Profile - To The Moon

kuro123

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- kuro123kuro123
  ·2022-09-12
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- kuro123kuro123
  ·2022-09-08
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- kuro123kuro123
  ·2022-09-05
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  Tencent Holdings repurchased 1.1 million shares today, spending approximately HK$351 million.
  腾讯控股：于9月5日回购110万股，回购价格为316.6-324港元，共耗资约3.51亿港元。
  Tencent Holdings repurchased 1.1 million shares today, spending approximately HK$351 million.
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- kuro123kuro123
  ·2022-09-04
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- kuro123kuro123
  ·2022-09-03
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  A grain of dust on Nvidia's head
  刚刚开幕的世界人工智能大会上，已经没有人关心今年到底马斯克会语出惊人，还是会BAT三巨头重聚斗法，所有交头接耳的观众就关心一件事——英伟达的A100、H100显卡，真的要断供了吗？一旦英伟达和AMD的
  A grain of dust on Nvidia's head
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- kuro123kuro123
  ·2022-09-02
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  With the market weakening, which US stocks did asset management giants favor in the second quarter?
  来看看这些“聪明钱”都买了什么。
  With the market weakening, which US stocks did asset management giants favor in the second quarter?
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- kuro123kuro123
  ·2022-09-01
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- kuro123kuro123
  ·2022-09-01
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- kuro123kuro123
  ·2022-08-31
  $Grab Holdings(GRAB)$
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- kuro123kuro123
  ·2022-08-31
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  Biocytography-B has a 50% success rate in one lot; subscribing to 14 lots guarantees one lot.
  8月31日，百奥赛图-B发布公告，公司全球发售2175.85万股股份，其中香港发售股份217.6万股，国际发售股份1958.25万股，另有15%超额配股权；发售价为每股发售股份25.22港元，每手买卖
  Biocytography-B has a 50% success rate in one lot; subscribing to 14 lots guarantees one lot.
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}\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\">\nTencent Holdings repurchased 1.1 million shares today, spending approximately HK$351 million.\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\">2022-09-05 17:30</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p><html><head></head><body><a href=\"https://laohu8.com/S/00700\">Tencent Holdings</a>On September 5, the company repurchased 1.1 million shares at a price of HK$316.6-324, costing a total of approximately HK$351 million.</p><p><img src=\"https://static.tigerbbs.com/a1ee177bdf306f991afb7d40f950e889\" tg-width=\"1576\" tg-height=\"484\" width=\"100%\" height=\"auto\"/></p><p></body></html></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/e7799eeb7043b8caaf3d109c3b13109e","relate_stocks":{"BK1521":"挪威政府全球养老基金持仓","BK1526":"科网股","BK1517":"云办公","BK1502":"双十一","BK1591":"就地过年概念","BK1095":"互动媒体与服务","BK1608":"元宇宙概念","00700":"腾讯控股","BK1586":"云计算","BK1531":"手游股","BK1516":"腾讯概念","BK1589":"北水核心资产","TCEHY":"腾讯控股ADR"},"source_url":"","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1188730327","content_text":"腾讯控股：于9月5日回购110万股，回购价格为316.6-324港元，共耗资约3.51亿港元。","news_type":1,"symbols_score_info":{"TCEHY":0.9,"00700":0.9}},"isVote":1,"tweetType":1,"viewCount":5205,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9933837468,"gmtCreate":1662258404955,"gmtModify":1676537026007,"author":{"id":"4116924152740332","authorId":"4116924152740332","name":"kuro123","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4116924152740332","authorIdStr":"4116924152740332"},"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/9933837468","repostId":"1183237993","repostType":4,"isVote":1,"tweetType":1,"viewCount":4748,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9933922402,"gmtCreate":1662205594406,"gmtModify":1676537018091,"author":{"id":"4116924152740332","authorId":"4116924152740332","name":"kuro123","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4116924152740332","authorIdStr":"4116924152740332"},"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/9933922402","repostId":"1101174405","repostType":4,"repost":{"id":"1101174405","kind":"news","pubTimestamp":1662163894,"share":"https://ttm.financial/m/news/1101174405?lang=en_US&edition=fundamental","pubTime":"2022-09-03 08:11","market":"us","language":"zh","title":"A grain of dust on Nvidia's head","url":"https://stock-news.laohu8.com/highlight/detail?id=1101174405","media":"远川研究所","summary":"刚刚开幕的世界人工智能大会上，已经没有人关心今年到底马斯克会语出惊人，还是会BAT三巨头重聚斗法，所有交头接耳的观众就关心一件事——英伟达的A100、H100显卡，真的要断供了吗？一旦英伟达和AMD的","content":"<p><html><head></head><body>At the recently opened World Artificial Intelligence Conference, no one cared whether Musk would make a surprising statement this year or whether the BAT (Baidu, Alibaba, Tencent) giants would reunite and battle it out. All the whispering audience members were concerned about one thing—<b>Are Nvidia's A100 and H100 graphics cards really going to be discontinued?</b>？</p><p><b>If Nvidia and AMD's GPU supplies are cut off, it would be tantamount to fundamentally undermining the development of the artificial intelligence industry.</b>—Every true AI research institution has the A100 and H100.</p><p><b>Nvidia has had a tough time in the past year.</b>In the second quarter of 2022, Nvidia delivered a surprising financial report, with revenue declining by 19% quarter-on-quarter. The gaming business, which supports the main revenue, declined by 44% month-on-month and 33% year-on-year.</p><p>Nvidia's largest business, gaming, collapsed, and its second largest business, data centers, suffered a fundamental blow from the United States, causing its stock price to continue to plummet. Compared to its peak at the end of last year, Nvidia's stock price has now halved, leaving its market capitalization at only $377.4 billion.</p><p>Looking back a year ago, the story of Nvidia was a different narrative:</p><p>In April 2021, Nvidia held a \"metaverse launch event\". Halfway through his speech, CEO Jensen Huang was secretly replaced by a digital human, almost unnoticed. Three months later, the 14-second \"change of scenery\" was made public, and Nvidia successfully earned the title of \"metaverse giant\".</p><p>Without a doubt, in the technology industry, \"metaverse\" was the three most discussed words that year. Taking advantage of the boom, Nvidia's stock price soared. In November, Nvidia's market capitalization surpassed $800 billion, making it the world's most valuable semiconductor company.</p><p>As the infrastructure of metaverse, the computing power support of the AI boom, and the core productivity of cryptocurrency miners, Nvidia's performance this year was also outstanding: total revenue was $26.914 billion, a year-on-year increase of 61%.</p><p><img src=\"https://static.tigerbbs.com/04aac5b05b0637eff403d850e750a843\" tg-width=\"540\" tg-height=\"311\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>14 seconds that are hard to distinguish between real and fake</p><p><b>What exactly happened to Nvidia in less than a year?</b></p><p><b>01. Rise: Computing power reverses life and death</b></p><p>To understand Nvidia's current situation, we need to start with the relationship between Nvidia and computing power.</p><p>In Silicon Valley, few entrepreneurs are as stubborn as Nvidia founder Jensen Huang, and his beliefs are simple:<b>Computing power is power</b>。</p><p>With this belief in mind, in 2010, NVIDIA released a new generation of graphics cards with explosive performance and explosive heat generation – the GTX480. Some people have conducted tests and found that the operating temperature of a GTX 480 at full power would often soar to 60 or 70 degrees Celsius, and if you weren't careful, it would take other components with it to the underworld.</p><p>So what? Jensen Huang said, \"I want to think that the greater the computing power, the better.\"</p><p>A year later, Nvidia released its latest graphics card, the GTX590. Not long after a foreign media outlet ran the GTX590 at its maximum power, a wisp of smoke rose from the circuit board, and the nickname \"nuclear bomb\" for NVIDIA graphics cards quickly spread.</p><p>These are just appetizers. When Nvidia released its successor, the GTX 690, netizens angry at its lack of competition directly added it to the encyclopedia entry for \"aircraft carrier killer\". After watching it, the Gansu TV host believed it to be true and wrote it into the oral transcript of the military program:</p><p>“<b>In particular, the improved model equipped with a GTX690 graphics card can destroy an aircraft carrier battle group with a single shot!</b>”</p><p>After the program aired, Silicon Valley madman Jensen Huang was once again crowned a \"two-bomb pioneer\".</p><p><img src=\"https://static.tigerbbs.com/ac73479b1566947e38e4854795412516\" tg-width=\"580\" tg-height=\"1085\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>It's a lie that massive computing power destroyed an aircraft carrier cluster, but Nvidia's dream of blowing up its mobile devices is real:</p><p>In 2011, with the decline of traditional PCs and the rise of smartphones, the trend of becoming a new generation of super terminals became increasingly clear: Nvidia, eager to make a name for itself in the smartphone field, launched the world's first quad-core processor, Tegra 3, which offered three times the performance of its predecessor.</p><p>The publicity is wonderful, isn't it? HTC, eager to reverse the decline in its smartphone business, believed it and chose to put a stop to Nvidia's dream: it aggressively used Tegra 3 in its latest flagship phone.</p><p>As a result, the emaciated camel became a feverish camel. The severe overheating problem caused by Tegra 3's excessive computing power accumulation became the final straw that brought HTC's smartphone recovery to a standstill, temporarily bringing Nvidia's journey to a close.</p><p>Jensen Huang's obsession with computing power led Nvidia into a dead end: graphics card combustion and the failure of the smartphone wave once caused Nvidia's stock price to drop by nearly half.</p><p><b>02. Reversal: When computing power truly becomes power</b></p><p>But both failure and success require computing power. At a critical juncture, Jensen Huang's belief that \"computing power will change the world\" has unexpectedly been corroborated in the field of AI.