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16:23","market":"us","language":"zh","title":"Change | Plunge! Credit Suisse fell more than 60% before the market, and First Republic Bank fell more than 21%","url":"https://stock-news.laohu8.com/highlight/detail?id=1193257708","media":"老虎资讯综合","summary":"3月20日，美股指期货下跌，道指期货跌0.79%，纳指期货跌0.42%，标普500指数期货跌0.66%。瑞士信贷盘前跌逾60%，瑞银跌超12%，瑞银同意以30亿瑞郎收购瑞士信贷。银行股盘前下跌，瑞银跌","content":"<p><html><head></head><body>On March 20, U.S. stock index futures fell, Dow futures fell 0.79%, Nasdaq futures fell 0.42%, and S&P 500 futures fell 0.66%.<img src=\"https://static.tigerbbs.com/f42f0b659d0b7fc24168733bf0f4013c\" tg-width=\"828\" tg-height=\"246\" referrerpolicy=\"no-referrer\"/></p><p><a href=\"https://laohu8.com/S/CS\">Credit Suisse</a>It fell more than 60% before the market,<a href=\"https://laohu8.com/S/UBS\">UBS</a>Fell more than 12%,<a href=\"https://laohu8.com/S/UBS\">UBS</a>Agreed to acquire for 3 billion Swiss francs<a href=\"https://laohu8.com/S/CS\">Credit Suisse</a>。</p><p>Bank stocks fell premarket,<a href=\"https://laohu8.com/S/UBS\">UBS</a>The decline expanded to 12%,<a href=\"https://laohu8.com/S/DB\">Deutsche Bank</a>Fell more than 9%, Barclays fell more than 7%,<a href=\"https://laohu8.com/S/HSBC\">HSBC</a>Fell more than 5%,<a href=\"https://laohu8.com/S/C\">Citigroup</a>、<a href=\"https://laohu8.com/S/WFC\">Wells Fargo</a>Fell more than 2%.</p><p><a href=\"https://laohu8.com/S/FRC\">First Republic Bank</a>It fell more than 21% before the market, and the bank was downgraded twice by S&P in a week.</p><p><a href=\"https://laohu8.com/S/BBBY\">3B Home</a>It fell more than 13% before the market, and plans to conduct a reverse stock split.</p><p><a href=\"https://laohu8.com/S/SCHW\">Charles Schwab</a>It fell more than 3% before the market, and the market is worried that it is also facing liquidity problems.</p><p><a href=\"https://laohu8.com/S/DOYU\">Betta fish</a>It rose nearly 6% before the market, and its performance in the fourth quarter of last year exceeded expectations.</p><p>Popular Chinese concept stocks fell before the market,<a href=\"https://laohu8.com/S/BILI\">Bilibili</a>Fell nearly 4%,<a href=\"https://laohu8.com/S/LI\">Li Auto</a>、<a href=\"https://laohu8.com/S/IQ\">IQiyi</a>Fell more than 3%,<a href=\"https://laohu8.com/S/XPEV\">XPeng vehicles</a>Fell more than 2%.</p><p>Oil stocks fell premarket,<a href=\"https://laohu8.com/S/TTE\">Total</a>Fell nearly 4%,<a href=\"https://laohu8.com/S/BP\">British Oil</a>、<a href=\"https://laohu8.com/S/XOM\">ExxonMobil</a>Fell more than 2%.</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>Change | Plunge! Credit Suisse fell more than 60% before the market, and First Republic Bank fell more than 21%</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\">\nChange | Plunge! Credit Suisse fell more than 60% before the market, and First Republic Bank fell more than 21%\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\">2023-03-20 16:23</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p><html><head></head><body>On March 20, U.S. stock index futures fell, Dow futures fell 0.79%, Nasdaq futures fell 0.42%, and S&P 500 futures fell 0.66%.<img src=\"https://static.tigerbbs.com/f42f0b659d0b7fc24168733bf0f4013c\" tg-width=\"828\" tg-height=\"246\" referrerpolicy=\"no-referrer\"/></p><p><a href=\"https://laohu8.com/S/CS\">Credit Suisse</a>It fell more than 60% before the market,<a href=\"https://laohu8.com/S/UBS\">UBS</a>Fell more than 12%,<a href=\"https://laohu8.com/S/UBS\">UBS</a>Agreed to acquire for 3 billion Swiss francs<a href=\"https://laohu8.com/S/CS\">Credit Suisse</a>。</p><p>Bank stocks fell premarket,<a href=\"https://laohu8.com/S/UBS\">UBS</a>The decline expanded to 12%,<a href=\"https://laohu8.com/S/DB\">Deutsche Bank</a>Fell more than 9%, Barclays fell more than 7%,<a href=\"https://laohu8.com/S/HSBC\">HSBC</a>Fell more than 5%,<a href=\"https://laohu8.com/S/C\">Citigroup</a>、<a href=\"https://laohu8.com/S/WFC\">Wells Fargo</a>Fell more than 2%.</p><p><a href=\"https://laohu8.com/S/FRC\">First Republic Bank</a>It fell more than 21% before the market, and the bank was downgraded twice by S&P in a week.</p><p><a href=\"https://laohu8.com/S/BBBY\">3B Home</a>It fell more than 13% before the market, and plans to conduct a reverse stock split.</p><p><a href=\"https://laohu8.com/S/SCHW\">Charles Schwab</a>It fell more than 3% before the market, and the market is worried that it is also facing liquidity problems.</p><p><a href=\"https://laohu8.com/S/DOYU\">Betta fish</a>It rose nearly 6% before the market, and its performance in the fourth quarter of last year exceeded expectations.</p><p>Popular Chinese concept stocks fell before the market,<a href=\"https://laohu8.com/S/BILI\">Bilibili</a>Fell nearly 4%,<a href=\"https://laohu8.com/S/LI\">Li Auto</a>、<a href=\"https://laohu8.com/S/IQ\">IQiyi</a>Fell more than 3%,<a href=\"https://laohu8.com/S/XPEV\">XPeng vehicles</a>Fell more than 2%.</p><p>Oil stocks fell premarket,<a href=\"https://laohu8.com/S/TTE\">Total</a>Fell nearly 4%,<a href=\"https://laohu8.com/S/BP\">British Oil</a>、<a href=\"https://laohu8.com/S/XOM\">ExxonMobil</a>Fell more than 2%.</p><p></body></html></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/a00dac9da971ee0e08b72a17d0d0b507","relate_stocks":{"BK4588":"碎股",".DJI":"道琼斯","BK4585":"ETF&股票定投概念","BK4548":"巴美列捷福持仓","BK4552":"Archegos爆仓风波概念","BK4118":"综合性资本市场",".SPX":"S&P 500 Index","LU0266013472.USD":"AXA WF - Framlington Longevity Economy A Cap USD",".IXIC":"NASDAQ Composite","BK4589":"SVB概念","BK4211":"区域性银行"},"source_url":"","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1193257708","content_text":"3月20日，美股指期货下跌，道指期货跌0.79%，纳指期货跌0.42%，标普500指数期货跌0.66%。瑞士信贷盘前跌逾60%，瑞银跌超12%，瑞银同意以30亿瑞郎收购瑞士信贷。银行股盘前下跌，瑞银跌幅扩大至12%，德意志银行跌超9%，巴克莱跌超7%，汇丰跌超5%，花旗、富国银行跌超2%。第一共和银行盘前跌超21%，该行遭标普一周内两次下调评级。3B家居盘前跌超13%，计划进行反向拆股。嘉信理财盘前跌超3%，市场担忧其也面临流动性问题。斗鱼盘前涨近6%，去年四季度业绩超预期。热门中概股盘前下跌，哔哩哔哩跌近4%，理想汽车、爱奇艺跌超3%，小鹏汽车跌超2%。石油股盘前下跌，道达尔跌近4%，英国石油、埃克森美孚跌超2%。","news_type":1,"symbols_score_info":{"CS":0.9,"FRC":0.9,".DJI":0.9,".SPX":0.9,".IXIC":0.9}},"isVote":1,"tweetType":1,"viewCount":2695,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9943961832,"gmtCreate":1679048423427,"gmtModify":1679048427580,"author":{"id":"3576892531232178","authorId":"3576892531232178","name":"uiv","avatar":"https://community-static.tradeup.com/news/522ae5f11b7bc763293c30c3a20671c9","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576892531232178","idStr":"3576892531232178"},"themes":[],"htmlText":"👌🏻","listText":"👌🏻","text":"👌🏻","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9943961832","repostId":"1188611512","repostType":2,"isVote":1,"tweetType":1,"viewCount":2639,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9949774665,"gmtCreate":1678938516657,"gmtModify":1678938520632,"author":{"id":"3576892531232178","authorId":"3576892531232178","name":"uiv","avatar":"https://community-static.tradeup.com/news/522ae5f11b7bc763293c30c3a20671c9","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576892531232178","idStr":"3576892531232178"},"themes":[],"htmlText":"👌🏻","listText":"👌🏻","text":"👌🏻","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9949774665","repostId":"2319875342","repostType":2,"repost":{"id":"2319875342","kind":"news","pubTimestamp":1678915920,"share":"https://ttm.financial/m/news/2319875342?lang=en_US&edition=fundamental","pubTime":"2023-03-16 05:32","market":"hk","language":"zh","title":"Foreign media headlines | Credit Suisse crisis dominates the market, bank stocks are hit hard again","url":"https://stock-news.laohu8.com/highlight/detail?id=2319875342","media":"环球市场播报","summary":" 美国地区性银行倒闭掀起的风暴过去才不到几天，瑞信带来的新一轮动荡又引得全球市场风声鹤唳。 瑞信股价暴跌30%点燃了金融股的抛售狂潮，就连摩根大通、富国银行、花旗集团等银行巨头也未能幸免。标普500指数超过90%成分股下跌，欧洲股市基准指数跌幅一度达到3%。布伦特原油跌破每桶75美元，为2021年末以来首次。两名知情人士表示，瑞信还要求瑞士金融监管机构Finma对其表示支持，但两家机构都尚未决定公开干预。","content":"<p><html><head></head><body><b>The headlines that the global financial media paid attention to last night and this morning mainly include:</b></p><p><b>1. Global risk assets are in mourning, Credit Suisse plummets and begins to ask the Swiss National Bank for help</b><b>2. Oil prices fall to 15-month lows, banking crisis spreads, suppressing market sentiment</b><b>3、<a href=\"https://laohu8.com/S/GS\">Goldman Sachs</a>Small banks critical to the U.S. economy that cut U.S. GDP forecasts come under pressure</b><b>4. Due to the deterioration of liquidity in the US Treasury Bond market<a href=\"https://laohu8.com/S/SIVB\">Silicon Valley Bank</a>Crisis affects Fed's rate hike path</b><b>5. Chief Investment Officer of Morgan Asset Management: U.S. interest rates may have peaked</b><b>6. In view of banking turmoil, the European Central Bank expects only 25 basis points of rate hike this week</b><img src=\"https://static.tigerbbs.com/fe57025a82ab72558e8545216c07e0fe\" tg-width=\"550\" tg-height=\"367\" referrerpolicy=\"no-referrer\"/></p><p><b>Global risk assets are in mourning, Credit Suisse plummets and begins to ask for help from the Swiss National Bank</b></p><p>Less than a few days after the storm caused by the collapse of regional banks in the United States, the new round of turmoil brought by Credit Suisse has caused jitters in the global market.</p><p>Credit Suisse's 30% plunge ignited a sell-off spree in financial stocks, even<a href=\"https://laohu8.com/S/JPM\">JPMorgan Chase</a>、<a href=\"https://laohu8.com/S/WFC\">Wells Fargo</a>Banking giants such as Citigroup and Citigroup have not been spared. More than 90% of the constituent stocks of the S&P 500 index fell, and the European stock market benchmark index once fell by 3%. Brent crude fell below $75 a barrel for the first time since late 2021.</p><p>Credit Suisse calls for help from SNB</p><p><a href=\"https://laohu8.com/S/CS\">Credit Suisse</a>Call on the Swiss National Bank to publicly support it. Credit Suisse has also asked Finma, the Swiss financial regulator, to express its support, but neither institution has decided to intervene publicly, two people familiar with the matter said. Opimas analyst Octavio Marenzi said the Swiss National Bank may have to intervene and help Credit Suisse, which looks inevitable. The SNB and the Swiss government must be fully aware that the bankruptcy of Credit Suisse, or even any loss of depositors, will destroy Switzerland's reputation as a financial center.</p><p><img src=\"https://static.tigerbbs.com/2cbb9edc2db693872fddded8b95e1714\" tg-width=\"550\" tg-height=\"310\" referrerpolicy=\"no-referrer\"/></p><p><b>Oil prices fall to 15-month low, banking crisis contagion weighs on sentiment</b></p><p>Crude oil extended its losses on Wednesday as turmoil in the banking sector continued to roil markets.</p><p>WTI futures fell below $68 a barrel and Brent crude oil fell below $75, both for the first time since December 2021. The decline in crude oil prices reflects worries in broader financial markets and is also affected by a pessimistic report from the International Energy Agency (IEA). The report forecasts global supply will \"easily\" exceed demand in the first half of the year. The possibility of a rate hike when the Federal Reserve meets next week also weighs on.</p><p><a href=\"https://laohu8.com/S/USEG\">US Energy</a>The latest weekly report from the Information Administration showed a slight increase in crude oil inventories, basically in line with expectations.</p><p><img src=\"https://static.tigerbbs.com/a7b652b5b1ab65192a35565ded6704c8\" tg-width=\"550\" tg-height=\"310\" referrerpolicy=\"no-referrer\"/></p><p><b>Goldman Sachs cuts U.S. GDP forecast Small banks critical to U.S. economy come under pressure</b></p><p>Goldman Sachs on Wednesday lowered its U.S. economic growth forecast for 2023, citing fewer lending from small and medium-sized banks amid turmoil in the broader financial system.</p><p>Analysts believe that credit contraction will lead to a sharp tightening of bank lending standards, dragging down economic growth that has been affected by tightening policies in recent quarters.</p><p>Banks with less than $250 billion in assets account for about 50% of U.S. commercial and industrial loans.</p><p><img src=\"https://static.tigerbbs.com/bba315461049b40ef35856313ba63a76\" tg-width=\"550\" tg-height=\"309\" referrerpolicy=\"no-referrer\"/></p><p><b>U.S. Treasury Bond market liquidity deteriorates as Silicon Valley Bank crisis affects Fed's rate hike path</b></p><p>As the U.S. banking crisis blurs the Federal Reserve's monetary policy outlook, liquidity in the world's largest bond market is getting worse.</p><p>The spread between bid-ask quotes for 2-year, 10-year and 30-year U.S. Treasury Bond rose to its highest level in at least six months on Tuesday, aggregated data showed. The 10-year U.S. Treasury yield fluctuated 34 basis points on Monday, the largest since the start of the 2020 COVID-19 pandemic.</p><p>Eugene Leow, senior interest rate strategist at DBS Bank in Singapore, said the widening bid-ask spread reflected increased market volatility and made market participants cautious.</p><p>The deteriorating liquidity forecast points to uncertainty about the path of the Fed's rate hike after the failure of three U.S. banks highlighted the \"lethality\" of rising borrowing costs.</p><p><img src=\"https://static.tigerbbs.com/5bdac12f50770d09a88f85bddef3bce4\" tg-width=\"550\" tg-height=\"383\" referrerpolicy=\"no-referrer\"/></p><p><b>JPMorgan Asset Management Chief Investment Officer: U.S. interest rates may have peaked</b></p><p>Bob Michele, chief investment officer of JPMorgan Asset Management, has previously warned that the turmoil in the banking industry will spread to the entire financial market and economy, leading to a hard landing for the U.S. economy. Now, he expects the Fed to pause its rate hike next week.</p><p>Michele said a U.S. recession is \"inevitable\" and the best investment strategy right now is to stick to high-quality bonds. He expects the US Treasury Bond yield curve to fall to a minimum of 3% across the board by August. He also said interest rates may have peaked because inflation was \"yesterday's battle\" and maintaining financial stability should now be the Fed's top priority.</p><p>The collapse of Silicon Valley Bank and growing doubts about Credit Suisse's financial prospects have prompted traders to cut their bets on the magnitude of the next rate hike. The market is worried that the collapse of the banking industry may have a shock, putting the already fragile economy at risk.</p><p><img src=\"https://static.tigerbbs.com/e0211074d94faa6063a3fdfbd445c899\" tg-width=\"500\" tg-height=\"342\" referrerpolicy=\"no-referrer\"/></p><p><b>In view of banking turmoil, the European Central Bank expects only 25 basis points of rate hike this week</b></p><p>Economic research predicts that the European Central Bank will abandon its previous 50 basis point guidance for rate hike at this week's meeting and reduce its rate hike to half in light of market concerns about the health of the financial sector.</p><p>Economists David Powell, Maeva Cousin and Jamie Rush adjusted their expectations for the ECB's upcoming rate hike decision, now expecting just 25 basis points in rate hike.</p><p>\"Is Credit Suisse too big to fail? Maybe, but there is no doubt that it is too big to ignore,\" they said in a report on Wednesday. \"Economic research now predicts that the management committee will act more cautiously than previously hinted.\"</p><p>Traders also cut their bets on the magnitude of Thursday's rate hike, despite ECB President Christine Lagarde earlier this month calling a 50 basis point rate hike \"very, very likely\".</p><p></body></html></p>","source":"sina","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Foreign media headlines | Credit Suisse crisis dominates the market, bank stocks are hit hard again</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nForeign media headlines | Credit Suisse crisis dominates the market, bank stocks are hit hard again\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">环球市场播报</strong><span class=\"h-time small\">2023-03-16 05:32</span>\n</p>\n</h4>\n</header>\n<article>\n<p><html><head></head><body><b>The headlines that the global financial media paid attention to last night and this morning mainly include:</b></p><p><b>1. Global risk assets are in mourning, Credit Suisse plummets and begins to ask the Swiss National Bank for help</b><b>2. Oil prices fall to 15-month lows, banking crisis spreads, suppressing market sentiment</b><b>3、<a href=\"https://laohu8.com/S/GS\">Goldman Sachs</a>Small banks critical to the U.S. economy that cut U.S. GDP forecasts come under pressure</b><b>4. Due to the deterioration of liquidity in the US Treasury Bond market<a href=\"https://laohu8.com/S/SIVB\">Silicon Valley Bank</a>Crisis affects Fed's rate hike path</b><b>5. Chief Investment Officer of Morgan Asset Management: U.S. interest rates may have peaked</b><b>6. In view of banking turmoil, the European Central Bank expects only 25 basis points of rate hike this week</b><img src=\"https://static.tigerbbs.com/fe57025a82ab72558e8545216c07e0fe\" tg-width=\"550\" tg-height=\"367\" referrerpolicy=\"no-referrer\"/></p><p><b>Global risk assets are in mourning, Credit Suisse plummets and begins to ask for help from the Swiss National Bank</b></p><p>Less than a few days after the storm caused by the collapse of regional banks in the United States, the new round of turmoil brought by Credit Suisse has caused jitters in the global market.</p><p>Credit Suisse's 30% plunge ignited a sell-off spree in financial stocks, even<a href=\"https://laohu8.com/S/JPM\">JPMorgan Chase</a>、<a href=\"https://laohu8.com/S/WFC\">Wells Fargo</a>Banking giants such as Citigroup and Citigroup have not been spared. More than 90% of the constituent stocks of the S&P 500 index fell, and the European stock market benchmark index once fell by 3%. Brent crude fell below $75 a barrel for the first time since late 2021.</p><p>Credit Suisse calls for help from SNB</p><p><a href=\"https://laohu8.com/S/CS\">Credit Suisse</a>Call on the Swiss National Bank to publicly support it. Credit Suisse has also asked Finma, the Swiss financial regulator, to express its support, but neither institution has decided to intervene publicly, two people familiar with the matter said. Opimas analyst Octavio Marenzi said the Swiss National Bank may have to intervene and help Credit Suisse, which looks inevitable. The SNB and the Swiss government must be fully aware that the bankruptcy of Credit Suisse, or even any loss of depositors, will destroy Switzerland's reputation as a financial center.</p><p><img src=\"https://static.tigerbbs.com/2cbb9edc2db693872fddded8b95e1714\" tg-width=\"550\" tg-height=\"310\" referrerpolicy=\"no-referrer\"/></p><p><b>Oil prices fall to 15-month low, banking crisis contagion weighs on sentiment</b></p><p>Crude oil extended its losses on Wednesday as turmoil in the banking sector continued to roil markets.</p><p>WTI futures fell below $68 a barrel and Brent crude oil fell below $75, both for the first time since December 2021. The decline in crude oil prices reflects worries in broader financial markets and is also affected by a pessimistic report from the International Energy Agency (IEA). The report forecasts global supply will \"easily\" exceed demand in the first half of the year. The possibility of a rate hike when the Federal Reserve meets next week also weighs on.</p><p><a href=\"https://laohu8.com/S/USEG\">US Energy</a>The latest weekly report from the Information Administration showed a slight increase in crude oil inventories, basically in line with expectations.</p><p><img src=\"https://static.tigerbbs.com/a7b652b5b1ab65192a35565ded6704c8\" tg-width=\"550\" tg-height=\"310\" referrerpolicy=\"no-referrer\"/></p><p><b>Goldman Sachs cuts U.S. GDP forecast Small banks critical to U.S. economy come under pressure</b></p><p>Goldman Sachs on Wednesday lowered its U.S. economic growth forecast for 2023, citing fewer lending from small and medium-sized banks amid turmoil in the broader financial system.</p><p>Analysts believe that credit contraction will lead to a sharp tightening of bank lending standards, dragging down economic growth that has been affected by tightening policies in recent quarters.</p><p>Banks with less than $250 billion in assets account for about 50% of U.S. commercial and industrial loans.</p><p><img src=\"https://static.tigerbbs.com/bba315461049b40ef35856313ba63a76\" tg-width=\"550\" tg-height=\"309\" referrerpolicy=\"no-referrer\"/></p><p><b>U.S. Treasury Bond market liquidity deteriorates as Silicon Valley Bank crisis affects Fed's rate hike path</b></p><p>As the U.S. banking crisis blurs the Federal Reserve's monetary policy outlook, liquidity in the world's largest bond market is getting worse.</p><p>The spread between bid-ask quotes for 2-year, 10-year and 30-year U.S. Treasury Bond rose to its highest level in at least six months on Tuesday, aggregated data showed. The 10-year U.S. Treasury yield fluctuated 34 basis points on Monday, the largest since the start of the 2020 COVID-19 pandemic.</p><p>Eugene Leow, senior interest rate strategist at DBS Bank in Singapore, said the widening bid-ask spread reflected increased market volatility and made market participants cautious.</p><p>The deteriorating liquidity forecast points to uncertainty about the path of the Fed's rate hike after the failure of three U.S. banks highlighted the \"lethality\" of rising borrowing costs.</p><p><img src=\"https://static.tigerbbs.com/5bdac12f50770d09a88f85bddef3bce4\" tg-width=\"550\" tg-height=\"383\" referrerpolicy=\"no-referrer\"/></p><p><b>JPMorgan Asset Management Chief Investment Officer: U.S. interest rates may have peaked</b></p><p>Bob Michele, chief investment officer of JPMorgan Asset Management, has previously warned that the turmoil in the banking industry will spread to the entire financial market and economy, leading to a hard landing for the U.S. economy. Now, he expects the Fed to pause its rate hike next week.</p><p>Michele said a U.S. recession is \"inevitable\" and the best investment strategy right now is to stick to high-quality bonds. He expects the US Treasury Bond yield curve to fall to a minimum of 3% across the board by August. He also said interest rates may have peaked because inflation was \"yesterday's battle\" and maintaining financial stability should now be the Fed's top priority.</p><p>The collapse of Silicon Valley Bank and growing doubts about Credit Suisse's financial prospects have prompted traders to cut their bets on the magnitude of the next rate hike. The market is worried that the collapse of the banking industry may have a shock, putting the already fragile economy at risk.</p><p><img src=\"https://static.tigerbbs.com/e0211074d94faa6063a3fdfbd445c899\" tg-width=\"500\" tg-height=\"342\" referrerpolicy=\"no-referrer\"/></p><p><b>In view of banking turmoil, the European Central Bank expects only 25 basis points of rate hike this week</b></p><p>Economic research predicts that the European Central Bank will abandon its previous 50 basis point guidance for rate hike at this week's meeting and reduce its rate hike to half in light of market concerns about the health of the financial sector.</p><p>Economists David Powell, Maeva Cousin and Jamie Rush adjusted their expectations for the ECB's upcoming rate hike decision, now expecting just 25 basis points in rate hike.</p><p>\"Is Credit Suisse too big to fail? Maybe, but there is no doubt that it is too big to ignore,\" they said in a report on Wednesday. \"Economic research now predicts that the management committee will act more cautiously than previously hinted.\"</p><p>Traders also cut their bets on the magnitude of Thursday's rate hike, despite ECB President Christine Lagarde earlier this month calling a 50 basis point rate hike \"very, very likely\".</p><p></body></html></p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://finance.sina.com.cn/stock/usstock/c/2023-03-16/doc-imykyzsn1451326.shtml\">环球市场播报</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/fe57025a82ab72558e8545216c07e0fe","relate_stocks":{"IE00BSNM7G36.USD":"NEUBERGER BERMAN SYSTEMATIC GLOBAL SUSTAINABLE VALUE \"A\" (USD) ACC","HSI":"恒生指数",".DJI":"道琼斯","BND":"债券指数ETF-Vanguard美国","BK4504":"桥水持仓","BK4550":"红杉资本持仓","BK4588":"碎股","GOVT":"iShares安硕核心美国国债ETF","BK4552":"Archegos爆仓风波概念","SHY":"债券指数ETF-iShares Barclays 1-3年国债","IEF":"债券指数ETF-iShares Barclays 7-10年","IEI":"iShares Barclays 3-7 Year Trea","TLT":"20+年以上美国国债ETF-iShares","BK4585":"ETF&股票定投概念","BK4533":"AQR资本管理(全球第二大对冲基金)","BK4127":"投资银行业与经纪业",".IXIC":"NASDAQ Composite"},"source_url":"https://finance.sina.com.cn/stock/usstock/c/2023-03-16/doc-imykyzsn1451326.shtml","is_english":false,"share_image_url":"https://static.laohu8.com/b0d1b7e8843deea78cc308b15114de44","article_id":"2319875342","content_text":"全球财经媒体昨夜今晨共同关注的头条新闻主要有：1、全球风险资产哀鸿遍野 瑞信暴跌 开始向瑞士央行求救2、油价跌至15个月低点 银行业危机蔓延打压市场情绪3、高盛下调美国GDP预期 对美国经济至关重要的小银行面临压力4、美国国债市场流动性恶化 因硅谷银行危机影响美联储加息路径5、摩根资产管理首席投资官：美国利率或已见顶6、鉴于银行业动荡 欧洲央行本周料仅加息25个基点全球风险资产哀鸿遍野 瑞信暴跌 开始向瑞士央行求救美国地区性银行倒闭掀起的风暴过去才不到几天，瑞信带来的新一轮动荡又引得全球市场风声鹤唳。瑞信股价暴跌30%点燃了金融股的抛售狂潮，就连摩根大通、富国银行、花旗集团等银行巨头也未能幸免。标普500指数超过90%成分股下跌，欧洲股市基准指数跌幅一度达到3%。 布伦特原油跌破每桶75美元，为2021年末以来首次。瑞信向瑞士央行求救瑞士信贷呼吁瑞士央行公开对其表示支持。两名知情人士表示，瑞信还要求瑞士金融监管机构Finma对其表示支持，但两家机构都尚未决定公开干预。Opimas分析师Octavio Marenzi表示，瑞士央行可能不得不干预并帮助瑞信，这看起来无法避免。瑞士央行和瑞士政府必须充分意识到，瑞信的破产，甚至储户的任何损失，都将摧毁瑞士作为金融中心的声誉。油价跌至15个月低点 银行业危机蔓延打压市场情绪随着银行业的动荡继续扰乱市场，原油周三延续了跌势。WTI期货跌破每桶68美元，布伦特原油跌破75美元，均为2021年12月以来首次。原油价格下跌反映了更广泛金融市场内的忧虑情绪，也受到国际能源署（IEA）一份悲观报告的影响。该报告预测今年上半年全球供应将“轻松”超过需求。美联储下周开会时加息的可能性也带来压力。美国能源信息管理局的最新周报显示原油库存略有上升，基本符合预期。高盛下调美国GDP预期 对美国经济至关重要的小银行面临压力高盛周三下调了美国2023年的经济增长预测，理由是在更广泛的金融体系动荡之际，中小银行的贷款减少。分析师们认为，信贷收缩将导致银行贷款标准大幅收紧，拖累已经受到近几个季度收紧政策影响的经济增长。资产不足2500亿美元的银行约占美国商业和工业贷款的50%。美国国债市场流动性恶化 因硅谷银行危机影响美联储加息路径随着美国银行业危机模糊了美联储货币政策前景，全球最大债券市场流动性正在变差。汇总的数据显示，2年期、10年期和30年期美国国债的买卖报价之差周二升至至少六个月来的最高水平。10年期美债收益率周一的波幅达到34个基点，为2020年新冠疫情开始以来最大。星展银行驻新加坡高级利率策略师Eugene Leow表示，买卖价差扩大反映了市场波动加剧，令市场参与者行事谨慎。流动性恶化预表明，在美国三家银行倒闭凸显出借贷成本上升的“杀伤力”后，美联储加息路径存在不确定性。摩根资产管理首席投资官：美国利率或已见顶摩根资产管理的首席投资官Bob Michele此前曾警告称，银行业的动荡将波及整个金融市场和经济，导致美国经济出现硬着陆。如今，他预计美联储下周将暂停加息。Michele表示，美国经济衰退是“不可避免的”，目前最好的投资策略是坚持持有高质量债券。他预计到8月美国国债收益率曲线将全线降至最低3%的水平。他还表示，利率可能已经见顶，因为通胀已是“昨日的战役”，如今维护金融稳定才应是美联储的首要任务。硅谷银行的倒闭以及对瑞信财务前景的疑虑与日俱增，促使交易员下调对接下来加息幅度的押注。市场担心银行业的崩溃恐形成冲击，使本已脆弱的经济面临风险。鉴于银行业动荡 欧洲央行本周料仅加息25个基点经济研究预计，鉴于市场对金融部门健康状况的担忧，欧洲央行将在本周的会议上放弃先前加息50个基点的指引，将加息幅度缩减至一半。经济学家David Powell，Maeva Cousin和Jamie Rush调整了他们对欧洲央行即将公布的加息决定的预期，目前预计仅加息25个基点。“瑞信是否规模太大不容倒闭？也许吧，但毫无疑问的是，它的规模太大，以至于不容忽视，”他们周三在一份报告中表示，“经济研究现在预计，管委会相较于此前的暗示将更为谨慎地行事。”交易员们也下调了对周四加息幅度的押注，尽管欧洲央行行长克里斯蒂娜·拉加德本月早些时候称“非常、非常有可能”加息50个基点。","news_type":1,"symbols_score_info":{"TNmain":0.6,".IXIC":0.9,"ZBmain":0.6,"UBmain":0.6,"GOVT":0.6,".DJI":0.9,"BND":1,"HSI":0.9,"IEF":0.6,"TLT":0.6,"ZTmain":0.6,"IEI":0.6,"ZFmain":0.6,"SHY":0.6}},"isVote":1,"tweetType":1,"viewCount":3073,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9940815580,"gmtCreate":1677808408841,"gmtModify":1677808413813,"author":{"id":"3576892531232178","authorId":"3576892531232178","name":"uiv","avatar":"https://community-static.tradeup.com/news/522ae5f11b7bc763293c30c3a20671c9","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576892531232178","idStr":"3576892531232178"},"themes":[],"htmlText":"👌🏻","listText":"👌🏻","text":"👌🏻","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9940815580","repostId":"1110233179","repostType":4,"repost":{"id":"1110233179","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":1677801485,"share":"https://ttm.financial/m/news/1110233179?lang=en_US&edition=fundamental","pubTime":"2023-03-03 07:58","market":"hk","language":"zh","title":"Last night and this morning | The sound of pigeons boosted, and the Dow closed up more than 1%! Tesla plummeted nearly 6%, and banks in the currency circle plunged 58%","url":"https://stock-news.laohu8.com/highlight/detail?id=1110233179","media":"老虎资讯综合","summary":"摘要：①美联储官员鸽声提振，美股收高道指涨超1%；②印度最高法院下令调查阿达尼动荡事件；③美司法部：特朗普应为国会山暴乱事件承担责任。海外行情1、美联储官员鸽声提振美股收涨道指涨超1%美股周四收高。市","content":"<p><html><head></head><body>Summary: ① Fed officials' doves boosted, U.S. stocks closed higher, and the Dow Jones Industrial Average rose more than 1%; ② The Supreme Court of India ordered an investigation into the Adani turmoil; ③ US Department of Justice: Trump should take responsibility for the riots on Capitol Hill.<img src=\"https://static.tigerbbs.com/d94117bd542568ef35d0e2c9efcee577\" tg-width=\"1080\" tg-height=\"1920\" width=\"100%\" height=\"auto\"/></p><p>Overseas market</p><p>1. U.S. stocks closed higher, boosted by Fed officials' dovish voices, and the Dow rose more than 1%</p><p>U.S. stocks closed higher on Thursday. The market continues to pay attention to earnings reports, economic data and inflation. The Federal Reserve's Bostic said it may suspend rate hike after midsummer this year, because the effects of previous rate hike may be apparent this spring. As of the close, the Dow Jones index rose 1.05%, the S&P 500 index rose 0.76%, and the Nasdaq index rose 0.73%.</p><p>Silvergate Bank, which started with the currency circle, closed down nearly 58% in a thunderstorm, the largest one-day drop since the company's U.S. IPO. The company announced that it could not file its 10-K annual report with the SEC before the March 16 deadline. At the same time, it warned that there may be a problem of insufficient capital, and is evaluating the impact of a series of follow-up events on the company's ability to continue operating.<img src=\"https://static.tigerbbs.com/c941ec50befbcdb80ceb3b3a763faba1\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"/>Most large technology stocks rose,<a href=\"https://laohu8.com/S/GOOG\">Google</a>、<a href=\"https://laohu8.com/S/MSFT\">Microsoft</a>Up more than 1%; Facebook,<a href=\"https://laohu8.com/S/AAPL\">Apple</a>Small rise;<a href=\"https://laohu8.com/S/AMZN\">Amazon</a>、<a href=\"https://laohu8.com/S/NFLX\">Netflix</a>A slight decline, just released a \"new chapter in the grand plan\"<a href=\"https://laohu8.com/S/TSLA\">Tesla</a>It closed down nearly 5.9%, the biggest closing decline since January 30.</p><p>2. Popular Chinese concept stocks generally rose<a href=\"https://laohu8.com/S/BILI\">Bilibili</a>Up more than 9%</p><p>Popular Chinese concept stocks generally rose, Bilibili rose more than 9%, and the Nasdaq China Golden Dragon Index rose 2.66%.<a href=\"https://laohu8.com/S/IQ\">IQiyi</a>Rose more than 8%,<a href=\"https://laohu8.com/S/XPEV\">XPeng vehicles</a>、<a href=\"https://laohu8.com/S/PDD\">Pinduoduo</a>Up more than 5%,<a href=\"https://laohu8.com/S/NTES\">NetEase</a>、<a href=\"https://laohu8.com/S/BIDU\">Baidu</a>Rose more than 4%,<a href=\"https://laohu8.com/S/LI\">Li Auto</a>Rose more than 3%,<a href=\"https://laohu8.com/S/NIO\">Nio</a>、<a href=\"https://laohu8.com/S/JD\">JD.com</a>It rose more than 2%, and Weibo rose more than 1%.<a href=\"https://laohu8.com/S/ACH\">Aluminum of China</a>Fell more than 4%,<a href=\"https://laohu8.com/S/BABA\">Alibaba</a>、<a href=\"https://laohu8.com/S/VIPS\">Vipshop</a>Slight decline.</p><p>3. Major European stock indexes closed higher<a href=\"https://laohu8.com/S/VUKE.UK\">UK FTSE 100</a>Index rose 0.37%</p><p>Major European stock indexes closed generally higher on Thursday, with Germany's DAX30 index up 0.15%, Britain's FTSE 100 index up 0.37%, France's CAC40 index up 0.69%, and Europe's Stoxx 50 index up 0.59%.</p><p>4. U.S. WTI crude oil closed up 0.6% on Thursday, hitting a two-week high</p><p>The price of April West Texas Intermediate crude oil rose 47 cents, or 0.6%, to settle at $78.16 a barrel on the New York Mercantile Exchange, the highest closing price since February 16.</p><p>5. New York gold futures closed down 0.3% on Thursday, ending three consecutive gains</p><p>On Thursday, the price of gold futures for April delivery on the New York Mercantile Exchange fell $4.90, or 0.3%, to settle at $1,840.50 an ounce.</p><p>Macro News</p><p>1. Senior Fed official: There is no need to \"upshift\" rate hike may step on the brakes before the fall</p><p>On Thursday (March 2) local time, Atlanta Fed President Raphael Bostic said that the impact of high interest rates on the economy may not begin to take effect until spring, and he preferred the Fed to rate hike at a slower pace.</p><p>Bostic told the media that he prefers the Fed to rate hike at a slower pace, that is, the rate hike per meeting will be kept at 25 basis points. \"I think slowness and steady is the appropriate course of action. Moving forward at a moderated pace can reduce the chances of excessive damage to the economy due to rate hike.\"</p><p>Bostic added that the Fed may be close to the point of stopping rate hike because interest rates have been raised to restrictive levels of 4.5%-4.75%. He also predicted that the bank may suspend its rate hike in the middle to late summer.