9081988840","isVote":1,"tweetType":1,"viewCount":1322,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":9093719362,"gmtCreate":1643705226709,"gmtModify":1676533846612,"author":{"id":"3585981947031986","authorId":"3585981947031986","name":"RO8","avatar":"https://static.tigerbbs.com/1f744cb66900b3865c3ed1da7364ddce","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3585981947031986","idStr":"3585981947031986"},"themes":[],"htmlText":"<a href=\"https://ttm.financial/S/NVAX\">$Novavax(NVAX)$</a>[Cry]&nbsp;","listText":"<a href=\"https://ttm.financial/S/NVAX\">$Novavax(NVAX)$</a>[Cry]&nbsp;","text":"$Novavax(NVAX)$[Cry]","images":[{"img":"https://static.itradeup.com/news/fa79425cea323ea074e8709195276519","width":"1080","height":"1920"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9093719362","isVote":1,"tweetType":1,"viewCount":1374,"authorTweetTopStatus":1,"verified":2,"comments":[{"author":{"id":"4095899458661630","authorId":"4095899458661630","name":"Trax","avatar":"https://static.tigerbbs.com/1645bafcbb2131af6ed7383b7ccfb64d","crmLevel":11,"crmLevelSwitch":0,"authorIdStr":"4095899458661630","idStr":"4095899458661630"},"content":"hopefully up back soon","text":"hopefully up back soon","html":"hopefully up back soon"},{"author":{"id":"3583106134648492","authorId":"3583106134648492","name":"Frosty4ever","avatar":"https://community-static.tradeup.com/news/58fdf90023b13bdabb45b46bb0d645e1","crmLevel":5,"crmLevelSwitch":1,"authorIdStr":"3583106134648492","idStr":"3583106134648492"},"content":"we share your pain","text":"we share your pain","html":"we share your pain"}],"imageCount":1,"langContent":"EN","totalScore":0},{"id":886823187,"gmtCreate":1631581039249,"gmtModify":1676530580336,"author":{"id":"3585981947031986","authorId":"3585981947031986","name":"RO8","avatar":"https://static.tigerbbs.com/1f744cb66900b3865c3ed1da7364ddce","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3585981947031986","idStr":"3585981947031986"},"themes":[],"htmlText":"Wah lao eh","listText":"Wah lao eh","text":"Wah lao eh","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":2,"repostSize":0,"link":"https://ttm.financial/post/886823187","repostId":"1178276551","repostType":4,"repost":{"id":"1178276551","kind":"news","pubTimestamp":1631574947,"share":"https://ttm.financial/m/news/1178276551?lang=en_US&edition=fundamental","pubTime":"2021-09-14 07:15","market":"us","language":"en","title":"S&P 500 snaps losing streak with tax hikes, inflation data on horizon","url":"https://stock-news.laohu8.com/highlight/detail?id=1178276551","media":"Reuters","summary":"NEW YORK (Reuters) - The S&P 500 closed higher on Monday, ending a five-day losing streak as investo","content":"<p>NEW YORK (Reuters) - The S&amp;P 500 closed higher on Monday, ending a five-day losing streak as investors focused on potential corporate tax hikes and upcoming economic data.</p>\n<p>The Dow Jones Industrial Average also advanced, but the Nasdaq Composite Index ended lower.</p>\n<p>Investors favored value over growth, with stocks set to benefit most from a resurging economy enjoying the biggest percentage gains.</p>\n<p>“There are probably not a lot of positive surprises coming this month,” said Liz Young, head of investment strategy at SoFi in New York. “We’re having another period of volatility where I think that rotation could go back to cyclicals and the reopened trade, as the 10-year bond rate slowly grinds higher through the end of the year.”</p>\n<p>Market participants are focused on the likely passage of U.S. President Joe Biden’s $3.5 trillion budget package, which is expected to include a proposed corporate tax rate hike to 26.5% from 21%.</p>\n<p>Goldman Sachs analysts see the corporate tax rate increasing to 25% and the passage of about half of a proposed increase to tax rates on foreign income, which they estimate would reduce S&amp;P 500 earnings by 5% in 2022.</p>\n<p>The Labor Department is due to release its consumer price index data on Tuesday, which could shed further light on the current inflation wave and whether it is as transitory as the Fed insists.