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08-13

$3倍做多韩国ETF-Direxion(KORU)$

08-13

$3倍做多韩国ETF-Direxion(KORU)$ [开心] [开心] [开心]

01-16

$三倍做多半导体ETF-Direxion Daily(SOXL)$

2025-11-20

$三倍做多富时中国ETF-Direxion(YINN)$ [白眼]

2025-11-20

$三倍做多富时中国ETF-Direxion(YINN)$ [流泪]

2022-12-26

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2022-12-11

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Does a dovish Fed mean US stocks are rising? The market is starting to worry about a recession.

2022-12-02

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Foreign Media Headlines | US Core PCE Still Far Exceeds Fed Target, Hopes for a Soft Landing Slim

2022-11-18

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Masayoshi Son announces his farewell

2022-11-17

[微笑]

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2022-10-27

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2022-10-24

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The Hang Seng Tech Index fell more than 5%, and tech stocks continued to decline.

2022-10-19

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@CrystalRose:These were the Bank drawdowns during the Global Fin crisis (2008-09). Imagine these Banks and their stocks surviving (and coming back great lengths) despite such huge drawdowns and the financial collapse. This is not 2008-09 so things may not get as bad, I think. Unless of course there is a global Bond market implosion.History repetes.. if you been in the markets for 50 years like me... upgrades starting to hit new wires. BAC $40 upgrades.. going head 36 to 38 next few days

2022-10-18

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Is it wise for the market to bet on the Federal Reserve cutting interest rates ahead of schedule and to buy the dip early?

2022-10-13

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Federal Reserve Meeting Minutes: Recently reaching restrictive interest rates raises concerns about insufficient rate hike.

2022-10-07

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10,000-word interview with Arm CEO: What gives it the right to "harvest" global tech giants?

2022-10-05

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Hong Kong stocks open | Hang Seng Index rises over 4%, tech stocks open higher across the board

2022-09-05

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2022-09-05

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Apple and Huawei's groundbreaking technologies are poised to drive a 6 trillion yuan market.