</p><p>2. Nearly one year since the Federal Reserve launched the rate hike: this labor force indicator has not yet shown signs of weakness</p><p>On Thursday (March 2) local time, the number of \"initial applications\" announced by the U.S. Department of Labor unexpectedly fell again, indicating that the labor market continues to be strong and may allow the Federal Reserve to continue its rate hike.</p><p>Specific data shows that in the week ending February 25, the number of people applying for unemployment benefits for the first time in the United States recorded 190,000, a decrease of 2,000 from 192,000 in the previous week. The market had previously expected it to rise to 195,000. It is worth mentioning that this is the seventh consecutive week that this data has remained below the 200,000 mark.</p><p>It is understood that the Federal Reserve has conducted eight consecutive rate hike since March last year, with a cumulative rate hike as high as 450 basis points. But minutes of the meeting released last week showed that participants felt that the labor market remained very tight, resulting in continued upward pressure on wages and prices, and there was still a need for further rate hike.</p><p>3. Is the truth about to come out? India's Supreme Court orders investigation into Adani unrest</p><p>India's Supreme Court on Thursday set up a committee to investigate the causes of the share price turmoil in the conglomerate owned by billionaire Gautam Adani. The Supreme Court claimed it would investigate oversight and management failures that may have led to a massive sell-off of the group's shares, as well as the group's violations of securities laws.</p><p>In addition, the Supreme Court of India also asked the Securities and Exchange Board of India (SEBI) to complete the investigation into the allegations against Adani Group by American short-selling agency Hindenburg Research within 2 months, including whether there were undisclosed transactions with related parties and illegal manipulation of stock prices.</p><p>4. US Department of Justice: Trump should take responsibility for the riots on Capitol Hill</p><p>On March 2, local time, the U.S. Department of Justice stated that former President Trump should be held responsible for the Capitol Hill riots that occurred on January 6, 2021. \"Giving speeches on issues of public concern is a traditional function of the president, but the traditional function is public communication, and it does not include incitement to imminent private violence,\" said lawyers for the Justice Department's civil division.</p><p>The situation between Russia and Ukraine</p><p>1. US official: The US government will announce aid to Ukraine worth US $400 million</p><p>Two U.S. officials and a person familiar with the matter revealed to Reuters on March 2 local time that the U.S. government will announce material assistance worth US $400 million to the Ukrainian army on the 3rd local time.</p><p>2. Russian Deputy Foreign Minister: Russia and the United States have held a pragmatic dialogue around the New Strategic Arms Reduction Treaty</p><p>Russian Deputy Foreign Minister Ryabkov said on March 2 that during the Conference on Disarmament in Geneva, Russia and the United States had contacts and discussed the New Strategic Arms Reduction Treaty. Ryabkov said that the dialogue between the two sides is pragmatic.</p><p>3. Russian Foreign Minister calls for a quick and fair investigation into the bombing of \"Nord Stream\"</p><p>According to Russian media reports, Russian Foreign Minister Lavrov called for a \"quick and fair\" investigation into the bombing of the \"Nord Stream\" natural gas pipeline in September last year on March 2, and said that Russia should participate in the relevant investigation. Lavrov also accused the West of \"shamelessly sabotaging\" Black Sea ports<a href=\"https://laohu8.com/S/000061\">Agricultural products</a>Sinotrans Agreement. He said that Russia has repeatedly expressed dissatisfaction with the implementation of some contents of the agreement involving Russia, pointing out that Russian grain and fertilizer exports are still blocked by Western restrictions.</p><p>Company News</p><p>1、<a href=\"https://laohu8.com/NW/2316372965\" target=\"_blank\">Apple rejects an email app to update ChatGPT features</a></p><p>Apple recently blocked an update to an email app amid concerns about the potential harm of artificial intelligence, media reported on Thursday. The app, called BlueMail, tries to add AI capabilities, using ChatGPT to help users automatically write emails.</p><p>Apple's application review team pointed out in an email to Blix last week that BlueMail contains AI-generated content, but it seems that there is no content filtering at present, which may produce content that is not suitable for all audiences (verbal attacks and sexual content, etc.), suggest that BlueMail limit users to 17 years old and older, or add content filtering.</p><p>2. Silvergate Bank, which started with the currency circle, fell more than 50% after the thunderstorm</p><p>Silvergate Bank, which made a reputation for providing services to the cryptocurrency industry, closed down 57.72% on Thursday. On the news side, the company announced that it could not submit its 10-K annual report to the SEC before the March 16 deadline. At the same time, it warned that there may be a problem of insufficient capital, and is evaluating the impact of a series of follow-up events on the company's ability to continue operating.</p><p>After the news was announced, Coinbase, the largest cryptocurrency exchange in the United States, Paxos, a stablecoin issuer, Galaxy Digital, a financial services company in the currency circle, CME group's Cboe Digital, and Bitstamp exchanges all announced that they would stop banking transactions with Silvergate.</p><p>3. The EU is said to release the Microsoft Blizzard acquisition case</p><p>Microsoft is expected to settle the EU's acquisition by offering licensing agreements to competitors, media reported Thursday, citing sources<a href=\"https://laohu8.com/S/ATVI\">Activision Blizzard</a>Antitrust concerns. The European Commission plans to make a decision on the deal before April 25, local time, and is not expected to ask Microsoft to sell assets to get approval, people familiar with the matter said.</p><p>4、<a href=\"https://laohu8.com/S/F\">Ford Motor</a>Plans to restart production of the F-150 Lightning pure electric pickup truck on March 13</p><p>Ford plans to restart production of the F-150 Lightning pure electric pickup truck on March 13 after suspending production due to an investigation into a car battery fire. The automaker said on Thursday that the arrangement will give battery supplier SK On ample time to restart production and deliver battery packs for electric pickups.</p><p>5. Cloud computing giant Salesforce's performance exceeded expectations and its stock price rose 11%</p><p>After the market closed on Wednesday, the Dow constituent stock and American cloud computing giant Salesforce disclosed its financial report for the fourth quarter of fiscal year 2023 as of the end of January this year. Revenue was US $8.38 billion, a year-on-year increase of 14%, and adjusted earnings per share were US $1.68, both better than market expectations. The company expects fiscal 2024 revenue of US $34.5-34.7 billion, better than analysts' expectations of US $34.05 billion, while announcing an expansion of its buyback program to US $20 billion. Affected by this, Salesforce closed up 11.50% on Thursday.</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>Last night and this morning | The sound of pigeons boosted, and the Dow closed up more than 1%! Tesla plummeted nearly 6%, and banks in the currency circle plunged 58%</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\">\nLast night and this morning | The sound of pigeons boosted, and the Dow closed up more than 1%! Tesla plummeted nearly 6%, and banks in the currency circle plunged 58%\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\">2023-03-03 07:58</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p><html><head></head><body>Summary: ① Fed officials' doves boosted, U.S. stocks closed higher, and the Dow Jones Industrial Average rose more than 1%; ② The Supreme Court of India ordered an investigation into the Adani turmoil; ③ US Department of Justice: Trump should take responsibility for the riots on Capitol Hill.<img src=\"https://static.tigerbbs.com/d94117bd542568ef35d0e2c9efcee577\" tg-width=\"1080\" tg-height=\"1920\" width=\"100%\" height=\"auto\"/></p><p>Overseas market</p><p>1. U.S. stocks closed higher, boosted by Fed officials' dovish voices, and the Dow rose more than 1%</p><p>U.S. stocks closed higher on Thursday. The market continues to pay attention to earnings reports, economic data and inflation. The Federal Reserve's Bostic said it may suspend rate hike after midsummer this year, because the effects of previous rate hike may be apparent this spring. As of the close, the Dow Jones index rose 1.05%, the S&P 500 index rose 0.76%, and the Nasdaq index rose 0.73%.</p><p>Silvergate Bank, which started with the currency circle, closed down nearly 58% in a thunderstorm, the largest one-day drop since the company's U.S. IPO. The company announced that it could not file its 10-K annual report with the SEC before the March 16 deadline. At the same time, it warned that there may be a problem of insufficient capital, and is evaluating the impact of a series of follow-up events on the company's ability to continue operating.<img src=\"https://static.tigerbbs.com/c941ec50befbcdb80ceb3b3a763faba1\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"/>Most large technology stocks rose,<a href=\"https://laohu8.com/S/GOOG\">Google</a>、<a href=\"https://laohu8.com/S/MSFT\">Microsoft</a>Up more than 1%; Facebook,<a href=\"https://laohu8.com/S/AAPL\">Apple</a>Small rise;<a href=\"https://laohu8.com/S/AMZN\">Amazon</a>、<a href=\"https://laohu8.com/S/NFLX\">Netflix</a>A slight decline, just released a \"new chapter in the grand plan\"<a href=\"https://laohu8.com/S/TSLA\">Tesla</a>It closed down nearly 5.9%, the biggest closing decline since January 30.</p><p>2. Popular Chinese concept stocks generally rose<a href=\"https://laohu8.com/S/BILI\">Bilibili</a>Up more than 9%</p><p>Popular Chinese concept stocks generally rose, Bilibili rose more than 9%, and the Nasdaq China Golden Dragon Index rose 2.66%.<a href=\"https://laohu8.com/S/IQ\">IQiyi</a>Rose more than 8%,<a href=\"https://laohu8.com/S/XPEV\">XPeng vehicles</a>、<a href=\"https://laohu8.com/S/PDD\">Pinduoduo</a>Up more than 5%,<a href=\"https://laohu8.com/S/NTES\">NetEase</a>、<a href=\"https://laohu8.com/S/BIDU\">Baidu</a>Rose more than 4%,<a href=\"https://laohu8.com/S/LI\">Li Auto</a>Rose more than 3%,<a href=\"https://laohu8.com/S/NIO\">Nio</a>、<a href=\"https://laohu8.com/S/JD\">JD.com</a>It rose more than 2%, and Weibo rose more than 1%.<a href=\"https://laohu8.com/S/ACH\">Aluminum of China</a>Fell more than 4%,<a href=\"https://laohu8.com/S/BABA\">Alibaba</a>、<a href=\"https://laohu8.com/S/VIPS\">Vipshop</a>Slight decline.</p><p>3. Major European stock indexes closed higher<a href=\"https://laohu8.com/S/VUKE.UK\">UK FTSE 100</a>Index rose 0.37%</p><p>Major European stock indexes closed generally higher on Thursday, with Germany's DAX30 index up 0.15%, Britain's FTSE 100 index up 0.37%, France's CAC40 index up 0.69%, and Europe's Stoxx 50 index up 0.59%.</p><p>4. U.S. WTI crude oil closed up 0.6% on Thursday, hitting a two-week high</p><p>The price of April West Texas Intermediate crude oil rose 47 cents, or 0.6%, to settle at $78.16 a barrel on the New York Mercantile Exchange, the highest closing price since February 16.</p><p>5. New York gold futures closed down 0.3% on Thursday, ending three consecutive gains</p><p>On Thursday, the price of gold futures for April delivery on the New York Mercantile Exchange fell $4.90, or 0.3%, to settle at $1,840.50 an ounce.</p><p>Macro News</p><p>1. Senior Fed official: There is no need to \"upshift\" rate hike may step on the brakes before the fall</p><p>On Thursday (March 2) local time, Atlanta Fed President Raphael Bostic said that the impact of high interest rates on the economy may not begin to take effect until spring, and he preferred the Fed to rate hike at a slower pace.</p><p>Bostic told the media that he prefers the Fed to rate hike at a slower pace, that is, the rate hike per meeting will be kept at 25 basis points. \"I think slowness and steady is the appropriate course of action. Moving forward at a moderated pace can reduce the chances of excessive damage to the economy due to rate hike.\"</p><p>Bostic added that the Fed may be close to the point of stopping rate hike because interest rates have been raised to restrictive levels of 4.5%-4.75%. He also predicted that the bank may suspend its rate hike in the middle to late summer.</p><p>2. Nearly one year since the Federal Reserve launched the rate hike: this labor force indicator has not yet shown signs of weakness</p><p>On Thursday (March 2) local time, the number of \"initial applications\" announced by the U.S. Department of Labor unexpectedly fell again, indicating that the labor market continues to be strong and may allow the Federal Reserve to continue its rate hike.</p><p>Specific data shows that in the week ending February 25, the number of people applying for unemployment benefits for the first time in the United States recorded 190,000, a decrease of 2,000 from 192,000 in the previous week. The market had previously expected it to rise to 195,000. It is worth mentioning that this is the seventh consecutive week that this data has remained below the 200,000 mark.</p><p>It is understood that the Federal Reserve has conducted eight consecutive rate hike since March last year, with a cumulative rate hike as high as 450 basis points. But minutes of the meeting released last week showed that participants felt that the labor market remained very tight, resulting in continued upward pressure on wages and prices, and there was still a need for further rate hike.</p><p>3. Is the truth about to come out? India's Supreme Court orders investigation into Adani unrest</p><p>India's Supreme Court on Thursday set up a committee to investigate the causes of the share price turmoil in the conglomerate owned by billionaire Gautam Adani. The Supreme Court claimed it would investigate oversight and management failures that may have led to a massive sell-off of the group's shares, as well as the group's violations of securities laws.</p><p>In addition, the Supreme Court of India also asked the Securities and Exchange Board of India (SEBI) to complete the investigation into the allegations against Adani Group by American short-selling agency Hindenburg Research within 2 months, including whether there were undisclosed transactions with related parties and illegal manipulation of stock prices.</p><p>4. US Department of Justice: Trump should take responsibility for the riots on Capitol Hill</p><p>On March 2, local time, the U.S. Department of Justice stated that former President Trump should be held responsible for the Capitol Hill riots that occurred on January 6, 2021. \"Giving speeches on issues of public concern is a traditional function of the president, but the traditional function is public communication, and it does not include incitement to imminent private violence,\" said lawyers for the Justice Department's civil division.</p><p>The situation between Russia and Ukraine</p><p>1. US official: The US government will announce aid to Ukraine worth US $400 million</p><p>Two U.S. officials and a person familiar with the matter revealed to Reuters on March 2 local time that the U.S. government will announce material assistance worth US $400 million to the Ukrainian army on the 3rd local time.</p><p>2. Russian Deputy Foreign Minister: Russia and the United States have held a pragmatic dialogue around the New Strategic Arms Reduction Treaty</p><p>Russian Deputy Foreign Minister Ryabkov said on March 2 that during the Conference on Disarmament in Geneva, Russia and the United States had contacts and discussed the New Strategic Arms Reduction Treaty. Ryabkov said that the dialogue between the two sides is pragmatic.</p><p>3. Russian Foreign Minister calls for a quick and fair investigation into the bombing of \"Nord Stream\"</p><p>According to Russian media reports, Russian Foreign Minister Lavrov called for a \"quick and fair\" investigation into the bombing of the \"Nord Stream\" natural gas pipeline in September last year on March 2, and said that Russia should participate in the relevant investigation. Lavrov also accused the West of \"shamelessly sabotaging\" Black Sea ports<a href=\"https://laohu8.com/S/000061\">Agricultural products</a>Sinotrans Agreement. He said that Russia has repeatedly expressed dissatisfaction with the implementation of some contents of the agreement involving Russia, pointing out that Russian grain and fertilizer exports are still blocked by Western restrictions.</p><p>Company News</p><p>1、<a href=\"https://laohu8.com/NW/2316372965\" target=\"_blank\">Apple rejects an email app to update ChatGPT features</a></p><p>Apple recently blocked an update to an email app amid concerns about the potential harm of artificial intelligence, media reported on Thursday. The app, called BlueMail, tries to add AI capabilities, using ChatGPT to help users automatically write emails.</p><p>Apple's application review team pointed out in an email to Blix last week that BlueMail contains AI-generated content, but it seems that there is no content filtering at present, which may produce content that is not suitable for all audiences (verbal attacks and sexual content, etc.), suggest that BlueMail limit users to 17 years old and older, or add content filtering.</p><p>2. Silvergate Bank, which started with the currency circle, fell more than 50% after the thunderstorm</p><p>Silvergate Bank, which made a reputation for providing services to the cryptocurrency industry, closed down 57.72% on Thursday. On the news side, the company announced that it could not submit its 10-K annual report to the SEC before the March 16 deadline. At the same time, it warned that there may be a problem of insufficient capital, and is evaluating the impact of a series of follow-up events on the company's ability to continue operating.</p><p>After the news was announced, Coinbase, the largest cryptocurrency exchange in the United States, Paxos, a stablecoin issuer, Galaxy Digital, a financial services company in the currency circle, CME group's Cboe Digital, and Bitstamp exchanges all announced that they would stop banking transactions with Silvergate.</p><p>3. The EU is said to release the Microsoft Blizzard acquisition case</p><p>Microsoft is expected to settle the EU's acquisition by offering licensing agreements to competitors, media reported Thursday, citing sources<a href=\"https://laohu8.com/S/ATVI\">Activision Blizzard</a>Antitrust concerns. The European Commission plans to make a decision on the deal before April 25, local time, and is not expected to ask Microsoft to sell assets to get approval, people familiar with the matter said.</p><p>4、<a href=\"https://laohu8.com/S/F\">Ford Motor</a>Plans to restart production of the F-150 Lightning pure electric pickup truck on March 13</p><p>Ford plans to restart production of the F-150 Lightning pure electric pickup truck on March 13 after suspending production due to an investigation into a car battery fire. The automaker said on Thursday that the arrangement will give battery supplier SK On ample time to restart production and deliver battery packs for electric pickups.</p><p>5. Cloud computing giant Salesforce's performance exceeded expectations and its stock price rose 11%</p><p>After the market closed on Wednesday, the Dow constituent stock and American cloud computing giant Salesforce disclosed its financial report for the fourth quarter of fiscal year 2023 as of the end of January this year. Revenue was US $8.38 billion, a year-on-year increase of 14%, and adjusted earnings per share were US $1.68, both better than market expectations. The company expects fiscal 2024 revenue of US $34.5-34.7 billion, better than analysts' expectations of US $34.05 billion, while announcing an expansion of its buyback program to US $20 billion. Affected by this, Salesforce closed up 11.50% on Thursday.</p><p></body></html></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/b23574aac95526c9e5c62ebc8dd25130","relate_stocks":{"161121":"银行","LU1861559042.SGD":"日兴方舟颠覆性创新基金B SGD","BK4574":"无人驾驶","LU0820561818.USD":"安联收益及增长平衡基金Cl AM DIS","BK4551":"寇图资本持仓","LU0820561909.HKD":"ALLIANZ INCOME AND GROWTH \"AM\" (HKD) INC","LU0823411888.USD":"法巴消费创新基金 Cap","LU0056508442.USD":"贝莱德世界科技基金A2","LU0097036916.USD":"贝莱德美国增长A2 USD","BK4527":"明星科技股","LU0943347566.SGD":"安联收益及增长平衡基金AM H2-SGD","LU0234572021.USD":"高盛美国核心股票组合Acc",".DJI":"道琼斯","TSLA":"特斯拉","DJX":"1/100道琼斯","LU0719512351.SGD":"JPMorgan Funds - US Technology A (acc) SGD","LU0348723411.USD":"ALLIANZ GLOBAL HI-TECH GROWTH \"A\" (USD) INC","LU1720051108.HKD":"ALLIANZ GLOBAL ARTIFICIAL INTELLIGENCE \"AT\" (HKD) ACC","BK4550":"红杉资本持仓"},"source_url":"","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1110233179","content_text":"摘要：①美联储官员鸽声提振，美股收高道指涨超1%；②印度最高法院下令调查阿达尼动荡事件；③美司法部：特朗普应为国会山暴乱事件承担责任。海外行情1、美联储官员鸽声提振美股收涨道指涨超1%美股周四收高。市场继续关注财报、经济数据与通胀状况。美联储博斯蒂克称可能在今年仲夏之后暂停加息，因为之前加息的效果可能会在今春显现出来。截止收盘，道琼斯指数涨1.05%，标普500指数涨0.76%，纳斯达克指数涨0.73%。依靠币圈起家的Silvergate银行暴雷收跌近58%，创该公司美国IPO以来最大单日跌幅。公司公告称无法在3月16日的期限之前向SEC提交10-K年报。同时警告可能存在资本金不足的问题，正在评估一系列后续事件对公司持续经营能力的影响。大型科技股多数上涨，谷歌、微软涨超1%；脸书、苹果小幅上涨；亚马逊、奈飞小幅下跌，刚刚发布“宏图新篇章”的特斯拉收跌近5.9%，创1月30日以来最大收盘跌幅。2、热门中概股普涨哔哩哔哩涨超9%热门中概股普涨，哔哩哔哩涨超9%，纳斯达克中国金龙指数涨2.66%。爱奇艺涨超8%，小鹏汽车、拼多多涨超5%，网易、百度涨超4%，理想汽车涨超3%，蔚来、京东涨超2%，微博涨超1%。中国铝业跌超4%，阿里巴巴、唯品会小幅下跌。3、欧股主要指数收涨英国富时100指数涨0.37%欧洲主要股指周四收盘普涨，德国DAX30指数涨0.15%，英国富时100指数涨0.37%，法国CAC40指数涨0.69%，欧洲斯托克50指数涨0.59%。4、周四美国WTI原油收高0.6% 创两周新高纽约商品交易所4月西德克萨斯中质原油价格上涨47美分，涨幅为0.6%，收于每桶78.16美元，创2月16日以来的最高收盘价。5、周四纽约黄金期货收跌0.3% 结束三连涨周四，纽约商品交易所4月交割的黄金期货价格下跌4.90美元，跌幅为0.3%，收于每盎司1840.50美元。宏观新闻1、美联储高官：没有必要“升档”加息 可能在秋季前踩下刹车当地时间周四（3月2日），亚特兰大联储主席博斯蒂克（Raphael Bostic）表示，高利率对经济的影响可能要到春季才会开始发挥效果，他倾向于美联储以较慢的步伐加息。博斯蒂克告诉媒体，他倾向于美联储以较慢的步伐加息，即每次会议的升息幅度保持在25个基点。“我认为缓慢和稳定是适当的行动方案，以有节制的速度前进，可以减少因加息过度损害经济的几率。”博斯蒂克补充称，美联储可能已经接近停止加息的时间点，因为利率已经提升到了4.5%-4.75%的限制性水平。他还预测，该行可能在今年夏季中后期暂停加息。2、美联储启动加息近一周年：这一劳动力指标竟还未显疲态当地时间周四（3月2日），美国劳工部公布的“初请”人数再次意外走低，表明劳动力市场持续强劲，可能会让美联储继续加息。具体数据显示，截至2月25日的一周，美国首次申请失业救济金的人数录得19万人，较前一周的19.2万人减少了2000人，市场先前预计将升至19.5万人。值得一提的是，这还是该数据连续第七周保持在20万关口下方。据了解，美联储自去年3月以来已经连续八次加息，累计加息幅度高达450个基点。但上周发布的会议纪要显示，与会者认为劳动力市场仍然非常紧张，导致工资和价格持续面临上行压力，仍有进一步加息的必要性。3、真相即将大白？印度最高法院下令调查阿达尼动荡事件印度最高法院周四成立了一个委员会，要求调查亿万富翁高塔姆·阿达尼旗下企业集团股价动荡的原因。最高法院声称，将调查可能导致集团股票大规模抛售的监督管理失误，以及该集团违反证券法的行为。此外，印度最高法院还要求印度证券交易委员会(SEBI)在2个月内完成对美国做空机构兴登堡研究公司对阿达尼集团指控的调查，包括是否存在未披露与关联方交易以及违法操纵股票价格的情况。4、美司法部：特朗普应为国会山暴乱事件承担责任当地时间3月2日，美国司法部表示，前总统特朗普应当为2021年1月6日发生的国会山暴乱事件承担责任。司法部民事部门的律师表示：“就公众关心的问题发表演讲是总统的一项传统职能，但传统的功能是公共传播，它不包括煽动迫在眉睫的私人暴力。”俄乌局势1、美官员：美政府将宣布价值4亿美元对乌援助两名美方官员和一名知情人士当地时间3月2日向路透社透露，美政府将于当地时间3日宣布对乌克兰军队价值4亿美元的物资援助。2、俄副外长：俄美双方围绕《新削减战略武器条约》进行了务实对话俄罗斯外交部副部长里亚布科夫3月2日表示，在日内瓦裁军谈判会议期间，俄美双方进行了接触，围绕《新削减战略武器条约》进行了讨论。里亚布科夫称，双方对话是务实的。3、俄罗斯外长呼吁对“北溪”被炸进行快速公正的调查据俄罗斯媒体报道，俄罗斯外长拉夫罗夫3月2日呼吁对去年9月“北溪”天然气管道被炸事件进行“快速公正”的调查，并表示俄罗斯应参与相关调查。拉夫罗夫还指责西方在“无耻地破坏”黑海港口农产品外运协议。他说，俄方曾多次对协议涉及俄罗斯的部分内容落实状况表达不满，指出俄方谷物和化肥出口仍因西方限制遭遇阻滞。公司新闻1、苹果拒绝一款邮件应用更新ChatGPT功能据媒体周四报道，出于对人工智能潜在危害的担忧，苹果公司最新阻止了一款电子邮件应用程序的更新。这款应用程序名为BlueMail，该应用程序试图增加AI功能，使用ChatGPT来帮助用户自动编写邮件。苹果的应用程序审查小组上周在给Blix的邮件中指出，BlueMail包含AI生成的内容，但目前似乎并没有进行过内容过滤，可能会产生不适合于所有受众的内容(语言攻击和性内容等)，建议BlueMail将用户限制在17岁及以上，或者添加内容过滤功能。2、依靠币圈起家的Silvergate银行暴雷后重挫逾50%以向加密货币行业提供服务声名鹊起的Silvergate银行周四收跌57.72%。消息面上，公司公告称无法在3月16日的期限之前向SEC提交10-K年报。同时警告可能存在资本金不足的问题，正在评估一系列后续事件对公司持续经营能力的影响。消息公布后，包括美国最大美国最大加密货币交易所Coinbase、稳定币发行机构Paxos、币圈金融服务公司Galaxy Digital、芝商所旗下Cboe Digital、Bitstamp交易所均宣布停止与Silvergate的银行业务往来。3、欧盟据称将放行微软暴雪收购案据媒体周四援引消息人士报道，微软通过向竞争对手提供授权协议，有望解决欧盟对其收购动视暴雪的反垄断担忧。知情人士称，欧盟委员会计划在当地时间4月25日之前对这笔交易做出决定，预计不会要求微软出售资产来获得批准。4、福特汽车计划3月13日重启F-150 Lightning纯电动皮卡的生产福特汽车计划在3月13日重启F-150 Lightning纯电动皮卡的生产，此前因调查汽车电池起火问题停产。该汽车制造商周四表示，这个安排将使电池供应商SK On有充足时间重新开始生产并交付电动皮卡的电池组。5、云计算巨头Salesforce业绩超预期 股价大涨11%周三盘后，道指成分股、美国云计算巨头Salesforce披露截至今年1月底的2023财年四季度财报。营收83.8亿美元，同比增长14%，调整后每股收益1.68美元，均好于市场预期。公司预计2024财年收入345-347亿美元，好于分析师预期的340.5亿美元，同时宣布将回购计划扩大至200亿美元。受此影响，Salesforce周四收涨11.50%。","news_type":1,"symbols_score_info":{"161121":0.9,"DJX":0.9,".DJI":0.9,"YMmain":0.9,"TSLA":0.9}},"isVote":1,"tweetType":1,"viewCount":2623,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9940815876,"gmtCreate":1677808346895,"gmtModify":1677808351777,"author":{"id":"3576892531232178","authorId":"3576892531232178","name":"uiv","avatar":"https://community-static.tradeup.com/news/522ae5f11b7bc763293c30c3a20671c9","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576892531232178","idStr":"3576892531232178"},"themes":[],"htmlText":"👌🏻","listText":"👌🏻","text":"👌🏻","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9940815876","repostId":"1164319050","repostType":4,"repost":{"id":"1164319050","kind":"news","pubTimestamp":1677804063,"share":"https://ttm.financial/m/news/1164319050?lang=en_US&edition=fundamental","pubTime":"2023-03-03 08:41","market":"sh","language":"zh","title":"Gates: I don't think the U.S. will ever succeed in preventing China from having powerful chips","url":"https://stock-news.laohu8.com/highlight/detail?id=1164319050","media":"华尔街见闻","summary":"盖茨认为，美国限制中国技术发展的努力注定要失败，美国的做法只会“迫使”中国花时间和金钱来制造自己的芯片，“美国永远无法成功阻止中国拥有强大的芯片”。英国《金融时报》3月2日刊出该媒体播客节目《拉赫曼说","content":"<p><html><head></head><body>Gates believes that the U.S. efforts to limit China's technological development are doomed to failure. The U.S. approach will only \"force\" China to spend time and money to manufacture its own chips. \"The United States will never succeed in preventing China from having powerful chips.\" On March 2nd, the British \"Financial Times\" published the media podcast program \"Rahman Says Things\" to the United States<a href=\"https://laohu8.com/S/MSFT\">Microsoft</a>An interview with the company's founder Bill Gates talked about many topics such as the Russia-Ukraine conflict, climate issues, technology, and tensions between China and the United States.</p><p>Program host Rahman said in an interview that when talking about U.S.-China relations, Bill Gates mentioned why he believed that U.S. efforts to restrict China's technological development were doomed to failure.<b>Gates believes that the U.S. approach will only \"force\" China to spend time and money manufacturing its own chips. \"The United States will never succeed in preventing China from having powerful chips.\"</b></p><p>Gideon Rahman, the host of the show, said in the opening section, \"A few weeks ago, I met Gates at the Munich Security Conference, and our topics were very wide, ranging from climate issues to the United Nations Sustainable Development Goals... Gates also explained why he believes that the ambition of keeping global warming within 1.5 degrees Celsius is impossible now, but why we should not lose hope about it either, and why he believes that U.S. efforts to limit China's technological development are doomed to failure.\"</p><p>According to this interview article, the topic begins with the Ukraine crisis and ends with the topic of China.</p><p>In the last part of the interview, Rahman mentioned: \"Last question, I really want to know your point of view, because I know you are an internationalist and you believe that technology can change the world. So I remember ten years ago, when I had lunch with you and the Financial Times (staff), you told me, you know, to have a positive attitude towards the rise of China and the technology that China can create. Now you look at the world, let's look at the sentiment in the United States, they are trying to stop China's technological progress. What do you think of all this? The world isn't going the way you want it to. \"</p><p><b>\"Well, I don't think the U.S. will ever succeed in preventing China from having powerful chips.\" Gates replied, \"You know, we're going to force them to spend time and a lot of money making their own chips.\" \"You know, I hope the U.S. and China get along better. When we have things that can be win-win between all countries in health, innovation, climate innovation, we seem to be on a deteriorating trend, but the most important relationship in the world is the U.S.-China relationship. I'm disappointed and worried about how the relationship has evolved over the past few years.\"</b></p><p>Rahman then asked him whether he thought the efforts of the United States (in hindering China's technological progress) were unlikely to succeed. Gates replied, \"I don't even understand what this success defines for us-whether it's ensuring fewer jobs in our chip industry, oversupply in the chip industry, or making Taiwan more attractive. It's complicated.\"</p><p>Rahman went on to say, \"Yes, I think they will say that we are trying to stay ahead of China. They say that China poses a military threat, these things have military uses, and we must suppress them.\"</p><p>Gates then said, \"So if you really think there's going to be a war in the next decade, then you shouldn't warn them in advance that you're going to cut off their chips (supply).\"</p><p>Rahman continued to ask, for the U.S. technology industry,<a href=\"https://laohu8.com/S/MSFT\">Microsoft</a>, for Google, for whoever, will it make their survival more difficult?</p><p>Gates said,<a href=\"https://laohu8.com/S/MSFT\">Microsoft</a>Sales in China are not high, but there are some smart Chinese people working at Microsoft, so letting these Chinese people contribute in these fields, whether they finally leave China or stay in China, will bring huge labor benefits to the world in health and software. So anything that gets in the way of that will slow things down.</p><p></body></html></p>","source":"wallstreetcn_api","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Gates: I don't think the U.S. will ever succeed in preventing China from having powerful chips</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\">\nGates: I don't think the U.S. will ever succeed in preventing China from having powerful chips\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">华尔街见闻</strong><span class=\"h-time small\">2023-03-03 08:41</span>\n</p>\n</h4>\n</header>\n<article>\n<p><html><head></head><body>Gates believes that the U.S. efforts to limit China's technological development are doomed to failure. The U.S. approach will only \"force\" China to spend time and money to manufacture its own chips. \"The United States will never succeed in preventing China from having powerful chips.\" On March 2nd, the British \"Financial Times\" published the media podcast program \"Rahman Says Things\" to the United States<a href=\"https://laohu8.com/S/MSFT\">Microsoft</a>An interview with the company's founder Bill Gates talked about many topics such as the Russia-Ukraine conflict, climate issues, technology, and tensions between China and the United States.</p><p>Program host Rahman said in an interview that when talking about U.S.-China relations, Bill Gates mentioned why he believed that U.S. efforts to restrict China's technological development were doomed to failure.<b>Gates believes that the U.S. approach will only \"force\" China to spend time and money manufacturing its own chips. \"The United States will never succeed in preventing China from having powerful chips.\"</b></p><p>Gideon Rahman, the host of the show, said in the opening section, \"A few weeks ago, I met Gates at the Munich Security Conference, and our topics were very wide, ranging from climate issues to the United Nations Sustainable Development Goals... Gates also explained why he believes that the ambition of keeping global warming within 1.5 degrees Celsius is impossible now, but why we should not lose hope about it either, and why he believes that U.S. efforts to limit China's technological development are doomed to failure.\"</p><p>According to this interview article, the topic begins with the Ukraine crisis and ends with the topic of China.</p><p>In the last part of the interview, Rahman mentioned: \"Last question, I really want to know your point of view, because I know you are an internationalist and you believe that technology can change the world. So I remember ten years ago, when I had lunch with you and the Financial Times (staff), you told me, you know, to have a positive attitude towards the rise of China and the technology that China can create. Now you look at the world, let's look at the sentiment in the United States, they are trying to stop China's technological progress. What do you think of all this? The world isn't going the way you want it to. \"</p><p><b>\"Well, I don't think the U.S. will ever succeed in preventing China from having powerful chips.