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Zirkay001
01-23
$goro, is it more in gold or silver?
Silver Futures Break Through the Critical $100 Per Ounce Mark, Last up 3.85%
Zirkay001
2025-12-26
3 major points
Big Tech's Depreciation Games Are a Hidden Risk to Watch in 2026
Go to Tiger App to see more news
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is it more in gold or silver?","listText":"$goro, is it more in gold or silver?","text":"$goro, is it more in gold or silver?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/524825576461656","repostId":"1164361888","repostType":2,"repost":{"id":"1164361888","kind":"news","weMediaInfo":{"introduction":"Providing stock market headlines, business news, financials and earnings ","home_visible":1,"media_name":"Tiger Newspress","id":"1079075236","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1769181544,"share":"https://ttm.financial/m/news/1164361888?lang=en_US&edition=fundamental","pubTime":"2026-01-23 23:19","market":"us","language":"en","title":"Silver Futures Break Through the Critical $100 Per Ounce Mark, Last up 3.85%","url":"https://stock-news.laohu8.com/highlight/detail?id=1164361888","media":"Tiger Newspress","summary":"Silver Futures Break Through the Critical $100 Per Ounce Mark, Last up 3.85%","content":"<html><head></head><body><p>Silver Futures Break Through the Critical $100 Per Ounce Mark, Last up 3.85%</p><p class=\"t-img-caption\"><img src=\"https://community-static.tradeup.com/news/b65bd9e7d9d92dccb7585cb15febd20e\" title=\"\" tg-width=\"1170\" tg-height=\"1637\"/></p><p>Since the start of the year, friction between the U.S. and NATO over Greenland, concerns about the Federal Reserve’s independence, and continued uncertainty over tariffs have driven a surge in demand for safe‑haven assets.</p><p>Central bank buying and a broader move away from the dollar have also underpinned gold's rise.</p><p>"We also consider the White House’s increasing aggravation of Fed policy, pushing for lower rates and a more dovish Fed Chair, as reducing confidence in U.S. government debt," analysts at SP Angel said.</p><p>The Fed is expected to hold interest rates steady at its January 27–28 meeting, but markets still expect two further rate cuts in the second half of 2026.</p><p>As a non‑yielding asset, gold is often favored during periods of low interest rates.</p><p>Silver rose around 147% last year driven by robust demand, challenges in scaling up refining of the metal and a persistent supply shortage in the market.</p><p>"Silver, specifically, has been helped by anecdotal evidence of lines in Shenzhen and huge retail demand in Turkey and Dubai," Wong added.</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>Silver Futures Break Through the Critical $100 Per Ounce Mark, Last up 3.85%</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\">\nSilver Futures Break Through the Critical $100 Per Ounce Mark, Last up 3.85%\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time\">2026-01-23 23:19</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<html><head></head><body><p>Silver Futures Break Through the Critical $100 Per Ounce Mark, Last up 3.85%</p><p class=\"t-img-caption\"><img src=\"https://community-static.tradeup.com/news/b65bd9e7d9d92dccb7585cb15febd20e\" title=\"\" tg-width=\"1170\" tg-height=\"1637\"/></p><p>Since the start of the year, friction between the U.S. and NATO over Greenland, concerns about the Federal Reserve’s independence, and continued uncertainty over tariffs have driven a surge in demand for safe‑haven assets.</p><p>Central bank buying and a broader move away from the dollar have also underpinned gold's rise.</p><p>"We also consider the White House’s increasing aggravation of Fed policy, pushing for lower rates and a more dovish Fed Chair, as reducing confidence in U.S. government debt," analysts at SP Angel said.</p><p>The Fed is expected to hold interest rates steady at its January 27–28 meeting, but markets still expect two further rate cuts in the second half of 2026.</p><p>As a non‑yielding asset, gold is often favored during periods of low interest rates.</p><p>Silver rose around 147% last year driven by robust demand, challenges in scaling up refining of the metal and a persistent supply shortage in the market.</p><p>"Silver, specifically, has been helped by anecdotal evidence of lines in Shenzhen and huge retail demand in Turkey and Dubai," Wong added.</p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"PAAS":"泛美白银","AG":"First Majestic Silver Corporation","SLV":"白银ETF-iShares","SLVP":"iShares MSCI Global Silver and Metals Miners ETF","ZSL":"Proshares二倍做空白银ETF","GLTR":"abrdn Physical Precious Metals Basket Shares ETF","SILJ":"Amplify Junior Silver Miners ETF","SIVR":"Abrdn Silver ETF Trust","SVM":"Silvercorp Metal","CEF":"Sprott Physical Gold & Silver Trust","FSM":"Fortuna Silver Mines Inc","SLVR":"Sprott Silver Miners & Physical Silver ETF","KSLV":"Kurv Silver Enhanced Income ETF","GBUG":"Sprott Active Gold & Silver Miners ETF","SIL":"Silver Miners Etf","AGQ":"2倍做多白银ETF-ProShares","PSLV":"Sprott Physical Silver Trust"},"source_url":"","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1164361888","content_text":"Silver Futures Break Through the Critical $100 Per Ounce Mark, Last up 3.85%Since the start of the year, friction between the U.S. and NATO over Greenland, concerns about the Federal Reserve’s independence, and continued uncertainty over tariffs have driven a surge in demand for safe‑haven assets.Central bank buying and a broader move away from the dollar have also underpinned gold's rise.\"We also consider the White House’s increasing aggravation of Fed policy, pushing for lower rates and a more dovish Fed Chair, as reducing confidence in U.S. government debt,\" analysts at SP Angel said.The Fed is expected to hold interest rates steady at its January 27–28 meeting, but markets still expect two further rate cuts in the second half of 2026.As a non‑yielding asset, gold is often favored during periods of low interest rates.Silver rose around 147% last year driven by robust demand, challenges in scaling up refining of the metal and a persistent supply shortage in the market.