</p><p>Before 2012, AI experienced two waves, both of which were unsustainable due to objective constraints. Simply put, the first limitation is insufficient computing power, while the second is excessive cost.</p><p>Previously, AI recognition relied heavily on the CPU.</p><p>The CPU is suitable for complex general-purpose serial tasks and has up to 16 powerful ALUs (arithmetic logic units) built in. To translate, this is equivalent to a college student who can do calculus, who is smart but inefficient. In 2010, AI pioneer Andrew Ng had to spend 16,000 CPUs to get an AI program to recognize a cat, which was equivalent to forty or fifty internet cafes running at full capacity at the same time, costing about $1 million.</p><p>GPUs are suitable for simple and specific parallel tasks. They have thousands of simple ALUs built in, which is roughly equivalent to hundreds of elementary school students who can only do addition, subtraction, multiplication and division. Their brains are a bit lacking, but they win because of their high efficiency.</p><p>So to summarize, handling complex logical tasks and acting as a commander requires a dedicated CPU. However, GPUs are most suitable for simple, repetitive tasks that involve heavy computing power accumulation.</p><p>Where is it necessary to brutally accumulate computing power? In the past, the only recognized application scenarios for GPUs were games. But Jensen Huang believes that computing power can change the world: in order to better utilize GPU computing power, NVIDIA also launched a software tool called CUDA to lower the barrier to GPU programming, and invested 6 years regardless of cost.</p><p>This finally made AI scholars realize the power of GPU computing power.</p><p>For scenarios such as AI deep learning, \"100 elementary school student brains\" are sufficient—which means that high-performance GPUs are clearly more suitable. After Andrew Ng replaced his original AI program with a GPU, he was surprised to find that only 12 were needed.</p><p>This major discovery, combined with software breakthroughs, has ignited the third wave of AI development globally and propelled NVIDIA, which also possesses an AI software and hardware ecosystem, to the pinnacle: today, Amazon, the world's largest public cloud, and the AI research of BAT (Baidu, Alibaba, Tencent) all rely heavily on the technical support of NVIDIA GPUs.</p><p><b>Wherever there is AI, everyone mentions Nvidia.</b>。 Just as Jensen Huang firmly believed, computing power has truly changed the world this time.</p><p>Coincidentally, cryptocurrencies that emerged around the same time also relied heavily on GPU computing power. With the support of numerous trends, graphics cards have been in short supply for many years, and \"domineering CEO\" Jensen Huang has become the veritable \"godfather of graphics cards\". The \"believers\" of the graphics card forum once recorded these glorious deeds in the form of the Records of the Grand Historian, and commented at the end:</p><p>\"First came the benevolent, then came the heavens; with a graphics card in hand, he can destroy immortals.\"</p><p><b>03. Coronation: GPU Devours Everything</b></p><p>At the 2019 GTC conference, Jensen Huang once again publicly mentioned his belief in computing power: \"Even if Moore's Law comes to an end, GPUs will be omnipotent.\" Finally, in 2021, his belief was widely recognized in the secondary market. Investment giants like Sister Wood have increased their investments one after another, and the secondary market has been soaring, with its market value tripling in a year.</p><p>This mainly stems from two growths and two entirely new narratives.</p><p>The growth came from two main businesses: gaming and data centers.</p><p>Due to the extended stay-at-home time caused by the pandemic, the demand for games has increased. According to Newzoo, the global gaming market grew by 1.4% in 2021. To run AAA games on PC, a discrete graphics card is an essential tool. Currently, there are almost only two options: Nvidia and AMD. Nvidia has an absolute advantage in market share - in the third quarter of the same year, Nvidia captured 83% of the market.</p><p>However, besides gamers, there is an even larger group rushing to buy gaming graphics cards.</p><p>In 2021, the cryptocurrency market ushered in a new bull market: Bitcoin more than doubled, Ethereum quadrupled, and LUNA, which later caused an earthquake in the cryptocurrency world, rose more than 80 times. The market boom has given rise to a large number of \"crypto miners\". Mining is a means of producing cryptocurrency, relying on powerful GPU computing power. Mining machines made from top-of-the-line gaming graphics cards have become veritable \"gold mining shovels,\" and computing power has become synonymous with \"wealth.\"</p><p><img src=\"https://static.tigerbbs.com/5532287cd6f926f8872e91441dd9483a\" tg-width=\"843\" tg-height=\"431\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>Bitcoin surges</p><p>The resulting surge in demand led to a rise in both the volume and price of NVIDIA graphics cards, and the gaming business also took off, generating $3.2 billion in revenue in the third quarter of 2021, a year-on-year increase of 42%.</p><p>At the same time, the global data center industry also ushered in a spring: its scale reached US$76.56 billion, a year-on-year increase of 13.5%, and the growth rate is expected to remain above 10% in the coming years. [5] Data centers are a product of the AI development wave, which means that Nvidia, which has both CUDA and GPUs, has once again won big. Of the world's top 500 supercomputers, 342 are serviced by Nvidia.</p><p>This trend was quickly reflected in Nvidia's financial reports: in 2021, data center revenue increased by 124% year-on-year, and surpassed gaming in the first quarter of the following year to become a new revenue pillar.</p><p>While Nvidia's financial results showed impressive growth, two new narratives brought by it have also whetted the appetite of the secondary market.</p><p>The first to be affected was metaverse, one of the biggest trends of the year.</p><p>At the end of 2021, Jensen Huang showcased a new generation of tool software, Omniverse, calling it \"metaverse for engineers\". In Nvidia's vision of the future, everything in the real universe can be installed in the virtual world using Omniverse and GPU computing power, providing people with a key to metaverse. On the day of the release, Nvidia's stock price hit a record high.</p><p><img src=\"https://static.tigerbbs.com/3b14b53638f1068c41b8107020948235\" tg-width=\"600\" tg-height=\"341\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>Another new narrative comes from ARM: In 2021, Nvidia was steadily moving forward with its acquisition of ARM from Japan's SoftBank.</p><p>ARM is a provider of technology patents in the field of mobile chips, and over 90% of smartphones use the ARM architecture. Once the acquisition is completed, Jensen Huang will have the opportunity to unify the PC and mobile markets, leaving only the legend of Nvidia in the market.</p><p>Everything seems to be moving towards<b>A master of computing power, with boundless magic.</b>Heading in that direction.</p><p><b>04. Mercury Retrograde: Has the superpower of computing power disappeared?</b></p><p>Computing power is power, and computing power determines the capabilities of AI. After more than a decade, not only Nvidia's followers have understood this, but the US government has also understood it:</p><p>In this quarter alone, Nvidia's sales of these two chips exported to China reached $400 million. It's worth noting that Nvidia's total revenue in the most recent fiscal quarter was only $6.7 billion, and it certainly doesn't want to lose the Chinese market.</p><p><b>But Nvidia's Mercury retrograde is far more than that.</b></p><p>At the beginning of this year, before Nvidia's dream of dominating the market had even begun, its acquisition of ARM faced a joint attack from governments around the world and global tech giants.</p><p>First, in 2021, four tech giants—Qualcomm, Microsoft, Intel, and Amazon—formed an \"anti-Nvidia alliance\" to jointly provide monopoly evidence to regulatory agencies in various countries in an attempt to block the acquisition.</p><p>Later, when Jensen Huang submitted acquisition applications to various countries, the reaction of global regulators was exactly the same—delay. The EU gave the most bizarre reason: because of the summer vacation.</p><p>On February 8, 2022, Nvidia finally received responses from regulatory agencies in the United States, the United Kingdom, and the European Union. Unfortunately, the answer was a refusal, citing concerns about potential serious monopolies in the global semiconductor industry, at which point ARM's neutrality would be completely lost.</p><p>For Huang Renxun<b>The failed ARM acquisition was just the beginning; soon after, the graphics card speculation market also collapsed.</b>。</p><p>In March 2021, CCTV sent reporters to go undercover in the digital market and expose the path to sudden wealth of unscrupulous graphics card merchants. But when I revisited the same place a year later, I was greeted by a completely opposite scene. Upon meeting the undercover reporter, the merchants in Huaqiangbei, Shenzhen, could not hide their grief, saying frankly that they had taken the deal at a high price, and now they are losing three to four thousand yuan for every graphics card they sell. At its most extreme, graphics cards dropped by 1,000 yuan a month.</p><p><img src=\"https://static.tigerbbs.com/302a2d8cf0eeb0cd244cef3ed5f58083\" tg-width=\"533\" tg-height=\"300\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>In August of this year, the RTX 30 series graphics cards, which were previously difficult to find, have successfully fallen below their issue price, and the price of second-hand graphics cards on eBay has generally been halved.</p><p>Even so, there are still many voices calling for \"not to take over\" – there is still room for prices to bottom further. While the party members were shouting slogans like \"If you don't buy it, I won't buy it, graphics cards will be reduced by 200 yuan tomorrow,\" they were also calculating when the unscrupulous merchants who hoarded goods at high prices last year would go up to the rooftop to perform a \"flying performance.