\" Gates replied, \"You know, we're going to force them to spend time and a lot of money making their own chips.\" \"You know, I hope the U.S. and China get along better. When we have things that can be win-win between all countries in health, innovation, climate innovation, we seem to be on a deteriorating trend, but the most important relationship in the world is the U.S.-China relationship. I'm disappointed and worried about how the relationship has evolved over the past few years.\"</b></p><p>Rahman then asked him whether he thought the efforts of the United States (in hindering China's technological progress) were unlikely to succeed. Gates replied, \"I don't even understand what this success defines for us-whether it's ensuring fewer jobs in our chip industry, oversupply in the chip industry, or making Taiwan more attractive. It's complicated.\"</p><p>Rahman went on to say, \"Yes, I think they will say that we are trying to stay ahead of China. They say that China poses a military threat, these things have military uses, and we must suppress them.\"</p><p>Gates then said, \"So if you really think there's going to be a war in the next decade, then you shouldn't warn them in advance that you're going to cut off their chips (supply).\"</p><p>Rahman continued to ask, for the U.S. technology industry,<a href=\"https://laohu8.com/S/MSFT\">Microsoft</a>, for Google, for whoever, will it make their survival more difficult?</p><p>Gates said,<a href=\"https://laohu8.com/S/MSFT\">Microsoft</a>Sales in China are not high, but there are some smart Chinese people working at Microsoft, so letting these Chinese people contribute in these fields, whether they finally leave China or stay in China, will bring huge labor benefits to the world in health and software. So anything that gets in the way of that will slow things down.</p><p></body></html></p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://wallstreetcn.com/articles/3683211\">华尔街见闻</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/a9e6cb1a33dd64f159118795f199c2f3","relate_stocks":{"159813":"芯片","MSFT":"微软"},"source_url":"https://wallstreetcn.com/articles/3683211","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1164319050","content_text":"盖茨认为，美国限制中国技术发展的努力注定要失败，美国的做法只会“迫使”中国花时间和金钱来制造自己的芯片，“美国永远无法成功阻止中国拥有强大的芯片”。英国《金融时报》3月2日刊出该媒体播客节目《拉赫曼说事》对美国微软公司创始人比尔·盖茨的采访，内容谈及俄乌冲突、气候问题、技术和中美紧张局势等多个话题。节目主持人拉赫曼在采访文章中称，比尔·盖茨在谈及美中关系时提到了为什么他认为美国限制中国技术发展的努力注定要失败，盖茨认为，美国的做法只会“迫使”中国花时间和金钱来制造自己的芯片，“美国永远无法成功阻止中国拥有强大的芯片”。该节目主持人吉迪恩·拉赫曼在开篇部分说道，“几周前，我在慕尼黑安全会议上见到了盖茨，我们的话题非常广泛，从气候问题到联合国可持续发展目标……盖茨还解释了为什么他认为将全球升温幅度控制在1.5摄氏度以内的雄心现在是不可能实现的，但为什么我们也不应该对此失去希望，以及为什么他认为美国限制中国技术发展的努力注定要失败。”根据这篇采访文章，话题内容以乌克兰危机开始，以中国话题结束。在采访最后部分，拉赫曼提到：“最后一个问题，我真的很想了解一下你的观点，因为我知道你是一位国际主义者，你相信技术能够改变世界。所以我记得十年前，我和你和《金融时报》（工作人员）一起共进午餐时你告诉我，你知道，要对中国的崛起、中国能创造的技术等持积极态度。现在你看看这个世界，让我们看看美国的情绪，他们正在努力阻止中国的技术进步。你对这一切有什么看法？这世界没有按照你想要的方式发展。”“好吧，我认为美国永远无法成功阻止中国拥有强大的芯片。”盖茨回答说，“你知道，我们会迫使他们花时间和大量金钱来制造他们自己的芯片”，“你知道，我希望美国和中国能更好地相处。当我们拥有在健康、创新、气候创新等所有国家之间都可以实现双赢的事物时，我们（之间的关系）似乎处于一种恶化的趋势，但世界上最重要的关系是美中关系。我对两国关系在过去几年里的关系演变感到失望和担忧。”拉赫曼接着提问他，是否认为美国（在阻碍中国技术进步上）的努力不太可能成功？盖茨回答称，“我甚至不明白这种成功对我们而言的定义是什么——是确保我们芯片行业的就业机会减少，芯片行业的供应过剩，还是让台湾更具吸引力。这很复杂。”拉赫曼接着表示，“是的，我想他们会说，我们正努力保持领先于中国。他们说中国在军事上构成威胁，这些东西有军事用途，我们必须压制住他们。”盖茨随后表示，“所以如果你真的认为未来十年会有一场战争，那么你就不应该提前警告他们说，你会切断他们的芯片（供应）。”拉赫曼继续提问道，对美国的科技行业，对微软，对谷歌，不管对谁而言，这会让他们的生存更困难吗？盖茨表示，微软在中国的销售额并不高，但有一些聪慧的中国人在微软工作，因此让这些中国人在这些领域做出贡献，无论他们最后离开中国还是留在中国，都将给世界在健康和软件领域带来巨大的劳动力效益。所以任何阻碍这方面的东西都会减慢速度。","news_type":1,"symbols_score_info":{"159813":0.9,"MSFT":0.9}},"isVote":1,"tweetType":1,"viewCount":3382,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9940815180,"gmtCreate":1677808322340,"gmtModify":1677808326294,"author":{"id":"3576892531232178","authorId":"3576892531232178","name":"uiv","avatar":"https://community-static.tradeup.com/news/522ae5f11b7bc763293c30c3a20671c9","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576892531232178","idStr":"3576892531232178"},"themes":[],"htmlText":"👌🏻","listText":"👌🏻","text":"👌🏻","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9940815180","repostId":"1172424644","repostType":4,"repost":{"id":"1172424644","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":1677806430,"share":"https://ttm.financial/m/news/1172424644?lang=en_US&edition=fundamental","pubTime":"2023-03-03 09:20","market":"hk","language":"zh","title":"Hong Kong stocks open | The Hang Seng Index opened 1.34% higher, and Bilibili rose more than 10% after the results","url":"https://stock-news.laohu8.com/highlight/detail?id=1172424644","media":"老虎资讯综合","summary":"3月3日讯，隔夜美股集体收涨，中概指数强势。港股高开明显，恒指涨1.34%，国指涨1.61%，恒生科技指数涨2.58%。盘面上，回港中概股大涨，哔哩哔哩绩后涨10%，百度涨4.5%，小鹏汽车、京东、万","content":"<p><html><head></head><body>On March 3, U.S. stocks collectively closed higher overnight, and the China Concept Index was strong. Hong Kong stocks opened significantly higher, with the Hang Seng Index up 1.34%, the State Index up 1.61%, and the Hang Seng Technology Index up 2.58%.</p><p>On the disk, Chinese concept stocks returning to Hong Kong rose sharply,<a href=\"https://laohu8.com/S/09626\">Bilibili</a>After the results, it rose 10%,<a href=\"https://laohu8.com/S/09888\">Baidu</a>Up 4.5%,<a href=\"https://laohu8.com/S/09868\">XPeng vehicles</a>、<a href=\"https://laohu8.com/S/09618\">JD.com</a>、<a href=\"https://laohu8.com/S/GDS\">GDS</a>Rose more than 3%,<a href=\"https://laohu8.com/S/09988\">Alibaba</a>、<a href=\"https://laohu8.com/S/09999\">NetEase</a>Etc. all rise; The first photovoltaic project REITs was approved, and photovoltaic stocks strengthened; Auto stocks that led the decline yesterday rebounded collectively, with biotechnology stocks, sporting goods stocks, gambling stocks, gas stocks,<a href=\"https://laohu8.com/S/AAPL\">Apple</a>Concept stocks all rose. On the other hand, pharmaceutical stocks, aviation stocks, and three concept stocks partially fell.<a href=\"https://laohu8.com/S/600332\">Baiyun Mountain</a>Down 1.25%.<img src=\"https://static.tigerbbs.com/eb9e5ba404831065697f405c67cefd64\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"/></p><p></body></html></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Hong Kong stocks open | The Hang Seng Index opened 1.34% higher, and Bilibili rose more than 10% after the results</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nHong Kong stocks open | The Hang Seng Index opened 1.34% higher, and Bilibili rose more than 10% after the results\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\">2023-03-03 09:20</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p><html><head></head><body>On March 3, U.S. stocks collectively closed higher overnight, and the China Concept Index was strong. Hong Kong stocks opened significantly higher, with the Hang Seng Index up 1.34%, the State Index up 1.61%, and the Hang Seng Technology Index up 2.58%.</p><p>On the disk, Chinese concept stocks returning to Hong Kong rose sharply,<a href=\"https://laohu8.com/S/09626\">Bilibili</a>After the results, it rose 10%,<a href=\"https://laohu8.com/S/09888\">Baidu</a>Up 4.5%,<a href=\"https://laohu8.com/S/09868\">XPeng vehicles</a>、<a href=\"https://laohu8.com/S/09618\">JD.com</a>、<a href=\"https://laohu8.com/S/GDS\">GDS</a>Rose more than 3%,<a href=\"https://laohu8.com/S/09988\">Alibaba</a>、<a href=\"https://laohu8.com/S/09999\">NetEase</a>Etc. all rise; The first photovoltaic project REITs was approved, and photovoltaic stocks strengthened; Auto stocks that led the decline yesterday rebounded collectively, with biotechnology stocks, sporting goods stocks, gambling stocks, gas stocks,<a href=\"https://laohu8.com/S/AAPL\">Apple</a>Concept stocks all rose. On the other hand, pharmaceutical stocks, aviation stocks, and three concept stocks partially fell.<a href=\"https://laohu8.com/S/600332\">Baiyun Mountain</a>Down 1.25%.<img src=\"https://static.tigerbbs.com/eb9e5ba404831065697f405c67cefd64\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"/></p><p></body></html></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/ff6e3231d788a5a6d28cf7965385cc7f","relate_stocks":{"513600":"恒生指数ETF南方","BK4510":"在线教育","BK1608":"元宇宙概念","SG9999006597.SGD":"United China-India Dynamic Growth SGD","BK1104":"互动家庭娱乐","SG9999001069.SGD":"UOB UNITED ASIA PACIFIC GROWTH (SGD) ACC","BK4531":"中概回港概念","BK4503":"景林资产持仓","BILI":"哔哩哔哩","BK4513":"直播概念","BK4566":"资本集团","BK4505":"高瓴资本持仓","HSI":"恒生指数","02833":"恒指ETF","BK4577":"网络游戏","BK4085":"互动家庭娱乐","BK4504":"桥水持仓","SG9999003461.SGD":"United Asia Pacific Infrastructure SGD","BK4588":"碎股","09626":"哔哩哔哩-W","IE0034224299.USD":"PINEBRIDGE ASIA EX JAPAN EQUITY \"A\" (USD) ACC","BK1588":"回港中概股"},"source_url":"","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1172424644","content_text":"3月3日讯，隔夜美股集体收涨，中概指数强势。港股高开明显，恒指涨1.34%，国指涨1.61%，恒生科技指数涨2.58%。盘面上，回港中概股大涨，哔哩哔哩绩后涨10%，百度涨4.5%，小鹏汽车、京东、万国数据涨超3%，阿里巴巴、网易等皆上涨；首单光伏项目REITs获批，光伏股走强；昨日领衔下跌的汽车股集体反弹，生物科技股、体育用品股、濠赌股、燃气股、苹果概念股齐涨。另一方面，药品股、航空股、三台概念股部分下跌，白云山跌1.25%。","news_type":1,"symbols_score_info":{"513600":0.9,"MCHmain":0.9,"HSImain":0.9,"BILI":0.9,"09626":0.9,"MHImain":0.9,"HHImain":0.9,"HSI":0.9,"02833":0.9}},"isVote":1,"tweetType":1,"viewCount":2628,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9940815909,"gmtCreate":1677808283502,"gmtModify":1677808288191,"author":{"id":"3576892531232178","authorId":"3576892531232178","name":"uiv","avatar":"https://community-static.tradeup.com/news/522ae5f11b7bc763293c30c3a20671c9","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576892531232178","idStr":"3576892531232178"},"themes":[],"htmlText":"👌🏻","listText":"👌🏻","text":"👌🏻","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9940815909","repostId":"2316997759","repostType":4,"isVote":1,"tweetType":1,"viewCount":2993,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9940812778,"gmtCreate":1677808244395,"gmtModify":1677808248626,"author":{"id":"3576892531232178","authorId":"3576892531232178","name":"uiv","avatar":"https://community-static.tradeup.com/news/522ae5f11b7bc763293c30c3a20671c9","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576892531232178","idStr":"3576892531232178"},"themes":[],"htmlText":"👌🏻","listText":"👌🏻","text":"👌🏻","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9940812778","repostId":"2316419995","repostType":4,"repost":{"id":"2316419995","kind":"news","pubTimestamp":1677806968,"share":"https://ttm.financial/m/news/2316419995?lang=en_US&edition=fundamental","pubTime":"2023-03-03 09:29","market":"sh","language":"zh","title":"Zhongtong thunder explosion? Short-selling institutions accused of false financial reports in the United States, and the stock price has at least 50% downside potential","url":"https://stock-news.laohu8.com/highlight/detail?id=2316419995","media":"华尔街见闻","summary":"做空机构Grizzly Research称，中通快递的利润率一度堪比苹果，在国家工商总局报告的利润率远低于在美报告水平，在美报低员工人数，压低人力成本，虚报资本支出，造成利润率超高假象，帮助其上市以来","content":"<p><html><head></head><body><b>According to Grizzly Research, a short-selling agency, ZTO Express's profit margin was once comparable to Apple's. The profit margin reported by the State Administration for Industry and Commerce was far lower than the level reported in the United States. It reported a low number of employees in the United States, lowered labor costs, and falsely reported capital expenditures. The illusion of high profit margins has helped it raise more than US $3 billion since its listing; ZTO also used undisclosed related parties to transfer operating expenses and used large loans to support insiders' real estate investment.</b>As popular Chinese concept stocks continue to rebound, Chinese concept logistics leader<a href=\"https://laohu8.com/S/ZTO\">ZTO Express</a>Exposed to financial fraud.</p><p>On Thursday, March 2nd, Eastern Time, Grizzly Research, an American short-selling agency, released a report, arguing that ZTO Express may have profits that appear to be much higher than those of its peers only because it falsified financial statement data. Considering ZTO's artificially exaggerated profit margin and using multiple valuation adjustment estimates, the report believes that ZTO's current U.S. stock trading price is much higher than its fair value, with at least 50% downside.</p><p><b>The profit margin is more than twice that of domestic peers, and one degree comparable<a href=\"https://laohu8.com/S/AAPL\">Apple</a></b></p><p>At the beginning of the above-mentioned Grizzly Research report, ZTO Express is the leader in the highly competitive Chinese logistics market. Although the whole industry has been standardized, ZTO's profit margin is more than twice the average level of its domestic peers-SF Express, Yuantong, Yunda and Shentong.<img src=\"https://static.tigerbbs.com/c5011a6a75b71073f0bce12769cd4f12\" tg-width=\"571\" tg-height=\"501\" referrerpolicy=\"no-referrer\"/></p><p>According to the report, the data shows that ZTO's profitability was once equivalent to that of a blue-chip company with higher profit margins like Apple. For a company to have such outstanding results, it either has a great management team or is financially too good to be true. Grizzly Research found through due diligence that ZTO deceived investors. The report reads:</p><p>We believe that ZTO's apparently higher profit margins are actually just the result of possible falsification of financial statements. We believe that in order to fabricate these outstanding results, ZTO Communications underreported operating income and costs.</p><p><b>Reporting low number of employees lowers labor costs and creates the illusion of super high profit margins</b></p><p>Grizzly said that its report highlighted conclusive evidence that was inconsistent with ultra-high profit margins, including continuous financing, inconsistent accounting data and numerous conflicts of interest. In particular, it is mentioned that the data reported by ZTO in the State Administration for Industry and Commerce of China is completely different from the data submitted by the department to the US Securities and Exchange Commission (SEC).</p><p>According to the filing documents of the State Administration for Industry and Commerce, ZTO's profit margin is actually equivalent to that of its peers in the express delivery industry. From 2019 to 2021, ZTO's net profit margin is 6.3% to 10.6%, but the company is submitting its financial statements to the SEC. According to the report, the net profit margin is 15.5% to 25.7%.</p><p><img src=\"https://static.tigerbbs.com/43965d7078947f4b474d7a72f0928a29\" tg-width=\"640\" tg-height=\"419\" referrerpolicy=\"no-referrer\"/></p><p>The report pointed out that ZTO reported a huge number of employees in China, but it was lower than this level in the United States. Because ZTO deliberately reports a low number of employees, it can support its reported labor cost data and prove that the ultra-high profit margin is reasonable. Based on conservative salary estimates, ZTO's true number of employees and related labor expenses may be more than double the figures reported by the division to the SEC.</p><p><b>Misreporting capital expenditures helped raise more than US $3 billion since listing</b></p><p>According to the report, in order to make the financial fraud seem reasonable, ZTO also falsely reported the capital expenditure in the financial report submitted to the SEC. The company tried to prove that it was reasonable that the growth rate of its property, plant and equipment (PP&E) and land use rights exceeded its income. But strategically, ZTO has no reason to hoard land.</p><p>Grizzly Research suspects that ZTO used its super-high profit margins to raise funds, because false capital expenditure data can explain why the profits are high. So far, ZTO's approach seems to have worked very well. In 2016 in<a href=\"https://laohu8.com/S/NYSE\">NYSE</a>Since its listing, ZTO has raised more than $3 billion, although the company's expenditure has not shown tangible shareholder value.</p><p>False acquisition expansion insider uses undisclosed related parties to transfer operating expenses large loans for insider real estate investment</p><p>According to the report, ZTO used some acquisitions in 2014 and 2015 to expand the number of insiders and, or keep the company's accounts balanced. According to company documents, ZTO acquired franchisees it called network partners from related parties, and the purchase price was much higher than the start-up costs of these partners. Worryingly, records in China show no change in ownership after the deal. This may be because these entities are already operating as ZTO subsidiaries. Grizzly Research doubts whether ZTO has spent shareholders' money in vain and made no return.</p><p>According to the report, ZTO has used an undisclosed network of related parties to transfer operating expenses out of the balance sheet. Several of ZTO's counterparties are individually owned and controlled by relatives and friends employed by ZTO or its management team.</p><p>According to the report, Grizzly Research's field visit found more potential undisclosed related parties. Those allegedly independent entities operate in close proximity to each other and share logos.</p><p>Even ZTO's disclosed related party transactions are worrying. According to the report, because ZTO's large loan stems from the company providing funds for insiders' real estate investment, public shareholders unnecessarily bear the risks of China's real estate industry. The risk of defaulting on these individual projects falls on the investors, not the related parties benefiting from the loans.</p><p></body></html></p>","source":"wallstreetcn_api","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Zhongtong thunder explosion? Short-selling institutions accused of false financial reports in the United States, and the stock price has at least 50% downside potential</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\">\nZhongtong thunder explosion? Short-selling institutions accused of false financial reports in the United States, and the stock price has at least 50% downside potential\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">华尔街见闻</strong><span class=\"h-time small\">2023-03-03 09:29</span>\n</p>\n</h4>\n</header>\n<article>\n<p><html><head></head><body><b>According to Grizzly Research, a short-selling agency, ZTO Express's profit margin was once comparable to Apple's. The profit margin reported by the State Administration for Industry and Commerce was far lower than the level reported in the United States. It reported a low number of employees in the United States, lowered labor costs, and falsely reported capital expenditures. The illusion of high profit margins has helped it raise more than US $3 billion since its listing; ZTO also used undisclosed related parties to transfer operating expenses and used large loans to support insiders' real estate investment.</b>As popular Chinese concept stocks continue to rebound, Chinese concept logistics leader<a href=\"https://laohu8.com/S/ZTO\">ZTO Express</a>Exposed to financial fraud.</p><p>On Thursday, March 2nd, Eastern Time, Grizzly Research, an American short-selling agency, released a report, arguing that ZTO Express may have profits that appear to be much higher than those of its peers only because it falsified financial statement data. Considering ZTO's artificially exaggerated profit margin and using multiple valuation adjustment estimates, the report believes that ZTO's current U.S. stock trading price is much higher than its fair value, with at least 50% downside.</p><p><b>The profit margin is more than twice that of domestic peers, and one degree comparable<a href=\"https://laohu8.com/S/AAPL\">Apple</a></b></p><p>At the beginning of the above-mentioned Grizzly Research report, ZTO Express is the leader in the highly competitive Chinese logistics market. Although the whole industry has been standardized, ZTO's profit margin is more than twice the average level of its domestic peers-SF Express, Yuantong, Yunda and Shentong.<img src=\"https://static.tigerbbs.com/c5011a6a75b71073f0bce12769cd4f12\" tg-width=\"571\" tg-height=\"501\" referrerpolicy=\"no-referrer\"/></p><p>According to the report, the data shows that ZTO's profitability was once equivalent to that of a blue-chip company with higher profit margins like Apple. For a company to have such outstanding results, it either has a great management team or is financially too good to be true. Grizzly Research found through due diligence that ZTO deceived investors. The report reads:</p><p>We believe that ZTO's apparently higher profit margins are actually just the result of possible falsification of financial statements. We believe that in order to fabricate these outstanding results, ZTO Communications underreported operating income and costs.</p><p><b>Reporting low number of employees lowers labor costs and creates the illusion of super high profit margins</b></p><p>Grizzly said that its report highlighted conclusive evidence that was inconsistent with ultra-high profit margins, including continuous financing, inconsistent accounting data and numerous conflicts of interest. In particular, it is mentioned that the data reported by ZTO in the State Administration for Industry and Commerce of China is completely different from the data submitted by the department to the US Securities and Exchange Commission (SEC).</p><p>According to the filing documents of the State Administration for Industry and Commerce, ZTO's profit margin is actually equivalent to that of its peers in the express delivery industry. From 2019 to 2021, ZTO's net profit margin is 6.3% to 10.6%, but the company is submitting its financial statements to the SEC. According to the report, the net profit margin is 15.5% to 25.7%.</p><p><img src=\"https://static.tigerbbs.com/43965d7078947f4b474d7a72f0928a29\" tg-width=\"640\" tg-height=\"419\" referrerpolicy=\"no-referrer\"/></p><p>The report pointed out that ZTO reported a huge number of employees in China, but it was lower than this level in the United States. Because ZTO deliberately reports a low number of employees, it can support its reported labor cost data and prove that the ultra-high profit margin is reasonable. Based on conservative salary estimates, ZTO's true number of employees and related labor expenses may be more than double the figures reported by the division to the SEC.</p><p><b>Misreporting capital expenditures helped raise more than US $3 billion since listing</b></p><p>According to the report, in order to make the financial fraud seem reasonable, ZTO also falsely reported the capital expenditure in the financial report submitted to the SEC. The company tried to prove that it was reasonable that the growth rate of its property, plant and equipment (PP&E) and land use rights exceeded its income. But strategically, ZTO has no reason to hoard land.</p><p>Grizzly Research suspects that ZTO used its super-high profit margins to raise funds, because false capital expenditure data can explain why the profits are high. So far, ZTO's approach seems to have worked very well. In 2016 in<a href=\"https://laohu8.com/S/NYSE\">NYSE</a>Since its listing, ZTO has raised more than $3 billion, although the company's expenditure has not shown tangible shareholder value.</p><p>False acquisition expansion insider uses undisclosed related parties to transfer operating expenses large loans for insider real estate investment</p><p>According to the report, ZTO used some acquisitions in 2014 and 2015 to expand the number of insiders and, or keep the company's accounts balanced. According to company documents, ZTO acquired franchisees it called network partners from related parties, and the purchase price was much higher than the start-up costs of these partners. Worryingly, records in China show no change in ownership after the deal. This may be because these entities are already operating as ZTO subsidiaries. Grizzly Research doubts whether ZTO has spent shareholders' money in vain and made no return.</p><p>According to the report, ZTO has used an undisclosed network of related parties to transfer operating expenses out of the balance sheet. Several of ZTO's counterparties are individually owned and controlled by relatives and friends employed by ZTO or its management team.</p><p>According to the report, Grizzly Research's field visit found more potential undisclosed related parties. Those allegedly independent entities operate in close proximity to each other and share logos.</p><p>Even ZTO's disclosed related party transactions are worrying. According to the report, because ZTO's large loan stems from the company providing funds for insiders' real estate investment, public shareholders unnecessarily bear the risks of China's real estate industry. The risk of defaulting on these individual projects falls on the investors, not the related parties benefiting from the loans.</p><p></body></html></p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://wallstreetcn.com/articles/3683191\">华尔街见闻</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/659e9f729bba48dc59353a363b665949","relate_stocks":{"ZTO":"中通快递"},"source_url":"https://wallstreetcn.com/articles/3683191","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2316419995","content_text":"做空机构Grizzly Research称，中通快递的利润率一度堪比苹果，在国家工商总局报告的利润率远低于在美报告水平，在美报低员工人数，压低人力成本，虚报资本支出，造成利润率超高假象，帮助其上市以来募资超30亿美元；中通还利用未披露关联方转移运营费用，将大笔贷款用于支持内部人房产投资。热门中概股持续反弹之际，中概物流龙头中通快递被曝财务造假。美东时间3月2日周四，美国卖空机构Grizzly Research发布报告，认为中通快递可能只是因为伪造财务报表数据，才有表面看来远高于同行的利润。考虑到中通人为夸大的利润率，并采用倍数估值调整估算，报告认为，中通目前的美股交易价远高于公允价值，至少有50%的下行空间。利润率是国内同行两倍多 一度堪比苹果上述Grizzly Research报告开篇称，在竞争激烈的中国物流市场中，中通快递是领头羊，虽然整个行业都已标准化，但中通的利润率却是国内同行――顺丰、圆通、韵达和申通平均水平的两倍多。报告称，数据显示，中通的盈利能力一度和苹果这种利润率较高的蓝筹公司相当。一家公司能有如此出色的成绩，要么拥有出色的管理团队，要么财务状况好得令人难以置信。而Grizzly Research通过尽职调查发现，中通欺骗了投资者。报告写道：我们认为，中通明显较高的利润率实际上只是可能伪造财务报表的结果。我们相信，为了编造这些出色的成绩，中通通讯低报了营业收入和成本。报低员工人数 压低人力成本 造成利润率超高假象Grizzly称，其报告突出了和超高利润率不符的确凿证据，包括持续的融资、财会数据不一致以及众多利益冲突。其中特别提到，中通在中国国家工商总局的报告数据和该司递交美国证监会（SEC）的数据截然不同。工商总局的备案文件显示，中通的利润率实际上与快递业的同行相当，2019年至2021年间，中通的净利润率在6.3%到10.6%，但该公司在递交SEC的财务报表中报告，净利润率为15.5%到25.7%。报告指出，中通在中国报告的员工人数庞大，在美国却低于这一水平。因为中通故意报低员工人数，就可以支持其报告的劳动力成本数据，证明超高的利润率合理。以保守的薪资估计，中通的真实员工人数和相关人工费用可能比该司向SEC报告的数字高出一倍以上。虚报资本支出 帮助上市以来募资超30亿美元报告认为，为了让财务欺诈看似合理，中通还在递交SEC的财报中虚报了资本支出，该司企图证明，其物业、厂房和设备（PP&E）以及土地使用权的增长速度超过收入是合理的。但从战略上看，中通没有理由囤积土地。Grizzly Research怀疑，中通利用其超高的利润率募集资金，因为虚假的资本支出数据可以解释为何利润高。迄今为止，中通的这种做法似乎很有效。2016年在纽交所上市以来，中通已经募资超过30亿美元，尽管公司支出没有显示有形的股东价值。虚假收购扩充内部人 利用未披露关联方转移运营费用 大笔贷款用于内部人房产投资报告称，中通利用2014年和2015年的一些收购扩大了内部人的数量，并且、或者让公司的账目平衡。公司文件显示，中通从关联方收购了被其称为网络合作伙伴的特许经营商，收购价远高于这些合作伙伴的启动成本。令人担忧的是，在中国的记录显示，交易后，所有权没有发生变化。这可能是因为这些实体已经作为中通子公司运营。Grizzly Research怀疑，中通是否白白花了股东的钱，没有取得任何回报。报告认为，中通已利用未披露的关联方网络将运营费用转出资产负债表。中通的几个交易对手由受雇于中通、或其管理团队的亲友个人所有和控制。报告称，Grizzly Research实地考察发现了更多潜在的未披露关联方，那些据称独立的实体彼此运营距离很近，还共享logo。就连中通已披露的关联交易也令人担忧。报告认为，因为中通的大笔贷款源于公司为内部人士的房产投资提供资金，公众股东不必要地承担了中国房地产行业风险。这些个人项目违约的风险落在了投资者身上，而不是贷款受益的关联方。","news_type":1,"symbols_score_info":{"ZTO":0.9}},"isVote":1,"tweetType":1,"viewCount":2834,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9957795405,"gmtCreate":1677543301707,"gmtModify":1677543305584,"author":{"id":"3576892531232178","authorId":"3576892531232178","name":"uiv","avatar":"https://community-static.tradeup.com/news/522ae5f11b7bc763293c30c3a20671c9","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576892531232178","idStr":"3576892531232178"},"themes":[],"htmlText":"👌🏻👌🏻","listText":"👌🏻👌🏻","text":"👌🏻👌🏻","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9957795405","repostId":"1139109642","repostType":4,"repost":{"id":"1139109642","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":1677542520,"share":"https://ttm.financial/m/news/1139109642?lang=en_US&edition=fundamental","pubTime":"2023-02-28 08:02","market":"hk","language":"zh","title":"Last night and this morning | U.S. bond yields fell back, and U.S. stocks rose sharply! Musk returns to world's richest man","url":"https://stock-news.laohu8.com/highlight/detail?id=1139109642","media":"老虎资讯综合","summary":"摘要：①美债收益率回落提振美股，纳指收涨0.63%，特斯拉涨超5%马斯克重夺世界首富头衔；②英欧就北爱贸易争端达成关键协议；③美国财长耶伦访问乌克兰。海外行情1、美股收涨纳指涨0.63%特斯拉涨超5%","content":"<p><html><head></head><body>Summary: ① The fall in U.S. bond yields boosted U.S. stocks, and the Nasdaq closed up 0.63%.<a href=\"https://laohu8.com/S/TSLA\">Tesla</a>Musk rose more than 5% to regain the title of the world's richest man; ② Britain and Europe reached a key agreement on the trade dispute between Northern Ireland; ③ US Treasury Secretary Yellen visits Ukraine.<img src=\"https://static.tigerbbs.com/7ce49cfea03c1e22a55af842c19c9f5a\" tg-width=\"1080\" tg-height=\"1920\" width=\"100%\" height=\"auto\"/></p><p>Overseas market</p><p>1. U.S. stocks closed higher, Nasdaq rose 0.63%, Tesla rose more than 5%, Musk regained the title of the world's richest man</p><p>U.S. stocks closed higher on Monday. A fall in U.S. bond yields boosted stock indexes. Consumer durable goods orders and manufacturing data released on Monday continued the state that U.S. economic data continued to exceed expectations. Investors continue to focus on the state of U.S. inflation and its impact on the Fed's policy outlook. As of the close, the Nasdaq rose 0.63%, the S&P 500 rose 0.31%, and the Dow Jones rose 0.22%.</p><p>Tesla rose more than 5%, and its stock price rose more than 100% from the low point on January 6. According to the Bloomberg Billionaires Index, Musk's net worth once again reached US $187.1 billion, regaining the title of the world's richest man. Most large technology stocks rose, Netflix rose more than 1%,<a href=\"https://laohu8.com/S/AAPL\">Apple</a>、<a href=\"https://laohu8.com/S/AMZN\">Amazon</a>、<a href=\"https://laohu8.com/S/GOOG\">Google</a>、<a href=\"https://laohu8.com/S/MSFT\">Microsoft</a>Small rise; Facebook fell slightly. Fisker closed up 30%, its biggest one-day gain in the past two years.</p><p>2. Popular Chinese concept stocks generally rose<a href=\"https://laohu8.com/S/BIDU\">Baidu</a>Up more than 5%</p><p>Popular Chinese concept stocks generally rose, and the Nasdaq China Golden Dragon Index rose 1.33%.<a href=\"https://laohu8.com/S/VIPS\">Vipshop</a>Rose more than 7%, Baidu rose more than 5%,<a href=\"https://laohu8.com/S/IQ\">IQiyi</a>Rose more than 4%,<a href=\"https://laohu8.com/S/PDD\">Pinduoduo</a>、<a href=\"https://laohu8.com/S/XPEV\">XPeng vehicles</a>Up more than 2%,<a href=\"https://laohu8.com/S/NTES\">NetEase</a>、<a href=\"https://laohu8.com/S/WB\">Weibo</a>、<a href=\"https://laohu8.com/S/BABA\">Alibaba</a>、<a href=\"https://laohu8.com/S/LI\">Li Auto</a>、<a href=\"https://laohu8.com/S/NIO\">Nio</a>Slightly higher.<a href=\"https://laohu8.com/S/BILI\">Bilibili</a>Fell more than 2%,<a href=\"https://laohu8.com/S/JD\">JD.com</a>Slight decline.</p><p>3. Major European stock indexes closed higher across the board, and the German DAX30 index rose 1.13%</p><p>Major European stock indexes closed higher across the board on Monday, with Germany's DAX30 index rising 1.13% and France's CAC40 index rising 1.51%.<a href=\"https://laohu8.com/S/VUKE.UK\">UK FTSE 100</a>The index rose 0.72%, and the Euro Stoxx 50 index rose 1.66%.</p><p>4. Oil prices fell nearly 2% during the session, giving up last Friday's gains, American Gas rose more than 7% to a new high in the month</p><p>Concerns about economic recession and oil demand prevailed, and oil prices stopped rising for two consecutive days. WTI crude oil futures for April closed down $0.64, or 0.84%, at $75.68 per barrel. Brent crude oil futures for April closed down $0.71, or 0.85%, at $82.45 a barrel.</p><p>The European benchmark Dutch TTF natural gas futures fell more than 7% in late trading, fell more than 8% intraday and fell below the integer of 50 euros/MWh, setting a new low in one and a half years since August 2021. ICE British Gas also fell more than 7%, falling below 120p/kcal. U.S. NYMEX April natural gas futures rose more than 7% to $2.7310 per million British thermal units, the highest in the month since February 1.</p><p>5. New York gold futures prices closed up 0.4% on Monday, ending a five-game losing streak</p><p>The price of gold futures for April delivery on the New York Mercantile Exchange rose $7.80, or 0.4%, to close at $1,824.90 an ounce, after falling for five consecutive trading days.</p><p>Macro News</p><p>1. Unexpected plunge! U.S. durable goods orders record largest month-on-month decline in 32 months</p><p>On Monday (February 27th), before the U.S. stock market opened, the first U.S. economic data this week-durable goods orders announced by the Department of Commerce recorded the biggest drop in more than 30 months.