\"Silver, specifically, has been helped by anecdotal evidence of lines in Shenzhen and huge retail demand in Turkey and Dubai,\" Wong added.","news_type":1,"symbols_score_info":{"SVM":2,"AG":2,"PAAS":2,"KSLV":2,"AGQ":2,"SLV":2,"SIL":2,"XAGUSD.FOREX":2,"CEF":2,"ZSL":2,"FSM":2,"SImain":2,"SLVP":2,"GLTR":2,"GBUG":2,"MAG":2,"SILJ":2,"SIVR":2,"SLVR":2,"PSLV":2}},"isVote":1,"tweetType":1,"viewCount":1,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":514669347635808,"gmtCreate":1766679266502,"gmtModify":1766680433146,"author":{"id":"4225026845306982","authorId":"4225026845306982","name":"Zirkay001","avatar":"https://community-static.tradeup.com/news/bb3b35a5a93e23874f4a9a2f0a378daa","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4225026845306982","authorIdStr":"4225026845306982"},"themes":[],"title":"","htmlText":"3 major points","listText":"3 major points","text":"3 major points","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/514669347635808","repostId":"2593464123","repostType":2,"repost":{"id":"2593464123","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":"1032215980","head_image":"https://community-static.tradeup.com/news/4567337cbdf294b657b1fa87c5488b48"},"pubTimestamp":1766569292,"share":"https://ttm.financial/m/news/2593464123?lang=en_US&edition=fundamental","pubTime":"2025-12-24 17:41","market":"nz","language":"en","title":"Big Tech's Depreciation Games Are a Hidden Risk to Watch in 2026","url":"https://stock-news.laohu8.com/highlight/detail?id=2593464123","media":"Reuters","summary":"ROI-Big tech's depreciation games are a hidden risk to watch in 2026: FridsonThe views expressed here are those of the author, the publisher of Income Securities Advisor.By Marty Fridson","content":"<html><head></head><body><p>It is generally not a good sign when an accounting issue becomes a hot topic on Wall Street. That’s why recent chatter about U.S. technology giants’ depreciation schedules should make investors wary heading into 2026.</p><p>Ordinarily, matters debated by those who prepare corporate financial statements are too esoteric – and, frankly, too dull – to interest equity investors.</p><p>However, at the beginning of this century, accounting made its way into the headlines after Enron, WorldCom, and Adelphia Communications, among others, were shown to be using deceptive practices.</p><p>These companies swiftly migrated from seemingly fabulous success to bankruptcy, with widespread market repercussions. For a time, investors wondered whether they could rely on any company’s representation of its profitability and financial condition.</p><p>This egregious accounting malpractice – and, indeed, criminal fraud – led to major changes, most notably the Sarbanes-Oxley Act. It made outright fakery largely a thing of the past among U.S. public companies.</p><p>Investors cannot afford to let down their guard, however.</p><p>Misleading yet legal financial reporting continues to represent a significant risk to markets. If the reported earnings of a company are revealed to be detached from the underlying economic reality, the firm’s share price could tumble. And if the company is big enough, it could potentially take the broader U.S. equity market down with it.</p><h3 id=\"id_3232995590\">A BIG WORRY</h3><p>In this context, the current controversy involving depreciation schedules at big tech firms is worrying.</p><p>Take <a href=\"https://laohu8.com/S/NVDA\">Nvidia</a>, the $4 trillion-plus maker of semiconductor chips. Michael Burry, the investor whose successful bets against the U.S. housing market in 2008 were recounted in the movie "The Big Short," contends that the AI juggernaut is overestimating its profitability by taking too many years to write off the cost of producing its semiconductors. The longer the depreciation period, the lower the annual charge against earnings.</p><p>Burry argues that the chips will lose value due to technological advances more quickly than assumed by the company’s depreciation schedules. Nvidia bulls, on the other hand, suggest the lengthy period simply reflects how long the company’s chips will last in terms of wear and tear.</p><p>Nvidia is not the only tech company whose earnings are currently under scrutiny due to depreciation practices. Burry has pointed the finger at cloud computing giant <a href=\"https://laohu8.com/S/ORCL\">Oracle</a>, for one. And other "Magnificent Seven" companies, including <a href=\"https://laohu8.com/S/GOOGL\">Alphabet</a>, <a href=\"https://laohu8.com/S/AMZN\">Amazon</a>, <a href=\"https://laohu8.com/S/META\">Meta</a>, and <a href=\"https://laohu8.com/S/MSFT\">Microsoft</a>, have also been extending the “assumed useful lives” of some major assets since 2020 as their capex spending has skyrocketed.</p><p>In addition, there is some evidence to suggest that <a href=\"https://laohu8.com/S/IBM\">IBM</a> is getting in on the game. Big Blue’s total depreciation expense dropped from $4.2 billion in 2020 to $2.2 billion in 2024, while revenues increased from $52.3 billion to $62.8 billion, according to Stock Analysis on Net, a research provider that analyzes large U.S. companies’ financial statements.</p><p>Asset disposals could also have contributed to IBM’s change, of course, along with other tweaks to depreciation policies, but extending assets’ assumed useful lives could be contributing as well.</p><h3 id=\"id_3380659930\">TEMPEST IN A TAX FORM</h3><p>An important point to remember about corporations’ depreciation schedules is their total lack of importance in creating shareholder value.</p><p>These accounting techniques matter for tax purposes, but the financial statements companies file with the Internal Revenue Service are distinct from those they provide to investors.</p><p>In firms’ annual reports, depreciation expense is merely an accounting entry. Reducing it through a change in assumptions does not increase cash flow or, by extension, the enterprise’s economic value. It should thus be unsurprising that stock prices tend not to rise in response to this kind of cosmetic action.</p><p>Why, then, do companies bother playing around with depreciation schedules?</p><p>It was more understandable back in the 1980s and 1990s when CEOs’ compensation was often tied to reported earnings per share. But today most public companies compensate their CEOs on the basis of share price rather than EPS.</p><p>Perhaps, these accounting techniques are a way to reduce seemingly “excessive” earnings multiples, something tech executives have had to justify repeatedly in recent years.