2022-09-04

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href=\"https://ttm.financial/S/YINN\">$三倍做多富时中国ETF-Direxion(YINN)$ </a>&nbsp;[流泪]&nbsp;&nbsp;","text":"$三倍做多富时中国ETF-Direxion(YINN)$ [流泪]","images":[{"img":"https://community-static.tradeup.com/news/365afa978f8bc0bf1824141a315ef73f","width":"894","height":"1564"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/502063573049600","isVote":1,"tweetType":1,"viewCount":3312,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":9925872799,"gmtCreate":1672006563612,"gmtModify":1676538619867,"author":{"id":"4090574021972690","authorId":"4090574021972690","name":"富川","avatar":"https://community-static.tradeup.com/news/07ec540f55a9536b728e59a537869d3e","crmLevel":12,"crmLevelSwitch":1,"followedFlag":false,"authorIdStr":"4090574021972690","idStr":"4090574021972690"},"themes":[],"title":"","htmlText":"👍","listText":"👍","text":"👍","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9925872799","repostId":"1154178439","repostType":4,"isVote":1,"tweetType":1,"viewCount":5840,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9929525583,"gmtCreate":1670712319142,"gmtModify":1676538419804,"author":{"id":"4090574021972690","authorId":"4090574021972690","name":"富川","avatar":"https://community-static.tradeup.com/news/07ec540f55a9536b728e59a537869d3e","crmLevel":12,"crmLevelSwitch":1,"followedFlag":false,"authorIdStr":"4090574021972690","idStr":"4090574021972690"},"themes":[],"title":"","htmlText":"👍","listText":"👍","text":"👍","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9929525583","repostId":"1135427428","repostType":4,"repost":{"id":"1135427428","kind":"news","pubTimestamp":1670641879,"share":"https://ttm.financial/m/news/1135427428?lang=en_US&edition=fundamental","pubTime":"2022-12-10 11:11","market":"us","language":"zh","title":"Does a dovish Fed mean US stocks are rising? The market is starting to worry about a recession.","url":"https://stock-news.laohu8.com/highlight/detail?id=1135427428","media":"智通财经网","summary":"有关美国经济正滑向衰退的持续警告终于触动了华尔街的神经。有关美国经济正滑向衰退的持续警告终于触动了华尔街的神经。过去两个月里，投资者无视各种警告——从40年来最严重的美债收益率曲线倒挂，到2022年油","content":"<p><html><head></head><body>Persistent warnings that the U.S. economy is sliding into recession have finally struck a nerve on Wall Street. Persistent warnings that the U.S. economy is sliding into recession have finally struck a nerve on Wall Street. Over the past two months, investors have ignored various warnings—from the worst inversion of the U.S. Treasury yield curve in 40 years to the collapse of the sharp rise in oil prices in 2022; But investors now seem to be betting that the biggest threat to risky assets is an impending slowdown in economic growth.</p><p>Cyclical stocks caused the S&P 500 to fall 3.4% this week after the index failed to hold above its 200-day average. Although optimism that the Federal Reserve would slow down rate hike had driven U.S. stocks up 14% since mid-October, investor sentiment has now soured, with concerns that if the Fed does indeed slow down rate hike, it will signal a downturn in the U.S. economy.</p><p>There are already signs that U.S. economic growth is slowing under the Federal Reserve's aggressive tightening policies. The U.S. service sector contracted last month; Although the labor market remains strong, there has been some weakness, with the number of first-time unemployment claims increasing recently. Meanwhile, inflation may have peaked, but it remains high enough to keep the Federal Reserve on guard, increasing the risk of excessive tightening.</p><p>Peter Tchir, head of macro strategy at Academy Securities, said: “We will shift from ‘bad data is good news’ to ‘bad data is bad news’ because it is a signal that the economy is weakening faster and worse than most people expect.”</p><p><img src=\"https://static.tigerbbs.com/c916ab1d72ccba5e0bd166e03aeef039\" tg-width=\"934\" tg-height=\"499\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>Markets have begun to view a series of discouraging economic news as bad news, rather than as a reason for a rally driven by the Federal Reserve's prospects for easing policy. Meanwhile, US inflation remains high – as evidenced by the better-than-expected US PPI growth in November. Overall, this is enough to suppress the upward trend since the fall.</p><p>Energy stocks have led the decline since the stock market peaked on the last day of November, unlike the first three sell-offs in 2022, when rising inflation spurred share prices of raw material producers. Companies that are more sensitive to the economy, such as financial companies and consumer goods manufacturers, lagged behind in December.</p><p>This shift is also evident in the fixed income sector. In early 2022, when inflation fears raged, bonds plummeted on three occasions when the S&P 500 fell by at least 10% from its peak. Now, bonds have begun to regain their status as recession hedges. On Wednesday, long-term U.S. Treasury Bond prices rose, and the 30-year U.S. Treasury Bond yield fell below 3.5%, the lowest level since September last year. The iShares 20-Year U.S. Treasury Bond ETF has risen 9% in the past three weeks.</p><p>Steve Sosnick, chief strategist at Interactive Brokers, said: \"If you buy stocks based on the idea that interest rates will be cut at some point in the future, unfortunately, that means an economic downturn will also come at some point in the future. So be careful when you make wishes.\"</p><p>In recent days, this information has been supported by executives at major Wall Street banks, whose CEOs are unanimously pessimistic about the prospects for U.S. economic growth and corporate profits. Even sell-side analysts who tend to tout the assets they sell have been clearly pessimistic in their predictions of a decline in 2023. The average forecast of strategists tracked by the media is that the S&P 500 will close at 4,009 points next year, their most pessimistic forecast since at least 1999.</p><p>Positions and trading patterns also indicate that investors are moving away from risky assets. EPFR data shows that investors withdrew from global stock markets at the fastest pace in five months, selling $35 billion in the past three weeks, compared to $23 billion they had hoarded a week earlier. The volatility signals also reinforce the transience of the recent rally, reflecting the situation before the end of the rally in March and August.</p><p>Technical indicators that stimulated buying in November have fallen this week. The S&P 500 failed to hold above its 200-day moving average and subsequently fell below the pullback/retracement level, which helps the bulls.</p><p><img src=\"https://static.tigerbbs.com/b0366d1ab17554afa57bf8480fcf4ca9\" tg-width=\"955\" tg-height=\"504\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>To further complicate matters, the stock market rally in November triggered the fastest easing of financial conditions since March 2020, according to a Goldman Sachs indicator, raising doubts about the Federal Reserve's ability to shift to an easing policy starting next year.</p><p>After being troubled by the intensity and persistence of inflationary pressures, Federal Reserve policymakers appear determined to peak rate hike at around 5%. This is bad news for the economy, which is expected to contract sometime next year.</p><p>\"There's still a lot of pain to go through,\" said Justin Burgin, head of equity research at Ameriprise Financial. \"We've seen almost no lag effects from this fastest rate hike in history.\"</p><p></body></html></p>","source":"highlight_zhitongcaijin","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>Does a dovish Fed mean US stocks are rising? The market is starting to worry about a recession.</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: 12.5px; color: #7E829C; margin: 0;}\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\">\nDoes a dovish Fed mean US stocks are rising? The market is starting to worry about a recession.\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">智通财经网</strong><span class=\"h-time small\">2022-12-10 11:11</span>\n</p>\n</h4>\n</header>\n<article>\n<p><html><head></head><body>Persistent warnings that the U.S. economy is sliding into recession have finally struck a nerve on Wall Street. Persistent warnings that the U.S. economy is sliding into recession have finally struck a nerve on Wall Street. Over the past two months, investors have ignored various warnings—from the worst inversion of the U.S. Treasury yield curve in 40 years to the collapse of the sharp rise in oil prices in 2022; But investors now seem to be betting that the biggest threat to risky assets is an impending slowdown in economic growth.</p><p>Cyclical stocks caused the S&P 500 to fall 3.4% this week after the index failed to hold above its 200-day average. Although optimism that the Federal Reserve would slow down rate hike had driven U.S. stocks up 14% since mid-October, investor sentiment has now soured, with concerns that if the Fed does indeed slow down rate hike, it will signal a downturn in the U.S. economy.</p><p>There are already signs that U.S. economic growth is slowing under the Federal Reserve's aggressive tightening policies. The U.S. service sector contracted last month; Although the labor market remains strong, there has been some weakness, with the number of first-time unemployment claims increasing recently. Meanwhile, inflation may have peaked, but it remains high enough to keep the Federal Reserve on guard, increasing the risk of excessive tightening.</p><p>Peter Tchir, head of macro strategy at Academy Securities, said: “We will shift from ‘bad data is good news’ to ‘bad data is bad news’ because it is a signal that the economy is weakening faster and worse than most people expect.”</p><p><img src=\"https://static.tigerbbs.com/c916ab1d72ccba5e0bd166e03aeef039\" tg-width=\"934\" tg-height=\"499\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>Markets have begun to view a series of discouraging economic news as bad news, rather than as a reason for a rally driven by the Federal Reserve's prospects for easing policy. Meanwhile, US inflation remains high – as evidenced by the better-than-expected US PPI growth in November. Overall, this is enough to suppress the upward trend since the fall.</p><p>Energy stocks have led the decline since the stock market peaked on the last day of November, unlike the first three sell-offs in 2022, when rising inflation spurred share prices of raw material producers. Companies that are more sensitive to the economy, such as financial companies and consumer goods manufacturers, lagged behind in December.</p><p>This shift is also evident in the fixed income sector. In early 2022, when inflation fears raged, bonds plummeted on three occasions when the S&P 500 fell by at least 10% from its peak. Now, bonds have begun to regain their status as recession hedges. On Wednesday, long-term U.S. Treasury Bond prices rose, and the 30-year U.S. Treasury Bond yield fell below 3.5%, the lowest level since September last year. The iShares 20-Year U.S. Treasury Bond ETF has risen 9% in the past three weeks.</p><p>Steve Sosnick, chief strategist at Interactive Brokers, said: \"If you buy stocks based on the idea that interest rates will be cut at some point in the future, unfortunately, that means an economic downturn will also come at some point in the future. So be careful when you make wishes.\"</p><p>In recent days, this information has been supported by executives at major Wall Street banks, whose CEOs are unanimously pessimistic about the prospects for U.S. economic growth and corporate profits. Even sell-side analysts who tend to tout the assets they sell have been clearly pessimistic in their predictions of a decline in 2023. The average forecast of strategists tracked by the media is that the S&P 500 will close at 4,009 points next year, their most pessimistic forecast since at least 1999.</p><p>Positions and trading patterns also indicate that investors are moving away from risky assets. EPFR data shows that investors withdrew from global stock markets at the fastest pace in five months, selling $35 billion in the past three weeks, compared to $23 billion they had hoarded a week earlier. The volatility signals also reinforce the transience of the recent rally, reflecting the situation before the end of the rally in March and August.</p><p>Technical indicators that stimulated buying in November have fallen this week. The S&P 500 failed to hold above its 200-day moving average and subsequently fell below the pullback/retracement level, which helps the bulls.</p><p><img src=\"https://static.tigerbbs.com/b0366d1ab17554afa57bf8480fcf4ca9\" tg-width=\"955\" tg-height=\"504\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>To further complicate matters, the stock market rally in November triggered the fastest easing of financial conditions since March 2020, according to a Goldman Sachs indicator, raising doubts about the Federal Reserve's ability to shift to an easing policy starting next year.</p><p>After being troubled by the intensity and persistence of inflationary pressures, Federal Reserve policymakers appear determined to peak rate hike at around 5%. This is bad news for the economy, which is expected to contract sometime next year.</p><p>\"There's still a lot of pain to go through,\" said Justin Burgin, head of equity research at Ameriprise Financial. \"We've seen almost no lag effects from this fastest rate hike in history.\"</p><p></body></html></p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://www.zhitongcaijing.com/content/detail/845337.html\">智通财经网</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/3e90f0093c95026e18203fb8d91b976d","relate_stocks":{".DJI":"道琼斯"},"source_url":"https://www.zhitongcaijing.com/content/detail/845337.html","is_english":false,"share_image_url":"https://static.laohu8.com/6ca2dcdccfa2217fb20a0351f4efe814","article_id":"1135427428","content_text":"有关美国经济正滑向衰退的持续警告终于触动了华尔街的神经。有关美国经济正滑向衰退的持续警告终于触动了华尔街的神经。过去两个月里，投资者无视各种警告——从40年来最严重的美债收益率曲线倒挂，到2022年油价大幅上涨的破灭;但投资者现在似乎开始押注风险资产面临的最大威胁是经济增长即将放缓。周期性股票导致标普500指数本周下跌3.4%，此前该指数未能维持在过去200天的平均价格之上。尽管自10月中旬以来，对美联储将放慢加息步伐的乐观情绪曾推动美国股市上涨14%，但投资者的情绪现在已经变得阴沉起来，他们担心美联储果真放慢加息步伐，将标志着美国经济陷入低迷。已经有迹象表明，在美联储激进的紧缩政策下，美国经济增长正在放缓。美国服务业上月出现萎缩;尽管劳动力市场依然强劲，但也出现了一些疲软，最近首续请失业金人数增加。与此同时，通胀可能已经见顶，但仍高到足以让美联储保持警惕，增加了过度紧缩的风险。Academy Securities宏观策略主管Peter Tchir表示:“我们将从‘坏数据就是好消息’转变成‘坏数据就是坏消息’，因为这是一个信号，表明经济正在以比大多数人预期的更快、更糟的速度走弱。”市场已经开始将一连串令人沮丧的经济消息视为坏消息，而不是将其视为美联储放宽政策前景带来的上涨理由。与此同时，美国通胀依然居高不下——美国11月PPI增速超预期就是明证。综合来看，这足以打压秋季以来的涨势。自股市在11月最后一天见顶以来，能源股领跌，这与2022年的前三次抛售不同，当时通胀加剧刺激了对原材料生产商的股价。对经济更为敏感的公司，如金融公司和消费品制造商，在12月份的表现较为滞后。这种转变在固定收益领域也很明显。在2022年早些时候，当通胀恐慌肆虐时，标普500指数从峰值下跌至少10%的三次情况中，债券都出现了暴跌。现在，债券已经开始恢复其作为经济衰退对冲的地位。周三，长期美国国债价格上涨，30年期美国国债收益率跌至3.5%以下，这是去年9月以来的最低水平。iShares 20年期以上美国国债ETF在过去三周上涨了9%。Interactive Brokers首席策略师Steve Sosnick表示:“如果你是基于未来某个时候会降息的想法来购买股票，不幸的是，这意味着经济疲软也会在未来某个时候到来。所以你许愿的时候一定要小心。”最近几天，这一信息得到了华尔街大行高管的支持，华尔街大行的首席执行官们一致对美国经济增长和企业盈利前景持悲观态度。即使是倾向于吹捧自己销售的资产的卖方分析师，也一直在明显悲观地预测，2023年将出现下跌。媒体追踪的策略师的平均预测是，标普500指数明年将收于4009点，这是他们至少自1999年以来最悲观的预测。仓位和交易模式也显示出投资者正在远离风险资产。EPFR的数据显示，投资者以五个月来最快的速度撤出全球股市，在过去三周抛售了350亿美元，而一周前他们还囤积了230亿美元。波动幅度的信号也强化了近期涨势的短暂性，反映了如3月和8月涨势结束前的情况。11月曾刺激买盘的技术指标水平本周出现回落。标普500指数未能守住200日移动均线上方，随后跌穿为多头提供帮助的回撤水平。让事情进一步复杂化的是，根据高盛集团的一项指标，11月的股市上涨引发了自2020年3月以来金融状况最快的宽松，这让人们对美联储从明年开始转向宽松政策的能力产生了怀疑。在被通胀压力的强度和持久力所困后，美联储政策制定者似乎决心将加息到5%左右的峰值。这对于明年某个时候将出现收缩的经济来说是个坏消息。Ameriprise Financial股票研究主管Justin Burgin表示:“还有很多痛苦要经历。我们几乎没有看到这次历史上最快加息的滞后效应。”","news_type":1,"symbols_score_info":{".DJI":0.9}},"isVote":1,"tweetType":1,"viewCount":4691,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9965291211,"gmtCreate":1669953843433,"gmtModify":1676538277653,"author":{"id":"4090574021972690","authorId":"4090574021972690","name":"富川","avatar":"https://community-static.tradeup.com/news/07ec540f55a9536b728e59a537869d3e","crmLevel":12,"crmLevelSwitch":1,"followedFlag":false,"authorIdStr":"4090574021972690","idStr":"4090574021972690"},"themes":[],"title":"","htmlText":"👍","listText":"👍","text":"👍","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9965291211","repostId":"2288839109","repostType":4,"repost":{"id":"2288839109","kind":"highlight","pubTimestamp":1669930251,"share":"https://ttm.financial/m/news/2288839109?lang=en_US&edition=fundamental","pubTime":"2022-12-02 05:30","market":"hk","language":"zh","title":"Foreign Media Headlines | US Core PCE Still Far Exceeds Fed Target, Hopes for a Soft Landing Slim","url":"https://stock-news.laohu8.com/highlight/detail?id=2288839109","media":"环球市场播报","summary":"　　10月美国一项基准通胀指标——核心PCE同比上涨5%，同比升幅6%，仍远高于美联储2%的目标，美联储通胀降温但经济不衰退的希望仍然渺茫。美联储主席鲍威尔本周强调，核心PCE是他认为更能准确反映通胀走向的指标。　　在截至11月19日当周，美国持续申领失业救济人数增加5.7万人，至160万人，为一年来最大增幅。　　美国商务部周四发布的数据显示，10月份个人储蓄占可支配收入之比降至2.3%。","content":"<p><html><head></head><body><b>The main headlines that global financial media focused on last night and this morning were:</b></p><p><b>1. US core PCE far exceeds the Fed's 2% target; hopes for a soft landing remain slim.</b><b>2. The number of people claiming unemployment benefits in the United States continues to rise to its highest level since February, making re-employment more difficult.</b><b>3. The U.S. savings rate fell to its lowest level since 2005 in October, hit by both persistent inflation and Fed rate hike.</b><b>4. The Chicago Federal Reserve appointed former Obama administration advisor Goolsby as its new president.</b><b>5. Credit Suisse's stock price has hit its longest losing streak in history, falling 66% this year.</b><b>6. UK house prices fell more than expected, and soaring mortgage rates dampened demand.</b><img src=\"https://static.tigerbbs.com/5b26f4dcea8cd92793b55e49bafa9f8d\" tg-width=\"550\" tg-height=\"346\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p><b>US core PCE far exceeds the Fed's 2% target; hopes for a soft landing remain slim.</b></p><p>In October, core PCE, a benchmark inflation measure in the United States, rose 5% year-on-year, a 6% increase, still far exceeding the Federal Reserve's 2% target. The Fed's hopes of cooling inflation but avoiding a recession remain slim.</p><p>Data released by the U.S. Commerce Department on Thursday showed that the personal consumption expenditures price index (PCE), excluding food and energy, rose 0.2% in October, a lower-than-expected increase. Federal Reserve Chairman Jerome Powell emphasized this week that core PCE is an indicator that he believes more accurately reflects the direction of inflation.</p><p>Core PCE rose 5% year-on-year, with the September increase revised upward to 5.2%.</p><p>Overall PCE rose 0.3% month-on-month for the third consecutive month and 6% year-on-year, still far exceeding the Federal Reserve's 2% target.</p><p><img src=\"https://static.tigerbbs.com/00bd89a1ca05a83b77f9ce74a93c3892\" tg-width=\"550\" tg-height=\"309\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p><b>The number of people claiming unemployment benefits in the United States continues to rise to its highest level since February, making re-employment more difficult.</b></p><p>The number of people continuing to claim unemployment benefits in the United States rose to its highest level since February, indicating that it is becoming more difficult for unemployed Americans to find new jobs in a gradually cooling labor market.</p><p>In the week ending November 19, the number of people continuing to claim unemployment benefits in the United States increased by 57,000 to 1.6 million, the largest increase in a year.</p><p>Data from the U.S. Labor Department on Thursday showed that initial jobless claims fell by 16,000 to 225,000 in the week ending November 26. The median estimate of economists surveyed by Bloomberg was 235,000.</p><p><img src=\"https://static.tigerbbs.com/ee6f67b8dab72d003d6a36b4735a6092\" tg-width=\"550\" tg-height=\"367\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p><b>The U.S. savings rate fell to its lowest level since 2005 in October, hit by both persistent inflation and Fed rate hike.</b></p><p>Americans' savings rate hit its lowest level since 2005, highlighting that inflation and rising borrowing costs are eroding households' financial buffers.</p><p>Data released by the U.S. Commerce Department on Thursday showed that personal savings as a percentage of disposable income fell to 2.3% in October. The report also shows that although inflation has cooled slightly, inflation-adjusted spending remains strong.</p><p>Under the dual impact of persistent inflation and Federal Reserve rate hike, U.S. consumer spending is unlikely to decline. The most representative example is the increase in credit card spending, with the year-on-year increase in U.S. household debt in the third quarter reaching its highest level since 2008.</p><p><img src=\"https://static.tigerbbs.com/d525cc42899299aa4b8612a0f9436181\" tg-width=\"550\" tg-height=\"310\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p><b>The Chicago Federal Reserve has appointed former Obama administration advisor Goolsby as its new president.</b></p><p>The Chicago Fed has appointed Austan Goolsbee, an economist who served as an advisor to former President Obama, as its new president. The current president, Evans, will retire next January.</p><p>The Chicago Fed said in an emailed statement Thursday that Goolsby, 53, who is currently a professor of economics at the University of Chicago Booth School of Business, will take office on January 9. Goolsbee was a former chairman of the Council of Economic Advisers and the youngest member of President Barack Obama's cabinet.</p><p>Evans led the Chicago Fed for 15 years, and for most of his tenure, he was one of the Fed's most dovish policymakers.</p><p><img src=\"https://static.tigerbbs.com/25334e85cba6df35ddcc81c2f9c1e561\" tg-width=\"550\" tg-height=\"309\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p><b>Credit Suisse's stock price has hit its longest losing streak in history, falling 66% this year.</b></p><p>Credit Suisse Group's stock price fell for the 13th consecutive day, marking its longest losing streak in history. The Swiss bank is in deep trouble, and its capital raising plan has further impacted its share price after years of scandals and mismanagement.</p><p>Credit Suisse closed down 6.1% to a record low of $3.08 on Thursday. The stock price has fallen by about 21% since November 23, when the bank said its key wealth management business was experiencing a large outflow of funds and that it could suffer another significant loss in the fourth quarter, reaching 1.5 billion Swiss francs ($1.6 billion).</p><p><img src=\"https://static.tigerbbs.com/a348a366bc39d591cfb5fb19987fb1ac\" tg-width=\"550\" tg-height=\"309\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p><b>UK house prices fell more than expected as soaring mortgage rates dampened demand.</b></p><p>UK mortgage lender Nationwide Building Society said that after soaring borrowing costs dampened demand, UK house prices fell more than expected, and at the fastest rate since the outbreak of the COVID-19 pandemic.</p><p>UK house prices fell 1.4% in November, the agency said. This is the second decline in months and the largest drop since June 2020. Excluding the pandemic, UK house prices have not fallen so sharply since the global financial crisis more than a decade ago. Economists had previously expected a 0.4% decline.</p><p>Home loan costs have soared to more than 6% in recent weeks from around 1% a year ago, influenced by the Bank of England's increase in benchmark lending rates and investor concerns about slowing economic growth and rising government debt. Although borrowers' costs have fallen from their peak, they may still be much higher than buyers' levels for most of the past decade.</p><p></body></html></p>","source":"sina_us","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>Foreign Media Headlines | US Core PCE Still Far Exceeds Fed Target, Hopes for a Soft Landing Slim</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: 12.5px; color: #7E829C; margin: 0;}\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\">\nForeign Media Headlines | US Core PCE Still Far Exceeds Fed Target, Hopes for a Soft Landing Slim\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">环球市场播报</strong><span class=\"h-time small\">2022-12-02 05:30</span>\n</p>\n</h4>\n</header>\n<article>\n<p><html><head></head><body><b>The main headlines that global financial media focused on last night and this morning were:</b></p><p><b>1. US core PCE far exceeds the Fed's 2% target; hopes for a soft landing remain slim.</b><b>2. The number of people claiming unemployment benefits in the United States continues to rise to its highest level since February, making re-employment more difficult.</b><b>3. The U.S. savings rate fell to its lowest level since 2005 in October, hit by both persistent inflation and Fed rate hike.</b><b>4. The Chicago Federal Reserve appointed former Obama administration advisor Goolsby as its new president.</b><b>5. Credit Suisse's stock price has hit its longest losing streak in history, falling 66% this year.</b><b>6. UK house prices fell more than expected, and soaring mortgage rates dampened demand.</b><img src=\"https://static.tigerbbs.com/5b26f4dcea8cd92793b55e49bafa9f8d\" tg-width=\"550\" tg-height=\"346\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p><b>US core PCE far exceeds the Fed's 2% target; hopes for a soft landing remain slim.</b></p><p>In October, core PCE, a benchmark inflation measure in the United States, rose 5% year-on-year, a 6% increase, still far exceeding the Federal Reserve's 2% target. The Fed's hopes of cooling inflation but avoiding a recession remain slim.</p><p>Data released by the U.S. Commerce Department on Thursday showed that the personal consumption expenditures price index (PCE), excluding food and energy, rose 0.2% in October, a lower-than-expected increase. Federal Reserve Chairman Jerome Powell emphasized this week that core PCE is an indicator that he believes more accurately reflects the direction of inflation.</p><p>Core PCE rose 5% year-on-year, with the September increase revised upward to 5.2%.</p><p>Overall PCE rose 0.3% month-on-month for the third consecutive month and 6% year-on-year, still far exceeding the Federal Reserve's 2% target.</p><p><img src=\"https://static.tigerbbs.com/00bd89a1ca05a83b77f9ce74a93c3892\" tg-width=\"550\" tg-height=\"309\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p><b>The number of people claiming unemployment benefits in the United States continues to rise to its highest level since February, making re-employment more difficult.</b></p><p>The number of people continuing to claim unemployment benefits in the United States rose to its highest level since February, indicating that it is becoming more difficult for unemployed Americans to find new jobs in a gradually cooling labor market.</p><p>In the week ending November 19, the number of people continuing to claim unemployment benefits in the United States increased by 57,000 to 1.6 million, the largest increase in a year.</p><p>Data from the U.S. Labor Department on Thursday showed that initial jobless claims fell by 16,000 to 225,000 in the week ending November 26. The median estimate of economists surveyed by Bloomberg was 235,000.</p><p><img src=\"https://static.tigerbbs.com/ee6f67b8dab72d003d6a36b4735a6092\" tg-width=\"550\" tg-height=\"367\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p><b>The U.S. savings rate fell to its lowest level since 2005 in October, hit by both persistent inflation and Fed rate hike.</b></p><p>Americans' savings rate hit its lowest level since 2005, highlighting that inflation and rising borrowing costs are eroding households' financial buffers.</p><p>Data released by the U.S. Commerce Department on Thursday showed that personal savings as a percentage of disposable income fell to 2.3% in October. The report also shows that although inflation has cooled slightly, inflation-adjusted spending remains strong.</p><p>Under the dual impact of persistent inflation and Federal Reserve rate hike, U.S. consumer spending is unlikely to decline. The most representative example is the increase in credit card spending, with the year-on-year increase in U.S. household debt in the third quarter reaching its highest level since 2008.</p><p><img src=\"https://static.tigerbbs.com/d525cc42899299aa4b8612a0f9436181\" tg-width=\"550\" tg-height=\"310\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p><b>The Chicago Federal Reserve has appointed former Obama administration advisor Goolsby as its new president.</b></p><p>The Chicago Fed has appointed Austan Goolsbee, an economist who served as an advisor to former President Obama, as its new president. The current president, Evans, will retire next January.</p><p>The Chicago Fed said in an emailed statement Thursday that Goolsby, 53, who is currently a professor of economics at the University of Chicago Booth School of Business, will take office on January 9. Goolsbee was a former chairman of the Council of Economic Advisers and the youngest member of President Barack Obama's cabinet.</p><p>Evans led the Chicago Fed for 15 years, and for most of his tenure, he was one of the Fed's most dovish policymakers.</p><p><img src=\"https://static.tigerbbs.com/25334e85cba6df35ddcc81c2f9c1e561\" tg-width=\"550\" tg-height=\"309\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p><b>Credit Suisse's stock price has hit its longest losing streak in history, falling 66% this year.</b></p><p>Credit Suisse Group's stock price fell for the 13th consecutive day, marking its longest losing streak in history. The Swiss bank is in deep trouble, and its capital raising plan has further impacted its share price after years of scandals and mismanagement.</p><p>Credit Suisse closed down 6.1% to a record low of $3.08 on Thursday. The stock price has fallen by about 21% since November 23, when the bank said its key wealth management business was experiencing a large outflow of funds and that it could suffer another significant loss in the fourth quarter, reaching 1.5 billion Swiss francs ($1.6 billion).</p><p><img src=\"https://static.tigerbbs.com/a348a366bc39d591cfb5fb19987fb1ac\" tg-width=\"550\" tg-height=\"309\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p><b>UK house prices fell more than expected as soaring mortgage rates dampened demand.</b></p><p>UK mortgage lender Nationwide Building Society said that after soaring borrowing costs dampened demand, UK house prices fell more than expected, and at the fastest rate since the outbreak of the COVID-19 pandemic.</p><p>UK house prices fell 1.4% in November, the agency said. This is the second decline in months and the largest drop since June 2020. Excluding the pandemic, UK house prices have not fallen so sharply since the global financial crisis more than a decade ago. Economists had previously expected a 0.4% decline.</p><p>Home loan costs have soared to more than 6% in recent weeks from around 1% a year ago, influenced by the Bank of England's increase in benchmark lending rates and investor concerns about slowing economic growth and rising government debt. Although borrowers' costs have fallen from their peak, they may still be much higher than buyers' levels for most of the past decade.</p><p></body></html></p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://finance.sina.com.cn/stock/usstock/c/2022-12-02/doc-imqmmthc6739501.shtml\">环球市场播报</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/5b26f4dcea8cd92793b55e49bafa9f8d","relate_stocks":{"161125":"标普500","513500":"标普500ETF博时","IVV":"标普500ETF-iShares","UDOW":"三倍做多道指30ETF-ProShares","UPRO":"三倍做多标普500ETF-ProShares","DXD":"两倍做空道琼30指数ETF-ProShares","OEF":"标普100指数ETF-iShares","DOG":"道指ETF-ProShares做空","BK4581":"高盛持仓","QQQ":"纳指100ETF",".DJI":"道琼斯",".IXIC":"NASDAQ Composite","BK4534":"瑞士信贷持仓","SQQQ":"纳指三倍做空ETF","SPXU":"三倍做空标普500ETF-ProShares",".SPX":"S&P 500 Index","PSQ":"做空纳斯达克100指数ETF-ProShares","SDOW":"三倍做空道指30ETF-ProShares","SPY":"标普500ETF","TQQQ":"纳指三倍做多ETF","QLD":"2倍做多纳斯达克100指数ETF-ProShares","BK4504":"桥水持仓","BK4559":"巴菲特持仓","SDS":"两倍做空标普500 ETF-ProShares","BK4550":"红杉资本持仓","OEX":"标普100","SSO":"2倍做多标普500ETF-ProShares","QID":"两倍做空纳斯达克指数ETF-ProShares","DDM":"2倍做多道指ETF-ProShares","DJX":"1/100道琼斯","SH":"做空标普500-Proshares"},"source_url":"https://finance.sina.com.cn/stock/usstock/c/2022-12-02/doc-imqmmthc6739501.shtml","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2288839109","content_text":"全球财经媒体昨夜今晨共同关注的头条新闻主要有：　　 1、美国核心PCE远超美联储2%目标 软着陆的希望仍然渺茫       2、美国持续申领失业救济人数升至2月份以来最高 重新就业难度加大       3、美国10月份储蓄率降至2005年以来最低水平 持续通胀和联储加息双重打击       4、芝加哥联储任命美国前奥巴马政府顾问古尔斯比为新行长　　 5、瑞信股价创史上最长连跌纪录 今年以来已下跌66%　　 6、英国房价降幅超出预期 按揭贷款利率飙升抑制需求美国核心PCE远超美联储2%目标 软着陆的希望仍然渺茫10月美国一项基准通胀指标——核心PCE同比上涨5%，同比升幅6%，仍远高于美联储2%的目标，美联储通胀降温但经济不衰退的希望仍然渺茫。美国商务部周四公布的数据显示，10月不包括食品和能源的个人消费支出价格指数（PCE）较10月增长0.2%，升幅低于预期。美联储主席鲍威尔本周强调，核心PCE是他认为更能准确反映通胀走向的指标。核心PCE同比上涨5%，9月升幅上修至5.2%。整体PCE连续第三个月环比上升0.3%，同比升幅6%，仍远高于美联储2%的目标。美国持续申领失业救济人数升至2月份以来最高 重新就业难度加大美国持续申领失业救济的人数升至2月份以来的最高水平，表明失业的美国人在逐渐降温的劳动力市场上找到新工作的难度加大。在截至11月19日当周，美国持续申领失业救济人数增加5.7万人，至160万人，为一年来最大增幅。美国劳工部周四的数据显示，在截至11月26日当周，首次申领失业救济人数减少1.6万人，至22.5万人。接受彭博调查的经济学家的预估中值为23.5万人。美国10月份储蓄率降至2005年以来最低水平 持续通胀和联储加息双重打击美国人储蓄率创2005年以来最低水平，凸显出通胀和借贷成本上升正在削弱家庭的财务缓冲能力。美国商务部周四发布的数据显示，10月份个人储蓄占可支配收入之比降至2.3%。报告还显示，尽管通胀略有降温，但经通胀调整的支出仍然强劲。在持续通胀和美联储加息的双重打击下，美国消费支出很难下降。最具代表性的是，信用卡消费增多，第三季度美国居民债务的同比升幅达到2008年以来最高。芝加哥联储任命美国前奥巴马政府顾问古尔斯比为新行长芝加哥联储任命曾为前总统奥巴马担任顾问的经济学家奥斯坦·古尔斯比（Austan Goolsbee）为新行长，现行长埃文斯将于明年1月退休。芝加哥联储周四在一份电邮声明中表示，现年53岁的古尔斯比将于1月9日履任，他目前是芝加哥大学布斯商学院经济学教授。古尔斯比曾经是美国经济顾问委员会主席，并且是美国总统奥巴马内阁中最年轻的内阁成员。埃文斯执掌芝加哥联储15年，在任内的大部分时间里，他一直是美联储最鸽派的决策者之一。瑞信股价创史上最长连跌纪录 今年以来已下跌66%瑞信集团股价连续第13天走低，创出有史以来最长连跌纪录，这家瑞士银行深陷困境，在持续多年的丑闻和管理不善后，资本募集计划对其股价构成进一步的冲击。瑞信周四收盘下跌6.1%，至3.08美元的纪录新低。11月23日以来，股价下跌了大约21%，当时该行称，其关键性的理财业务遭遇大量资金外流，并称第四季度可能会再次蒙受重大亏损，达到15亿瑞郎（16亿美元）。英国房价降幅超出预期 按揭贷款利率飙升抑制需求英国按揭贷款机构Nationwide Building Society表示，在借贷成本飙升抑制需求之后，英国房价跌幅超过预期，而且是新冠疫情爆发以来的最快跌速。该机构称，英国11月房价下跌1.4%。这是数月来的第二次下跌，也是2020年6月以来的最大跌幅。不包括疫情时期，英国房价自10多年前全球金融危机以来从未出现过如此大幅的下跌。经济学家此前预期为下滑0.4%。受英国央行上调基准贷款利率以及投资者对经济增长放缓和政府债务上升的担忧影响，住房贷款成本最近几周从一年前的约1%飙升至6%以上。虽然借款人的成本已较峰值回落，但仍可能远高于买家过去十年大部分时间内的水平。","news_type":1,"symbols_score_info":{"161125":0.6,"513500":0.6,".DJI":0.9,"QLD":0.6,".SPX":0.6,"UDOW":0.6,".IXIC":0.9,"DDM":0.6,"SDS":0.6,"SSO":0.6,"SQQQ":0.6,"DXD":0.6,"PSQ":0.6,"ESmain":0.6,"DOG":0.6,"IVV":0.6,"OEX":0.6,"TQQQ":0.6,"DJX":0.6,"SPXU":0.6,"SDOW":0.6,"NQmain":0.6,"OEF":0.6,"UPRO":0.6,"QID":0.6,"QQQ":0.6,"SH":0.6,"MNQmain":0.6,"SPY":0.9}},"isVote":1,"tweetType":1,"viewCount":5273,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9963772495,"gmtCreate":1668775578718,"gmtModify":1676538111904,"author":{"id":"4090574021972690","authorId":"4090574021972690","name":"富川","avatar":"https://community-static.tradeup.com/news/07ec540f55a9536b728e59a537869d3e","crmLevel":12,"crmLevelSwitch":1,"followedFlag":false,"authorIdStr":"4090574021972690","idStr":"4090574021972690"},"themes":[],"title":"","htmlText":"👍","listText":"👍","text":"👍","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9963772495","repostId":"2284728958","repostType":4,"repost":{"id":"2284728958","kind":"highlight","weMediaInfo":{"introduction":"创业与投资专业门户","home_visible":1,"media_name":"投资界","id":"1096839439","head_image":"https://static.tigerbbs.com/2531123ee54a22588d693ba65ab705b3"},"pubTimestamp":1668766250,"share":"https://ttm.financial/m/news/2284728958?lang=en_US&edition=fundamental","pubTime":"2022-11-18 18:10","market":"other","language":"zh","title":"Masayoshi Son announces his farewell","url":"https://stock-news.laohu8.com/highlight/detail?id=2284728958","media":"投资界","summary":"“这将是我最后一次在财务业绩会上发言。”在最新软银集团财季报告的舞台上，孙正义郑重宣布以后不再出席软银的财报会议，并将集团的日常管理工作移交给CFO后藤芳光（Yoshimitsu Goto）等高管。这","content":"<p><html><head></head><body>“<b>This will be the last time I speak at the financial results conference.</b>。”</p><p>On the stage of SoftBank Group's latest quarterly financial report, Masayoshi Son solemnly announced that he would no longer attend SoftBank's earnings conferences and would hand over the group's daily management to CFO Yoshimitsu Goto and other executives. This is the first time he has taken the helm of SoftBank in its history.</p><p>Masayoshi Son's aggressive investment style left LPs with mixed feelings, prompting him to turn around.<b>Devote yourself wholeheartedly to the chip company ARM</b>。 This time, it can be said that this investment maniac is taking the first step towards retirement.</p><p><img src=\"https://static.tigerbbs.com/c69620816bf719ccb798938c41983bac\" tg-width=\"1080\" tg-height=\"485\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>Masayoshi Son is undoubtedly one of the most talked-about legendary figures in venture capital history. Born in 1957 in a small village in Japan, after witnessing several family upheavals, the young Masayoshi Son vowed to \"make a great career and become Japan's number one entrepreneur,\" and at the age of 19, he set a life plan for himself for the next 50 years.</p><p>Start a business at 20, earn a billion dollars at 30, become number one at 40, earn tens of billions of dollars at 50, and retire at 60.</p><p>As Masayoshi Son wished, the first half of his life was epic because he founded SoftBank and created a vast capital empire, especially more than 20 years ago.<a href=\"https://laohu8.com/S/BABA\">Alibaba</a>The \"6-minute investment\" system has been able to save SoftBank from its predicament to this day. What failed to materialize was that Masayoshi Son has not yet been able to fully retire. This year's situation has been more difficult than he imagined. After half his life of ups and downs, the 65-year-old seems to have already begun to consider retiring.</p><p><b>Masayoshi Son's last earnings call:</b></p><p><b>SoftBank finally broke even after selling Alibaba.</b></p><p>This is the last time we will see Masayoshi Son in this form.</p><p>On November 11, SoftBank Group released its first-half fiscal year (March 49) report. In summary, SoftBank reported net sales of 3.2 trillion yen, investment losses of 849.6 billion yen (approximately 43 billion yuan), and a net loss of 129.1 billion yen in the first half of fiscal year 2022, resulting in a loss of approximately 6.6 billion yuan.</p><p>You read that right, it is indeed 6.6 billion. This small sum is insignificant compared to the huge SoftBank, and we will explain the reasons in detail later.</p><p><img src=\"https://static.tigerbbs.com/e17a9afbf5120644e228405e9567be93\" tg-width=\"719\" tg-height=\"519\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>The culprit behind SoftBank's losses remains the sharp decline in the stock prices/valuations of the portfolios of Vision Funds SVF1, SVF2, and LatAm Funds, including US food delivery company Doordash, Southeast Asian ride-hailing company GoTo, South Korean version of \"Alibaba\" Coupang, Beike Zhaofang, Wework, SenseTime, and others.</p><p>\"Judging from the current situation, almost all of our investments, whether in the primary or secondary markets, have not performed well,\" Masayoshi Son stated frankly at the latest earnings call.<b>Both listed and unlisted stocks were nearly completely wiped out, and the Vision Fund was also clearly hit.</b>”。 In July and September alone, SoftBank's Vision Fund suffered investment losses of nearly $10 billion, and for the entire first half of the fiscal year, it caused investment losses of 4.4 trillion yen, equivalent to approximately 220 billion yuan.</p><p>However, the huge hole created by SoftBank's Vision Fund was filled by Alibaba. Breaking it down, in the first fiscal quarter (April), SoftBank recorded a net loss of 3.16 trillion yen (approximately 160 billion yuan), the largest loss in recent years; However, in the second fiscal quarter of 1979, the company reversed course and achieved a net profit of 3.03 trillion yen (approximately 153 billion yuan).</p><p><img src=\"https://static.tigerbbs.com/4acb011a2d43a79547802b2a5a856dc0\" tg-width=\"809\" tg-height=\"453\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>This marks SoftBank's first profit in three quarters. \"The main source of the huge profits is Alibaba, and we used Alibaba shares to sign prepaid forward contracts,\" SoftBank Group CFO Yoshimitsu Goto revealed at the earnings call. Financial reports show that in August 2022, SoftBank implemented early physical settlement of 242 million Alibaba shares corresponding to prepaid forward contracts, thereby recovering more than 270 billion yuan.</p><p>With this, Alibaba's share of SoftBank's assets has decreased to 14.6%, but its size remains considerable. One can't help but marvel that an investment that was made in just six minutes of meeting more than 20 years ago would bring such unimaginable returns to Masayoshi Son and SoftBank in the future.</p><p>The ongoing volatility in technology stocks has forced SoftBank to contract across the board and is further reducing its investments. For example, SVF1's total investment in the same period last fiscal year was RMB 17.8 billion, but this year it is only RMB 1.8 billion. This scene was even more dramatic in the second phase of the Vision Fund. During the second phase, a total of RMB 16 billion was invested, compared to RMB 139.5 billion in the same period of the previous fiscal year, which can be described as a \"knee-deep drop\".</p><p>These are difficult times for global private equity investment. To effectively alleviate the situation, Yoshimitsu Goto stated that SoftBank's Vision Fund will lay off 30% of its employees. However, this \"explosive\" news did not cause much of a stir; perhaps everyone has become accustomed to this situation this year.</p><p><b>Masayoshi Son bids farewell to investing and joins ARM.</b></p><p>Standing on the stage of the final earnings release conference, Masayoshi Son appeared somewhat emotional, telling almost everyone his story with ARM. He regarded this as the starting point of his life.</p><p><img src=\"https://static.tigerbbs.com/4eb36042ebfa27bac1c8ca3caf6f6d59\" tg-width=\"1080\" tg-height=\"499\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>It was the fall of 1976. 