</p><p>Specific data shows that seasonally adjusted durable goods orders in the United States recorded US $272.3 billion in January, a decrease of 4.5% from December 2022, the largest month-on-month decline since April 2020. In December last year, the figure rose 5.1% month-on-month, and the market originally expected a 4% decline.</p><p>2. European Central Bank President Christine Lagarde believes that another 50 basis point rate hike in March is \"well-reasoned\"</p><p>ECB President Christine Lagarde said there is a good chance the ECB will move forward with rate hike's 50 basis point intention at next month's meeting. \"There are good reasons to believe that we will have another 50 basis points of rate hike in March,\" Lagarde said in the interview. \"In the future, we will observe further. We will look at the data situation.\"</p><p>3. Britain and Europe reach a key agreement on the Northern Ireland trade dispute</p><p>On Monday local time, British Prime Minister Sunak announced that the country and the European Union had signed a new \"Windsor Framework\" agreement, which is expected to end years of repeated pulling between the two sides on Northern Ireland trade issues.</p><p>On the most critical customs issue, a \"red\" and \"green\" channel system will be set up between the UK mainland and Northern Ireland: goods from other parts of the UK to Northern Ireland for sale will not be subject to routine inspection through the \"green channel\", while goods exported from the UK to Ireland, an EU member state, via Northern Ireland need to be inspected through the \"red channel\".</p><p>4. U.S. House of Representatives seeks to ban the Federal Reserve from issuing digital currency</p><p>A top Republican member of the U.S. House of Representatives has proposed a legal bill seeking to ban the Federal Reserve from issuing digital dollars, saying there is a risk of \"developing a dangerous surveillance tool\" to monitor Americans' financial transactions. The bill proposed by Majority Whip Tom Emmer also requires the Federal Reserve to submit quarterly reports to Congress on the findings and decisions of research or pilot projects related to central bank digital currencies (CBDCs). The Federal Reserve is evaluating the possibility of issuing a US CBDC, but has yet to decide whether to move forward.</p><p>The situation between Russia and Ukraine</p><p>1. US Treasury Secretary Yellen visits Ukraine</p><p>U.S. Treasury Secretary Yellen arrived in Kiev, the capital of Ukraine, on February 27 local time for a visit. Yellen announced the transfer of the first $1.25 billion in aid to Ukraine from the latest U.S. aid budget of $9.9 billion. It is reported that Yellen held meetings with Ukrainian President Zelensky and other key government officials.</p><p>2. The energy war continues! Russia halts oil deliveries to Poland</p><p>Russian media reported on Monday that adviser to the president and press secretary of the Russian state oil pipeline transportation company (Transneft)<a href=\"https://laohu8.com/S/002922\">Igor</a>· Jemin said that the company was supposed to deliver Russian oil to Polish refineries at the end of February, but the relevant parties did not pay the transit fee, so the oil supply to Poland was excluded from the export plan approved by the Russian Ministry of Energy. Russian pipeline oil Transportation companies currently do not supply oil to the country.</p><p>3. Russia claims to strike Ukrainian targets in multiple directions. Ukraine claims to have shot down Russian fighter planes</p><p>The Russian Ministry of Defense reported on February 27, local time, that the Russian army attacked Ukrainian military personnel, tanks, armored vehicles and military vehicles in multiple directions including Kupyansk, Bonliman, Donetsk, Zaporizhzhia and Kherson. vehicles and other targets. Russian air defense forces shot down 4 US-made \"Haimas\" rockets and 5 Ukrainian drones. The Ukrainian News Agency reported on February 27, local time, that the General Staff of the Ukrainian Armed Forces stated that in the past 24 hours, the Ukrainian army repelled 81 Russian attacks in multiple directions. The Ukrainian Air Force carried out four strikes on areas where Russian military personnel and military equipment were concentrated, shooting down a Russian Su-25 fighter jet. Ukrainian missile forces and artillery forces carried out strikes on targets such as Russian ammunition depots and communication jamming stations.</p><p>Company News</p><p>1. American social platform Snapchat launches ChatGPT-like function</p><p>On Monday local time, Snapchat, an American picture and short video social application, announced that the company will launch a chat based on Open AI's latest GPT technology<a href=\"https://laohu8.com/S/300024\">Robot</a>My AI, will first be available to paid subscribers. In response to the currently known problems of ChatGPT, the company has also adjusted the behavior of the robot to prevent it from making outrageous remarks, and banned functions such as writing academic papers. As of the close, Snapchat rose 0.71%.</p><p>2、<a href=\"https://laohu8.com/S/QCOM\">Qualcomm</a>The CEO himself said that Apple's 5G chip is about to come out</p><p>Qualcomm CEO Cristiano Amon revealed in an interview on Monday that Qualcomm expects Apple to use self-developed communication chips in 2024, but they can continue to contact the company if they want to continue to use Qualcomm products. For Qualcomm, Apple's revenue contributed nearly US $10 billion in the last fiscal year, accounting for about 22%.</p><p>Well-known technology industry analyst Ming-Chi Kuo also revealed on Monday that Apple has recently restarted the iPhone SE 4 project and will use self-developed 5G chips. It remains to be seen whether the higher-end iPhone 16 series uses self-developed communication chips. If things go well on the SE 4, Apple will also switch to self-developed communication chips in the iPad and Apple Watch product lines.</p><p>3. Meta announced the creation of a top product team to develop generative AI</p><p>Meta CEO Zuckerberg said on Monday that the company is creating a top product team focused on rapidly advancing the company's attainments in generative AI. Zuckerberg said that the main job of this team in the short term is to create creative and expressive tools. In the long run, the company will focus on developing AI roles that can help people in a variety of ways.</p><p>Last Friday, Meta released LLaMA, a large-scale artificial intelligence language model, on its official website. However, this product is currently only used for research and training, and has not yet been put into products under social media platforms.</p><p>4. \"Buffett loves stocks\"<a href=\"https://laohu8.com/S/OXY\">Western Petroleum</a>Earnings miss expectations</p><p>After the market closed on Monday, Occidental Petroleum Company disclosed fourth-quarter financial data, in which adjusted earnings per share were $1.61, compared with analysts' expectations of $1.79; Adjusted net income in the fourth quarter was US $1.6 billion; Pre-tax chemical profit in the fourth quarter was US $457 million, compared with analysts' expectations of US $454.4 million; Pre-tax oil and gas profit in the fourth quarter was $2.50 billion, compared with analysts' expectations of $2.63 billion.</p><p>5. Ford battery supplier says F-150 Lighting electric pickup truck fire is a rare incident</p><p><a href=\"https://laohu8.com/S/F\">Ford Motor</a>SK On, the company's battery supplier, said Monday that the flaw that caused the F-150 Lightning electric pickup to catch fire and discontinue production earlier this month was not a fundamental flaw in the power supply design. SK On, an automotive battery subsidiary of South Korea's SK Innovation Co. Ltd, said in a statement: \"We believe this is a rare incident and is not a fundamental issue with battery technology or our overall manufacturing system. SK On worked with Ford to identify the root cause of the problem and implemented improvements in our processes to resolve the problem.\"</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>Last night and this morning | U.S. bond yields fell back, and U.S. stocks rose sharply! Musk returns to world's richest man</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\">\nLast night and this morning | U.S. bond yields fell back, and U.S. stocks rose sharply! Musk returns to world's richest man\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\">2023-02-28 08:02</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p><html><head></head><body>Summary: ① The fall in U.S. bond yields boosted U.S. stocks, and the Nasdaq closed up 0.63%.<a href=\"https://laohu8.com/S/TSLA\">Tesla</a>Musk rose more than 5% to regain the title of the world's richest man; ② Britain and Europe reached a key agreement on the trade dispute between Northern Ireland; ③ US Treasury Secretary Yellen visits Ukraine.<img src=\"https://static.tigerbbs.com/7ce49cfea03c1e22a55af842c19c9f5a\" tg-width=\"1080\" tg-height=\"1920\" width=\"100%\" height=\"auto\"/></p><p>Overseas market</p><p>1. U.S. stocks closed higher, Nasdaq rose 0.63%, Tesla rose more than 5%, Musk regained the title of the world's richest man</p><p>U.S. stocks closed higher on Monday. A fall in U.S. bond yields boosted stock indexes. Consumer durable goods orders and manufacturing data released on Monday continued the state that U.S. economic data continued to exceed expectations. Investors continue to focus on the state of U.S. inflation and its impact on the Fed's policy outlook. As of the close, the Nasdaq rose 0.63%, the S&P 500 rose 0.31%, and the Dow Jones rose 0.22%.</p><p>Tesla rose more than 5%, and its stock price rose more than 100% from the low point on January 6. According to the Bloomberg Billionaires Index, Musk's net worth once again reached US $187.1 billion, regaining the title of the world's richest man. Most large technology stocks rose, Netflix rose more than 1%,<a href=\"https://laohu8.com/S/AAPL\">Apple</a>、<a href=\"https://laohu8.com/S/AMZN\">Amazon</a>、<a href=\"https://laohu8.com/S/GOOG\">Google</a>、<a href=\"https://laohu8.com/S/MSFT\">Microsoft</a>Small rise; Facebook fell slightly. Fisker closed up 30%, its biggest one-day gain in the past two years.</p><p>2. Popular Chinese concept stocks generally rose<a href=\"https://laohu8.com/S/BIDU\">Baidu</a>Up more than 5%</p><p>Popular Chinese concept stocks generally rose, and the Nasdaq China Golden Dragon Index rose 1.33%.<a href=\"https://laohu8.com/S/VIPS\">Vipshop</a>Rose more than 7%, Baidu rose more than 5%,<a href=\"https://laohu8.com/S/IQ\">IQiyi</a>Rose more than 4%,<a href=\"https://laohu8.com/S/PDD\">Pinduoduo</a>、<a href=\"https://laohu8.com/S/XPEV\">XPeng vehicles</a>Up more than 2%,<a href=\"https://laohu8.com/S/NTES\">NetEase</a>、<a href=\"https://laohu8.com/S/WB\">Weibo</a>、<a href=\"https://laohu8.com/S/BABA\">Alibaba</a>、<a href=\"https://laohu8.com/S/LI\">Li Auto</a>、<a href=\"https://laohu8.com/S/NIO\">Nio</a>Slightly higher.<a href=\"https://laohu8.com/S/BILI\">Bilibili</a>Fell more than 2%,<a href=\"https://laohu8.com/S/JD\">JD.com</a>Slight decline.</p><p>3. Major European stock indexes closed higher across the board, and the German DAX30 index rose 1.13%</p><p>Major European stock indexes closed higher across the board on Monday, with Germany's DAX30 index rising 1.13% and France's CAC40 index rising 1.51%.<a href=\"https://laohu8.com/S/VUKE.UK\">UK FTSE 100</a>The index rose 0.72%, and the Euro Stoxx 50 index rose 1.66%.</p><p>4. Oil prices fell nearly 2% during the session, giving up last Friday's gains, American Gas rose more than 7% to a new high in the month</p><p>Concerns about economic recession and oil demand prevailed, and oil prices stopped rising for two consecutive days. WTI crude oil futures for April closed down $0.64, or 0.84%, at $75.68 per barrel. Brent crude oil futures for April closed down $0.71, or 0.85%, at $82.45 a barrel.</p><p>The European benchmark Dutch TTF natural gas futures fell more than 7% in late trading, fell more than 8% intraday and fell below the integer of 50 euros/MWh, setting a new low in one and a half years since August 2021. ICE British Gas also fell more than 7%, falling below 120p/kcal. U.S. NYMEX April natural gas futures rose more than 7% to $2.7310 per million British thermal units, the highest in the month since February 1.</p><p>5. New York gold futures prices closed up 0.4% on Monday, ending a five-game losing streak</p><p>The price of gold futures for April delivery on the New York Mercantile Exchange rose $7.80, or 0.4%, to close at $1,824.90 an ounce, after falling for five consecutive trading days.</p><p>Macro News</p><p>1. Unexpected plunge! U.S. durable goods orders record largest month-on-month decline in 32 months</p><p>On Monday (February 27th), before the U.S. stock market opened, the first U.S. economic data this week-durable goods orders announced by the Department of Commerce recorded the biggest drop in more than 30 months.</p><p>Specific data shows that seasonally adjusted durable goods orders in the United States recorded US $272.3 billion in January, a decrease of 4.5% from December 2022, the largest month-on-month decline since April 2020. In December last year, the figure rose 5.1% month-on-month, and the market originally expected a 4% decline.</p><p>2. European Central Bank President Christine Lagarde believes that another 50 basis point rate hike in March is \"well-reasoned\"</p><p>ECB President Christine Lagarde said there is a good chance the ECB will move forward with rate hike's 50 basis point intention at next month's meeting. \"There are good reasons to believe that we will have another 50 basis points of rate hike in March,\" Lagarde said in the interview. \"In the future, we will observe further. We will look at the data situation.\"</p><p>3. Britain and Europe reach a key agreement on the Northern Ireland trade dispute</p><p>On Monday local time, British Prime Minister Sunak announced that the country and the European Union had signed a new \"Windsor Framework\" agreement, which is expected to end years of repeated pulling between the two sides on Northern Ireland trade issues.</p><p>On the most critical customs issue, a \"red\" and \"green\" channel system will be set up between the UK mainland and Northern Ireland: goods from other parts of the UK to Northern Ireland for sale will not be subject to routine inspection through the \"green channel\", while goods exported from the UK to Ireland, an EU member state, via Northern Ireland need to be inspected through the \"red channel\".</p><p>4. U.S. House of Representatives seeks to ban the Federal Reserve from issuing digital currency</p><p>A top Republican member of the U.S. House of Representatives has proposed a legal bill seeking to ban the Federal Reserve from issuing digital dollars, saying there is a risk of \"developing a dangerous surveillance tool\" to monitor Americans' financial transactions. The bill proposed by Majority Whip Tom Emmer also requires the Federal Reserve to submit quarterly reports to Congress on the findings and decisions of research or pilot projects related to central bank digital currencies (CBDCs). The Federal Reserve is evaluating the possibility of issuing a US CBDC, but has yet to decide whether to move forward.</p><p>The situation between Russia and Ukraine</p><p>1. US Treasury Secretary Yellen visits Ukraine</p><p>U.S. Treasury Secretary Yellen arrived in Kiev, the capital of Ukraine, on February 27 local time for a visit. Yellen announced the transfer of the first $1.25 billion in aid to Ukraine from the latest U.S. aid budget of $9.9 billion. It is reported that Yellen held meetings with Ukrainian President Zelensky and other key government officials.</p><p>2. The energy war continues! Russia halts oil deliveries to Poland</p><p>Russian media reported on Monday that adviser to the president and press secretary of the Russian state oil pipeline transportation company (Transneft)<a href=\"https://laohu8.com/S/002922\">Igor</a>· Jemin said that the company was supposed to deliver Russian oil to Polish refineries at the end of February, but the relevant parties did not pay the transit fee, so the oil supply to Poland was excluded from the export plan approved by the Russian Ministry of Energy. Russian pipeline oil Transportation companies currently do not supply oil to the country.</p><p>3. Russia claims to strike Ukrainian targets in multiple directions. Ukraine claims to have shot down Russian fighter planes</p><p>The Russian Ministry of Defense reported on February 27, local time, that the Russian army attacked Ukrainian military personnel, tanks, armored vehicles and military vehicles in multiple directions including Kupyansk, Bonliman, Donetsk, Zaporizhzhia and Kherson. vehicles and other targets. Russian air defense forces shot down 4 US-made \"Haimas\" rockets and 5 Ukrainian drones. The Ukrainian News Agency reported on February 27, local time, that the General Staff of the Ukrainian Armed Forces stated that in the past 24 hours, the Ukrainian army repelled 81 Russian attacks in multiple directions. The Ukrainian Air Force carried out four strikes on areas where Russian military personnel and military equipment were concentrated, shooting down a Russian Su-25 fighter jet. Ukrainian missile forces and artillery forces carried out strikes on targets such as Russian ammunition depots and communication jamming stations.</p><p>Company News</p><p>1. American social platform Snapchat launches ChatGPT-like function</p><p>On Monday local time, Snapchat, an American picture and short video social application, announced that the company will launch a chat based on Open AI's latest GPT technology<a href=\"https://laohu8.com/S/300024\">Robot</a>My AI, will first be available to paid subscribers. In response to the currently known problems of ChatGPT, the company has also adjusted the behavior of the robot to prevent it from making outrageous remarks, and banned functions such as writing academic papers. As of the close, Snapchat rose 0.71%.</p><p>2、<a href=\"https://laohu8.com/S/QCOM\">Qualcomm</a>The CEO himself said that Apple's 5G chip is about to come out</p><p>Qualcomm CEO Cristiano Amon revealed in an interview on Monday that Qualcomm expects Apple to use self-developed communication chips in 2024, but they can continue to contact the company if they want to continue to use Qualcomm products. For Qualcomm, Apple's revenue contributed nearly US $10 billion in the last fiscal year, accounting for about 22%.</p><p>Well-known technology industry analyst Ming-Chi Kuo also revealed on Monday that Apple has recently restarted the iPhone SE 4 project and will use self-developed 5G chips. It remains to be seen whether the higher-end iPhone 16 series uses self-developed communication chips. If things go well on the SE 4, Apple will also switch to self-developed communication chips in the iPad and Apple Watch product lines.</p><p>3. Meta announced the creation of a top product team to develop generative AI</p><p>Meta CEO Zuckerberg said on Monday that the company is creating a top product team focused on rapidly advancing the company's attainments in generative AI. Zuckerberg said that the main job of this team in the short term is to create creative and expressive tools. In the long run, the company will focus on developing AI roles that can help people in a variety of ways.</p><p>Last Friday, Meta released LLaMA, a large-scale artificial intelligence language model, on its official website. However, this product is currently only used for research and training, and has not yet been put into products under social media platforms.</p><p>4. \"Buffett loves stocks\"<a href=\"https://laohu8.com/S/OXY\">Western Petroleum</a>Earnings miss expectations</p><p>After the market closed on Monday, Occidental Petroleum Company disclosed fourth-quarter financial data, in which adjusted earnings per share were $1.61, compared with analysts' expectations of $1.79; Adjusted net income in the fourth quarter was US $1.6 billion; Pre-tax chemical profit in the fourth quarter was US $457 million, compared with analysts' expectations of US $454.4 million; Pre-tax oil and gas profit in the fourth quarter was $2.50 billion, compared with analysts' expectations of $2.63 billion.</p><p>5. Ford battery supplier says F-150 Lighting electric pickup truck fire is a rare incident</p><p><a href=\"https://laohu8.com/S/F\">Ford Motor</a>SK On, the company's battery supplier, said Monday that the flaw that caused the F-150 Lightning electric pickup to catch fire and discontinue production earlier this month was not a fundamental flaw in the power supply design. SK On, an automotive battery subsidiary of South Korea's SK Innovation Co. Ltd, said in a statement: \"We believe this is a rare incident and is not a fundamental issue with battery technology or our overall manufacturing system. SK On worked with Ford to identify the root cause of the problem and implemented improvements in our processes to resolve the problem.\"</p><p></body></html></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/b23574aac95526c9e5c62ebc8dd25130","relate_stocks":{"LU1861558580.USD":"日兴方舟颠覆性创新基金B","TVIX":"二倍做多VIX波动率指数短期期权ETN","VIX":"标普500波动率指数",".SPX":"S&P 500 Index",".IXIC":"NASDAQ Composite","LU0053666078.USD":"摩根大通基金-美国股票A（离岸）美元","LU0820561818.USD":"安联收益及增长平衡基金Cl AM DIS","BK4551":"寇图资本持仓","LU1551013425.SGD":"Allianz Income and Growth Cl AMg2 DIS H2-SGD","BK4574":"无人驾驶","TSLA":"特斯拉",".DJI":"道琼斯","LU0082616367.USD":"摩根大通美国科技A（dist）","LU1720051017.SGD":"Allianz Global Artificial Intelligence AT Acc H2-SGD","LU0234572021.USD":"高盛美国核心股票组合Acc","LU0719512351.SGD":"JPMorgan Funds - US Technology A (acc) SGD","IE00BWXC8680.SGD":"PINEBRIDGE US LARGE CAP RESEARCH ENHANCED \"A5\" (SGD) ACC"},"source_url":"","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1139109642","content_text":"摘要：①美债收益率回落提振美股，纳指收涨0.63%，特斯拉涨超5%马斯克重夺世界首富头衔；②英欧就北爱贸易争端达成关键协议；③美国财长耶伦访问乌克兰。海外行情1、美股收涨纳指涨0.63%特斯拉涨超5%马斯克重夺世界首富头衔美股周一收高。美债收益率回落令股指得到提振。周一出炉的耐用消费品订单和制造业数据，延续了美国经济数据持续超预期的状态。投资者继续关注美国通胀状况及其对美联储政策前景的影响。截止收盘，纳斯达克指数涨0.63%，标普500指数涨0.31%，道琼斯指数涨0.22%。特斯拉涨超5%，股价较1月6日低点涨超100%。据彭博亿万富翁指数，马斯克的身价再度达到了1871亿美元，重夺世界首富头衔。大型科技股多数上涨，奈飞涨超1%，苹果、亚马逊、谷歌、微软小幅上涨；脸书小幅下跌。Fisker收涨30%，创最近两年最大单日涨幅。2、热门中概股普涨百度涨超5%热门中概股普涨，纳斯达克中国金龙指数涨1.33%。唯品会涨超7%，百度涨超5%，爱奇艺涨超4%，拼多多、小鹏汽车涨超2%，网易、微博、阿里巴巴、理想汽车、蔚来小幅上涨。哔哩哔哩跌超2%，京东小幅下跌。3、欧洲主要股指全线收涨德国DAX30指数涨1.13%欧股主要指数周一全线收涨，德国DAX30指数涨1.13%，法国CAC40指数涨1.51%，英国富时100指数涨0.72%，欧洲斯托克50指数涨1.66%。4、油价盘中跌近2%回吐上周五涨幅 美气涨超7%至月内新高对经济衰退和油需的担忧占据上风，油价止步两日连涨。WTI 4月原油期货收跌0.64美元，跌幅0.84%，报75.68美元/桶。布伦特4月原油期货收跌0.71美元，跌幅0.85%，报82.45美元/桶。欧洲基准的荷兰TTF天然气期货尾盘跌超7%，盘中跌超8%并失守50欧元/兆瓦时整数位，刷新2021年8月来的一年半最低。ICE英国天然气也跌超7%，失守120便士/千卡。美国NYMEX 4月天然气期货涨超7%，报2.7310美元/百万英热单位，创2月1日以来的月内最高。5、周一纽约黄金期货价格收高0.4% 结束五连跌纽约商品交易所4月交割的黄金期货价格上涨7.80美元，涨幅为0.4%，收于每盎司1824.90美元，此前该期货价格已连续五个交易日下跌。宏观新闻1、意外暴跌！美国耐用品订单录得32个月来最大环比降幅周一（2月27日）美股盘前，本周第一份美国经济数据——商务部公布的耐用品订单录得30多个月来的最大降幅。具体数据显示，美国1月季调后耐用品订单录得2723亿美元，较2022年12月下跌了4.5%，为2020年4月以来的最大环比跌幅。去年12月该数据环比上涨了5.1%，市场原先预计将下跌4%。2、欧洲央行行长拉加德认为3月再加息50个基点“理由充分”欧洲央行行长克里斯蒂娜·拉加德表示，欧洲央行很有可能会在下个月的会议上推进加息50个基点的意向。“有充分理由相信，我们将在3月份再加息50个基点，”拉加德在采访中说道。“再往后，我们将进一步观察。我们看数据的情况而定。”3、英欧就北爱贸易争端达成关键协议当地时间周一，英国首相苏纳克宣布，该国与欧盟签署了新的“温莎框架”协议，有望结束双方多年来在北爱尔兰贸易问题上的反复拉扯。在最关键的海关问题上，英国本土和北爱尔兰之间将设立“红色”和“绿色”通道系统：英国其他地区运往北爱尔兰地区销售的货物经“绿色通道”，不接受例行检查，而英国经北爱出口至欧盟成员国爱尔兰的货物则需要经“红色通道”接受检查。4、美国众议院寻求禁止美联储发行数字货币美国众议院一位高层共和党议员提出一项法律议案，寻求禁止美联储发行数字美元，称存在着“发展出一种危险监控工具”来监视美国人金融交易的风险。多数党党鞭Tom Emmer提出的议案还要求，美联储就与央行数字货币（CBDC）相关的研究或试点项目的发现和决定向国会提交季度报告。美联储正在评估发行美国CBDC的可能性，但尚未决定是否推进。俄乌局势1、美国财长耶伦访问乌克兰美国财政部长耶伦当地时间2月27日抵达乌克兰首都基辅进行访问。耶伦宣布，从美国最新的99亿美元援助预算中，向乌克兰移交首批12.5亿美元的援助。据悉，耶伦与乌克兰总统泽连斯基及其他主要政府官员举行了会见。2、能源战争还在继续！俄罗斯停止向波兰输送石油据俄罗斯媒体周一报道，俄罗斯国家石油管道运输公司(Transneft)总裁顾问兼新闻秘书伊戈尔·杰明表示，该公司本应在2月底向波兰炼油厂输送俄石油，但相关方面未支付过境费，因此对波兰的石油供应被排除在俄能源部批准的出口计划之外，俄管道石油运输公司目前未向该国供油。3、俄称多方位打击乌目标 乌称击落俄战机俄罗斯国防部当地时间2月27日通报称，俄军在库皮扬斯克、红利曼、顿涅茨克、扎波罗热以及赫尔松等多个方向打击乌军人员、坦克、装甲车和军用汽车等目标。俄军防空部队击落了4枚美制“海马斯”火箭弹和5架乌克兰无人机。乌克兰通讯社当地时间2月27日报道，乌克兰武装部队总参谋部称，过去24小时，乌军击退了俄军在多个方向的81次进攻。乌空军对俄军人员和军事装备集中区实施了4次打击，击落俄军一架苏-25战机。乌导弹部队和炮兵部队对俄军弹药库和通信干扰站等目标实施了打击。公司新闻1、美国社交平台Snapchat推出类ChatGPT功能当地时间周一，美国图片和短视频社交应用Snapchat发布公告称，公司将推出基于Open AI公司最新GPT技术的聊天机器人My AI，将首先向付费订阅用户开放。针对目前ChatGPT已知的问题，公司也对机器人的行为进行了调教，阻止其发表出格的言论，同时禁止了撰写学术论文等功能。截至收盘，Snapchat涨0.71%。2、高通CEO亲口说的 苹果5G芯片即将问世高通CEO克里斯蒂亚诺·阿蒙周一在接受访谈时透露，高通预期苹果将在2024年用上自研通讯芯片，不过他们想要需要继续用高通产品的话也可以继续联系公司。对于高通而言，上一财年苹果方面贡献的营收近100亿美元，大概占22%。知名科技行业分析师郭明錤也在周一透露，苹果近期已经重启了iPhone SE 4项目，并将采用自研5G芯片。更高端的iPhone 16系列是否使用自研通讯芯片仍有待观察。如果在SE 4上进展顺利，苹果也将会在iPad和Apple Watch产品线改用自研通讯芯片。3、Meta宣布创立顶级产品团队开发生成式AIMeta首席执行官扎克伯格周一表示，公司正在创立一个顶级产品团队，专注于快速推进公司在生成式AI领域的造诣。扎克伯格表示，短期内这个团队的主要工作是创建创造性和表现力工具。长远来看，公司将专注于开发能够以多种方式帮助人们的 AI 角色。上周五，Meta在官网发布了人工智能大型语言模型LLaMA，不过目前这个产品仅用于研究训练，尚未投入社交媒体平台旗下的产品。4、“巴菲特爱股”西方石油财报不及预期周一盘后，西方石油公司披露了四季度财务数据，其中调整后每股收益为1.61美元，分析师预期1.79美元；四季度调整后净收入16亿美元；四季度税前化工利润4.57亿美元，分析师预期4.544亿美元；四季度税前石油和天然气利润25.0亿美元，分析师预期26.3亿美元。5、福特电池供应商称F-150 Lighting电动皮卡起火是罕见事件福特汽车公司的电池供应商SK On周一表示，导致F-150 Lightning电动皮卡在本月早些时候起火并停产的缺陷不是电源设计上的根本性缺陷。SK On是韩国SK Innovation Co. Ltd 旗下的汽车电池子公司，该公司在声明中表示：“我们认为这是一次罕见的事件，不是电池技术或我们整体制造系统的根本问题。SK On与福特合作，确定了问题的根本原因，并在我们的流程中实施了改进措施，以解决问题。”","news_type":1,"symbols_score_info":{".SPX":0.9,".IXIC":0.9,"TSLA":0.9,"ZNmain":0.9,"TVIX":0.9,"VIX":0.9,"ZTmain":0.9,"TNmain":0.9,"ZBmain":0.9,"UBmain":0.9,".DJI":0.9,"ZFmain":0.9}},"isVote":1,"tweetType":1,"viewCount":2936,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9957891260,"gmtCreate":1677139935251,"gmtModify":1677139938439,"author":{"id":"3576892531232178","authorId":"3576892531232178","name":"uiv","avatar":"https://community-static.tradeup.com/news/522ae5f11b7bc763293c30c3a20671c9","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576892531232178","idStr":"3576892531232178"},"themes":[],"htmlText":"👍🏻","listText":"👍🏻","text":"👍🏻","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9957891260","repostId":"2313337000","repostType":4,"isVote":1,"tweetType":1,"viewCount":2714,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9957891603,"gmtCreate":1677139920302,"gmtModify":1677139923550,"author":{"id":"3576892531232178","authorId":"3576892531232178","name":"uiv","avatar":"https://community-static.tradeup.com/news/522ae5f11b7bc763293c30c3a20671c9","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576892531232178","idStr":"3576892531232178"},"themes":[],"htmlText":"👌🏻","listText":"👌🏻","text":"👌🏻","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9957891603","repostId":"2313833141","repostType":4,"repost":{"id":"2313833141","kind":"news","pubTimestamp":1677136752,"share":"https://ttm.financial/m/news/2313833141?lang=en_US&edition=fundamental","pubTime":"2023-02-23 15:19","market":"us","language":"zh","title":"Bank of America refutes JPMorgan, saying the risk of \"volatility doomsday 2.0\" is exaggerated","url":"https://stock-news.laohu8.com/highlight/detail?id=2313833141","media":"智通财经","summary":"就在摩根大通策略师Marko Kolanovic警告短期期权的爆炸式增长正在创造“ Volmageddon 2.0 ”一周后，美银分析师站出来反驳称，现在的风险被夸大了。那次被称为“波动性末日”(Vo","content":"<p><html><head></head><body>Right in<a href=\"https://laohu8.com/S/JPM\">JPMorgan Chase</a>A week after strategist Marko Kolanovic warned that explosive growth in short-term options is creating \"Volmageddon 2.0,\" Bank of America analysts came forward to counter that the risks are now overstated.</p><p>The event, dubbed \"Volmageddon,\" sparked market chaos five years ago and forced the closure of an exchange-traded product that focused primarily on volatility. Kolanovic said the recent surge in zero-days expiration options also threatens to cause market turmoil.</p><p>But Bank of America strategists, including Nitin Saksena, believe investors' positioning in popular derivatives-driven trades-such as S&P 500 contracts expiring within 24 hours-seems less threatening to broader markets than the frenzy that led to a 2018 volatility plunge.</p><p>Bank of America believes that the reality is more subtle. Given that short-term options are used in so many different strategies, if one investment style falters, the shock to the broader stock market may be manageable.</p><p><img src=\"https://static.tigerbbs.com/0163dbf4cde4a5a954b5bf8c7ec10407\" tg-width=\"419\" tg-height=\"375\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>BofA said some \"have issued warnings that targeted end users are net-shorting loss-making 0DTEs, planting the seeds for an event similar to the'volatility apocalypse 'of 5 years ago.\" \"Evidence to date suggests that 0DTE positions are more balanced/complex than a simple one-way short-tail market.\"</p><p>Since mid-2022, the rise of 0DTE options has often been accused of amplifying the volatility of the underlying asset. Such contracts now account for an average of 40% to 45% of the index's daily trading volume, up from 21% in 2021, according to Bank of America estimates.</p><p>In Kolanovic's view, the risk involves options traders, who are on the other side of the trade and must buy and sell stocks to maintain a market-neutral position. His model shows that such an intraday sell-off would reach $30 billion on a sharply down day.</p><p>Bank of America said the sell-off won't be so fast. In Saksena's view, the extreme positioning of investors fueled the \"volatility doomsday\" event of 2018, when everyone was betting that volatility would decline, leaving the market prone to sharp reversals.</p><p>At the time, the culprits were exchange-traded products designed to pay investors the opposite of the volatility of stocks. When stock market turmoil grew in early February of that year, it triggered a snowball effect that culminated in causing many of these strategies to quickly become worthless, sending the S&P 500 index to plunge 10% in two weeks.</p><p>Bank of America's Saksena said that the current market volatility factors, such as extremely one-sided positions, are basically non-existent. Take implied volatility, which is a measure of the cost of an option. For 0DTE contracts, they typically receive a pricing premium of 2.5 times that of longer-term S&P 500 options, a level that the team says is \"likely inconsistent with a market overrun with option sellers.\"</p><p>In the modern era of fast trading, predicting stock movements has always been an annoyance, especially when it comes to threats posed by technical forces such as dealer positioning. Intimidating crashes usually don't follow, or break out in unexpected ways, making life harder for professional forecasters.</p><p>Regardless, after tracking order flow throughout the day, Saksena and his team found that traders tend to buy options in the morning and throw them in the afternoon. This pattern applies equally to both bullish and bearish contacts, again showing that this is not a one-way market.</p><p>According to the bank's research, holding S&P 500 options at one-hour intraday intervals can make money, whether it is a call or put option. In Bank of America's view, this increases the incentive for investors to bet in both directions, rather than leaning towards the side that has the potential to hit the market hard.</p><p>Saksena said that in 2018 \"all signs are that the market is very one-way short, and you know if there is some kind of catalyst that can ignite a spark. Huge risks are waiting to unfold.\" \"At the moment, as positions seem to be more balanced-you may still There are some intraday gap volatility, or surprising mean reversion against fundamentals-the expectation rate of a major shock is much higher.\"</p><p></body></html></p>","source":"stock_zhitongcaijing","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>Bank of America refutes JPMorgan, saying the risk of \"volatility doomsday 2.0\" is exaggerated</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\">\nBank of America refutes JPMorgan, saying the risk of \"volatility doomsday 2.0\" is exaggerated\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">智通财经</strong><span class=\"h-time small\">2023-02-23 15:19</span>\n</p>\n</h4>\n</header>\n<article>\n<p><html><head></head><body>Right in<a href=\"https://laohu8.com/S/JPM\">JPMorgan Chase</a>A week after strategist Marko Kolanovic warned that explosive growth in short-term options is creating \"Volmageddon 2.0,\" Bank of America analysts came forward to counter that the risks are now overstated.</p><p>The event, dubbed \"Volmageddon,\" sparked market chaos five years ago and forced the closure of an exchange-traded product that focused primarily on volatility. Kolanovic said the recent surge in zero-days expiration options also threatens to cause market turmoil.</p><p>But Bank of America strategists, including Nitin Saksena, believe investors' positioning in popular derivatives-driven trades-such as S&P 500 contracts expiring within 24 hours-seems less threatening to broader markets than the frenzy that led to a 2018 volatility plunge.