\"</p><p><img src=\"https://static.tigerbbs.com/42454d54a829cc393282f8a8629a717a\" tg-width=\"640\" tg-height=\"398\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>In just one year, the demand for graphics cards has shrunk sharply. Graphics cards, which used to see both sales and price increases, have suddenly become sluggish, becoming the culprit behind Nvidia's poor performance. In the second quarter, revenue from the gaming business (graphics cards) was only around $6.7 billion, a decrease of more than 30% year-on-year and quarter-on-quarter. Affected by inventory issues, Nvidia's gross profit margin also fell to 43.7%, far lower than the previously predicted 65.1%.</p><p>In just one year, the GPU computing power myth has suddenly lost its magic?</p><p><b>05. A grain of dust from the times falls on Nvidia's head.</b></p><p>But unlike Nvidia's past failures, Jensen Huang didn't do anything wrong this time; times have just changed.</p><p>According to a statistic compiled by market research firm IC Insights, since the 1990s, the rise and fall of the semiconductor industry has been almost closely tied to the trend of global GDP.</p><p>The underlying logic is not difficult to understand.<b>Only when people's wallets are getting fuller every day will they care whether the NVIDIA 3090TI or the AMD 6950XT is faster.</b>Only gamers would upgrade to a new computer for a better experience, crypto miners would firmly believe that \"computing power is wealth\" and frantically hoard graphics cards, and even scholars would have sufficient budgets to build data centers for research. Multiple waves alternated, and everyone together pushed computing power to a pedestal.</p><p>However, when the pandemic arrived along with inflation and rate hike, we saw that during the second-quarter earnings conference, Nvidia CFO Kress blamed the collapse on otaku – a sudden slowdown in demand for gaming products. But the other half of the sentence he didn't explicitly say was about the world he couldn't return to:</p><p>Regarding the rights that come with computing power. The cryptocurrency crash led to a large number of miners announcing their \"surrender\" and suspending mining starting June 7 due to a sharp drop in income. In 2022, at its peak, even Bitcoin fell by two-thirds in six months, and miners' computing power expenditures could no longer cover the gains in the coin price.</p><p>As for the rosy vision of computing power, although in the long run, the expansion of computing power will never end; However, in the short term, Nvidia will face slower growth from global internet giants, as well as declining PC shipments for many years. The sudden ban on US data center exports has left Nvidia with a lot to say.</p><p>What Nvidia is left with is a world that has temporarily halted growth and a world that has begun to deglobalize.</p><p></body></html></p>","source":"lsy1585097861883","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>A grain of dust on Nvidia's head</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\">\nA grain of dust on Nvidia's head\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">远川研究所</strong><span class=\"h-time small\">2022-09-03 08:11</span>\n</p>\n</h4>\n</header>\n<article>\n<p><html><head></head><body>At the recently opened World Artificial Intelligence Conference, no one cared whether Musk would make a surprising statement this year or whether the BAT (Baidu, Alibaba, Tencent) giants would reunite and battle it out. All the whispering audience members were concerned about one thing—<b>Are Nvidia's A100 and H100 graphics cards really going to be discontinued?</b>？</p><p><b>If Nvidia and AMD's GPU supplies are cut off, it would be tantamount to fundamentally undermining the development of the artificial intelligence industry.</b>—Every true AI research institution has the A100 and H100.</p><p><b>Nvidia has had a tough time in the past year.</b>In the second quarter of 2022, Nvidia delivered a surprising financial report, with revenue declining by 19% quarter-on-quarter. The gaming business, which supports the main revenue, declined by 44% month-on-month and 33% year-on-year.</p><p>Nvidia's largest business, gaming, collapsed, and its second largest business, data centers, suffered a fundamental blow from the United States, causing its stock price to continue to plummet. Compared to its peak at the end of last year, Nvidia's stock price has now halved, leaving its market capitalization at only $377.4 billion.</p><p>Looking back a year ago, the story of Nvidia was a different narrative:</p><p>In April 2021, Nvidia held a \"metaverse launch event\". Halfway through his speech, CEO Jensen Huang was secretly replaced by a digital human, almost unnoticed. Three months later, the 14-second \"change of scenery\" was made public, and Nvidia successfully earned the title of \"metaverse giant\".</p><p>Without a doubt, in the technology industry, \"metaverse\" was the three most discussed words that year. Taking advantage of the boom, Nvidia's stock price soared. In November, Nvidia's market capitalization surpassed $800 billion, making it the world's most valuable semiconductor company.</p><p>As the infrastructure of metaverse, the computing power support of the AI boom, and the core productivity of cryptocurrency miners, Nvidia's performance this year was also outstanding: total revenue was $26.914 billion, a year-on-year increase of 61%.</p><p><img src=\"https://static.tigerbbs.com/04aac5b05b0637eff403d850e750a843\" tg-width=\"540\" tg-height=\"311\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>14 seconds that are hard to distinguish between real and fake</p><p><b>What exactly happened to Nvidia in less than a year?</b></p><p><b>01. Rise: Computing power reverses life and death</b></p><p>To understand Nvidia's current situation, we need to start with the relationship between Nvidia and computing power.</p><p>In Silicon Valley, few entrepreneurs are as stubborn as Nvidia founder Jensen Huang, and his beliefs are simple:<b>Computing power is power</b>。</p><p>With this belief in mind, in 2010, NVIDIA released a new generation of graphics cards with explosive performance and explosive heat generation – the GTX480. Some people have conducted tests and found that the operating temperature of a GTX 480 at full power would often soar to 60 or 70 degrees Celsius, and if you weren't careful, it would take other components with it to the underworld.</p><p>So what? Jensen Huang said, \"I want to think that the greater the computing power, the better.\"</p><p>A year later, Nvidia released its latest graphics card, the GTX590. Not long after a foreign media outlet ran the GTX590 at its maximum power, a wisp of smoke rose from the circuit board, and the nickname \"nuclear bomb\" for NVIDIA graphics cards quickly spread.</p><p>These are just appetizers. When Nvidia released its successor, the GTX 690, netizens angry at its lack of competition directly added it to the encyclopedia entry for \"aircraft carrier killer\". After watching it, the Gansu TV host believed it to be true and wrote it into the oral transcript of the military program:</p><p>“<b>In particular, the improved model equipped with a GTX690 graphics card can destroy an aircraft carrier battle group with a single shot!</b>”</p><p>After the program aired, Silicon Valley madman Jensen Huang was once again crowned a \"two-bomb pioneer\".</p><p><img src=\"https://static.tigerbbs.com/ac73479b1566947e38e4854795412516\" tg-width=\"580\" tg-height=\"1085\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>It's a lie that massive computing power destroyed an aircraft carrier cluster, but Nvidia's dream of blowing up its mobile devices is real:</p><p>In 2011, with the decline of traditional PCs and the rise of smartphones, the trend of becoming a new generation of super terminals became increasingly clear: Nvidia, eager to make a name for itself in the smartphone field, launched the world's first quad-core processor, Tegra 3, which offered three times the performance of its predecessor.</p><p>The publicity is wonderful, isn't it? HTC, eager to reverse the decline in its smartphone business, believed it and chose to put a stop to Nvidia's dream: it aggressively used Tegra 3 in its latest flagship phone.</p><p>As a result, the emaciated camel became a feverish camel. The severe overheating problem caused by Tegra 3's excessive computing power accumulation became the final straw that brought HTC's smartphone recovery to a standstill, temporarily bringing Nvidia's journey to a close.</p><p>Jensen Huang's obsession with computing power led Nvidia into a dead end: graphics card combustion and the failure of the smartphone wave once caused Nvidia's stock price to drop by nearly half.</p><p><b>02. Reversal: When computing power truly becomes power</b></p><p>But both failure and success require computing power. At a critical juncture, Jensen Huang's belief that \"computing power will change the world\" has unexpectedly been corroborated in the field of AI.</p><p>Before 2012, AI experienced two waves, both of which were unsustainable due to objective constraints. Simply put, the first limitation is insufficient computing power, while the second is excessive cost.</p><p>Previously, AI recognition relied heavily on the CPU.</p><p>The CPU is suitable for complex general-purpose serial tasks and has up to 16 powerful ALUs (arithmetic logic units) built in. To translate, this is equivalent to a college student who can do calculus, who is smart but inefficient. In 2010, AI pioneer Andrew Ng had to spend 16,000 CPUs to get an AI program to recognize a cat, which was equivalent to forty or fifty internet cafes running at full capacity at the same time, costing about $1 million.</p><p>GPUs are suitable for simple and specific parallel tasks. They have thousands of simple ALUs built in, which is roughly equivalent to hundreds of elementary school students who can only do addition, subtraction, multiplication and division. Their brains are a bit lacking, but they win because of their high efficiency.</p><p>So to summarize, handling complex logical tasks and acting as a commander requires a dedicated CPU. However, GPUs are most suitable for simple, repetitive tasks that involve heavy computing power accumulation.