19-year-old Masayoshi Son was studying in the United States. One day, while reading a science magazine on the sidewalk, he accidentally saw a \"mysterious photo of a future city that looked like a geometric pattern\" on a microcomputer chip. Turning to the next page, he was deeply shocked to find that it was a microcomputer chip the size of a fingertip and less than 1 centimeter in diameter.</p><p>“I know what a computer is, and I know what a computer program is, but I didn’t know that all of these things came from such small parts.” After reading the magazine, Masayoshi Son couldn’t help but cry. He felt that for the first time he had discovered something that might surpass human intellectual activity. Looking back on those days, he said, \"I was very moved because humans are probably the smartest people on Earth, and they have created things that surpass human intelligence.\"</p><p>Forty-five years have passed since that day, but microcomputers are far from mature and are still developing explosively. Masayoshi Son observed that in the long river of human history spanning tens or hundreds of thousands of years, the information revolution has spread rapidly in just 50 years, and we have now reached a point where we cannot do without smartphones.</p><p>“At the same time, the core of the CPU has shifted from Intel to ARM, and ARM’s position as the most efficient architecture will become increasingly solidified. That’s how I understand it,” he judged. “As everything is being digitized, ARM’s stage will be even bigger.”</p><p>Recalling the first time he saw that photo of the microcomputer chip, Masayoshi Son decided to dedicate his life to the information revolution. Now, he will return to that \"starting point,\" which is also his future direction.</p><p>“<b>Over the next few years, I want to focus on ARM's next phase of explosive growth.</b>。” At the start of the press conference, Masayoshi Son said, \"This makes me excited and happy. ARM and its related businesses will be SoftBank's biggest growth driver in the future.\"</p><p>Speaking of ARM, this is another big gamble in Masayoshi Son's investment history. In 2016, SoftBank Group, led by Masayoshi Son, acquired British chip giant ARM for $31 billion in cash. In order to acquire ARM and raise funds for the acquisition, SoftBank sold off several high-quality assets, including Alibaba, and even borrowed heavily at great expense. Such a large-scale move shook the entire chip industry, and Masayoshi Son once again demonstrated his adventurous spirit, sending chills down his spine at his peers. He was dubbed a \"desperate gamble\" by the outside world.</p><p>ARM was originally a trump card in Masayoshi Son's hands. When SoftBank was mired in trouble, he once hoped to sell it for $60 billion. Earlier this year,<a href=\"https://laohu8.com/S/NVDA\">NVIDIA</a>The original plan was to acquire ARM for $40 billion, but the largest deal in the history of the chip industry fell through because regulators failed to approve it.</p><p>Subsequently, SoftBank began preparations for ARM's independent IPO, but it remains unclear where the IPO will take place. During the earnings call, Ian Thornton, IR at SoftBank and Vice President of ARM, revealed, \"We hope ARM will go public as soon as possible, but given the current uncertainty in the global economy, ARM's IPO is unlikely to happen before the end of March 2023. Preparations are progressing smoothly, and the IPO may take place sometime in 2023.\"</p><p>“<b>From the beginning, if SoftBank hadn't been in crisis, ARM would have been the last asset we wanted to sell.</b>。 Especially recently, I've realized once again how great ARM is, and its future growth opportunities are enormous. Over the past few months, Masayoshi Son has been thinking repeatedly, \"How can we make the best use of ARM, and what kind of interesting services and technologies can we create? Thinking about all of this, I have no doubt about these great technological innovations.\"</p><p><b>With the world gone, a generation of investment madmen let go.</b></p><p>This year should be the most intense year for Masayoshi Son in his ideological struggle.</p><p>The world is currently fraught with risks, and venture capital firms around the world are experiencing varying degrees of tension. In this situation, Masayoshi Son is constantly thinking about where SoftBank should go. Should the Vision Fund continue investing? Or should we reduce debt and lower the debt ratio, and have more cash to drive business more safely?</p><p>\"We had several heated discussions internally, and later I came to my senses,\" Masayoshi Son said at the earnings call. \"The conclusion is that we will not see inflation subside during this period.\"<b>SoftBank must be on the defensive and stay that way</b>。”</p><p>I still remember the boy Masayoshi Son who was so inspired that he shed tears when he read about Ryoma Sakamoto, who \"broke away\" in pursuit of his dream in the historical work \"Ryoma is Coming\". \"You're not a mediocre person buried in the grasslands. Go out and make a name for yourself. As long as you think it's right, do it resolutely.\"</p><p>Later, this scene always appeared in his mind and became the source of spiritual motivation for many of his difficult decisions. \"At first, all I had were dreams and unfounded confidence, but it all started here,\" Masayoshi Son once said.</p><p>To some extent, this also contributed to Masayoshi Son's astonishingly aggressive investment style. Over the years, the strategies of SoftBank and Vision Fund under his leadership in the primary market have been impressive. They change the rules of the game with cash, are willing to give high valuations, dare to give high valuations, and invest in their competitors if the target is not allowed to invest. No one can match them.</p><p>During this period, Masayoshi Son seemed to have only given himself two paths: either make a lot of money or lose money, and he spent his time and energy on blockbuster projects. This strategy also helped Masayoshi Son attract almost every super unicorn in the world, leaving him furious. However, looking at its investment history, in addition to<a href=\"https://laohu8.com/S/YHOO\">Yahoo</a>Aside from his battle with Alibaba that made him a legend, most of his projects brought him a series of troubles and losses, such as...<a href=\"https://laohu8.com/S/WE\">WeWork</a>OYO, Uber... and countless unicorns that collapsed after building skyscrapers.</p><p>After a series of magical events, SoftBank began to reflect on its actions and decided to refrain from investing for a long time.<b>Masayoshi Son, 65, also made a change, breaking with decades of convention.</b>He bid farewell to the SoftBank earnings report stage, which he had always led, and kept a low profile.</p><p>In previous years, Masayoshi Son would discuss his unconventional investment philosophy through earnings reports. The outside world could also get a glimpse of this venture capitalist maniac’s investment attitude from the historical paintings or abstract pictures he released. Masayoshi Son also expressed his desire for capital and his expectations on how technology can improve human happiness on this stage more than once, sometimes absurd, sometimes full of poetry.</p><p>However, he will no longer host earnings releases in this format, and will only make brief comments. He has handed over these daily tasks to several other deputies, including Yoshimitsu Goto. \"Goto is better suited to defense than I am,\" Masayoshi Son said at his final earnings call.<b>I am a combative person, not a defensive one.</b>。”</p><p>Perhaps worried that the outside world would focus too much on his retirement, Masayoshi Son added,<b>I am in good health and full of energy.</b>He stated, \"I will continue to attend the shareholders' meeting, and I will return at any time if anything unpredictable happens.\"</p><p>In the torrent, the mythical years of this venture capital empire began to fade away, and the eccentric, radical, and adventurous investment maniac gradually disappeared from the spotlight. Times have truly changed.</p><p></body></html></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>Masayoshi Son announces his farewell</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: 12.5px; color: #7E829C; margin: 0;}\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\">\nMasayoshi Son announces his farewell\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1096839439\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/2531123ee54a22588d693ba65ab705b3);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">投资界 </p>\n<p class=\"h-time smaller\">2022-11-18 18:10</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p><html><head></head><body>“<b>This will be the last time I speak at the financial results conference.</b>。”</p><p>On the stage of SoftBank Group's latest quarterly financial report, Masayoshi Son solemnly announced that he would no longer attend SoftBank's earnings conferences and would hand over the group's daily management to CFO Yoshimitsu Goto and other executives. This is the first time he has taken the helm of SoftBank in its history.</p><p>Masayoshi Son's aggressive investment style left LPs with mixed feelings, prompting him to turn around.<b>Devote yourself wholeheartedly to the chip company ARM</b>。 This time, it can be said that this investment maniac is taking the first step towards retirement.</p><p><img src=\"https://static.tigerbbs.com/c69620816bf719ccb798938c41983bac\" tg-width=\"1080\" tg-height=\"485\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>Masayoshi Son is undoubtedly one of the most talked-about legendary figures in venture capital history. Born in 1957 in a small village in Japan, after witnessing several family upheavals, the young Masayoshi Son vowed to \"make a great career and become Japan's number one entrepreneur,\" and at the age of 19, he set a life plan for himself for the next 50 years.</p><p>Start a business at 20, earn a billion dollars at 30, become number one at 40, earn tens of billions of dollars at 50, and retire at 60.</p><p>As Masayoshi Son wished, the first half of his life was epic because he founded SoftBank and created a vast capital empire, especially more than 20 years ago.<a href=\"https://laohu8.com/S/BABA\">Alibaba</a>The \"6-minute investment\" system has been able to save SoftBank from its predicament to this day. What failed to materialize was that Masayoshi Son has not yet been able to fully retire. This year's situation has been more difficult than he imagined. After half his life of ups and downs, the 65-year-old seems to have already begun to consider retiring.</p><p><b>Masayoshi Son's last earnings call:</b></p><p><b>SoftBank finally broke even after selling Alibaba.</b></p><p>This is the last time we will see Masayoshi Son in this form.</p><p>On November 11, SoftBank Group released its first-half fiscal year (March 49) report. In summary, SoftBank reported net sales of 3.2 trillion yen, investment losses of 849.6 billion yen (approximately 43 billion yuan), and a net loss of 129.1 billion yen in the first half of fiscal year 2022, resulting in a loss of approximately 6.6 billion yuan.</p><p>You read that right, it is indeed 6.6 billion. This small sum is insignificant compared to the huge SoftBank, and we will explain the reasons in detail later.</p><p><img src=\"https://static.tigerbbs.com/e17a9afbf5120644e228405e9567be93\" tg-width=\"719\" tg-height=\"519\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>The culprit behind SoftBank's losses remains the sharp decline in the stock prices/valuations of the portfolios of Vision Funds SVF1, SVF2, and LatAm Funds, including US food delivery company Doordash, Southeast Asian ride-hailing company GoTo, South Korean version of \"Alibaba\" Coupang, Beike Zhaofang, Wework, SenseTime, and others.</p><p>\"Judging from the current situation, almost all of our investments, whether in the primary or secondary markets, have not performed well,\" Masayoshi Son stated frankly at the latest earnings call.<b>Both listed and unlisted stocks were nearly completely wiped out, and the Vision Fund was also clearly hit.</b>”。 In July and September alone, SoftBank's Vision Fund suffered investment losses of nearly $10 billion, and for the entire first half of the fiscal year, it caused investment losses of 4.4 trillion yen, equivalent to approximately 220 billion yuan.</p><p>However, the huge hole created by SoftBank's Vision Fund was filled by Alibaba. Breaking it down, in the first fiscal quarter (April), SoftBank recorded a net loss of 3.16 trillion yen (approximately 160 billion yuan), the largest loss in recent years; However, in the second fiscal quarter of 1979, the company reversed course and achieved a net profit of 3.03 trillion yen (approximately 153 billion yuan).</p><p><img src=\"https://static.tigerbbs.com/4acb011a2d43a79547802b2a5a856dc0\" tg-width=\"809\" tg-height=\"453\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>This marks SoftBank's first profit in three quarters. \"The main source of the huge profits is Alibaba, and we used Alibaba shares to sign prepaid forward contracts,\" SoftBank Group CFO Yoshimitsu Goto revealed at the earnings call. Financial reports show that in August 2022, SoftBank implemented early physical settlement of 242 million Alibaba shares corresponding to prepaid forward contracts, thereby recovering more than 270 billion yuan.</p><p>With this, Alibaba's share of SoftBank's assets has decreased to 14.6%, but its size remains considerable. One can't help but marvel that an investment that was made in just six minutes of meeting more than 20 years ago would bring such unimaginable returns to Masayoshi Son and SoftBank in the future.</p><p>The ongoing volatility in technology stocks has forced SoftBank to contract across the board and is further reducing its investments. For example, SVF1's total investment in the same period last fiscal year was RMB 17.8 billion, but this year it is only RMB 1.8 billion. This scene was even more dramatic in the second phase of the Vision Fund. During the second phase, a total of RMB 16 billion was invested, compared to RMB 139.5 billion in the same period of the previous fiscal year, which can be described as a \"knee-deep drop\".</p><p>These are difficult times for global private equity investment. To effectively alleviate the situation, Yoshimitsu Goto stated that SoftBank's Vision Fund will lay off 30% of its employees. However, this \"explosive\" news did not cause much of a stir; perhaps everyone has become accustomed to this situation this year.</p><p><b>Masayoshi Son bids farewell to investing and joins ARM.</b></p><p>Standing on the stage of the final earnings release conference, Masayoshi Son appeared somewhat emotional, telling almost everyone his story with ARM. He regarded this as the starting point of his life.</p><p><img src=\"https://static.tigerbbs.com/4eb36042ebfa27bac1c8ca3caf6f6d59\" tg-width=\"1080\" tg-height=\"499\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>It was the fall of 1976. 19-year-old Masayoshi Son was studying in the United States. One day, while reading a science magazine on the sidewalk, he accidentally saw a \"mysterious photo of a future city that looked like a geometric pattern\" on a microcomputer chip. Turning to the next page, he was deeply shocked to find that it was a microcomputer chip the size of a fingertip and less than 1 centimeter in diameter.</p><p>“I know what a computer is, and I know what a computer program is, but I didn’t know that all of these things came from such small parts.” After reading the magazine, Masayoshi Son couldn’t help but cry. He felt that for the first time he had discovered something that might surpass human intellectual activity. Looking back on those days, he said, \"I was very moved because humans are probably the smartest people on Earth, and they have created things that surpass human intelligence.\"</p><p>Forty-five years have passed since that day, but microcomputers are far from mature and are still developing explosively. Masayoshi Son observed that in the long river of human history spanning tens or hundreds of thousands of years, the information revolution has spread rapidly in just 50 years, and we have now reached a point where we cannot do without smartphones.</p><p>“At the same time, the core of the CPU has shifted from Intel to ARM, and ARM’s position as the most efficient architecture will become increasingly solidified. That’s how I understand it,” he judged. “As everything is being digitized, ARM’s stage will be even bigger.”</p><p>Recalling the first time he saw that photo of the microcomputer chip, Masayoshi Son decided to dedicate his life to the information revolution. Now, he will return to that \"starting point,\" which is also his future direction.</p><p>“<b>Over the next few years, I want to focus on ARM's next phase of explosive growth.</b>。” At the start of the press conference, Masayoshi Son said, \"This makes me excited and happy. ARM and its related businesses will be SoftBank's biggest growth driver in the future.\"</p><p>Speaking of ARM, this is another big gamble in Masayoshi Son's investment history. In 2016, SoftBank Group, led by Masayoshi Son, acquired British chip giant ARM for $31 billion in cash. In order to acquire ARM and raise funds for the acquisition, SoftBank sold off several high-quality assets, including Alibaba, and even borrowed heavily at great expense. Such a large-scale move shook the entire chip industry, and Masayoshi Son once again demonstrated his adventurous spirit, sending chills down his spine at his peers. He was dubbed a \"desperate gamble\" by the outside world.</p><p>ARM was originally a trump card in Masayoshi Son's hands. When SoftBank was mired in trouble, he once hoped to sell it for $60 billion. Earlier this year,<a href=\"https://laohu8.com/S/NVDA\">NVIDIA</a>The original plan was to acquire ARM for $40 billion, but the largest deal in the history of the chip industry fell through because regulators failed to approve it.</p><p>Subsequently, SoftBank began preparations for ARM's independent IPO, but it remains unclear where the IPO will take place. During the earnings call, Ian Thornton, IR at SoftBank and Vice President of ARM, revealed, \"We hope ARM will go public as soon as possible, but given the current uncertainty in the global economy, ARM's IPO is unlikely to happen before the end of March 2023. Preparations are progressing smoothly, and the IPO may take place sometime in 2023.\"</p><p>“<b>From the beginning, if SoftBank hadn't been in crisis, ARM would have been the last asset we wanted to sell.</b>。 Especially recently, I've realized once again how great ARM is, and its future growth opportunities are enormous. Over the past few months, Masayoshi Son has been thinking repeatedly, \"How can we make the best use of ARM, and what kind of interesting services and technologies can we create? Thinking about all of this, I have no doubt about these great technological innovations.\"</p><p><b>With the world gone, a generation of investment madmen let go.</b></p><p>This year should be the most intense year for Masayoshi Son in his ideological struggle.</p><p>The world is currently fraught with risks, and venture capital firms around the world are experiencing varying degrees of tension. In this situation, Masayoshi Son is constantly thinking about where SoftBank should go. Should the Vision Fund continue investing? Or should we reduce debt and lower the debt ratio, and have more cash to drive business more safely?</p><p>\"We had several heated discussions internally, and later I came to my senses,\" Masayoshi Son said at the earnings call. \"The conclusion is that we will not see inflation subside during this period.\"<b>SoftBank must be on the defensive and stay that way</b>。”</p><p>I still remember the boy Masayoshi Son who was so inspired that he shed tears when he read about Ryoma Sakamoto, who \"broke away\" in pursuit of his dream in the historical work \"Ryoma is Coming\". \"You're not a mediocre person buried in the grasslands. Go out and make a name for yourself. As long as you think it's right, do it resolutely.\"</p><p>Later, this scene always appeared in his mind and became the source of spiritual motivation for many of his difficult decisions. \"At first, all I had were dreams and unfounded confidence, but it all started here,\" Masayoshi Son once said.</p><p>To some extent, this also contributed to Masayoshi Son's astonishingly aggressive investment style. Over the years, the strategies of SoftBank and Vision Fund under his leadership in the primary market have been impressive. They change the rules of the game with cash, are willing to give high valuations, dare to give high valuations, and invest in their competitors if the target is not allowed to invest. No one can match them.</p><p>During this period, Masayoshi Son seemed to have only given himself two paths: either make a lot of money or lose money, and he spent his time and energy on blockbuster projects. This strategy also helped Masayoshi Son attract almost every super unicorn in the world, leaving him furious. However, looking at its investment history, in addition to<a href=\"https://laohu8.com/S/YHOO\">Yahoo</a>Aside from his battle with Alibaba that made him a legend, most of his projects brought him a series of troubles and losses, such as...<a href=\"https://laohu8.com/S/WE\">WeWork</a>OYO, Uber... and countless unicorns that collapsed after building skyscrapers.</p><p>After a series of magical events, SoftBank began to reflect on its actions and decided to refrain from investing for a long time.<b>Masayoshi Son, 65, also made a change, breaking with decades of convention.</b>He bid farewell to the SoftBank earnings report stage, which he had always led, and kept a low profile.</p><p>In previous years, Masayoshi Son would discuss his unconventional investment philosophy through earnings reports. The outside world could also get a glimpse of this venture capitalist maniac’s investment attitude from the historical paintings or abstract pictures he released. Masayoshi Son also expressed his desire for capital and his expectations on how technology can improve human happiness on this stage more than once, sometimes absurd, sometimes full of poetry.</p><p>However, he will no longer host earnings releases in this format, and will only make brief comments. He has handed over these daily tasks to several other deputies, including Yoshimitsu Goto. \"Goto is better suited to defense than I am,\" Masayoshi Son said at his final earnings call.<b>I am a combative person, not a defensive one.</b>。”</p><p>Perhaps worried that the outside world would focus too much on his retirement, Masayoshi Son added,<b>I am in good health and full of energy.</b>He stated, \"I will continue to attend the shareholders' meeting, and I will return at any time if anything unpredictable happens.\"</p><p>In the torrent, the mythical years of this venture capital empire began to fade away, and the eccentric, radical, and adventurous investment maniac gradually disappeared from the spotlight. Times have truly changed.</p><p></body></html></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/acb77b88f0e1500dd735d82182c9d65c","relate_stocks":{"SFTBY":"软银集团"},"source_url":"","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2284728958","content_text":"“这将是我最后一次在财务业绩会上发言。”在最新软银集团财季报告的舞台上，孙正义郑重宣布以后不再出席软银的财报会议，并将集团的日常管理工作移交给CFO后藤芳光（Yoshimitsu Goto）等高管。这是他执掌软银历史以来的第一次。激进的投资风格让LP心情复杂，孙正义选择转身将全身心投入到芯片公司ARM中。这一次，可以说是这位投资狂人迈向退休的第一步。孙正义，无疑是风投史上最具话题的传奇人物之一。1957年出生于日本一个小村庄，在目睹了几次家庭变故后，年纪轻轻的孙正义发誓“闯出一番大事业，成为日本第一企业家”，并在19岁那年为自己定下未来50年的人生规划20岁开始创业，30岁赚够十亿美元，40岁成为第一，50岁赚到百亿美元，60岁退休。如孙正义所愿，他的前半生因创办软银缔造了一个庞大的资本帝国而荡气回肠，尤其是20多年前对阿里巴巴的“6分钟投资”，至今都能救软银于水火之中。未能如愿的是，孙正义至今尚未能完全退休。今年的情况比想象中更艰难，浮沉半生，65岁的他似乎已经萌生了退意。孙正义最后一次主持财报会：卖阿里，软银终于不亏了这是我们最后一次以这样的形式见到孙正义。11月11日，软银集团公布了上半财年（49月）报告。综合来说，软银在2022财年上半年收获了3.2万亿日元的净销售额、投资损失8496亿日元（约合人民币430亿元）以及1291亿日元的净亏损，亏了约合人民币66亿元。你没看错，确实是66亿，这笔小钱在庞大的软银面前可以说不值一提，原因我们后面细细说来。软银亏损的“罪魁祸首”依然是愿景基金SVF1、SVF2以及LatAm Funds三支基金中投资组合的股价/估值急剧下降，包括了美国外卖公司Doordash 、东南亚网约车公司 GoTo 、韩国版“阿里巴巴”Coupang、贝壳找房、Wework、商汤科技等等。“从目前的情况来看，无论是一级市场还是二级市场，我们所做的几乎所有投资都没有好的表现。”孙正义在最新财报会上直言，“上市股和未上市股接近全军覆没，愿景基金也明显受到打击”。仅在7-9月，软银愿景基金的投资亏损就已近100亿美元，而整个上半财年其共造成了4.4万亿日元的投资损失，约合人民币2200亿元。不过软银愿景基金所酿造的巨大窟窿，被阿里补上了。拆分来看，在第一财季（46月），软银录得净亏损3.16万亿日元（约合人民币1600亿元），创下近年亏损之最；79月的第二财季却逆转实现了净利润3.03万亿日元（约合人民币1530亿元）。这是软银三个季度以来首次盈利。“巨额收益的主要来源是阿里巴巴，我们使用阿里巴巴股份签署了预付远期合约。”软银集团CFO后藤芳光在财报会议上透露。财报显示，在2022 年89月，软银实施了预付远期合约对应2.42亿股阿里巴巴股票的提前实物结算，以此收回了超超2700亿元人民币。至此，阿里巴巴在软银资产中的占比下降至14.6%，体量依然不小。不禁令人感叹，没想到二十多年前那次只见面六分钟就拍板的一笔投资，日后给孙正义和软银带来的回报会如此超乎想象。眼下科技股震荡仍在进行中，这迫使软银全面收缩，正进一步减少投资。如SVF1上一财年同期投资总额还是178亿元人民币，但到了今年仅为18亿元人民币。这一幕在愿景基金二期上显得更为惨烈VF2期内共投资160亿元人民币，上一财年同期的数字是1395亿元人民币，堪称“膝盖斩”。这是全球私募股权投资的艰难时刻。为有效缓解局面，后藤芳光表示，软银愿景基金将裁员30%。然而，这样“爆炸性”的消息却没有激起太多水花，也许今年大家对这样的境况已经习以为常。告别投资，孙正义投身于ARM站在最后一场财报发布会舞台上，孙正义显得有些感性，几乎都在讲述他与ARM的故事。这被他视作人生的原点。那是1976年的秋天，19岁的孙正义正在美国留学深造，一天在人行道上看科学杂志时，他无意间看到一张微型计算机芯片的“看起来像几何图案的未来城市的神秘照片”。翻到下一页，他被深深地震撼住了竟然是一块指尖大小、直径不到1厘米的微电脑芯片。“我知道计算机是什么，也知道计算机程序是什么，但我却不知道这些都来自于这么小的零件。”看完那篇杂志，孙正义控制不住地哭泣，他觉得自己第一次发现了可能超越人类智力活动的东西。回顾那些日子，他说：“我很感动，因为人类可能是地球上最聪明的人，他们又创造了超过人类智慧的东西。”现在距离那天已经过去了45年，但微型计算机远未成熟，且还在大爆炸式发展。孙正义看到，在人类几万年、几十万年的历史长河中，信息革命在短短50年时间里迅速蔓延，我们现在已经到了离不开智能手机的境地。“与此同时，CPU的核心已经从Intel转移到了ARM，ARM拥有最高效架构的地位将越来越稳固。我就是这么理解的。”他判断，“当所有都在被数字化，ARM的舞台将会更大。”回想起第一次看到那张微电脑芯片的照片时，孙正义就决定把自己的一生奉献给信息革命。而现在，他将回到那个“原点”，也是他未来的方向“在接下来的几年里，我想致力于ARM下一阶段的爆炸性增长。”孙正义在发布会开场时表示，“这是让我感到兴奋和快乐的，ARM和与之相关的业务将会是软银未来最大的增长点。”说起ARM，这也是孙正义投资史上的又一次豪赌。2016年，孙正义掌舵的软银集团以310亿美元的价格现金收购了英国芯片巨头ARM。为了拿下ARM、筹集收购的资金，软银更是在当时抛售了包括阿里巴巴在内的多项优质资产，甚至还不惜代价地大举借债。如此大手笔，震动了整个芯片行业，孙正义再一次彰显了他的冒险精神，令同行不寒而栗，被外界称为一场“绝命豪赌”。ARM本是孙正义手上的一张王牌，在软银深陷泥潭时，一度希望以600亿美金出手卖掉。今年年初，英伟达原本计划以400亿美金收购ARM，但因监管机构均未能批准，这项芯片行业有史以来规模最大的交易落空。此后，软银启动了ARM独立IPO的准备工作，但截止目前在哪里IPO还尚不明朗。这次财报会议上，软银IR、ARM副总裁Ian Thornton透露，“我们希望ARM尽快上市，但鉴于当前全球经济的不确定性，ARM的IPO不太可能在2023年3月底之前发生。目前筹备工作进展顺利，或在2023年的某个时间进行IPO。”“从一开始，如果不是软银身处危机，ARM是我们最不想出售的资产。尤其是最近，我再次意识到ARM是多么伟大，它未来的成长机会是巨大的。”过去几个月，孙正义一直反复思考，“我们如何才能最佳地利用ARM，又能做出什么样的有趣的服务、有趣的技术？想想这一切，我对这些伟大的技术创新深信不疑。”江湖远去，一代投资狂人放手今年应该是孙正义做思想斗争最猛烈的一年。眼前的世界风险重重，全球的风投机构都在经历着不同程度的紧张局面。此情此景，孙正义也在不停歇地思考着软银该走向何处？愿景基金要不要再继续投资？又或者，是否应该减少债务并降低债务比率，拥有更多现金以更安全地推动业务？“我们内部进行了几次激烈的讨论，后来我自己也想通了。”在财报会上，孙正义说，“结论是，我们将无法在此期间看到通货膨胀的平息，软银必须处于防御模式，并一直保持这个方向。”犹记得那个在读到历史著作《龙马来了》中为了追求梦想而“脱藩”的坂本龙马时，备受鼓舞而落泪的少年孙正义。“你不是埋在草野里的庸才，出去闯荡做一番大事业吧，只要自己认为是对的，就毅然决然地去做。”日后，这个情节总是在他的脑海中显现，成为他诸多艰难决策的精神动力之源。“最初拥有的只是梦想和毫无根据的自信而已，但是所有的一切都从这里开始。”孙正义曾说。一定程度上，这也促就了孙正义令人咋舌的彪悍投资风格。多年来，他所执掌的软银和愿景基金在一级市场的打法令人印象深刻用现金改变游戏规则，肯给高估值，敢给高估值，标的不给投就投其对手的碾压式打法，无人能敌。这段时期里，孙正义仿佛只给自己两条路要么大赚，要么赔掉，把时间和精力花在爆款项目上。这样的打法也为孙正义收揽了全球几乎叫得上名号的超级独角兽，赌气十足。然而，纵观其投资历史，除了雅虎和阿里巴巴使其一战封神之外，他手中的绝大多数项目都给他带来了一系列麻烦和亏损，如WeWork、OYO、Uber......还有一个个起高楼后崩塌的独角兽们。魔幻的一幕幕后，软银开始反省并决定长期克制投资，65岁的孙正义也做出改变，他打破了其几十年来的惯例告别一直由他领导主持的软银收益报告舞台，保持低调。往年里，孙正义会通过财报活动来谈论其不拘一格的投资理念，外界也能从他所投放的历史画作或抽象图片中一窥这位风投狂人的投资态度，而孙正义也不止一次地在这个舞台上表达对资本的欲望，以及科技如何改善人类幸福的期盼，时而荒诞，时而又充满诗意。但此后，他将不再以这种形式主持财报发布会，仅可能会做一些简短点评，并将这些日常事务移交给了后藤芳光等其他几名副手。“后藤比我更适合防守，”孙正义在他最后一次财报发布会上说，“我是一个好斗的人，而不是防守的人。”也许担心外界过于聚焦他的退隐，孙正义还不忘补充一句，“我身体状况良好，健康且精力充沛”，并表示“我会继续在股东大会，当有不可预测的事情发生时，我会随时回来。”洪流之中，属于这家风投帝国的神话岁月开始远去，而那个古怪的、激进的、爱冒险的投资狂人也渐渐消失于聚光灯下时代真的变了。","news_type":1,"symbols_score_info":{"SFTBY":0.9}},"isVote":1,"tweetType":1,"viewCount":5603,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9963186839,"gmtCreate":1668633734222,"gmtModify":1676538085948,"author":{"id":"4090574021972690","authorId":"4090574021972690","name":"富川","avatar":"https://community-static.tradeup.com/news/07ec540f55a9536b728e59a537869d3e","crmLevel":12,"crmLevelSwitch":1,"followedFlag":false,"authorIdStr":"4090574021972690","idStr":"4090574021972690"},"themes":[],"title":"","htmlText":"[微笑]&nbsp;","listText":"[微笑]&nbsp;","text":"[微笑]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9963186839","repostId":"2284622784","repostType":2,"isVote":1,"tweetType":1,"viewCount":4970,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9986097929,"gmtCreate":1666845246261,"gmtModify":1676537816031,"author":{"id":"4090574021972690","authorId":"4090574021972690","name":"富川","avatar":"https://community-static.tradeup.com/news/07ec540f55a9536b728e59a537869d3e","crmLevel":12,"crmLevelSwitch":1,"followedFlag":false,"authorIdStr":"4090574021972690","idStr":"4090574021972690"},"themes":[],"title":"","htmlText":"👍","listText":"👍","text":"👍","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9986097929","repostId":"1161103277","repostType":2,"isVote":1,"tweetType":1,"viewCount":5226,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9981437287,"gmtCreate":1666579389949,"gmtModify":1676537770844,"author":{"id":"4090574021972690","authorId":"4090574021972690","name":"富川","avatar":"https://community-static.tradeup.com/news/07ec540f55a9536b728e59a537869d3e","crmLevel":12,"crmLevelSwitch":1,"followedFlag":false,"authorIdStr":"4090574021972690","idStr":"4090574021972690"},"themes":[],"title":"","htmlText":"😶","listText":"😶","text":"😶","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9981437287","repostId":"1103231812","repostType":4,"repost":{"id":"1103231812","kind":"news","weMediaInfo":{"introduction":"为用户提供金融资讯、行情、数据，旨在帮助投资者理解世界，做投资决策。","home_visible":1,"media_name":"老虎资讯综合","id":"102","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1666577035,"share":"https://ttm.financial/m/news/1103231812?lang=en_US&edition=fundamental","pubTime":"2022-10-24 10:03","market":"other","language":"zh","title":"The Hang Seng Tech Index fell more than 5%, and tech stocks continued to decline.","url":"https://stock-news.laohu8.com/highlight/detail?id=1103231812","media":"老虎资讯综合","summary":"10月24日，港股持续走低，恒生指数跌超4%，恒生科技指数跌超5%；科技股持续下跌，腾讯控股、美团-W、京东集团-SW、百度集团-SW、哔哩哔哩-W跌超7%。","content":"<p><html><head></head><body>On October 24, Hong Kong stocks continued to decline, with the Hang Seng Index falling by more than 4% and the Hang Seng Tech Index falling by more than 5%. Technology stocks continued to decline.<a href=\"https://laohu8.com/S/00700\">Tencent Holdings</a>、<a href=\"https://laohu8.com/S/03690\">Meituan-W</a>、<a href=\"https://laohu8.com/S/09618\">JD.com - SW</a>、<a href=\"https://laohu8.com/S/09888\">Baidu Group - SW</a>、<a href=\"https://laohu8.com/S/09626\">Bilibili-W</a>It fell by more than 7%.</p><p><img src=\"https://static.tigerbbs.com/042f67b8a19334d3574563519098cabf\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"/></p><p></body></html></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>The Hang Seng Tech Index fell more than 5%, and tech stocks continued to decline.</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: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nThe Hang Seng Tech Index fell more than 5%, and tech stocks continued to decline.\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">老虎资讯综合 </p>\n<p class=\"h-time smaller\">2022-10-24 10:03</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p><html><head></head><body>On October 24, Hong Kong stocks continued to decline, with the Hang Seng Index falling by more than 4% and the Hang Seng Tech Index falling by more than 5%. Technology stocks continued to decline.<a href=\"https://laohu8.com/S/00700\">Tencent Holdings</a>、<a href=\"https://laohu8.com/S/03690\">Meituan-W</a>、<a href=\"https://laohu8.com/S/09618\">JD.com - SW</a>、<a href=\"https://laohu8.com/S/09888\">Baidu Group - SW</a>、<a href=\"https://laohu8.com/S/09626\">Bilibili-W</a>It fell by more than 7%.</p><p><img src=\"https://static.tigerbbs.com/042f67b8a19334d3574563519098cabf\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"/></p><p></body></html></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/c7da52addfd52fb216bcf87283f43750","relate_stocks":{"QNETCN":"纳斯达克中美互联网老虎指数","HSTECH":"恒生科技指数","03086":"华夏纳指","TTTN":"老虎中美互联网巨头ETF"},"source_url":"","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1103231812","content_text":"10月24日，港股持续走低，恒生指数跌超4%，恒生科技指数跌超5%；科技股持续下跌，腾讯控股、美团-W、京东集团-SW、百度集团-SW、哔哩哔哩-W跌超7%。","news_type":1,"symbols_score_info":{"QNETCN":0.9,"TTTN":0.9,"HSTECH":0.9,"03086":0.9}},"isVote":1,"tweetType":1,"viewCount":4768,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9983374177,"gmtCreate":1666166480799,"gmtModify":1676537716937,"author":{"id":"4090574021972690","authorId":"4090574021972690","name":"富川","avatar":"https://community-static.tradeup.com/news/07ec540f55a9536b728e59a537869d3e","crmLevel":12,"crmLevelSwitch":1,"followedFlag":false,"authorIdStr":"4090574021972690","idStr":"4090574021972690"},"themes":[],"title":"","htmlText":"👍","listText":"👍","text":"👍","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9983374177","repostId":"9983378637","repostType":1,"repost":{"id":9983378637,"gmtCreate":1666165888830,"gmtModify":1676537716744,"author":{"id":"9000000000000644","authorId":"9000000000000644","name":"CrystalRose","avatar":"https://static.tigerbbs.com/25ded438897391c2e32edc77a343fe21","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"9000000000000644","idStr":"9000000000000644"},"themes":[],"title":"","htmlText":"These were the Bank drawdowns during the Global Fin crisis (2008-09). Imagine these Banks and their stocks surviving (and coming back great lengths) despite such huge drawdowns and the financial collapse. This is not 2008-09 so things may not get as bad, I think. Unless of course there is a global Bond market implosion.History repetes.. if you been in the markets for 50 years like me... upgrades starting to hit new wires. BAC&nbsp;$40 upgrades.. going head 36 to 38 next few days","listText":"These were the Bank drawdowns during the Global Fin crisis (2008-09). Imagine these Banks and their stocks surviving (and coming back great lengths) despite such huge drawdowns and the financial collapse. This is not 2008-09 so things may not get as bad, I think. Unless of course there is a global Bond market implosion.History repetes.. if you been in the markets for 50 years like me... upgrades starting to hit new wires. BAC&nbsp;$40 upgrades.. going head 36 to 38 next few days","text":"These were the Bank drawdowns during the Global Fin crisis (2008-09). Imagine these Banks and their stocks surviving (and coming back great lengths) despite such huge drawdowns and the financial collapse. This is not 2008-09 so things may not get as bad, I think. Unless of course there is a global Bond market implosion.History repetes.. if you been in the markets for 50 years like me... upgrades starting to hit new wires. BAC $40 upgrades.. going head 36 to 38 next few days","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9983378637","isVote":1,"tweetType":1,"viewCount":0,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},"isVote":1,"tweetType":1,"viewCount":3676,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9989451858,"gmtCreate":1666066329974,"gmtModify":1676537700323,"author":{"id":"4090574021972690","authorId":"4090574021972690","name":"富川","avatar":"https://community-static.tradeup.com/news/07ec540f55a9536b728e59a537869d3e","crmLevel":12,"crmLevelSwitch":1,"followedFlag":false,"authorIdStr":"4090574021972690","idStr":"4090574021972690"},"themes":[],"title":"","htmlText":"👍","listText":"👍","text":"👍","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9989451858","repostId":"1182942032","repostType":2,"repost":{"id":"1182942032","kind":"news","pubTimestamp":1666060939,"share":"https://ttm.financial/m/news/1182942032?lang=en_US&edition=fundamental","pubTime":"2022-10-18 10:42","market":"us","language":"zh","title":"Is it wise for the market to bet on the Federal Reserve cutting interest rates ahead of schedule and to buy the dip early?","url":"https://stock-news.laohu8.com/highlight/detail?id=1182942032","media":"第一财经","summary":"纽约联储模型显示，明年衰退概率逼近疫情峰值。对于衰退的担忧正使投资者对于未来的政策路径的判断与美联储之间产生偏离。市场开始押注，美联储为应对物价压力将前置加息，随后提前“投降”降息。芝商所（CME）利","content":"<p><div>The New York Fed's model shows that the probability of a recession next year is approaching the peak of the pandemic. Concerns about a recession are causing investors to deviate from the Federal Reserve's assessment of future policy paths. The market has begun betting that the Federal Reserve will implement rate hike in advance to cope with price pressures, and then \"surrender\" and cut interest rates ahead of schedule. The CME group (CME) FedWatch indicates that the median Fed interest rate will reach 4.95% in May next year, and the interest rate range may return to below 4.50%-4.75% by the end of the year. Behind the recent market volatility, the competition between funds is becoming increasingly fierce. The Federal Reserve (Source: Xinhua News Agency photo) announced in advance...</p><p><a href=\"https://www.yicai.com/news/101564762.html\">Web page link</a></div></p>","source":"dyvj","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 wise for the market to bet on the Federal Reserve cutting interest rates ahead of schedule and to buy the dip early?</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: 12.5px; color: #7E829C; margin: 0;}\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 wise for the market to bet on the Federal Reserve cutting interest rates ahead of schedule and to buy the dip early?\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">第一财经</strong><span class=\"h-time small\">2022-10-18 10:42</span>\n</p>\n</h4>\n</header>\n<article>\n<p><div>The New York Fed's model shows that the probability of a recession next year is approaching the peak of the pandemic. Concerns about a recession are causing investors to deviate from the Federal Reserve's assessment of future policy paths. The market has begun betting that the Federal Reserve will implement rate hike in advance to cope with price pressures, and then \"surrender\" and cut interest rates ahead of schedule. The CME group (CME) FedWatch indicates that the median Fed interest rate will reach 4.95% in May next year, and the interest rate range may return to below 4.50%-4.75% by the end of the year. Behind the recent market volatility, the competition between funds is becoming increasingly fierce. The Federal Reserve (Source: Xinhua News Agency photo) announced in advance...</p><p><a href=\"https://www.yicai.com/news/101564762.html\">Web page link</a></div></p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://www.yicai.com/news/101564762.html\">第一财经</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/cb5398fed733ffbbc94ab1b9a49946a8","relate_stocks":{"161125":"标普500","513500":"标普500ETF博时",".IXIC":"NASDAQ Composite","PSQ":"做空纳斯达克100指数ETF-ProShares",".SPX":"S&P 500 Index","SDOW":"三倍做空道指30ETF-ProShares","SPY":"标普500ETF","TQQQ":"纳指三倍做多ETF","SDS":"两倍做空标普500 ETF-ProShares","QID":"两倍做空纳斯达克指数ETF-ProShares","SSO":"2倍做多标普500ETF-ProShares","DDM":"2倍做多道指ETF-ProShares","IVV":"标普500ETF-iShares","OEX":"标普100","UPRO":"三倍做多标普500ETF-ProShares","BK4534":"瑞士信贷持仓","DOG":"道指ETF-ProShares做空",".DJI":"道琼斯","SPXU":"三倍做空标普500ETF-ProShares"},"source_url":"https://www.yicai.com/news/101564762.html","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1182942032","content_text":"纽约联储模型显示，明年衰退概率逼近疫情峰值。对于衰退的担忧正使投资者对于未来的政策路径的判断与美联储之间产生偏离。市场开始押注，美联储为应对物价压力将前置加息，随后提前“投降”降息。芝商所（CME）利率观察工具（FedWatch）显示，本轮美联储利率中值将在明年5月达到4.95%，年末利率区间或回到4.50%-4.75%以下。近期市场脉冲行情背后，资金博弈日趋白热化。美联储（来源：新华社图）提前抄底是否明智花旗认为，股市短期将继续面临更多下行压力。标普500指数预期市盈率已从年初的近22倍降至16倍左右，但仍高于2007-2009年金融危机期间的10倍左右。“现在是大多数公司遇到过的最困难的宏观预测环境之一。”摩根士丹利资管投资组合经理斯莱蒙（Andrew Slimmon）表示，通常情况下，标普500指数35%的企业股息收益率高于2年期国债，目前这一比例现在要小得多，约为11%。斯莱蒙表示，在2年期美债收益率高于4%的情况下，美股反击很难取得很大进展。“除非收益率曲线的短端压力有所缓解，否则我看不到股市会走出像样的行情。”Refinitiv调查（来源：Refinitiv）据Refinitiv Lipper的统计，在诸多不确定性环境下，传统股票基金已连续35周出现资金净流出。与此同时，美银全球基金经理月度调查显示，机构将其平均现金余额增至20多年来的最高水平。随着财报季展开，商业活动降温对企业运营的影响正在展开，目前市场预计标普500指数成份股三季度净利润增长为4.6%，较7月初大幅下修，考虑到包括半导体、零售等行业多家公司近期发布业绩预警，未来的数据可能会进一步调降。不过近期多次出现的脉冲行情也给了投资者希望。不少观点认为，随着美联储加息步伐有望放缓，风险偏好回归有望迎来市场修复行情。另一方面，从目前的盈利预期看，三季度有望成为近两年业绩的低点。历史数据显示，一旦市场走出熊市，袖手旁观最终可能会付出代价。富国银行一项研究发现，如果投资者错过了过去30年中20个涨幅最大的交易日，他们的年平均回报率将从每年7.8%降至3.2%。 高盛指出，在美股触底后，指数短期往往会迎来强劲的上涨。自1980年以来，标普500指数在所经历的八次熊市出现低谷后的一个月内，平均回报率为16%。财富管理公司Stifel首席股票策略师班尼斯特（Barry Bannister）预计，标准普尔500指数正在触底，市场在今年第四季度至2023年初之间将出现积极的催化剂。“在年末最后两次美联储会议期间，我们确实看到了政策立场微妙变化的可能性，这将使投资者更加关注（改善）通胀数据，而不是政策本身。另一方面，季节性因素不容忽视，从11月到次年4月，美股的历史表现历来强劲。”报告写道。利率期货显示明年降息美股正在努力摆脱熊市的泥潭，经济前景和美联储政策预期依然短期风险偏好的最大敌人。为了遏制高涨的通胀压力，美联储已经采取了上世纪80年代以来最激进的货币政策，但收效甚微。作为其评估未来通胀趋势的关键指标，美国9月核心CPI意外升至6.6%，刷新年内新高。拐点预期被进一步推后，分项指标中，上月医疗费用同比增长6%，为1993年以来的最大增幅，住房租金增长7.2%，为1982年以来新高，食品价格同比增长13%，比肩上世纪70年代。短暂回落的能源价格近期也止跌回升，OPEC+减产决定令美国燃料油价格一周上涨近6%。美联储官员近期在公开表态中频频强调实现长期通胀目标的决心，严峻的形势也让外界上调了对本轮联邦基金利率终点的判断。巴克莱预计美联储可能会加息至5.00-5.25%，德意志银行美国经济学家魏德纳（Justin Weidner）认为，考虑到美联储加强了控制通胀的承诺，利率峰值将达到4.75%-5.00%。然而加息周期下的经济放缓压力正在增加，同时购物者消费预期受到了影响。随着年末假日季来临，Adobe Analytics表示，今年全美在线假日销售额预计将达到2097亿美元，同比增长2.5%，创2012年以来新低，远不及去年8.6%的增速。资产管理机构BK Asset Management宏观策略师施罗斯伯格（Boris Schlossberg）在接受第一财经采访时表示，从目前的情况看，劳动力市场很健康，保障了经济的活力，但购买力下滑的影响将进一步显现。从零售数据看，去除物价因素后支出增长仅为0.1%，通胀似乎变得根深蒂固。美联储需要将利率提高到什么水平才能达到价格稳定的目的，现在谁也没有确定的答案。另一方面，货币政策收紧的影响还会波及信用卡消费。施罗斯伯格向记者分析道，随着政府财政支持的资金逐渐消耗，美国民众的私人储蓄率再次回到低位，不少人开始被迫通过信用卡维持开销，利率上升产生的利息压力将进一步限制这些群体的消费选择，给经济带来更大下行压力。在美联储内部，目前的主流观点认为，货币政策需要保持在限制性区间一段时间，才能实现通胀降温的目标，过早降息对经济的风险更大，多位官员甚至明确否认了明年降息的可能性。外界对美国经济前景的担忧愈发明显，摩根大通CEO戴蒙上周发出警告称，未来6-9个月美国将陷入衰退，纽约联储模型显示，明年8月衰退的概率已经达到25.1%，正在逼近2020年疫情期间的峰值39%。牛津经济研究院高级经济学家施瓦茨（Bob Schwartz）在接受第一财经记者采访时表示，目前2/10年期美债倒挂比此前四次衰退更为严重。美联储并没有明确接受以衰退为代价实现其目标，因为这将给金融市场和公众信心带来负面影响，并可能意想不到的潜在破坏性后果。市场预期明年末美联储利率中值4.6%（来源：芝商所网站）美联储副主席布雷纳德（Lael Brainard）近日提到了货币政策对经济影响的滞后性，在某个时刻暂停评估之前的政策行动是重要的，称情况可能发生变化。施瓦茨认为，由于现在的加息周期非常紧凑，经济不太可能及时反映政策的全部影响，考虑到未来货币政策依赖于数据，意味着明年加息步伐将逐渐放缓并结束。","news_type":1,"symbols_score_info":{"161125":0.9,"513500":0.9,"PSQ":0.9,"SSO":0.9,"UPRO":0.9,"SDOW":0.9,".IXIC":0.9,".DJI":0.9,"DOG":0.9,"TQQQ":0.9,"SPXU":0.9,"SPY":0.9,"QID":0.9,"DDM":0.9,"ESmain":0.9,"SDS":0.9,"IVV":0.9,".SPX":0.9,"OEX":0.9}},"isVote":1,"tweetType":1,"viewCount":3468,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9980959730,"gmtCreate":1665633198020,"gmtModify":1676537640015,"author":{"id":"4090574021972690","authorId":"4090574021972690","name":"富川","avatar":"https://community-static.tradeup.com/news/07ec540f55a9536b728e59a537869d3e","crmLevel":12,"crmLevelSwitch":1,"followedFlag":false,"authorIdStr":"4090574021972690","idStr":"4090574021972690"},"themes":[],"title":"","htmlText":"👍","listText":"👍","text":"👍","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9980959730","repostId":"2275667395","repostType":4,"repost":{"id":"2275667395","kind":"highlight","pubTimestamp":1665615976,"share":"https://ttm.financial/m/news/2275667395?lang=en_US&edition=fundamental","pubTime":"2022-10-13 07:06","market":"us","language":"zh","title":"Federal Reserve Meeting Minutes: Recently reaching restrictive interest rates raises concerns about insufficient rate hike.","url":"https://stock-news.laohu8.com/highlight/detail?id=2275667395","media":"华尔街见闻","summary":"　　纪要称，美联储官员继续倾向于短期内实现加息至限制性的利率水平。