</p><p>Bank of America believes that the reality is more subtle. Given that short-term options are used in so many different strategies, if one investment style falters, the shock to the broader stock market may be manageable.</p><p><img src=\"https://static.tigerbbs.com/0163dbf4cde4a5a954b5bf8c7ec10407\" tg-width=\"419\" tg-height=\"375\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>BofA said some \"have issued warnings that targeted end users are net-shorting loss-making 0DTEs, planting the seeds for an event similar to the'volatility apocalypse 'of 5 years ago.\" \"Evidence to date suggests that 0DTE positions are more balanced/complex than a simple one-way short-tail market.\"</p><p>Since mid-2022, the rise of 0DTE options has often been accused of amplifying the volatility of the underlying asset. Such contracts now account for an average of 40% to 45% of the index's daily trading volume, up from 21% in 2021, according to Bank of America estimates.</p><p>In Kolanovic's view, the risk involves options traders, who are on the other side of the trade and must buy and sell stocks to maintain a market-neutral position. His model shows that such an intraday sell-off would reach $30 billion on a sharply down day.</p><p>Bank of America said the sell-off won't be so fast. In Saksena's view, the extreme positioning of investors fueled the \"volatility doomsday\" event of 2018, when everyone was betting that volatility would decline, leaving the market prone to sharp reversals.</p><p>At the time, the culprits were exchange-traded products designed to pay investors the opposite of the volatility of stocks. When stock market turmoil grew in early February of that year, it triggered a snowball effect that culminated in causing many of these strategies to quickly become worthless, sending the S&P 500 index to plunge 10% in two weeks.</p><p>Bank of America's Saksena said that the current market volatility factors, such as extremely one-sided positions, are basically non-existent. Take implied volatility, which is a measure of the cost of an option. For 0DTE contracts, they typically receive a pricing premium of 2.5 times that of longer-term S&P 500 options, a level that the team says is \"likely inconsistent with a market overrun with option sellers.\"</p><p>In the modern era of fast trading, predicting stock movements has always been an annoyance, especially when it comes to threats posed by technical forces such as dealer positioning. Intimidating crashes usually don't follow, or break out in unexpected ways, making life harder for professional forecasters.</p><p>Regardless, after tracking order flow throughout the day, Saksena and his team found that traders tend to buy options in the morning and throw them in the afternoon. This pattern applies equally to both bullish and bearish contacts, again showing that this is not a one-way market.</p><p>According to the bank's research, holding S&P 500 options at one-hour intraday intervals can make money, whether it is a call or put option. In Bank of America's view, this increases the incentive for investors to bet in both directions, rather than leaning towards the side that has the potential to hit the market hard.</p><p>Saksena said that in 2018 \"all signs are that the market is very one-way short, and you know if there is some kind of catalyst that can ignite a spark. Huge risks are waiting to unfold.\" \"At the moment, as positions seem to be more balanced-you may still There are some intraday gap volatility, or surprising mean reversion against fundamentals-the expectation rate of a major shock is much higher.\"</p><p></body></html></p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"http://www.zhitongcaijing.com/content/detail/881205.html\">智通财经</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/8effccd1ec9cd7dcf99c09781659ff15","relate_stocks":{"LU1261432733.SGD":"Fidelity World A-ACC-SGD","IE00B1BXHZ80.USD":"Legg Mason ClearBridge - US Appreciation A Acc USD","BK4504":"桥水持仓","LU1244550577.SGD":"FTIF - Franklin Global Multi-Asset Income A (Mdis) SGD-H1","BK4550":"红杉资本持仓","BK4588":"碎股","LU0211327993.USD":"TEMPLETON GLOBAL EQUITY INCOME \"A\" (USD) ACC","IE0034235188.USD":"PINEBRIDGE GLOBAL FOCUS EQUITY \"A\" (USD) ACC","LU1363072403.SGD":"Fidelity Global Financial Services A-ACC-SGD","LU0211326839.USD":"TEMPLETON GLOBAL INCOME \"A\" (USD) INC","LU0320765489.SGD":"FTIF - Franklin Mutual US Value A Acc SGD","LU0496365809.HKD":"TEMPLETON GLOBAL INCOME \"A\" (HKD) INC (Q)","BK4207":"综合性银行","JPM":"摩根大通","LU1496350171.SGD":"FRANKLIN DIVERSIFIED BALANCED \"A\" (SGDHDG) ACC","LU0211326755.USD":"TEMPLETON GLOBAL INCOME \"A\" (USD) ACC","LU1496350502.SGD":"FRANKLIN DIVERSIFIED DYNAMIC \"A\" (SGDHDG) ACC","BK4581":"高盛持仓","SG9999002232.USD":"Allianz Global High Payout USD","LU0310799852.SGD":"FTIF - Templeton Global Equity Income A MDIS SGD","LU0170899867.USD":"EASTSPRING INVESTMENTS WORLD VALUE EQUITY \"A\" (USD) ACC","LU1244550221.USD":"FRANKLIN GLOBAL MULTI-ASSET INCOME \"A\" (USDHEDGED) INC (M)","LU0971096721.USD":"富达环球金融服务 A","LU0976567544.SGD":"FTIF - Templeton Global Income A Mdis SGD-H1","LU0417517546.SGD":"Allianz US Equity Cl AT Acc SGD","SG9999002224.SGD":"Allianz Global High Payout SGD","LU0320765646.SGD":"FTIF - Franklin Income A MDIS SGD-H1","BK4585":"ETF&股票定投概念","LU1267930490.SGD":"TEMPLETON GLOBAL EQUITY INCOME \"AS\" (SGD) INC A","BK4534":"瑞士信贷持仓","LU0149725797.USD":"汇丰美国股市经济规模基金","LU0106831901.USD":"贝莱德世界金融基金A2","BK4533":"AQR资本管理(全球第二大对冲基金)","LU0070302665.USD":"FRANKLIN MUTUAL U.S. VALUE \"A\" (USD) ACC","LU0882574139.USD":"富达环球消费行业基金A ACC","LU1244550494.USD":"FRANKLIN GLOBAL MULTI-ASSET INCOME \"A\" (USDHEDGED) ACC","LU1668664300.SGD":"Blackrock World Financials A2 SGD-H","LU0256863811.USD":"ALLIANZ US EQUITY \"A\" INC","LU0208291251.USD":"FRANKLIN MUTUAL U.S. VALUE \"A\" (USD) INC","BK4566":"资本集团","LU1162221912.USD":"FRANKLIN INCOME \"A\" (USD) ACC","LU0211328371.USD":"TEMPLETON GLOBAL EQUITY INCOME \"A\" (MDIS) (USD) INC"},"source_url":"http://www.zhitongcaijing.com/content/detail/881205.html","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2313833141","content_text":"就在摩根大通策略师Marko Kolanovic警告短期期权的爆炸式增长正在创造“ Volmageddon 2.0 ”一周后，美银分析师站出来反驳称，现在的风险被夸大了。那次被称为“波动性末日”(Volmageddon)的事件在五年前引发了市场混乱，并迫使一个主要关注波动性的交易所交易产品关闭。Kolanovic表示，最近零日(zero days)到期期权的激增，也有可能造成市场动荡。但包括 Nitin Saksena 在内的美国银行策略师认为，与导致 2018 年波动率暴跌的狂热相比，投资者在热门衍生品驱动交易中的定位——例如 24 小时内到期的标准普尔 500 指数合约——对更广泛市场的威胁似乎较小。美银认为，现实情况更加微妙。鉴于短期期权被用于如此多不同的策略中，如果一种投资风格动摇，对更广泛股市的冲击可能是可控的。美银表示，一些人“发出了警告，称定向终端用户正在净做空赔本的0DTEs，从而为类似于5年前‘波动性末日’的事件埋下了种子。”“迄今为止的证据表明，0DTE的仓位比一个简单的单向短尾市场更为平衡/复杂。”自2022年年中以来，0DTE期权的兴起经常被指责放大了基础资产的波动。据美国银行估计，目前此类合约平均占该指数日交易量的40%至45%，高于2021年的21%。在Kolanovic看来，风险涉及期权交易商，他们在交易中处于另一方，必须买卖股票以保持市场中立的立场。他的模型显示，在一个大幅下跌的日子里，这样的盘中抛售将达到300亿美元。美国银行称，抛售不会这么快。在Saksena看来，投资者的极端仓位助长了2018年的“波动性末日”事件，当时所有人都押注波动性会下降，导致市场容易出现剧烈逆转。当时，罪魁祸首是旨在向投资者支付与股票波动率相反报酬的交易所交易产品。当年2月初股市动荡加剧时，引发了滚雪球效应，最终导致许多此类策略迅速变得毫无价值，导致标准普尔500指数在两周内暴跌10%。美国银行的Saksena表示，目前市场震荡的因素，比如极度一边倒的仓位，基本不存在。以隐含波动率为例，这是一种衡量期权成本的指标。对于0DTE合约，它们通常获得的定价溢价是较长期标准普尔500指数期权的2.5倍，该团队表示，这一水平“可能与期权卖方泛滥的市场不一致”。在快速交易的现代时代，预测股票走势一直是一件令人烦恼的事情，尤其是在涉及到交易商定位等技术力量构成的威胁时。令人生畏的崩盘通常不会随之而来，或者以意想不到的方式爆发，这让专业预测者的日子更加艰难。无论如何，在跟踪了一天的订单流后，Saksena及其团队发现，交易员倾向于在上午买入期权，下午抛出。这种模式同样适用于看多和看空联系人，再次表明这不是一个单向市场。根据该银行的研究，无论是看涨期权还是看跌期权，在盘中一小时的时间间隔内持有标普500指数期权都能赚钱。在美银看来，这增加了投资者双向押注的动机，而不是倾向于有可能让市场遭受重创的一方。Saksena表示，在2018年“所有迹象都表明，市场非常单向做空，你知道是否有某种催化剂可以点燃火花。巨大的风险正等待着展开，”“目前，由于仓位似乎更加平衡——你仍可能在盘中出现一些缺口波动，或违背基本面的令人惊讶的均值回归——出现重大冲击的期望率要高得多。”","news_type":1,"symbols_score_info":{"JPM":1}},"isVote":1,"tweetType":1,"viewCount":1055,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9957891354,"gmtCreate":1677139901679,"gmtModify":1677139904830,"author":{"id":"3576892531232178","authorId":"3576892531232178","name":"uiv","avatar":"https://community-static.tradeup.com/news/522ae5f11b7bc763293c30c3a20671c9","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576892531232178","idStr":"3576892531232178"},"themes":[],"htmlText":"👍🏻","listText":"👍🏻","text":"👍🏻","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9957891354","repostId":"1164117178","repostType":4,"isVote":1,"tweetType":1,"viewCount":1217,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9957891959,"gmtCreate":1677139885071,"gmtModify":1677139888631,"author":{"id":"3576892531232178","authorId":"3576892531232178","name":"uiv","avatar":"https://community-static.tradeup.com/news/522ae5f11b7bc763293c30c3a20671c9","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576892531232178","idStr":"3576892531232178"},"themes":[],"htmlText":"👌🏻","listText":"👌🏻","text":"👌🏻","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9957891959","repostId":"2313835550","repostType":4,"repost":{"id":"2313835550","kind":"news","pubTimestamp":1677137719,"share":"https://ttm.financial/m/news/2313835550?lang=en_US&edition=fundamental","pubTime":"2023-02-23 15:35","market":"us","language":"zh","title":"The epitome of the end of the \"era of technology\": Silicon Valley Bank's profits have shrunk, its market value has plummeted, and it has become a \"turtle in a jar\" for short sellers","url":"https://stock-news.laohu8.com/highlight/detail?id=2313835550","media":"华尔街见闻","summary":"“科技大时代”的落幕并不止于科技企业的节衣缩食，那些曾经为他们“撑腰”的银行们如今也面临“清算”。据报道，美国加州为初创企业提供融资的硅谷银行(Silicon Valley Bank, SVB)正面临","content":"<p><html><head></head><body>The end of the \"era of science and technology\" is not limited to the frugality of science and technology companies. Those banks that once \"supported\" them are now facing \"liquidation\".</p><p>According to reports, California provides financing for start-ups<a href=\"https://laohu8.com/S/SIVB\">Silicon Valley Bank</a>(Silicon Valley Bank, SVB) is facing scrutiny after an investment made during the tech boom has now caused an unrealized loss of $15 billion, shaking the bank's profitability.</p><p>The bank insisted on holding its $91 billion bond portfolio to maturity, a decision that shielded its profits from last year's financial market turmoil as long-term bond yields rose sharply, exceeding the portfolio's 1.64% yield.</p><p><b>But \"hold-to-maturity\" also means that at the end of last year, this asset was valued on SVB's balance sheet at a purchase price of $91 billion, rather than a market value of $76 billion. It directly led to SVB's disclosure of an unrealized loss of $15 billion.</b></p><p>SVB mainly provides financing services for technology and life sciences start-ups backed by venture capital funds. The bank is the 16th largest bank in the United States, with total assets worth approximately US $212 billion.<a href=\"https://laohu8.com/S/CSCO\">Cisco</a>(Cisco), Ring, Beyond Meat, and Shopify, among others, have been its customers.</p><p>As U.S. tech start-ups face their biggest market value plunge since the dot-com bubble burst at the beginning of the decade,<b>SVB's market cap has fallen from a peak of more than $44 billion less than two years ago to $17 billion today.</b></p><p>SVB's decline has also attracted the attention of bears, who are betting that the bank's share price will fall further. SVB shares have fallen 50% since the beginning of 2022.</p><p><img src=\"https://static.tigerbbs.com/98ffaf5a9a3d0a5a093db75c1cf353db\" tg-width=\"840\" tg-height=\"470\" width=\"100%\" height=\"auto\"/></p><p>SVB CEO Greg Becker said in an interview with the media:</p><p>This year is going to be a challenging year for the tech industry... we really only see the beginning. There will be more headlines about failures and layoffs (in the tech industry). Whether this period of volatility is 12 months or 18 months, our goal is to be able to ensure that we have the ability to support our clients through this time. Decision-making error</p><p>Wrong investment decisions and misjudgment of the rhythm of the Fed's rate hike are also the main reasons for SVB's plight.</p><p><b>SVB's income comes from conventional financial services such as funds and asset management, but unlike other banks,</b>SVB's core business focuses on providing deposit services for cash raised by tech start-ups.</p><p>SVB's customer deposits surged from $102 billion to $189 billion amid a boom in tech investing in 2021, flooded with \"excess liquidity.\"</p><p>SVB, meanwhile, keeps these deposits in custody: by buying long-term mortgage-backed securities issued by U.S. government agencies. Actually,<b>This strategy amounts to locking up half of its assets in investments for the next decade that generate very little income by today's standards.</b></p><p>Becker explained that these \"conservative\" investments are part of a plan to shore up banks' balance sheets:</p><p>In 2021, quite frankly, valuations and the amount of money being raised were clearly at epic levels...... so we looked and decided to be more cautious. This decision means that SVB will be more vulnerable to changes in interest rates.</p><p>The problem is that the difference between the interest SVB earns on assets like loans and the interest it pays on deposits-<b>That is, net interest income-is becoming less and less.</b></p><p>When interest rates are low,<b>Several big banks are putting more deposits on government debt, accepting lower returns in times of economic uncertainty</b>。 And SVB's relative exposure far exceeds that of its peers.</p><p>At the end of 2022, SVB had $120 billion in investment securities, including a $91 billion portfolio of mortgage-backed securities, far exceeding the $74 billion in total loans.</p><p>By comparison, Bank of America has $863 billion in debt securities, including $633 billion in held-to-maturity assets, down from its roughly $10 trillion in loans and leases.</p><p>As a result of the huge gap between loans and deposits,<a href=\"https://laohu8.com/S/JPM\">JPMorgan Chase</a>, Bank of America, Citi and<a href=\"https://laohu8.com/S/WFC\">Wells Fargo</a>Interest income in the final quarter of 2022 totaled nearly $60 billion, an increase of 30% from the same period last year. Meanwhile, SVB told investors,<b>Its net interest income is expected to decline by 17-19% in 2023 from last year's $4.5 billion.</b></p><p>A securities analyst told the media:</p><p><b>Interest rates have been low for a long time, and many people assume that they will stay low forever.</b>SVB is betting bigger than average on this front. Becker said:</p><p>We expected interest rates to rise, but didn't expect it to be as much as it is now.</body></html></p>","source":"wallstreetcn","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>The epitome of the end of the \"era of technology\": Silicon Valley Bank's profits have shrunk, its market value has plummeted, and it has become a \"turtle in a jar\" for short sellers</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nThe epitome of the end of the \"era of technology\": Silicon Valley Bank's profits have shrunk, its market value has plummeted, and it has become a \"turtle in a jar\" for short sellers\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">华尔街见闻</strong><span class=\"h-time small\">2023-02-23 15:35</span>\n</p>\n</h4>\n</header>\n<article>\n<p><html><head></head><body>The end of the \"era of science and technology\" is not limited to the frugality of science and technology companies. Those banks that once \"supported\" them are now facing \"liquidation\".</p><p>According to reports, California provides financing for start-ups<a href=\"https://laohu8.com/S/SIVB\">Silicon Valley Bank</a>(Silicon Valley Bank, SVB) is facing scrutiny after an investment made during the tech boom has now caused an unrealized loss of $15 billion, shaking the bank's profitability.</p><p>The bank insisted on holding its $91 billion bond portfolio to maturity, a decision that shielded its profits from last year's financial market turmoil as long-term bond yields rose sharply, exceeding the portfolio's 1.64% yield.</p><p><b>But \"hold-to-maturity\" also means that at the end of last year, this asset was valued on SVB's balance sheet at a purchase price of $91 billion, rather than a market value of $76 billion. It directly led to SVB's disclosure of an unrealized loss of $15 billion.</b></p><p>SVB mainly provides financing services for technology and life sciences start-ups backed by venture capital funds. The bank is the 16th largest bank in the United States, with total assets worth approximately US $212 billion.<a href=\"https://laohu8.com/S/CSCO\">Cisco</a>(Cisco), Ring, Beyond Meat, and Shopify, among others, have been its customers.</p><p>As U.S. tech start-ups face their biggest market value plunge since the dot-com bubble burst at the beginning of the decade,<b>SVB's market cap has fallen from a peak of more than $44 billion less than two years ago to $17 billion today.</b></p><p>SVB's decline has also attracted the attention of bears, who are betting that the bank's share price will fall further. SVB shares have fallen 50% since the beginning of 2022.</p><p><img src=\"https://static.tigerbbs.com/98ffaf5a9a3d0a5a093db75c1cf353db\" tg-width=\"840\" tg-height=\"470\" width=\"100%\" height=\"auto\"/></p><p>SVB CEO Greg Becker said in an interview with the media:</p><p>This year is going to be a challenging year for the tech industry... we really only see the beginning. There will be more headlines about failures and layoffs (in the tech industry). Whether this period of volatility is 12 months or 18 months, our goal is to be able to ensure that we have the ability to support our clients through this time. Decision-making error</p><p>Wrong investment decisions and misjudgment of the rhythm of the Fed's rate hike are also the main reasons for SVB's plight.</p><p><b>SVB's income comes from conventional financial services such as funds and asset management, but unlike other banks,</b>SVB's core business focuses on providing deposit services for cash raised by tech start-ups.</p><p>SVB's customer deposits surged from $102 billion to $189 billion amid a boom in tech investing in 2021, flooded with \"excess liquidity.\"</p><p>SVB, meanwhile, keeps these deposits in custody: by buying long-term mortgage-backed securities issued by U.S. government agencies. Actually,<b>This strategy amounts to locking up half of its assets in investments for the next decade that generate very little income by today's standards.</b></p><p>Becker explained that these \"conservative\" investments are part of a plan to shore up banks' balance sheets:</p><p>In 2021, quite frankly, valuations and the amount of money being raised were clearly at epic levels...... so we looked and decided to be more cautious. This decision means that SVB will be more vulnerable to changes in interest rates.</p><p>The problem is that the difference between the interest SVB earns on assets like loans and the interest it pays on deposits-<b>That is, net interest income-is becoming less and less.</b></p><p>When interest rates are low,<b>Several big banks are putting more deposits on government debt, accepting lower returns in times of economic uncertainty</b>。 And SVB's relative exposure far exceeds that of its peers.</p><p>At the end of 2022, SVB had $120 billion in investment securities, including a $91 billion portfolio of mortgage-backed securities, far exceeding the $74 billion in total loans.</p><p>By comparison, Bank of America has $863 billion in debt securities, including $633 billion in held-to-maturity assets, down from its roughly $10 trillion in loans and leases.</p><p>As a result of the huge gap between loans and deposits,<a href=\"https://laohu8.com/S/JPM\">JPMorgan Chase</a>, Bank of America, Citi and<a href=\"https://laohu8.com/S/WFC\">Wells Fargo</a>Interest income in the final quarter of 2022 totaled nearly $60 billion, an increase of 30% from the same period last year. Meanwhile, SVB told investors,<b>Its net interest income is expected to decline by 17-19% in 2023 from last year's $4.5 billion.</b></p><p>A securities analyst told the media:</p><p><b>Interest rates have been low for a long time, and many people assume that they will stay low forever.</b>SVB is betting bigger than average on this front. Becker said:</p><p>We expected interest rates to rise, but didn't expect it to be as much as it is now.</body></html></p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://wallstreetcn.com/articles/3682597\">华尔街见闻</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/52e95f8d8c314466bbcd01bdb562ed3f","relate_stocks":{},"source_url":"https://wallstreetcn.com/articles/3682597","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2313835550","content_text":"“科技大时代”的落幕并不止于科技企业的节衣缩食，那些曾经为他们“撑腰”的银行们如今也面临“清算”。据报道，美国加州为初创企业提供融资的硅谷银行(Silicon Valley Bank, SVB)正面临审查，原因是该行在科技热潮时期做出的一项投资如今造成了150亿美元的未变现亏损，动摇了该行的盈利能力。该银行坚持将其910亿美元的债券组合持有至到期，这一决定使其利润免受去年金融市场动荡的影响，因为长期债券收益率急剧上升，超过了该组合1.64%的收益率。但“持有至到期”也意味着，在去年年底，这一资产在SVB的资产负债表上是按照910亿美元的购买价格估值的，而不是按照760亿美元的市场价值。直接导致了SVB披露了150亿美元的未实现亏损。SVB主要为风投基金支持的科技和生命科学初创企业提供融资服务，该行是美国第16大银行，总资产价值约2120亿美元。思科(Cisco)、Ring、Beyond Meat和Shopify等公司都曾是其客户。随着美国科技初创企业面临自本世纪初互联网泡沫破裂以来最大的市值暴跌，SVB的市值已从不到两年前逾440亿美元的峰值降至如今的170亿美元。SVB的跌势也吸引了空头的注意，他们押注该行股价将进一步下跌。自2022年初以来，SVB股价已下跌50%。SVB首席执行官Greg Becker接受媒体采访时表示：今年对科技行业而言将是充满挑战的一年……我们真的只看到了一个开头。将会有更多关于失败和(科技行业)裁员的头条新闻。无论这个波动期是12个月还是18个月，我们的目标是能够确保我们有能力支持客户度过这段时间。决策失误错误的投资决策和对美联储加息节奏的误判，也是导致SVB困境的主要原因。SVB的收入来自基金、资产管理等常规金融业务，但与其他银行所不同的是，SVB的核心业务集中在为科技初创企业筹集的现金提供存款服务。在2021年科技投资的热潮中，SVB的客户存款从1020亿美元激增至1890亿美元，充斥着“过剩的流动性”。与此同时，SVB保管这些存款的方式是：购买美国政府机构发行的长期抵押贷款支持证券。实际上，这种策略相当于将其一半的资产锁定在未来十年的投资中，按照今天的标准，这些投资的收入很少。Becker解释称，这些 \"保守 \"的投资是支撑银行资产负债表的计划的一部分:2021年，坦率地说，估值和正在筹集的资金数额显然处于史诗般的水平......所以我们看了看，决定更加谨慎。这一决定意味着，SVB将更容易受到利率变化的影响。问题在于，SVB从贷款等资产上赚取的利息和它在存款上支付的利息之间的差异——也就是净利息收入——正在变得越来越少。当利率处于低位时，几家大银行将更多的存款放在政府债务上，在经济不确定的时期接受较低的回报率。而SVB的相对风险敞口远远超过了其同行。截至2022年底，SVB拥有1200亿美元的投资证券，其中包括910亿美元的抵押贷款支持证券组合，远远超过了740亿美元的贷款总额。相比之下，美国银行拥有8630亿美元的债务证券，包括6330亿美元的持有至到期资产，低于其约10万亿美元的贷款和租赁。贷款与存款差额巨大的结果是，摩根大通、美国银行、花旗和富国银行在2022年最后一个季度的利息收入合计近600亿美元，比去年同期增长30%。与此同时，SVB告诉投资者，预计2023年其净利息收入将比去年的45亿美元下降17-19%。一位证券分析师对媒体表示：利率长期以来一直很低，很多人都认为利率会永远低下去。SVB在这方面下了比一般人更大的赌注。Becker则表示：我们预计利率会上升，但没有想到会像现在这么多。","news_type":1,"symbols_score_info":{"SIVB":0.9}},"isVote":1,"tweetType":1,"viewCount":1165,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9957891065,"gmtCreate":1677139866158,"gmtModify":1677139869310,"author":{"id":"3576892531232178","authorId":"3576892531232178","name":"uiv","avatar":"https://community-static.tradeup.com/news/522ae5f11b7bc763293c30c3a20671c9","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576892531232178","idStr":"3576892531232178"},"themes":[],"htmlText":"👍🏻","listText":"👍🏻","text":"👍🏻","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9957891065","repostId":"2313835177","repostType":4,"repost":{"id":"2313835177","kind":"news","pubTimestamp":1677138207,"share":"https://ttm.financial/m/news/2313835177?lang=en_US&edition=fundamental","pubTime":"2023-02-23 15:43","market":"us","language":"zh","title":"Billions of dollars more costs! Technology giants face new challenges in launching ChatGPT-like services","url":"https://stock-news.laohu8.com/highlight/detail?id=2313835177","media":"智通财经","summary":"Alphabet在谷歌搜索中加入生成性人工智能(generative artificial intelligence)的尝试给行业带来了一个全新的挑战：成本问题。整个科技行业的高管都在讨论如何运营像C","content":"<p><html><head></head><body>Alphabet in<a href=\"https://laohu8.com/S/GOOG\">Google</a>The attempt to add generative artificial intelligence to search has brought a whole new challenge to the industry: cost. Executives across the tech industry are discussing how to run an AI like ChatGPT and balance out its high maintenance expenses.</p><p>OpenAI CEO Sam Altman said that ChatGPT can answer search questions independently, and the computational cost per conversation is a few cents or more. This high usage fee data is \"eye-popping.\"</p><p>John Hennessy, chairman of Alphabet, said that in implementation, the cost of communicating with AI known as large language models may be 10 times that of standard keyword searches, although code optimization will help reduce costs quickly.</p><p>Even with potential chat-based search advertising revenue, using the technology could add billions of dollars in additional usage costs, impacting Alphabet's bottom line, analysts said. The company achieved net revenue of nearly $60 billion in 2022.</p><p><a href=\"https://laohu8.com/S/MS\">Morgan Stanley</a>It is estimated that Google spent about one-fifth of a cent on its 3.3 trillion search queries last year, but that number will increase this year, depending on the length of text AI must generate. For example, analysts predict that if artificial intelligence like ChatGPT can handle half of the inquiry volume with a response of less than 50 words, Google's fee spending will increase by nearly $6 billion by 2024.</p><p>Other businesses have reached similar conclusions in different ways. For example, Semi Analysis, a research and consulting firm focused on chip technology, said that adding ChatGPT-like artificial intelligence to the search engine could increase Alphabet's spending by $3 billion, which is affected by Google's internal chip Tensor processing unit (TPU) and other optimized limits.</p><p><img src=\"https://static.tigerbbs.com/674bb0bf932a8c9cfc53d7d53a96d202\" tg-width=\"688\" tg-height=\"405\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>What makes this artificial intelligence more expensive than traditional search methods is the computing power involved. Analysts say the operation of this artificial intelligence is based on billions of dollars of chips, the cost of which must be absorbed over the chip's useful life of several years. Similarly, electricity consumption increases costs and pressure on companies targeting their carbon footprint.</p><p>The process of processing artificial intelligence search queries is called \"reasoning\". In this process, the \"neural network\" simulates the biological thinking mode of the human brain and can continuously infer the answers to search questions from previous training.</p><p>In contrast, in the traditional search method, Google's web crawler will scan the stored Internet to index information. When a user types a query, Google provides the most relevant answers stored in the index. Alphabet's Hennessy said that \"the cost of running the AI\" inference \"process must be reduced,\" calling this a common \"problem\" in the industry in the past two years.</p><p>It is reported that despite the high cost, Alphabet is still facing pressure from competitors to challenge. Earlier this month,<a href=\"https://laohu8.com/S/MSFT\">Microsoft</a>(MSFT.US) announced plans to embed artificial intelligence chat technology into its Bing search engine, with Microsoft targeting 91% of Google's search market share, according to Similarweb estimates.</p><p>Microsoft Chief Financial Officer Amy Hood said that as the new Bing search is launched to millions of consumers, user and advertising revenue will cover more than cost expenditure. \"For us, even at the expense of service costs, it can provide an increment to the gross profit margin of the company's business.\"</p><p>Richard Socher, CEO of search engine You.com, another competitor of Google, also said that adding artificial intelligence chat experiences and applications that generate charts, videos and other technologies will increase the cost of enterprises by 30% to 50%. But it pointed out: \"As time goes by, the cost of using AI technology will become lower and lower.\"</p><p>On the other hand, a source close to Google warned that it is now accurately determined that AI chat<a href=\"https://laohu8.com/S/300024\">Robot</a>The cost overhead is too early, mainly because efficiency and usage still vary greatly due to the technologies involved.</p><p><a href=\"https://laohu8.com/S/ACN\">Accenture</a>Chief Technology Officer Paul Daugherty said one of the main reasons search and social media giants with billions of users in the tech industry didn't launch AI chatbots overnight was the issue of paying cost bills. He pointed out: \"One is the accuracy of search, and the other is that the industry must measure the cost in the right way.\"</p><p>For years, Alphabet researchers have been studying how to train and run large AI language models at a cheaper cost. A senior technology executive in the industry said that the cost of using artificial intelligence in the hands of millions of consumers is still prohibitive. \"These AI models are very expensive to operate and maintain, so the next phase of the industry's push forward will be to reduce the cost of training these AI models and running inference so that we can use them in every application.\"</p><p>At present, researchers within OpenAI have found ways to optimize inference costs through complex code to make chips run more efficiently, a person familiar with the matter said. But a spokesperson for OpenAI did not immediately comment.</p><p>Among them, a long-term problem is how to reduce the number of parameters in artificial intelligence models by 10 times or even 100 times without losing accuracy.</p><p>\"How to eliminate (parameters) most effectively is still an open question,\" noted Naveen Rao, who was responsible for<a href=\"https://laohu8.com/S/INTC\">Intel</a>The artificial intelligence chip unit is now working to reduce the computing cost of artificial intelligence through his startup Mosaic ML.</p><p>In addition, some companies are also considering charging for access. For example, OpenAI has added a subscription service of $20 per month to provide users with better ChatGPT services. Technology experts also say one workaround is to apply simpler AI models to simpler tasks, and Alphabet is exploring this.</p><p>The company said this month that a \"simple model\" version of its massive LaMDA artificial intelligence technology will provide a \"<a href=\"https://laohu8.com/S/BCR\">Bud</a>\"Empowerment,\" the required computing power will be greatly reduced, allowing it to reach more users. \"</p><p>When asked about running AI chatbots like ChatGPT and Bud, Hennessy said using a more targeted technology model, rather than providing all services in one system, would help \"reduce costs.\"</p><p></body></html></p>","source":"stock_zhitongcaijing","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>Billions of dollars more costs! Technology giants face new challenges in launching ChatGPT-like services</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\">\nBillions of dollars more costs! Technology giants face new challenges in launching ChatGPT-like services\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">智通财经</strong><span class=\"h-time small\">2023-02-23 15:43</span>\n</p>\n</h4>\n</header>\n<article>\n<p><html><head></head><body>Alphabet in<a href=\"https://laohu8.com/S/GOOG\">Google</a>The attempt to add generative artificial intelligence to search has brought a whole new challenge to the industry: cost. Executives across the tech industry are discussing how to run an AI like ChatGPT and balance out its high maintenance expenses.</p><p>OpenAI CEO Sam Altman said that ChatGPT can answer search questions independently, and the computational cost per conversation is a few cents or more. This high usage fee data is \"eye-popping.\"</p><p>John Hennessy, chairman of Alphabet, said that in implementation, the cost of communicating with AI known as large language models may be 10 times that of standard keyword searches, although code optimization will help reduce costs quickly.</p><p>Even with potential chat-based search advertising revenue, using the technology could add billions of dollars in additional usage costs, impacting Alphabet's bottom line, analysts said. The company achieved net revenue of nearly $60 billion in 2022.</p><p><a href=\"https://laohu8.com/S/MS\">Morgan Stanley</a>It is estimated that Google spent about one-fifth of a cent on its 3.3 trillion search queries last year, but that number will increase this year, depending on the length of text AI must generate. For example, analysts predict that if artificial intelligence like ChatGPT can handle half of the inquiry volume with a response of less than 50 words, Google's fee spending will increase by nearly $6 billion by 2024.</p><p>Other businesses have reached similar conclusions in different ways. For example, Semi Analysis, a research and consulting firm focused on chip technology, said that adding ChatGPT-like artificial intelligence to the search engine could increase Alphabet's spending by $3 billion, which is affected by Google's internal chip Tensor processing unit (TPU) and other optimized limits.</p><p><img src=\"https://static.tigerbbs.com/674bb0bf932a8c9cfc53d7d53a96d202\" tg-width=\"688\" tg-height=\"405\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>What makes this artificial intelligence more expensive than traditional search methods is the computing power involved. Analysts say the operation of this artificial intelligence is based on billions of dollars of chips, the cost of which must be absorbed over the chip's useful life of several years. Similarly, electricity consumption increases costs and pressure on companies targeting their carbon footprint.