</p>\n<p>“I don’t see inflation settling back down under 2% where it was pre-pandemic,” Young added. “Even if some of those transitory forces weaken, we will still stay at a higher rate than we were before.”</p>\n<p>Other key indicators due this week include retail sales and consumer sentiment, which could illuminate how much the demand boom driven by economic re-engagement has been dampened by the highly contagious COVID-19 Delta variant.</p>\n<p>The Dow Jones Industrial Average rose 261.91 points, or 0.76%, to 34,869.63, the S&amp;P 500 gained 10.15 points, or 0.23%, at 4,468.73 and the Nasdaq Composite dropped 9.91 points, or 0.07%, to 15,105.58.</p>\n<p>Of the 11 major sectors in the S&amp;P 500, healthcare suffered the largest percentage loss, while energy, buoyed by rising crude prices was the biggest gainer.</p>\n<p>Shares of vaccine makers Moderna and Pfizer Inc sank 6.6% and 2.2%, respectively, after experts said COVID booster shots are not widely needed.</p>\n<p>Coinbase Global Inc announced plans to raise about $1.5 billion through a debt offering aimed at funding product development and potential acquisitions. The cryptocurrency exchanges shares slid 2.2%.</p>\n<p>Salesforce.com Inc dipped 1.2% as rival Freshworks Inc’s regulatory filing indicated that the business engagement and customer engagement software company is aiming for a nearly $9 billion valuation in it U.S. debut.</p>\n<p>Advancing issues outnumbered declining ones on the NYSE by a 1.60-to-1 ratio; on Nasdaq, a 1.02-to-1 ratio favored advancers.</p>\n<p>The S&amp;P 500 posted 12 new 52-week highs and one new low; the Nasdaq Composite recorded 53 new highs and 71 new lows.</p>\n<p>Volume on U.S. exchanges was 10.30 billion shares, compared with the 9.29 billion average over the last 20 trading days.</p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>S&P 500 snaps losing streak with tax hikes, inflation data on horizon</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; 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}\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 snaps losing streak with tax hikes, inflation data on horizon\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-09-14 07:15 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.reuters.com/article/usa-stocks/us-stocks-sp-500-snaps-losing-streak-with-tax-hikes-inflation-data-on-horizon-idUSL1N2QF2DB><strong>Reuters</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>NEW YORK (Reuters) - The S&P 500 closed higher on Monday, ending a five-day losing streak as investors focused on potential corporate tax hikes and upcoming economic data.\nThe Dow Jones Industrial ...</p>\n\n<a href=\"https://www.reuters.com/article/usa-stocks/us-stocks-sp-500-snaps-losing-streak-with-tax-hikes-inflation-data-on-horizon-idUSL1N2QF2DB\">Source Link</a>\n\n</div>\n\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"},"source_url":"https://www.reuters.com/article/usa-stocks/us-stocks-sp-500-snaps-losing-streak-with-tax-hikes-inflation-data-on-horizon-idUSL1N2QF2DB","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1178276551","content_text":"NEW YORK (Reuters) - The S&P 500 closed higher on Monday, ending a five-day losing streak as investors focused on potential corporate tax hikes and upcoming economic data.\nThe Dow Jones Industrial Average also advanced, but the Nasdaq Composite Index ended lower.\nInvestors favored value over growth, with stocks set to benefit most from a resurging economy enjoying the biggest percentage gains.\n“There are probably not a lot of positive surprises coming this month,” said Liz Young, head of investment strategy at SoFi in New York. “We’re having another period of volatility where I think that rotation could go back to cyclicals and the reopened trade, as the 10-year bond rate slowly grinds higher through the end of the year.”\nMarket participants are focused on the likely passage of U.S. President Joe Biden’s $3.5 trillion budget package, which is expected to include a proposed corporate tax rate hike to 26.5% from 21%.