许多与会者强调，在抑制通胀方面采取太少行动的成本超过了采取太多行动的成本。多名与会者指出，调整进一步收紧政策的步伐以减轻对经济前景产生重大不利影响的风险非常重要。　　10月12日周三公布的美联储9月货币政策会议纪要显示，美联储倾向于短期内实现加息至限制性的利率水平。","content":"<p><html><head></head><body>The minutes stated that Federal Reserve officials continue to favor achieving rate hike to restrictive interest rate levels in the short term. Many participants emphasized that the cost of doing too little to curb inflation outweighs the cost of doing too much. Several participants noted that it was important to adjust the pace of further policy tightening to mitigate the risk of a significant adverse impact on the economic outlook. The minutes of the Federal Reserve's September monetary policy meeting, released on Wednesday, October 12, showed that the Fed is inclined to achieve rate hike to a restrictive interest rate level (for the U.S. economy) in the short term.</p><p>The minutes stated:</p><p>Given the broad-based and unacceptably high level of inflation, higher-than-expected inflation news, and upside risks to the inflation outlook, participants stated that the intention to shift to a restrictive policy stance in the short term is in line with risk management considerations. Participants agreed that action was needed to maintain restrictive policies. Many participants stated that once the policy reaches a sufficiently restrictive level, it would be appropriate to maintain that level for a period of time. Several members believe that the Federal Reserve's tightening actions need to be calibrated to mitigate risks. Officials emphasized that even if the U.S. unemployment rate rises, the (current rate hike/tightening) monetary policy path must be maintained. Officials say they will slow down rate hike at some point.</p><p>The minutes show that several participants stated that risks will become more two-way as policies enter a restrictive range:</p><p>Many participants emphasized that the cost of doing too little to curb inflation outweighs the cost of doing too much. Several of the participants emphasized that historical experience shows the dangers of prematurely ending periods of tight monetary policy aimed at reducing inflation. Federal Reserve officials believe they need to shift to and maintain a tighter policy stance to achieve their goal of reducing high inflation. Many participants upgraded their assessment of the Federal Funds rate path needed to achieve the Commission's objectives.</p><p>Some analysts believe this implies that the Federal Reserve will continue its rate hike without considering the pressure rate hike is putting on the US economy.</p><p><b>The Federal Reserve seems to be aware of the risks posed by aggressive rate hike.</b></p><p>However, it seems that Federal Reserve officials are also aware of the global risks posed by the Fed's rate hike:</p><p>Several participants noted that, particularly in the current highly uncertain global economic and financial environment, it was important to adjust the pace of further policy tightening to mitigate the risk of a significant adverse impact on the economic outlook. Participants judged that the speed and magnitude of the Federal Reserve's rate hike will continue to depend on the impact of upcoming information on economic activity and the inflation outlook, as well as the risks to economic expectations.</p><p>In addition, Federal Reserve officials believe that the stronger dollar largely reflects increased investor concerns about the global growth outlook and the widening interest rate differential between the United States and Japan.</p><p><b>To control inflation, the Federal Reserve is willing to tolerate recession.</b></p><p>Regarding the U.S. macroeconomy, most participants indicated that while some interest-rate-sensitive spending categories—such as housing and commercial fixed investment—have begun to react to tightening financial conditions, a significant portion of economic activity has not yet shown a strong response. Participants pointed out that a period of below-trend real GDP growth would help alleviate inflationary pressures and lay the foundation for continuing to achieve the Federal Reserve's goals of maximum employment and price stability.</p><p>Regarding the labor market, the minutes stated that the labor market will need to weaken to reduce high inflation. The unemployment rate is likely to rise, which largely reflects the impact of tight monetary policy.</p><p>In addition, the minutes stated that, as expected, the Federal Reserve's net income turned negative in September.</p><p><b>Market reaction</b></p><p>Following the release of the Federal Reserve meeting minutes, US stocks fluctuated, US Treasury yields continued to decline, and the dollar remained largely unchanged. Traders continue to bet that the Federal Reserve will rate hike by 75 basis points again next month.</p><p><img src=\"https://static.tigerbbs.com/4603614681af994a8a5937769cf18eab\" tg-width=\"550\" tg-height=\"305\" referrerpolicy=\"no-referrer\"/></p><p><b>Analysis: Meeting minutes remain hawkish</b></p><p>Former PIMCO CEO Mohamed El-Erian believes:</p><p>As expected, the text is somewhat hawkish regarding the relationship between inflation, growth, and employment; The liquidity situation was only briefly mentioned. American financial blog Zero Hedge believes:</p><p>It is worth noting that the wording of the Federal Reserve minutes hinted at more rate hike until inflation is confident to fall back to 2%, and given that officials are committed to reducing inflation, they have postponed the idea of adjusting policy in the short term.</body></html></p>","source":"wallstreetcn_api","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>Federal Reserve Meeting Minutes: Recently reaching restrictive interest rates raises concerns about insufficient rate hike.</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: 12.5px; color: #7E829C; margin: 0;}\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\">\nFederal Reserve Meeting Minutes: Recently reaching restrictive interest rates raises concerns about insufficient rate hike.\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">华尔街见闻</strong><span class=\"h-time small\">2022-10-13 07:06</span>\n</p>\n</h4>\n</header>\n<article>\n<p><html><head></head><body>The minutes stated that Federal Reserve officials continue to favor achieving rate hike to restrictive interest rate levels in the short term. Many participants emphasized that the cost of doing too little to curb inflation outweighs the cost of doing too much. Several participants noted that it was important to adjust the pace of further policy tightening to mitigate the risk of a significant adverse impact on the economic outlook. The minutes of the Federal Reserve's September monetary policy meeting, released on Wednesday, October 12, showed that the Fed is inclined to achieve rate hike to a restrictive interest rate level (for the U.S. economy) in the short term.</p><p>The minutes stated:</p><p>Given the broad-based and unacceptably high level of inflation, higher-than-expected inflation news, and upside risks to the inflation outlook, participants stated that the intention to shift to a restrictive policy stance in the short term is in line with risk management considerations. Participants agreed that action was needed to maintain restrictive policies. Many participants stated that once the policy reaches a sufficiently restrictive level, it would be appropriate to maintain that level for a period of time. Several members believe that the Federal Reserve's tightening actions need to be calibrated to mitigate risks. Officials emphasized that even if the U.S. unemployment rate rises, the (current rate hike/tightening) monetary policy path must be maintained. Officials say they will slow down rate hike at some point.</p><p>The minutes show that several participants stated that risks will become more two-way as policies enter a restrictive range:</p><p>Many participants emphasized that the cost of doing too little to curb inflation outweighs the cost of doing too much. Several of the participants emphasized that historical experience shows the dangers of prematurely ending periods of tight monetary policy aimed at reducing inflation. Federal Reserve officials believe they need to shift to and maintain a tighter policy stance to achieve their goal of reducing high inflation. Many participants upgraded their assessment of the Federal Funds rate path needed to achieve the Commission's objectives.</p><p>Some analysts believe this implies that the Federal Reserve will continue its rate hike without considering the pressure rate hike is putting on the US economy.</p><p><b>The Federal Reserve seems to be aware of the risks posed by aggressive rate hike.</b></p><p>However, it seems that Federal Reserve officials are also aware of the global risks posed by the Fed's rate hike:</p><p>Several participants noted that, particularly in the current highly uncertain global economic and financial environment, it was important to adjust the pace of further policy tightening to mitigate the risk of a significant adverse impact on the economic outlook. Participants judged that the speed and magnitude of the Federal Reserve's rate hike will continue to depend on the impact of upcoming information on economic activity and the inflation outlook, as well as the risks to economic expectations.</p><p>In addition, Federal Reserve officials believe that the stronger dollar largely reflects increased investor concerns about the global growth outlook and the widening interest rate differential between the United States and Japan.</p><p><b>To control inflation, the Federal Reserve is willing to tolerate recession.</b></p><p>Regarding the U.S. macroeconomy, most participants indicated that while some interest-rate-sensitive spending categories—such as housing and commercial fixed investment—have begun to react to tightening financial conditions, a significant portion of economic activity has not yet shown a strong response. Participants pointed out that a period of below-trend real GDP growth would help alleviate inflationary pressures and lay the foundation for continuing to achieve the Federal Reserve's goals of maximum employment and price stability.</p><p>Regarding the labor market, the minutes stated that the labor market will need to weaken to reduce high inflation. The unemployment rate is likely to rise, which largely reflects the impact of tight monetary policy.</p><p>In addition, the minutes stated that, as expected, the Federal Reserve's net income turned negative in September.</p><p><b>Market reaction</b></p><p>Following the release of the Federal Reserve meeting minutes, US stocks fluctuated, US Treasury yields continued to decline, and the dollar remained largely unchanged. Traders continue to bet that the Federal Reserve will rate hike by 75 basis points again next month.</p><p><img src=\"https://static.tigerbbs.com/4603614681af994a8a5937769cf18eab\" tg-width=\"550\" tg-height=\"305\" referrerpolicy=\"no-referrer\"/></p><p><b>Analysis: Meeting minutes remain hawkish</b></p><p>Former PIMCO CEO Mohamed El-Erian believes:</p><p>As expected, the text is somewhat hawkish regarding the relationship between inflation, growth, and employment; The liquidity situation was only briefly mentioned. American financial blog Zero Hedge believes:</p><p>It is worth noting that the wording of the Federal Reserve minutes hinted at more rate hike until inflation is confident to fall back to 2%, and given that officials are committed to reducing inflation, they have postponed the idea of adjusting policy in the short term.</body></html></p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://wallstreetcn.com/articles/3672229\">华尔街见闻</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/42d623bf2f962cffafc93d5db7d45f9c","relate_stocks":{".DJI":"道琼斯","SQQQ":"纳指三倍做空ETF","QQQ":"纳指100ETF","DOG":"道指ETF-ProShares做空",".IXIC":"NASDAQ Composite","OEX":"标普100","PSQ":"做空纳斯达克100指数ETF-ProShares","UDOW":"三倍做多道指30ETF-ProShares","BK4581":"高盛持仓","BK4504":"桥水持仓",".SPX":"S&P 500 Index","SPY":"标普500ETF"},"source_url":"https://wallstreetcn.com/articles/3672229","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2275667395","content_text":"纪要称，美联储官员继续倾向于短期内实现加息至限制性的利率水平。许多与会者强调，在抑制通胀方面采取太少行动的成本超过了采取太多行动的成本。多名与会者指出，调整进一步收紧政策的步伐以减轻对经济前景产生重大不利影响的风险非常重要。10月12日周三公布的美联储9月货币政策会议纪要显示，美联储倾向于短期内实现加息至（针对美国经济具有）限制性的利率水平。纪要称：鉴于通胀基础广泛且不可接受的高水平、高于预期的通胀消息以及通胀前景的上行风险，与会者表示，短期内有意转向限制性政策立场符合风险管理考虑。与会者们认为，需要采取行动，以便维持限制性的政策。许多与会者表示，一旦政策达到足够限制性的水平，在一段时间内维持该水平将是合适的。几名成员认为，需要校准美联储的紧缩行动，以缓和风险。官员们强调，哪怕美国失业率上升，也要维持（当前的加息/紧缩）货币政策路径。官员们称，将在某个时间点放慢加息步伐。纪要显示，几位与会者表示，随着政策进入限制性区间，风险将变得更加双向：许多与会者强调，在抑制通胀方面采取太少行动的成本超过了采取太多行动的成本。其中几位与会者强调，历史经验表明，过早结束旨在降低通胀的紧缩货币政策时期的危险。美联储官员判断，他们需要转向并维持更严格的政策立场，以实现降低高企通胀的目标。许多与会者上调了他们对实现委员会目标所需的联邦基金利率路径的评估。有分析认为，这暗示美联储将继续加息，而不会计较加息带给美国经济的压力。美联储似乎意识到了激进加息带来的风险不过，似乎美联储官员们也意识到了美联储加息带给全球的风险：几位与会者指出，特别是在当前高度不确定的全球经济和金融环境下，调整进一步收紧政策的步伐以减轻对经济前景产生重大不利影响的风险非常重要。与会者判断，美联储加息的速度和幅度将继续取决于即将到来的信息对经济活动和通胀前景的影响以及经济预期面临的风险。此外，美联储官员认为，美元走强在很大程度上反映了投资者对全球增长前景的担忧加剧以及美国和日本之间的利差扩大。为控制通胀，美联储愿容忍衰退关于美国宏观经济，大多数与会者表示，尽管一些对利率敏感的支出类别——例如住房和商业固定投资——已经开始对金融状况的收紧做出反应，但相当一部分经济活动尚未表现出太大的反应。 与会者指出，一段低于趋势的实际GDP增长将有助于减轻通胀压力，并为持续实现美联储最大就业和物价稳定的目标奠定基础。关于劳动力市场，纪要称，劳动力市场将需要走弱以降低高通胀。失业率可能会有所上升，这在很大程度上反映了紧缩货币政策的影响。此外，纪要称，正如预期的那样，美联储的净收入在9月份转为负值。市场反应美联储会议纪要公布后，美股震荡，美债收益率持续走低，美元变动不大。交易员继续押注美联储将在下个月再次加息75个基点。分析：会议纪要仍然鹰派PIMCO前CEO Mohamed El-Erian认为：正如预期的那样，关于通胀与增长、就业的关系，该文本有点鹰派；关于流动性状况，也只是一笔带过。美国金融博客Zero Hedge认为：值得注意的是，美联储这份纪要的措辞暗示了更多加息，直到通胀有信心回落至2%，鉴于官员们致力于降低通胀，他们在短期内推迟了调整政策的想法。","news_type":1,"symbols_score_info":{"QQQ":0.9,"UBmain":0.9,"ZFmain":0.9,".DJI":0.9,"MNQmain":0.9,"ZBmain":0.9,".SPX":0.9,".IXIC":0.9,"PSQ":0.9,"SPY":0.9,"NQmain":0.9,"OEX":0.9,"TNmain":0.9,"DOG":0.9,"UDOW":0.9,"ZNmain":0.9,"ZTmain":0.9,"SQQQ":0.9}},"isVote":1,"tweetType":1,"viewCount":3655,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9915418685,"gmtCreate":1665099152347,"gmtModify":1676537555545,"author":{"id":"4090574021972690","authorId":"4090574021972690","name":"富川","avatar":"https://community-static.tradeup.com/news/07ec540f55a9536b728e59a537869d3e","crmLevel":12,"crmLevelSwitch":1,"followedFlag":false,"authorIdStr":"4090574021972690","idStr":"4090574021972690"},"themes":[],"title":"","htmlText":"👍","listText":"👍","text":"👍","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9915418685","repostId":"1106272938","repostType":4,"repost":{"id":"1106272938","kind":"news","pubTimestamp":1665055217,"share":"https://ttm.financial/m/news/1106272938?lang=en_US&edition=fundamental","pubTime":"2022-10-06 19:20","market":"us","language":"zh","title":"10,000-word interview with Arm CEO: What gives it the right to \"harvest\" global tech giants?","url":"https://stock-news.laohu8.com/highlight/detail?id=1106272938","media":"芯东西","summary":"Arm为何改变主意要上市？是否被缺芯潮殃及？如何看待《美国芯片法案》？有一家特殊的芯片公司，不曾设计一颗芯片，却处在庞大的科技世界的中心，存在于手机、电脑、电视、汽车甚至是驱动一切的数据中心里，为苹果","content":"<p><html><head></head><body><b>Why did Arm change its mind about going public? Has it been affected by the chip shortage? What are your thoughts on the U.S. Chip Act?</b>There is a unique chip company that has never designed a single chip, yet it resides at the heart of the vast technological world, existing in mobile phones, computers, televisions, cars, and even the data centers that power everything.<a href=\"https://laohu8.com/S/AAPL\">Apple</a>、<a href=\"https://laohu8.com/S/QCOM\">Qualcomm</a>、<a href=\"https://laohu8.com/S/SMSN.UK\">Samsung</a>Wait for chip giants to provide core underlying technology support.</p><p>It is Arm, a company that was first jointly founded by Apple, then acquired by Japan's SoftBank Group, and almost sold to an American GPU chip giant.<a href=\"https://laohu8.com/S/NVDA\">NVIDIA</a>A British chip design company.</p><p>Arm licenses its instruction set architecture (ISA) to companies with chip design needs and charges them a usage fee. In this way, Arm's influence radiates globally, to<a href=\"https://laohu8.com/S/5RE.SI\">smart</a>The vast majority of mobile devices, represented by mobile phones, rely on Arm technology.</p><p>On Tuesday, Nilay Patel, editor-in-chief of The American technology media outlet The Verge, and Rene Haas, The new CEO of Arm, completed a conversation. Nilay started with The most basic questions and talked about how Arm makes money, whether it is affected by The chip shortage, how to view competition with x86 and RISC-V instruction set architectures, and The progress of its IPO, which are topics of great concern to The industry.</p><p><img src=\"https://static.tigerbbs.com/341f1d637541db18858733dd7b413359\" tg-width=\"1000\" tg-height=\"670\" referrerpolicy=\"no-referrer\"/></p><p>▲ Arm CEO Rene Haas</p><p>In February of this year, on the same day that Nvidia announced it was abandoning its acquisition of Arm, Arm's board of directors announced the appointment of Rene Haas as its new CEO. Although Rene Haas has only been CEO of Arm for six months, he has actually worked at Arm for nearly nine years. In his view, Arm is the Switzerland of the electronics industry and will remain as neutral as possible, not trying to pick winners.</p><p>He also shared his views on the American Chip Act, believing that it is not only important for the United States, but that 50 years from now, every continent should have a world-class chip factory. \"We shouldn't worry about geopolitical concerns about how the world works, because it's like the oxygen that makes the world work.\"</p><p><b>The following is a complete translation of the interview transcript by Xindongxi:</b></p><p><b><i>01.</i></b></p><p><b>\"Almost everyone you can think of is our customer.”</b></p><p><b>Nilay: Arm is currently facing many changes, and you have plans to lead Arm to an IPO in the future. You also recently received the earnings report for the previous quarter. Arm is a very interesting company, so I think we can start from the very beginning. Arm is a key piece of the puzzle in the entire technology ecosystem. It affects almost everyone, but its image is opaque. Consumers do not have any direct relationship with Arm, but rather many other companies act as carriers in the middle. So, let's start from the beginning and see what Arm actually does.</b></p><p><b>Rene Haas:</b>As you said, Arm is indeed not a well-known company, and the outside world doesn't know us, but we still consider ourselves very important.</p><p>First, we are in the semiconductor value chain of the semiconductor world. You can see Arm technology in almost all semiconductor products or OEM products; we see it in mobile phones, laptops, and smart TVs. Just looking at my desk, there are almost dozens of things containing Arm processors.</p><p>Arm does not directly build products or manufacture chips; instead, it builds the designs inside the chips. We license our designs to those who want to build the final product. Our most famous product is the CPU, which is the brain of almost all types of electronic devices.</p><p>Because Arm doesn't manufacture chips and directly licenses its brains to those who are willing, Arm's brains are everywhere. According to data from last quarter, among all semiconductor companies and OEMs worldwide, Arm Manufacturing delivered 7.4 billion chips with Arm CPUs, GPUs, or other technologies built in. This is a very large number, so we are in the semiconductor value chain, but we do not build any products. We are only responsible for design, especially the design and processing of microprocessors.</p><p><b>Nilay: Who are your clients?</b></p><p><b>Rene Haas:</b>This is a very interesting question. In the electronics industry, it seems easier to say who isn't our customer, because almost anyone you can imagine is our customer.</p><p>Our clients include Samsung,<a href=\"https://laohu8.com/S/TSM\">TSMC</a>Companies that actually manufacture chips, such as GlobalFoundries, also<a href=\"https://laohu8.com/S/INTC\">Intel</a>AMD, NVIDIA, Qualcomm<a href=\"https://laohu8.com/S/AMZN\">Amazon</a>、<a href=\"https://laohu8.com/S/MSFT\">Microsoft</a>、<a href=\"https://laohu8.com/S/GOOG\">Google</a>When you go to other parts of the world, we still have<a href=\"https://laohu8.com/S/BABA\">Alibaba</a>、<a href=\"https://laohu8.com/S/00700\">Tencent</a>And ByteDance. Almost everyone is our customer.</p><p><b>Nilay: So how do you make money from these customers? Are they just buying a license to license the design? Or should I buy chip samples? Do they need to pay patent licensing fees? How exactly does all of this work?</b></p><p><b>Rene Haas:</b>Our business model is divided into two parts.</p><p>The first part is the initial licensing fee. Only after our partner clients pay this fee can we obtain the right to use the technology and thus have the right to further design our technology.</p><p>The second part is that if these designs are eventually put into production and form the final product, we will charge a usage fee per unit based on some mathematical algorithm related to the contract.</p><p>Therefore, we can say that we have two sources of revenue: licensing revenue and royalty revenue.</p><p><b>Nilay: If I buy a Snapdragon chip from Qualcomm, do I need to pay you? Or does Qualcomm have to pay you? Or does someone else have to pay?</b></p><p><b>Rene Haas:</b>You don't need to pay, but Qualcomm does. In the case you described, Qualcomm needs to inform us of the number of chips you are purchasing. We will have a pre-agreed licensing fee rate with Qualcomm, and Qualcomm will pay us according to the agreed fee rate.</p><p><b>Nilay: Samsung designs and manufactures its own chips for its own smartphones, and its departments still have to sign terms with each other. If I purchase a Samsung phone with a Samsung Exynos chip instead of a Qualcomm chip, how will this money be returned to you?</b></p><p><b>Rene Haas:</b>This is the brilliance of Arm's business model. Qualcomm uses our technology, and so does Samsung. When the Galaxy phone ships, we will likely receive payment from Samsung. If this product is a collaboration with Qualcomm, then we will receive payment from Qualcomm.</p><p>In short, we will all receive payment. This depends specifically on the licensing status between us and our partners. Typically, we work with the semiconductor divisions of these companies. For example, if we sign a contract with the chip division, the chip division will need to pay Arm.</p><p><b>Nilay: We've reached the final question at the top of the difficulty ladder. Apple offers a very unique license called the Architecture License. They designed their own chips entirely, and I don't think they used a lot of your designs, but that's Arm's intellectual property. So how do you get paid when I buy a MacBook Air (M2)?</b></p><p><b>Rene Haas:</b>The business logic is similar: we sign contracts with companies like Apple, and these companies pay us copyright taxes just like everyone else.</p><p><b>Nilay: Can anyone get a license like Apple? Use your IP, but design your own thing entirely?</b></p><p><b>Rene Haas:</b>The architecture license essentially gives the company the right to manufacture what we call ARM-compatible processors. Anyone who does this can make minor modifications to the microarchitecture, which is essentially how to physically place it on the chip.</p><p>However, what these companies cannot do is modify the CPU, which will prevent the chip from running Arm instructions. This is crucial because, ultimately, we must maintain software compatibility. Whether we build something ourselves or something built by a licensed partner, it must meet the requirements for running Arm software as long as it is running an Arm processor.</p><p>We've built a very good CPU, and I think it's very difficult to build a CPU that's different or better than ours while still meeting Arm standards. Of course, this could also be my own bias.</p><p>Many people used to do this, but fewer are doing it now because it's difficult to do it and it's hard to find people to do it. Building such a talent team is extremely difficult. Most companies face this path and say, \"If I build an SoC (System-on-a-Chip) and I only have so many valuable engineers, then differentiated Arm CPUs may not be a very worthwhile area to invest in.\" Moreover, they also need to invest in other areas, such as cameras, modems, or I/O support.</p><p><b>Nilay: When an authorized party with Apple or other architectures delivers a product, do you have a team to verify that it is running the Arm instruction set and that they are not violating the rules? Or are you just using the honors system so you don't offend (Apple CEO) Tim Cook too much?</b></p><p><b>Rene Haas:</b>We have a set of requirements for this and a compliance suite that allows us to conduct tests to fundamentally verify that the content they build conforms to Arm standards. We will test it to see if it can run Arm instructions and code, if the compiler is corrupted, or if it cannot recognize the correct instructions. So the short answer is that we do provide a set of compliance tests for all architecture license-based build designs.</p><p><b>Nilay: Aside from the Intel and AMD CPUs that people might encounter, because it's a bit opaque, I think the closed loop is where you really validate that this is an Arm thing that works in an Arm way, which I think most people don't understand, so I wanted to ask this set of questions and get a feel for the business.</b></p><p><b>Rene Haas:</b>These are all very important questions. One thing that has made us almost ubiquitous throughout history is that whether it is based on Arm CPU kernel licenses or Arm instruction set architecture licenses, they need to run software for the Arm instruction set architecture without interruption.</p><p>Arm has some failed CPUs that allow extensions, which allow customers to add custom instructions. While this sounds innovative and cool, what's really relevant to the CPU architecture is letting developers know it will run.</p><p>If a developer is writing a piece of code for an OEM and Arm is embedded, the developer doesn't want to know, doesn't need to know, or even knows that they are designing a thermostat with a built-in Bob chip, and Bob has some additional instructions. You need to take advantage of this because they may not know if other OEM devices have Arm chips that contain these instructions.</p><p>It is important to compete fairly and ensure that software datasets look the same. Our founders have done an excellent job of sticking to this and making it fast-paced. You can see that this is really benefiting us now.</p><p><b><i>02.</i></b></p><p><b>Stay neutral and don't try to pick winners.</b></p><p><b>Nilay: Many of your clients have openly fierce competitive relationships in multiple fields. I've talked to a lot of executives like you. In my opinion, they do much more interpersonal work than engineering and research jobs. Are you the same way? Do you consider yourself a business politician who ensures fairness to balance competition, or do you still focus more on processor design and development?</b></p><p><b>Rene Haas:</b>We certainly get caught up in all sorts of interpersonal negotiations, which is what we're supposed to do, but we've also spent a lot of time and effort developing these CPU and software ecosystems to solve our partners' problems and truly ensure that the product is at the forefront.</p><p>One difference is that we deal with everyone and we have to maintain consistency in the way we approach partnerships, which really revolves around access to technology, access to errors, and access to people.</p><p>The world depends on Arm, and as you said, we're a bit opaque. Saying the world depends on Arm on a podcast might make some people think, \"I depend on you? I don't even know you!\" But we are really taking our relationships with our partners very seriously.</p><p><b>Nilay: Let me give you another simple example. I really think this example is very inspiring. A few years ago, we spoke with people who run HDMI (High Definition Multimedia Interface), and they were the ones who established the PlayStation (<a href=\"https://laohu8.com/S/SNE\">Sony</a>Home game consoles released in Japan in 1994) are the industry standard for plugging into televisions. Of course, this is also why HDMI doesn't work perfectly when your remote control can control everything on your TV. Frankly, they had already thrown up their hands in surrender: \"This problem is too difficult to solve. Nobody wants to handle it. Everyone is giving up.\" From a political perspective, I understand why this is their answer, because it's the lowest stake, right? I just wanted to plug my DVD player into the TV and let the remote control control the work, but the political nature of it was insurmountable, and besides, it wasn't an industry standards body, so I had to take a lot of risks. Arm is a company that needs to report earnings to its shareholders. If it wants to go public, it must increase returns for its shareholders. How would you handle the friction and tension between them?</b></p><p><b>Rene Haas:</b>We really try to stay neutral. We are known as the \"Switzerland of the electronics industry\" (known for our neutrality), which is a good analogy. We won't try to pick winners; we'll delve into the various sub-ecosystems within the ecosystem. If you start at the very bottom of the semiconductor chain—Global Foundries, Samsung, TSMC, Intel, and all the other chipmakers—you'll realize you have to work with them all.</p><p>We must ensure that our technology can be built on every semiconductor process in the world, which requires investment from all these partners. Then, all the way up, when you think of Android, Linux, Windows, and all the major operating systems we support, we have to make sure we're among them.</p><p>We really try not to give ourselves an advantage in the competition between one side and the other. I'm not sure how we'll eventually get there, but this goal means we're standing on the shoulders of a fairly large ecosystem.</p><p>This is an ecosystem that includes design tools, manufacturing processes, software operating systems, and middleware. We often collaborate with relevant supply chain vendors and create them. We don't really work too much with standards bodies, but we do work a lot with all the vendors I just mentioned.</p><p>We make sure we understand everything they are trying to do from a roadmap perspective to ensure we are as compliant as possible. Ultimately, we license the technology to the people who build the chips, and the people who build the chips want to have the broadest possible opportunity within the scope of what can be manufactured.</p><p><b><i>03.</i></b></p><p><b>With a team of nearly 6,000 people, how does Rene Haas make decisions?</b></p><p><b>Nilay: I'd like to learn some other basic knowledge about Arm. How many employees does Arm have?</b></p><p><b>Rene Haas:</b>The last number I saw was probably around 5,800, but if you include the contractors, it could be over 6,000.</p><p><b>Nilay: How are they structured? Are they all chip design, or do they have lawyers? Is the ratio of patent agents to chip designers 1:1? How does this work?</b></p><p><b>Rene Haas:</b>Of course, it's not a 1:1 between lawyers and engineers, that's all I can say.</p><p><b>Nilay: Some companies are 1:1 lawyers and engineers.</b></p><p><b>Rene Haas:</b>We are still far from that level. Our employees are mainly engineers, most of whom are based in the UK. We have several different engineering sites in different parts of the UK, France and Northern Europe; There are also several design centers in Arizona and Texas in the United States; There are also many design engineers in Bangalore and Noida, India.</p><p>In comparison, our legal department is very small. If displayed in thumbnail scale, the proportion of engineers and lawyers is quite large. We have done a very good job in how the licensing model works and in protecting intellectual property rights. Although there is no huge legal department, there are indeed many engineers because these products are really difficult to manufacture.</p><p><b>Nilay: Who reports to you? How is your team composed?</b></p><p><b>Rene Haas:</b>I am the CEO, and we also have a Chief Financial Officer, Chief Human Resources Officer, and Head of Legal Reporting. Overall, we are organized around the business units, forming a vertical business structure. We have automotive, Internet of Things (IoT), infrastructure, and client businesses, as well as chief architects, sales executives, and engineering executives who also report to me. As I listed, there are many direct subordinates. Arm is primarily people-oriented, revolving around engineering, people, legal, and financial operations within the business.</p><p><b>Nilay: This is a classic question I often ask others. You have worked at Arm for 9 years and have been CEO for 6 months. How did you make your decision? What is your framework?</b></p><p><b>Rene Haas:</b>I have to tell a little lie that I had dinner with Tony Fadell, and I know you interviewed him a while ago, and I appreciate his habit of contrasting opinion-based decisions with data-based decisions. What I'm trying to say is that the whiter your beard and hair are, the more accepting you are of opinion-based decisions. Human history will repeat itself because we are human, and humans will repeat the same successes and mistakes.</p><p>I am a mixture of opinions and data; the more experienced I am, the more I rely on intuition. Experience helps. For those fans: Why Tom...<a href=\"https://laohu8.com/S/BRC\">Brady</a>Still playing quarterback at 45, even though physically he plays alongside people half his age? Because it's hard to fool him; he sees through everything. Business is far more complex than professional football.</p><p>So, the short answer to your question is data and opinions, both of which I rely on, but now opinions are probably more helpful than data because my intuition is more intuitive.</p><p><b>Nilay: My understanding of Tom Brady is that he doesn't eat any tomatoes and eats avocado ice cream every day. Are those also on your menu?</b></p><p><b>Rene Haas:</b>He's a bit like Benjamin Barton, and every time I look at him, he gets younger and younger. I also have strange eating habits. The British will know that I eat yogurt and granola for lunch every day. My assistant would almost preemptively say, \"I put your yogurt in the fridge. It has your name on it.\"</p><p>Not that I would categorize myself as super successful, but I do see this from other leaders as well. These things reduce the number of decisions you have to make, and I've always found it helpful for me personally.</p><p>I wear the same clothes. I eat the same food. This is something I like, and there's no need to worry.</p><p><b>Nilay: Now let's talk about a major decision. As is well known, Arm has been caught up in the storm surrounding SoftBank's Vision Fund. SoftBank has raised billions of dollars for the Vision Fund, and directly acquiring Arm is a big deal for SoftBank. They have invested in many companies and even tried to sell the Vision Fund to Nvidia when it was a bit unstable. The industry has basically done everything it can to lobby against the deal, saying, \"We don't want Nvidia to have this core CPU technology, don't do it.\" The government also stepped in and said it would block the deal, but SoftBank ultimately gave up.</b></p><p><b>Then you arrive as the new CEO and say you want to take the company public, which is a big turnaround. Your predecessor strongly opposed taking Arm public because, as we discussed earlier, there was pressure to increase revenue and the risks associated with a neutral and fair supplier model, since you could increase revenue through special deals. These pressures will come, but it will all be your decision. How did you make this decision?</b></p><p><b>Rene Haas:</b>We announced this shift at the end of last year, when the Nvidia deal was largely falling apart. After I took over in mid-February and ended our fiscal year in March, we were finally able to talk about financial results, something we haven't done in a while.</p><p>During our time at Nvidia, we were very low-key. When we announced this year's revenue, we set a record of over $2 billion—$2.6 billion. We had never done anything over $2 billion before. Our operating profit margin is close to 40%, but almost everyone thinks we are losing money because we are very low-key. If you fast forward to this quarter, it's even higher than where we were at the end of last year: over 50% and $700 million in revenue, $450 million of which was royalties.</p><p>My several phone calls with analysts and journalists were like, \"Where did this come from? What interesting math are you doing? Is this some form of equation?\" But actually, we know we're doing a good job.</p><p>Shortly after SoftBank acquired Arm, we restructured and created two business units, and I took over the classic Arm and began to pivot to other markets. This fulcrum is not only a business model, but also a product. We know that some changes are taking place in the data center, TSMC is doing a very good job in processing, and we are also making good progress in software workloads. We believe that if we advance our investments into specific instructions, such as SME and SVE, which are vector extensions of specific workloads on hyperscale computers, we can gain something in the hyperscale computer market.</p><p><b>Nilay: Let everyone know that this is the cloud computing market, that's your Google Cloud, AWS stuff.</b></p><p><b>Rene Haas:</b>That's your cloud. AWS is an important partner for us. They announced the Graviton2 and some pretty jaw-dropping numbers, a 40% price-performance improvement over other architectures. Therefore, we diversified our business by not only developing different products, but also by addressing this issue through different parts of our business model strategy.</p><p>We knew our business would turn out well. All the financial results you're seeing now are fantastic, the team has done an excellent job in this regard, and these are really all work from a few years ago. You don't see royalty results per unit overnight.</p><p>We develop IP, and then the IP must be given to the customer. They must manufacture a chip, and that chip must go into a product, and the product must be qualified. All of this may take 3 to 4 years. We feel pretty good about where we're going, and we also feel pretty good about the areas we've been investing in, such as cloud, automotive, and the Internet of Things. These are all large long-term growth areas that I think we are well suited for.</p><p><b>Nilay: You made some bets two years ago that have now paid off handsomely. Do you think investor pressure between quarters will change the way you run your company?</b></p><p><b>Rene Haas:</b>I think you're a public company at all times, and that's just part of how the world works. However, I can't talk too much about what life would be like as a publicly traded company. I'm under very strict orders to stay within my zone and not talk too much.</p><p><b>Nilay: One of the few lawyers in the firm is about to run into the room.</b></p><p><b>Rene Haas:</b>Haha, so I really can't say too much. But I can say that we are very confident in the long-term growth of the markets involved.</p><p><b><i>04.</i></b></p><p><b>For Arm, automobiles will be a huge market.</b></p><p><b>Nilay: You just expressed confidence in cars, the Internet of Things, and the cloud. The cloud market exists and is still growing, and Arm has already taken steps to address this. I've spoken with many CEOs in The automotive industry, and we spent a lot of time on The Verge cast talking about smart homes and The Internet of Things. But those markets haven't really turned around yet. As Arm CEO, can you push for that? Or is it more like \"we just need to prepare the design and products for cars to truly become networked computers on wheels\"?</b></p><p><b>Rene Haas:</b>When people think of electronic devices in cars, they automatically turn to autonomous driving and so on. Think about what is inside the car and the number of processes in the car. The instrument panel is all digital, computerized, the powertrain, and anything related to rearview mirrors and brakes, all of which are rapidly moving to and running on Arm. Much of what's happening in smart cars is moving toward Arm.</p><p>In the powertrain, you have many old standalone electronic control units (ECUs) that may have an old proprietary microcontroller and are not the same as the rest of the car. All these ECUs are being redesigned. Inside each car, there may be 50-70 ECUs, and each one may have an old proprietary microcontroller. They are not connected and have no memory management unit. Therefore, with the addition of automated and advanced driver assistance systems (ADAS), cars can become highly connected devices, which is an area that Arm wants to develop.</p><p>To us, a car is a bit like a sandbox of multiple technologies: the dashboard, the powertrain, the powertrain/ECU. By the way, autonomy is a huge opportunity for us.</p><p>Going back to the data center field, in terms of computing, what really matters in cars is performance and efficiency. You can't have a server in your trunk running an electric car, which is the case with some cars today. This situation will improve over time, and we are very optimistic about the automotive market, where we will also develop very quickly.</p><p><b>Nilay: So, are you going to ask some of your engineers to find ECUs, engine controllers, or body control modules that can work across cars so that people at Nvidia can get a license and sell them to Ford?