</p><p>The process of processing artificial intelligence search queries is called \"reasoning\". In this process, the \"neural network\" simulates the biological thinking mode of the human brain and can continuously infer the answers to search questions from previous training.</p><p>In contrast, in the traditional search method, Google's web crawler will scan the stored Internet to index information. When a user types a query, Google provides the most relevant answers stored in the index. Alphabet's Hennessy said that \"the cost of running the AI\" inference \"process must be reduced,\" calling this a common \"problem\" in the industry in the past two years.</p><p>It is reported that despite the high cost, Alphabet is still facing pressure from competitors to challenge. Earlier this month,<a href=\"https://laohu8.com/S/MSFT\">Microsoft</a>(MSFT.US) announced plans to embed artificial intelligence chat technology into its Bing search engine, with Microsoft targeting 91% of Google's search market share, according to Similarweb estimates.</p><p>Microsoft Chief Financial Officer Amy Hood said that as the new Bing search is launched to millions of consumers, user and advertising revenue will cover more than cost expenditure. \"For us, even at the expense of service costs, it can provide an increment to the gross profit margin of the company's business.\"</p><p>Richard Socher, CEO of search engine You.com, another competitor of Google, also said that adding artificial intelligence chat experiences and applications that generate charts, videos and other technologies will increase the cost of enterprises by 30% to 50%. But it pointed out: \"As time goes by, the cost of using AI technology will become lower and lower.\"</p><p>On the other hand, a source close to Google warned that it is now accurately determined that AI chat<a href=\"https://laohu8.com/S/300024\">Robot</a>The cost overhead is too early, mainly because efficiency and usage still vary greatly due to the technologies involved.</p><p><a href=\"https://laohu8.com/S/ACN\">Accenture</a>Chief Technology Officer Paul Daugherty said one of the main reasons search and social media giants with billions of users in the tech industry didn't launch AI chatbots overnight was the issue of paying cost bills. He pointed out: \"One is the accuracy of search, and the other is that the industry must measure the cost in the right way.\"</p><p>For years, Alphabet researchers have been studying how to train and run large AI language models at a cheaper cost. A senior technology executive in the industry said that the cost of using artificial intelligence in the hands of millions of consumers is still prohibitive. \"These AI models are very expensive to operate and maintain, so the next phase of the industry's push forward will be to reduce the cost of training these AI models and running inference so that we can use them in every application.\"</p><p>At present, researchers within OpenAI have found ways to optimize inference costs through complex code to make chips run more efficiently, a person familiar with the matter said. But a spokesperson for OpenAI did not immediately comment.</p><p>Among them, a long-term problem is how to reduce the number of parameters in artificial intelligence models by 10 times or even 100 times without losing accuracy.</p><p>\"How to eliminate (parameters) most effectively is still an open question,\" noted Naveen Rao, who was responsible for<a href=\"https://laohu8.com/S/INTC\">Intel</a>The artificial intelligence chip unit is now working to reduce the computing cost of artificial intelligence through his startup Mosaic ML.</p><p>In addition, some companies are also considering charging for access. For example, OpenAI has added a subscription service of $20 per month to provide users with better ChatGPT services. Technology experts also say one workaround is to apply simpler AI models to simpler tasks, and Alphabet is exploring this.</p><p>The company said this month that a \"simple model\" version of its massive LaMDA artificial intelligence technology will provide a \"<a href=\"https://laohu8.com/S/BCR\">Bud</a>\"Empowerment,\" the required computing power will be greatly reduced, allowing it to reach more users. \"</p><p>When asked about running AI chatbots like ChatGPT and Bud, Hennessy said using a more targeted technology model, rather than providing all services in one system, would help \"reduce costs.\"</p><p></body></html></p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"http://www.zhitongcaijing.com/content/detail/881216.html\">智通财经</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/14917152d2c4d31343535b94729653a9","relate_stocks":{"LU0456855351.SGD":"JPMorgan Funds - Global Equity A (acc) 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Harris Associates Global Equity RA SGD","LU0061474705.USD":"THREADNEEDLE (LUX) GLOBAL DYNAMIC REAL RETURN \"AU\" (USD) ACC","MSFT":"微软","LU0097036916.USD":"贝莱德美国增长A2 USD","BK4516":"特朗普概念","LU0648001328.SGD":"Natixis Harris Associates US Equity RA SGD","GOOGL":"谷歌A","IE00BSNM7G36.USD":"NEUBERGER BERMAN SYSTEMATIC GLOBAL SUSTAINABLE VALUE \"A\" (USD) ACC","LU0109392836.USD":"富兰克林科技股A","BK4579":"人工智能"},"source_url":"http://www.zhitongcaijing.com/content/detail/881216.html","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2313835177","content_text":"Alphabet在谷歌搜索中加入生成性人工智能(generative artificial intelligence)的尝试给行业带来了一个全新的挑战：成本问题。整个科技行业的高管都在讨论如何运营像ChatGPT这样的人工智能，并平衡其高昂的维护费用。OpenAI的首席执行官Sam Altman表示，ChatGPT可以自主回答搜索问题，每次对话的计算成本为几美分或更多，这一高额的使用费用数据“令人瞠目”。Alphabet的董事长John Hennessy表示，实现中，与被称为大型语言模型的AI进行交流的成本可能是标准关键字搜索的10倍，尽管代码优化将有助于快速降低成本。分析师表示，即使有潜在的基于聊天的搜索广告收入，使用该技术也可能会增加数十亿美元的额外使用成本，从而影响Alphabet的利润。该公司2022年实现的净收入为接近600亿美元。摩根士丹利估计，谷歌去年的3.3万亿次搜索查询每次的花费大约为五分之一美分，但这个数字在今年将会增加，具体取决于AI必须生成的文本长度。例如，分析师预测，如果像ChatGPT这样的人工智能能够以50个字以内的回复处理一半的问询量来计算，到2024年，谷歌的费用支出将增加近60亿美元。其他企业也以不同的方式达成了类似的结论。例如，专注于芯片技术的研究和咨询公司Semi Analysis表示，将ChatGPT类似的人工智能添加到搜索引擎中可能会令Alphabet的支出增加30亿美元，具体数额受到谷歌内部芯片Tensor处理单元(TPU)以及其他优化的限制。令这种人工智能比传统搜索方式更昂贵的是其所涉及的计算能力。分析人士表示，这种人工智能的运行是基于数十亿美元的芯片，其成本必须在芯片几年的使用寿命内得到消化。同样，电力消耗也增加了碳足迹目标公司的成本和压力。处理人工智能搜索查询的过程被称为“推理”，在这个过程中，“神经网络”模拟了人类大脑的生物学思维方式，能不断的从先前的训练中推断出搜索问题的答案。相比之下，在传统的搜索方式中，谷歌的网络爬虫会扫描存储了互联网以编制信息索引。当用户键入查询时，谷歌会提供存储在索引中的最相关答案。Alphabet的Hennessy表示，“必须降低运行AI“推理”过程的成本开销”，并称这是近两年行业的共同“难题”。据悉，尽管代价高昂，Alphabet仍面临着竞争对手挑战的压力。本月早些时候，微软(MSFT.US)宣布了将人工智能聊天技术嵌入其必应搜索引擎的计划，据Similarweb估计，微软瞄准了谷歌91%的搜索市场份额。微软首席财务官Amy Hood称，随着新的必应搜索向数百万消费者推出，用户和广告的收入将覆盖超过了成本支出。“这对我们来说，即使是以服务成本为代价，但能给公司业务毛利率提供增量”。谷歌的另一个竞争对手、搜索引擎You.com的首席执行官Richard Socher也表示，添加人工智能聊天体验以及图表、视频和其他生成技术的应用程序，会使企业的成本费用增加30%至50%。但其指出：“随着时间的推移，使用AI技术的成本会越来越低。”另一方面，一位接近谷歌的消息人士警告称，现在准确确定AI聊天机器人的成本开销还为时过早，主要由于效率和使用情况因所涉及的技术仍有很大差异。埃森哲首席技术官Paul Daugherty表示，科技行业内拥有数十亿用户的搜索和社交媒体巨头没有在一夜之间推出AI聊天机器人的主要原因之一就是支付成本账单的问题。他指出：“一是搜索的准确度，二是行业必须以正确的方式来衡量成本开销的问题。”多年来，Alphabet的研究人员一直在研究如何以更廉价的成本训练和运行大型AI语言模型。一位行业内高级技术主管表示，人工智能在数百万消费者手中的使用成本仍然过高。“这些AI模型的运行维护非常昂贵，因此行业下一阶段的推进将是降低训练这些AI模型和运行推理的成本，以便我们可以在每个应用程序中使用。”一位知情人士表示，目前，OpenAI内部的研究人员已经找到了如何通过复杂的代码优化推理成本的方法，从而使芯片更高效地运行。但OpenAI的发言人没有立即置评。其中，一个长远的问题是如何在不损失准确性的情况下，将人工智能模型中的参数数量减少10倍甚至100倍。“如何最有效地剔除(参数)，这仍然是一个悬而未决的问题，”Naveen Rao指出，其曾负责英特尔的人工智能芯片部门，现在正通过他的初创公司Mosaic ML致力于降低人工智能的计算成本。此外，有企业也正考虑对访问收费，例如OpenAI增加了每月20美元的订阅服务，以为用户提供更好的ChatGPT服务。技术专家还表示，一种解决方法是将较简单的人工智能模型应用于更简单的任务，而Alphabet正在探索这一点。该公司本月表示，其大规模LaMDA人工智能技术的“简单模型”版本将为其聊天机器人“巴德”赋能，“所需的计算能力将大大降低，使其能够覆盖到更多用户”。当被问及运行像ChatGPT和“巴德”这样的AI聊天机器人时，Hennessy表示，使用更有针对性的技术模型，而不是在一个系统提供所有服务，将有助于“降低成本”。","news_type":1,"symbols_score_info":{"MSFT":0.68,"GOOG":0.9,"GOOGL":0.9}},"isVote":1,"tweetType":1,"viewCount":665,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9955553080,"gmtCreate":1675597655541,"gmtModify":1676539008746,"author":{"id":"3576892531232178","authorId":"3576892531232178","name":"uiv","avatar":"https://community-static.tradeup.com/news/522ae5f11b7bc763293c30c3a20671c9","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576892531232178","idStr":"3576892531232178"},"themes":[],"htmlText":"👌🏻","listText":"👌🏻","text":"👌🏻","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9955553080","repostId":"1192151009","repostType":4,"repost":{"id":"1192151009","kind":"news","pubTimestamp":1675569606,"share":"https://ttm.financial/m/news/1192151009?lang=en_US&edition=fundamental","pubTime":"2023-02-05 12:00","market":"us","language":"zh","title":"Apple Core Making: Fail, Hibernate, Storage, and Then Win Everyone","url":"https://stock-news.laohu8.com/highlight/detail?id=1192151009","media":"远川研究所","summary":"2010年1月，癌症晚期的乔布斯在第一代iPad发布会上，首次向世人展示了苹果自研的A4芯片。这枚45nm制程的芯片由三星代工，内置ARM的Cortex-A8内核，拥有1GHz的运行频率，性能突出。尽","content":"<p><html><head></head><body>In January 2010, Jobs, who was in terminal cancer, showed the world Apple's self-developed A4 chip for the first time at the first-generation iPad launch conference.</p><p>This 45nm process chip is manufactured by Samsung, has built-in ARM's Cortex-A8 core, has an operating frequency of 1GHz, and has outstanding performance. Despite its historical significance, Jobs only used a few words about the A4 chip at the iPad launch conference that lasted more than an hour, and the total time spent was less than 20 seconds.</p><p>This is a deliberate low-key. Apple kept its mouth shut about self-developed chips before the press conference. This is related to the history of Apple's core manufacturing: As one of the most important popularizers of microcomputers, Apple and integrated circuit technology started almost at the same time. In the past 30 years, it launched several charges on chips, but the result was repeated defeats.</p><p>Sure enough, sensitive media smelled the clues, and most of them mocked Apple's self-developed chips. They generally believed that \"the A4 chip refers to Samsung's design, and Apple has the shameless skin to put its own brand on it.\"</p><p>Technology media Ars Technica believes that the design of A4 is mediocre and \"nothing to write home about.\"</p><p>Looking at it rationally, Apple's self-developed mobile phone chips are indeed full of difficulties. The mobile chip market in 2010 was already full of giants: Qualcomm's Snapdragon swept away thousands of troops, Samsung's Exynos was ready to go, Nvidia's Tegra was ambitious, and even Intel's Atom felt it could do it and tried to get a piece of the pie.</p><p>But people underestimated Apple's determination to pry open the iron plate: a year later, Apple showed the second-generation chip A5 at the iPhone4S conference. The CPU performance was twice that of A4, the GPU performance was nine times that of A4, and the performance improvement was huge, which made the industry realize the fact that Apple had indeed got the expensive ticket to the commanding heights of semiconductors.</p><p>Unfortunately, Jobs, the layout planner, failed to witness the rest of the story. Shortly after watching the live broadcast of A5's appearance in his hospital bed, he died.</p><p>Ten years later, Apple has built a semiconductor empire including multiple product lines such as A series (mobile phones & tablets), M series (desktop PCs), H series (headphones), S series (watches), etc., especially when Cook At the end of 2020, when people showed the M1 chip to replace Intel, people felt an indescribable shock.</p><p><img src=\"https://static.tigerbbs.com/a0ae07d364781d0bc5c7968db4eb0261\" tg-width=\"550\" tg-height=\"550\" referrerpolicy=\"no-referrer\"/>Apple M1 chip</p><p>After 2000, the stories of two new entrants to the chip industry were the most tortuous. One was Huawei HiSilicon, and the other was Apple Silicon. The former presents the tragic and stirring of Zhang Xunshou Suiyang, while the latter is more like a description of Odysseus Homer's epic of returning home, both of which have more or less changed the rhythm of the Sino-US technological war.</p><p>Apple's core-making is a continuous history. With A4 as the boundary, the stories of before and after are interesting: before A4, Apple was drawing water from a bamboo basket and suffering repeated defeats; After A4, Apple is the world's top chip players such as Samsung, Qualcomm, and Intel, which were either defeated by Apple or abandoned by Apple.</p><p>This is a story about business, but it is also a story about the \"science\" of computers.</p><p><b>$150 butterfly wings</b></p><p>Many years later, facing the M1 chip, Steve Wozniak may think of the distant night when he first saw the Intel 8080.</p><p>As a co-founder of Apple, Wozniak saw the Altair 8800, which appeared on the cover of the January issue of Popular Electronics, and claimed to be the first personal computer, and the Intel 8080 chip that powered it, at the \"Homebrew Computer Club\" gathering in 1975-a year before Apple was founded.</p><p><img src=\"https://static.tigerbbs.com/27a4535f885a7f6e655d74edfadda6f8\" tg-width=\"477\" tg-height=\"417\" referrerpolicy=\"no-referrer\"/>Magazine cover with Altair 8800 on it</p><p>Since mankind entered the era of transistors and integrated circuits in the late 1950s, the size of electronic computers has become smaller every year at a rate visible to the naked eye. This process is driven by young Silicon Valley, where countless emerging companies compete. By the 1970s, computers were only a few layers of window paper away from entering ordinary people's homes.</p><p>Altair 8800 is recognized as igniting the microcomputer revolution. It inspired Bill Gates and Paul Allen to launch the first product in Microsoft history-BASIC programming language, and also gave Wozniak the idea of assembling a computer himself. The only problem is that Intel 8080 is too expensive.</p><p>An assembled Altair 8800 costs $621, but an 8080 bulk piece costs $170. Wozniak described it as \"more expensive than my monthly rent\", so he began to look for alternatives: first he found Motorola 6800, which was bought through an acquaintance for only $40/piece, and later he found a big-name replacement for 6800-MOS 6502 made by MOS Technologies, which can get on the car for $20.</p><p>When Wozniak showed the assembled microcomputer to Jobs, the latter was taken aback and realized it might be a great business opportunity. Jobs is also very satisfied with Wozniak's abandonment of Intel chips. He believes that \"technology is only a means, ultimately to improve the consumer experience.\"</p><p>This microcomputer, powered by a cheap $20 chip, is Apple's first generation product, Apple I. And so, Apple's story begins.</p><p>This year, Jobs was 20 years old and Wozniak was 25 years old. The computer world was still dominated by IBM mainframes, Altair was still a toy for geeks, and Intel was still struggling to survive the first recession of the silicon cycle. The two Steves couldn't realize that the $150 saved on the chip would cost tens of millions of times more in the future.</p><p>In 1977, Apple launched its first mature product, the Apple II, and sales skyrocketed. It shows people with its beautiful appearance and built-in keyboard, and wozniak's programming skills and Jobs' design aesthetics are vividly reflected. But those longboards mask a problem: The Apple II is still using a cheap MOS 6502 processor.</p><p>At the end of 1981, the CPU of Apple's Apple III was still this old 6502, while competitor IBM had already used Intel's 8088 chip, and its performance was about 10 times that of the 8080 that Wozniak abandoned that year. Simple comparison: MOS 6502 has only more than 3,000 transistors, while Intel 8088 has as many as 29,000 transistors.</p><p>Cheap but \"sufficient\" chips can allow Apple to maintain extremely high gross profit margins, but the premise is that hardware will not become a shortcoming, at least it will not hold back software. Obviously, the 6502 chip born in 1975 was difficult to support computers in the 1980s. Frequently malfunctioning circuit boards and slow running speeds eventually made Apple III sales bleak.</p><p>Pressure from competitors is also increasing. In 1981, IBM changed its usual bulky figure and launched a compatible personal computer (also known as IBM PC) using Microsoft MS-DOS and Intel 8088, which achieved great success and brought almost all personal computer manufacturers except Apple into the \"Microsoft + Intel\" camp.</p><p>At that time, Intel had not yet transformed into toothpaste. The performance of chips released at the same time was rapidly improving along Moore's Law. It launched 8080 in 1974, 8086 in 1978, 80186 and 80286 in 1982, and then 80386, 80486 and the epoch-making Pentium-its Chinese name has become the memory of a whole generation: Pentium.</p><p>But after missing it in the early stage, it is difficult for Jobs to return to Intel's arms with his character, especially since Intel is already the core backbone of the hostile camp.</p><p>Fortunately, there were many companies in Silicon Valley that could compete with Intel at that time, and Motorola was one of them. In 1976, Intel was developing a 16-bit 8086 internally. After Motorola learned about it, it decided to do a big one directly-since you do 16-bit, I will go directly to 32-bit. After four years of research and development, Motorola launched the powerful Motorola 68000 chip in 1980.</p><p><img src=\"https://static.tigerbbs.com/add711b1e6e8c1bec085772e275d6c25\" tg-width=\"550\" tg-height=\"213\" referrerpolicy=\"no-referrer\"/>Motorola 68000 chip</p><p>The 68000 chip is also known as \"68k\", which means that there are 68,000 transistors inside the chip. Its performance is about twice that of the Intel 8086 (and the price is also more expensive), so it is widely used in high-end machines of HP, Sun, and DEC. On game consoles with high performance requirements. For Jobs, who is eager to find new chips but doesn't want to commit himself to Intel, it's a long drought.</p><p>Therefore, the new product Macintosh (that is, the first generation Mac) that determined Apple's fate decided to use the 68000 chip. Project manager Jef Raskin originally wanted to use the low-performance but cheap Motorola 6809, but was rejected by Jobs, who suffered losses, and personally took action. The wholesale price of 68k was cut from US $125/piece to US $35/piece.</p><p>On January 24, 1984, a generation of classic Macintosh was officially released. The advertisement \"1984\" directed by the director of blade runner packaged Apple as a rebel against IBM's Orwellian rule, which amazed everyone, and Jobs also shed tears at the press conference. The advent of Mac left the deepest imprint on the PC revolution in 1980s.</p><p><img src=\"https://static.tigerbbs.com/1d69c8713a519dae632e74255977b2f0\" tg-width=\"436\" tg-height=\"572\" referrerpolicy=\"no-referrer\"/>Jobs, who released the first Macintosh, 1984</p><p>The 68000 chip really lives up to expectations, and its strong performance strongly supports the dazzling graphical interface and convenient mouse operation. But the first-generation Mac fell off the chain in other aspects. For example, the memory was only 128K, and it was still not enough to be upgraded to 512k later (at least 1000K is required). After the hot sales in the early stage of release, the sales of Mac, which was once praised for \"the perfect combination of computer technology and art\", dropped sharply because of its slow running speed.</p><p>In the spring of 1985, Jobs, who tried to remove CEO Sculley, was rebelled by the latter, and the joint board of directors kicked out of the company.</p><p>Jobs is gone, but the 68000 chip he selected at that time continues to be entrusted with important tasks. From 1985 to 1994, all subsequent versions of the Mac used 680x0 family chips, from 68000 to 68060. Motorola's 680x0 family was also one of the few forces that could compete with Intel's 80x86 family at that time.</p><p>Not joining the camp of Intel x86 architecture allowed Apple to avoid being reduced to the role of working for \"Intel Inside\"-a role that was finally played by HP, Dell and Lenovo. But this choice also brings potential hidden dangers to Apple: When Intel is soaring along Moore's Law, can Motorola, a thin dog, do it?</p><p>In fact, although the 680x0 family chips are not inferior to the Intel 80x86 family in some performance, Intel crushed Motorola in terms of shipments. At that time, the chip industry was basically an IDM vertical integration model, and design, manufacturing, packaging and testing were focused. There is a rule in this model: economies of scale caused by heavy assets.</p><p>For example: If two chip companies A and B both produce a certain type, A is the industry leader and B is the second, A produces 1 million pieces, and B produces 300,000 pieces, will B's profit be 30% of A's? The answer is no. Not only can it not reach 30%, but it may not even reach 3%. It is more likely that A makes money and B loses money.</p><p>The price of a CPU may be only $30, but the fixed cost (R&D investment and production line) may cost hundreds of millions of dollars. The more chips you build, the lower the cost shared on each chip. The sales gap between Intel x86 architecture chips and Motorola 680x0 family chips is far larger than the gap between 1 million and 300,000 chips.</p><p>This makes it increasingly difficult for Motorola to keep pace, and the development of new chips is often delayed. For example, the 68040, which was originally planned to be released in 1989, delayed for a whole year, almost overturning Apple's new products. But Apple has no choice but to wait on Motorola carefully and enjoy the distress of being controlled by others.</p><p>Fortunately or unfortunately, Jobs has no chance to stand on the front line to solve these problems. In the next ten years, as a bystander, he will witness Apple falling into an a vicious circle that is tired of dealing with the \"Intel + Microsoft\" camp, trying to build cores but failing repeatedly, and eventually its market share is gradually eroded.</p><p>No one knows what would have happened if Woz had chosen Intel, but there is no doubt that the $150 saved must have been a butterfly wing that changed some historical processes.</p><p><b>The Desperate 90s</b></p><p>In 1981, when both Steves were still at Apple, two men named David in California did a far-reaching job.</p><p>In 1981, Professor David Patterson and PhD student David Ditzel at the University of California, Berkeley, published \"The Case for a Reduced Instruction Set Computer.\" In this paper, the Chinese translation of Reduced Instruction Set Computer is \"Reduced Instruction Set Computer\", and its initial letter is used as the acronym, which is the famous one in the future-RISC.</p><p><img src=\"https://static.tigerbbs.com/67daa7ca92ebf56537cb7d51de6542e6\" tg-width=\"550\" tg-height=\"314\" referrerpolicy=\"no-referrer\"/>David Patterson (left) and Carlo Séquin, 1981</p><p>If there is a \"reduced instruction computer\", there is a \"complex instruction computer\", that is, CISC. The difference between the two can be simply understood as that in a processor using RISC design concept, the instructions are shorter, the length is uniform, and the speed is faster; However, the instructions in the processor with CISC design concept are mostly lengthy and complicated, and the running efficiency is low.</p><p>In the era when microprocessors first came out (the world's first commercial microprocessor was Intel's 4004, launched in 1971), designers usually needed to rack their brains to balance cost and performance, and the defects of instruction set design were also The early mainstream microprocessors, including Intel 8080 and Motorola 68k, can be classified as CISC architectures.</p><p>This is the background of this paper. The two authors redefined a new CPU design method-RISC, and classified any processor that did not meet the RISC concept as CISC. This made Intel very frustrated. After all, no one wanted people to sit at home, but a \"complicated\" hat came from the sky.</p><p>While Intel is unhappy, Apple, which has been trying to find a breaking point, seems to have grabbed the straw.</p><p>In the late 1980s, IBM's compatible computer camp (IBM, Hewlett-Packard, Dell, etc.) also used Microsoft's graphical operating system-Windows, gradually squeezing Apple into the corner. Although it is still strong in several high-end fields such as desktop publishing, Apple must continuously improve its hardware performance to hold the last one-third of the land. Chips are obviously a good breakthrough.</p><p>After the RISC concept was proposed, Silicon Valley responded positively. Stanford's MIPS, Sun's SPARC, DEC's Alpha and other projects all achieved a certain degree of success. This makes Apple feel that \"I can do it\", and Motorola's chip supply often overturns, so Apple's management waved its hand: make its own chips.</p><p>To be on the safe side, Apple chose to cooperate with the operator AT&T and successively launched two RISC projects: the Aquarius project and the Hobbit project. The former wants to replace the Motorola 68000 as the main chip of the Mac; The latter wants to be used on the Newton handheld computer under development.</p><p>Unfortunately, after all, Apple has no experience in the field of chip design, and AT&T is no longer the AT&T that relies on Bell Labs to command the world. Two cobblers together can'T make up half of Zhuge Liang, and \"Aquarius\" and \"Hobbit\" have failed one after another, and tens of millions of dollars of research and development funds have been wasted.</p><p>During this period, the Intel x86 architecture continued to make rapid progress, and even humbly learned the RISC concept. In 1989, when the Aquarius project was shelved, Intel launched the 32-bit 80486, which used RISC technology for the first time in the x86 series chips; In 1993, Intel launched the Pentium processor and began its long-term monopoly on the CPU market.</p><p>Apple attributed the failure of \"Aquarius\" and \"The Hobbit\" to the incompetence of their partners. Therefore, in 1990, Apple chose a stronger ally to build the core together-its old enemy IBM and its old friend Motorola. The three formed the most concerned \"AIM Alliance\" (Apple, IBM, Motorola) in the PC industry.</p><p>IBM and Motorola each have their own ideas: after IBM has been compatible with PCs for several years, it found that it couldn't overcome rising stars like Dell and Compaq at all, and it regretted that it outsourced PC chips to Intel; Motorola's appeal is simpler: fighting against Intel alone is about equivalent to riding Yadea to chase Audi, which is really unbearable.</p><p>The new alliance is full of confidence. IBM started RISC technology reserves very early (even before David Patterson proposed RISC). In the 1980s, it successfully developed high-end chips with the POWER architecture based on RISC, dominating the field of servers and workstations. The plan of this cooperation is to \"sink\" the POWER architecture to the PC.</p><p>Although Motorola is not reliable, it has experience in consumer-grade chip development. In addition, Apple was able to sell more than 1.3 million (1990) terminal computers every year at that time, ensuring that the purchase volume of new chips could exceed the break-even scale line. Therefore, the AIM alliance's decisive battle with Intel can be described as 800,000 vs. 600,000, and the advantage lies with me.</p><p>In this way, the AIM Alliance was launched in 1990, and the new chip was named: PowerPC-the letter \"PC\" was added after IBM's original word POWER. The development of the first chip, PowerPC 601, officially started in October 1991, took 21 months to complete, and mass production began in July 1993.</p><p>It is worth mentioning that \"core replacement\" is an extremely complicated project, and about three things need to be completed: first, rewriting the underlying code of the operating system, which requires a huge amount of project; The second is to fix the code converter to ensure that the new chip is compatible with the previous software; The third is to provide new development tools for software developers and persuade them to use them.</p><p>When the PowerPC 601 was still under development, Apple's engineers were already preparing intensively and successfully completed most of the work before the chip was mass-produced. It is very important for Apple to save the experience of these \"heart transplants\", because although this is its first \"core replacement\", it is definitely not the last.</p><p>In March 1994, the first generation of Mac equipped with PowerPC chip was released in Manhattan, and Apple finally successfully changed the core, which also meant the curtain call of Motorola's 68000 series.</p><p>The media praised this generously. MacWorld evaluation: \"Apple regains performance leadership it lost 8 years ago\".</p><p>Consumer feedback is also very positive, with 150,000 units sold in the pre-sale stage alone; In January 1995, sales exceeded 1 million units; By mid-1995, the Power Mac had replaced almost all previous models equipped with Motorola's 680x0 family chips.</p><p>After the core replacement, Apple frequently compared Intel chips of the same period: in 1997, Apple claimed that the performance of PowerPC G3 was twice that of Pentium II in the same period; In 1999, Apple claimed that the PowerPC G4 was 2.94 times that of the Pentium III in the same period; In 2003, Apple claimed that PowerPC G5 was even beating Pentium 4-this \"far ahead\" tone, even Teacher Yu Chengdong called it an expert.</p><p>Is the Wintel camp scared silly? No, no. Instead, their coping strategy is: You hit yours, I hit mine. Where does this confidence come from?</p><p>Self-confidence comes from industrial laws. As mentioned in the previous chapter, the asset-heavy IDM model has led to the scale effect of chips. Just like the fierce battle for the 680x0 family, x86 chips have always outperformed each other in terms of cost, and even the advantages are still expanding-Intel's market share was in 1985 It was 50%, and by 1995 it had exceeded 80%.</p><p>Without scale, there is no profit; Without profits, there can be no sufficient funds to improve product defects. Because PowerPC comes from the \"sinking\" of IBM server and workstation chips, it inevitably has the problems of high power consumption and high heat generation, but the AIM Alliance, which is stretched for funds, has never been able to solve them.</p><p>For example, PowerPC G5, which claims to be outperforming Pentium 4, has extremely high power consumption and huge heat generation. Apple has to redesign the chassis structure to accommodate the huge radiator, and the high-end version even needs to install a water cooling system, which makes many people in the industry mock crazily: Is this product too embarrassed to call itself RISC?</p><p><img src=\"https://static.tigerbbs.com/2ad0be5c9dbb55ba0b4329077ad5f762\" tg-width=\"550\" tg-height=\"526\" referrerpolicy=\"no-referrer\"/>The huge volume occupied by the PowerPC G5 chip</p><p>When it comes to product defects, the x86 architecture has many problems at all, such as complicated instructions, few registers and high power consumption. However, with its strong financial strength, Intel has improved architectural defects with one hand and smashed manufacturing technology with the other. It not only kept the RISC camp out of the mainstream of PC, but also eroded the share of servers and HPC (high-performance computer) fields.</p><p><img src=\"https://static.tigerbbs.com/bf5d3347f4d2438256d6130944d14047\" tg-width=\"550\" tg-height=\"329\" referrerpolicy=\"no-referrer\"/>Intel's market share in PC, data center, HPC</p><p>The software ecology is an insurmountable gap. One story is: Adobe, the imaging software giant, made its fortune on Apple, and the first generation of Photoshop was only released on Mac systems. In 1993, Adobe's focus turned to Windows. After Jobs returned, he asked Adobe to develop more software for Mac, such as Premiere. As a result, he was rejected in person because there were too few users. Jobs didn't forgive Adobe until his death.</p><p>The WinTel Alliance in the 1990s has entered a virtuous circle of self-strengthening: large shipments → diluted CapEx → purchasing by many manufacturers → prosperous software ecosystem → consumer recognition → shipments continue to increase significantly. After PowerPC has achieved certain results with IBM's technical background and the advanced nature of RISC, it still can't break this cycle or build its own cycle.