</p><p>Information technology stocks are currently trading with an average price-to-earnings (P/E) ratio of 36, based on consensus analyst estimates, as of December 18, according to Bloomberg, compared with only 25 for the S&P 500 as a whole.</p><p>Increasing the denominator makes the P/E ratio look less lofty and may thus make life a little easier for CEOs, chief financial officers, and investor relations officers at highly valued tech giants.</p><p>But the proliferation of such actions does not help investors seeking to determine whether stocks are fairly priced.</p><p>To be clear, there is no indication of any fraudulent accounting practices in big tech today.</p><p>However, these stocks are priced for perfection, and if the depreciation debate intensifies, investors could begin reassessing company earnings. With markets already jumpy about any perceived “bad news,” this might be enough to kick off a painful correction.</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>Big Tech's Depreciation Games Are a Hidden Risk to Watch in 2026</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\">\nBig Tech's Depreciation Games Are a Hidden Risk to Watch in 2026\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1032215980\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://community-static.tradeup.com/news/4567337cbdf294b657b1fa87c5488b48);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Reuters </p>\n<p class=\"h-time\">2025-12-24 17:41</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<html><head></head><body><p>It is generally not a good sign when an accounting issue becomes a hot topic on Wall Street. That’s why recent chatter about U.S. technology giants’ depreciation schedules should make investors wary heading into 2026.</p><p>Ordinarily, matters debated by those who prepare corporate financial statements are too esoteric – and, frankly, too dull – to interest equity investors.</p><p>However, at the beginning of this century, accounting made its way into the headlines after Enron, WorldCom, and Adelphia Communications, among others, were shown to be using deceptive practices.</p><p>These companies swiftly migrated from seemingly fabulous success to bankruptcy, with widespread market repercussions. For a time, investors wondered whether they could rely on any company’s representation of its profitability and financial condition.</p><p>This egregious accounting malpractice – and, indeed, criminal fraud – led to major changes, most notably the Sarbanes-Oxley Act. It made outright fakery largely a thing of the past among U.S. public companies.</p><p>Investors cannot afford to let down their guard, however.</p><p>Misleading yet legal financial reporting continues to represent a significant risk to markets. If the reported earnings of a company are revealed to be detached from the underlying economic reality, the firm’s share price could tumble. And if the company is big enough, it could potentially take the broader U.S. equity market down with it.</p><h3 id=\"id_3232995590\">A BIG WORRY</h3><p>In this context, the current controversy involving depreciation schedules at big tech firms is worrying.</p><p>Take <a href=\"https://laohu8.com/S/NVDA\">Nvidia</a>, the $4 trillion-plus maker of semiconductor chips. Michael Burry, the investor whose successful bets against the U.S. housing market in 2008 were recounted in the movie "The Big Short," contends that the AI juggernaut is overestimating its profitability by taking too many years to write off the cost of producing its semiconductors. The longer the depreciation period, the lower the annual charge against earnings.</p><p>Burry argues that the chips will lose value due to technological advances more quickly than assumed by the company’s depreciation schedules. Nvidia bulls, on the other hand, suggest the lengthy period simply reflects how long the company’s chips will last in terms of wear and tear.</p><p>Nvidia is not the only tech company whose earnings are currently under scrutiny due to depreciation practices. Burry has pointed the finger at cloud computing giant <a href=\"https://laohu8.com/S/ORCL\">Oracle</a>, for one. And other "Magnificent Seven" companies, including <a href=\"https://laohu8.com/S/GOOGL\">Alphabet</a>, <a href=\"https://laohu8.com/S/AMZN\">Amazon</a>, <a href=\"https://laohu8.com/S/META\">Meta</a>, and <a href=\"https://laohu8.com/S/MSFT\">Microsoft</a>, have also been extending the “assumed useful lives” of some major assets since 2020 as their capex spending has skyrocketed.</p><p>In addition, there is some evidence to suggest that <a href=\"https://laohu8.com/S/IBM\">IBM</a> is getting in on the game. Big Blue’s total depreciation expense dropped from $4.2 billion in 2020 to $2.2 billion in 2024, while revenues increased from $52.3 billion to $62.8 billion, according to Stock Analysis on Net, a research provider that analyzes large U.S. companies’ financial statements.</p><p>Asset disposals could also have contributed to IBM’s change, of course, along with other tweaks to depreciation policies, but extending assets’ assumed useful lives could be contributing as well.</p><h3 id=\"id_3380659930\">TEMPEST IN A TAX FORM</h3><p>An important point to remember about corporations’ depreciation schedules is their total lack of importance in creating shareholder value.</p><p>These accounting techniques matter for tax purposes, but the financial statements companies file with the Internal Revenue Service are distinct from those they provide to investors.</p><p>In firms’ annual reports, depreciation expense is merely an accounting entry. Reducing it through a change in assumptions does not increase cash flow or, by extension, the enterprise’s economic value. It should thus be unsurprising that stock prices tend not to rise in response to this kind of cosmetic action.</p><p>Why, then, do companies bother playing around with depreciation schedules?</p><p>It was more understandable back in the 1980s and 1990s when CEOs’ compensation was often tied to reported earnings per share. But today most public companies compensate their CEOs on the basis of share price rather than EPS.</p><p>Perhaps, these accounting techniques are a way to reduce seemingly “excessive” earnings multiples, something tech executives have had to justify repeatedly in recent years.</p><p>Information technology stocks are currently trading with an average price-to-earnings (P/E) ratio of 36, based on consensus analyst estimates, as of December 18, according to Bloomberg, compared with only 25 for the S&P 500 as a whole.