</p><p>Where is it necessary to brutally accumulate computing power? In the past, the only recognized application scenarios for GPUs were games. But Jensen Huang believes that computing power can change the world: in order to better utilize GPU computing power, NVIDIA also launched a software tool called CUDA to lower the barrier to GPU programming, and invested 6 years regardless of cost.</p><p>This finally made AI scholars realize the power of GPU computing power.</p><p>For scenarios such as AI deep learning, \"100 elementary school student brains\" are sufficient—which means that high-performance GPUs are clearly more suitable. After Andrew Ng replaced his original AI program with a GPU, he was surprised to find that only 12 were needed.</p><p>This major discovery, combined with software breakthroughs, has ignited the third wave of AI development globally and propelled NVIDIA, which also possesses an AI software and hardware ecosystem, to the pinnacle: today, Amazon, the world's largest public cloud, and the AI research of BAT (Baidu, Alibaba, Tencent) all rely heavily on the technical support of NVIDIA GPUs.</p><p><b>Wherever there is AI, everyone mentions Nvidia.</b>。 Just as Jensen Huang firmly believed, computing power has truly changed the world this time.</p><p>Coincidentally, cryptocurrencies that emerged around the same time also relied heavily on GPU computing power. With the support of numerous trends, graphics cards have been in short supply for many years, and \"domineering CEO\" Jensen Huang has become the veritable \"godfather of graphics cards\". The \"believers\" of the graphics card forum once recorded these glorious deeds in the form of the Records of the Grand Historian, and commented at the end:</p><p>\"First came the benevolent, then came the heavens; with a graphics card in hand, he can destroy immortals.\"</p><p><b>03. Coronation: GPU Devours Everything</b></p><p>At the 2019 GTC conference, Jensen Huang once again publicly mentioned his belief in computing power: \"Even if Moore's Law comes to an end, GPUs will be omnipotent.\" Finally, in 2021, his belief was widely recognized in the secondary market. Investment giants like Sister Wood have increased their investments one after another, and the secondary market has been soaring, with its market value tripling in a year.</p><p>This mainly stems from two growths and two entirely new narratives.</p><p>The growth came from two main businesses: gaming and data centers.</p><p>Due to the extended stay-at-home time caused by the pandemic, the demand for games has increased. According to Newzoo, the global gaming market grew by 1.4% in 2021. To run AAA games on PC, a discrete graphics card is an essential tool. Currently, there are almost only two options: Nvidia and AMD. Nvidia has an absolute advantage in market share - in the third quarter of the same year, Nvidia captured 83% of the market.</p><p>However, besides gamers, there is an even larger group rushing to buy gaming graphics cards.</p><p>In 2021, the cryptocurrency market ushered in a new bull market: Bitcoin more than doubled, Ethereum quadrupled, and LUNA, which later caused an earthquake in the cryptocurrency world, rose more than 80 times. The market boom has given rise to a large number of \"crypto miners\". Mining is a means of producing cryptocurrency, relying on powerful GPU computing power. Mining machines made from top-of-the-line gaming graphics cards have become veritable \"gold mining shovels,\" and computing power has become synonymous with \"wealth.\"</p><p><img src=\"https://static.tigerbbs.com/5532287cd6f926f8872e91441dd9483a\" tg-width=\"843\" tg-height=\"431\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>Bitcoin surges</p><p>The resulting surge in demand led to a rise in both the volume and price of NVIDIA graphics cards, and the gaming business also took off, generating $3.2 billion in revenue in the third quarter of 2021, a year-on-year increase of 42%.</p><p>At the same time, the global data center industry also ushered in a spring: its scale reached US$76.56 billion, a year-on-year increase of 13.5%, and the growth rate is expected to remain above 10% in the coming years. [5] Data centers are a product of the AI development wave, which means that Nvidia, which has both CUDA and GPUs, has once again won big. Of the world's top 500 supercomputers, 342 are serviced by Nvidia.</p><p>This trend was quickly reflected in Nvidia's financial reports: in 2021, data center revenue increased by 124% year-on-year, and surpassed gaming in the first quarter of the following year to become a new revenue pillar.</p><p>While Nvidia's financial results showed impressive growth, two new narratives brought by it have also whetted the appetite of the secondary market.</p><p>The first to be affected was metaverse, one of the biggest trends of the year.</p><p>At the end of 2021, Jensen Huang showcased a new generation of tool software, Omniverse, calling it \"metaverse for engineers\". In Nvidia's vision of the future, everything in the real universe can be installed in the virtual world using Omniverse and GPU computing power, providing people with a key to metaverse. On the day of the release, Nvidia's stock price hit a record high.</p><p><img src=\"https://static.tigerbbs.com/3b14b53638f1068c41b8107020948235\" tg-width=\"600\" tg-height=\"341\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>Another new narrative comes from ARM: In 2021, Nvidia was steadily moving forward with its acquisition of ARM from Japan's SoftBank.</p><p>ARM is a provider of technology patents in the field of mobile chips, and over 90% of smartphones use the ARM architecture. Once the acquisition is completed, Jensen Huang will have the opportunity to unify the PC and mobile markets, leaving only the legend of Nvidia in the market.</p><p>Everything seems to be moving towards<b>A master of computing power, with boundless magic.</b>Heading in that direction.</p><p><b>04. Mercury Retrograde: Has the superpower of computing power disappeared?</b></p><p>Computing power is power, and computing power determines the capabilities of AI. After more than a decade, not only Nvidia's followers have understood this, but the US government has also understood it:</p><p>In this quarter alone, Nvidia's sales of these two chips exported to China reached $400 million. It's worth noting that Nvidia's total revenue in the most recent fiscal quarter was only $6.7 billion, and it certainly doesn't want to lose the Chinese market.</p><p><b>But Nvidia's Mercury retrograde is far more than that.</b></p><p>At the beginning of this year, before Nvidia's dream of dominating the market had even begun, its acquisition of ARM faced a joint attack from governments around the world and global tech giants.</p><p>First, in 2021, four tech giants—Qualcomm, Microsoft, Intel, and Amazon—formed an \"anti-Nvidia alliance\" to jointly provide monopoly evidence to regulatory agencies in various countries in an attempt to block the acquisition.</p><p>Later, when Jensen Huang submitted acquisition applications to various countries, the reaction of global regulators was exactly the same—delay. The EU gave the most bizarre reason: because of the summer vacation.</p><p>On February 8, 2022, Nvidia finally received responses from regulatory agencies in the United States, the United Kingdom, and the European Union. Unfortunately, the answer was a refusal, citing concerns about potential serious monopolies in the global semiconductor industry, at which point ARM's neutrality would be completely lost.</p><p>For Huang Renxun<b>The failed ARM acquisition was just the beginning; soon after, the graphics card speculation market also collapsed.</b>。</p><p>In March 2021, CCTV sent reporters to go undercover in the digital market and expose the path to sudden wealth of unscrupulous graphics card merchants. But when I revisited the same place a year later, I was greeted by a completely opposite scene. Upon meeting the undercover reporter, the merchants in Huaqiangbei, Shenzhen, could not hide their grief, saying frankly that they had taken the deal at a high price, and now they are losing three to four thousand yuan for every graphics card they sell. At its most extreme, graphics cards dropped by 1,000 yuan a month.</p><p><img src=\"https://static.tigerbbs.com/302a2d8cf0eeb0cd244cef3ed5f58083\" tg-width=\"533\" tg-height=\"300\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>In August of this year, the RTX 30 series graphics cards, which were previously difficult to find, have successfully fallen below their issue price, and the price of second-hand graphics cards on eBay has generally been halved.</p><p>Even so, there are still many voices calling for \"not to take over\" – there is still room for prices to bottom further. While the party members were shouting slogans like \"If you don't buy it, I won't buy it, graphics cards will be reduced by 200 yuan tomorrow,\" they were also calculating when the unscrupulous merchants who hoarded goods at high prices last year would go up to the rooftop to perform a \"flying performance.\"</p><p><img src=\"https://static.tigerbbs.com/42454d54a829cc393282f8a8629a717a\" tg-width=\"640\" tg-height=\"398\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>In just one year, the demand for graphics cards has shrunk sharply. Graphics cards, which used to see both sales and price increases, have suddenly become sluggish, becoming the culprit behind Nvidia's poor performance. In the second quarter, revenue from the gaming business (graphics cards) was only around $6.7 billion, a decrease of more than 30% year-on-year and quarter-on-quarter. Affected by inventory issues, Nvidia's gross profit margin also fell to 43.7%, far lower than the previously predicted 65.1%.</p><p>In just one year, the GPU computing power myth has suddenly lost its magic?</p><p><b>05. A grain of dust from the times falls on Nvidia's head.</b></p><p>But unlike Nvidia's past failures, Jensen Huang didn't do anything wrong this time; times have just changed.</p><p>According to a statistic compiled by market research firm IC Insights, since the 1990s, the rise and fall of the semiconductor industry has been almost closely tied to the trend of global GDP.