</p><p>Evaluating the success of a CPU mainly depends on three points: architecture, manufacturing process, and software ecology. The architecture depends on innate inheritance, the manufacturing process depends on acquired efforts, and the software ecology depends on the integration of vertical and horizontal. The RISC architecture does give PowerPC some innate advantages, but the shortcomings of the latter two are too far apart. The AIM Alliance has been busy for a long time and found that it is still riding Yadea.</p><p>Is there really no breaking point? Actually, there is. History tells us that no matter how strong the commercial barriers and moats are, they can't unify the rivers and lakes for thousands of years. It's just that the breaking point Apple was looking for was not itself, but two names that were not well-known at the time: one was called TSMC and the other was called ARM.</p><p>The latter is precisely a seed planted by Apple in the desperate 1990s.</p><p><b>If you can't beat, or surrender?</b></p><p>Silicon Valley has long been famous all over the world, but what is unknown is that there is a low-end version of Silicon Valley in the UK-Silicon Fen.</p><p>Silicon Marsh refers to an area around Cambridgeshire, England. Because it is located at the southern tip of a swamp (Fenlands) in the British Isle, it has a strange name. This is roughly equal to Zhangjiang in Shanghai or Yuehai Street in Shenzhen, where a large number of high-tech companies have gathered, the most famous of which is Arm, which was established in 1990.</p><p>The birth of Arm is also closely related to the RISC wave. As early as 1983, Acorn Computer, the predecessor of ARM, was inspired by Professor Patterson's RISC paper of Berkeley and wanted to design a chip based on the RISC concept, so it launched a project called Acorn RISC Machine, whose acronym is ARM.</p><p>Acorn did not have manufacturing capabilities, so it entrusted the American company VLSI Technology to manufacture it, and successfully produced the core in 1985. Later, Apple engineers looked for a replacement for the Motorcycle 68000. Once they used the ARM2 chip to run Mac software in a simulated 68000 environment and found that it actually ran faster than the 68000, so they listed ARM as an alternative.</p><p>By the end of the 1980s, the Hobbit project between Apple and AT&T ran aground, so the ARM chip became the main chip of the Tiankeng project \"Newton Handheld Computer\". Apple wanted to simply turn the spare tire into a regular company, so it proposed to Acorn to establish a joint venture company, on the condition that Acorn must transfer all intellectual property rights of ARM and 12 core employees to the new company.</p><p>Acorn's store has a small profit, so it naturally agreed, and VLSI, which manufactures ARM chips, said it also wanted to get on the car. So in 1990, the three companies established a joint venture company. Apple invested US $3 million to account for 30% of the shares (later rose to 43%). The new company was called Advanced RISC Machine (a word was changed), and the abbreviation was still ARM.</p><p>Compared with Apple, which is gradually in trouble, ARM is doing more and more smoothly. With its low-power chip technology and special business model (licensing chip architectures to other companies), ARM achieved profitability in 1993 and went public in 1998 After completing the listing, the stock price soared taking advantage of the technology stock bubble in the late 1990s.</p><p>Therefore, after Jobs returned to Apple in 1997, he was pleasantly surprised to find that Sculley actually left him such a generous gift.</p><p>Jobs experienced twists and turns in the 12 years (1985-1997) when he was expelled from Apple, so this article won't repeat them. In 1997, NeXT, the company he founded, was acquired by Apple, and Jobs returned as a special consultant. At this time, Apple's PC market share had dropped from 16% to 4%. By 1996, Apple had lost $1 billion, and its book cash was only enough to maintain operations for three months.</p><p>And Jobs has also changed dramatically. Since 1985, he has witnessed the decline of Apple, Intel's dominance, the struggle of the AIM alliance, and witnessed that Gates, who was far less famous than him in the past, was called the richest man in the world; He experienced the death of his father and had a happy family life. Although he was still defiant, he was much more pragmatic.</p><p><img src=\"https://static.tigerbbs.com/ca5609620190201b3d97f3423a9bd8b5\" tg-width=\"550\" tg-height=\"438\" referrerpolicy=\"no-referrer\"/>Steve Jobs, a slightly fat middle-aged, 1997</p><p>For example, after re-serving as CEO, Jobs called Gates as soon as possible, begging Microsoft to invest $150 million in Apple and continue to develop Mac versions of Word and Excel. During the negotiations, Jobs lowered his figure, said all the good things, and even promised to use Microsoft's IE browser as the default browser of Mac-anyone who has used IE knows how humiliating this is.</p><p>Then Jobs drastically cut off most of Apple's product lines, compressed the models from a few hundred to less than 10, and laid off more than 3,000 people. Among the projects that were cut off was the \"Newton\" handheld computer, which invested countless funds but had extremely poor sales. It was also Apple's only project that used ARM chips at that time.</p><p>As for ARM, which is in the limelight, Jobs' decision is pragmatic and cruel: sell stocks to save Apple's life.</p><p>It's not that Jobs can't see the value of ARM, but that after cutting off Newton, Apple no longer has any products in the low-power scenario that ARM is good at. At this time, Apple's most important task is to continue its life, rather than continue to challenge Intel. In the end, Apple got hundreds of millions of dollars by reducing its holdings to transfuse blood for its own research and development.</p><p>In 1998, Apple released the breakthrough iMac, which was a great success and drove Apple to successfully turn losses that year, with a profit of 309 million US dollars; In 2001, Apple released the iPod, a player that can hold 1,000 songs, which immediately took the world by storm. By 2007, more than 100 million iPods had been sold. Apple was completely reborn.</p><p>After dealing with the survival problem, Jobs can free up his energy to think: How to solve the increasingly serious chip problem of Mac?</p><p>As mentioned in the previous chapter, PowerPC chips have become increasingly difficult to parry Intel's x86 family after experiencing the amazing moment when they were first born. After Jobs returned, he had a big quarrel with Galvin, CEO of Motorola, who was in charge of manufacturing PowerPC. On the phone, he finally couldn't help scolding: Motorola's chips suck.</p><p>Since then, Jobs has secretly planned to launch the AIM Alliance. However, Apple's core-making experience of repeated battles and defeats made him know that it was tantamount to committing suicide to develop chips when conditions were immature. So he made a very pragmatic but surprising suggestion to the board of directors: Otherwise, let's buy Intel chips.</p><p>Apple's board discussed it for 18 months and finally agreed unanimously. After all, when switching from last time to core replacement, if Apple says it is second, who dares to say it is first?</p><p>In order to sell products, Jobs had to continue to brazenly brag about PowerPC chips in public. For example, in 2003, when he commented on the upcoming PowerPC G5, he said: \"PowerPC G5 gives us the fastest desktop computer in the world... This is the beginning of our long-term and efficient cooperation (with IBM and Motorola).\"</p><p>But the chip problem can't be dragged on any longer. At the beginning of 2001, Apple released the PowerBook equipped with the PowerPC G4 chip. In the following five years, it has not been able to upgrade the chip (the Intel camp has upgraded it every year), and the sales volume is getting worse year by year. The reason is that the subsequent PowerPC G5 chip cannot be installed due to heat dissipation problems.</p><p>Starting in 2004, Apple began the second core change in its own history. Paul Otellini, CEO of Intel, agreed. After all, as a standard-bearer figure in the anti-Wintel camp for a long time, Jobs announced the use of Intel chips, which is about equivalent to Dong Mingzhu's announcement one day that Gree would buy air-conditioning compressors from Midea Fang Hongbo.</p><p>Intel sent a capable team to cooperate with Apple, and successfully completed the code modification of all the underlying operating systems within six months. Apple engineers have also developed a translator called Rosetta to ensure that the software on PowerPC can run smoothly on Mac based on Intel x86 chips.</p><p>In 2005, Jobs publicly announced that Mac would switch to the Intel camp, and some Apple fans who had followed it for many years were very angry; When Jobs finally released the iMac and Macbook Pro based on Intel's new products in January 2006, when he saw that the performance of the Macbook Pro was 5 times improved and the battery life was increased by 2 hours compared with the previous PowerBook, the press conference instantly turned into a large-scale real scene.</p><p>Apple's second core change was successful. Ten years later, some media commented that Jobs' switch to Intel was one of Apple's most successful ventures.</p><p><img src=\"https://static.tigerbbs.com/31311dd7bd00acef3af3fc2db4f3f0e5\" tg-width=\"550\" tg-height=\"318\" referrerpolicy=\"no-referrer\"/>Intel CEO Otellini delivers chips to Jobs, 2006</p><p>The ill-fated AIM alliance was finally disbanded. Motorola, which heard the wind in 2004, simply withdrew from the chip business, packaged and spun off its assets to establish Freescale, focusing on the automotive and embedded markets. IBM also sold some assets of PowerPC and kept the chip product line for game consoles-that's another story.</p><p>Apple, which has solved the problem of chip \"stuck neck\", has continued to rise in the desktop computer market (desktop + notebook), exceeding 10% in 2007, and the story behind it is familiar: Jobs released the iPhone in 2007, Apple completely stepped onto the altar and gradually became the world's largest company by market value.</p><p>When the original iPhone was being developed, Jobs wanted to strike while the iron was hot and persuade Intel to develop mobile chips for Apple-before Intel had time to show the world their amazing incompetence in the mobile field. But because the price was not negotiated, Otellini recalled afterwards: Who would have thought that the sales volume of this mobile phone he made would be 100 times (expected)?</p><p>So Apple turned to Samsung. The first generation iPhone used Samsung's S5L8900 chip-strictly speaking, this is not a chip, but an SoC System on Chip, which consists of an ARM architecture chip and a PowerVR chip, using a 90nm process. Barely enough. * For readers' easy understanding, we still use chip to refer to SoC later.</p><p>Samsung's semiconductor business started in the 1990s. It was personally laid out by the second-generation Li Jianxi, and gradually became the world's leader in memory chips through the \"counter-cyclical law\". In 2006, Samsung entered the field of chip foundry, quickly caught up with TSMC in technology, and became the sole supplier of iPhone chips through its self-developed S5L8900 chip.</p><p>But Jobs, who has suffered a big loss from a single supplier, has a lingering worry in his heart, that is: What if Samsung becomes the second Motorola and IBM? At the iPhone launch conference in 2007, Jobs quoted Alan Kay as saying: People who really care about software should build their own hardware.</p><p><img src=\"https://static.tigerbbs.com/a443365d8e1f3ce17500b2209a5ebad6\" tg-width=\"550\" tg-height=\"367\" referrerpolicy=\"no-referrer\"/></p><p>Alan Kay Who is it? He is a Turing Award winner and the inventor of object-oriented programming. He led the development of the first user graphical interface in history at Xerox PARC, which directly inspired Jobs' Macintosh and Gates' Windows. Does quoting Alan Kay mean that Jobs has realized new inspiration?</p><p>Perhaps, it's time to solve the chip problem completely. But the question is: Apple has experienced such a long past of core acid, will it be different this time?</p><p><b>Heroes are gathered regardless of the source</b></p><p>Under the background of almost monopoly by giants, if a new chip system is to be built, sold well, and easy to use, one prerequisite + three conditions are needed.</p><p>One premise is that the high threshold caused by the IDM model must be lowered or even disintegrated in some way. As mentioned above, Motorola's 680x0 family and PowerPC both lost to the industrial law of \"asset-heavy scale effect\" in the end. If this high wall still stands in front of new players, it will be difficult for the new chip system to succeed.</p><p>What breaks this high wall is the Foundry model. Especially after entering 2000, companies such as TSMC and Samsung have successfully narrowed the gap with Intel, making the previously generally recognized Foundry model The model continues to grow, the status quo of IDM dominating the world has been broken, and a division of labor has emerged in the industrial chain, greatly lowering the threshold for new entrants.</p><p>Let's use the example in Chapter 1: If A and B both produce the same type of chips, A produces 1 million pieces and B produces 300,000 pieces. If both are IDM models, then the cost of B will always be much higher than that of A. But if B finds C to OEM, and C can let B share the fixed cost with customers in the same process, such as D, E, F, etc., then the cost of B may be close to or even equal to that of A.</p><p>The rise of ARM has further lowered the cost of new entrants. Compared with manufacturing, although the chip design process costs less money, designing a new CPU architecture from scratch costs a lot and has a low success rate. ARM's licensing model and conscientious charging have helped companies that want to own their own chips significantly reduce design costs and further lower the threshold.</p><p>A brief summary: It is the IDM model = design + manufacturing + packaging and testing. After being dismantled and divided, ARM helps you lower the design cost, TSMC helps you lower the manufacturing cost, and the cost of packaging and testing is transferred to the mainland to a low level. In this way, even if the quantity of Apple chips is only 5% of Intel's, the cost of a single chip will not be much higher than Intel's, and it may even be even.</p><p>Therefore, when TSMC and ARM successfully reconstructed the industrial chain after 2000, a large number of emerging Fabless (Fabless) chip companies rose. Qualcomm began to enter the chip field with the help of ARM's authorization, and Nvidia relied on TSMC's foundry to make The first-generation GeForce graphics card, even AMD sold its factory in the end, and it relied entirely on foundry to compete with Intel until now.</p><p>There is a prerequisite for Apple to return to core manufacturing. What are the three conditions? One is funds, the other is customers, and the third is the team.</p><p>The first is funding. After the restructuring of the industrial chain, the funds needed for core manufacturing are actually abundant and frugal. If you build a 90nm embedded chip, you can get on the car for millions; But if you want to build complex processor chips (which is what Apple wants to do), you can hardly start construction without $1 billion. Of course, for Apple after the release of the iPhone, they have forgotten how to write the word threshold.</p><p>The second is the customer. Making the chip is the first step, selling it is the second step, and feedback iteration is the third step when problems are found in the process of use. The latter two require customers who are willing to lay down their lives to accompany you to jump into the pit. Such customers are scarcer than pandas, especially in the consumer electronics market, where a rollover of chips may be beyond redemption. Apple and Huawei both have natural advantages in this respect.</p><p>The third is the team. The higher the chip is designed, the closer it will be to the sciences of computers, semiconductors, and mathematics. To make processor-level chips, not only top engineers, but also top scientists are needed. In Silicon Valley, the birthplace of computers and semiconductors, although these talents can't be said to be everywhere, they are definitely more than anywhere else in the world.</p><p><img src=\"https://static.tigerbbs.com/9c3bdc53fca9684a19e69d638e8a7a66\" tg-width=\"550\" tg-height=\"440\" referrerpolicy=\"no-referrer\"/>Apple chips undergoing durability testing, 2018</p><p>After Apple decided to build the core, it immediately started the search for top talents-or top gods.</p><p>First to join the team was Daniel Dobberpuhl, known as \"Big D Brother\". He has led two famous RISC projects at DEC-Alpha and StronARM. Alpha chip once shone brightly in the field of workstations and servers. Although it lost to Intel in the end, it had a far-reaching influence. You can even see some of its shadows on the light of Shenwei Taihu Lake.</p><p>StrongARM ended up almost the same way, and was finally sold to Intel by DEC together with Big D himself. Dobberpuh left his job within a few days of Intel and founded SiByte, focusing on MIPS architecture chips. It developed rapidly. A few years later, this company with only 120 employees was acquired by Broadcom at a sky-high price of US $2 billion. Big D was completely financially free.</p><p>In 2003, Dobberpuh resigned again, founded PA Semi, and turned to PowerPC architecture chips. By 2008, Apple, which was already planning to make cores, acquired PA Semi. At this time, there were only 40 people in the Apple chip team, and PA Semi brought more than 150 people at once, which greatly strengthened the depth of the team bench.</p><p>Long before the acquisition of PA Semi, Apple had already hired Jim Keller, another great god in this company. Dobberpuh is good at serial entrepreneurship, while Jim Keller's traditional art skills are crazy job-hopping. He has been in DEC, Apple, AMD, Intel, and Tesla, but he has left legendary works everywhere-such as the Zen processor that revived AMD's glory.</p><p>The last great god is Johny Srouji, whom Apple hired from IBM. Johny Srouji, an Arab, was born in Israel. His father was a carpenter. He had excellent academic performance since childhood and was admitted to the Israel Institute of Technology, known as the \"MIT of the Middle East\". He is proficient in Hebrew, Arabic, French and English. After graduation, he joined IBM's research and development center in Israel.</p><p><img src=\"https://static.tigerbbs.com/9883b1b667e9e6c76c2e810657690b96\" tg-width=\"550\" tg-height=\"367\" referrerpolicy=\"no-referrer\"/>Cook and Johny Srouji (second from left)</p><p>After IBM temporarily emerged, Johny Srouji was poached by Intel. After working for eight years, he was poached back by IBM to be responsible for the research and development of the high-performance computing chip POWER7. After a few back and forth, he became a rising star in the semiconductor industry. Bob Mansfield, the head of Apple's hardware, highly recommended Johny Srouji to Jobs, and Jobs decisively hired him.</p><p>Again: Of course, a person's destiny depends on self-struggle, but he must also consider the historical process. Most people in Apple's chip team have dedicated their careers to the ill-fated RISC, but in the process of rushing to the Intel x86 empire, they basically lose more than win. These people, like Apple, finally waited for the moment when the industrial ecology underwent drastic changes.</p><p>Many great gods returned to their positions, and Johny Srouji was appointed as the head of the entire chip team. He later recalled what Jobs said to him []: \"If you want Apple to really stand out and provide users with truly unique and great products, the only way is to have your own chip-you have to control it and own it.\"</p><p>It takes at least several years for a new processor to go from design to mass production. Therefore, the successor models of the original iPhone-including the 2008 iPhone 3G and the 2009 iPhone 3GS-still use Samsung chips. At the same time, Apple's acquisition continues, and the last piece of the puzzle in the plan is a company named Intrinsity in Texas.</p><p>The company specializes in a technology called Fast14, which can accelerate the general-purpose core provided by ARM from 650MHz to 1GHz. In 2009, Samsung announced its cooperation with Intrinsity and used their technology to create the \"Hummingbird\" core and S5PC110 chip-this chip was installed on Samsung's first-generation Galaxy S mobile phone, which sold well around the world and became the earliest challenger of the iPhone.</p><p>After realizing the value of Intrinsity, Apple took Intrinsity ahead of Samsung, which caused Samsung to never use Intrinsity's technology in the future. 2010 is also the beginning of Samsung and Apple parting ways-Samsung claims to be the leader of the Android camp and has gone to war with the iPhone in an all-round way, while Apple still has to rely on Samsung in terms of screens, flash memory and chips, so it can only bite its teeth and swallow it.</p><p>Against the background that the two companies are seemingly separate from each other and the undercurrent of cooperation is surging, Apple's first-generation self-developed chip A4 was released in January 2010, which led to the scene at the beginning of this article.</p><p>Apple's own team's contribution to the A4 is actually not great. Most of the design work of the A4 is done by Samsung and Intrinsity, and they are actually identical twins with Samsung's S5PC110 chip. Therefore, when some dismantling mechanisms performed microscopic photographs and infrared imaging on the A4 bare chip and found that Apple's so-called self-developed core was the same as that of the S5PC110, ridicule was overwhelming.</p><p><img src=\"https://static.tigerbbs.com/a1722e3d2e2e8719cc9245cadf0f062e\" tg-width=\"550\" tg-height=\"346\" referrerpolicy=\"no-referrer\"/>Comparing A4 and S5PC110, the ARM core is almost the same</p><p>But Johny Srouji and his team were hardly affected, and the addition of Intrinsity's team of more than 100 people made Apple even more powerful. Several teams from different backgrounds gathered together, and they focused on the A5, and raced against time to make the A5 catch the iPhone4S scheduled to be released in 2011.</p><p>On the other hand, Jobs asked Cook to send his general and vice president of operations Jeff Williams to secretly go to Taiwan to contact TSMC. Zhang Zhongmou personally received him at home. The two sides drank red wine and reached an agreement: Apple will transfer chip foundry orders to TSMC in the future, and TSMC promised to prepare US $9 billion in factory construction funds and 6,000 workers to ensure production capacity.</p><p>Soon, the whole world will witness the shocking process of Apple's chip team blocking and killing gods and Buddhas blocking and killing Buddhas.</p><p><b>God blocks killing God, Buddha blocks killing Buddha</b></p><p>Driving north from bustling Tel Aviv, Israel, through the salty sea breeze, you can reach Herzliya, a city bathed in Mediterranean sunshine, within 30 kilometers.</p><p>Far from Gaza and the West Bank, you'll hardly see the white smoke in the sky as the Iron Dome intercepted Hamas rockets. People enjoy white sandy beaches, dense cafes and lush boulevards, and the lifestyle is not like the Middle East but more like California. In this quiet town, more than 1,000 employees are developing chips for Apple.</p><p><img src=\"https://static.tigerbbs.com/cc131ec5f85f5aae71673b2bf7cad5f9\" tg-width=\"550\" tg-height=\"289\" referrerpolicy=\"no-referrer\"/>Apple's research and development center in Herzliya</p><p>Apple has deployed a huge army in Israel. On the one hand, it is related to Johny Srouji being an Israeli, and on the other hand, it is also because Israel itself is a rich mine of semiconductor talents. Since 2011, Apple has established the second largest overseas R&D center 12,000 kilometers away from Silicon Valley through recruitment and acquisition, almost all of which are chip-related.</p><p>It is difficult for people to find clues about Apple's core making in the news of the Levant region, such as the Syrian civil war and the rise of ISIS. Apple's silence also makes Johny Srouji's team mysterious, and he himself rarely gives interviews. Later, Bloomberg finally got an exclusive interview opportunity in 2016, and the title was very straightforward [10]: The most important Apple executive you've never heard of.</p><p>In fact, apart from increasing rumors and speculation, this deliberate effort did not have a \"low-key\" effect-because the powerful performance of A-series chips has hit everyone's face.</p><p>The A4 in 2010 received mixed praise, but the two dual-core chips, the A5 in 2011 and the A6 in 2012, are already in line with the quad-core chips of Android phones in the same period in terms of performance. In 2013, Apple took the lead in launching the world's first 64-bit processor A7, leaving Qualcomm and Samsung, which were still in the 32-bit era, far behind. Mobile SoC has since entered the 64-bit era.</p><p>If you want to understand Apple chips, you need to first understand some facts: ARM actually sells two things, one is called \"architecture licensing\", and customers can design their own cores according to the instruction set architecture; One is called \"public version kernel\", which is a kernel designed by ARM for you. Customers can buy it home and integrate it into their own chips.</p><p>To use an analogy that may not be appropriate: \"architectural licensing\" is like selling ingredients. ARM helps you wash and peel them. You don't have to build a vegetable garden to grow it yourself (lowering the cost of chip design), but whether the final food is good or not depends on your level of frying and cooking; The latter is ready-made food made with the above ingredients. When you go home, put some chopped green onion and simply cook it, and you can soon get together a banquet.</p><p>Of course, \"ready-made food\" sounds simple, but there are not many things that can be done well in the world. Even fewer people dare to try to cook and develop private version kernels by themselves. For example, ARMv8's \"architecture license\" has only 15 customers worldwide. Apple's A4 and A5 both buy the public version of the core, which is equivalent to eating the \"ready-made food\" for two years. Since the A6 chip on the iPhone5, Apple wants to cook itself.</p><p>Johny Srouji's team first launched the Swift core based on the ARMv7 architecture, which made the A6 well received; ARM released a new ARMv8 architecture at the end of 2011. Apple made every effort to develop the Cyclone core based on the new architecture within 12 months. The A7 equipped with the new core became the world's first 64-bit processor, pulling down Qualcomm and Samsung.</p><p>The story after that is familiar. From the A7 to the A16 released last year, Apple's A-series chips have basically crushed the same-level chips in the Android camp.</p><p>The chip design capabilities tempered by the A series unexpectedly \"overflowed\" to Apple's other hardware innovations. In 2014, Apple released the first-generation Apple Watch, which was equipped with Apple'S self-developed S-series chips; In 2016, Apple released the first generation of Airpods, equipped with self-developed W series chips (later replaced by H series).</p><p>Airpods are a model of chip-driven hardware innovation. Before the emergence of Airpods, most products on the market needed to use solid lines to connect two headphones. However, Apple implemented Bluetooth signal monitoring through the W1 chip, eliminating cumbersome transmission lines, and greatly improving delay, noise reduction, battery life, etc. The experience basically redefines the product \"wireless Bluetooth headset\".</p><p>In 2018, Apple, whose internal strength has advanced by leaps and bounds, finally made an earth-shattering decision: reaim its gun at Intel.</p><p>This is probably the most difficult nut to crack since the birth of the semiconductor industry. As mentioned earlier, Intel has been in the middle of its birth for half a century, and its feet are full of the bones of challengers. The x86 empire is not only close to monopoly on PCs, but also pushes the RISC camp out of the market in the fields of servers and high-performance computers (HPC).</p><p>Since Apple dares to challenge Intel here, it will definitely not fight an unprepared battle. In fact, after years of muffled development, the number of Johny Srouji's team has exceeded 4,000 people, and its combat effectiveness is off the charts. More importantly, many technologies of the A series can be used with the M series (the code name of Apple's desktop chip).</p><p>For example, Apple has designed two cool cores based on the ARMv8 architecture, Firestorm and Icestorm. The former has high performance and the latter has low energy consumption. The A14 chip released in September 2020 uses these two cores (2 +4), and the M1 chip released in November 2020 also uses (4 +4).</p><p>Of course, the complexity of designing desktop-level chips is much greater than that of mobile phone chips, and the probability of rollover is also high. Therefore, when Apple informed Intel of the decision to change the chip, the latter was shocked and warned of the risks. Apple said, \"This is not the first time we have changed the chip\", and frequently complained about Intel's toothpaste-style product upgrade, which was like acting in a movie: the determination to break up.</p><p>It is not only Apple that is dissatisfied with Intel's squeezing toothpaste, but many users in the Wintel camp also secretly hope that Intel will be under some pressure; Those fruit powders who have seen the rolling-level combat effectiveness of Apple's A-series chips are naturally looking forward to it; For observers in the semiconductor industry, this matter is even more significant-northwest Shanxi hasn't been a pot of porridge for a long time, and the bigger you Li Yunlong make, the better.</p><p>In November 2020, Cook released the Macbook Pro equipped with the M1 chip. At the moment of showing off the performance of the M1, all chip players held their breath.</p><p>M1 has a total of 16 billion transistors. It integrates 8-core CPU (4 large and 4 small), 8-core GPU, image processing unit (ISP), neural network unit, etc. on a silicon-based SoC, and greatly improves internal communication bandwidth through unified memory technology. The performance of single-core and multi-core can be simply understood as being between Intel's i7 and i9.</p><p>The powerful performance of M1 has reached the point that Intel is silent and AMD shed tears. Even Apple's internal executives are surprised by the performance of M1. After the press conference, Craig Federighi, head of Apple's software, and John Ternus, head of hardware, said bluntly in an interview [11]: Apple itself did not expect the M1 chip to bring such great progress.</p><p>Apple executives may still be suspected of Wang Po selling melons, but Macbook sales will not lie: in 2021, notebook sales will surge due to the epidemic, but Macbooks will grow the fastest, with a market share of more than 10% and an expansion of 24%; The epidemic will ebb in 2022. Against the background of the decline in global notebook sales, Macbooks will continue to grow, and their share has reached 14%.</p><p>After M1, Johny Srouji's team continued to attack the city and successively launched M1 Pro, M1 Max, M1 Ultra and M2 chips, gradually replacing the Intel chips of other Apple desktop devices. Johny Srouji also began to go to the front desk, frequently appearing at Apple press conferences, and there were even rumors that he would take over as CEO of Intel.</p><p>Although Apple will not sell M-series chips to the outside world and go to a direct war with Intel, the 30-year struggle between the two companies has finally come to an end.</p><p>Not only Intel, but also Apple has intersected with almost all semiconductor giants: it abandoned IBM and Motorola, which directly led to their withdrawal from the chip field; It cut off Samsung and supported its rival TSMC; It suppressed Qualcomm, and made all Android kings afraid to talk about being on par with A-series chips...