</p><p>Increasing the denominator makes the P/E ratio look less lofty and may thus make life a little easier for CEOs, chief financial officers, and investor relations officers at highly valued tech giants.</p><p>But the proliferation of such actions does not help investors seeking to determine whether stocks are fairly priced.</p><p>To be clear, there is no indication of any fraudulent accounting practices in big tech today.</p><p>However, these stocks are priced for perfection, and if the depreciation debate intensifies, investors could begin reassessing company earnings. With markets already jumpy about any perceived “bad news,” this might be enough to kick off a painful correction.</p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"NVDA":"英伟达","AMZN":"亚马逊","GOOGL":"谷歌A"},"source_url":"https://api.refinitiv.com/data/news/v1/stories/urn:newsml:reuters.com:20251223:nL1N3XS0NN:1","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2593464123","content_text":"It is generally not a good sign when an accounting issue becomes a hot topic on Wall Street. That’s why recent chatter about U.S. technology giants’ depreciation schedules should make investors wary heading into 2026.Ordinarily, matters debated by those who prepare corporate financial statements are too esoteric – and, frankly, too dull – to interest equity investors.However, at the beginning of this century, accounting made its way into the headlines after Enron, WorldCom, and Adelphia Communications, among others, were shown to be using deceptive practices.These companies swiftly migrated from seemingly fabulous success to bankruptcy, with widespread market repercussions. For a time, investors wondered whether they could rely on any company’s representation of its profitability and financial condition.This egregious accounting malpractice – and, indeed, criminal fraud – led to major changes, most notably the Sarbanes-Oxley Act. It made outright fakery largely a thing of the past among U.S. public companies.Investors cannot afford to let down their guard, however.Misleading yet legal financial reporting continues to represent a significant risk to markets. If the reported earnings of a company are revealed to be detached from the underlying economic reality, the firm’s share price could tumble. And if the company is big enough, it could potentially take the broader U.S. equity market down with it.A BIG WORRYIn this context, the current controversy involving depreciation schedules at big tech firms is worrying.Take Nvidia, the $4 trillion-plus maker of semiconductor chips. Michael Burry, the investor whose successful bets against the U.S. housing market in 2008 were recounted in the movie \"The Big Short,\" contends that the AI juggernaut is overestimating its profitability by taking too many years to write off the cost of producing its semiconductors. The longer the depreciation period, the lower the annual charge against earnings.Burry argues that the chips will lose value due to technological advances more quickly than assumed by the company’s depreciation schedules. Nvidia bulls, on the other hand, suggest the lengthy period simply reflects how long the company’s chips will last in terms of wear and tear.Nvidia is not the only tech company whose earnings are currently under scrutiny due to depreciation practices. Burry has pointed the finger at cloud computing giant Oracle, for one. And other \"Magnificent Seven\" companies, including Alphabet, Amazon, Meta, and Microsoft, have also been extending the “assumed useful lives” of some major assets since 2020 as their capex spending has skyrocketed.In addition, there is some evidence to suggest that IBM is getting in on the game. Big Blue’s total depreciation expense dropped from $4.2 billion in 2020 to $2.2 billion in 2024, while revenues increased from $52.3 billion to $62.8 billion, according to Stock Analysis on Net, a research provider that analyzes large U.S. companies’ financial statements.Asset disposals could also have contributed to IBM’s change, of course, along with other tweaks to depreciation policies, but extending assets’ assumed useful lives could be contributing as well.TEMPEST IN A TAX FORMAn important point to remember about corporations’ depreciation schedules is their total lack of importance in creating shareholder value.These accounting techniques matter for tax purposes, but the financial statements companies file with the Internal Revenue Service are distinct from those they provide to investors.In firms’ annual reports, depreciation expense is merely an accounting entry. Reducing it through a change in assumptions does not increase cash flow or, by extension, the enterprise’s economic value. It should thus be unsurprising that stock prices tend not to rise in response to this kind of cosmetic action.Why, then, do companies bother playing around with depreciation schedules?It was more understandable back in the 1980s and 1990s when CEOs’ compensation was often tied to reported earnings per share. But today most public companies compensate their CEOs on the basis of share price rather than EPS.Perhaps, these accounting techniques are a way to reduce seemingly “excessive” earnings multiples, something tech executives have had to justify repeatedly in recent years.Information technology stocks are currently trading with an average price-to-earnings (P/E) ratio of 36, based on consensus analyst estimates, as of December 18, according to Bloomberg, compared with only 25 for the S&P 500 as a whole.Increasing the denominator makes the P/E ratio look less lofty and may thus make life a little easier for CEOs, chief financial officers, and investor relations officers at highly valued tech giants.But the proliferation of such actions does not help investors seeking to determine whether stocks are fairly priced.To be clear, there is no indication of any fraudulent accounting practices in big tech today.However, these stocks are priced for perfection, and if the depreciation debate intensifies, investors could begin reassessing company earnings. With markets already jumpy about any perceived “bad news,” this might be enough to kick off a painful correction.","news_type":1,"symbols_score_info":{"NVDA":2,"GOOGL":2,"AMZN":2}},"isVote":1,"tweetType":1,"viewCount":80,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"hots":[{"id":524825576461656,"gmtCreate":1769157292498,"gmtModify":1769158670968,"author":{"id":"4225026845306982","authorId":"4225026845306982","name":"Zirkay001","avatar":"https://community-static.tradeup.com/news/bb3b35a5a93e23874f4a9a2f0a378daa","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4225026845306982","authorIdStr":"4225026845306982"},"themes":[],"title":"","htmlText":"$goro, is it more in gold or silver?","listText":"$goro, is it more in gold or silver?","text":"$goro, is it more in gold or silver?