</p><p>The underlying logic is not difficult to understand.<b>Only when people's wallets are getting fuller every day will they care whether the NVIDIA 3090TI or the AMD 6950XT is faster.</b>Only gamers would upgrade to a new computer for a better experience, crypto miners would firmly believe that \"computing power is wealth\" and frantically hoard graphics cards, and even scholars would have sufficient budgets to build data centers for research. Multiple waves alternated, and everyone together pushed computing power to a pedestal.</p><p>However, when the pandemic arrived along with inflation and rate hike, we saw that during the second-quarter earnings conference, Nvidia CFO Kress blamed the collapse on otaku – a sudden slowdown in demand for gaming products. But the other half of the sentence he didn't explicitly say was about the world he couldn't return to:</p><p>Regarding the rights that come with computing power. The cryptocurrency crash led to a large number of miners announcing their \"surrender\" and suspending mining starting June 7 due to a sharp drop in income. In 2022, at its peak, even Bitcoin fell by two-thirds in six months, and miners' computing power expenditures could no longer cover the gains in the coin price.</p><p>As for the rosy vision of computing power, although in the long run, the expansion of computing power will never end; However, in the short term, Nvidia will face slower growth from global internet giants, as well as declining PC shipments for many years. The sudden ban on US data center exports has left Nvidia with a lot to say.</p><p>What Nvidia is left with is a world that has temporarily halted growth and a world that has begun to deglobalize.</p><p></body></html></p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://mp.weixin.qq.com/s/IBQCC7No2YTvi5ArfwVg2Q\">远川研究所</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/3f1c866c487eb9e101f73a62d4495ce9","relate_stocks":{"BK4548":"巴美列捷福持仓","BK4532":"文艺复兴科技持仓","BK4554":"元宇宙及AR概念","BK4581":"高盛持仓","BK4533":"AQR资本管理(全球第二大对冲基金)","BK4503":"景林资产持仓","BK4527":"明星科技股","BK4529":"IDC概念","BK4141":"半导体产品","BK4543":"AI","BK4551":"寇图资本持仓","NVDA":"英伟达","BK4549":"软银资本持仓","BK4579":"人工智能","BK4567":"ESG概念","BK4550":"红杉资本持仓","BK4534":"瑞士信贷持仓"},"source_url":"https://mp.weixin.qq.com/s/IBQCC7No2YTvi5ArfwVg2Q","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1101174405","content_text":"刚刚开幕的世界人工智能大会上，已经没有人关心今年到底马斯克会语出惊人，还是会BAT三巨头重聚斗法，所有交头接耳的观众就关心一件事——英伟达的A100、H100显卡，真的要断供了吗？一旦英伟达和AMD的GPU被断供，无异于对人工智能产业发展的釜底抽薪——任何一个真正的AI研究机构，都有A100与H100的身影。最近一年里，英伟达的日子并不好过，2022年二季度，英伟达交出一份令人大跌眼镜的财报，营收环比下滑了19%。支撑起主要营收的游戏业务，更是环比下降44%，同比下降33%。第一大业务游戏暴雷，第二大业务数据中心遭遇美国釜底抽薪，英伟达的股价也持续探底。相比于去年年底的高点，英伟达的股价如今已腰斩近一半，市值仅剩3774亿美金。而回顾一年前，关于英伟达的故事，还是另一套叙事：2021年4月，英伟达召开了一场“元宇宙发布会”。演讲到一半，CEO黄仁勋被偷偷替换成了数字人，几乎无人察觉。三个月后14秒的“偷天换日”被公之于众，英伟达成功加封“元宇宙巨头”。毫无疑问，科技产业中，“元宇宙”是这一年被讨论最多的三个字。趁着风口，英伟达股价一路飘红。11月，英伟达市值突破8000亿美元，一跃成为全球市值最高的半导体企业。作为元宇宙的基建、AI风口的算力支撑、虚拟币矿工的核心生产力，这一年，英伟达的业绩同样亮眼：总营收为269.14亿美元，同比增长61%。真假难辨的14秒一年不到的时间，关于英伟达，到底发生了什么？01、崛起：算力逆转生死要读懂英伟达的当下，还要从英伟达与算力的关系说起。在硅谷，很少有企业家能固执到英伟达创始人黄仁勋这般地步，而他的信仰很简单：算力就是权力。在这样的信念之下，2010年，英伟达发布了一款拥有爆炸级性能，同时也拥有爆炸级发热的新一代显卡——GTX480。有人做过测试，马力全开的GTX480，工作温度动辄飙升到六、七十度，一不小心，就带着其它元器件一同共赴黄泉。这又如何?黄仁勋“我要我觉得”，算力就是越大越好。一年后，英伟达发布最新显卡GTX590。一家国外媒体才将GTX590最大功率运行不久，一道青烟就从电路板上袅袅冒出，英伟达显卡“核弹”的称谓，自此不胫而走。这些只是前菜。当英伟达端出后继款GTX690时，怒其不争的网友直接将其加入到“航母杀手”的百科词条。甘肃卫视的主持人看完后信以为真，将其写到了军事节目的口播稿中：“特别是搭载GTX690核显卡的改进型号，一发即可摧毁一个航母战斗群！”节目播出后，硅谷狂人黄仁勋，再次被加冕“两弹元勋”桂冠。超大算力炸毁航母集群是假的，但是炸飞英伟达的移动端梦想是真的：2011年，传统PC式微，智能机崛起，成为新一代超级终端的趋势已经逐渐明朗：急于在智能机领域大展身手的英伟达推出了全球首个四核处理器Tegra 3，相比前代性能提升了3倍。宣传很美好对不对？急于逆转智能手机业务颓势的HTC信了，选择为英伟达的梦想窒息一把：在最新的旗舰机中，激进地用上了Tegra 3。结果瘦死的骆驼，变成了发烧的骆驼。Tegra 3暴力堆砌算力换来的严重发热问题，成了压死HTC智能机复苏的最后一根稻草，英伟达的逐梦移动端之旅，也自此暂时画上了句号。黄仁勋对算力的偏执，把当时的英伟达带入了死胡同：显卡自燃与败走智能手机浪潮，一度让英伟达的股价跌去近一半。02、逆转：当算力真正成为权力但败也算力，成也算力。绝境关头，黄仁勋“算力改变世界”的信仰，意外在AI领域得到了佐证。2012年之前，AI曾经历过两轮浪潮，两次都因为客观条件制约而难以为继。简单来说，第一次的限制条件是算力不足，第二次则是成本过高。因为此前AI识别多仰赖CPU。CPU适合复杂的通用串行任务，内置最多16个强力ALU（算术逻辑单元），翻译一下，这相当于一个能做微积分的大学生，脑子好但效率偏低。2010年，AI先驱吴恩达为了让AI程序识别出一只猫，不得不花费了16000个CPU处理器，相当于四五十个网吧同时火力全开，花费成本大约100万美元。而GPU适合简单特定的并行任务，内置数千个简单ALU，约等于数百个只能做加减乘除的小学生，脑子差了点，但赢在效率高。所以总结一下就是，处理复杂的逻辑任务，担任指挥官的活儿，得CPU专属；但做简单重复、暴力堆砌算力的事情，GPU最合适不过。哪里需要暴力堆砌算力？过去，GPU公认的应用场景仅有游戏。但黄仁勋的信仰可是算力能改变世界：为了让GPU算力被更好的发挥，英伟达还推出了一款名为CUDA的工具软件，借此降低GPU编程门槛，并不计成本投入了6年。这让AI学者们最终意识到了GPU算力的强大。对AI深度学习等场景而言，“100个小学生大脑”已经够用——这意味着高算力的GPU明显更合适。吴恩达将当年的AI程序换成GPU后，惊讶地发现只需要12个。这一重大发现，结合软件突破，引爆了全球第三次AI发展浪潮，也把同时拥有AI软硬件生态的英伟达，彻底推向山巅：今天全球最大的亚马逊公有云、BAT的AI研究，底层都离不开英伟达GPU的技术支持。凡有AI处，无人不提英伟达。正如黄仁勋所坚信的那般，这回算力真的改变了世界。巧合的是，同时期兴起的加密货币同样高度依赖GPU算力。诸多风口加持之下，显卡常年“一卡难求”，“霸总”黄仁勋成为名副其实的“显卡教父”。显卡吧的“信众”们曾用《史记》的形式记录下这些光辉事迹，并在最后评价道：“先有仁勋后有天，显卡在手虐神仙。”03、加冕：GPU吞噬一切2019年的GTC大会上，黄仁勋又一次公开提及了他对算力的信仰：“就算摩尔定律走向终结，GPU也将无所不能。”终于在2021年，他的信仰得到了二级市场的普遍认可。木头姐等投资大牛先后加码，二级市场一路高歌猛进，市值一年翻3倍。这背后主要源自两个增长和两个全新叙事。增长来自两大主营业务，即游戏与数据中心。由于疫情导致的居家时间延长，游戏需求增加。据Newzoo的统计，2021年全球游戏市场增长了1.4%。如需运行PC端的3A级游戏，独立显卡是必备工具，当下几乎只有英伟达和AMD两个选择，其中英伟达在市占率上有着绝对优势——同年第三季度英伟达吃下了83%的市场。不过，游戏宅之外，还有一个更庞大的群体在抢购游戏显卡。2021年，加密货币市场迎来新一轮牛市：比特币涨了2倍多，以太坊4倍，而后来引发币圈地震的LUNA涨了超80倍。市场繁荣催生了大量“加密矿工”。挖矿是产出加密货币的手段，仰赖强大的GPU算力。由顶配游戏显卡制成的矿机，成为了名副其实的“淘金铲”，算力也成了“财富”的代名词。比特币暴涨由此带来的需求暴增，导致英伟达显卡量价齐升，游戏业务也顺势起飞，在2021年三季度创造了32亿美元的营收，以及42%的同比增长。同一时间，全球数据中心行业也迎来了春天：规模达到了765.6亿美元，同比增长13.5%，且未来数年增速仍将保持在10%以上。[5]数据中心是AI发展浪潮的产物，这意味着同时坐拥CUDA和GPU的英伟达又一次赢麻了。全球Top500的超级计算机中，用英伟达服务的就有342台。这一趋势也很快反映到英伟达财报中：2021年，数据中心营收同比增长了124%，并于次年第一季度超越游戏，成为新的营收支柱。财报业绩涨势喜人的同时，英伟达带来的两个新叙事，也让二级市场吊足了胃口。首当其冲的，便是当年最大的风口之一——元宇宙。2021年底，黄仁勋展示了新一代工具软件Omniverse，称其为“工程师的元宇宙”。在英伟达设想的未来中，凡是真实宇宙有的东西，都能借助Omniverse和GPU算力，装进虚拟世界，给人们提供了一把通往元宇宙的钥匙。发布当天，英伟达股价迎来历史新高。另一个新叙事则来自ARM：2021年，英伟达正稳步推进从日本软银手中收购ARM相关事宜。ARM是移动芯片领域的技术专利提供商，超九成智能手机都使用了ARM架构。一旦完成收购，黄仁勋有机会一统PC和移动市场，江湖从此将仅剩英伟达的传说。一切似乎都在朝着算力老仙，法力无边的方向进发。04、水逆：算力的超能力消失了吗？算力就是权力，算力决定AI的能力，经过十多年，不仅英伟达的信众明白了，美国政府也明白了：仅仅这个季度，英伟达向中国出口的这两款芯片的销售额，就已经达到4亿美元。要知道，最近一个财季，英伟达总营收仅有67亿美元，他一定不想失去中国市场。但英伟达的水逆，绝不仅仅如此。今年年初，一统江湖的美梦尚未开启，英伟达的ARM收购之路，就遭受到了来自各国政府以及全球科技巨头的联合狙击：先是2021年，高通、微软、英特尔、亚马逊四家科技巨头结成“反英伟达同盟”，共同向各国监管机构提供垄断证据，试图阻止收购案。再后来，黄仁勋给各个国家递交收购申请时，全球监管机构的反应如出一辙——拖。其中欧盟给出的理由最为奇葩：因为要放暑假。到了2022年2月8日，英伟达终于得到了美国、英国和欧盟三地监管机构的回复，可惜答案却是拒绝，理由是担忧全球半导体行业可能产生的严重垄断，届时，ARM的中立性将荡然无存。对黄仁勋来说，ARM收购失败只是个开始，不久后，显卡炒作市场也出现了崩塌。2021年3月，央视派出记者“卧底”数码市场，揭露了显卡奸商的暴富之路。可一年后故地重游，眼前却出现了一副截然相反的景象。见到暗访的记者，深圳华强北的商户难掩悲痛之情，直言在高价时接了盘，如今每卖一张显卡就要亏三四千元。最极端的时刻，显卡一个月跌1000元。今年8月，过去“一卡难求”的RTX30系显卡已成功破发，eBay上二手显卡的价格也普遍对半腰斩。即便如此，依旧有不少声音呼吁“别接盘”——价格仍有进一步探底的空间。等等党们一边高喊着“你不买我不买，显卡明天降二百”的口号，一边盘算着去年高价囤货的奸商何时走上天台表演“空中飞人”。仅仅一年时间，显卡需求急剧萎缩。过去量价齐升的显卡突然滞销，成为英伟达业绩暴雷的罪魁祸首。二季度游戏业务（显卡）的营收仅有67亿美元左右，同比、环比都下跌了超3成。受到库存问题影响，英伟达毛利率也跌至43.7%，远低于此前预测的65.1%。仅仅一年时间，GPU算力神话，突然失去了魔力？05、时代的一粒灰，落在英伟达的头上但和过去英伟达的失败不同，这一次黄仁勋并没有做错什么，只是时代变了。市场研究公司IC Insights统计过一份数据：从90年代开始，半导体产业的涨跌几乎和全球GDP走势高度绑定。背后的逻辑不难理解，只有当人们的腰包一天比一天鼓，才会在乎英伟达 3090TI和AMD 6950XT到底哪个更快，游戏宅才会为了更好的体验换台新电脑，加密矿工才坚信“算力即财富”疯狂囤入显卡，连学者都有充足的预算，搭建数据中心做研究，多股浪潮交替，所有人一同把算力推上了神坛。但是当疫情伴随着通胀与加息一同到来，我们看到的，则是二季度的业绩说明会上，英伟达首席财务官克雷斯将暴雷归咎于阿宅——游戏产品的需求突然放缓。但他没有明说的另外半句，则是那个已经回不去的世界：关于算力的带来的权利。加密货币的崩盘，使得6月7日开始，大批矿工因为收入暴跌，宣布“投降”暂停挖矿。2022年，最多时，就连比特币都在半年时间跌去三分之二，矿工的算力支出不再能覆盖币价的收益。而关于算力的美好想象，尽管长期来看，算力的扩张永无止境；然而短期内，英伟达要面对的则是全球范围内增长变慢的互联网巨头们，以及连续多年缩水的PC出货，突如其来的美国数据中心出口禁令更是让英伟达有苦说不出。留给英伟达的，是一个暂缓增长的世界，一个开始逆全球化的世界。","news_type":1,"symbols_score_info":{"NVDA":0.9}},"isVote":1,"tweetType":1,"viewCount":5029,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9939251438,"gmtCreate":1662122649625,"gmtModify":1676537002565,"author":{"id":"4116924152740332","authorId":"4116924152740332","name":"kuro123","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4116924152740332","authorIdStr":"4116924152740332"},"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/9939251438","repostId":"1103083207","repostType":4,"repost":{"id":"1103083207","kind":"news","pubTimestamp":1662019756,"share":"https://ttm.financial/m/news/1103083207?lang=en_US&edition=fundamental","pubTime":"2022-09-01 16:09","market":"us","language":"zh","title":"With the market weakening, which US stocks did asset management giants favor in the second quarter?","url":"https://stock-news.laohu8.com/highlight/detail?id=1103083207","media":"智通财经网","summary":"来看看这些“聪明钱”都买了什么。","content":"<p><html><head></head><body>Author: Zhuang Lijia</p><p>Over the past two weeks, many asset management giants have released their second-quarter holdings reports (13F). This article will discuss the following<a href=\"https://laohu8.com/S/BRK.A\">Berkshire</a>Hathaway,<a href=\"https://laohu8.com/S/BLK\">BlackRock</a>Let's take a look at the second-quarter holdings reports of 12 asset management giants, including Bridgewater Associates, to see what these \"smart money\" bought.</p><p>1. As the market weakened, the market value of asset management giants' holdings generally shrank.</p><p>According to data released by various asset management giants, in addition to<a href=\"https://laohu8.com/S/MS\">Morgan Stanley</a>In addition, the total market value of holdings of other asset management giants all declined in the second quarter compared to the first quarter. Among them, Tiger Global, known as a \"technology stock hunter,\" saw its total market value of holdings nearly halved in the second quarter compared to the previous quarter. Other well-performing asset management giants include: Greenwoods Asset Management's total market value decreased by less than 4% month-on-month, and Bridgewater Associates' total market value decreased by less than 5% month-on-month.</p><p><img src=\"https://static.tigerbbs.com/2ad3d89fa9ff826b4410e58b5acf337b\" tg-width=\"945\" tg-height=\"399\" referrerpolicy=\"no-referrer\"/></p><p>The shrinking market value of asset management giants' holdings is largely consistent with the overall market performance. Data shows that in the second quarter, the S&P 500 fell by 16.45%, while the Nasdaq fell by 22.44%.</p><p>2. Technology stocks remain favored</p><p>Despite the poor performance of US technology stocks in the second quarter, holdings reports from several asset management giants show that technology stocks remain their key holdings.</p><p>Technology stocks accounted for the largest proportion of BlackRock's holdings in the second quarter, at 22.35%. The top five holdings are all technology stocks, in that order.<a href=\"https://laohu8.com/S/AAPL\">Apple</a>(AAPL.US),<a href=\"https://laohu8.com/S/MSFT\">Microsoft</a>(MSFT.US),<a href=\"https://laohu8.com/S/AMZN\">Amazon</a>(AMZN.US), Alphabet (GOOGL.US) and<a href=\"https://laohu8.com/S/GOOG\">Google</a>(GOOG.US),<a href=\"https://laohu8.com/S/TSLA\">Tesla</a>(TSLA.US) and<a href=\"https://laohu8.com/S/NVDA\">NVIDIA</a>(NVDA.US) is BlackRock's sixth and tenth largest holdings, respectively.