\nGoldman Sachs analysts see the corporate tax rate increasing to 25% and the passage of about half of a proposed increase to tax rates on foreign income, which they estimate would reduce S&P 500 earnings by 5% in 2022.\nThe Labor Department is due to release its consumer price index data on Tuesday, which could shed further light on the current inflation wave and whether it is as transitory as the Fed insists.\n“I don’t see inflation settling back down under 2% where it was pre-pandemic,” Young added. “Even if some of those transitory forces weaken, we will still stay at a higher rate than we were before.”\nOther key indicators due this week include retail sales and consumer sentiment, which could illuminate how much the demand boom driven by economic re-engagement has been dampened by the highly contagious COVID-19 Delta variant.\nThe Dow Jones Industrial Average rose 261.91 points, or 0.76%, to 34,869.63, the S&P 500 gained 10.15 points, or 0.23%, at 4,468.73 and the Nasdaq Composite dropped 9.91 points, or 0.07%, to 15,105.58.\nOf the 11 major sectors in the S&P 500, healthcare suffered the largest percentage loss, while energy, buoyed by rising crude prices was the biggest gainer.\nShares of vaccine makers Moderna and Pfizer Inc sank 6.6% and 2.2%, respectively, after experts said COVID booster shots are not widely needed.\nCoinbase Global Inc announced plans to raise about $1.5 billion through a debt offering aimed at funding product development and potential acquisitions. The cryptocurrency exchanges shares slid 2.2%.\nSalesforce.com Inc dipped 1.2% as rival Freshworks Inc’s regulatory filing indicated that the business engagement and customer engagement software company is aiming for a nearly $9 billion valuation in it U.S. debut.\nAdvancing issues outnumbered declining ones on the NYSE by a 1.60-to-1 ratio; on Nasdaq, a 1.02-to-1 ratio favored advancers.\nThe S&P 500 posted 12 new 52-week highs and one new low; the Nasdaq Composite recorded 53 new highs and 71 new lows.\nVolume on U.S. exchanges was 10.30 billion shares, compared with the 9.29 billion average over the last 20 trading days.","news_type":1,"symbols_score_info":{".DJI":0.9,".IXIC":0.9,".SPX":0.9}},"isVote":1,"tweetType":1,"viewCount":762,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":819341252,"gmtCreate":1630037990376,"gmtModify":1676530207609,"author":{"id":"3585981947031986","authorId":"3585981947031986","name":"RO8","avatar":"https://static.tigerbbs.com/1f744cb66900b3865c3ed1da7364ddce","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3585981947031986","idStr":"3585981947031986"},"themes":[],"htmlText":"Like like please&nbsp;","listText":"Like like please&nbsp;","text":"Like like please","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":8,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/819341252","repostId":"1196717589","repostType":4,"isVote":1,"tweetType":1,"viewCount":990,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":810563628,"gmtCreate":1629986895264,"gmtModify":1676530193634,"author":{"id":"3585981947031986","authorId":"3585981947031986","name":"RO8","avatar":"https://static.tigerbbs.com/1f744cb66900b3865c3ed1da7364ddce","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3585981947031986","idStr":"3585981947031986"},"themes":[],"htmlText":"Oh ou jialat","listText":"Oh ou jialat","text":"Oh ou jialat","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":8,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/810563628","repostId":"1100464351","repostType":4,"repost":{"id":"1100464351","kind":"news","pubTimestamp":1629986331,"share":"https://ttm.financial/m/news/1100464351?lang=en_US&edition=fundamental","pubTime":"2021-08-26 21:58","market":"us","language":"en","title":"Apple could pass chip costs into higher iPhone 13 prices","url":"https://stock-news.laohu8.com/highlight/detail?id=1100464351","media":"Seeking Alpha","summary":"$Apple$ could raise the prices for its upcoming iPhone 13 lineup as chip manufacturing partner $Taiwan Semiconductor Manufacturing$ moves to raise its costs amid