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/524825576461656","repostId":"1164361888","repostType":2,"repost":{"id":"1164361888","kind":"news","weMediaInfo":{"introduction":"Providing stock market headlines, business news, financials and earnings ","home_visible":1,"media_name":"Tiger Newspress","id":"1079075236","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1769181544,"share":"https://ttm.financial/m/news/1164361888?lang=en_US&edition=fundamental","pubTime":"2026-01-23 23:19","market":"us","language":"en","title":"Silver Futures Break Through the Critical $100 Per Ounce Mark, Last up 3.85%","url":"https://stock-news.laohu8.com/highlight/detail?id=1164361888","media":"Tiger Newspress","summary":"Silver Futures Break Through the Critical $100 Per Ounce Mark, Last up 3.85%","content":"<html><head></head><body><p>Silver Futures Break Through the Critical $100 Per Ounce Mark, Last up 3.85%</p><p class=\"t-img-caption\"><img src=\"https://community-static.tradeup.com/news/b65bd9e7d9d92dccb7585cb15febd20e\" title=\"\" tg-width=\"1170\" tg-height=\"1637\"/></p><p>Since the start of the year, friction between the U.S. and NATO over Greenland, concerns about the Federal Reserve’s independence, and continued uncertainty over tariffs have driven a surge in demand for safe‑haven assets.</p><p>Central bank buying and a broader move away from the dollar have also underpinned gold's rise.</p><p>"We also consider the White House’s increasing aggravation of Fed policy, pushing for lower rates and a more dovish Fed Chair, as reducing confidence in U.S. government debt," analysts at SP Angel said.</p><p>The Fed is expected to hold interest rates steady at its January 27–28 meeting, but markets still expect two further rate cuts in the second half of 2026.</p><p>As a non‑yielding asset, gold is often favored during periods of low interest rates.</p><p>Silver rose around 147% last year driven by robust demand, challenges in scaling up refining of the metal and a persistent supply shortage in the market.</p><p>"Silver, specifically, has been helped by anecdotal evidence of lines in Shenzhen and huge retail demand in Turkey and Dubai," Wong added.</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>Silver Futures Break Through the Critical $100 Per Ounce Mark, Last up 3.85%</title>\n<style 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}\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\">\nSilver Futures Break Through the Critical $100 Per Ounce Mark, Last up 3.85%\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time\">2026-01-23 23:19</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<html><head></head><body><p>Silver Futures Break Through the Critical $100 Per Ounce Mark, Last up 3.85%</p><p class=\"t-img-caption\"><img src=\"https://community-static.tradeup.com/news/b65bd9e7d9d92dccb7585cb15febd20e\" title=\"\" tg-width=\"1170\" tg-height=\"1637\"/></p><p>Since the start of the year, friction between the U.S. and NATO over Greenland, concerns about the Federal Reserve’s independence, and continued uncertainty over tariffs have driven a surge in demand for safe‑haven assets.</p><p>Central bank buying and a broader move away from the dollar have also underpinned gold's rise.</p><p>"We also consider the White House’s increasing aggravation of Fed policy, pushing for lower rates and a more dovish Fed Chair, as reducing confidence in U.S. government debt," analysts at SP Angel said.</p><p>The Fed is expected to hold interest rates steady at its January 27–28 meeting, but markets still expect two further rate cuts in the second half of 2026.</p><p>As a non‑yielding asset, gold is often favored during periods of low interest rates.</p><p>Silver rose around 147% last year driven by robust demand, challenges in scaling up refining of the metal and a persistent supply shortage in the market.</p><p>"Silver, specifically, has been helped by anecdotal evidence of lines in Shenzhen and huge retail demand in Turkey and Dubai," Wong added.</p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"PAAS":"泛美白银","AG":"First Majestic Silver Corporation","SLV":"白银ETF-iShares","SLVP":"iShares MSCI Global Silver and Metals Miners ETF","ZSL":"Proshares二倍做空白银ETF","GLTR":"abrdn Physical Precious Metals Basket Shares ETF","SILJ":"Amplify Junior Silver Miners ETF","SIVR":"Abrdn Silver ETF Trust","SVM":"Silvercorp Metal","CEF":"Sprott Physical Gold & Silver Trust","FSM":"Fortuna Silver Mines Inc","SLVR":"Sprott Silver Miners & Physical Silver ETF","KSLV":"Kurv Silver Enhanced Income ETF","GBUG":"Sprott Active Gold & Silver Miners ETF","SIL":"Silver Miners Etf","AGQ":"2倍做多白银ETF-ProShares","PSLV":"Sprott Physical Silver Trust"},"source_url":"","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1164361888","content_text":"Silver Futures Break Through the Critical $100 Per Ounce Mark, Last up 3.85%Since the start of the year, friction between the U.S. and NATO over Greenland, concerns about the Federal Reserve’s independence, and continued uncertainty over tariffs have driven a surge in demand for safe‑haven assets.Central bank buying and a broader move away from the dollar have also underpinned gold's rise.\"We also consider the White House’s increasing aggravation of Fed policy, pushing for lower rates and a more dovish Fed Chair, as reducing confidence in U.S. government debt,\" analysts at SP Angel said.The Fed is expected to hold interest rates steady at its January 27–28 meeting, but markets still expect two further rate cuts in the second half of 2026.As a non‑yielding asset, gold is often favored during periods of low interest rates.Silver rose around 147% last year driven by robust demand, challenges in scaling up refining of the metal and a persistent supply shortage in the market.