</p><p><img src=\"https://static.tigerbbs.com/7f577b5e43aca056f22ac2f0ae24f4c7\" tg-width=\"1294\" tg-height=\"680\" referrerpolicy=\"no-referrer\"/></p><p>Apple is also the largest holding of Berkshire Hathaway, owned by Warren Buffett, accounting for 42.20% of the portfolio. It is worth mentioning that Berkshire Hathaway also increased its holdings of Apple shares by approximately 3.8 million shares in the third quarter. At the same time, Apple is also Invesco Group,<a href=\"https://laohu8.com/S/BAC\">Bank of America</a>、<a href=\"https://laohu8.com/S/GS\">Goldman Sachs</a>Morgan Stanley's second-largest holding<a href=\"https://laohu8.com/S/JPM\">JPMorgan Chase</a>Its fourth largest holding.</p><p>Besides Apple, Microsoft has also attracted the attention of asset management giants. Microsoft is JPMorgan Chase's top holding, with its holdings increasing by 10% in the second quarter compared to the previous quarter. Invesco, Bank of America, and Morgan Stanley all consider Microsoft their largest holdings, with Morgan Stanley significantly increasing its holdings in Microsoft stock in the second quarter, increasing its holdings by 50% compared to the previous quarter. Goldman Sachs also increased its holdings in Microsoft by 13% in the second quarter, making Microsoft its third-largest holding.</p><p>Among the top five holdings of tech stock hunter Tiger Global in the second quarter, Microsoft and...<a href=\"https://laohu8.com/S/META\">Meta Platforms</a>(META.US) ranked second and fifth, respectively. It is worth mentioning that Tiger Global's holdings in Meta Platforms rose from tenth place in the previous quarter to fifth, a significant increase of 15% compared to the previous quarter's holdings. In addition, Tiger Global has also built a position in Alphabet.</p><p><img src=\"https://static.tigerbbs.com/53fedca5544b2bcd89d98b8d5233cf78\" tg-width=\"1335\" tg-height=\"422\" referrerpolicy=\"no-referrer\"/></p><p>Bridgewater Associates' top five buy targets also include...<a href=\"https://laohu8.com/S/MA\">Mastercard</a>The fund also built a long position in Amazon (AMZN.US) in the second quarter, following three technology stocks: Alphabet (MA.US), and Meta Platforms.</p><p>Although tech stocks generally suffered a heavy blow in the second quarter, the strong rebound in US stocks in July seems to prove the \"wise decision\" of asset management giants to increase their holdings in tech stocks. Taking Apple, which sits on the \"throne\" of technology stocks, as an example, Apple's stock price fell to a low of $128.86 during trading on June 16 amid poor overall market performance. However, on August 18, Apple's stock price rebounded by about 34% from its June low to above $174, which is less than 5% away from the historical high of about $182 reached by the stock in January of this year.</p><p>However, following Federal Reserve Chairman Jerome Powell's hawkish remarks at the Jackson Hole Global Central Bank Meeting, the \"head-on clash\" between technology stocks and US Treasury yields may intensify, potentially leading to huge losses for asset management companies that recently significantly increased their holdings in technology stocks. Analysts believe that technology stocks, which are sensitive to interest rates, may be sold off again in the future, as almost all signs indicate that Powell will maintain his hardline stance given the current high global prices of goods and services.</p><p>Soaring interest rates have increased the financing costs of technology companies. However, this is not a problem for cash-flow-rich tech companies like Apple and Microsoft. Tech stocks with strong fundamentals often have reliable profitability, healthy balance sheets, and the ability to navigate deflationary trends. However, for unprofitable technology companies that are constantly burning money in pursuit of rapid growth, the risks rise significantly.</p><p>3. Pharmaceutical, energy, and consumer stocks each have their own strengths.</p><p>In BlackRock's second-quarter holding report, judging from the changes in holding ratios, its top five buy targets included...<a href=\"https://laohu8.com/S/UNH\">united health</a>(UNH.US), Johnson & Johnson(JNJ.US),<a href=\"https://laohu8.com/S/MRK\">Merck</a>(MRK.US) and Pfizer (PFE.US) are four pharmaceutical stocks, while the other is an energy stock.<a href=\"https://laohu8.com/S/XOM\">ExxonMobil</a>(XOM.US).</p><p><img src=\"https://static.tigerbbs.com/f91529edbcdf724d3ec71ea03549b662\" tg-width=\"396\" tg-height=\"425\" referrerpolicy=\"no-referrer\"/></p><p><a href=\"https://laohu8.com/S/JNJ\">Johnson and Johnson</a>Also Bridgewater Associates' second-largest holding, the fund also significantly increased its holdings in CVS Health (CVS.US) in the second quarter. Morgan Stanley also increased its holdings in United Health and Johnson & Johnson in the second quarter.</p><p>JPMorgan Chase also favors pharmaceutical stocks, with UnitedHealth, AbbVie (ABBV.US), and Bristol-Myers Squibb (BMY.US) among its top ten holdings. UnitedHealth's holdings increased by 20% compared to the previous quarter, while AbbVie and Bristol-Myers Squibb's holdings also increased slightly compared to the previous quarter.</p><p><img src=\"https://static.tigerbbs.com/d9c76e02855a9d2091d0fe277347886c\" tg-width=\"1335\" tg-height=\"628\" referrerpolicy=\"no-referrer\"/></p><p><a href=\"https://laohu8.com/S/BX\">Blackstone</a>They prefer Energy stocks, with four of their top five holdings being Energy stocks: Cheniere Energy (CQP.US), Energy Transfer (ET.US),<a href=\"https://laohu8.com/S/MPLX\">MPLX LP</a>(MPLX.US) and Enterprise Products (EPD.US).</p><p><img src=\"https://static.tigerbbs.com/1670c57df8eeabe788af2f0a29a9ea34\" tg-width=\"1333\" tg-height=\"320\" referrerpolicy=\"no-referrer\"/></p><p>Energy stocks that have attracted much market attention this year<a href=\"https://laohu8.com/S/OXY\">Western Petroleum</a>(OXY.US) unsurprisingly became Berkshire Hathaway's top buying target in the second quarter. Berkshire Hathaway has significantly increased its stake in Occidental Petroleum this year and submitted an application to the U.S. Federal Energy Regulatory Commission on July 11 to purchase more Occidental Petroleum shares. Currently, Berkshire Hathaway owns 188.5 million shares of Occidental Petroleum, representing a 20.2% stake, exceeding the 20% consolidation threshold.</p><p>Besides Occidental Petroleum, Berkshire Hathaway also significantly increased its stake in the second quarter.<a href=\"https://laohu8.com/S/CVX\">Chevron</a>(CVX.US) saw its holdings increase by 316% compared to the previous quarter, making it Berkshire Hathaway's fourth-largest holding. Some market analysts believe that Buffett has always favored traditional oil stocks, as traditional energy remains a long-term necessity. Especially after investment restrictions, leading companies are following a logic of increasing concentration, with positive financial data and overall valuation levels rising accordingly.</p><p>Consumer stocks have captured the hearts of Bridgewater Associates. Among Bridgewater's top ten holdings in the second quarter were as many as five consumer stocks: Procter & Gamble (PG.US), Coca-Cola (KO.US), PepsiCo (PEP.US), Costco (COST.US), and Walmart (WMT.US).</p><p><img src=\"https://static.tigerbbs.com/e39a4d9339453ef1453aee421b14e2a5\" tg-width=\"1295\" tg-height=\"676\" referrerpolicy=\"no-referrer\"/></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>With the market weakening, which US stocks did asset management giants favor in the second quarter?</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\">\nWith the market weakening, which US stocks did asset management giants favor in the second quarter?\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\">2022-09-01 16:09</span>\n</p>\n</h4>\n</header>\n<article>\n<p><html><head></head><body>Author: Zhuang Lijia</p><p>Over the past two weeks, many asset management giants have released their second-quarter holdings reports (13F). This article will discuss the following<a href=\"https://laohu8.com/S/BRK.A\">Berkshire</a>Hathaway,<a href=\"https://laohu8.com/S/BLK\">BlackRock</a>Let's take a look at the second-quarter holdings reports of 12 asset management giants, including Bridgewater Associates, to see what these \"smart money\" bought.</p><p>1. As the market weakened, the market value of asset management giants' holdings generally shrank.</p><p>According to data released by various asset management giants, in addition to<a href=\"https://laohu8.com/S/MS\">Morgan Stanley</a>In addition, the total market value of holdings of other asset management giants all declined in the second quarter compared to the first quarter. Among them, Tiger Global, known as a \"technology stock hunter,\" saw its total market value of holdings nearly halved in the second quarter compared to the previous quarter. Other well-performing asset management giants include: Greenwoods Asset Management's total market value decreased by less than 4% month-on-month, and Bridgewater Associates' total market value decreased by less than 5% month-on-month.</p><p><img src=\"https://static.tigerbbs.com/2ad3d89fa9ff826b4410e58b5acf337b\" tg-width=\"945\" tg-height=\"399\" referrerpolicy=\"no-referrer\"/></p><p>The shrinking market value of asset management giants' holdings is largely consistent with the overall market performance. Data shows that in the second quarter, the S&P 500 fell by 16.45%, while the Nasdaq fell by 22.44%.</p><p>2. Technology stocks remain favored</p><p>Despite the poor performance of US technology stocks in the second quarter, holdings reports from several asset management giants show that technology stocks remain their key holdings.</p><p>Technology stocks accounted for the largest proportion of BlackRock's holdings in the second quarter, at 22.35%. The top five holdings are all technology stocks, in that order.<a href=\"https://laohu8.com/S/AAPL\">Apple</a>(AAPL.US),<a href=\"https://laohu8.com/S/MSFT\">Microsoft</a>(MSFT.US),<a href=\"https://laohu8.com/S/AMZN\">Amazon</a>(AMZN.US), Alphabet (GOOGL.US) and<a href=\"https://laohu8.com/S/GOOG\">Google</a>(GOOG.US),<a href=\"https://laohu8.com/S/TSLA\">Tesla</a>(TSLA.US) and<a href=\"https://laohu8.com/S/NVDA\">NVIDIA</a>(NVDA.US) is BlackRock's sixth and tenth largest holdings, respectively.