the ongoing global semiconductor shortage.DigiTimes, a publication with a strong record with news from industry sources, reports that TSMC could raise Apple's prices by 3% to 5%, costs that Apple might pass on to consumers.TSMC is reportedly raising overall prices from 10% to 20% but is offering a discount to its largest client. Apple a","content":"<p><a href=\"https://laohu8.com/S/AAPL\">Apple</a> (NASDAQ:AAPL)could raise the prices for its upcoming iPhone 13 lineup as chip manufacturing partner <a href=\"https://laohu8.com/S/TSM\">Taiwan Semiconductor Manufacturing</a> (NYSE:TSM)moves to raise its costs amid the ongoing global semiconductor shortage.</p>\n<p><i>DigiTimes</i>, a publication with a strong record with news from industry sources,&nbsp;reports&nbsp;that TSMC could raise Apple's prices by 3% to 5%, costs that Apple might pass on to consumers.</p>\n<p>TSMC is reportedly raising overall prices from 10% to 20% but is offering a discount to its largest client. Apple accounts for over 20% of the foundry's total wafer revenue.</p>\n<p>The iPhone 12 lineup debuted last year with four core models, two base and two Pro edition handsets. The prices ranged from $799 for the standard iPhone 12 to $1,099 for the&nbsp;iPhone 12 Max with 128GB of storage.</p>\n<p>Apple will unveil its newest family of handsets as early as next month and the prices will be announced at the launch event. Reports have suggested the so-called iPhone 13 lineup will include four models with the same sizes as the iPhone 12 family, faster A15 Bionic processors and larger batteries. The two Pro models are expected to feature an&nbsp;improved ultrawide camera lens.</p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Apple could pass chip costs into higher iPhone 13 prices</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nApple could pass chip costs into higher iPhone 13 prices\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-08-26 21:58 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://seekingalpha.com/news/3734458-apple-could-pass-chip-costs-into-higher-iphone-13-prices><strong>Seeking Alpha</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Apple (NASDAQ:AAPL)could raise the prices for its upcoming iPhone 13 lineup as chip manufacturing partner Taiwan Semiconductor Manufacturing (NYSE:TSM)moves to raise its costs amid the ongoing global ...</p>\n\n<a href=\"https://seekingalpha.com/news/3734458-apple-could-pass-chip-costs-into-higher-iphone-13-prices\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AAPL":"苹果","TSM":"台积电"},"source_url":"https://seekingalpha.com/news/3734458-apple-could-pass-chip-costs-into-higher-iphone-13-prices","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1100464351","content_text":"Apple (NASDAQ:AAPL)could raise the prices for its upcoming iPhone 13 lineup as chip manufacturing partner Taiwan Semiconductor Manufacturing (NYSE:TSM)moves to raise its costs amid the ongoing global semiconductor shortage.\nDigiTimes, a publication with a strong record with news from industry sources, reports that TSMC could raise Apple's prices by 3% to 5%, costs that Apple might pass on to consumers.\nTSMC is reportedly raising overall prices from 10% to 20% but is offering a discount to its largest client. Apple accounts for over 20% of the foundry's total wafer revenue.\nThe iPhone 12 lineup debuted last year with four core models, two base and two Pro edition handsets. The prices ranged from $799 for the standard iPhone 12 to $1,099 for the iPhone 12 Max with 128GB of storage.\nApple will unveil its newest family of handsets as early as next month and the prices will be announced at the launch event. Reports have suggested the so-called iPhone 13 lineup will include four models with the same sizes as the iPhone 12 family, faster A15 Bionic processors and larger batteries. The two Pro models are expected to feature an improved ultrawide camera lens.","news_type":1,"symbols_score_info":{"TSM":0.9,"AAPL":0.9}},"isVote":1,"tweetType":1,"viewCount":495,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}