\"Silver, specifically, has been helped by anecdotal evidence of lines in Shenzhen and huge retail demand in Turkey and Dubai,\" Wong added.","news_type":1,"symbols_score_info":{"SVM":2,"AG":2,"PAAS":2,"KSLV":2,"AGQ":2,"SLV":2,"SIL":2,"XAGUSD.FOREX":2,"CEF":2,"ZSL":2,"FSM":2,"SImain":2,"SLVP":2,"GLTR":2,"GBUG":2,"MAG":2,"SILJ":2,"SIVR":2,"SLVR":2,"PSLV":2}},"isVote":1,"tweetType":1,"viewCount":1,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":514669347635808,"gmtCreate":1766679266502,"gmtModify":1766680433146,"author":{"id":"4225026845306982","authorId":"4225026845306982","name":"Zirkay001","avatar":"https://community-static.tradeup.com/news/bb3b35a5a93e23874f4a9a2f0a378daa","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4225026845306982","authorIdStr":"4225026845306982"},"themes":[],"title":"","htmlText":"3 major points","listText":"3 major points","text":"3 major points","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/514669347635808","repostId":"2593464123","repostType":2,"repost":{"id":"2593464123","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":"1032215980","head_image":"https://community-static.tradeup.com/news/4567337cbdf294b657b1fa87c5488b48"},"pubTimestamp":1766569292,"share":"https://ttm.financial/m/news/2593464123?lang=en_US&edition=fundamental","pubTime":"2025-12-24 17:41","market":"nz","language":"en","title":"Big Tech's Depreciation Games Are a Hidden Risk to Watch in 2026","url":"https://stock-news.laohu8.com/highlight/detail?id=2593464123","media":"Reuters","summary":"ROI-Big tech's depreciation games are a hidden risk to watch in 2026: FridsonThe views expressed here are those of the author, the publisher of Income Securities Advisor.By Marty Fridson","content":"<html><head></head><body><p>It is generally not a good sign when an accounting issue becomes a hot topic on Wall Street. That’s why recent chatter about U.S. technology giants’ depreciation schedules should make investors wary heading into 2026.</p><p>Ordinarily, matters debated by those who prepare corporate financial statements are too esoteric – and, frankly, too dull – to interest equity investors.</p><p>However, at the beginning of this century, accounting made its way into the headlines after Enron, WorldCom, and Adelphia Communications, among others, were shown to be using deceptive practices.</p><p>These companies swiftly migrated from seemingly fabulous success to bankruptcy, with widespread market repercussions. For a time, investors wondered whether they could rely on any company’s representation of its profitability and financial condition.</p><p>This egregious accounting malpractice – and, indeed, criminal fraud – led to major changes, most notably the Sarbanes-Oxley Act. It made outright fakery largely a thing of the past among U.S. public companies.</p><p>Investors cannot afford to let down their guard, however.</p><p>Misleading yet legal financial reporting continues to represent a significant risk to markets. If the reported earnings of a company are revealed to be detached from the underlying economic reality, the firm’s share price could tumble. And if the company is big enough, it could potentially take the broader U.S. equity market down with it.</p><h3 id=\"id_3232995590\">A BIG WORRY</h3><p>In this context, the current controversy involving depreciation schedules at big tech firms is worrying.</p><p>Take <a href=\"https://laohu8.com/S/NVDA\">Nvidia</a>, the $4 trillion-plus maker of semiconductor chips. Michael Burry, the investor whose successful bets against the U.S. housing market in 2008 were recounted in the movie "The Big Short," contends that the AI juggernaut is overestimating its profitability by taking too many years to write off the cost of producing its semiconductors. The longer the depreciation period, the lower the annual charge against earnings.</p><p>Burry argues that the chips will lose value due to technological advances more quickly than assumed by the company’s depreciation schedules. Nvidia bulls, on the other hand, suggest the lengthy period simply reflects how long the company’s chips will last in terms of wear and tear.</p><p>Nvidia is not the only tech company whose earnings are currently under scrutiny due to depreciation practices. Burry has pointed the finger at cloud computing giant <a href=\"https://laohu8.com/S/ORCL\">Oracle</a>, for one. And other "Magnificent Seven" companies, including <a href=\"https://laohu8.com/S/GOOGL\">Alphabet</a>, <a href=\"https://laohu8.com/S/AMZN\">Amazon</a>, <a href=\"https://laohu8.com/S/META\">Meta</a>, and <a href=\"https://laohu8.com/S/MSFT\">Microsoft</a>, have also been extending the “assumed useful lives” of some major assets since 2020 as their capex spending has skyrocketed.</p><p>In addition, there is some evidence to suggest that <a href=\"https://laohu8.com/S/IBM\">IBM</a> is getting in on the game. Big Blue’s total depreciation expense dropped from $4.2 billion in 2020 to $2.2 billion in 2024, while revenues increased from $52.3 billion to $62.8 billion, according to Stock Analysis on Net, a research provider that analyzes large U.S. companies’ financial statements.</p><p>Asset disposals could also have contributed to IBM’s change, of course, along with other tweaks to depreciation policies, but extending assets’ assumed useful lives could be contributing as well.</p><h3 id=\"id_3380659930\">TEMPEST IN A TAX FORM</h3><p>An important point to remember about corporations’ depreciation schedules is their total lack of importance in creating shareholder value.</p><p>These accounting techniques matter for tax purposes, but the financial statements companies file with the Internal Revenue Service are distinct from those they provide to investors.</p><p>In firms’ annual reports, depreciation expense is merely an accounting entry. Reducing it through a change in assumptions does not increase cash flow or, by extension, the enterprise’s economic value. It should thus be unsurprising that stock prices tend not to rise in response to this kind of cosmetic action.</p><p>Why, then, do companies bother playing around with depreciation schedules?</p><p>It was more understandable back in the 1980s and 1990s when CEOs’ compensation was often tied to reported earnings per share. But today most public companies compensate their CEOs on the basis of share price rather than EPS.</p><p>Perhaps, these accounting techniques are a way to reduce seemingly “excessive” earnings multiples, something tech executives have had to justify repeatedly in recent years.