</b></p><p><b>Rene Haas:</b>This is actually already happening. These are important for automotive CPU efficiency, power, and functional safety. You must have all the safeguards in place to ensure that it can operate safely. Some people do this in software through compute libraries, but most people prefer to do it in hardware because it is safer and more efficient to do it in hardware.</p><p>We have developed automotive processors and graphics processors with embedded security features. We didn't do that before, before we would basically just launch a generic thing to use wherever you wanted. This is one of the things we have made significant changes in the past few years.</p><p><b>Nilay: We're talking about the future now, let's bring the conversation back to the present. We have been in a chip shortage for a long time, and this \"chip shortage\" may not end. Both Intel and Nvidia had less than ideal quarterly results, and Intel said they would actually raise prices. Where will you be in the event of a chip shortage? Is that something that's affecting you right now? Is that something you see coming and going? You're a little out of touch with the actual part.</b></p><p><b>Rene Haas:</b>We're moving away from the idea of not making anything, but we do have something to do with chips, and our royalty model is related to the components people order.</p><p>Going back to the previous discussion, we are very diversified in terms of end markets. Another thing that is happening is that more and more CPUs are being used in these SoCs. The application processor of a mobile phone may use one CPU, while the cluster used for computing is now 9 or 10 different CPUs. You have 10 CPUs, which are just application processors (APs), and then consider things like touch sensors, displays, and cameras. We have seen that although sales in certain markets, such as smartphones, have been weakening, from a product trend perspective, we have been protected by it.</p><p><b>Nilay: Did you hear our episode with Willy Shih? He was there, telling us about toilet paper, and then talking about the manufacturing of chips and LCD monitors. Because they had too many SKUs and sold too many types of paper, they decided to reduce the variety of toilet paper, and this decision ultimately solved a large part of the problem.</b></p><p><b>Rene Haas:</b>right. So now think of a car that requires all sorts of diodes, capacitors, resistors, and thermal sensors, not only because it's difficult to get 3 nanometers, but also because it's difficult to build a wafer fab.</p><p>You can tell from my hair color that I've been in this industry for a long time. I've been in a business cycle where people are starting to stop developing and slowing down projects. They're gradually stopping trying new things and stopping innovating.</p><p>I think it's because everything is digitized, the extremely high demand for electronics, and how it will change our lives. What are our metrics? Licensing and new design starts have never been better for us because it's spread across all markets.</p><p><b><i>05.</i></b></p><p><b>\"In 50 years, every continent should have a world-class wafer fab.\"</b></p><p><b>Nilay: What you said is one of the reasons why research and development is accelerating. The world is beginning to rediscover the prospects of globalization, and the world is no longer so peaceful. The United States has just passed a chip bill to truly incentivize chip manufacturing and various design investments. TSMC is building in the United States, and Intel has just broken ground on a new factory in Ohio. Do you see that everyone knows we rely heavily on a few wafer fabs in Taiwan, which is a geopolitical hotspot? We need to shift this critical technological dependence to our own countries. Is this something you'll be involved in, or are you just watching from the sidelines?</b></p><p><b>Rene Haas:</b>We will definitely be involved in this. As long as we can expand the need for this by talking to political officials in any country, we will help. This is not just an Arm problem, but an industry problem. A single point of failure in anything you're doing isn't a good thing. The pandemic has exposed a lot of things, and people are starting to open their eyes wide and see what the real problem is. I am very grateful to the people who pushed the chip bill, and this is really important.</p><p>This is not only important for the United States, but 50 years from now, every continent should have its own world-class wafer fab. We don't need to worry about geopolitical issues; wafer fabs will then be like the oxygen that runs the world.</p><p><b>Nilay: Currently, the cutting-edge process nodes are mainly controlled by TSMC, which is far ahead with 5nm and 3nm technologies. Few people can compete at this level. Your smartphones use cutting-edge technology, while those used in automobiles are mostly more mature process nodes (40nm, 14nm). The process is severely limited, and no one is investing in building these wafer fabs anymore. What do you think of this result? What do you think of these strict restrictions on TSMC, which possesses cutting-edge technology? Everyone wants to improve their building capabilities on these things, but no one wants to improve their building capabilities on old things.</b></p><p><b>Rene Haas:</b>I'm not a manufacturing expert, but I can tell you that we're seeing a lot of work being done on how to convert certain wafer fabs into new jobs.</p><p>Just like you said. People are usually a little reluctant to invest a lot of money in this. You might think that we can convert the wafer fab we are building into some kind of process technology and turn it into a logic wafer fab? Are there storage fabs that can be converted to logic fabs? But this is a very complex issue because there are only so many factories in the world, and only so many people who know how to build these things. They are all publicly traded companies that have to make money. In short, it is a very complex matrix.</p><p>Thirty years ago, Japan's logic wafer fabs were world-class, spread across the country. This number has now essentially dropped to zero. Japan is looking for ways to change this situation so that more wafer fabs can get back online. I think you'll see a lot of things like chip bills being completed in the United States and other countries. I believe South Korea's wafer fabs have enormous capabilities, but it is also a complex and difficult issue.</p><p><b><i>06.</i></b></p><p><b>\"Intel CEO did a lot of the right things\"</b></p><p><b>Nilay: How dependent is Arm on TSMC? It feels like a lot of companies realize they really depend on one company. There's a reason it's an industry leader, but there's a lot of dependency there. Have you considered this dependency when designing new processor types or architectures?</b></p><p><b>Rene Haas:</b>We work closely with TSMC. All wafer fabs are important to us, and Arm will remain neutral.</p><p>Seriously, they're all important. In an ideal world, we have many people who can build cutting-edge technologies. Generally speaking, in smartphones and data centers, the technology is usually the most cutting-edge because everyone is really trying to maximize performance. This is not the case in the automotive and industrial sectors. Therefore, any wafer fab that uses cutting-edge processes is very important to us.</p><p><b>Nilay: As we all know, Intel has long been an integrated design and wafer fabrication company. They were basically blown away by TSMC, and now they have a new CEO who is breaking the mold and planning to open their factories to others. You just said Intel is a customer, are you working with them?</b></p><p><b>Rene Haas:</b>We expected TSMC to manufacture a large number of Arm products, and they did. We hope Intel will do the same.</p><p><b>Nilay: Are you optimistic that Intel can do this?</b></p><p><b>Rene Haas:</b>I think (Intel CEO) Pat did a lot of the right things. His work is very hard and very well done, and we are very willing to do more with him.</p><p><b>Nilay: Another political answer, but I have to ask. Regarding the chip bill, people are very excited about its passage and signing. Intel has received a lot of criticism for announcing cuts to capital expenditures and increased Dividend instead of investing them in wafer fabs. Broadly speaking, do you think this is the right move? What opportunities should we look for for wafer fabs in the United States?</b></p><p><b>Rene Haas:</b>I don't doubt Pat's decisions about how he spends his money. Going back to what you said, we're talking about a single point of failure. I think we need to act quickly to get these facilities up and running as soon as possible, build more redundancy, and reduce the risk of single points of failure. Therefore, we need more wafer fabs.</p><p><b>Nilay: What timing do you base your decision on? If a bill were passed today, or someone announced a new wafer fab today that we wouldn't see for five years, how would you view the timing of your decision?</b></p><p><b>Rene Haas:</b>Six months after becoming CEO, I am still learning and have many responsibilities, one of the biggest of which is to think about what will happen five years from now.</p><p>Because of the way we operate our business, the process from designing a product to seeing revenue is quite long. We are considering where the opportunities lie, where investments need to be made, where the threats lie, and the direction of system and software design.</p><p>Most of my energy is spent thinking about what the world will look like in 2025 and 2026, not the next quarter.</p><p><b><i>07.</i></b></p><p><b>Please stay tuned to PCs; Arm is making significant progress.</b></p><p><b>Nilay: There are some long-term bets that focus more on consumers than replacing servers in the trunk of cars. The hottest trend related to Arm right now is Apple's shift from Intel x86 processors to its self-developed M-series processors licensed based on the Arm instruction set architecture to support its Macs. This has improved battery life and performance while also helping Apple reduce procurement costs. Now, thanks to these chips, the Mac is basically the best laptop you can buy. This reflects the great success of Arm architecture processors in the PC market. Can Arm help other industries do these things? Or perhaps it's just design, and they hope Qualcomm can make it possible for Microsoft and...<a href=\"https://laohu8.com/S/DELL\">Dell</a>A chip that can do this too? From your perspective, how do you view your relationship with the industry?</b></p><p><b>Rene Haas:</b>I think we can do more, and probably need to do more. This is not because we need to help the industry, but because these products are really complex to build.</p><p>Let's talk about architectural licensing first. Previously, many manufacturers believed that you needed to obtain an architecture license to build a better CPU to compete with Arm. However, the IPC instructions per clock of the microprocessor are only one aspect that can really change the design. You also need to consider the memory subsystem, interconnects, cache size, interface with other parts of the SoC, and ensure that the SoC is located in a multi-chip package with chip and chip interconnects.</p><p>Some clients are very good at these things and can figure them out, so they don't need too much help from us. However, as time goes on, more and more companies will need Arm to do more, which is a trend we are paying close attention to.</p><p><b>Nilay: From your perspective, as long as it's all Arm chips, it doesn't matter who wins, right? If Apple has 100% share of the laptop market, that's great for you. If Microsoft,<a href=\"https://laohu8.com/S/HPQ\">HP</a>Even if Qualcomm can run competitive Windows on Arm laptops and hold a 50% market share, you can still get paid. Do you feel that no matter who wins, you will win?</b></p><p><b>Rene Haas:</b>If the product ships with the Arm instruction set architecture, that's good for us; if an alternative device is used, it means it doesn't use the Arm instruction set architecture, which is not good for us.</p><p>When I first took office, I adopted a little nickname for myself on the website and worked with the public relations team to use the slogan \"Wherever computing happens, Arm will appear\". Whether it's thermostats or microwaves, Polycom, smart TVs, laptops, and so on, they're all based on Arm.</p><p><b>Nilay: You just said where the computing happens, for most people, the computing happens on their laptops and desktops. I've heard that Windows on Arm (WoA) has been around for 13 years, and although it hasn't happened, are you content to just let Apple take over the industry? Because there are other people's instruction sets in this extremely large industry, such as Intel's instruction set.</b></p><p><b>Rene Haas:</b>I used to work for a company that developed Windows RT and was the general manager of that product line. Before joining Arm, I worked at Nvidia for many years (where I served as Vice President and General Manager of the Computing Products Business Unit for seven years), and we made tremendous progress in this area because we felt that was where the real tipping point was.</p><p>The turning point did exist. During my first press interview on a Windows RT laptop, I remember meeting a group of reporters whose first question was, \"Does it run iTunes?\" We're like, \"Oh, shit. No.\" It doesn't work because we don't have a port and Apple doesn't help us.</p><p>Fast forward to 10 years later, streaming audio has already appeared, and no one really cares about these applications. If you consider all the apps that run on your PC or phone, it's hard to say, \"Okay, which native apps don't actually run on Arm?\" They were almost all there.</p><p>Please continue to pay attention to PC matters. We are making great progress. You can see what the features are through laptops in other ecosystems. I think this is a wake-up call for the industry in terms of the potential of these features, and we will continue to do so.</p><p><b>Nilay: That wake-up call was due to a very wealthy company spending a lot of money on your instruction set customization, right? That's their bargaining chip. Are you saying that we, as Arm, can develop products with performance per watt as efficient as M-series chips and then sell those designs to Qualcomm? Or does it come down to Qualcomm—which I believe also owns the architecture license—doing it itself?</b></p><p><b>Rene Haas:</b>I have 100% confidence in this. You do not need a schema license to do this.</p><p><b><i>08.</i></b></p><p><b>How to win in GPU?</b></p><p><b>Nilay: On the other hand, there are laptops, desktops, and even car manufacturers. I went to sit in a Rivian (an American pure electric car), and I was told that the car was powered by a GPU and Unreal Engine. Graphics performance has become a differentiating point for various products in the industry, and Arm has a new GPU with a great name, Immortalis. Apple is not using your GPU. If you consider large GPU vendors, they don't really consider performance per watt, do they? With the high-end Invidaka, you just need to have a nuclear reactor in the basement to run that thing, which is great. It looks good. How will you win in GPU?</b></p><p><b>Rene Haas:</b>When you calculate it by unit, we are actually the number one supplier of GPUs on Earth. I remember during the Nvidia acquisition, its CEO Jensen Huang made a key point: we will be faithful to our review, and performance per watt is important. We won't risk making a 100W TDP GPU and trying to make a difference in that field. We will try within the 1 watt range and optimize within that range. Then in certain areas, you can start doing more things with multiple GPUs.</p><p>We're starting to see people thinking about doing machine learning extensions and possibly doing these things within the GPU. This is interesting because GPUs can benefit from some level of AI and machine learning to perform shader rendering in a more efficient way. At the same time, you can start working or transfer the ML workload to the GPU. There are many interesting innovations that will be possible on our GPUs, and we are investing heavily in this area. To be clear, we will remain in an area where performance and efficiency are important.</p><p><b>Nilay: Yes, you delivered a lot of GPUs. It is part of many customers' SoC packages. Customers with their own GPUs or their own GPU expansions lead in performance per watt. Does the same deal not matter at the end of the day because they are shipping the Arm instruction set architecture and you can still get paid? Or \"We have to stay competitive here or they will leave completely\"?</b></p><p><b>Rene Haas:</b>GPUs are slightly different from CPUs because APIs are extractive. Performance per watt is indeed important. We have done a lot of work for fair competition, and with Immortalis, we are at the forefront in many areas. Another thing that is very critical for these GPUs is the interface efficiency between the CPU and the GPU, which is also an area we are investing heavily in, but we must remain vigilant in the GPU market, which, as you said, is very competitive. You let people do it themselves, and you let other third parties make the product. At the same time, this is an area we are very interested in, so we will invest in it. I believe that machine learning AI vectors used with GPUs in the future represent a huge opportunity for us.</p><p><b>Nilay: GPUs are a huge investment. You have to spend a lot of money to compete and win the design. Do you make this investment because over time you can win back these products from other custom GPUs and get more returns? Or do you need a competitive GPU just to be competitive?</b></p><p><b>Rene Haas:</b>I went back to machine learning and artificial intelligence. If you have a heterogeneous computing system, and you have a CPU, GPU, and NPU, I think at some point the compilers will become smart enough that they may point to parts of the code that can run better on the GPU and CPU.</p><p>If you treat the entire cluster as a complete subsystem, I think it brings long-term benefits. For us, especially when designing systems on chips, we are trying to make all sorts of big trade-offs. Sometimes I don't want that workload to run on the CPU because it consumes unnecessary power, and I may have transistors in the GPU that I could probably use if I didn't draw. We believe that the GPU is a very critical strategic component.</p><p><b><i>09.</i></b></p><p><b>Only Arm and RISC-V are available.</b></p><p><b>Nilay: GPU competitors are obvious in one respect. CPU competitors seem harder to identify, who are your competitors?</b></p><p><b>Rene Haas:</b>In terms of CPU? I think there are probably only two options, which is biased, but I don't even think there are real options.</p><p>From an instruction set architecture perspective, if you want to build an SoC based on x86, there are only two companies in the world that will do it for you: AMD or Intel. Then there is RISC-V, which is a completely different part because it is open source and there are many different versions.</p><p>RISC-V is a scalable processor, which means its strengths are its weaknesses. In my opinion, scalability leads to fragmentation. I think this hurts them in terms of getting any kind of software ecosystem. Looking around, it's really hard to say, \"What is the main software ecosystem that runs consistently on RISC-V processors?\" No.</p><p>So, where do we see RISC-V in our system-on-a-chip today? It is located deeply embedded in the chip, and external programmers are unaware of its existence.</p><p>Here's an analogy I can give. If you put something in the microwave and then press the start button on the 30-second timer, the monitor is probably Arm, because a small piece of open-source application code might be running on it. The timer that actually turns on the oven and turns off after 30 seconds may be RISC-V.</p><p>These are indeed the only two options. I mean, all of these are small companies, but these companies really don't have much appeal in terms of market share.</p><p><b>Nilay: Do you see Arm and RISC-V eliminating the outdated x86 world?</b></p><p><b>Rene Haas:</b>x86 has been around for a long time and has a very strong installation base, and I certainly don't want to do anything to belittle what they're doing. I think the challenge with x86 is that it only comes from two companies, which in itself is a limiting factor in terms of how far it can go.</p><p><b>Nilay: Both companies, Intel and AMD, have their own wafer fabs, as does TSMC. There's another manufacturing challenge: over time, these manufacturers seem to say, \"Look, we're really good at Arm. We'll be good at RISC-V, and we don't want to be good at x86 anymore.\"</b></p><p><b>Rene Haas:</b>I would even doubt whether they are really very good at Arm. Undoubtedly, this is not easy.</p><p><b>Nilay: Are there other competitors like RISC-V? I mean, RISC-V is another thing similar to Windows on Arm. I heard it has been around for ten years and it seems to appear in some of the applications you mentioned.</b></p><p><b>Rene Haas:</b>This is all about software. Ultimately, it's about having a rich ecosystem of developers who can take advantage of the software they write. For us, we think there are 15 million to 25 million developers programming on Arm. Some people know they're programming on Arm because they utilize the instruction set, but others don't because it's abstracted away. The compiler and open source libraries are there, which makes it easy to run.</p><p>For example: smart TVs. If you're trying to write new menus for a smart TV and try to link to an Android version that is essentially the underlying kernel, that's Arm. All of this is optimized for Arm. In terms of self-reporting, this is a big advantage. These libraries all exist and have been optimized. Let's say you've tried it on RISC-V. If Company A adds 17 new instructions to make their RISC-V look a little different, the developers won't know it. How will developers take advantage of this? RISC-V may eventually be simplified to the lowest common denominator.</p><p><b>Nilay: A few months ago, Qualcomm CEO Cristiano Amon participated in this program. I asked him the same Windows on Arm question, and he somewhat blamed the software developers, saying, \"Look, Microsoft...\"<a href=\"https://laohu8.com/S/ADBE\">Adobe</a>And other large independent software vendors have to join in; they have to make these things quickly. You just said it was all about software, did you take the time to say to those companies, \"Look, you have to shift your focus to the future, which is Arm?\"</b></p><p><b>Rene Haas:</b>Are you referring to Microsoft or Adobe?</p><p><b>Nilay: Both.</b></p><p><b>Rene Haas:</b>Yes. We spent a lot of time on both, and that's where the battle is ultimately going to be won. You, like me, have been watching for 10 or 12 years, and it's closer than ever before, because not only is there more work to be done on legacy applications, but more of these native applications have already been written for Arm.</p><p>Look at the two different operating systems in the world. Other operating systems use their names in their code. See all Microsoft applications that only run on their systems. They are all ported in this way, so all these Microsoft apps can run on your phone. We're pretty much the same. I think the turning point comes when there are a lot of pretty good CPU products on the market that can compete with others. From your point of view, this product proves that you don't have to sacrifice performance and game-changing battery life on form factor.</p><p><b><i>10.</i></b></p><p><b>Conclusion: What's next for Arm?</b></p><p><b>Nilay: I always ask people what's next for their company, but I'll ask you a more specific question. You announced that Arm will go public in March 2023. As the date approaches, can you achieve this goal?</b></p><p><b>Rene Haas:</b>Unfortunately, we are now at a stage where I cannot reveal too much.</p><p><b>Nilay: Okay, what's next for Arm?</b></p><p><b>Rene Haas:</b>We will continue to invest in the areas I mentioned. We believe that some of the topics we just talked about have indeed seen strong growth: those complex packaging systems and complex designs. We are trying to find the ability to provide more services to the industry because I think there is a huge opportunity there.</p><p></body></html></p>","source":"lsy1584082462595","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>10,000-word interview with Arm CEO: What gives it the right to \"harvest\" global tech giants?</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: 12.5px; color: #7E829C; margin: 0;}\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\">\n10,000-word interview with Arm CEO: What gives it the right to \"harvest\" global tech giants?\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">芯东西</strong><span class=\"h-time small\">2022-10-06 19:20</span>\n</p>\n</h4>\n</header>\n<article>\n<p><html><head></head><body><b>Why did Arm change its mind about going public? Has it been affected by the chip shortage? What are your thoughts on the U.S. Chip Act?</b>There is a unique chip company that has never designed a single chip, yet it resides at the heart of the vast technological world, existing in mobile phones, computers, televisions, cars, and even the data centers that power everything.<a href=\"https://laohu8.com/S/AAPL\">Apple</a>、<a href=\"https://laohu8.com/S/QCOM\">Qualcomm</a>、<a href=\"https://laohu8.com/S/SMSN.UK\">Samsung</a>Wait for chip giants to provide core underlying technology support.</p><p>It is Arm, a company that was first jointly founded by Apple, then acquired by Japan's SoftBank Group, and almost sold to an American GPU chip giant.<a href=\"https://laohu8.com/S/NVDA\">NVIDIA</a>A British chip design company.</p><p>Arm licenses its instruction set architecture (ISA) to companies with chip design needs and charges them a usage fee. In this way, Arm's influence radiates globally, to<a href=\"https://laohu8.com/S/5RE.SI\">smart</a>The vast majority of mobile devices, represented by mobile phones, rely on Arm technology.</p><p>On Tuesday, Nilay Patel, editor-in-chief of The American technology media outlet The Verge, and Rene Haas, The new CEO of Arm, completed a conversation. Nilay started with The most basic questions and talked about how Arm makes money, whether it is affected by The chip shortage, how to view competition with x86 and RISC-V instruction set architectures, and The progress of its IPO, which are topics of great concern to The industry.</p><p><img src=\"https://static.tigerbbs.com/341f1d637541db18858733dd7b413359\" tg-width=\"1000\" tg-height=\"670\" referrerpolicy=\"no-referrer\"/></p><p>▲ Arm CEO Rene Haas</p><p>In February of this year, on the same day that Nvidia announced it was abandoning its acquisition of Arm, Arm's board of directors announced the appointment of Rene Haas as its new CEO. Although Rene Haas has only been CEO of Arm for six months, he has actually worked at Arm for nearly nine years. In his view, Arm is the Switzerland of the electronics industry and will remain as neutral as possible, not trying to pick winners.</p><p>He also shared his views on the American Chip Act, believing that it is not only important for the United States, but that 50 years from now, every continent should have a world-class chip factory. \"We shouldn't worry about geopolitical concerns about how the world works, because it's like the oxygen that makes the world work.\"</p><p><b>The following is a complete translation of the interview transcript by Xindongxi:</b></p><p><b><i>01.</i></b></p><p><b>\"Almost everyone you can think of is our customer.”</b></p><p><b>Nilay: Arm is currently facing many changes, and you have plans to lead Arm to an IPO in the future. You also recently received the earnings report for the previous quarter. Arm is a very interesting company, so I think we can start from the very beginning. Arm is a key piece of the puzzle in the entire technology ecosystem. It affects almost everyone, but its image is opaque. Consumers do not have any direct relationship with Arm, but rather many other companies act as carriers in the middle. So, let's start from the beginning and see what Arm actually does.</b></p><p><b>Rene Haas:</b>As you said, Arm is indeed not a well-known company, and the outside world doesn't know us, but we still consider ourselves very important.</p><p>First, we are in the semiconductor value chain of the semiconductor world. You can see Arm technology in almost all semiconductor products or OEM products; we see it in mobile phones, laptops, and smart TVs. Just looking at my desk, there are almost dozens of things containing Arm processors.</p><p>Arm does not directly build products or manufacture chips; instead, it builds the designs inside the chips. We license our designs to those who want to build the final product. Our most famous product is the CPU, which is the brain of almost all types of electronic devices.</p><p>Because Arm doesn't manufacture chips and directly licenses its brains to those who are willing, Arm's brains are everywhere. According to data from last quarter, among all semiconductor companies and OEMs worldwide, Arm Manufacturing delivered 7.4 billion chips with Arm CPUs, GPUs, or other technologies built in. This is a very large number, so we are in the semiconductor value chain, but we do not build any products. We are only responsible for design, especially the design and processing of microprocessors.</p><p><b>Nilay: Who are your clients?</b></p><p><b>Rene Haas:</b>This is a very interesting question. In the electronics industry, it seems easier to say who isn't our customer, because almost anyone you can imagine is our customer.</p><p>Our clients include Samsung,<a href=\"https://laohu8.com/S/TSM\">TSMC</a>Companies that actually manufacture chips, such as GlobalFoundries, also<a href=\"https://laohu8.com/S/INTC\">Intel</a>AMD, NVIDIA, Qualcomm<a href=\"https://laohu8.com/S/AMZN\">Amazon</a>、<a href=\"https://laohu8.com/S/MSFT\">Microsoft</a>、<a href=\"https://laohu8.com/S/GOOG\">Google</a>When you go to other parts of the world, we still have<a href=\"https://laohu8.com/S/BABA\">Alibaba</a>、<a href=\"https://laohu8.com/S/00700\">Tencent</a>And ByteDance. Almost everyone is our customer.</p><p><b>Nilay: So how do you make money from these customers? Are they just buying a license to license the design? Or should I buy chip samples? Do they need to pay patent licensing fees? How exactly does all of this work?</b></p><p><b>Rene Haas:</b>Our business model is divided into two parts.</p><p>The first part is the initial licensing fee. Only after our partner clients pay this fee can we obtain the right to use the technology and thus have the right to further design our technology.</p><p>The second part is that if these designs are eventually put into production and form the final product, we will charge a usage fee per unit based on some mathematical algorithm related to the contract.</p><p>Therefore, we can say that we have two sources of revenue: licensing revenue and royalty revenue.</p><p><b>Nilay: If I buy a Snapdragon chip from Qualcomm, do I need to pay you? Or does Qualcomm have to pay you? Or does someone else have to pay?</b></p><p><b>Rene Haas:</b>You don't need to pay, but Qualcomm does. In the case you described, Qualcomm needs to inform us of the number of chips you are purchasing. We will have a pre-agreed licensing fee rate with Qualcomm, and Qualcomm will pay us according to the agreed fee rate.</p><p><b>Nilay: Samsung designs and manufactures its own chips for its own smartphones, and its departments still have to sign terms with each other. If I purchase a Samsung phone with a Samsung Exynos chip instead of a Qualcomm chip, how will this money be returned to you?</b></p><p><b>Rene Haas:</b>This is the brilliance of Arm's business model. Qualcomm uses our technology, and so does Samsung. When the Galaxy phone ships, we will likely receive payment from Samsung. If this product is a collaboration with Qualcomm, then we will receive payment from Qualcomm.</p><p>In short, we will all receive payment. This depends specifically on the licensing status between us and our partners. Typically, we work with the semiconductor divisions of these companies. For example, if we sign a contract with the chip division, the chip division will need to pay Arm.</p><p><b>Nilay: We've reached the final question at the top of the difficulty ladder. Apple offers a very unique license called the Architecture License. They designed their own chips entirely, and I don't think they used a lot of your designs, but that's Arm's intellectual property. So how do you get paid when I buy a MacBook Air (M2)?</b></p><p><b>Rene Haas:</b>The business logic is similar: we sign contracts with companies like Apple, and these companies pay us copyright taxes just like everyone else.</p><p><b>Nilay: Can anyone get a license like Apple? Use your IP, but design your own thing entirely?</b></p><p><b>Rene Haas:</b>The architecture license essentially gives the company the right to manufacture what we call ARM-compatible processors. Anyone who does this can make minor modifications to the microarchitecture, which is essentially how to physically place it on the chip.</p><p>However, what these companies cannot do is modify the CPU, which will prevent the chip from running Arm instructions. This is crucial because, ultimately, we must maintain software compatibility. Whether we build something ourselves or something built by a licensed partner, it must meet the requirements for running Arm software as long as it is running an Arm processor.</p><p>We've built a very good CPU, and I think it's very difficult to build a CPU that's different or better than ours while still meeting Arm standards. Of course, this could also be my own bias.</p><p>Many people used to do this, but fewer are doing it now because it's difficult to do it and it's hard to find people to do it. Building such a talent team is extremely difficult. Most companies face this path and say, \"If I build an SoC (System-on-a-Chip) and I only have so many valuable engineers, then differentiated Arm CPUs may not be a very worthwhile area to invest in.\" Moreover, they also need to invest in other areas, such as cameras, modems, or I/O support.</p><p><b>Nilay: When an authorized party with Apple or other architectures delivers a product, do you have a team to verify that it is running the Arm instruction set and that they are not violating the rules? Or are you just using the honors system so you don't offend (Apple CEO) Tim Cook too much?</b></p><p><b>Rene Haas:</b>We have a set of requirements for this and a compliance suite that allows us to conduct tests to fundamentally verify that the content they build conforms to Arm standards. We will test it to see if it can run Arm instructions and code, if the compiler is corrupted, or if it cannot recognize the correct instructions. So the short answer is that we do provide a set of compliance tests for all architecture license-based build designs.</p><p><b>Nilay: Aside from the Intel and AMD CPUs that people might encounter, because it's a bit opaque, I think the closed loop is where you really validate that this is an Arm thing that works in an Arm way, which I think most people don't understand, so I wanted to ask this set of questions and get a feel for the business.</b></p><p><b>Rene Haas:</b>These are all very important questions. One thing that has made us almost ubiquitous throughout history is that whether it is based on Arm CPU kernel licenses or Arm instruction set architecture licenses, they need to run software for the Arm instruction set architecture without interruption.</p><p>Arm has some failed CPUs that allow extensions, which allow customers to add custom instructions. While this sounds innovative and cool, what's really relevant to the CPU architecture is letting developers know it will run.</p><p>If a developer is writing a piece of code for an OEM and Arm is embedded, the developer doesn't want to know, doesn't need to know, or even knows that they are designing a thermostat with a built-in Bob chip, and Bob has some additional instructions. You need to take advantage of this because they may not know if other OEM devices have Arm chips that contain these instructions.</p><p>It is important to compete fairly and ensure that software datasets look the same. Our founders have done an excellent job of sticking to this and making it fast-paced. You can see that this is really benefiting us now.</p><p><b><i>02.</i></b></p><p><b>Stay neutral and don't try to pick winners.</b></p><p><b>Nilay: Many of your clients have openly fierce competitive relationships in multiple fields. I've talked to a lot of executives like you. In my opinion, they do much more interpersonal work than engineering and research jobs. Are you the same way? Do you consider yourself a business politician who ensures fairness to balance competition, or do you still focus more on processor design and development?</b></p><p><b>Rene Haas:</b>We certainly get caught up in all sorts of interpersonal negotiations, which is what we're supposed to do, but we've also spent a lot of time and effort developing these CPU and software ecosystems to solve our partners' problems and truly ensure that the product is at the forefront.</p><p>One difference is that we deal with everyone and we have to maintain consistency in the way we approach partnerships, which really revolves around access to technology, access to errors, and access to people.</p><p>The world depends on Arm, and as you said, we're a bit opaque. Saying the world depends on Arm on a podcast might make some people think, \"I depend on you? I don't even know you!\" But we are really taking our relationships with our partners very seriously.</p><p><b>Nilay: Let me give you another simple example. I really think this example is very inspiring. A few years ago, we spoke with people who run HDMI (High Definition Multimedia Interface), and they were the ones who established the PlayStation (<a href=\"https://laohu8.com/S/SNE\">Sony</a>Home game consoles released in Japan in 1994) are the industry standard for plugging into televisions. Of course, this is also why HDMI doesn't work perfectly when your remote control can control everything on your TV. Frankly, they had already thrown up their hands in surrender: \"This problem is too difficult to solve. Nobody wants to handle it. Everyone is giving up.\" From a political perspective, I understand why this is their answer, because it's the lowest stake, right? I just wanted to plug my DVD player into the TV and let the remote control control the work, but the political nature of it was insurmountable, and besides, it wasn't an industry standards body, so I had to take a lot of risks. Arm is a company that needs to report earnings to its shareholders. If it wants to go public, it must increase returns for its shareholders. How would you handle the friction and tension between them?</b></p><p><b>Rene Haas:</b>We really try to stay neutral. We are known as the \"Switzerland of the electronics industry\" (known for our neutrality), which is a good analogy. We won't try to pick winners; we'll delve into the various sub-ecosystems within the ecosystem. If you start at the very bottom of the semiconductor chain—Global Foundries, Samsung, TSMC, Intel, and all the other chipmakers—you'll realize you have to work with them all.</p><p>We must ensure that our technology can be built on every semiconductor process in the world, which requires investment from all these partners. Then, all the way up, when you think of Android, Linux, Windows, and all the major operating systems we support, we have to make sure we're among them.</p><p>We really try not to give ourselves an advantage in the competition between one side and the other. I'm not sure how we'll eventually get there, but this goal means we're standing on the shoulders of a fairly large ecosystem.</p><p>This is an ecosystem that includes design tools, manufacturing processes, software operating systems, and middleware. We often collaborate with relevant supply chain vendors and create them. We don't really work too much with standards bodies, but we do work a lot with all the vendors I just mentioned.</p><p>We make sure we understand everything they are trying to do from a roadmap perspective to ensure we are as compliant as possible. Ultimately, we license the technology to the people who build the chips, and the people who build the chips want to have the broadest possible opportunity within the scope of what can be manufactured.</p><p><b><i>03.</i></b></p><p><b>With a team of nearly 6,000 people, how does Rene Haas make decisions?</b></p><p><b>Nilay: I'd like to learn some other basic knowledge about Arm. How many employees does Arm have?</b></p><p><b>Rene Haas:</b>The last number I saw was probably around 5,800, but if you include the contractors, it could be over 6,000.</p><p><b>Nilay: How are they structured? Are they all chip design, or do they have lawyers? Is the ratio of patent agents to chip designers 1:1? How does this work?</b></p><p><b>Rene Haas:</b>Of course, it's not a 1:1 between lawyers and engineers, that's all I can say.</p><p><b>Nilay: Some companies are 1:1 lawyers and engineers.</b></p><p><b>Rene Haas:</b>We are still far from that level. Our employees are mainly engineers, most of whom are based in the UK. We have several different engineering sites in different parts of the UK, France and Northern Europe; There are also several design centers in Arizona and Texas in the United States; There are also many design engineers in Bangalore and Noida, India.</p><p>In comparison, our legal department is very small. If displayed in thumbnail scale, the proportion of engineers and lawyers is quite large. We have done a very good job in how the licensing model works and in protecting intellectual property rights. Although there is no huge legal department, there are indeed many engineers because these products are really difficult to manufacture.</p><p><b>Nilay: Who reports to you? How is your team composed?