</p><p><img src=\"https://static.tigerbbs.com/7f577b5e43aca056f22ac2f0ae24f4c7\" tg-width=\"1294\" tg-height=\"680\" referrerpolicy=\"no-referrer\"/></p><p>Apple is also the largest holding of Berkshire Hathaway, owned by Warren Buffett, accounting for 42.20% of the portfolio. It is worth mentioning that Berkshire Hathaway also increased its holdings of Apple shares by approximately 3.8 million shares in the third quarter. At the same time, Apple is also Invesco Group,<a href=\"https://laohu8.com/S/BAC\">Bank of America</a>、<a href=\"https://laohu8.com/S/GS\">Goldman Sachs</a>Morgan Stanley's second-largest holding<a href=\"https://laohu8.com/S/JPM\">JPMorgan Chase</a>Its fourth largest holding.</p><p>Besides Apple, Microsoft has also attracted the attention of asset management giants. Microsoft is JPMorgan Chase's top holding, with its holdings increasing by 10% in the second quarter compared to the previous quarter. Invesco, Bank of America, and Morgan Stanley all consider Microsoft their largest holdings, with Morgan Stanley significantly increasing its holdings in Microsoft stock in the second quarter, increasing its holdings by 50% compared to the previous quarter. Goldman Sachs also increased its holdings in Microsoft by 13% in the second quarter, making Microsoft its third-largest holding.</p><p>Among the top five holdings of tech stock hunter Tiger Global in the second quarter, Microsoft and...<a href=\"https://laohu8.com/S/META\">Meta Platforms</a>(META.US) ranked second and fifth, respectively. It is worth mentioning that Tiger Global's holdings in Meta Platforms rose from tenth place in the previous quarter to fifth, a significant increase of 15% compared to the previous quarter's holdings. In addition, Tiger Global has also built a position in Alphabet.</p><p><img src=\"https://static.tigerbbs.com/53fedca5544b2bcd89d98b8d5233cf78\" tg-width=\"1335\" tg-height=\"422\" referrerpolicy=\"no-referrer\"/></p><p>Bridgewater Associates' top five buy targets also include...<a href=\"https://laohu8.com/S/MA\">Mastercard</a>The fund also built a long position in Amazon (AMZN.US) in the second quarter, following three technology stocks: Alphabet (MA.US), and Meta Platforms.</p><p>Although tech stocks generally suffered a heavy blow in the second quarter, the strong rebound in US stocks in July seems to prove the \"wise decision\" of asset management giants to increase their holdings in tech stocks. Taking Apple, which sits on the \"throne\" of technology stocks, as an example, Apple's stock price fell to a low of $128.86 during trading on June 16 amid poor overall market performance. However, on August 18, Apple's stock price rebounded by about 34% from its June low to above $174, which is less than 5% away from the historical high of about $182 reached by the stock in January of this year.</p><p>However, following Federal Reserve Chairman Jerome Powell's hawkish remarks at the Jackson Hole Global Central Bank Meeting, the \"head-on clash\" between technology stocks and US Treasury yields may intensify, potentially leading to huge losses for asset management companies that recently significantly increased their holdings in technology stocks. Analysts believe that technology stocks, which are sensitive to interest rates, may be sold off again in the future, as almost all signs indicate that Powell will maintain his hardline stance given the current high global prices of goods and services.</p><p>Soaring interest rates have increased the financing costs of technology companies. However, this is not a problem for cash-flow-rich tech companies like Apple and Microsoft. Tech stocks with strong fundamentals often have reliable profitability, healthy balance sheets, and the ability to navigate deflationary trends. However, for unprofitable technology companies that are constantly burning money in pursuit of rapid growth, the risks rise significantly.</p><p>3. Pharmaceutical, energy, and consumer stocks each have their own strengths.</p><p>In BlackRock's second-quarter holding report, judging from the changes in holding ratios, its top five buy targets included...<a href=\"https://laohu8.com/S/UNH\">united health</a>(UNH.US), Johnson & Johnson(JNJ.US),<a href=\"https://laohu8.com/S/MRK\">Merck</a>(MRK.US) and Pfizer (PFE.US) are four pharmaceutical stocks, while the other is an energy stock.<a href=\"https://laohu8.com/S/XOM\">ExxonMobil</a>(XOM.US).</p><p><img src=\"https://static.tigerbbs.com/f91529edbcdf724d3ec71ea03549b662\" tg-width=\"396\" tg-height=\"425\" referrerpolicy=\"no-referrer\"/></p><p><a href=\"https://laohu8.com/S/JNJ\">Johnson and Johnson</a>Also Bridgewater Associates' second-largest holding, the fund also significantly increased its holdings in CVS Health (CVS.US) in the second quarter. Morgan Stanley also increased its holdings in United Health and Johnson & Johnson in the second quarter.</p><p>JPMorgan Chase also favors pharmaceutical stocks, with UnitedHealth, AbbVie (ABBV.US), and Bristol-Myers Squibb (BMY.US) among its top ten holdings. UnitedHealth's holdings increased by 20% compared to the previous quarter, while AbbVie and Bristol-Myers Squibb's holdings also increased slightly compared to the previous quarter.</p><p><img src=\"https://static.tigerbbs.com/d9c76e02855a9d2091d0fe277347886c\" tg-width=\"1335\" tg-height=\"628\" referrerpolicy=\"no-referrer\"/></p><p><a href=\"https://laohu8.com/S/BX\">Blackstone</a>They prefer Energy stocks, with four of their top five holdings being Energy stocks: Cheniere Energy (CQP.US), Energy Transfer (ET.US),<a href=\"https://laohu8.com/S/MPLX\">MPLX LP</a>(MPLX.US) and Enterprise Products (EPD.US).</p><p><img src=\"https://static.tigerbbs.com/1670c57df8eeabe788af2f0a29a9ea34\" tg-width=\"1333\" tg-height=\"320\" referrerpolicy=\"no-referrer\"/></p><p>Energy stocks that have attracted much market attention this year<a href=\"https://laohu8.com/S/OXY\">Western Petroleum</a>(OXY.US) unsurprisingly became Berkshire Hathaway's top buying target in the second quarter. Berkshire Hathaway has significantly increased its stake in Occidental Petroleum this year and submitted an application to the U.S. Federal Energy Regulatory Commission on July 11 to purchase more Occidental Petroleum shares. Currently, Berkshire Hathaway owns 188.5 million shares of Occidental Petroleum, representing a 20.2% stake, exceeding the 20% consolidation threshold.</p><p>Besides Occidental Petroleum, Berkshire Hathaway also significantly increased its stake in the second quarter.<a href=\"https://laohu8.com/S/CVX\">Chevron</a>(CVX.US) saw its holdings increase by 316% compared to the previous quarter, making it Berkshire Hathaway's fourth-largest holding. Some market analysts believe that Buffett has always favored traditional oil stocks, as traditional energy remains a long-term necessity. Especially after investment restrictions, leading companies are following a logic of increasing concentration, with positive financial data and overall valuation levels rising accordingly.</p><p>Consumer stocks have captured the hearts of Bridgewater Associates. Among Bridgewater's top ten holdings in the second quarter were as many as five consumer stocks: Procter & Gamble (PG.US), Coca-Cola (KO.US), PepsiCo (PEP.US), Costco (COST.US), and Walmart (WMT.US).</p><p><img src=\"https://static.tigerbbs.com/e39a4d9339453ef1453aee421b14e2a5\" tg-width=\"1295\" tg-height=\"676\" referrerpolicy=\"no-referrer\"/></p><p></body></html></p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://www.zhitongcaijing.com/content/detail/785981.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/e68f18a297e419bae3cc0320b6d8ff4e","relate_stocks":{".DJI":"道琼斯"},"source_url":"https://www.zhitongcaijing.com/content/detail/785981.html","is_english":false,"share_image_url":"https://static.laohu8.com/6ca2dcdccfa2217fb20a0351f4efe814","article_id":"1103083207","content_text":"作者： 庄礼佳过去两周，许多资管巨头都公布了各自的第二季度持仓报告(13F)。本文将通过对包括伯克希尔哈撒韦、贝莱德、桥水基金等12家资管巨头的二季度持仓报告来看看这些“聪明钱”都买了什么。1、大盘走弱之下 资管巨头持仓市值普遍缩水从各家资管巨头公布的数据来看，除了摩根士丹利之外，其余资管巨头在二季度的持仓总市值均较一季度出现了下滑。其中，有着“科技股猎手”之称的老虎环球二季度持仓总市值环比接近“腰斩”。其余表现较好的资管巨头包括：景林资产持仓总市值环比下降不到4%，桥水基金持仓总市值环比下降不到5%。资管巨头们的持仓市值缩水与整体市场的表现基本一致。数据显示，在二季度，标普500指数下跌了16.45%，而纳斯达克指数则下跌了22.44%。2、科技股仍获青睐尽管美股科技股在二季度的走势并不好，但多家资管巨头的持仓报告显示，科技股仍是其重点持仓标的。全球最大资管贝莱德的二季度持仓中，科技股所占比例最高，为22.35%。前五大重仓股均为科技股，依次为苹果(AAPL.US)、微软(MSFT.US)、亚马逊(AMZN.US)、Alphabet(GOOGL.US)和谷歌(GOOG.US)，特斯拉(TSLA.US)与英伟达(NVDA.US)分别是贝莱德第六大、第十大重仓股。苹果同样是巴菲特旗下伯克希尔哈撒韦的第一大重仓股，占投资组合比例高达42.20%。值得一提的是，伯克希尔哈撒韦还在第三季度增持了约380万股苹果股票。与此同时，苹果还是景顺集团、美国银行、高盛、摩根士丹利的第二大重仓股、摩根大通的第四大重仓股。除了苹果之外，微软同样获得资管巨头们的青睐。微软是摩根大通的头号重仓股，在二季度的持仓数量较上季度增加了10%。景顺集团、美国银行和摩根士丹利都将微软作为其第一大重仓股，其中摩根士丹利更是在二季度大幅增持了微软股票，较上季度持仓数量增加了50%。高盛也在二季度将微软的持仓数量增加了13%，使得微软成为其第三大重仓股。“科技股猎手”老虎环球的二季度持仓的前五大重仓股中，微软和Meta Platforms(META.US)分别位列第二和第五。值得一提的是，老虎环球对Meta Platforms的持仓比例从上季度排名第十升至第五，较上季度持仓数量大幅增持15%。此外，老虎环球还建仓了Alphabet。桥水基金的前五大买入标的中也包含万事达(MA.US)、Alphabet和Meta Platforms这三只科技股，该基金还在二季度建仓做多亚马逊(AMZN.US)。尽管科技股在二季度普遍遭遇重击，但美股在7月份的强势反弹似乎证明了资管巨头们加仓科技股的“英明决定”。以坐在科技股“王座”上的苹果为例，在大盘整体表现不佳的情况下，苹果股价在6月16日盘中跌至128.86美元的低点，但在8月18日时，苹果股价就较6月低点反弹约34%至174美元上方，距离该股在今年1月创下的约182美元的历史高点仅差不到5%的涨幅。然而，在美联储主席鲍威尔于杰克逊霍尔全球央行会议上发表鹰派言论之后，科技股与美债收益率之间的“正面交锋”或将愈发激烈，这可能使得前不久大幅加仓科技股的资管公司们面临巨大亏损。分析人士认为，对利率水平敏感的科技类股票未来可能再度遭抛售，因为几乎所有迹象都表明，鉴于目前全球商品和服务价格仍居高不下，鲍威尔将坚持其强硬立场。不断飙升的利率增加了科技公司融资成本。不过，对于苹果和微软等现金流充裕的科技公司来说，这不是问题，基本面良好的科技股往往具有可靠的盈利能力、健康的资产负债表以及驾驭通缩趋势的能力。但对于那些不断烧钱追求快速增长的尚未盈利的科技公司来说，风险则大幅上行。3、医药类、能源类、日常消费类股各有千秋在贝莱德的二季度持仓报告中，从持仓比例变化来看，其前五大买入标的中就包括联合健康(UNH.US)、强生(JNJ.US)、默沙东(MRK.US)、辉瑞(PFE.US)四只医药类股，另外一只则是作为能源类股的埃克森美孚(XOM.US)。强生同样是桥水基金的第二大重仓股，该基金还在二季度大幅增持了CVS Health (CVS.US)。摩根士丹利在二季度也增持了联合健康和强生。摩根大通也偏好医药股，其前十大重仓股中就包含联合健康、艾伯维(ABBV.US)和百时美施贵宝(BMY.US)三只医药股，其中联合健康的持仓数量较上季度增加20%，艾伯维和百时美施贵宝的持仓数量也较上季度小幅增长。黑石更青睐能源股，其前五大重仓股中有四只是能源股，分别是Cheniere Energy(CQP.US)、Energy Transfer(ET.US)、MPLX LP(MPLX.US)以及Enterprise Products(EPD.US)。今年以来备受市场关注的能源股西方石油(OXY.US)不出意外地成为伯克希尔哈撒韦在二季度的第一大买入标的。伯克希尔哈撒韦在今年大幅增持了西方石油，并于7月11日向美国联邦能源管理委员会提交了购买更多西方石油股票的申请。目前，伯克希尔哈撒韦拥有1.885亿股西方石油股票，持股比例达到20.2%，超过了20%的并表门槛。除了西方石油以外，伯克希尔哈撒韦在二季度同样大幅增持了雪佛龙(CVX.US)，持仓数量较上季度增长316%，使得后者成为伯克希尔哈撒韦的第四大重仓股。有市场分析人士认为，巴菲特对传统石油股一直青睐有加，传统能源依旧是未来长期刚需，尤其是限制投资后，头部企业走集中度提升逻辑，财务数据向好，整体估值水位也随着提升。