</p><p>Information technology stocks are currently trading with an average price-to-earnings (P/E) ratio of 36, based on consensus analyst estimates, as of December 18, according to Bloomberg, compared with only 25 for the S&P 500 as a whole.</p><p>Increasing the denominator makes the P/E ratio look less lofty and may thus make life a little easier for CEOs, chief financial officers, and investor relations officers at highly valued tech giants.</p><p>But the proliferation of such actions does not help investors seeking to determine whether stocks are fairly priced.</p><p>To be clear, there is no indication of any fraudulent accounting practices in big tech today.</p><p>However, these stocks are priced for perfection, and if the depreciation debate intensifies, investors could begin reassessing company earnings. With markets already jumpy about any perceived “bad news,” this might be enough to kick off a painful correction.</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>Big Tech's Depreciation Games Are a Hidden Risk to Watch in 2026</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\">\nBig Tech's Depreciation Games Are a Hidden Risk to Watch in 2026\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1032215980\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://community-static.tradeup.com/news/4567337cbdf294b657b1fa87c5488b48);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Reuters </p>\n<p class=\"h-time\">2025-12-24 17:41</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<html><head></head><body><p>It is generally not a good sign when an accounting issue becomes a hot topic on Wall Street. That’s why recent chatter about U.S. technology giants’ depreciation schedules should make investors wary heading into 2026.</p><p>Ordinarily, matters debated by those who prepare corporate financial statements are too esoteric – and, frankly, too dull – to interest equity investors.</p><p>However, at the beginning of this century, accounting made its way into the headlines after Enron, WorldCom, and Adelphia Communications, among others, were shown to be using deceptive practices.</p><p>These companies swiftly migrated from seemingly fabulous success to bankruptcy, with widespread market repercussions. For a time, investors wondered whether they could rely on any company’s representation of its profitability and financial condition.</p><p>This egregious accounting malpractice – and, indeed, criminal fraud – led to major changes, most notably the Sarbanes-Oxley Act. It made outright fakery largely a thing of the past among U.S. public companies.</p><p>Investors cannot afford to let down their guard, however.</p><p>Misleading yet legal financial reporting continues to represent a significant risk to markets. If the reported earnings of a company are revealed to be detached from the underlying economic reality, the firm’s share price could tumble. And if the company is big enough, it could potentially take the broader U.S. equity market down with it.</p><h3 id=\"id_3232995590\">A BIG WORRY</h3><p>In this context, the current controversy involving depreciation schedules at big tech firms is worrying.</p><p>Take <a href=\"https://laohu8.com/S/NVDA\">Nvidia</a>, the $4 trillion-plus maker of semiconductor chips. Michael Burry, the investor whose successful bets against the U.S. housing market in 2008 were recounted in the movie "The Big Short," contends that the AI juggernaut is overestimating its profitability by taking too many years to write off the cost of producing its semiconductors. The longer the depreciation period, the lower the annual charge against earnings.</p><p>Burry argues that the chips will lose value due to technological advances more quickly than assumed by the company’s depreciation schedules. Nvidia bulls, on the other hand, suggest the lengthy period simply reflects how long the company’s chips will last in terms of wear and tear.</p><p>Nvidia is not the only tech company whose earnings are currently under scrutiny due to depreciation practices. Burry has pointed the finger at cloud computing giant <a href=\"https://laohu8.com/S/ORCL\">Oracle</a>, for one. And other "Magnificent Seven" companies, including <a href=\"https://laohu8.com/S/GOOGL\">Alphabet</a>, <a href=\"https://laohu8.com/S/AMZN\">Amazon</a>, <a href=\"https://laohu8.com/S/META\">Meta</a>, and <a href=\"https://laohu8.com/S/MSFT\">Microsoft</a>, have also been extending the “assumed useful lives” of some major assets since 2020 as their capex spending has skyrocketed.</p><p>In addition, there is some evidence to suggest that <a href=\"https://laohu8.com/S/IBM\">IBM</a> is getting in on the game. Big Blue’s total depreciation expense dropped from $4.2 billion in 2020 to $2.2 billion in 2024, while revenues increased from $52.3 billion to $62.8 billion, according to Stock Analysis on Net, a research provider that analyzes large U.S. companies’ financial statements.</p><p>Asset disposals could also have contributed to IBM’s change, of course, along with other tweaks to depreciation policies, but extending assets’ assumed useful lives could be contributing as well.</p><h3 id=\"id_3380659930\">TEMPEST IN A TAX FORM</h3><p>An important point to remember about corporations’ depreciation schedules is their total lack of importance in creating shareholder value.</p><p>These accounting techniques matter for tax purposes, but the financial statements companies file with the Internal Revenue Service are distinct from those they provide to investors.</p><p>In firms’ annual reports, depreciation expense is merely an accounting entry. Reducing it through a change in assumptions does not increase cash flow or, by extension, the enterprise’s economic value. It should thus be unsurprising that stock prices tend not to rise in response to this kind of cosmetic action.</p><p>Why, then, do companies bother playing around with depreciation schedules?</p><p>It was more understandable back in the 1980s and 1990s when CEOs’ compensation was often tied to reported earnings per share. But today most public companies compensate their CEOs on the basis of share price rather than EPS.</p><p>Perhaps, these accounting techniques are a way to reduce seemingly “excessive” earnings multiples, something tech executives have had to justify repeatedly in recent years.</p><p>Information technology stocks are currently trading with an average price-to-earnings (P/E) ratio of 36, based on consensus analyst estimates, as of December 18, according to Bloomberg, compared with only 25 for the S&P 500 as a whole.