</b></p><p><b>Rene Haas:</b>I am the CEO, and we also have a Chief Financial Officer, Chief Human Resources Officer, and Head of Legal Reporting. Overall, we are organized around the business units, forming a vertical business structure. We have automotive, Internet of Things (IoT), infrastructure, and client businesses, as well as chief architects, sales executives, and engineering executives who also report to me. As I listed, there are many direct subordinates. Arm is primarily people-oriented, revolving around engineering, people, legal, and financial operations within the business.</p><p><b>Nilay: This is a classic question I often ask others. You have worked at Arm for 9 years and have been CEO for 6 months. How did you make your decision? What is your framework?</b></p><p><b>Rene Haas:</b>I have to tell a little lie that I had dinner with Tony Fadell, and I know you interviewed him a while ago, and I appreciate his habit of contrasting opinion-based decisions with data-based decisions. What I'm trying to say is that the whiter your beard and hair are, the more accepting you are of opinion-based decisions. Human history will repeat itself because we are human, and humans will repeat the same successes and mistakes.</p><p>I am a mixture of opinions and data; the more experienced I am, the more I rely on intuition. Experience helps. For those fans: Why Tom...<a href=\"https://laohu8.com/S/BRC\">Brady</a>Still playing quarterback at 45, even though physically he plays alongside people half his age? Because it's hard to fool him; he sees through everything. Business is far more complex than professional football.</p><p>So, the short answer to your question is data and opinions, both of which I rely on, but now opinions are probably more helpful than data because my intuition is more intuitive.</p><p><b>Nilay: My understanding of Tom Brady is that he doesn't eat any tomatoes and eats avocado ice cream every day. Are those also on your menu?</b></p><p><b>Rene Haas:</b>He's a bit like Benjamin Barton, and every time I look at him, he gets younger and younger. I also have strange eating habits. The British will know that I eat yogurt and granola for lunch every day. My assistant would almost preemptively say, \"I put your yogurt in the fridge. It has your name on it.\"</p><p>Not that I would categorize myself as super successful, but I do see this from other leaders as well. These things reduce the number of decisions you have to make, and I've always found it helpful for me personally.</p><p>I wear the same clothes. I eat the same food. This is something I like, and there's no need to worry.</p><p><b>Nilay: Now let's talk about a major decision. As is well known, Arm has been caught up in the storm surrounding SoftBank's Vision Fund. SoftBank has raised billions of dollars for the Vision Fund, and directly acquiring Arm is a big deal for SoftBank. They have invested in many companies and even tried to sell the Vision Fund to Nvidia when it was a bit unstable. The industry has basically done everything it can to lobby against the deal, saying, \"We don't want Nvidia to have this core CPU technology, don't do it.\" The government also stepped in and said it would block the deal, but SoftBank ultimately gave up.</b></p><p><b>Then you arrive as the new CEO and say you want to take the company public, which is a big turnaround. Your predecessor strongly opposed taking Arm public because, as we discussed earlier, there was pressure to increase revenue and the risks associated with a neutral and fair supplier model, since you could increase revenue through special deals. These pressures will come, but it will all be your decision. How did you make this decision?</b></p><p><b>Rene Haas:</b>We announced this shift at the end of last year, when the Nvidia deal was largely falling apart. After I took over in mid-February and ended our fiscal year in March, we were finally able to talk about financial results, something we haven't done in a while.</p><p>During our time at Nvidia, we were very low-key. When we announced this year's revenue, we set a record of over $2 billion—$2.6 billion. We had never done anything over $2 billion before. Our operating profit margin is close to 40%, but almost everyone thinks we are losing money because we are very low-key. If you fast forward to this quarter, it's even higher than where we were at the end of last year: over 50% and $700 million in revenue, $450 million of which was royalties.</p><p>My several phone calls with analysts and journalists were like, \"Where did this come from? What interesting math are you doing? Is this some form of equation?\" But actually, we know we're doing a good job.</p><p>Shortly after SoftBank acquired Arm, we restructured and created two business units, and I took over the classic Arm and began to pivot to other markets. This fulcrum is not only a business model, but also a product. We know that some changes are taking place in the data center, TSMC is doing a very good job in processing, and we are also making good progress in software workloads. We believe that if we advance our investments into specific instructions, such as SME and SVE, which are vector extensions of specific workloads on hyperscale computers, we can gain something in the hyperscale computer market.</p><p><b>Nilay: Let everyone know that this is the cloud computing market, that's your Google Cloud, AWS stuff.</b></p><p><b>Rene Haas:</b>That's your cloud. AWS is an important partner for us. They announced the Graviton2 and some pretty jaw-dropping numbers, a 40% price-performance improvement over other architectures. Therefore, we diversified our business by not only developing different products, but also by addressing this issue through different parts of our business model strategy.</p><p>We knew our business would turn out well. All the financial results you're seeing now are fantastic, the team has done an excellent job in this regard, and these are really all work from a few years ago. You don't see royalty results per unit overnight.</p><p>We develop IP, and then the IP must be given to the customer. They must manufacture a chip, and that chip must go into a product, and the product must be qualified. All of this may take 3 to 4 years. We feel pretty good about where we're going, and we also feel pretty good about the areas we've been investing in, such as cloud, automotive, and the Internet of Things. These are all large long-term growth areas that I think we are well suited for.</p><p><b>Nilay: You made some bets two years ago that have now paid off handsomely. Do you think investor pressure between quarters will change the way you run your company?</b></p><p><b>Rene Haas:</b>I think you're a public company at all times, and that's just part of how the world works. However, I can't talk too much about what life would be like as a publicly traded company. I'm under very strict orders to stay within my zone and not talk too much.</p><p><b>Nilay: One of the few lawyers in the firm is about to run into the room.</b></p><p><b>Rene Haas:</b>Haha, so I really can't say too much. But I can say that we are very confident in the long-term growth of the markets involved.</p><p><b><i>04.</i></b></p><p><b>For Arm, automobiles will be a huge market.</b></p><p><b>Nilay: You just expressed confidence in cars, the Internet of Things, and the cloud. The cloud market exists and is still growing, and Arm has already taken steps to address this. I've spoken with many CEOs in The automotive industry, and we spent a lot of time on The Verge cast talking about smart homes and The Internet of Things. But those markets haven't really turned around yet. As Arm CEO, can you push for that? Or is it more like \"we just need to prepare the design and products for cars to truly become networked computers on wheels\"?</b></p><p><b>Rene Haas:</b>When people think of electronic devices in cars, they automatically turn to autonomous driving and so on. Think about what is inside the car and the number of processes in the car. The instrument panel is all digital, computerized, the powertrain, and anything related to rearview mirrors and brakes, all of which are rapidly moving to and running on Arm. Much of what's happening in smart cars is moving toward Arm.</p><p>In the powertrain, you have many old standalone electronic control units (ECUs) that may have an old proprietary microcontroller and are not the same as the rest of the car. All these ECUs are being redesigned. Inside each car, there may be 50-70 ECUs, and each one may have an old proprietary microcontroller. They are not connected and have no memory management unit. Therefore, with the addition of automated and advanced driver assistance systems (ADAS), cars can become highly connected devices, which is an area that Arm wants to develop.</p><p>To us, a car is a bit like a sandbox of multiple technologies: the dashboard, the powertrain, the powertrain/ECU. By the way, autonomy is a huge opportunity for us.</p><p>Going back to the data center field, in terms of computing, what really matters in cars is performance and efficiency. You can't have a server in your trunk running an electric car, which is the case with some cars today. This situation will improve over time, and we are very optimistic about the automotive market, where we will also develop very quickly.</p><p><b>Nilay: So, are you going to ask some of your engineers to find ECUs, engine controllers, or body control modules that can work across cars so that people at Nvidia can get a license and sell them to Ford?</b></p><p><b>Rene Haas:</b>This is actually already happening. These are important for automotive CPU efficiency, power, and functional safety. You must have all the safeguards in place to ensure that it can operate safely. Some people do this in software through compute libraries, but most people prefer to do it in hardware because it is safer and more efficient to do it in hardware.</p><p>We have developed automotive processors and graphics processors with embedded security features. We didn't do that before, before we would basically just launch a generic thing to use wherever you wanted. This is one of the things we have made significant changes in the past few years.</p><p><b>Nilay: We're talking about the future now, let's bring the conversation back to the present. We have been in a chip shortage for a long time, and this \"chip shortage\" may not end. Both Intel and Nvidia had less than ideal quarterly results, and Intel said they would actually raise prices. Where will you be in the event of a chip shortage? Is that something that's affecting you right now? Is that something you see coming and going? You're a little out of touch with the actual part.</b></p><p><b>Rene Haas:</b>We're moving away from the idea of not making anything, but we do have something to do with chips, and our royalty model is related to the components people order.</p><p>Going back to the previous discussion, we are very diversified in terms of end markets. Another thing that is happening is that more and more CPUs are being used in these SoCs. The application processor of a mobile phone may use one CPU, while the cluster used for computing is now 9 or 10 different CPUs. You have 10 CPUs, which are just application processors (APs), and then consider things like touch sensors, displays, and cameras. We have seen that although sales in certain markets, such as smartphones, have been weakening, from a product trend perspective, we have been protected by it.</p><p><b>Nilay: Did you hear our episode with Willy Shih? He was there, telling us about toilet paper, and then talking about the manufacturing of chips and LCD monitors. Because they had too many SKUs and sold too many types of paper, they decided to reduce the variety of toilet paper, and this decision ultimately solved a large part of the problem.</b></p><p><b>Rene Haas:</b>right. So now think of a car that requires all sorts of diodes, capacitors, resistors, and thermal sensors, not only because it's difficult to get 3 nanometers, but also because it's difficult to build a wafer fab.</p><p>You can tell from my hair color that I've been in this industry for a long time. I've been in a business cycle where people are starting to stop developing and slowing down projects. They're gradually stopping trying new things and stopping innovating.</p><p>I think it's because everything is digitized, the extremely high demand for electronics, and how it will change our lives. What are our metrics? Licensing and new design starts have never been better for us because it's spread across all markets.</p><p><b><i>05.</i></b></p><p><b>\"In 50 years, every continent should have a world-class wafer fab.\"</b></p><p><b>Nilay: What you said is one of the reasons why research and development is accelerating. The world is beginning to rediscover the prospects of globalization, and the world is no longer so peaceful. The United States has just passed a chip bill to truly incentivize chip manufacturing and various design investments. TSMC is building in the United States, and Intel has just broken ground on a new factory in Ohio. Do you see that everyone knows we rely heavily on a few wafer fabs in Taiwan, which is a geopolitical hotspot? We need to shift this critical technological dependence to our own countries. Is this something you'll be involved in, or are you just watching from the sidelines?</b></p><p><b>Rene Haas:</b>We will definitely be involved in this. As long as we can expand the need for this by talking to political officials in any country, we will help. This is not just an Arm problem, but an industry problem. A single point of failure in anything you're doing isn't a good thing. The pandemic has exposed a lot of things, and people are starting to open their eyes wide and see what the real problem is. I am very grateful to the people who pushed the chip bill, and this is really important.</p><p>This is not only important for the United States, but 50 years from now, every continent should have its own world-class wafer fab. We don't need to worry about geopolitical issues; wafer fabs will then be like the oxygen that runs the world.</p><p><b>Nilay: Currently, the cutting-edge process nodes are mainly controlled by TSMC, which is far ahead with 5nm and 3nm technologies. Few people can compete at this level. Your smartphones use cutting-edge technology, while those used in automobiles are mostly more mature process nodes (40nm, 14nm). The process is severely limited, and no one is investing in building these wafer fabs anymore. What do you think of this result? What do you think of these strict restrictions on TSMC, which possesses cutting-edge technology? Everyone wants to improve their building capabilities on these things, but no one wants to improve their building capabilities on old things.</b></p><p><b>Rene Haas:</b>I'm not a manufacturing expert, but I can tell you that we're seeing a lot of work being done on how to convert certain wafer fabs into new jobs.</p><p>Just like you said. People are usually a little reluctant to invest a lot of money in this. You might think that we can convert the wafer fab we are building into some kind of process technology and turn it into a logic wafer fab? Are there storage fabs that can be converted to logic fabs? But this is a very complex issue because there are only so many factories in the world, and only so many people who know how to build these things. They are all publicly traded companies that have to make money. In short, it is a very complex matrix.</p><p>Thirty years ago, Japan's logic wafer fabs were world-class, spread across the country. This number has now essentially dropped to zero. Japan is looking for ways to change this situation so that more wafer fabs can get back online. I think you'll see a lot of things like chip bills being completed in the United States and other countries. I believe South Korea's wafer fabs have enormous capabilities, but it is also a complex and difficult issue.</p><p><b><i>06.</i></b></p><p><b>\"Intel CEO did a lot of the right things\"</b></p><p><b>Nilay: How dependent is Arm on TSMC? It feels like a lot of companies realize they really depend on one company. There's a reason it's an industry leader, but there's a lot of dependency there. Have you considered this dependency when designing new processor types or architectures?</b></p><p><b>Rene Haas:</b>We work closely with TSMC. All wafer fabs are important to us, and Arm will remain neutral.</p><p>Seriously, they're all important. In an ideal world, we have many people who can build cutting-edge technologies. Generally speaking, in smartphones and data centers, the technology is usually the most cutting-edge because everyone is really trying to maximize performance. This is not the case in the automotive and industrial sectors. Therefore, any wafer fab that uses cutting-edge processes is very important to us.</p><p><b>Nilay: As we all know, Intel has long been an integrated design and wafer fabrication company. They were basically blown away by TSMC, and now they have a new CEO who is breaking the mold and planning to open their factories to others. You just said Intel is a customer, are you working with them?</b></p><p><b>Rene Haas:</b>We expected TSMC to manufacture a large number of Arm products, and they did. We hope Intel will do the same.</p><p><b>Nilay: Are you optimistic that Intel can do this?</b></p><p><b>Rene Haas:</b>I think (Intel CEO) Pat did a lot of the right things. His work is very hard and very well done, and we are very willing to do more with him.</p><p><b>Nilay: Another political answer, but I have to ask. Regarding the chip bill, people are very excited about its passage and signing. Intel has received a lot of criticism for announcing cuts to capital expenditures and increased Dividend instead of investing them in wafer fabs. Broadly speaking, do you think this is the right move? What opportunities should we look for for wafer fabs in the United States?</b></p><p><b>Rene Haas:</b>I don't doubt Pat's decisions about how he spends his money. Going back to what you said, we're talking about a single point of failure. I think we need to act quickly to get these facilities up and running as soon as possible, build more redundancy, and reduce the risk of single points of failure. Therefore, we need more wafer fabs.</p><p><b>Nilay: What timing do you base your decision on? If a bill were passed today, or someone announced a new wafer fab today that we wouldn't see for five years, how would you view the timing of your decision?</b></p><p><b>Rene Haas:</b>Six months after becoming CEO, I am still learning and have many responsibilities, one of the biggest of which is to think about what will happen five years from now.</p><p>Because of the way we operate our business, the process from designing a product to seeing revenue is quite long. We are considering where the opportunities lie, where investments need to be made, where the threats lie, and the direction of system and software design.</p><p>Most of my energy is spent thinking about what the world will look like in 2025 and 2026, not the next quarter.</p><p><b><i>07.</i></b></p><p><b>Please stay tuned to PCs; Arm is making significant progress.</b></p><p><b>Nilay: There are some long-term bets that focus more on consumers than replacing servers in the trunk of cars. The hottest trend related to Arm right now is Apple's shift from Intel x86 processors to its self-developed M-series processors licensed based on the Arm instruction set architecture to support its Macs. This has improved battery life and performance while also helping Apple reduce procurement costs. Now, thanks to these chips, the Mac is basically the best laptop you can buy. This reflects the great success of Arm architecture processors in the PC market. Can Arm help other industries do these things? Or perhaps it's just design, and they hope Qualcomm can make it possible for Microsoft and...<a href=\"https://laohu8.com/S/DELL\">Dell</a>A chip that can do this too? From your perspective, how do you view your relationship with the industry?</b></p><p><b>Rene Haas:</b>I think we can do more, and probably need to do more. This is not because we need to help the industry, but because these products are really complex to build.</p><p>Let's talk about architectural licensing first. Previously, many manufacturers believed that you needed to obtain an architecture license to build a better CPU to compete with Arm. However, the IPC instructions per clock of the microprocessor are only one aspect that can really change the design. You also need to consider the memory subsystem, interconnects, cache size, interface with other parts of the SoC, and ensure that the SoC is located in a multi-chip package with chip and chip interconnects.</p><p>Some clients are very good at these things and can figure them out, so they don't need too much help from us. However, as time goes on, more and more companies will need Arm to do more, which is a trend we are paying close attention to.</p><p><b>Nilay: From your perspective, as long as it's all Arm chips, it doesn't matter who wins, right? If Apple has 100% share of the laptop market, that's great for you. If Microsoft,<a href=\"https://laohu8.com/S/HPQ\">HP</a>Even if Qualcomm can run competitive Windows on Arm laptops and hold a 50% market share, you can still get paid. Do you feel that no matter who wins, you will win?</b></p><p><b>Rene Haas:</b>If the product ships with the Arm instruction set architecture, that's good for us; if an alternative device is used, it means it doesn't use the Arm instruction set architecture, which is not good for us.</p><p>When I first took office, I adopted a little nickname for myself on the website and worked with the public relations team to use the slogan \"Wherever computing happens, Arm will appear\". Whether it's thermostats or microwaves, Polycom, smart TVs, laptops, and so on, they're all based on Arm.</p><p><b>Nilay: You just said where the computing happens, for most people, the computing happens on their laptops and desktops. I've heard that Windows on Arm (WoA) has been around for 13 years, and although it hasn't happened, are you content to just let Apple take over the industry? Because there are other people's instruction sets in this extremely large industry, such as Intel's instruction set.</b></p><p><b>Rene Haas:</b>I used to work for a company that developed Windows RT and was the general manager of that product line. Before joining Arm, I worked at Nvidia for many years (where I served as Vice President and General Manager of the Computing Products Business Unit for seven years), and we made tremendous progress in this area because we felt that was where the real tipping point was.</p><p>The turning point did exist. During my first press interview on a Windows RT laptop, I remember meeting a group of reporters whose first question was, \"Does it run iTunes?\" We're like, \"Oh, shit. No.\" It doesn't work because we don't have a port and Apple doesn't help us.</p><p>Fast forward to 10 years later, streaming audio has already appeared, and no one really cares about these applications. If you consider all the apps that run on your PC or phone, it's hard to say, \"Okay, which native apps don't actually run on Arm?\" They were almost all there.</p><p>Please continue to pay attention to PC matters. We are making great progress. You can see what the features are through laptops in other ecosystems. I think this is a wake-up call for the industry in terms of the potential of these features, and we will continue to do so.</p><p><b>Nilay: That wake-up call was due to a very wealthy company spending a lot of money on your instruction set customization, right? That's their bargaining chip. Are you saying that we, as Arm, can develop products with performance per watt as efficient as M-series chips and then sell those designs to Qualcomm? Or does it come down to Qualcomm—which I believe also owns the architecture license—doing it itself?</b></p><p><b>Rene Haas:</b>I have 100% confidence in this. You do not need a schema license to do this.</p><p><b><i>08.</i></b></p><p><b>How to win in GPU?</b></p><p><b>Nilay: On the other hand, there are laptops, desktops, and even car manufacturers. I went to sit in a Rivian (an American pure electric car), and I was told that the car was powered by a GPU and Unreal Engine. Graphics performance has become a differentiating point for various products in the industry, and Arm has a new GPU with a great name, Immortalis. Apple is not using your GPU. If you consider large GPU vendors, they don't really consider performance per watt, do they? With the high-end Invidaka, you just need to have a nuclear reactor in the basement to run that thing, which is great. It looks good. How will you win in GPU?</b></p><p><b>Rene Haas:</b>When you calculate it by unit, we are actually the number one supplier of GPUs on Earth. I remember during the Nvidia acquisition, its CEO Jensen Huang made a key point: we will be faithful to our review, and performance per watt is important. We won't risk making a 100W TDP GPU and trying to make a difference in that field. We will try within the 1 watt range and optimize within that range. Then in certain areas, you can start doing more things with multiple GPUs.</p><p>We're starting to see people thinking about doing machine learning extensions and possibly doing these things within the GPU. This is interesting because GPUs can benefit from some level of AI and machine learning to perform shader rendering in a more efficient way. At the same time, you can start working or transfer the ML workload to the GPU. There are many interesting innovations that will be possible on our GPUs, and we are investing heavily in this area. To be clear, we will remain in an area where performance and efficiency are important.</p><p><b>Nilay: Yes, you delivered a lot of GPUs. It is part of many customers' SoC packages. Customers with their own GPUs or their own GPU expansions lead in performance per watt. Does the same deal not matter at the end of the day because they are shipping the Arm instruction set architecture and you can still get paid? Or \"We have to stay competitive here or they will leave completely\"?</b></p><p><b>Rene Haas:</b>GPUs are slightly different from CPUs because APIs are extractive. Performance per watt is indeed important. We have done a lot of work for fair competition, and with Immortalis, we are at the forefront in many areas. Another thing that is very critical for these GPUs is the interface efficiency between the CPU and the GPU, which is also an area we are investing heavily in, but we must remain vigilant in the GPU market, which, as you said, is very competitive. You let people do it themselves, and you let other third parties make the product. At the same time, this is an area we are very interested in, so we will invest in it. I believe that machine learning AI vectors used with GPUs in the future represent a huge opportunity for us.</p><p><b>Nilay: GPUs are a huge investment. You have to spend a lot of money to compete and win the design. Do you make this investment because over time you can win back these products from other custom GPUs and get more returns? Or do you need a competitive GPU just to be competitive?</b></p><p><b>Rene Haas:</b>I went back to machine learning and artificial intelligence. If you have a heterogeneous computing system, and you have a CPU, GPU, and NPU, I think at some point the compilers will become smart enough that they may point to parts of the code that can run better on the GPU and CPU.</p><p>If you treat the entire cluster as a complete subsystem, I think it brings long-term benefits. For us, especially when designing systems on chips, we are trying to make all sorts of big trade-offs. Sometimes I don't want that workload to run on the CPU because it consumes unnecessary power, and I may have transistors in the GPU that I could probably use if I didn't draw. We believe that the GPU is a very critical strategic component.</p><p><b><i>09.</i></b></p><p><b>Only Arm and RISC-V are available.</b></p><p><b>Nilay: GPU competitors are obvious in one respect. CPU competitors seem harder to identify, who are your competitors?</b></p><p><b>Rene Haas:</b>In terms of CPU? I think there are probably only two options, which is biased, but I don't even think there are real options.</p><p>From an instruction set architecture perspective, if you want to build an SoC based on x86, there are only two companies in the world that will do it for you: AMD or Intel. Then there is RISC-V, which is a completely different part because it is open source and there are many different versions.</p><p>RISC-V is a scalable processor, which means its strengths are its weaknesses. In my opinion, scalability leads to fragmentation. I think this hurts them in terms of getting any kind of software ecosystem. Looking around, it's really hard to say, \"What is the main software ecosystem that runs consistently on RISC-V processors?\" No.</p><p>So, where do we see RISC-V in our system-on-a-chip today? It is located deeply embedded in the chip, and external programmers are unaware of its existence.</p><p>Here's an analogy I can give. If you put something in the microwave and then press the start button on the 30-second timer, the monitor is probably Arm, because a small piece of open-source application code might be running on it. The timer that actually turns on the oven and turns off after 30 seconds may be RISC-V.</p><p>These are indeed the only two options. I mean, all of these are small companies, but these companies really don't have much appeal in terms of market share.</p><p><b>Nilay: Do you see Arm and RISC-V eliminating the outdated x86 world?</b></p><p><b>Rene Haas:</b>x86 has been around for a long time and has a very strong installation base, and I certainly don't want to do anything to belittle what they're doing. I think the challenge with x86 is that it only comes from two companies, which in itself is a limiting factor in terms of how far it can go.</p><p><b>Nilay: Both companies, Intel and AMD, have their own wafer fabs, as does TSMC. There's another manufacturing challenge: over time, these manufacturers seem to say, \"Look, we're really good at Arm. We'll be good at RISC-V, and we don't want to be good at x86 anymore.\"</b></p><p><b>Rene Haas:</b>I would even doubt whether they are really very good at Arm. Undoubtedly, this is not easy.</p><p><b>Nilay: Are there other competitors like RISC-V? I mean, RISC-V is another thing similar to Windows on Arm. I heard it has been around for ten years and it seems to appear in some of the applications you mentioned.</b></p><p><b>Rene Haas:</b>This is all about software. Ultimately, it's about having a rich ecosystem of developers who can take advantage of the software they write. For us, we think there are 15 million to 25 million developers programming on Arm. Some people know they're programming on Arm because they utilize the instruction set, but others don't because it's abstracted away. The compiler and open source libraries are there, which makes it easy to run.</p><p>For example: smart TVs. If you're trying to write new menus for a smart TV and try to link to an Android version that is essentially the underlying kernel, that's Arm. All of this is optimized for Arm. In terms of self-reporting, this is a big advantage. These libraries all exist and have been optimized. Let's say you've tried it on RISC-V. If Company A adds 17 new instructions to make their RISC-V look a little different, the developers won't know it. How will developers take advantage of this? RISC-V may eventually be simplified to the lowest common denominator.</p><p><b>Nilay: A few months ago, Qualcomm CEO Cristiano Amon participated in this program. I asked him the same Windows on Arm question, and he somewhat blamed the software developers, saying, \"Look, Microsoft...\"<a href=\"https://laohu8.com/S/ADBE\">Adobe</a>And other large independent software vendors have to join in; they have to make these things quickly. You just said it was all about software, did you take the time to say to those companies, \"Look, you have to shift your focus to the future, which is Arm?\"</b></p><p><b>Rene Haas:</b>Are you referring to Microsoft or Adobe?</p><p><b>Nilay: Both.</b></p><p><b>Rene Haas:</b>Yes. We spent a lot of time on both, and that's where the battle is ultimately going to be won. You, like me, have been watching for 10 or 12 years, and it's closer than ever before, because not only is there more work to be done on legacy applications, but more of these native applications have already been written for Arm.</p><p>Look at the two different operating systems in the world. Other operating systems use their names in their code. See all Microsoft applications that only run on their systems. They are all ported in this way, so all these Microsoft apps can run on your phone. We're pretty much the same. I think the turning point comes when there are a lot of pretty good CPU products on the market that can compete with others. From your point of view, this product proves that you don't have to sacrifice performance and game-changing battery life on form factor.</p><p><b><i>10.</i></b></p><p><b>Conclusion: What's next for Arm?</b></p><p><b>Nilay: I always ask people what's next for their company, but I'll ask you a more specific question. You announced that Arm will go public in March 2023. As the date approaches, can you achieve this goal?</b></p><p><b>Rene Haas:</b>Unfortunately, we are now at a stage where I cannot reveal too much.</p><p><b>Nilay: Okay, what's next for Arm?</b></p><p><b>Rene Haas:</b>We will continue to invest in the areas I mentioned. We believe that some of the topics we just talked about have indeed seen strong growth: those complex packaging systems and complex designs. We are trying to find the ability to provide more services to the industry because I think there is a huge opportunity there.</p><p></body></html></p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://mp.weixin.qq.com/s/g70BOooqglRyEZ4H5QBwwA\">芯东西</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/131603997b7396ff2c6f104ae3d43a0f","relate_stocks":{},"source_url":"https://mp.weixin.qq.com/s/g70BOooqglRyEZ4H5QBwwA","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1106272938","content_text":"Arm为何改变主意要上市？是否被缺芯潮殃及？如何看待《美国芯片法案》？有一家特殊的芯片公司，不曾设计一颗芯片，却处在庞大的科技世界的中心，存在于手机、电脑、电视、汽车甚至是驱动一切的数据中心里，为苹果、高通、三星等芯片巨头提供核心的底层技术支撑。它就是Arm，一家先是被苹果合资创办、后被日本软银集团收购、又差点卖身给美国GPU芯片巨头英伟达的英国芯片设计公司。Arm将指令集架构（ISA）授权给有芯片设计需求的公司，从它们手中收取使用费。通过这种方式，Arm的影响力辐射全球，以智能手机为代表的绝大多数移动设备，都离不开Arm的技术。本周二，美国科技媒体The Verge的首席主编Nilay Patel和Arm新任CEO Rene Haas完成了一场对谈，Nilay从最基本的问题循序渐进，聊到Arm是如何赚钱的、是否受到缺芯潮的影响、如何看待与x86和RISC-V指令集架构的竞争、IPO上市进展等颇受产业关注的话题。▲Arm CEO Rene Haas今年2月，在英伟达宣布放弃收购Arm的同一天，Arm董事会宣布任命Rene Haas为新任CEO。虽说Rene Haas担任Arm CEO的时间仅有半年之久，但他实际已经在Arm工作了近9年。在他看来，Arm是电子行业的瑞士，将尽可能保持中立，不试图挑选赢家。他也分享了对《美国芯片法案》的看法，认为这不仅对美国很重要，而且50年后，每个大陆都应该有世界级的芯片工厂。“我们不应该担心地缘政治对世界运作方式的担忧，因为它就像世界运转的氧气一样。”以下是芯东西对访谈实录的完整编译：01.“几乎所有你能想到的人，都是我们的客户。”Nilay：现在Arm面临着很多变化，你也有计划未来带领Arm上市，且最近也收到了上一季度的收益报告。Arm是一家非常有意思的企业，所以，我想我们可以从最开始谈起。Arm是整个科技生态系统中的一块关键拼图，它几乎影响着所有人，但它的形象又是不透明的，消费者并没有和Arm产生什么直接关系，而是由很多其他公司在中间做一个载体的身份，所以，让我们从头开始，Arm到底是做什么的？Rene Haas：就像你说的这样，Arm确实不一个众所周知的企业，外界也不是了解我们，但我们自认为我们还是非常重要的。首先，我们处在半导体世界的半导体价值链中。你几乎可以在所有半导体产品或者OEM产品中看见Arm的技术，我们在手机、笔记本电脑、智能电视中。光是看一下我的办公桌上，几乎就有几十个含有Arm处理器的东西。Arm并不直接构建产品，也不生产芯片，而是构建芯片里面的设计，我们把我们的设计许可给想要构建最终产品的人。我们最著名的产品就是CPU，它几乎是所有类型的电子设备的大脑。由于Arm不制造芯片，直接将大脑授权给有意愿的人，所以到处都是Arm的大脑。从上个季度的数据来看，在全球所有半导体公司和OEM之间，Arm制造交付了74亿颗内置了Arm CPU、GPU或者其他技术的芯片，这是一个非常庞大的数字，所以我们处在半导体价值链中，但我们不会构建任何产品，我们只负责设计，尤其是对微处理器的设计处理。Nilay：你们的客户是谁呢？Rene Haas：这个问题非常有意思。在电子行业，说谁不是我们的客户似乎更容易，因为你能想象到的几乎任何人，都是我们的客户。我们的客户有三星、台积电、格罗方德等实际生产制造芯片的企业，还有英特尔、AMD、英伟达、高通、亚马逊、微软、谷歌，当你去世界其他地方时，我们还有阿里巴巴、腾讯和字节跳动。几乎所有人都是我们的客户。Nilay：那您是如何从这些客户那里赚钱的呢？他们只是购买设计的授权许可吗？还是购买芯片样片？他们是否需要支付专利许可费呢？这些到底都是怎么运作的？Rene Haas：我们的商业模式分为两部分。第一部分是前期许可费，合作客户支付给我们这笔款项后，才能获得技术的使用权，从而有权在我们的技术上进行进一步的设计。第二部分是，如果这些设计最终投入生产并形成了最终产品，我们就会根据与合同相关的一些数学算法按单位收取使用费。因此，可以说我们有两部分收入来源，一是授权许可收入，另一个是使用费收入。Nilay：如果我在高通买了一块骁龙芯片，需要给你们付钱吗？或者是高通必须给你们付钱？又或者是别人得付？Rene Haas：你不需要支付，但高通需要。在你说的这个案例里，高通需要告知我们你购买的芯片数量，我们和高通会有一个预先商量好的特许使用费率，高通会按照商量好的费率来我们支付款项。Nilay：三星在为他们自己的智能手机设计生产自己的芯片，它里面的部门之间还必须相互签署条件。如果我购买了带有三星Exynos芯片的三星手机，而不是高通芯片，这笔钱会如何回流给您？Rene Haas：这就是Arm商业模式的绝妙之处。高通使用我们的技术，三星也是。当Galaxy手机发货时，我们很可能就会收到三星的付款了，如果这款产品是和高通合作的，那我们就会获得高通这边的付款。总之，我们都会获得付款。这具体取决于我们与合作伙伴之间的授权许可情况，通常情况下，都会与这些公司的半导体部门合作，以三星为例，如果我们与芯片部门签订合同，那么芯片部门将需要向Arm支付款项。Nilay：到了难度阶梯最顶部的最后一个疑问。苹果公司提供了一种非常独特的许可证，称为架构许可证。他们完全设计自己的芯片，我不觉得他们使用了很多你们的设计，但这是Arm的知识产权。所以当我购买MacBook Air（M2）时，您如何获得报酬？Rene Haas：在商业逻辑上都是类似的，我们和苹果这样的公司签订合同，这些公司像其他人一样向我们支付版权税。Nilay：任何人都可以获得像苹果那样的授权许可吗？使用你们的IP，但完全设计自己的东西？Rene Haas：架构许可基本上赋予了公司制造我们所谓的Arm兼容处理器的权利。任何这样做的人，都可以对微架构进行细微的修改，实际上就是如何物理地把放置在芯片上。但这些公司不能做的是修改CPU，这会使芯片无法运行Arm的指令。而这一点至关重要，因为归根结底，我们必须保持软件兼容性，无论是我们自己构建的东西，还是拥有授权许可的合作方构建的东西，只要在运行Arm处理器，就都必须符合运行Arm软件的要求。我们打造了非常好的CPU，我觉得要构建一个和我们不同或更好，同时仍然符合Arm标准的CPU是非常困难的，当然，这也有可能是我自己的偏见。过去这么做的人有很多，但现在变少了，因为一是很难做，二是很难找到做这件事的人。要建立这种人才团队的难度非常大，大多数公司面对这条路都会说：“如果我构建一个SoC（系统级芯片），而我只有这么多宝贵的工程师，那么差异化的Arm CPU可能并不是一个非常值得投入精力的地方。” 况且他们还有其他需要投入的地方，比如摄像头、调制解调器或IO的支持。Nilay：当苹果或其他架构的被授权方交付产品时，您是否有团队去验证它正在运行Arm指令集并且他们没有违反规则？或者您只是使用荣誉系统，这样就不会太惹到（苹果CEO）蒂姆·库克了？Rene Haas：我们有一套这方面的要求以及一个合规性套件，方便我们进行测试，以从根本上验证他们构建的内容是否符合Arm标准。我们会针对它进行测试，检测是否可以运行Arm指令和代码，编译器是否损坏，或者是否无法识别正确的指令。所以简短的回答是，我们确实会为所有基于架构许可的构建设计提供一套合规性测试。Nilay：除了人们可能遇到的英特尔和AMD CPU，因为它有点不透明，我认为闭环是你真正验证这是以Arm的方式运作的Arm东西的地方，我想大多数人都不理解这一点，所以我想问这组问题并感受一下业务。Rene Haas：这些都是非常重要的问题。让我们在历史上几乎无处不在的一件事是，无论是基于Arm CPU内核授权，还是基于Arm指令集架构授权，他们都需要运行针对Arm指令集架构的软件，并且不会中断。Arm有一些失败的CPU，它们允许扩展，也就是允许客户添加自定义指令，虽然这听起来很创新而且很酷，但真正与CPU架构相关的是让开发人员知道它会的运行。如果开发人员正在为OEM编写一段代码并且嵌入了Arm，则开发人员不想知道、不需要知道，甚至无法知道他们正在设计一个内置Bob芯片的恒温器，并且Bob有一些额外的说明。你需要利用这一点，因为他们可能不知道其他OEM设备是否具有包含这些指令的Arm芯片。公平竞争并确保软件数据集看起来相同非常重要。我们的创始人在坚持这一点并使其具有快速的特点上做得非常出色。你可以看到这一点现在确实在让我们受益。02.保持中立，不试图挑选赢家Nilay：你的很多客户在多个领域都有着毫不避讳的激烈竞争关系。我和很多像你这样的高管谈过。在我看来，相比工程和研究类的工作，他们做的人际交涉工作要多得多。你是否也是如此？你认为自己是一个确保公平以平衡竞争关系的商业政治家，还是你仍然把较多心思放在处理器的设计和研发方面？Rene Haas：我们肯定深陷在人际交涉的各种事情里，这本来就是我们要去做的事，但我们也花费了大量的时间和精力来开发这些CPU和软件生态系统，以解决合作伙伴的问题，真正确保产品处于领先地位。有一点不同的是，我们与每个人打交道，都必须保持我们在处理合作伙伴关系的方式上的一致性，这实际上是围绕对技术的访问、对错误的访问以及对人员的访问。世界依赖于Arm，正如你所说的那样，我们有点不透明，在播客上说世界依赖于Arm，有人听会想说：“我依赖你们？我都不认识你们！” 但我们真的在非常认真地管理与合作伙伴的关系。Nilay：让我再举一个简单的例子，我真觉得这个例子很有启发性。几年前，我们与运行HDMI（高清多媒体接口）的人交谈过，是他们树立了将PlayStation（索尼于1994年在日本发售的家用游戏机）插进电视的行业标准。当然，这也是当你的遥控器就可以控制电视上的所有东西时，HDMI成了无法完美运行的原因所在。坦白说，他们已经举起双手投降了：“这个问题太难解决了，没有人愿意搞定这件事，大家都在摆烂了。” 从政治角度来看，我明白为什么这是他们的答案，因为这是最低的赌注，对吧？我只是想把我的DVD播放器插入电视，然后让遥控器去控制工作，但里面的政治性质是无法逾越的，况且它也不是行业标准机构，需要冒很大的风险大。Arm是一家需要向股东报告收益的企业，想要上市，那就必须为自己的股东增加收益。这之间的摩擦、紧张您会如何处理？Rene Haas：我们真的是尽量保持中立。我们被称为“电子工业界的瑞士”（以中立态度著称），这是一个不错的比照。我们不会试图挑选赢家，我们会涉足生态系统中的各个子生态系统。如果你从半导体链的最底层开始，格芯（Global Foundries）、三星、台积电、英特尔等所有芯片制造商，你会意识到你必须和他们所有人合作。我们必须确保我们的技术能够建立在世界上每一种半导体工艺上，这需要所有这些合作伙伴的投资。然后，一路向上，当你想到Android、Linux、Windows以及我们支持的所有主要操作系统时，我们必须确保我们也在其中。我们真的尽量不让自己在一方和另一方的竞争中占据优势。我不确定我们最终会如何达到这一点，但这个目标就意味着我们站在一个相当大的生态系统的肩膀上。这是一个生态系统，里面有设计工具、制造过程、软件操作系统和中间件。我们经常与相关产业链厂商合作，并创建它们。我们并没有真正与标准机构进行太多合作，但我们确实与我刚刚提到的所有厂商进行了大量合作。我们确保从路线图的角度了解他们正在尝试做的所有事情，以确保我们尽可能地合规。归根结底，我们将技术许可给构建芯片的人，构建芯片的人想要在可以制造芯片的范围里拥有最广泛的机会。03.团队规模近6000人，Rene Haas如何做决策？Nilay：我想了解一下Arm的其他基础知识，Arm有多少员工？Rene Haas：我看到的最后一个人数可能是5800人左右，但加上承包商的话，可能在6000人以上。Nilay：它们的结构如何？都是芯片设计，还是有律师？专利代理人和芯片设计师的比例是1：1吗？这是如何运作的？Rene Haas：当然不是律师和工程师1:1，我就只能说这么多了。Nilay：有些公司是1:1的律师和工程师。Rene Haas：我们离那种程度还很远。我们的员工主要是工程师，其中大多数在英国。我们在英国、法国和北欧的不同地区有几个不同的工程站点；在美国的亚利桑那州和德克萨斯州还有几处设计中心；在印度的班加罗尔和诺伊达也有不少设计工程师。相比之下，我们的法律部门非常小。如果用缩略图比例来显示，工程师和律师的比例是相当大的。我们在许可模式运作的方式上以及保护知识产权方面做得非常好。虽然没有庞大的法律部门，但确实有很多工程师，因为这些产品真的很难制造。Nilay：谁向你汇报？你的团队是如何构成的？Rene Haas：我是CEO，我们还有首席财务官、首席人事官和法律报告负责人，整体是围绕业务部门组织起来的，形成了一个垂直的业务结构。我们拥有汽车、物联网（IoT）、基础设施和客户端业务，还有首席架构师、销售主管和工程主管，这些人也向我汇报。正如我列出的这样，有很多直接下属。Arm主要以人为本，围绕业务中的工程、人、法律和财务运作。Nilay：这个问题是我经常问别人的经典问题。你在Arm工作了9年，担任CEO已经6个月。您是如何做决定的？您的框架是什么？Rene Haas：我不得不稍微撒个小谎，说我和托尼·法德尔共进晚餐，我知道你不久前采访过他，我很欣赏他习惯将基于意见的决策与基于数据的决策进行对比。我想说的是，你的胡须和头发越白，你就越能接受基于意见的决定。人类的历史会重演，因为我们是人类，人类会重复同样的成功和错误。而我是意见和数据的混合体，经验越丰富，我就越依赖直觉。经验有帮助。对于那些球迷来说：为什么汤姆·布雷迪仍然在45岁时打四分卫，尽管在身体上，他和年龄只有他一半的人一起踢球？因为要骗他很难，他什么都看出来了。而商业远比职业足球复杂。所以，对你的问题的简短回答是数据和意见，两者我都依赖，但现在可能意见比数据更能帮助我，因为我的直觉更直观。Nilay：我对汤姆·布雷迪的理解是，他不吃任何西红柿，每天都吃鳄梨冰淇淋，这些也在你的菜单上吗？Rene Haas：他有点像本杰明·巴顿，每次看他，他都越来越年轻。我也有奇怪的饮食习惯。英国人会知道，我每天午餐都会吃酸奶和格兰诺拉麦片。我的助理几乎会先发制人地说：“我把你的酸奶放在冰箱里了。上面有你的名字。”并不是说我会把自己归为超级成功的那一类，但我确实从其他领导者那里也看到了这一点，这些东西减少了你必须做出的决定的数量，且我一直发现它对我个人是有帮助的。我穿同样的衣服。我吃同样的食物。这是我喜欢的东西，而且不用担心。Nilay：现在让我们谈谈一个重大决定。众所周知，Arm卷入了软银愿景基金的这场风暴，软银为愿景基金筹集了数十亿美元，直接收购Arm对软银来说是笔大买卖，他们投资了很多公司，还在愿景基金有点不稳定时试图将其卖给英伟达。业界基本上尽其所能地游说反对这笔交易，并表示：“我们不希望英伟达拥有这种核心的CPU技术，不要这样做。” 政府也出面表示将阻止这笔交易，最终软银放弃了。然后你以新任CEO的身份到来，说要让公司上市，这是一个很大的翻转。你的前任曾坚决反对让Arm上市，原因是我们之前谈到的：必须增加收入的压力，对抗中立公平的供应商模式会面临的风险，毕竟你可以通过特殊交易来增加收入。这些压力会到来，但这都将是你的决定，你是怎么做出这个决定的？Rene Haas：在去年年底，英伟达交易基本分崩离析时，我们宣布了这种转变。在我于2月中旬接手并于3月结束我们的财政年度之后，我们终于能够谈论财务业绩，这件事有一段时间没做过了。在英伟达时期，我们非常低调，当我们宣布今年的收入时，我们创下了超过20亿美元的记录——26亿美元，过去我们从未做过超过20亿美元的事。我们的营业利润率接近40%，但外界几乎都认为我们正在亏损，因为我们非常低调。如果你快进到本季度，它甚至比我们去年结束时的水平还要高：超过50%和7亿美元的收入，其中4.5亿美元是特许权使用费。我与分析师和记者们的几次电话都像是，“这是从哪里来的？你在做什么有趣的数学？这是某种形式的方程式吗？” 但实际上，我们知道我们做得很好。软银收购Arm后不久，我们重组并创建了两个业务部门，我接管了经典的Arm，开始转向其他市场。这个支点不仅是一种商业模式，也是一种产品。我们知道数据中心正在发生一些变化，台积电在处理方面做得非常好，我们在软件工作负载方面也取得了良好的进展。我们认为，如果我们将投资推进到一些特定的指令上，例如SME和SVE，这些是超大规模计算机上特定工作负载的矢量扩展，我们可以在超大规模计算机市场方面有所收获。Nilay：让每个人都清楚，这就是云计算市场，那是你的谷歌云，AWS的东西。Rene Haas：那是你的云。AWS是我们的重要合作伙伴。他们宣布了Graviton2以及一些相当令人瞠目结舌的数字，相对于其他架构的价格性能提高了40%。因此，我们不仅通过开发不同的产品，而且通过商业模式战略的不同部分来解决这个问题，从而使我们的业务多样化。我们知道我们的生意会好起来的。你现在看到的所有财务结果都非常棒，团队在这方面做得非常出色，这些真的都是来自几年前的工作，你不会在一夜之间看到每单位的版税成果。我们开发IP，然后IP必须交给客户，他们必须制造出一个芯片，该芯片必须进入一个产品，产品必须是合格的。所有这些可能需要3到4年的时间，我们对我们要到达的地方感觉很不错，在我们一直投资的领域，例如云、汽车和物联网，我们也觉得不错。这些都是我认为我们非常适合的大型长期增长领域。Nilay：两年前你做了一些赌注，现在得到了丰厚的回报，你认为季度间的投资者压力会改变你运营公司的方式吗？Rene Haas：我认为任何时候你都是一家上市公司，这只是世界运作方式的一部分。不过，我不能过多谈论作为上市公司的生活会是什么样子，我受到非常严格的命令限制，要留在我的区域内，不能谈论太多。Nilay：公司里为数不多的一位律师正要跑进房间。Rene Haas：哈哈，所以我真的不能说太多。但我可以说，我们对所涉市场的长期增长非常有信心。04.对Arm来说，汽车将会是一个大市场Nilay：你刚刚表达了对汽车、物联网和云的信心。云市场存在且还在增长中，Arm已经对此采取了措施。我与很多汽车行业的CEO交谈过，我们在The Verge cast上花了很多时间谈论智能家居和物联网。但那些市场还没有真正的转弯，作为Arm CEO，你可以推动这一点吗？还是更像是“我们只要为汽车真正的成为车轮上的网络计算机，而准备好设计和产品”？Rene Haas：当人们想到汽车中的电子设备时，他们会自动转向自动驾驶等。想想汽车内部有什么，以及汽车中的流程数量。仪表板全是数字化的、电脑化的，动力传动系统，以及与后视镜和刹车有关的任何东西，所有这些都在迅速转移到Arm上，在Arm上运作。