日常消费类股则俘获了桥水基金的“芳心”。桥水二季度持仓的前十大重仓股中有多达五只日常消费类股，分别是宝洁(PG.US)、可口可乐(KO.US)、百事可乐(PEP.US)、好市多(COST.US)和沃尔玛(WMT.US)。","news_type":1,"symbols_score_info":{".DJI":0.9}},"isVote":1,"tweetType":1,"viewCount":5060,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9939024204,"gmtCreate":1662029545612,"gmtModify":1676536628559,"author":{"id":"4116924152740332","authorId":"4116924152740332","name":"kuro123","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4116924152740332","authorIdStr":"4116924152740332"},"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/9939024204","repostId":"1188367124","repostType":4,"isVote":1,"tweetType":1,"viewCount":4867,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9939024889,"gmtCreate":1662029534343,"gmtModify":1676536628551,"author":{"id":"4116924152740332","authorId":"4116924152740332","name":"kuro123","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4116924152740332","authorIdStr":"4116924152740332"},"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/9939024889","repostId":"2264251077","repostType":4,"isVote":1,"tweetType":1,"viewCount":4675,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9930883617,"gmtCreate":1661928836542,"gmtModify":1676536605810,"author":{"id":"4116924152740332","authorId":"4116924152740332","name":"kuro123","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4116924152740332","authorIdStr":"4116924152740332"},"themes":[],"title":"","htmlText":"<a href=\"https://ttm.financial/S/GRAB\">$Grab Holdings(GRAB)$</a>","listText":"<a href=\"https://ttm.financial/S/GRAB\">$Grab Holdings(GRAB)$</a>","text":"$Grab Holdings(GRAB)$","images":[{"img":"https://community-static.tradeup.com/news/c28026b351cd650f55cc32175bda0dc6","width":"1242","height":"3008"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9930883617","isVote":1,"tweetType":1,"viewCount":4592,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":9930880220,"gmtCreate":1661928489762,"gmtModify":1676536605757,"author":{"id":"4116924152740332","authorId":"4116924152740332","name":"kuro123","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4116924152740332","authorIdStr":"4116924152740332"},"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/9930880220","repostId":"1110193028","repostType":4,"repost":{"id":"1110193028","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":1661907934,"share":"https://ttm.financial/m/news/1110193028?lang=en_US&edition=fundamental","pubTime":"2022-08-31 09:05","market":"hk","language":"zh","title":"Biocytography-B has a 50% success rate in one lot; subscribing to 14 lots guarantees one lot.","url":"https://stock-news.laohu8.com/highlight/detail?id=1110193028","media":"老虎资讯综合","summary":"8月31日，百奥赛图-B发布公告，公司全球发售2175.85万股股份，其中香港发售股份217.6万股，国际发售股份1958.25万股，另有15%超额配股权；发售价为每股发售股份25.22港元，每手买卖","content":"<p><html><head></head><body>On August 31,<a href=\"https://laohu8.com/S/02315\">Biocyto-B</a>The company issued an announcement stating that it will offer 21.7585 million shares globally, including 2.176 million shares offered in Hong Kong, 19.5825 million shares offered internationally, and a 15% over-allotment option. The Offer Price is HK$25.22 per Offer Share with board lots of 500 Shares;<a href=\"https://laohu8.com/S/601995\">CICC</a>and<a href=\"https://laohu8.com/S/GS\">Goldman Sachs</a>Are the Joint Sponsors; The Shares are expected to be listed on the Main Board of the Stock Exchange on 1 September 2022.</p><p><b>The relevant data compiled by Tiger Information is as follows:</b></p><p><img src=\"https://static.tigerbbs.com/bfe1fe1e76e82123d9604aa786444204\" tg-width=\"1059\" tg-height=\"824\" width=\"100%\" height=\"auto\"/></p><p><b>allocation results</b></p><p>Group A has 500 shares per lot, with a 50% success rate per lot. If you subscribe for 14 lots, you are guaranteed to win one lot.</p><p>Group B has 400 lots (200,000 shares) and is allocated 100 lots (50,000 shares).</p><p><img src=\"https://static.tigerbbs.com/55a7b8874bfe77499a8c822eca293038\" tg-width=\"611\" tg-height=\"682\" width=\"100%\" height=\"auto\"/><img src=\"https://static.tigerbbs.com/d91bc610c3945989c6040d6ea210986d\" tg-width=\"613\" tg-height=\"286\" width=\"100%\" height=\"auto\"/></p><p>The Hong Kong Offer Shares have been slightly oversubscribed. A total of 3,524 valid applications were received for a total of 12,909,500 Hong Kong Offer Shares, representing approximately 5.93 times the total number of Hong Kong Offer Shares initially available for subscription under the Hong Kong Public Offering. The Offer Shares initially offered under the International Offering have been slightly oversubscribed, representing approximately 1.6 times the total number of Offer Shares initially available under the International Offering. Based on the offer price of HK$25.22 per share, and pursuant to the cornerstone investment agreement, cornerstone investors have subscribed for a total of 15.4785 million offer shares.</p><p>Based on the offer price of HK$25.22 per share, the company is estimated to receive net proceeds of approximately HK$471.1 million from the global offering (assuming the over-allotment option is not exercised). The company plans to use approximately 70% of the net proceeds to fund further clinical development of its core products; Approximately 15% will be used to fund antibody drug discovery and development under the Thousand Rats, Ten Thousand Antibodies Program; approximately 10% for pre-clinical and clinical development of other pipeline products; and approximately 5% will be used for working capital and other general corporate purposes. If the Over-allotment Option is exercised in full, the Company will receive additional net proceeds of approximately HK$79.4 million for the 3,263,500 additional H Shares to be issued and allotted as a result of the exercise of the Over-allotment Option.</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>Biocytography-B has a 50% success rate in one lot; subscribing to 14 lots guarantees one lot.</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\">\nBiocytography-B has a 50% success rate in one lot; subscribing to 14 lots guarantees one lot.\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\">2022-08-31 09:05</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p><html><head></head><body>On August 31,<a href=\"https://laohu8.com/S/02315\">Biocyto-B</a>The company issued an announcement stating that it will offer 21.7585 million shares globally, including 2.176 million shares offered in Hong Kong, 19.5825 million shares offered internationally, and a 15% over-allotment option. The Offer Price is HK$25.22 per Offer Share with board lots of 500 Shares;<a href=\"https://laohu8.com/S/601995\">CICC</a>and<a href=\"https://laohu8.com/S/GS\">Goldman Sachs</a>Are the Joint Sponsors; The Shares are expected to be listed on the Main Board of the Stock Exchange on 1 September 2022.</p><p><b>The relevant data compiled by Tiger Information is as follows:</b></p><p><img src=\"https://static.tigerbbs.com/bfe1fe1e76e82123d9604aa786444204\" tg-width=\"1059\" tg-height=\"824\" width=\"100%\" height=\"auto\"/></p><p><b>allocation results</b></p><p>Group A has 500 shares per lot, with a 50% success rate per lot. If you subscribe for 14 lots, you are guaranteed to win one lot.</p><p>Group B has 400 lots (200,000 shares) and is allocated 100 lots (50,000 shares).</p><p><img src=\"https://static.tigerbbs.com/55a7b8874bfe77499a8c822eca293038\" tg-width=\"611\" tg-height=\"682\" width=\"100%\" height=\"auto\"/><img src=\"https://static.tigerbbs.com/d91bc610c3945989c6040d6ea210986d\" tg-width=\"613\" tg-height=\"286\" width=\"100%\" height=\"auto\"/></p><p>The Hong Kong Offer Shares have been slightly oversubscribed. A total of 3,524 valid applications were received for a total of 12,909,500 Hong Kong Offer Shares, representing approximately 5.93 times the total number of Hong Kong Offer Shares initially available for subscription under the Hong Kong Public Offering. The Offer Shares initially offered under the International Offering have been slightly oversubscribed, representing approximately 1.6 times the total number of Offer Shares initially available under the International Offering. Based on the offer price of HK$25.22 per share, and pursuant to the cornerstone investment agreement, cornerstone investors have subscribed for a total of 15.4785 million offer shares.</p><p>Based on the offer price of HK$25.22 per share, the company is estimated to receive net proceeds of approximately HK$471.1 million from the global offering (assuming the over-allotment option is not exercised). The company plans to use approximately 70% of the net proceeds to fund further clinical development of its core products; Approximately 15% will be used to fund antibody drug discovery and development under the Thousand Rats, Ten Thousand Antibodies Program; approximately 10% for pre-clinical and clinical development of other pipeline products; and approximately 5% will be used for working capital and other general corporate purposes. If the Over-allotment Option is exercised in full, the Company will receive additional net proceeds of approximately HK$79.4 million for the 3,263,500 additional H Shares to be issued and allotted as a result of the exercise of the Over-allotment Option.</p><p></body></html></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/6b69e234a63c2c0a69ccede7b0faaa18","relate_stocks":{"02315":"百奥赛图-B"},"source_url":"","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1110193028","content_text":"8月31日，百奥赛图-B发布公告，公司全球发售2175.85万股股份，其中香港发售股份217.6万股，国际发售股份1958.25万股，另有15%超额配股权；发售价为每股发售股份25.22港元，每手买卖单位500股；中金公司及高盛为联席保荐人；预期股份将于2022年9月1日于联交所主板挂牌上市。老虎资讯整理相关数据如下：分配结果甲组每手500股，一手中签率50%，申购14手稳中一手。乙组头为400手（200000股），获配100手（50000股）。香港发售股份已获轻微超额认购。合共接获3524份有效申请，认购合共1290.95万股香港发售股份，相当于香港公开发售项下初步可供认购香港发售股份总数的约5.93倍。国际发售项下初步提呈发售的发售股份已获轻微超额认购，相当于国际发售项下初步可供认购发售股份总数约1.6倍。按发售价每股25.22港元计算，且根据基石投资协议，基石投资者已认购合共1547.85万股发售股份。按发售价每股25.22港元计算，公司将自全球发售收取的所得款项净额估计约为4.711亿港元(假设超额配股权未获行使)。公司拟将所得款项净额约70%用于为核心产品的进一步临床研发提供资金；约15%用于根据千鼠万抗计划为抗体药物发现及开发提供资金；约10%用于其他管线产品的临床前及临床开发；及约5%将用作营运资金及其他一般公司用途。倘超额配股权获悉数行使，则公司将就因超额配股权获行使而将予发行及配发的326.35万股额外H股收取额外所得款项净额约7940万港元。","news_type":1,"symbols_score_info":{"02315":0.9}},"isVote":1,"tweetType":1,"viewCount":4657,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"defaultTab":"following","isTTM":true}