</p><p>Increasing the denominator makes the P/E ratio look less lofty and may thus make life a little easier for CEOs, chief financial officers, and investor relations officers at highly valued tech giants.</p><p>But the proliferation of such actions does not help investors seeking to determine whether stocks are fairly priced.</p><p>To be clear, there is no indication of any fraudulent accounting practices in big tech today.</p><p>However, these stocks are priced for perfection, and if the depreciation debate intensifies, investors could begin reassessing company earnings. With markets already jumpy about any perceived “bad news,” this might be enough to kick off a painful correction.</p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"NVDA":"英伟达","AMZN":"亚马逊","GOOGL":"谷歌A"},"source_url":"https://api.refinitiv.com/data/news/v1/stories/urn:newsml:reuters.com:20251223:nL1N3XS0NN:1","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2593464123","content_text":"It is generally not a good sign when an accounting issue becomes a hot topic on Wall Street. That’s why recent chatter about U.S. technology giants’ depreciation schedules should make investors wary heading into 2026.Ordinarily, matters debated by those who prepare corporate financial statements are too esoteric – and, frankly, too dull – to interest equity investors.However, at the beginning of this century, accounting made its way into the headlines after Enron, WorldCom, and Adelphia Communications, among others, were shown to be using deceptive practices.These companies swiftly migrated from seemingly fabulous success to bankruptcy, with widespread market repercussions. For a time, investors wondered whether they could rely on any company’s representation of its profitability and financial condition.This egregious accounting malpractice – and, indeed, criminal fraud – led to major changes, most notably the Sarbanes-Oxley Act. It made outright fakery largely a thing of the past among U.S. public companies.Investors cannot afford to let down their guard, however.Misleading yet legal financial reporting continues to represent a significant risk to markets. If the reported earnings of a company are revealed to be detached from the underlying economic reality, the firm’s share price could tumble. And if the company is big enough, it could potentially take the broader U.S. equity market down with it.A BIG WORRYIn this context, the current controversy involving depreciation schedules at big tech firms is worrying.Take Nvidia, the $4 trillion-plus maker of semiconductor chips. Michael Burry, the investor whose successful bets against the U.S. housing market in 2008 were recounted in the movie \"The Big Short,\" contends that the AI juggernaut is overestimating its profitability by taking too many years to write off the cost of producing its semiconductors. The longer the depreciation period, the lower the annual charge against earnings.Burry argues that the chips will lose value due to technological advances more quickly than assumed by the company’s depreciation schedules. Nvidia bulls, on the other hand, suggest the lengthy period simply reflects how long the company’s chips will last in terms of wear and tear.Nvidia is not the only tech company whose earnings are currently under scrutiny due to depreciation practices. Burry has pointed the finger at cloud computing giant Oracle, for one. And other \"Magnificent Seven\" companies, including Alphabet, Amazon, Meta, and Microsoft, have also been extending the “assumed useful lives” of some major assets since 2020 as their capex spending has skyrocketed.In addition, there is some evidence to suggest that IBM is getting in on the game. Big Blue’s total depreciation expense dropped from $4.2 billion in 2020 to $2.2 billion in 2024, while revenues increased from $52.3 billion to $62.8 billion, according to Stock Analysis on Net, a research provider that analyzes large U.S. companies’ financial statements.Asset disposals could also have contributed to IBM’s change, of course, along with other tweaks to depreciation policies, but extending assets’ assumed useful lives could be contributing as well.TEMPEST IN A TAX FORMAn important point to remember about corporations’ depreciation schedules is their total lack of importance in creating shareholder value.These accounting techniques matter for tax purposes, but the financial statements companies file with the Internal Revenue Service are distinct from those they provide to investors.In firms’ annual reports, depreciation expense is merely an accounting entry. Reducing it through a change in assumptions does not increase cash flow or, by extension, the enterprise’s economic value. It should thus be unsurprising that stock prices tend not to rise in response to this kind of cosmetic action.Why, then, do companies bother playing around with depreciation schedules?It was more understandable back in the 1980s and 1990s when CEOs’ compensation was often tied to reported earnings per share. But today most public companies compensate their CEOs on the basis of share price rather than EPS.Perhaps, these accounting techniques are a way to reduce seemingly “excessive” earnings multiples, something tech executives have had to justify repeatedly in recent years.Information technology stocks are currently trading with an average price-to-earnings (P/E) ratio of 36, based on consensus analyst estimates, as of December 18, according to Bloomberg, compared with only 25 for the S&P 500 as a whole.Increasing the denominator makes the P/E ratio look less lofty and may thus make life a little easier for CEOs, chief financial officers, and investor relations officers at highly valued tech giants.But the proliferation of such actions does not help investors seeking to determine whether stocks are fairly priced.To be clear, there is no indication of any fraudulent accounting practices in big tech today.However, these stocks are priced for perfection, and if the depreciation debate intensifies, investors could begin reassessing company earnings. With markets already jumpy about any perceived “bad news,” this might be enough to kick off a painful correction.","news_type":1,"symbols_score_info":{"NVDA":2,"GOOGL":2,"AMZN":2}},"isVote":1,"tweetType":1,"viewCount":80,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}