智能汽车中发生的许多事情正在向Arm移动。在动力传动系中，你有许多旧的独立的电子控制单元（ECU），他们可能有一个旧的专有微控制器，并且不与汽车的其他部分相同。所有这些ECU都在重新设计，每辆汽车内部，可能有 50-70个ECU，而且每一个都可能有一个旧的专有微控制器，它们没有连接，没有内存管理单元。因此，添加自动和高级驾驶辅助系统（ADAS）后，汽车可以成为高度联网的设备，这是Arm要发展的一个领域。对我们来说，汽车有点像多种技术的沙盒：仪表板、动力传动系统、动力传动系统/ECU。顺便说一句，自治对我们来说是一个巨大的机会。回到数据中心领域，就计算而言，汽车中真正重要的是性能和效率，你不能在你的后备箱里有一台服务器运行电动汽车，今天的一些汽车就是这样的。随着时间的推移，这种情况会得到改善，我们对汽车市场非常乐观，在那里我们也会发展得非常快。Nilay：那么，你是否要请你的一些工程师说，去找可以跨汽车工作的ECU、发动机控制器或车身控制模块，以便英伟达的人可以来获得许可并将其出售给福特？Rene Haas：这其实已经在发生了。这些用于汽车的CPU效率、功率和功能安全都很重要。你必须拥有所有保障措施以确保它可以安全运行。有些人通过计算库在软件中执行此操作，但大多数人更愿意在硬件中执行此操作，因为硬件中执行更安全有效。我们开发了嵌入功能安全的汽车处理器和图形处理器。之前我们没有这样做，之前我们基本上只会推出一个通用的东西，以便在你想要的任何地方使用。这是我们在过去几年中做出重大改变的事情之一。Nilay：我们现在在谈论未来了，让我们把话题拉回到当下。我们长期以来一直处于芯片短缺状态，这次的“缺芯”也可能不会结束。英特尔和英伟达的季度业绩都不太理想，英特尔说他们实际上会提高价格。在芯片短缺的情况下，你会在哪里？那是现在影响你的事情吗？那是你看到来来去去的东西吗？你有点脱离了这个实际的部分。Rene Haas：我们脱离了不制造任何东西的观点，但我们确实又和芯片有关，我们的版税模型与人们订购的组件有关。回到前面的讨论，我们在终端市场方面非常多样化。正在发生的另一件事是这些SoC中使用了越来越多的CPU。移动手机的应用处理器可能使用一个CPU，而用于计算的集群现在是9个或10个不同的CPU。你有10个CPU，这只是应用处理器（AP），然后考虑触摸传感器、显示器还有摄像头这些东西。我们看到，尽管智能手机等某些市场的销量一直在走向疲软，但从产品走向的角度来看，我们一直受到它的保护。Nilay：你听过我们与Willy Shih的那一集吗？他就在这里，告诉我们卫生纸的事情，然后谈到了芯片和液晶显示器的制造。由于他们有太多的SKU，卖的纸种类太多，所以决定减少卫生纸的种类，最后这一决策解决了很大一部分问题。Rene Haas：没错。所以现在想想一辆需要各种二极管、电容器、电阻器和热传感器的汽车，不仅仅是因为很难获得3纳米，而且很难建造晶圆厂。你可以从我的头发颜色看出我在这个行业已经很长时间了，我一直处于商业周期中，人们开始停止研发并放慢项目速度，他们渐渐不尝试新事物，停止了创新。我认为这是因为一切都数字化了，对电子产品的超高需求以及它将如何改变我们的生活。我们的指标是什么？许可和新设计开始对我们来说从未如此美好，因为它遍及所有的市场。05.“50年后，每个大陆都应该有世界级的晶圆厂”Nilay：你所说的是研发正在加快步伐的原因之一。全球范围内都开始重新认识全球化的前景，世界不再那么平静。美国刚刚通过了芯片法案，以真正激励芯片制造和各种设计投资。台积电正在美国建设，英特尔刚刚在俄亥俄州的新工厂破土动工。你是否看到考虑到，大家都知道我们严重依赖中国台湾的少数晶圆厂，而中国台湾是一个地缘政治热点地区。我们需要将这种关键的技术依赖转移到自己的国家。这是你会参与的事情吗，还是你只是在旁观？Rene Haas：我们肯定会参与这件事。只要我们可以通过与任何国家的政治官员交谈来扩大对此的需求，我们就会提供帮助。这不仅仅是Arm问题，而是一个行业问题。你正在做的任何事情的单点故障都不是一件好事，疫情暴露了很多东西，人们开始睁大双眼，看到哪些事情才是真正的问题。我非常感谢推动芯片法案的人们，这一点真的非常重要。这不仅对美国很重要，从现在起往后50年，每个大陆都应该有自己的世界级晶圆厂。我们不必担心地缘政治问题，晶圆厂之后会像世界运转的氧气一样。Nilay：现在前沿工艺节点主要由台积电控制，用5nm、3nm的技术遥遥领先，很少有人能在这个水平上竞争。你的智能手机用的都是最前沿的技术，而用于汽车上的基本都是较成熟的工艺节点（40nm、14nm），工艺受到严重限制，不再有人投资建造这些晶圆厂。你怎么看待这种结果？你对处于拥有前沿技术的台积电存在这种严格限制怎么看，每个人都想在这些东西上提高建设能力，但没有人想为旧东西提高建设能力。Rene Haas：我不是制造专家，但我可以告诉你的是，我们看到很多关于如何将某些晶圆厂转换为新工作的事正在完成。就像你说的那样。人们通常会有点不愿意将大量资金投入到这里面，你或许会想可以将我们正在建造的晶圆厂转换为某种工艺技术，并将其转变为逻辑晶圆厂？有存储晶圆厂可以转换成逻辑晶圆厂吗？但这是一个非常复杂的问题，因为世界上只有这么多工厂，知道如何建造这些东西的人只有这么多，他们都是上市公司，必须去赚钱，总之这是一个非常复杂的矩阵。30年前，日本的逻辑晶圆厂是世界级的，遍布全国。现在这个数字已经基本下降到为零。日本正在寻找方法改变这种局面，以使更多的晶圆厂重新上线。我想你会看到很多在美国在其他国家有完成芯片法案之类的事情。我认为韩国的晶圆厂有巨大的能力，不过，它也是一个复杂而困难的问题。06.“英特尔CEO做了很多正确的事”Nilay：Arm对台积电的依赖程度如何？感觉就像很多公司都意识到他们真的依赖于一家公司。它是行业领导者是有原因的，但那里有很多依赖。在设计新的处理器类型或架构时，你是否考虑过这种依赖性？Rene Haas：我们与台积电密切合作。所有晶圆厂对我们都很重要，Arm会保持中立态度。说真的，它们都很重要。在一个理想的世界里，我们有很多人可以构建前沿技术。一般来说，在智能手机里，数据中心里，通常是最前沿的工艺，因为大家真的在努力尽可能地发挥出最大的性能，在汽车和工业领域则不然。所以，任何采用前沿工艺的晶圆厂对我们来说都非常重要。Nilay：众所周知，英特尔长期以来一直是一家集成设计和晶圆厂企业。他们基本上被台积电所震撼，现在，他们又有了一位新的CEO，他正在打破这种局面，计划向其他人开放他们的工厂。你刚才说英特尔是客户，你正在和他们合作吗？Rene Haas：我们希望台积电能够制造大量Arm产品，他们确实这样做了。我们希望英特尔也这样做。Nilay：你对英特尔能够做到这一点持乐观态度吗？Rene Haas：我认为（英特尔CEO）帕特做了很多正确的事情。他的工作很辛苦，完成得也非常好，我们非常愿意和他一起做更多的事情。Nilay：又是一个偏政治的答案，但我必须问。在芯片法案方面，人们对法案的通过、签署都很兴奋。英特尔受到了很多批评，因为它宣布削减资本支出并增加股息，而不是将其投入晶圆厂。从广义上讲，你认为这是正确的举措吗？我们应该为美国的晶圆厂寻找什么样的时机？Rene Haas：我不会怀疑帕特关于他如何花钱的决定。回到你说的，我们谈论的是单点故障。我觉得我们需要快速行动，尽快启动这些设施，让它们上线，构建更多冗余，减少单点故障的风险。所以我们需要更多的晶圆厂。Nilay：你根据什么样的时机做出决定？如果今天通过一项法案，或者今天有人宣布了一个新的晶圆厂，我们五年内都看不到它，那你如何看待你的决策时机？Rene Haas：在担任CEO六个月后，我仍在学习，身上有很多责任，最大的责任之一就是要思考五年后的问题。因为我们的商业运作方式，从设计的产品到能看到收入的过程是相当长的。我们正在考虑机会在哪里，需要在哪里进行投资，威胁又在哪里，以及系统和软件设计的方向。我的大部分精力都花在思考2025年和2026年的世界会是什么样子上，而不是下个季度。07.请继续关注PC，Arm正取得很大进展Nilay：有一些长期押注更关注消费者，而不是更换汽车后备箱中的服务器。目前与Arm有关的最热门趋势是，苹果公司从英特尔x86处理器转向基于Arm指令集架构授权的自研M系列处理器，来支持它们的Mac，提升了电池寿命和性能的同时，也帮助苹果降低了采购成本。现在，由于这些芯片，Mac也基本成了你能买到的最好的笔记本电脑了。这反映了Arm架构处理器在PC市场也能够获得巨大成功，Arm可以帮助其他行业做这些事情吗？或者是仅设计，并希望高通能够做出让微软和戴尔也能做到这一点的芯片？从你的角度来看，你如何看待与行业的关系？Rene Haas：我认为我们可以做更多的事情，而且可能需要做更多的事情。这不是因为我们需要帮助这个行业，而是因为这些产品的构建真的很复杂。让我们先谈谈架构许可。之前，很多厂商认为你需要获得架构许可才能构建更好的CPU来与Arm竞争，但是，微处理器每个时钟的IPC指令只是真正可以改变设计的一方面，还需要考虑内存子系统、互连、高速缓存的大小、与SoC其他部分的接口方式，并确保SoC位于具有芯片和芯片互连的多芯片封装中。有些客户非常擅长这些东西，并且可以弄清楚，所以他们不需要我们的过多帮助。但随着时间的推移，越来越多的企业将需要Arm做更多，这是我们非常密切关注的一个趋势。Nilay：从你的角度来看，只要都是Arm筹码，谁赢并不重要是吗？如果苹果公司占据笔记本电脑市场100%的份额，那对你来说非常好。如果微软、惠普和高通能够在Arm笔记本电脑上搭配具有竞争力的Windows，并占据50%的份额，你仍然可以获得报酬。是不是感觉无论谁赢，你都会赢？Rene Haas：如果产品与Arm指令集架构一起发货，那对我们来说是一件好事，如果使用了替代设备，则意味着它没有使用Arm指令集架构，对我们来说就不太好。我刚上任时，在网站上用自己的名字取了一个小绰号，并与公关团队合作，用了一句slogan“无论在哪里发生计算，Arm都会出现”。不管恒温器或微波炉、Polycom，还是智能电视、笔记本电脑等等，这些都是基于Arm的。Nilay：你刚才说计算发生在哪里，对于大多数人来说，计算发生在他们的笔记本电脑和台式机上。我听说Windows on Arm（WoA）已有13年了，虽然没有发生，但你只满足于让苹果吃掉这个行业吗？因为在这个极其庞大的行业中仍有其他人的指令集，比如英特尔的指令集。Rene Haas：我曾在一家开发Windows RT的公司工作，担任那个产品线的总经理。在加入Arm之前，我在英伟达工作多年（在英伟达担任副总裁兼计算产品业务部门总经理长达7年），我们在这方面取得了巨大进展，因为我们觉得真正的引爆点就在那里。转折点确实存在，我在Windows RT笔记本电脑上进行的第一次新闻采访时，我记得与一群记者会面，他们问我的第一个问题是：“它运行iTunes吗？” 我们就像：“啊，该死。不。” 它不能运行，因为我们没有端口，苹果公司也没有帮助我们。快进到10年后，流媒体音频已经出现，没有人真正关心这些应用程序。如果你考虑在PC或手机上运行的所有应用程序，就很难说“好吧，哪些原生应用程序不是真正在Arm上运行的？” 他们几乎都在那里。请继续关注PC的事情。我们正在取得很大进展。你可以通过其他生态系统的笔记本电脑看到功能是什么。我认为就这些功能的潜力而言，这对行业敲响了警钟，我们也会坚持下去。Nilay：那个警钟是由于一家非常富有的公司在你的指令集自定义上花费了大量资金，对吗？那是他们的筹码。你是说我们作为Arm可以开发出每瓦性能与M系列芯片一样高效的产品，然后将这些设计卖给高通吗？还是归结为高通——我相信它也拥有架构许可——自己做？Rene Haas：我对此有100%的信心。你不需要架构许可证即可执行此操作。08.如何在GPU中获胜？Nilay：另一方面是笔记本电脑、台式机，甚至汽车制造商。我去坐在一辆（美国纯电动汽车）Rivian上，我被告知GPU和虚幻引擎驱动汽车。图形性能已成为该行业各种产品的差异化的点，Arm有一个名字很好的新GPU，Immortalis。苹果公司没有使用你的GPU。如果你考虑大型GPU供应商，他们并没有真正考虑每瓦性能，是吗？使用高端的英伟达卡，你只需要在地下室有一个核反应堆来运行那个东西，这很棒。看起来不错。你将如何在GPU中获胜？Rene Haas：当你按单位计算时，我们实际上是地球上GPU的第一大供应商。我记得，英伟达收购事件期间，其CEO黄仁勋提出了一个关键点：我们将忠实于我们的审查，每瓦特的性能很重要。我们不会冒险去做百瓦TDP GPU并尝试在那个领域发挥作用。我们将在1瓦范围内尝试，在该范围内进行优化。然后在某些领域，你可以开始在多个GPU方面做更多的事情。我们开始看到人们正在考虑做机器学习扩展，并可能在GPU内做这些事情。这很有趣，因为GPU可以从某种程度的AI和机器学习中受益，从而以更有效的方式进行着色器绘制。同时，你可以开始工作或将ML工作负载转移到GPU上。有很多有趣的创新将能够在我们的GPU上进行，我们正在该领域进行大量投资。需要明确的是，我们将留在一个性能和效率很重要的领域。Nilay：是的，你交付了很多GPU。它是许多客户的SoC包的一部分。拥有自己的GPU或自己的GPU扩展的客户的每瓦性能领先。是否同样的交易在一天结束时并不重要，因为他们正在运送Arm指令集架构并且你仍然可以获得报酬？或者是“我们必须在这里保持竞争力，否则他们将完全离开”？Rene Haas：GPU与CPU略有不同，因为API是抽取式的。每瓦性能确实很重要。我们为公平竞争做了很多工作，而且有了Immortalis，在许多领域都处于领先地位。对这些GPU来说非常关键的另一件事是CPU和GPU之间的接口效率，这也是我们大力投资的领域，但我们必须在GPU市场上保持警惕，正如你所说，这是非常有竞争力的。你让人们自己做，你让其他第三方做产品。同时，这是我们非常关注的一个领域，所以我们会投资。我认为未来与GPU一起使用的机器学习AI向量对我们来说是一个巨大的机会。Nilay：GPU是一项巨大的投资。你必须花很多钱来竞争并赢得设计。你进行这种投资是因为随着时间的推移，你可以从其他定制GPU中赢回这些产品并获得更多收益吗？还是仅仅为了具有竞争力，你需要有竞争力的GPU？Rene Haas：我回到机器学习和人工智能。如果你有一个异构计算系统，你有一个CPU、GPU和NPU，我认为在某个时间点编译器会变得足够聪明，它们可能会指向可以运行得更好的部分代码在GPU与CPU上。如果你将整个集群视为一个完整的子系统，我认为这会带来长期利益。对我们来说，尤其是在设计片上系统时，我们正在尝试进行各种重大权衡。有时我不希望该工作负载在CPU上运行，因为它会消耗不必要的功率，而且我可能在GPU中有晶体管，如果我不画画的话，我可能可以使用它们。 我们认为GPU是一个非常关键的战略组件。09.只有Arm和RISC-V两种选择Nilay：GPU竞争对手，在某一方面是显而易见的。CPU的竞争对手似乎更难识别，你的竞争对手是谁？Rene Haas：在CPU方面？我想大概只有两个选择，这是有偏见的，但我甚至认为没有真正的选择。从指令集架构的角度来看，如果你想基于x86构建SoC，世界上只有两家公司会为你做这件事：AMD或英特尔。然后是RISC-V，它是一个完全不同的部分，因为它是开源的并且存在许多不同的版本。RISC-V是一个可扩展的处理器，这意味着它的优势就是它的劣势。在我看来，可扩展性会导致碎片化。我认为这在获得任何类型的软件生态系统方面伤害了他们。环顾四周真的很难说，“什么是在RISC-V处理器上始终如一地运行的主要软件生态系统？”没有。那么，我们今天在片上系统中的什么地方看到了RISC-V？它位于芯片的深层嵌入部分，外部程序员不知道它的存在。这是我可以给出的一个类比。如果你在微波炉里放一些东西，然后在30秒计时器上按下启动键，那显示器可能是Arm，因为上面可能运行了一小段开源应用程序代码。实际打开烤箱并在30秒后关闭的计时器可能是RISC-V。这些确实是仅有的两个选择。我的意思是，所有这些都是小公司，但这些公司在市场份额上确实没有太大的吸引力。Nilay：你是否看到Arm和RISC-V会淘汰过时的x86世界？Rene Haas：x86已经存在很长时间，并且拥有非常强大的安装基础，我当然不想做任何事情来贬低他们正在做的事情。我认为x86的挑战在于它仅来自两家公司，就其可以走多远而言，这本身就是一个限制因素。Nilay：这两家公司，英特尔和AMD都有自己的晶圆厂，台积电也有。还有另一个制造难题，随着时间的推移，这些制造商似乎会说，“看，我们真的很擅长Arm。我们将擅长RISC-V，我们不想再擅长x86了。”Rene Haas：我甚至会怀疑他们是否真的已经非常擅长Arm了。毋庸置疑，这并不容易。Nilay：有没有像RISC-V这样的其他竞争对手？我的意思是，RISC-V是另一个类似Windows on Arm的东西。我听说它已经有十年了，它似乎出现在你所说的一些应用程序中。Rene Haas：这都是关于软件的。归根结底，它是关于拥有一个能够利用编写软件的丰富的开发者生态系统。对我们来说，我们认为有1500万到2500万开发人员在Arm上编程。有些人知道他们在Arm上编程，因为他们利用了指令集，但也有一些人不知道，因为它被抽象掉了。编译器和开源库都在那里，这使得它很容易运行。举个例子：智能电视。如果你尝试为智能电视编写新菜单并尝试链接到本质上是底层内核的 Android版本，那就是Arm。这一切都针对Arm进行了优化。就自我报告而言，这是一个很大的优势。这些库都存在，并且已经完成了优化。假设你在RISC-V上尝试过。如果A公司添加17条新指令以使他们的 RISC-V看起来有点不同，那么开发人员不会知道这一点。开发人员将如何利用这一点？RISC-V可能最终被简化为最低公分母。Nilay：几个月前，高通CEO克里斯蒂亚诺·安蒙（Cristiano Amon）参加过这个节目。我问了他同样的Windows on Arm问题，他有点把责任归咎于软件开发者，说：“看，微软、Adobe和其他大型独立软件供应商必须加入，他们必须快速制作这些东西。” 你刚才说这都是关于软件的，你是否花时间与那些公司说：“看，你必须将注意力转移到未来，这就是Arm？”Rene Haas：你说的这些公司是指微软还是Adobe？Nilay：两个都是。Rene Haas：是的。我们花了很多时间在两者上，这就是最终要赢得战斗的地方。你和我一样已经看了10年、12年了，它比以往任何时候都更接近，因为不仅在原有应用程序上要做更多的工作，而且已经为Arm编写了更多这些本地应用程序。看看世界上两种不同的操作系统。其他操作系统在代码中使用他们的名字。查看仅在其系统上运行的所有微软应用程序。它们都以这种方式移植，因此，所有这些微软应用程序都可以在你的手机上运行。我们也差不多，我认为当市场上有很多相当不错的CPU产品可以与其他人竞争时，转折点就会出现。就你的观点而言，该产品证明了你不必在外形尺寸上牺牲性能和改变游戏规则的电池寿命。10.结语：Arm的下一步是什么？Nilay：我总是问人们他们公司的下一步是什么，但我会问你一个更具体的问题。你宣布Arm将于2023年3月上市，随着时间的临近，能否兑现这个目标呢？Rene Haas：不幸的是，我们现在正处于我不能透露太多的阶段。Nilay：好吧，Arm的下一步是什么？Rene Haas：我们将继续在我提到的领域进行投资。我们认为刚刚谈到的一些主题确实有强劲的增长：那些复杂的封装系统和复杂的设计。我们正在努力寻找为行业提供更多服务的能力，因为我认为那里有巨大的机会。","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":1974,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9915941600,"gmtCreate":1664942740700,"gmtModify":1676537533620,"author":{"id":"4090574021972690","authorId":"4090574021972690","name":"富川","avatar":"https://community-static.tradeup.com/news/07ec540f55a9536b728e59a537869d3e","crmLevel":12,"crmLevelSwitch":1,"followedFlag":false,"authorIdStr":"4090574021972690","idStr":"4090574021972690"},"themes":[],"title":"","htmlText":"👍","listText":"👍","text":"👍","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9915941600","repostId":"1170807854","repostType":4,"repost":{"id":"1170807854","kind":"news","weMediaInfo":{"introduction":"为用户提供金融资讯、行情、数据，旨在帮助投资者理解世界，做投资决策。","home_visible":1,"media_name":"老虎资讯综合","id":"102","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1664932902,"share":"https://ttm.financial/m/news/1170807854?lang=en_US&edition=fundamental","pubTime":"2022-10-05 09:21","market":"hk","language":"zh","title":"Hong Kong stocks open | Hang Seng Index rises over 4%, tech stocks open higher across the board","url":"https://stock-news.laohu8.com/highlight/detail?id=1170807854","media":"老虎资讯综合","summary":"香港恒生指数开盘上涨732.46点，涨幅4.29%。","content":"<p><html><head></head><body>On Wednesday, October 5, the Hong Kong Hang Seng Index opened 732.46 points higher, or 4.29%, at 17,811.97. The Hang Seng Tech Index opened 170.22 points higher, or 4.97%, at 3597.35. The state-owned enterprises index opened 231.71 points higher, or 3.96%, at 6088.53. The red-chip index opened 93.17 points higher, or 2.77%, at 3458.95.</p><p><img src=\"https://static.tigerbbs.com/d0e8c72bd18d129ec0c87fdf066eeb15\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"/></p><p>Tech stocks generally rose.<a href=\"https://laohu8.com/S/09626\">Bilibili-SW</a>It rose about 9%.<a href=\"https://laohu8.com/S/09999\">NetEase-S</a>、<a href=\"https://laohu8.com/S/09888\">Baidu Group - SW</a>It rose more than 6%.<a href=\"https://laohu8.com/S/09618\">JD.com - SW</a>、<a href=\"https://laohu8.com/S/09988\">Alibaba-SW</a>Rising by more than 5%<a href=\"https://laohu8.com/S/00700\">Tencent Holdings</a>It rose more than 4%.</p><p><a href=\"https://laohu8.com/S/01211\">BYD Group</a>Its new energy vehicle sales rose 9.37% in September to 201,259 units, an increase of 183.1% year-on-year.</p><p>CK Hutchison Holdings rose 5% after the company was in talks with..<a href=\"https://laohu8.com/S/VOD\">Vodafone</a>Discussions were held regarding the potential merger of Vodafone UK and Three UK, the UK mobile telecommunications assets.</p><p><a href=\"https://laohu8.com/S/HBC\">HSBC Holdings</a>It rose more than 6%, according to reports.<a href=\"https://laohu8.com/S/00005\">HSBC Holdings</a>Is considering selling Canadian operations for billions of pounds. Meanwhile, most Hong Kong-listed bank stocks rose.<a href=\"https://laohu8.com/S/02888\">Standard Chartered</a>It rose more than 7%.<a href=\"https://laohu8.com/S/02388\">Bank of China Hong Kong</a>、<a href=\"https://laohu8.com/S/600036\">China Merchants Bank</a>It rose more than 3%.</p><p><a href=\"https://laohu8.com/S/09922\">Jiu Mao Jiu</a>Up 7%, acquisition terminated<a href=\"https://laohu8.com/S/02007\">Country Garden</a>The 26% equity stake in its subsidiary Guangzhou International Financial City Project Company.</p><p></body></html></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>Hong Kong stocks open | Hang Seng Index rises over 4%, tech stocks open higher across the board</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: 12.5px; color: #7E829C; margin: 0;}\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\">\nHong Kong stocks open | Hang Seng Index rises over 4%, tech stocks open higher across the board\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">老虎资讯综合 </p>\n<p class=\"h-time smaller\">2022-10-05 09:21</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p><html><head></head><body>On Wednesday, October 5, the Hong Kong Hang Seng Index opened 732.46 points higher, or 4.29%, at 17,811.97. The Hang Seng Tech Index opened 170.22 points higher, or 4.97%, at 3597.35. The state-owned enterprises index opened 231.71 points higher, or 3.96%, at 6088.53. The red-chip index opened 93.17 points higher, or 2.77%, at 3458.95.</p><p><img src=\"https://static.tigerbbs.com/d0e8c72bd18d129ec0c87fdf066eeb15\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"/></p><p>Tech stocks generally rose.<a href=\"https://laohu8.com/S/09626\">Bilibili-SW</a>It rose about 9%.<a href=\"https://laohu8.com/S/09999\">NetEase-S</a>、<a href=\"https://laohu8.com/S/09888\">Baidu Group - SW</a>It rose more than 6%.<a href=\"https://laohu8.com/S/09618\">JD.com - SW</a>、<a href=\"https://laohu8.com/S/09988\">Alibaba-SW</a>Rising by more than 5%<a href=\"https://laohu8.com/S/00700\">Tencent Holdings</a>It rose more than 4%.</p><p><a href=\"https://laohu8.com/S/01211\">BYD Group</a>Its new energy vehicle sales rose 9.37% in September to 201,259 units, an increase of 183.1% year-on-year.</p><p>CK Hutchison Holdings rose 5% after the company was in talks with..<a href=\"https://laohu8.com/S/VOD\">Vodafone</a>Discussions were held regarding the potential merger of Vodafone UK and Three UK, the UK mobile telecommunications assets.</p><p><a href=\"https://laohu8.com/S/HBC\">HSBC Holdings</a>It rose more than 6%, according to reports.<a href=\"https://laohu8.com/S/00005\">HSBC Holdings</a>Is considering selling Canadian operations for billions of pounds. Meanwhile, most Hong Kong-listed bank stocks rose.<a href=\"https://laohu8.com/S/02888\">Standard Chartered</a>It rose more than 7%.<a href=\"https://laohu8.com/S/02388\">Bank of China Hong Kong</a>、<a href=\"https://laohu8.com/S/600036\">China Merchants Bank</a>It rose more than 3%.</p><p><a href=\"https://laohu8.com/S/09922\">Jiu Mao Jiu</a>Up 7%, acquisition terminated<a href=\"https://laohu8.com/S/02007\">Country Garden</a>The 26% equity stake in its subsidiary Guangzhou International Financial City Project Company.</p><p></body></html></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/0cf777090175126e4590c3b8afdfe41e","relate_stocks":{"HSI":"恒生指数"},"source_url":"","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1170807854","content_text":"10月5日（周三），香港恒生指数开盘上涨732.46点，涨幅4.29%，报17811.97点；恒生科技指数开盘上涨170.22点，涨幅4.97%，报3597.35点；国企指数开盘上涨231.71点，涨幅3.96%，报6088.53点；红筹指数开盘上涨93.17点，涨幅2.77%，报3458.95点。科网股普涨，哔哩哔哩-SW涨约9%，网易-S、百度集团-SW涨超6%，京东集团-SW、阿里巴巴-SW涨超5%、腾讯控股涨超4%。比亚迪股份涨9.37%，其9月新能源汽车销量201,259辆，同比增加183.1%。长和涨5%，该公司正与沃达丰就沃达丰英国和英国流动电讯资产Three UK公司潜在合并事宜进行讨论。汇丰控股涨超6%，消息称汇丰控股正考虑以数十亿英镑的价格出售加拿大业务。同时，港股银行股多数走高，渣打集团涨超7%，中银香港、招商银行涨超3%。九毛九涨7%，终止收购碧桂园旗下广州国际金融城项目公司26%股权事项。","news_type":1,"symbols_score_info":{"HSI":0.9}},"isVote":1,"tweetType":1,"viewCount":1708,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9931015380,"gmtCreate":1662358941541,"gmtModify":1676537045066,"author":{"id":"4090574021972690","authorId":"4090574021972690","name":"富川","avatar":"https://community-static.tradeup.com/news/07ec540f55a9536b728e59a537869d3e","crmLevel":12,"crmLevelSwitch":1,"followedFlag":false,"authorIdStr":"4090574021972690","idStr":"4090574021972690"},"themes":[],"title":"","htmlText":"👍","listText":"👍","text":"👍","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9931015380","repostId":"1168515999","repostType":4,"isVote":1,"tweetType":1,"viewCount":2020,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9931012797,"gmtCreate":1662358920920,"gmtModify":1676537045058,"author":{"id":"4090574021972690","authorId":"4090574021972690","name":"富川","avatar":"https://community-static.tradeup.com/news/07ec540f55a9536b728e59a537869d3e","crmLevel":12,"crmLevelSwitch":1,"followedFlag":false,"authorIdStr":"4090574021972690","idStr":"4090574021972690"},"themes":[],"title":"","htmlText":"👍","listText":"👍","text":"👍","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9931012797","repostId":"1138935850","repostType":4,"repost":{"id":"1138935850","kind":"news","pubTimestamp":1662347645,"share":"https://ttm.financial/m/news/1138935850?lang=en_US&edition=fundamental","pubTime":"2022-09-05 11:14","market":"us","language":"zh","title":"Apple and Huawei's groundbreaking technologies are poised to drive a 6 trillion yuan market.","url":"https://stock-news.laohu8.com/highlight/detail?id=1138935850","media":"智东西","summary":"苹果搞了五年的卫星通信，华为要抢先发布了。","content":"<p><html><head></head><body>By Yun Peng</p><p><a href=\"https://laohu8.com/S/AAPL\">Apple</a>After five years of developing satellite communications, Huawei is about to launch it first.</p><p>The \"space\" theme of Apple's invitations to this fall's event has led many industry insiders to speculate that the Apple iPhone 14 series will support the long-rumored \"satellite communication\" feature.</p><p><img src=\"https://static.tigerbbs.com/f18353155b97d427c2bed5a8360d19ec\" tg-width=\"425\" tg-height=\"833\" referrerpolicy=\"no-referrer\"/></p><p>Just this week, renowned Apple analyst Ming-Chi Kuo released his latest research on Apple's satellite communication features. He believes that satellite communication support for the iPhone is inevitable, but it is still uncertain whether this feature will be implemented in the iPhone 14.</p><p><img src=\"https://static.tigerbbs.com/9eeced6fb7cbadb39705a7f52487c03c\" tg-width=\"550\" tg-height=\"553\" referrerpolicy=\"no-referrer\"/></p><p>As early as last year, Ming-Chi Kuo predicted that the iPhone 13 series might support satellite communication, but that prediction ultimately did not come true. Bloomberg reporter Mark Gurman also previewed what features Apple's satellite communication capabilities would include.</p><p>Ming-Chi Kuo also mentioned that Huawei's Mate 50 series phones, which will be released on September 6, may provide the ability to send emergency text messages via satellite communication based on the BeiDou system.</p><p>As soon as Ming-Chi Kuo finished speaking, Huawei Terminal Business CEO,<a href=\"https://laohu8.com/S/5RE.SI\">smart</a>Yu Chengdong, CEO of the Automotive Solutions BU, announced that the Huawei Mate 50 will release a \"groundbreaking\" technology. Subsequently, a Huawei insider confirmed to the media that the Huawei Mate 50 will indeed support satellite communication functions.</p><p><img src=\"https://static.tigerbbs.com/df76ef27e053384f384af515c68ba8fe\" tg-width=\"550\" tg-height=\"277\" referrerpolicy=\"no-referrer\"/></p><p>In other words, Huawei will most likely release satellite communication functions before Apple.</p><p>Why are Apple and Huawei repeatedly betting on satellite communications? What can an iPhone that supports satellite communication do? What adjustments does an iPhone need to make to support satellite communication? Will satellite communication revolutionize our cellular mobile networks in the future?</p><p>A new revolution in the field of mobile communication technology is brewing.</p><p><b>01．</b></p><p><b>Satellite communication can \"save lives\" and may become an essential feature of smartphones.</b></p><p>As Bloomberg reporter Gurman mentioned earlier, Apple has been trying to implement satellite communication functionality on the iPhone for quite some time now.</p><p>Why is Apple so fond of satellite communication, and what is the use of this feature?</p><p>In short, this feature will allow us to send messages and make calls in areas without cellular signal coverage.</p><p>For example, in emergency situations where mobile phones have no signal, we can quickly send messages to emergency contacts; In some plane crashes, the accident location is often very remote and there is no mobile phone signal. In such cases, we can use satellite communication to report the accident situation in a timely manner.</p><p>Of course, for people who get lost while traveling or exploring in remote areas, this function can also play a \"life-saving\" role in remote mountainous areas, lakes, and other places where there is no 4G or 5G signal coverage.</p><p>Ming-Chi Kuo believes that the increasingly frequent natural disasters and geopolitical conflicts in recent years may make emergency communication capabilities based on satellite communication an essential function of smartphones.</p><p>At this point, you might have some \"bold ideas\": if iPhones can communicate without a signal, does that mean we can get rid of the limitations of cellular networks and no longer need to subscribe to mobile network plans?</p><p>According to information revealed by sources familiar with the matter, the initial application scope of Apple's satellite communication functions is still relatively limited, mainly focused on handling crisis situations.</p><p><img src=\"https://static.tigerbbs.com/b5323ee5a63164caf27dded04b65201d\" tg-width=\"550\" tg-height=\"310\" referrerpolicy=\"no-referrer\"/></p><p>Sources familiar with the matter say Apple is currently developing at least two specific \"emergency features,\" both of which will rely on satellite networks, and Apple will apply these features to future iPhones.</p><p>The first feature will be called \"Emergency Message via Satellite,\" allowing users to send Emergency messages via Satellite networks when their phones have no signal.</p><p>This feature will be integrated into the iOS Messages App and will appear as a \"gray bubble\" instead of the green or blue bubbles of regular messages.</p><p>The second function will be reporting major accidents, such as plane crashes or ship sinkings, which also requires satellite network support.</p><p>Apple's satellite communication tool for reporting major incidents is internally codenamed \"Stewie.\" This tool will limit the length of messages sent, and these messages will be automatically sent to the emergency contact's phone. Even if the emergency contact has set \"Do Not Disturb,\" the phone will still receive the message and provide a notification.</p><p>In this feature, the phone will ask the user what kind of crisis situation they have encountered, whether it involves a car, ship, plane, or fire. In addition, users can report more specific information, such as whether there are casualties, whether search and rescue services are needed, whether there is suspicious behavior, or whether there is a gun threat.</p><p>When a user uses this emergency service, the phone will send the user's location information and medical ID. The medical ID is a virtual card in the Apple Health App that records the user's age, medical history, medication, height, weight, and other information.</p><p>Apple once designed a sending method where users simply typed the phrase \"Emergency SOS,\" and the phone would automatically send the message to an Emergency contact.</p><p>Apple has also internally tested a method of connecting to satellites that requires users to walk outdoors in a certain direction to help the iPhone receive satellite signals. However, this connection is not instantaneous and can sometimes take about a minute to complete.</p><p>In addition to sending text messages, this satellite communication tool may also have the ability to handle satellite phone calls in the future.</p><p><img src=\"https://static.tigerbbs.com/f88036aaa8407c20f00a536977da71fa\" tg-width=\"550\" tg-height=\"550\" referrerpolicy=\"no-referrer\"/></p><p>Ultimately, however, whether these functions can be achieved depends in part on the availability of the satellite and whether local regulations allow it. Obviously, this feature is not available in all countries and regions.</p><p><b>02．</b></p><p><b>With hardware testing in place and customized baseband chips, is Apple still planning to \"launch satellites\"?</b></p><p>These functions have been in the works for some time. In fact, Apple has been committed to researching satellite-related technologies for many years. Bloomberg reports that the Apple team's exploration in this field can be traced back to 2017.</p><p>On August 29, 2021, Ming-Chi Kuo predicted that the iPhone 13 series would support satellite communication capabilities. He mentioned that the iPhone 13 series features<a href=\"https://laohu8.com/S/QCOM\">Qualcomm</a>The X60 5G baseband will support low-earth orbit satellite communications.</p><p>Ming-Chi Kuo made these judgments primarily based on Apple's 5G baseband supplier Qualcomm and the United States.<a href=\"https://laohu8.com/S/GSAT\">Global Star</a>(Globalstar) has cooperation in this field.</p><p>Regarding the specific business model, he believes that if the user's operator (such as T-Mobile or Verizon) has already partnered with Global Star, then the user can directly use Global Star's satellite communication services through the operator's service.</p><p>In his latest analysis, Ming-Chi Kuo mentioned that Apple has now completed hardware testing of its satellite communication function, and whether Apple will specifically apply this function depends on whether Apple and the operators can reach an agreement on a business model.</p><p>He believes that Apple had already completed the hardware development for satellite communication functions during the iPhone 13 era, but the business model had not yet been determined.</p><p>Once Apple's iPhone has satellite communication capabilities, it will be the first mainstream smartphone to support this feature. Ming-Chi Kuo also mentioned that if other mobile phone manufacturers also want to use satellite communication functions, they will likely be a year later than Apple.</p><p>Satellite phones are nothing new, and consumer-grade satellite phones are now readily available. Satellite phones typically require a large, independent antenna, and in some cases, other auxiliary equipment to capture and relay satellite signals.</p><p><img src=\"https://static.tigerbbs.com/a6fc40c46b0f4e5cfefdf8a0b5d261ff\" tg-width=\"550\" tg-height=\"427\" referrerpolicy=\"no-referrer\"/>▲ Common satellite phones and accessories on the market</p><p>What \"customizations\" will Apple make to its baseband chips to achieve this function? How will Apple design the antenna to achieve this communication function? These questions still have no clear answers and are of great concern to the industry. However, it is certain that in order to connect to satellites, Apple does indeed need a \"customized\" communication chip that is different from the existing 5G baseband.</p><p><img src=\"https://static.tigerbbs.com/56224f71d750b0bf58685141398b7b44\" tg-width=\"550\" tg-height=\"312\" referrerpolicy=\"no-referrer\"/></p><p>Ming-Chi Kuo also mentioned that Apple's attempt at satellite communication technology on the iPhone is just the beginning. In the future, Apple's MR headsets and even Apple's electric vehicles will also improve the user experience by incorporating satellite communication technology.</p><p>Not long ago, Gurman revealed that Apple's upcoming \"Pro\" version of the Apple Watch will also support satellite communication.</p><p><img src=\"https://static.tigerbbs.com/2b111b89cfb4e51c1b8cff2a5509ae1a\" tg-width=\"550\" tg-height=\"310\" referrerpolicy=\"no-referrer\"/></p><p>Bloomberg reports that Apple is even considering eventually deploying its own satellites in the more distant future, but the implementation of its near-term capabilities will rely on existing satellite networks.</p><p>Given Apple's tendency to keep key technologies in its own hands, we wouldn't be too surprised if they actually developed their own communications satellites and launched them into space to build their own satellite communications network.</p><p><b>03．</b></p><p><b>Who is the \"global star\" who exclusively enjoys Apple's largest orders?</b></p><p>Although Apple's ideals are lofty, returning to reality, will we really see satellite communication on the iPhone 14 this year?</p><p>Another source contacted by Bloomberg revealed that although the iPhone 14 may already be equipped with the hardware needed to enable satellite communication, the actual satellite communication functions may not be ready yet, and he believes that Apple will not be able to prepare these functions until at least 2023.</p><p>Therefore, despite much speculation in the industry, Apple is likely to temporarily change or abandon these features before the actual release of the iPhone 14 on September 8.</p><p>According to Apple's habits, it will never release a feature until it is polished and mature.</p><p>Regardless of whether the Apple iPhone 14 will support satellite communication, the stock price of Global Star, the potential partner mentioned earlier, has indeed surged, with Global Star's stock price rising by more than 33% in the past month.</p><p><img src=\"https://static.tigerbbs.com/7dc4015bcdf21aa75aa9a204ec25477e\" tg-width=\"550\" tg-height=\"367\" referrerpolicy=\"no-referrer\"/>▲ Global Star's stock price trend chart over the past month, source:<a href=\"https://laohu8.com/S/GOOG\">Google</a>Finance</p><p>Global Star previously announced that it had signed an agreement with an \"undisclosed partner\" to develop a new service. Some industry insiders believe that the partner is most likely Apple.</p><p><a href=\"https://laohu8.com/S/IRDM\">Iridium Communications</a>Iridium Communications and Omnispace are Global Satellite's two main competitors, but Apple is not currently partnering with Iridium Communications, and industry analyst Tim Farrar also stated that Omnispace has not promised to build a system to support such services.</p><p>The iridium system used in Iridium communications originated from Motorola's \"Iridium Project\" in the 1990s at its peak—using 77 near-Earth satellites to allow us to make phone calls anywhere in the world.</p><p>But in the end, 66 satellites were launched, and Motorola was already being dragged down by the huge investment. The business was spun off and survived, developing into today's Iridium Communications, which makes one marvel at its tenacious vitality.</p><p>It now appears that Apple's huge market share in satellite communications belongs exclusively to Global Star.</p><p>Among the shareholders of Global Star, we can see Qualcomm. In fact, the Global Star system is a low-orbit satellite mobile communication system proposed by LQSS to the Federal Communications Commission (FCC) in June 1991. LQSS is a company jointly established by Loral Space Agency and Qualcomm.</p><p>From a technical perspective, the satellite communication system used by Global Satellite differs from the Iridium system used by its competitor Iridium Communications in terms of structural design and technology. Simply put, the Global Satellite system aims to enable any user worldwide to connect to the terrestrial public network at any time.</p><p>The Global Satellite System uses low-orbit satellites to form a continuous global mobile communication satellite system. It is more like an extension and supplement to our existing terrestrial cellular mobile communication system and other mobile communication systems, rather than a mutual substitute.</p><p>The technological characteristics and advantages of Global Star may also be a major consideration for Apple in choosing it. After all, Apple has always selected only the top players in the industry when choosing suppliers.</p><p>Ming-Chi Kuo also believes that in the satellite communication service ecosystem, satellite communication operators like Global Satellite have high barriers to entry and deserve close attention from investors.</p><p><b>04．</b></p><p><b>The deployment of satellite communications is accelerating, and the United States has become the absolute dominant force in the market.</b></p><p>Currently, Apple's iPhone's use of satellite communication seems quite advanced and has attracted considerable attention. However, in the near future, satellite communication may become the \"norm\" in the smartphone market.</p><p>In China, the Huawei Mate 50 series is almost certain to release some emergency message sending functions based on satellite communication before Apple.</p><p>Just recently, MediaTek, the world's number one mobile phone chip manufacturer, announced the successful completion of the world's first 5G NTN satellite mobile phone lab connection test, connecting smartphones to a 5G non-terrestrial network (NTN) and achieving high-speed and reliable 5G connectivity via satellite.</p><p><img src=\"https://static.tigerbbs.com/f0bc7ae4ce1b37e9a685ee8522bc1b98\" tg-width=\"550\" tg-height=\"126\" referrerpolicy=\"no-referrer\"/></p><p>In overseas markets, telecommunications giants T-Mobile and SpaceX have jointly announced that the Starlink satellite to be launched next year will be able to connect directly to operators' Mobile phones using existing cellular network frequency bands. The two companies hope to enable users to enjoy global roaming services wherever the satellite covers.</p><p><img src=\"https://static.tigerbbs.com/f5185ce4522e9b8f7de5a376040825c2\" tg-width=\"550\" tg-height=\"367\" referrerpolicy=\"no-referrer\"/>▲ Left: Mike Sievert, Right: Elon Musk</p><p>Most importantly, this service has the potential to be added to existing T-Mobile network plans for free.</p><p>In other words, if Apple's iPhone 14 does not support satellite communication, T-Mobile's carrier contract users will be among the first to enjoy satellite communication services next year.</p><p>T-Mobile CEO Mike Sievert said, \"It's like putting a cell tower in the sky, only much more difficult.\"</p><p>SpaceX CEO Elon Musk added, \"What we need to do is not only rewrite the satellite's program, but also build one of the world's most advanced phased array antennas... The satellite is flying above us at 17,000 miles per hour. Under normal circumstances, no signal tower would fly, let alone fly that fast.\"</p><p>It is understood that this service will initially support SMS sending and may also support some instant messaging apps. Musk said that subsequent voice calls and real-time messaging are both possible.</p><p>However, Sievert didn't forget to \"take precautions,\" saying that there are still some technical issues to be resolved, such as the possibility of a delay of about half an hour in the first release of the news.</p><p>As we can see, there are still many challenges to be solved on the eve of the launch of satellite communication in smartphones.</p><p>Ten years ago, Google tried to use hydrogen balloons for large-area signal coverage, but the results were not good and the cost was too high, so it eventually gave up.</p><p>Today, balloons have been replaced by satellites.</p><p>Currently, the global communications market has reached an average annual scale of trillions of dollars, but the network coverage is less than 10% of the Earth's area. Due to geographical limitations, the number of signal transmission towers is nearing saturation.</p><p>According to Research And Markets data, the global telecommunications industry market size will reach $3.461 trillion by 2025, And the global satellite internet output value is expected to reach $560-850 billion by 2025.</p><p>The entry of various technology giants has further accelerated the development of satellite internet.</p><p>SpaceX is one of the more vocal and rapidly growing new players. SpaceX first began implementing the Starlink project in 2019, planning to launch 42,000 Starlink satellites to form a Starlink network and provide satellite internet services to the world. To date, it has launched about 2,000 satellites.</p><p><img src=\"https://static.tigerbbs.com/6e8a1ce9f6dffcac6bc0d1177f99aa0b\" tg-width=\"550\" tg-height=\"310\" referrerpolicy=\"no-referrer\"/></p><p><a href=\"https://laohu8.com/S/601162\">TF Securities</a>Analysts believe that with the launch of the US Starlink program, global competition in the development of low-Earth orbit satellites is becoming increasingly fierce, and the non-renewable strategic resources of space orbit and frequency bands will become increasingly scarce.</p><p>The United States, the United Kingdom, Canada, and Russia have all accelerated the deployment of low-Earth orbit satellites. Tianfeng Securities predicts that the number of satellites launched by the United States will account for more than 90% of the world's low Earth orbit satellites in the future, reaching about 50,000.</p><p>Domestically, Jiutian Microsatellite, a private commercial space company invested in by the Xi'an Institute of Optics and Fine Mechanics, Chinese Academy of Sciences, launched seven \"Ladybug series\" satellites into orbit in 2018 to conduct constellation IoT verification in areas such as wildlife protection, field emergency rescue, vehicle and ship monitoring, and logistics traceability.</p><p>In 2019, the Tianqi Cangzhou satellite developed by Beijing Guodian High-Tech Technology Co., Ltd. was successfully launched into orbit, realizing the initial network operation of the Tianqi IoT constellation.</p><p>According to a research report by Tianfeng Securities, China currently only has three low-orbit broadband communication satellites in orbit, and the construction of satellite internet is relatively lagging behind.</p><p><img src=\"https://static.tigerbbs.com/3630f8c3b4701bcdc88c3256ceac413d\" tg-width=\"550\" tg-height=\"195\" referrerpolicy=\"no-referrer\"/>▲ Global deployment and proportion of low Earth orbit satellites in 2029 (units, %), Source: Tianfeng Securities</p><p>Besides SpaceX, OneWeb,<a href=\"https://laohu8.com/S/AMZN\">Amazon</a>Technology companies such as [other companies] have also entered this market as new players. In addition, the \"Big Three\" traditional satellite providers, such as SES (USA), Eutelsat (Europe), and Intelsat (International Telecommunications Satellite Organization), have also launched their own high-throughput satellite plans to expand into the satellite internet market.</p><p>From mobile phone manufacturers, chip manufacturers, satellite manufacturers to satellite communication operators, the entire satellite internet ecosystem is developing rapidly, and the implementation of satellite communication in smartphones is inevitable.</p><p><b>05．</b></p><p><b>Conclusion: Satellite communication has become a new variable in the consumer electronics market.</b></p><p>Will the Huawei Mate 50 overtake Apple's iPhone 14 to become the world's first mainstream smartphone to support satellite communication? The answer will be revealed next week. It's conceivable that if the Apple iPhone 14 supports this feature, it will undoubtedly drive the development of the entire industry chain, and we will see more smartphones supporting satellite communication.</p><p>Currently, satellite communication mainly solves communication problems in emergency situations and in remote areas without signal coverage, and is in a \"complementary\" relationship with existing cellular mobile networks. However, as satellite communication technology matures, will it further replace cellular mobile networks or even change the existing market landscape of mobile network operators? There is room for imagination in all of them.</p><p></body></html></p>","source":"zhidxcom","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 and Huawei's groundbreaking technologies are poised to drive a 6 trillion yuan market.</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: 12.5px; color: #7E829C; margin: 0;}\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 and Huawei's groundbreaking technologies are poised to drive a 6 trillion yuan market.\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">智东西</strong><span class=\"h-time small\">2022-09-05 11:14</span>\n</p>\n</h4>\n</header>\n<article>\n<p><html><head></head><body>By Yun Peng</p><p><a href=\"https://laohu8.com/S/AAPL\">Apple</a>After five years of developing satellite communications, Huawei is about to launch it first.</p><p>The \"space\" theme of Apple's invitations to this fall's event has led many industry insiders to speculate that the Apple iPhone 14 series will support the long-rumored \"satellite communication\" feature.</p><p><img src=\"https://static.tigerbbs.com/f18353155b97d427c2bed5a8360d19ec\" tg-width=\"425\" tg-height=\"833\" referrerpolicy=\"no-referrer\"/></p><p>Just this week, renowned Apple analyst Ming-Chi Kuo released his latest research on Apple's satellite communication features. He believes that satellite communication support for the iPhone is inevitable, but it is still uncertain whether this feature will be implemented in the iPhone 14.</p><p><img src=\"https://static.tigerbbs.com/9eeced6fb7cbadb39705a7f52487c03c\" tg-width=\"550\" tg-height=\"553\" referrerpolicy=\"no-referrer\"/></p><p>As early as last year, Ming-Chi Kuo predicted that the iPhone 13 series might support satellite communication, but that prediction ultimately did not come true. Bloomberg reporter Mark Gurman also previewed what features Apple's satellite communication capabilities would include.</p><p>Ming-Chi Kuo also mentioned that Huawei's Mate 50 series phones, which will be released on September 6, may provide the ability to send emergency text messages via satellite communication based on the BeiDou system.</p><p>As soon as Ming-Chi Kuo finished speaking, Huawei Terminal Business CEO,<a href=\"https://laohu8.com/S/5RE.SI\">smart</a>Yu Chengdong, CEO of the Automotive Solutions BU, announced that the Huawei Mate 50 will release a \"groundbreaking\" technology. Subsequently, a Huawei insider confirmed to the media that the Huawei Mate 50 will indeed support satellite communication functions.</p><p><img src=\"https://static.tigerbbs.com/df76ef27e053384f384af515c68ba8fe\" tg-width=\"550\" tg-height=\"277\" referrerpolicy=\"no-referrer\"/></p><p>In other words, Huawei will most likely release satellite communication functions before Apple.</p><p>Why are Apple and Huawei repeatedly betting on satellite communications? What can an iPhone that supports satellite communication do? What adjustments does an iPhone need to make to support satellite communication? Will satellite communication revolutionize our cellular mobile networks in the future?</p><p>A new revolution in the field of mobile communication technology is brewing.</p><p><b>01．</b></p><p><b>Satellite communication can \"save lives\" and may become an essential feature of smartphones.</b></p><p>As Bloomberg reporter Gurman mentioned earlier, Apple has been trying to implement satellite communication functionality on the iPhone for quite some time now.</p><p>Why is Apple so fond of satellite communication, and what is the use of this feature?</p><p>In short, this feature will allow us to send messages and make calls in areas without cellular signal coverage.</p><p>For example, in emergency situations where mobile phones have no signal, we can quickly send messages to emergency contacts; In some plane crashes, the accident location is often very remote and there is no mobile phone signal. In such cases, we can use satellite communication to report the accident situation in a timely manner.</p><p>Of course, for people who get lost while traveling or exploring in remote areas, this function can also play a \"life-saving\" role in remote mountainous areas, lakes, and other places where there is no 4G or 5G signal coverage.</p><p>Ming-Chi Kuo believes that the increasingly frequent natural disasters and geopolitical conflicts in recent years may make emergency communication capabilities based on satellite communication an essential function of smartphones.</p><p>At this point, you might have some \"bold ideas\": if iPhones can communicate without a signal, does that mean we can get rid of the limitations of cellular networks and no longer need to subscribe to mobile network plans?</p><p>According to information revealed by sources familiar with the matter, the initial application scope of Apple's satellite communication functions is still relatively limited, mainly focused on handling crisis situations.</p><p><img src=\"https://static.tigerbbs.com/b5323ee5a63164caf27dded04b65201d\" tg-width=\"550\" tg-height=\"310\" referrerpolicy=\"no-referrer\"/></p><p>Sources familiar with the matter say Apple is currently developing at least two specific \"emergency features,\" both of which will rely on satellite networks, and Apple will apply these features to future iPhones.</p><p>The first feature will be called \"Emergency Message via Satellite,\" allowing users to send Emergency messages via Satellite networks when their phones have no signal.</p><p>This feature will be integrated into the iOS Messages App and will appear as a \"gray bubble\" instead of the green or blue bubbles of regular messages.</p><p>The second function will be reporting major accidents, such as plane crashes or ship sinkings, which also requires satellite network support.</p><p>Apple's satellite communication tool for reporting major incidents is internally codenamed \"Stewie.\" This tool will limit the length of messages sent, and these messages will be automatically sent to the emergency contact's phone. Even if the emergency contact has set \"Do Not Disturb,\" the phone will still receive the message and provide a notification.</p><p>In this feature, the phone will ask the user what kind of crisis situation they have encountered, whether it involves a car, ship, plane, or fire. In addition, users can report more specific information, such as whether there are casualties, whether search and rescue services are needed, whether there is suspicious behavior, or whether there is a gun threat.</p><p>When a user uses this emergency service, the phone will send the user's location information and medical ID. The medical ID is a virtual card in the Apple Health App that records the user's age, medical history, medication, height, weight, and other information.</p><p>Apple once designed a sending method where users simply typed the phrase \"Emergency SOS,\" and the phone would automatically send the message to an Emergency contact.</p><p>Apple has also internally tested a method of connecting to satellites that requires users to walk outdoors in a certain direction to help the iPhone receive satellite signals. However, this connection is not instantaneous and can sometimes take about a minute to complete.</p><p>In addition to sending text messages, this satellite communication tool may also have the ability to handle satellite phone calls in the future.</p><p><img src=\"https://static.tigerbbs.com/f88036aaa8407c20f00a536977da71fa\" tg-width=\"550\" tg-height=\"550\" referrerpolicy=\"no-referrer\"/></p><p>Ultimately, however, whether these functions can be achieved depends in part on the availability of the satellite and whether local regulations allow it. Obviously, this feature is not available in all countries and regions.</p><p><b>02．</b></p><p><b>With hardware testing in place and customized baseband chips, is Apple still planning to \"launch satellites\"?</b></p><p>These functions have been in the works for some time. In fact, Apple has been committed to researching satellite-related technologies for many years. Bloomberg reports that the Apple team's exploration in this field can be traced back to 2017.</p><p>On August 29, 2021, Ming-Chi Kuo predicted that the iPhone 13 series would support satellite communication capabilities. He mentioned that the iPhone 13 series features<a href=\"https://laohu8.com/S/QCOM\">Qualcomm</a>The X60 5G baseband will support low-earth orbit satellite communications.</p><p>Ming-Chi Kuo made these judgments primarily based on Apple's 5G baseband supplier Qualcomm and the United States.<a href=\"https://laohu8.com/S/GSAT\">Global Star</a>(Globalstar) has cooperation in this field.</p><p>Regarding the specific business model, he believes that if the user's operator (such as T-Mobile or Verizon) has already partnered with Global Star, then the user can directly use Global Star's satellite communication services through the operator's service.</p><p>In his latest analysis, Ming-Chi Kuo mentioned that Apple has now completed hardware testing of its satellite communication function, and whether Apple will specifically apply this function depends on whether Apple and the operators can reach an agreement on a business model.</p><p>He believes that Apple had already completed the hardware development for satellite communication functions during the iPhone 13 era, but the business model had not yet been determined.</p><p>Once Apple's iPhone has satellite communication capabilities, it will be the first mainstream smartphone to support this feature. Ming-Chi Kuo also mentioned that if other mobile phone manufacturers also want to use satellite communication functions, they will likely be a year later than Apple.</p><p>Satellite phones are nothing new, and consumer-grade satellite phones are now readily available. Satellite phones typically require a large, independent antenna, and in some cases, other auxiliary equipment to capture and relay satellite signals.</p><p><img src=\"https://static.tigerbbs.com/a6fc40c46b0f4e5cfefdf8a0b5d261ff\" tg-width=\"550\" tg-height=\"427\" referrerpolicy=\"no-referrer\"/>▲ Common satellite phones and accessories on the market</p><p>What \"customizations\" will Apple make to its baseband chips to achieve this function? How will Apple design the antenna to achieve this communication function? These questions still have no clear answers and are of great concern to the industry. However, it is certain that in order to connect to satellites, Apple does indeed need a \"customized\" communication chip that is different from the existing 5G baseband.</p><p><img src=\"https://static.tigerbbs.com/56224f71d750b0bf58685141398b7b44\" tg-width=\"550\" tg-height=\"312\" referrerpolicy=\"no-referrer\"/></p><p>Ming-Chi Kuo also mentioned that Apple's attempt at satellite communication technology on the iPhone is just the beginning. In the future, Apple's MR headsets and even Apple's electric vehicles will also improve the user experience by incorporating satellite communication technology.</p><p>Not long ago, Gurman revealed that Apple's upcoming \"Pro\" version of the Apple Watch will also support satellite communication.</p><p><img src=\"https://static.tigerbbs.com/2b111b89cfb4e51c1b8cff2a5509ae1a\" tg-width=\"550\" tg-height=\"310\" referrerpolicy=\"no-referrer\"/></p><p>Bloomberg reports that Apple is even considering eventually deploying its own satellites in the more distant future, but the implementation of its near-term capabilities will rely on existing satellite networks.</p><p>Given Apple's tendency to keep key technologies in its own hands, we wouldn't be too surprised if they actually developed their own communications satellites and launched them into space to build their own satellite communications network.</p><p><b>03．</b></p><p><b>Who is the \"global star\" who exclusively enjoys Apple's largest orders?</b></p><p>Although Apple's ideals are lofty, returning to reality, will we really see satellite communication on the iPhone 14 this year?</p><p>Another source contacted by Bloomberg revealed that although the iPhone 14 may already be equipped with the hardware needed to enable satellite communication, the actual satellite communication functions may not be ready yet, and he believes that Apple will not be able to prepare these functions until at least 2023.</p><p>Therefore, despite much speculation in the industry, Apple is likely to temporarily change or abandon these features before the actual release of the iPhone 14 on September 8.</p><p>According to Apple's habits, it will never release a feature until it is polished and mature.</p><p>Regardless of whether the Apple iPhone 14 will support satellite communication, the stock price of Global Star, the potential partner mentioned earlier, has indeed surged, with Global Star's stock price rising by more than 33% in the past month.</p><p><img src=\"https://static.tigerbbs.com/7dc4015bcdf21aa75aa9a204ec25477e\" tg-width=\"550\" tg-height=\"367\" referrerpolicy=\"no-referrer\"/>▲ Global Star's stock price trend chart over the past month, source:<a href=\"https://laohu8.com/S/GOOG\">Google</a>Finance</p><p>Global Star previously announced that it had signed an agreement with an \"undisclosed partner\" to develop a new service. Some industry insiders believe that the partner is most likely Apple.</p><p><a href=\"https://laohu8.com/S/IRDM\">Iridium Communications</a>Iridium Communications and Omnispace are Global Satellite's two main competitors, but Apple is not currently partnering with Iridium Communications, and industry analyst Tim Farrar also stated that Omnispace has not promised to build a system to support such services.</p><p>The iridium system used in Iridium communications originated from Motorola's \"Iridium Project\" in the 1990s at its peak—using 77 near-Earth satellites to allow us to make phone calls anywhere in the world.</p><p>But in the end, 66 satellites were launched, and Motorola was already being dragged down by the huge investment. The business was spun off and survived, developing into today's Iridium Communications, which makes one marvel at its tenacious vitality.</p><p>It now appears that Apple's huge market share in satellite communications belongs exclusively to Global Star.</p><p>Among the shareholders of Global Star, we can see Qualcomm. In fact, the Global Star system is a low-orbit satellite mobile communication system proposed by LQSS to the Federal Communications Commission (FCC) in June 1991. LQSS is a company jointly established by Loral Space Agency and Qualcomm.</p><p>From a technical perspective, the satellite communication system used by Global Satellite differs from the Iridium system used by its competitor Iridium Communications in terms of structural design and technology. Simply put, the Global Satellite system aims to enable any user worldwide to connect to the terrestrial public network at any time.</p><p>The Global Satellite System uses low-orbit satellites to form a continuous global mobile communication satellite system. It is more like an extension and supplement to our existing terrestrial cellular mobile communication system and other mobile communication systems, rather than a mutual substitute.</p><p>The technological characteristics and advantages of Global Star may also be a major consideration for Apple in choosing it. After all, Apple has always selected only the top players in the industry when choosing suppliers.</p><p>Ming-Chi Kuo also believes that in the satellite communication service ecosystem, satellite communication operators like Global Satellite have high barriers to entry and deserve close attention from investors.</p><p><b>04．</b></p><p><b>The deployment of satellite communications is accelerating, and the United States has become the absolute dominant force in the market.</b></p><p>Currently, Apple's iPhone's use of satellite communication seems quite advanced and has attracted considerable attention. However, in the near future, satellite communication may become the \"norm\" in the smartphone market.</p><p>In China, the Huawei Mate 50 series is almost certain to release some emergency message sending functions based on satellite communication before Apple.</p><p>Just recently, MediaTek, the world's number one mobile phone chip manufacturer, announced the successful completion of the world's first 5G NTN satellite mobile phone lab connection test, connecting smartphones to a 5G non-terrestrial network (NTN) and achieving high-speed and reliable 5G connectivity via satellite.</p><p><img src=\"https://static.tigerbbs.com/f0bc7ae4ce1b37e9a685ee8522bc1b98\" tg-width=\"550\" tg-height=\"126\" referrerpolicy=\"no-referrer\"/></p><p>In overseas markets, telecommunications giants T-Mobile and SpaceX have jointly announced that the Starlink satellite to be launched next year will be able to connect directly to operators' Mobile phones using existing cellular network frequency bands. The two companies hope to enable users to enjoy global roaming services wherever the satellite covers.</p><p><img src=\"https://static.tigerbbs.com/f5185ce4522e9b8f7de5a376040825c2\" tg-width=\"550\" tg-height=\"367\" referrerpolicy=\"no-referrer\"/>▲ Left: Mike Sievert, Right: Elon Musk</p><p>Most importantly, this service has the potential to be added to existing T-Mobile network plans for free.</p><p>In other words, if Apple's iPhone 14 does not support satellite communication, T-Mobile's carrier contract users will be among the first to enjoy satellite communication services next year.</p><p>T-Mobile CEO Mike Sievert said, \"It's like putting a cell tower in the sky, only much more difficult.\"</p><p>SpaceX CEO Elon Musk added, \"What we need to do is not only rewrite the satellite's program, but also build one of the world's most advanced phased array antennas... The satellite is flying above us at 17,000 miles per hour. Under normal circumstances, no signal tower would fly, let alone fly that fast.\"</p><p>It is understood that this service will initially support SMS sending and may also support some instant messaging apps. Musk said that subsequent voice calls and real-time messaging are both possible.</p><p>However, Sievert didn't forget to \"take precautions,\" saying that there are still some technical issues to be resolved, such as the possibility of a delay of about half an hour in the first release of the news.</p><p>As we can see, there are still many challenges to be solved on the eve of the launch of satellite communication in smartphones.</p><p>Ten years ago, Google tried to use hydrogen balloons for large-area signal coverage, but the results were not good and the cost was too high, so it eventually gave up.</p><p>Today, balloons have been replaced by satellites.</p><p>Currently, the global communications market has reached an average annual scale of trillions of dollars, but the network coverage is less than 10% of the Earth's area. Due to geographical limitations, the number of signal transmission towers is nearing saturation.</p><p>According to Research And Markets data, the global telecommunications industry market size will reach $3.461 trillion by 2025, And the global satellite internet output value is expected to reach $560-850 billion by 2025.</p><p>The entry of various technology giants has further accelerated the development of satellite internet.</p><p>SpaceX is one of the more vocal and rapidly growing new players. SpaceX first began implementing the Starlink project in 2019, planning to launch 42,000 Starlink satellites to form a Starlink network and provide satellite internet services to the world. To date, it has launched about 2,000 satellites.</p><p><img src=\"https://static.tigerbbs.com/6e8a1ce9f6dffcac6bc0d1177f99aa0b\" tg-width=\"550\" tg-height=\"310\" referrerpolicy=\"no-referrer\"/></p><p><a href=\"https://laohu8.com/S/601162\">TF Securities</a>Analysts believe that with the launch of the US Starlink program, global competition in the development of low-Earth orbit satellites is becoming increasingly fierce, and the non-renewable strategic resources of space orbit and frequency bands will become increasingly scarce.</p><p>The United States, the United Kingdom, Canada, and Russia have all accelerated the deployment of low-Earth orbit satellites. Tianfeng Securities predicts that the number of satellites launched by the United States will account for more than 90% of the world's low Earth orbit satellites in the future, reaching about 50,000.</p><p>Domestically, Jiutian Microsatellite, a private commercial space company invested in by the Xi'an Institute of Optics and Fine Mechanics, Chinese Academy of Sciences, launched seven \"Ladybug series\" satellites into orbit in 2018 to conduct constellation IoT verification in areas such as wildlife protection, field emergency rescue, vehicle and ship monitoring, and logistics traceability.</p><p>In 2019, the Tianqi Cangzhou satellite developed by Beijing Guodian High-Tech Technology Co., Ltd. was successfully launched into orbit, realizing the initial network operation of the Tianqi IoT constellation.</p><p>According to a research report by Tianfeng Securities, China currently only has three low-orbit broadband communication satellites in orbit, and the construction of satellite internet is relatively lagging behind.</p><p><img src=\"https://static.tigerbbs.com/3630f8c3b4701bcdc88c3256ceac413d\" tg-width=\"550\" tg-height=\"195\" referrerpolicy=\"no-referrer\"/>▲ Global deployment and proportion of low Earth orbit satellites in 2029 (units, %), Source: Tianfeng Securities</p><p>Besides SpaceX, OneWeb,<a href=\"https://laohu8.com/S/AMZN\">Amazon</a>Technology companies such as [other companies] have also entered this market as new players. In addition, the \"Big Three\" traditional satellite providers, such as SES (USA), Eutelsat (Europe), and Intelsat (International Telecommunications Satellite Organization), have also launched their own high-throughput satellite plans to expand into the satellite internet market.</p><p>From mobile phone manufacturers, chip manufacturers, satellite manufacturers to satellite communication operators, the entire satellite internet ecosystem is developing rapidly, and the implementation of satellite communication in smartphones is inevitable.</p><p><b>05．</b></p><p><b>Conclusion: Satellite communication has become a new variable in the consumer electronics market.</b></p><p>Will the Huawei Mate 50 overtake Apple's iPhone 14 to become the world's first mainstream smartphone to support satellite communication? The answer will be revealed next week. It's conceivable that if the Apple iPhone 14 supports this feature, it will undoubtedly drive the development of the entire industry chain, and we will see more smartphones supporting satellite communication.</p><p>Currently, satellite communication mainly solves communication problems in emergency situations and in remote areas without signal coverage, and is in a \"complementary\" relationship with existing cellular mobile networks. However, as satellite communication technology matures, will it further replace cellular mobile networks or even change the existing market landscape of mobile network operators? There is room for imagination in all of them.</p><p></body></html></p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"http://finance.sina.com.cn/tech/csj/2022-09-05/doc-imqmmtha5965035.shtml\">智东西</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/63cb0cbfd2e4993bc712a35644e8465b","relate_stocks":{"AAPL":"苹果"},"source_url":"http://finance.sina.com.cn/tech/csj/2022-09-05/doc-imqmmtha5965035.shtml","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1138935850","content_text":"文/云鹏苹果搞了五年的卫星通信，华为要抢先发布了。苹果今年秋季发布会邀请函的“太空”主题，让不少业内人士猜测，苹果iPhone 14系列将会支持传言已久的“卫星通信（satellite communication）”功能。就在本周，知名苹果分析师郭明錤公布了他对于苹果卫星通信功能的最新研究，他认为，iPhone支持卫星通信已是必然，但该功能是否会在iPhone 14中落地，仍不能完全确定。早在去年，郭明錤就预测iPhone 13系列可能会支持卫星通信，然而最终该预言并未成真。彭博社记者马克·古尔曼（Mark Gurman）也曾对苹果的卫星通信功能将具备哪些功能进行了前瞻。郭明錤还提到，华为即将于9月6日发布的Mate50系列手机，可能会通过基于北斗系统的卫星通信提供发送紧急短讯的能力。郭明錤话音刚落，华为终端业务CEO、智能汽车解决方案BU CEO余承东就放话称，华为Mate50将发布一项“捅破天”的技术。随后有华为内部人士向媒体证实，华为Mate50的确将支持卫星通信功能。也就是说，华为大概率将抢先苹果发布卫星通信功能。苹果华为为何接连押宝卫星通信？一部支持卫星通信的iPhone到底能做什么，而一部iPhone要想支持卫星通信又需要做哪些调整，未来卫星通信是否会颠覆我们今天的蜂窝移动网络？一场移动通信技术领域的新变革，正在酝酿。01．卫星通信能“救命”，或成智能手机必备前文彭博社记者古尔曼提到，苹果想在iPhone上实现卫星通信功能，已经不是一天两天了。苹果为什么对卫星通信情有独钟，这个功能有什么用呢？一句话总结，该功能将允许我们在没有手机信号覆盖的区域发消息、打电话。比如在一些手机没有信号的紧急情况下，我们可以快速给紧急联系人发送消息；在一些坠机事故中，事故地点往往十分偏远，手机没有信号，这时我们就可以利用卫星通信及时上报事故情况。当然，对于在偏远地区旅行或探险中走失的人来说，在一些偏远山区、湖泊等没有4G或5G信号覆盖的地方，这一功能也能起到“救命”的作用。郭明錤认为，近年来日益频繁的自然灾害和地缘政治冲突，可能会让基于卫星通信的紧急通讯能力成为智能手机的必备功能。说到这里，你可能会有一些“大胆的想法”，如果iPhone可以在没有信号的情况下通信，那是不是意味着，我们可以摆脱蜂窝移动网络的限制，不再需要办理移动网络套餐了呢？就目前知情人士透露信息来看，苹果卫星通信功能初期应用范围还比较有限，主要集中于一些危机情况的处理。知情人士称，苹果现在至少在开发两个具体的“应急功能（emergency features）”，而这种应急功能都将依赖于卫星网络，苹果将在未来的iPhone中应用这些功能。第一个功能将被称为“通过卫星发送紧急信息（Emergency Message via Satellite）”，用户可以在手机没信号的时候，通过卫星网络发送紧急信息。这一功能将会被集成在iOS的信息App中，以“灰色气泡”形式出现，而非普通消息的绿色或蓝色气泡。第二个功能将是重大事故报告，比如飞机坠毁、船舶沉没，该功能同样需要卫星网络支持。实现重大事故报告的苹果卫星通信工具，其内部代号为“Stewie”，该工具将会限制发送信息的长度，而这些信息将会被自动发送到紧急联系人的手机上，即使紧急联系人已经设置了“勿扰”，手机也会收到信息并进行提示。在该功能中，手机会询问用户遇到了什么样的危机情况，涉及汽车、船舶、飞机还是火灾。此外，用户还可以进一步上报更具体的信息，比如是否有人员伤亡、是否需要搜救服务、是否有可疑行为或涉及枪支威胁。当用户使用该紧急服务时，手机会发送用户的位置信息和医疗ID，医疗ID是苹果健康App中的一张虚拟卡片，记录了用户的年龄、病史、用药情况以及身高体重等信息。苹果内部曾设计了一种发送方式，用户只要输入“Emergency SOS（紧急求救）”这组短语，手机就会自动将信息发送给紧急联系人。苹果内部还测试了一种连接卫星的方法，该方法要求用户在户外朝着某个方向行走，以帮助iPhone获取卫星信号，并且这种连接并不是即时的，有时可能需要一分钟左右的时间才能完成。除了发送短信，该卫星通信工具后续可能还会具备处理卫星电话呼叫的能力。不过说到底，这些功能能否实现，部分要取决于卫星的可用性以及当地法规是否允许。很显然，该功能并不适用于所有国家和地区。02．硬件测试已就位，定制基带芯片，苹果还要“放卫星”？上述这些功能，早已酝酿多时。实际上，苹果多年来一直致力于卫星相关技术的研究，彭博社称，苹果团队在该领域的探索最早可以追溯到2017年。2021年8月29日，郭明錤预测iPhone 13系列将会支持卫星通信能力。他提到，iPhone 13系列上搭载的高通X60 5G基带将会支持低轨卫星通信（low-earth orbit satellite communications）。郭明錤做出这些判断的主要依据是苹果5G基带供应商高通与美国全球星（Globalstar）公司在该领域有合作。关于具体的商业模式，他认为，如果用户的运营商（比如T-Mobile、Verizon）已经与全球星合作，那么用户就可以通过运营商的服务直接使用全球星的卫星通信服务。在郭明錤最新分析中，他提到苹果现在已经完成了卫星通信功能的硬件测试，苹果是否会具体应用这一功能，还取决于苹果和运营商能否谈妥商业模式。他认为，苹果早在iPhone 13时期就完成了卫星通信功能的硬件开发，但当时还没有确定好商业模式。一旦苹果iPhone具备了卫星通信功能，它将是第一款支持该功能的主流智能手机。郭明錤还提到，其他手机厂商如果也想使用卫星通信功能，很可能将会晚于苹果一年。卫星电话并不是什么新鲜事物，目前消费级的卫星电话也已经可以很容易的购买到。卫星电话一般都需要有一个体积较大的独立天线，在一些情况下，还需要一些其他辅助设备来捕捉和中继卫星信号。▲市面上常见的卫星电话及附件苹果会对基带芯片做哪些“定制”以实现这一功能？苹果会如何设计实现该通信功能的天线？这些问题仍然没有明确答案，也是业内颇为关注的。但可以确定的是，为了连接卫星，苹果的确需要一种区别于现有5G基带的“定制”通信芯片。郭明錤还提到，苹果在iPhone上尝试卫星通信技术，只是一个开始，未来苹果的MR头显，甚至是苹果的电动汽车也将通过卫星通信技术的加入而实现体验的提升。前不久，古尔曼曾透露，苹果将要推出的“Pro”版Apple Watch也将支持卫星通信功能。彭博社报道透露，在更远的未来，苹果甚至考虑最终会部署自己的卫星，但近期功能的实现会依赖现有卫星网络。考虑到苹果倾向于将关键技术掌握在自己手里的习惯，如果他们真的自研通信卫星并发射到太空中，组建自己的卫星通信网络，我们也不会太过意外。03．独享苹果大单的“全球星”是何许人也？虽然苹果的理想很丰满，但回归现实，今年我们真的能看到卫星通信落地iPhone 14吗？彭博社联系到的另一位知情人士透露，尽管iPhone 14上可能已经搭载了实现卫星通信所需要的硬件，但实际的卫星通信功能可能还没有准备好，他认为至少到2023年苹果才能够将这些功能准备好。所以尽管业内猜测不少，但苹果很可能在9月8日真正发布iPhone 14之前临时将这些特性更改或者直接放弃。按照苹果的习惯，一项功能如果没有打磨成熟，它是绝对不会拿出来发布的。不管苹果iPhone 14是否会支持卫星通信功能，前文提到的潜在合作方全球星的股价是实实在在的狂涨了一波，近一个月，全球星股价涨幅超过了33%。▲全球星近一个月股价走势图，来源：谷歌财经全球星此前曾公布，自己已经与一个“未公开合作方”签署了一份协议，用于开发一项新的服务。有业内人士认为，该合作方大概率是苹果。铱星通讯（Iridium Communications）和Omnispace是全球星的两大竞争对手，但苹果目前并没有与铱星通讯进行合作，而行业分析师Tim Farrar也表示，Omnispace没有承诺过会建立支持此类服务的系统。铱星通讯所使用的铱系统源自于20世纪90年代摩托罗拉在其最辉煌的时候提出的“铱星计划”——用77颗近地卫星，让我们在世界任何地方都可以打电话。但最后结果是，卫星打上去了66颗，摩托罗拉已经要被巨额投入拖垮，该业务分拆后得以存活，发展成为今天的铱星通讯，不禁令人感叹其顽强的生命力。现在看来，苹果卫星通信的这块大蛋糕，是由全球星独享的。在全球星的股东中，我们能够看到高通的身影，实际上，全球星系统是美国LQSS公司于1991年6月向美国联邦通信委员会（FCC）提出的低轨道卫星移动通信系统，而LQSS是由Loral宇航局和高通共同组建的一家公司。从技术层面来看，全球星使用的卫星通信系统，在结构设计和技术上跟它竞争对手铱星通讯使用的铱系统有所不同，简单来说，全球星系统要实现的是全球范围内任意用户随时可以通过该系统接入地面公共网联合组网。全球星系统利用低轨卫星组成一个连续覆盖全球的移动通信卫星系统，它更像是是我们现有的地面蜂窝移动通信系统和其他移动通信系统的一种延申和补充，并非一种相互替代关系。全球星的技术特性和优势，或许也是苹果选择它的主要考虑因素，毕竟，苹果选择供应商，向来只会选择行业最顶级玩家。郭明錤也认为，在卫星通信服务生态系统中，全球星这类卫星通信运营商进入门槛很高，值得投资者高度关注。04．卫星通信落地开启加速模式，美国已成市场绝对主导目前苹果iPhone对于卫星通信的使用看起来比较超前，引起了不小的关注度，但在不久的未来，卫星通信或许将成为智能手机市场的“常态”。国内这边，华为Mate50系列基本都能够确定将先于苹果发布基于卫星通信的一些紧急信息发送功能。就在最近，作为全球出货量第一的手机芯片厂商联发科，也宣布成功完成了全球首次5G NTN卫星手机实验室连线测试，将智能手机接入了5G非地面网络（NTN），通过卫星实现了高速可靠的5G连接。在海外市场，电信巨头T-Mobile和SpaceX已经联合宣布，明年发射的Starlink（星链）卫星将能够通过现有蜂窝网络频段直接连接到运营商的手机。两家公司希望能够让用户在卫星覆盖到的任何地方享受全球漫游服务。▲左：Mike Sievert，右：马斯克最重要的是，这项服务有可能被免费添加到现有的T-Mobile网络套餐中。也就是说，如果苹果iPhone 14没有支持卫星通信，明年T-Mobile的运营商合约机用户就可以率先享受到卫星通信服务。T-Mobile的CEO Mike Sievert说：“这就像在天空中放置一个蜂窝式信号塔，只不过难度大得多。”SpaceX CEO马斯克也补充道：“我们要做的不仅是重写卫星程序，还要制造一种世界上最先进的相控阵天线……卫星在我们头上以每小时1.7万英里的时速飞行，正常情况下，没有信号塔会飞，更不会飞的这么快。”据了解，这项服务初期会支持短信发送，可能还会支持一些即使通讯App。马斯克说，后续语音通话和实时信息传递都是有可能的。不过Sievert不忘“打个预防针”，他说现在还有一些技术问题需要解决，比如现在消息的首发可能会有半个小时左右的延迟。可以看到，在卫星通信落地智能手机的前夜，要解决的难题还是不少。十年前，谷歌曾尝试利用氢气球进行大面积信号覆盖，但效果不好，成本也太高了，最终放弃。今天，气球换成了卫星。目前，全球通信市场已达到年均万亿美元规模，但网络覆盖范围不足地球面积的 10%。由于地理因素限制，信号发射塔数量已接近饱和。根据Research And Markets数据，2025年，全球通信产业市场规模将达到34610亿美元，预计2025年前，全球卫星互联网产值可达5600-8500亿美元。各路科技巨头的入局，进一步加快了卫星互联网的发展。SpaceX属于新晋玩家中声量比较大、走的比较快的一个。SpaceX最早从2019年开始实施星链项目，计划发射4.2万颗星链卫星，形成星链网络，为全球提供卫星互联网服务，目前已经发射约2000颗卫星。天风证券分析认为，随着美国“星链”计划启动，全球低轨卫星发展竞争日益激烈，空间轨道和频段这一不可再生的战略资源将日益紧缺。美国、英国、加拿大、俄罗斯都已经加速低轨卫星铺设，天风证券预计，在全球近地轨道卫星中，未来美国发射卫星数量占比将超九成，达到约50000颗。国内这边，中国科学院西安光学精密机械研究所投资的民营商业航天公司九天微星于2018年入轨了7 颗“瓢虫系列”卫星，在野生动物保护、野外应急救援、车辆船舶监测、物流追溯等领域开展星座物联网验证。2019 年，北京国电高科科技有限公司研制的天启·沧州号卫星成功入轨，实现了天启物联网星座初步组网运行。天风证券研报认为，中国目前仅有3颗在轨运行的低轨宽带通信卫星，卫星互联网建设较为滞后。▲2029 年全球近地轨道卫星布局及占比（颗，%），来源：天风证券除了SpaceX，OneWeb、亚马逊等科技公司也作为新玩家进入这一市场。另外，如美国SES、欧洲Eutelsat、国际通信卫星组织Intelsat等传统卫星供应商“三巨头”，也都启动了自己的高通量卫星计划，发力卫星互联网市场。从手机厂商、芯片厂商、卫星厂商再到卫星通信运营商，整个卫星互联网生态都在快速向前发展，而卫星通信落地智能手机，已是必然。05．结语：卫星通信成消费电子市场新变量华为Mate50是否会抢先苹果iPhone 14成为全球第一款支持卫星通信的主流智能手机，答案即将在下周揭晓。可以想象，如果苹果iPhone 14支持这一功能，必将会带动整个产业链的发展，我们也将会看到更多智能手机支持卫星通信。目前来看，卫星通信主要解决的是紧急情况下、偏远无信号覆盖地区的通信问题，与现有的蜂窝移动网络，是一种“互补”的关系。但随着卫星通信技术的成熟，其是否会进一步取代蜂窝移动网络，甚至改变现有移动网络运营商市场格局？都存在想象空间。","news_type":1,"symbols_score_info":{"AAPL":0.9}},"isVote":1,"tweetType":1,"viewCount":2300,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9933666947,"gmtCreate":1662275507489,"gmtModify":1676537029657,"author":{"id":"4090574021972690","authorId":"4090574021972690","name":"富川","avatar":"https://community-static.tradeup.com/news/07ec540f55a9536b728e59a537869d3e","crmLevel":12,"crmLevelSwitch":1,"followedFlag":false,"authorIdStr":"4090574021972690","idStr":"4090574021972690"},"themes":[],"title":"","htmlText":"👍","listText":"👍","text":"👍","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9933666947","repostId":"1124597083","repostType":2,"isVote":1,"tweetType":1,"viewCount":2171,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"hots":[{"id":9998357996,"gmtCreate":1660951419717,"gmtModify":1676536427202,"author":{"id":"4090574021972690","authorId":"4090574021972690","name":"富川","avatar":"https://community-static.tradeup.com/news/07ec540f55a9536b728e59a537869d3e","crmLevel":12,"crmLevelSwitch":1,"followedFlag":false,"idStr":"4090574021972690","authorIdStr":"4090574021972690"},"themes":[],"title":"","htmlText":"👍","listText":"👍","text":"👍","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9998357996","repostId":"2260373492","repostType":2,"repost":{"id":"2260373492","kind":"highlight","weMediaInfo":{"introduction":"Reuters.com brings you the latest news from around the world, covering breaking news in markets, business, politics, entertainment and technology","home_visible":1,"media_name":"Reuters","id":"1036604489","head_image":"https://static.tigerbbs.com/443ce19704621c837795676028cec868"},"pubTimestamp":1660953025,"share":"https://ttm.financial/m/news/2260373492?lang=en_US&edition=fundamental","pubTime":"2022-08-20 07:50","market":"us","language":"en","title":"US STOCKS-Wall Street Ends Down As Yields Rise; Indexes Post Weekly Losses","url":"https://stock-news.laohu8.com/highlight/detail?id=2260373492","media":"Reuters","summary":"* Investors await Jackson Hole conference next week* 10-year U.S. Treasury yield nears 3%* Indexes: ","content":"<html><head></head><body><p>* Investors await Jackson Hole conference next week</p><p>* 10-year U.S. Treasury yield nears 3%</p><p>* Indexes: Dow down 0.9%, S&amp;P 500 down 1.3%, Nasdaq down 2%</p><p>NEW YORK, Aug 19 (Reuters) - U.S. stocks fell on Friday in a broad selloff led by megacaps as U.S. bond yields rose, with the S&amp;P 500 posting losses for the week after four straight weeks of gains.</p><p>Amazon.com, Apple and Microsoft all fell and were the biggest drags on the S&amp;P 500 and Nasdaq. Higher rates tend to be a negative for tech and growth stocks, whose valuations rely more heavily on future cash flows.</p><p>U.S. Treasury yields rose, with the benchmark 10-year note nearly hitting 3%, after Germany reported record-high increases in monthly producer prices.</p><p>Investors have been weighing how aggressive the Federal Reserve may need to be as it raises interest rates to battle inflation.</p><p>Richmond Federal Reserve President Thomas Barkin said on Friday that U.S. central bank officials have &#34;a lot of time still&#34; before they need to decide how large an interest rate increase to approve at their Sept. 20-21 policy meeting.</p><p>&#34;The rise in rates around the globe and tough talk from central bankers are being used as an excuse to push stocks lower in very light volume on an August Friday session,&#34; said Peter Cardillo, chief market economist at Spartan Capital Securities in New York.</p><p>The Dow Jones Industrial Average fell 292.3 points, or 0.86%, to 33,706.74, the S&amp;P 500 lost 55.26 points, or 1.29%, to 4,228.48 and the Nasdaq Composite dropped 260.13 points, or 2.01%, to 12,705.22.</p><p>All three major indexes registered losses for the week. The S&amp;P 500 fell about 1.2% and the Nasdaq slid 2.6% in their first weekly declines after four weeks of gains. The Dow lost about 0.2% for the week.</p><p>After notching its worst first half since 1970, the S&amp;P 500 has bounced some 16% from its mid-June low, fueled by stronger-than-expected corporate earnings and hopes the economy can avoid a recession even as the Fed hikes rates.</p><p>Friday&#39;s monthly options expiration should also make way for greater near-term stock market moves as options positions expire, said Brent Kochuba, founder of options-focused financial insights company SpotGamma.</p><p>The U.S. central bank needs to keep raising borrowing costs to tame decades-high inflation, a string of U.S. central bank officials said on Thursday, even as they debated how fast and how high to lift them.</p><p>The Fed has raised its benchmark overnight interest rate by 225 basis points since March to fight inflation at a four decade-high.</p><p>Focus next week may be on Fed Chair Jerome Powell&#39;s speech on the economic outlook at the annual global central bankers&#39; conference in Jackson Hole, Wyoming.</p><p>Meme stock Bed Bath &amp; Beyond Inc plunged 40.5% as billionaire investor Ryan Cohen exited the struggling home goods retailer by selling his stake.</p><p>The S&amp;P banking index fell 2.1% after recent gains.</p><p>Shares of Deere &amp; Co ended slightly higher, even after it lowered its full-year profit outlook and said it has sold out of large tractors as it grapples with parts shortages and high costs.</p><p>Volume on U.S. exchanges was last at 10.01 billion shares in one of the lowest volume days of the year.</p><p>Declining issues outnumbered advancing ones on the NYSE by a 6.06-to-1 ratio; on Nasdaq, a 3.59-to-1 ratio favored decliners.</p><p>The S&amp;P 500 posted 1 new 52-week highs and 29 new lows; the Nasdaq Composite recorded 43 new highs and 93 new lows.</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>US STOCKS-Wall Street Ends Down As Yields Rise; Indexes Post Weekly Losses</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\">\nUS STOCKS-Wall Street Ends Down As Yields Rise; Indexes Post Weekly Losses\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1036604489\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/443ce19704621c837795676028cec868);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Reuters </p>\n<p class=\"h-time\">2022-08-20 07:50</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<html><head></head><body><p>* Investors await Jackson Hole conference next week</p><p>* 10-year U.S. Treasury yield nears 3%</p><p>* Indexes: Dow down 0.9%, S&amp;P 500 down 1.3%, Nasdaq down 2%</p><p>NEW YORK, Aug 19 (Reuters) - U.S. stocks fell on Friday in a broad selloff led by megacaps as U.S. bond yields rose, with the S&amp;P 500 posting losses for the week after four straight weeks of gains.</p><p>Amazon.com, Apple and Microsoft all fell and were the biggest drags on the S&amp;P 500 and Nasdaq. Higher rates tend to be a negative for tech and growth stocks, whose valuations rely more heavily on future cash flows.</p><p>U.S. Treasury yields rose, with the benchmark 10-year note nearly hitting 3%, after Germany reported record-high increases in monthly producer prices.</p><p>Investors have been weighing how aggressive the Federal Reserve may need to be as it raises interest rates to battle inflation.</p><p>Richmond Federal Reserve President Thomas Barkin said on Friday that U.S. central bank officials have &#34;a lot of time still&#34; before they need to decide how large an interest rate increase to approve at their Sept. 20-21 policy meeting.</p><p>&#34;The rise in rates around the globe and tough talk from central bankers are being used as an excuse to push stocks lower in very light volume on an August Friday session,&#34; said Peter Cardillo, chief market economist at Spartan Capital Securities in New York.</p><p>The Dow Jones Industrial Average fell 292.3 points, or 0.86%, to 33,706.74, the S&amp;P 500 lost 55.26 points, or 1.29%, to 4,228.48 and the Nasdaq Composite dropped 260.13 points, or 2.01%, to 12,705.22.</p><p>All three major indexes registered losses for the week. The S&amp;P 500 fell about 1.2% and the Nasdaq slid 2.6% in their first weekly declines after four weeks of gains. The Dow lost about 0.2% for the week.</p><p>After notching its worst first half since 1970, the S&amp;P 500 has bounced some 16% from its mid-June low, fueled by stronger-than-expected corporate earnings and hopes the economy can avoid a recession even as the Fed hikes rates.</p><p>Friday&#39;s monthly options expiration should also make way for greater near-term stock market moves as options positions expire, said Brent Kochuba, founder of options-focused financial insights company SpotGamma.</p><p>The U.S. central bank needs to keep raising borrowing costs to tame decades-high inflation, a string of U.S. central bank officials said on Thursday, even as they debated how fast and how high to lift them.</p><p>The Fed has raised its benchmark overnight interest rate by 225 basis points since March to fight inflation at a four decade-high.</p><p>Focus next week may be on Fed Chair Jerome Powell&#39;s speech on the economic outlook at the annual global central bankers&#39; conference in Jackson Hole, Wyoming.</p><p>Meme stock Bed Bath &amp; Beyond Inc plunged 40.5% as billionaire investor Ryan Cohen exited the struggling home goods retailer by selling his stake.</p><p>The S&amp;P banking index fell 2.1% after recent gains.</p><p>Shares of Deere &amp; Co ended slightly higher, even after it lowered its full-year profit outlook and said it has sold out of large tractors as it grapples with parts shortages and high costs.</p><p>Volume on U.S. exchanges was last at 10.01 billion shares in one of the lowest volume days of the year.</p><p>Declining issues outnumbered advancing ones on the NYSE by a 6.06-to-1 ratio; on Nasdaq, a 3.59-to-1 ratio favored decliners.</p><p>The S&amp;P 500 posted 1 new 52-week highs and 29 new lows; the Nasdaq Composite recorded 43 new highs and 93 new lows.</p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"QLD":"2倍做多纳斯达克100指数ETF-ProShares","OEX":"标普100","SDS":"两倍做空标普500 ETF-ProShares","BK4550":"红杉资本持仓","AAPL":"苹果","BK4559":"巴菲特持仓","SSO":"2倍做多标普500ETF-ProShares","QID":"两倍做空纳斯达克指数ETF-ProShares","SH":"做空标普500-Proshares","IVV":"标普500ETF-iShares","BK4539":"次新股",".DJI":"道琼斯","DE":"迪尔股份有限公司","BK4581":"高盛持仓","OEF":"标普100指数ETF-iShares",".IXIC":"NASDAQ Composite","QQQ":"纳指100ETF",".SPX":"S&P 500 Index","COMP":"Compass, Inc.","SQQQ":"纳指三倍做空ETF","UPRO":"三倍做多标普500ETF-ProShares","SPXU":"三倍做空标普500ETF-ProShares","MSFT":"微软","PSQ":"做空纳斯达克100指数ETF-ProShares","SPY":"标普500ETF","TQQQ":"纳指三倍做多ETF"},"source_url":"","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2260373492","content_text":"* Investors await Jackson Hole conference next week* 10-year U.S. Treasury yield nears 3%* Indexes: Dow down 0.9%, S&P 500 down 1.3%, Nasdaq down 2%NEW YORK, Aug 19 (Reuters) - U.S. stocks fell on Friday in a broad selloff led by megacaps as U.S. bond yields rose, with the S&P 500 posting losses for the week after four straight weeks of gains.Amazon.com, Apple and Microsoft all fell and were the biggest drags on the S&P 500 and Nasdaq. Higher rates tend to be a negative for tech and growth stocks, whose valuations rely more heavily on future cash flows.U.S. Treasury yields rose, with the benchmark 10-year note nearly hitting 3%, after Germany reported record-high increases in monthly producer prices.Investors have been weighing how aggressive the Federal Reserve may need to be as it raises interest rates to battle inflation.Richmond Federal Reserve President Thomas Barkin said on Friday that U.S. central bank officials have \"a lot of time still\" before they need to decide how large an interest rate increase to approve at their Sept. 20-21 policy meeting.\"The rise in rates around the globe and tough talk from central bankers are being used as an excuse to push stocks lower in very light volume on an August Friday session,\" said Peter Cardillo, chief market economist at Spartan Capital Securities in New York.The Dow Jones Industrial Average fell 292.3 points, or 0.86%, to 33,706.74, the S&P 500 lost 55.26 points, or 1.29%, to 4,228.48 and the Nasdaq Composite dropped 260.13 points, or 2.01%, to 12,705.22.All three major indexes registered losses for the week. The S&P 500 fell about 1.2% and the Nasdaq slid 2.6% in their first weekly declines after four weeks of gains. The Dow lost about 0.2% for the week.After notching its worst first half since 1970, the S&P 500 has bounced some 16% from its mid-June low, fueled by stronger-than-expected corporate earnings and hopes the economy can avoid a recession even as the Fed hikes rates.Friday's monthly options expiration should also make way for greater near-term stock market moves as options positions expire, said Brent Kochuba, founder of options-focused financial insights company SpotGamma.The U.S. central bank needs to keep raising borrowing costs to tame decades-high inflation, a string of U.S. central bank officials said on Thursday, even as they debated how fast and how high to lift them.The Fed has raised its benchmark overnight interest rate by 225 basis points since March to fight inflation at a four decade-high.Focus next week may be on Fed Chair Jerome Powell's speech on the economic outlook at the annual global central bankers' conference in Jackson Hole, Wyoming.Meme stock Bed Bath & Beyond Inc plunged 40.5% as billionaire investor Ryan Cohen exited the struggling home goods retailer by selling his stake.The S&P banking index fell 2.1% after recent gains.Shares of Deere & Co ended slightly higher, even after it lowered its full-year profit outlook and said it has sold out of large tractors as it grapples with parts shortages and high costs.Volume on U.S. exchanges was last at 10.01 billion shares in one of the lowest volume days of the year.Declining issues outnumbered advancing ones on the NYSE by a 6.06-to-1 ratio; on Nasdaq, a 3.59-to-1 ratio favored decliners.The S&P 500 posted 1 new 52-week highs and 29 new lows; the Nasdaq Composite recorded 43 new highs and 93 new lows.","news_type":1,"symbols_score_info":{".IXIC":0.65,".SPX":0.6,".DJI":0.9,"COMP":0.9,"SDS":0.6,"OEF":0.6,"MSFT":0.9,"QQQ":0.6,"SH":0.6,"TQQQ":0.6,"QLD":0.6,"OEX":0.6,"DE":0.9,"SPY":0.9,"BBBY":0.9,"AAPL":0.9,"SQQQ":0.6,"SSO":0.6,"MNQmain":0.6,"PSQ":0.6,"NQmain":0.6,"SPXU":0.6,"IVV":0.6,"QID":0.6,"UPRO":0.6,"ESmain":0.6}},"isVote":1,"tweetType":1,"viewCount":1897,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9931015380,"gmtCreate":1662358941541,"gmtModify":1676537045066,"author":{"id":"4090574021972690","authorId":"4090574021972690","name":"富川","avatar":"https://community-static.tradeup.com/news/07ec540f55a9536b728e59a537869d3e","crmLevel":12,"crmLevelSwitch":1,"followedFlag":false,"idStr":"4090574021972690","authorIdStr":"4090574021972690"},"themes":[],"title":"","htmlText":"👍","listText":"👍","text":"👍","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9931015380","repostId":"1168515999","repostType":4,"isVote":1,"tweetType":1,"viewCount":2020,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9090550084,"gmtCreate":1643237006584,"gmtModify":1676533787783,"author":{"id":"4090574021972690","authorId":"4090574021972690","name":"富川","avatar":"https://community-static.tradeup.com/news/07ec540f55a9536b728e59a537869d3e","crmLevel":12,"crmLevelSwitch":1,"followedFlag":false,"idStr":"4090574021972690","authorIdStr":"4090574021972690"},"themes":[],"title":"","htmlText":"😃","listText":"😃","text":"😃","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9090550084","repostId":"1146757235","repostType":4,"isVote":1,"tweetType":1,"viewCount":2053,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":596158477321216,"gmtCreate":1786573270820,"gmtModify":1786573273123,"author":{"id":"4090574021972690","authorId":"4090574021972690","name":"富川","avatar":"https://community-static.tradeup.com/news/07ec540f55a9536b728e59a537869d3e","crmLevel":12,"crmLevelSwitch":1,"followedFlag":false,"idStr":"4090574021972690","authorIdStr":"4090574021972690"},"themes":[],"title":"","htmlText":"<a 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