</p><p>A story of Apple's core making, half a history of the rise of Silicon Valley. Looking back, Apple's core-making counterattack was so long that this story almost covers most of the influential figures and events in Silicon Valley-from the origin of integrated circuits to the revolution of personal computers, from the Wintel Alliance Dominance to the counterattack of the RISC camp, from the birth of ARM to the rise of TSMC...</p><p>What enlightenment can an Odysseus-style homecoming story bring us?</p><p><b>Revelation</b></p><p>If you simply ask what reference significance is the story of Apple's core-making, then the answer is very simple: there is almost no reference significance.</p><p>Apple is a company that took off at the same frequency as Silicon Valley, and its history itself is a part of Silicon Valley. Jobs, a native of Silicon Valley, has a close personal relationship with many chip gods in textbooks. For example, Robert Noyce, founder of Fairchild and Intel, even joked to his wife: If Jobs calls me so late again, I will kill him.</p><p>The \"one prerequisite and three conditions\" for core manufacturing mentioned above, in addition to the \"prerequisite\", include funds (profit margin and capital reserve), team (talent density and appeal) and customers (market share and user stickiness), coupled with the characteristics of the founder, you will find that Apple's success cannot be replicated not only by Chinese companies, but also by no second company in the United States.</p><p>If this cool article can provide any inspiration, then the author would like to mention a less grand and surging angle: computers and chips are \"industries\", but they are also \"science\".</p><p>The \"bright line\" of the story of Apple's core manufacturing is how a consumer electronics company tolerates how it breaks out and finally understands its grievances; The \"dark line\" is the thirty-year struggle between two different chip design concepts, CISC and RISC-this struggle is essentially the development of the \"science\" of Computer Architecture (Computer Architecture) in the \"industry\" extension.</p><p>What can characterize an industry? Output value, profits and taxes, market share, employed population. What can characterize science? Theories, laws, ideas, breakthroughs at the bottom. Computers and chips are of course industries, but they are two sciences that were born less than 100 years ago and are still evolving and breaking through. The elements in Apple's story remind us of the fact that the United States is the birthplace of these two sciences.</p><p>What makes up the two scientific buildings of computers and chips are transistors, integrated circuits, Unix, compilers, Ethernet, GUI (user graphical interface), RISC, databases, TCP/IP, object-oriented programming, laser printing, artificial intelligence, floating-point computing, neural networks, machine learning... almost all of them appear in the United States.</p><p>Industry is easy to transfer, but science is not easy to transfer, or science cannot be transferred. Only by carefully cultivating the scientific spirit can we blossom and bear fruit on our own land. Although many industries in the United States have been transferred out, they still control the innovation of computer and chip science. So far, almost all of the more than 70 ACM Turing Award winners are Americans.</p><p>Understanding this, it is easy to answer many people's questions: Why is it so easy to get stuck when my industry is so large?</p><p>Of course, considering the starting point, it is not easy to start the industry first. After all, when Apple was founded, the Gang of Four was still on stage. In the 1984 Los Angeles Olympic Games, western journalists all used IBM PCs, but Chinese journalists only had pen and paper. Agence France-Presse wrote: \"Among the 7,000 journalists covering the Olympic Games all over the world, only Chinese wrote their reports by hand.\"</p><p>In the more than 40 years of rapid economic development, both the heads of large enterprises and the section chiefs of 18th-tier cities are used to thinking about problems with \"industrial\" thinking. Just like Yang Yuanqing talked to Musk in 2014, the former asked the latter: In 2013, Lenovo sold a total of 115 million devices, how many cars did Tesla sell?</p><p>Parameters such as output value, scale, and market share are indeed of great significance, but they should not be obscured by the issues that should be paid most attention to. In the past, too many companies were keen on scale, people, and price wars. After achieving certain results, they did not dare to climb up the chain, but were still immersed in low-quality zero-sum games.</p><p>Is industrial thinking important? Of course, it is important, and its significance for developing countries cannot be overemphasized. But for a \"strenuous\" country that is climbing upward, scientific thinking must not be missing. In recent years, however, there is often a common phenomenon: few people chew hard bones, but a bunch of people roll up what seems easy.</p><p>Chinese technology companies that have a firm foothold, the whole society should encourage them to devote their energy to cutting-edge scientific breakthroughs, instead of urging them to plant trees and donate money. And they themselves should not be fooled by those scale indicators-countries as rich as Apple have spent thirty years sharpening their swords, let alone those whose profit margins are often only in single digits?</p><p>In recent years, more and more companies that rely on \"technology\" to make money have emerged in China, and have established a voice in the global industrial chain. However, at the moment when the neck is stuck, people can't help but sigh like this: If there are more companies like xxx Just some. Penetrating some exciting data, we often find that the gap in many industries is still huge.</p><p>Know yourself and your enemy, important confidants. To paraphrase what Fan Zhiyi said after the national football team lost to Thailand: \"Be pragmatic and understand the concept of this football first.\" For many industries in China, there are indeed too many things to understand, and all industry participants need patience, patience and patience.</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>Apple Core Making: Fail, Hibernate, Storage, and Then Win Everyone</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nApple Core Making: Fail, Hibernate, Storage, and Then Win Everyone\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\">2023-02-05 12:00</span>\n</p>\n</h4>\n</header>\n<article>\n<p><html><head></head><body>In January 2010, Jobs, who was in terminal cancer, showed the world Apple's self-developed A4 chip for the first time at the first-generation iPad launch conference.</p><p>This 45nm process chip is manufactured by Samsung, has built-in ARM's Cortex-A8 core, has an operating frequency of 1GHz, and has outstanding performance. Despite its historical significance, Jobs only used a few words about the A4 chip at the iPad launch conference that lasted more than an hour, and the total time spent was less than 20 seconds.</p><p>This is a deliberate low-key. Apple kept its mouth shut about self-developed chips before the press conference. This is related to the history of Apple's core manufacturing: As one of the most important popularizers of microcomputers, Apple and integrated circuit technology started almost at the same time. In the past 30 years, it launched several charges on chips, but the result was repeated defeats.</p><p>Sure enough, sensitive media smelled the clues, and most of them mocked Apple's self-developed chips. They generally believed that \"the A4 chip refers to Samsung's design, and Apple has the shameless skin to put its own brand on it.\"</p><p>Technology media Ars Technica believes that the design of A4 is mediocre and \"nothing to write home about.\"</p><p>Looking at it rationally, Apple's self-developed mobile phone chips are indeed full of difficulties. The mobile chip market in 2010 was already full of giants: Qualcomm's Snapdragon swept away thousands of troops, Samsung's Exynos was ready to go, Nvidia's Tegra was ambitious, and even Intel's Atom felt it could do it and tried to get a piece of the pie.</p><p>But people underestimated Apple's determination to pry open the iron plate: a year later, Apple showed the second-generation chip A5 at the iPhone4S conference. The CPU performance was twice that of A4, the GPU performance was nine times that of A4, and the performance improvement was huge, which made the industry realize the fact that Apple had indeed got the expensive ticket to the commanding heights of semiconductors.</p><p>Unfortunately, Jobs, the layout planner, failed to witness the rest of the story. Shortly after watching the live broadcast of A5's appearance in his hospital bed, he died.</p><p>Ten years later, Apple has built a semiconductor empire including multiple product lines such as A series (mobile phones & tablets), M series (desktop PCs), H series (headphones), S series (watches), etc., especially when Cook At the end of 2020, when people showed the M1 chip to replace Intel, people felt an indescribable shock.</p><p><img src=\"https://static.tigerbbs.com/a0ae07d364781d0bc5c7968db4eb0261\" tg-width=\"550\" tg-height=\"550\" referrerpolicy=\"no-referrer\"/>Apple M1 chip</p><p>After 2000, the stories of two new entrants to the chip industry were the most tortuous. One was Huawei HiSilicon, and the other was Apple Silicon. The former presents the tragic and stirring of Zhang Xunshou Suiyang, while the latter is more like a description of Odysseus Homer's epic of returning home, both of which have more or less changed the rhythm of the Sino-US technological war.</p><p>Apple's core-making is a continuous history. With A4 as the boundary, the stories of before and after are interesting: before A4, Apple was drawing water from a bamboo basket and suffering repeated defeats; After A4, Apple is the world's top chip players such as Samsung, Qualcomm, and Intel, which were either defeated by Apple or abandoned by Apple.</p><p>This is a story about business, but it is also a story about the \"science\" of computers.</p><p><b>$150 butterfly wings</b></p><p>Many years later, facing the M1 chip, Steve Wozniak may think of the distant night when he first saw the Intel 8080.</p><p>As a co-founder of Apple, Wozniak saw the Altair 8800, which appeared on the cover of the January issue of Popular Electronics, and claimed to be the first personal computer, and the Intel 8080 chip that powered it, at the \"Homebrew Computer Club\" gathering in 1975-a year before Apple was founded.</p><p><img src=\"https://static.tigerbbs.com/27a4535f885a7f6e655d74edfadda6f8\" tg-width=\"477\" tg-height=\"417\" referrerpolicy=\"no-referrer\"/>Magazine cover with Altair 8800 on it</p><p>Since mankind entered the era of transistors and integrated circuits in the late 1950s, the size of electronic computers has become smaller every year at a rate visible to the naked eye. This process is driven by young Silicon Valley, where countless emerging companies compete. By the 1970s, computers were only a few layers of window paper away from entering ordinary people's homes.</p><p>Altair 8800 is recognized as igniting the microcomputer revolution. It inspired Bill Gates and Paul Allen to launch the first product in Microsoft history-BASIC programming language, and also gave Wozniak the idea of assembling a computer himself. The only problem is that Intel 8080 is too expensive.</p><p>An assembled Altair 8800 costs $621, but an 8080 bulk piece costs $170. Wozniak described it as \"more expensive than my monthly rent\", so he began to look for alternatives: first he found Motorola 6800, which was bought through an acquaintance for only $40/piece, and later he found a big-name replacement for 6800-MOS 6502 made by MOS Technologies, which can get on the car for $20.</p><p>When Wozniak showed the assembled microcomputer to Jobs, the latter was taken aback and realized it might be a great business opportunity. Jobs is also very satisfied with Wozniak's abandonment of Intel chips. He believes that \"technology is only a means, ultimately to improve the consumer experience.\"</p><p>This microcomputer, powered by a cheap $20 chip, is Apple's first generation product, Apple I. And so, Apple's story begins.</p><p>This year, Jobs was 20 years old and Wozniak was 25 years old. The computer world was still dominated by IBM mainframes, Altair was still a toy for geeks, and Intel was still struggling to survive the first recession of the silicon cycle. The two Steves couldn't realize that the $150 saved on the chip would cost tens of millions of times more in the future.</p><p>In 1977, Apple launched its first mature product, the Apple II, and sales skyrocketed. It shows people with its beautiful appearance and built-in keyboard, and wozniak's programming skills and Jobs' design aesthetics are vividly reflected. But those longboards mask a problem: The Apple II is still using a cheap MOS 6502 processor.</p><p>At the end of 1981, the CPU of Apple's Apple III was still this old 6502, while competitor IBM had already used Intel's 8088 chip, and its performance was about 10 times that of the 8080 that Wozniak abandoned that year. Simple comparison: MOS 6502 has only more than 3,000 transistors, while Intel 8088 has as many as 29,000 transistors.</p><p>Cheap but \"sufficient\" chips can allow Apple to maintain extremely high gross profit margins, but the premise is that hardware will not become a shortcoming, at least it will not hold back software. Obviously, the 6502 chip born in 1975 was difficult to support computers in the 1980s. Frequently malfunctioning circuit boards and slow running speeds eventually made Apple III sales bleak.</p><p>Pressure from competitors is also increasing. In 1981, IBM changed its usual bulky figure and launched a compatible personal computer (also known as IBM PC) using Microsoft MS-DOS and Intel 8088, which achieved great success and brought almost all personal computer manufacturers except Apple into the \"Microsoft + Intel\" camp.</p><p>At that time, Intel had not yet transformed into toothpaste. The performance of chips released at the same time was rapidly improving along Moore's Law. It launched 8080 in 1974, 8086 in 1978, 80186 and 80286 in 1982, and then 80386, 80486 and the epoch-making Pentium-its Chinese name has become the memory of a whole generation: Pentium.</p><p>But after missing it in the early stage, it is difficult for Jobs to return to Intel's arms with his character, especially since Intel is already the core backbone of the hostile camp.</p><p>Fortunately, there were many companies in Silicon Valley that could compete with Intel at that time, and Motorola was one of them. In 1976, Intel was developing a 16-bit 8086 internally. After Motorola learned about it, it decided to do a big one directly-since you do 16-bit, I will go directly to 32-bit. After four years of research and development, Motorola launched the powerful Motorola 68000 chip in 1980.</p><p><img src=\"https://static.tigerbbs.com/add711b1e6e8c1bec085772e275d6c25\" tg-width=\"550\" tg-height=\"213\" referrerpolicy=\"no-referrer\"/>Motorola 68000 chip</p><p>The 68000 chip is also known as \"68k\", which means that there are 68,000 transistors inside the chip. Its performance is about twice that of the Intel 8086 (and the price is also more expensive), so it is widely used in high-end machines of HP, Sun, and DEC. On game consoles with high performance requirements. For Jobs, who is eager to find new chips but doesn't want to commit himself to Intel, it's a long drought.</p><p>Therefore, the new product Macintosh (that is, the first generation Mac) that determined Apple's fate decided to use the 68000 chip. Project manager Jef Raskin originally wanted to use the low-performance but cheap Motorola 6809, but was rejected by Jobs, who suffered losses, and personally took action. The wholesale price of 68k was cut from US $125/piece to US $35/piece.</p><p>On January 24, 1984, a generation of classic Macintosh was officially released. The advertisement \"1984\" directed by the director of blade runner packaged Apple as a rebel against IBM's Orwellian rule, which amazed everyone, and Jobs also shed tears at the press conference. The advent of Mac left the deepest imprint on the PC revolution in 1980s.</p><p><img src=\"https://static.tigerbbs.com/1d69c8713a519dae632e74255977b2f0\" tg-width=\"436\" tg-height=\"572\" referrerpolicy=\"no-referrer\"/>Jobs, who released the first Macintosh, 1984</p><p>The 68000 chip really lives up to expectations, and its strong performance strongly supports the dazzling graphical interface and convenient mouse operation. But the first-generation Mac fell off the chain in other aspects. For example, the memory was only 128K, and it was still not enough to be upgraded to 512k later (at least 1000K is required). After the hot sales in the early stage of release, the sales of Mac, which was once praised for \"the perfect combination of computer technology and art\", dropped sharply because of its slow running speed.</p><p>In the spring of 1985, Jobs, who tried to remove CEO Sculley, was rebelled by the latter, and the joint board of directors kicked out of the company.</p><p>Jobs is gone, but the 68000 chip he selected at that time continues to be entrusted with important tasks. From 1985 to 1994, all subsequent versions of the Mac used 680x0 family chips, from 68000 to 68060. Motorola's 680x0 family was also one of the few forces that could compete with Intel's 80x86 family at that time.</p><p>Not joining the camp of Intel x86 architecture allowed Apple to avoid being reduced to the role of working for \"Intel Inside\"-a role that was finally played by HP, Dell and Lenovo. But this choice also brings potential hidden dangers to Apple: When Intel is soaring along Moore's Law, can Motorola, a thin dog, do it?</p><p>In fact, although the 680x0 family chips are not inferior to the Intel 80x86 family in some performance, Intel crushed Motorola in terms of shipments. At that time, the chip industry was basically an IDM vertical integration model, and design, manufacturing, packaging and testing were focused. There is a rule in this model: economies of scale caused by heavy assets.</p><p>For example: If two chip companies A and B both produce a certain type, A is the industry leader and B is the second, A produces 1 million pieces, and B produces 300,000 pieces, will B's profit be 30% of A's? The answer is no. Not only can it not reach 30%, but it may not even reach 3%. It is more likely that A makes money and B loses money.</p><p>The price of a CPU may be only $30, but the fixed cost (R&D investment and production line) may cost hundreds of millions of dollars. The more chips you build, the lower the cost shared on each chip. The sales gap between Intel x86 architecture chips and Motorola 680x0 family chips is far larger than the gap between 1 million and 300,000 chips.</p><p>This makes it increasingly difficult for Motorola to keep pace, and the development of new chips is often delayed. For example, the 68040, which was originally planned to be released in 1989, delayed for a whole year, almost overturning Apple's new products. But Apple has no choice but to wait on Motorola carefully and enjoy the distress of being controlled by others.</p><p>Fortunately or unfortunately, Jobs has no chance to stand on the front line to solve these problems. In the next ten years, as a bystander, he will witness Apple falling into an a vicious circle that is tired of dealing with the \"Intel + Microsoft\" camp, trying to build cores but failing repeatedly, and eventually its market share is gradually eroded.</p><p>No one knows what would have happened if Woz had chosen Intel, but there is no doubt that the $150 saved must have been a butterfly wing that changed some historical processes.</p><p><b>The Desperate 90s</b></p><p>In 1981, when both Steves were still at Apple, two men named David in California did a far-reaching job.</p><p>In 1981, Professor David Patterson and PhD student David Ditzel at the University of California, Berkeley, published \"The Case for a Reduced Instruction Set Computer.\" In this paper, the Chinese translation of Reduced Instruction Set Computer is \"Reduced Instruction Set Computer\", and its initial letter is used as the acronym, which is the famous one in the future-RISC.</p><p><img src=\"https://static.tigerbbs.com/67daa7ca92ebf56537cb7d51de6542e6\" tg-width=\"550\" tg-height=\"314\" referrerpolicy=\"no-referrer\"/>David Patterson (left) and Carlo Séquin, 1981</p><p>If there is a \"reduced instruction computer\", there is a \"complex instruction computer\", that is, CISC. The difference between the two can be simply understood as that in a processor using RISC design concept, the instructions are shorter, the length is uniform, and the speed is faster; However, the instructions in the processor with CISC design concept are mostly lengthy and complicated, and the running efficiency is low.</p><p>In the era when microprocessors first came out (the world's first commercial microprocessor was Intel's 4004, launched in 1971), designers usually needed to rack their brains to balance cost and performance, and the defects of instruction set design were also The early mainstream microprocessors, including Intel 8080 and Motorola 68k, can be classified as CISC architectures.</p><p>This is the background of this paper. The two authors redefined a new CPU design method-RISC, and classified any processor that did not meet the RISC concept as CISC. This made Intel very frustrated. After all, no one wanted people to sit at home, but a \"complicated\" hat came from the sky.</p><p>While Intel is unhappy, Apple, which has been trying to find a breaking point, seems to have grabbed the straw.</p><p>In the late 1980s, IBM's compatible computer camp (IBM, Hewlett-Packard, Dell, etc.) also used Microsoft's graphical operating system-Windows, gradually squeezing Apple into the corner. Although it is still strong in several high-end fields such as desktop publishing, Apple must continuously improve its hardware performance to hold the last one-third of the land. Chips are obviously a good breakthrough.</p><p>After the RISC concept was proposed, Silicon Valley responded positively. Stanford's MIPS, Sun's SPARC, DEC's Alpha and other projects all achieved a certain degree of success. This makes Apple feel that \"I can do it\", and Motorola's chip supply often overturns, so Apple's management waved its hand: make its own chips.</p><p>To be on the safe side, Apple chose to cooperate with the operator AT&T and successively launched two RISC projects: the Aquarius project and the Hobbit project. The former wants to replace the Motorola 68000 as the main chip of the Mac; The latter wants to be used on the Newton handheld computer under development.</p><p>Unfortunately, after all, Apple has no experience in the field of chip design, and AT&T is no longer the AT&T that relies on Bell Labs to command the world. Two cobblers together can'T make up half of Zhuge Liang, and \"Aquarius\" and \"Hobbit\" have failed one after another, and tens of millions of dollars of research and development funds have been wasted.</p><p>During this period, the Intel x86 architecture continued to make rapid progress, and even humbly learned the RISC concept. In 1989, when the Aquarius project was shelved, Intel launched the 32-bit 80486, which used RISC technology for the first time in the x86 series chips; In 1993, Intel launched the Pentium processor and began its long-term monopoly on the CPU market.</p><p>Apple attributed the failure of \"Aquarius\" and \"The Hobbit\" to the incompetence of their partners. Therefore, in 1990, Apple chose a stronger ally to build the core together-its old enemy IBM and its old friend Motorola. The three formed the most concerned \"AIM Alliance\" (Apple, IBM, Motorola) in the PC industry.</p><p>IBM and Motorola each have their own ideas: after IBM has been compatible with PCs for several years, it found that it couldn't overcome rising stars like Dell and Compaq at all, and it regretted that it outsourced PC chips to Intel; Motorola's appeal is simpler: fighting against Intel alone is about equivalent to riding Yadea to chase Audi, which is really unbearable.</p><p>The new alliance is full of confidence. IBM started RISC technology reserves very early (even before David Patterson proposed RISC). In the 1980s, it successfully developed high-end chips with the POWER architecture based on RISC, dominating the field of servers and workstations. The plan of this cooperation is to \"sink\" the POWER architecture to the PC.</p><p>Although Motorola is not reliable, it has experience in consumer-grade chip development. In addition, Apple was able to sell more than 1.3 million (1990) terminal computers every year at that time, ensuring that the purchase volume of new chips could exceed the break-even scale line. Therefore, the AIM alliance's decisive battle with Intel can be described as 800,000 vs. 600,000, and the advantage lies with me.</p><p>In this way, the AIM Alliance was launched in 1990, and the new chip was named: PowerPC-the letter \"PC\" was added after IBM's original word POWER. The development of the first chip, PowerPC 601, officially started in October 1991, took 21 months to complete, and mass production began in July 1993.</p><p>It is worth mentioning that \"core replacement\" is an extremely complicated project, and about three things need to be completed: first, rewriting the underlying code of the operating system, which requires a huge amount of project; The second is to fix the code converter to ensure that the new chip is compatible with the previous software; The third is to provide new development tools for software developers and persuade them to use them.</p><p>When the PowerPC 601 was still under development, Apple's engineers were already preparing intensively and successfully completed most of the work before the chip was mass-produced. It is very important for Apple to save the experience of these \"heart transplants\", because although this is its first \"core replacement\", it is definitely not the last.</p><p>In March 1994, the first generation of Mac equipped with PowerPC chip was released in Manhattan, and Apple finally successfully changed the core, which also meant the curtain call of Motorola's 68000 series.</p><p>The media praised this generously. MacWorld evaluation: \"Apple regains performance leadership it lost 8 years ago\".</p><p>Consumer feedback is also very positive, with 150,000 units sold in the pre-sale stage alone; In January 1995, sales exceeded 1 million units; By mid-1995, the Power Mac had replaced almost all previous models equipped with Motorola's 680x0 family chips.</p><p>After the core replacement, Apple frequently compared Intel chips of the same period: in 1997, Apple claimed that the performance of PowerPC G3 was twice that of Pentium II in the same period; In 1999, Apple claimed that the PowerPC G4 was 2.94 times that of the Pentium III in the same period; In 2003, Apple claimed that PowerPC G5 was even beating Pentium 4-this \"far ahead\" tone, even Teacher Yu Chengdong called it an expert.</p><p>Is the Wintel camp scared silly? No, no. Instead, their coping strategy is: You hit yours, I hit mine. Where does this confidence come from?</p><p>Self-confidence comes from industrial laws. As mentioned in the previous chapter, the asset-heavy IDM model has led to the scale effect of chips. Just like the fierce battle for the 680x0 family, x86 chips have always outperformed each other in terms of cost, and even the advantages are still expanding-Intel's market share was in 1985 It was 50%, and by 1995 it had exceeded 80%.</p><p>Without scale, there is no profit; Without profits, there can be no sufficient funds to improve product defects. Because PowerPC comes from the \"sinking\" of IBM server and workstation chips, it inevitably has the problems of high power consumption and high heat generation, but the AIM Alliance, which is stretched for funds, has never been able to solve them.</p><p>For example, PowerPC G5, which claims to be outperforming Pentium 4, has extremely high power consumption and huge heat generation. Apple has to redesign the chassis structure to accommodate the huge radiator, and the high-end version even needs to install a water cooling system, which makes many people in the industry mock crazily: Is this product too embarrassed to call itself RISC?</p><p><img src=\"https://static.tigerbbs.com/2ad0be5c9dbb55ba0b4329077ad5f762\" tg-width=\"550\" tg-height=\"526\" referrerpolicy=\"no-referrer\"/>The huge volume occupied by the PowerPC G5 chip</p><p>When it comes to product defects, the x86 architecture has many problems at all, such as complicated instructions, few registers and high power consumption. However, with its strong financial strength, Intel has improved architectural defects with one hand and smashed manufacturing technology with the other. It not only kept the RISC camp out of the mainstream of PC, but also eroded the share of servers and HPC (high-performance computer) fields.</p><p><img src=\"https://static.tigerbbs.com/bf5d3347f4d2438256d6130944d14047\" tg-width=\"550\" tg-height=\"329\" referrerpolicy=\"no-referrer\"/>Intel's market share in PC, data center, HPC</p><p>The software ecology is an insurmountable gap. One story is: Adobe, the imaging software giant, made its fortune on Apple, and the first generation of Photoshop was only released on Mac systems. In 1993, Adobe's focus turned to Windows. After Jobs returned, he asked Adobe to develop more software for Mac, such as Premiere. As a result, he was rejected in person because there were too few users. Jobs didn't forgive Adobe until his death.</p><p>The WinTel Alliance in the 1990s has entered a virtuous circle of self-strengthening: large shipments → diluted CapEx → purchasing by many manufacturers → prosperous software ecosystem → consumer recognition → shipments continue to increase significantly. After PowerPC has achieved certain results with IBM's technical background and the advanced nature of RISC, it still can't break this cycle or build its own cycle.</p><p>Evaluating the success of a CPU mainly depends on three points: architecture, manufacturing process, and software ecology. The architecture depends on innate inheritance, the manufacturing process depends on acquired efforts, and the software ecology depends on the integration of vertical and horizontal. The RISC architecture does give PowerPC some innate advantages, but the shortcomings of the latter two are too far apart. The AIM Alliance has been busy for a long time and found that it is still riding Yadea.</p><p>Is there really no breaking point? Actually, there is. History tells us that no matter how strong the commercial barriers and moats are, they can't unify the rivers and lakes for thousands of years. It's just that the breaking point Apple was looking for was not itself, but two names that were not well-known at the time: one was called TSMC and the other was called ARM.</p><p>The latter is precisely a seed planted by Apple in the desperate 1990s.</p><p><b>If you can't beat, or surrender?</b></p><p>Silicon Valley has long been famous all over the world, but what is unknown is that there is a low-end version of Silicon Valley in the UK-Silicon Fen.</p><p>Silicon Marsh refers to an area around Cambridgeshire, England. Because it is located at the southern tip of a swamp (Fenlands) in the British Isle, it has a strange name. This is roughly equal to Zhangjiang in Shanghai or Yuehai Street in Shenzhen, where a large number of high-tech companies have gathered, the most famous of which is Arm, which was established in 1990.</p><p>The birth of Arm is also closely related to the RISC wave. As early as 1983, Acorn Computer, the predecessor of ARM, was inspired by Professor Patterson's RISC paper of Berkeley and wanted to design a chip based on the RISC concept, so it launched a project called Acorn RISC Machine, whose acronym is ARM.</p><p>Acorn did not have manufacturing capabilities, so it entrusted the American company VLSI Technology to manufacture it, and successfully produced the core in 1985. Later, Apple engineers looked for a replacement for the Motorcycle 68000. Once they used the ARM2 chip to run Mac software in a simulated 68000 environment and found that it actually ran faster than the 68000, so they listed ARM as an alternative.</p><p>By the end of the 1980s, the Hobbit project between Apple and AT&T ran aground, so the ARM chip became the main chip of the Tiankeng project \"Newton Handheld Computer\". Apple wanted to simply turn the spare tire into a regular company, so it proposed to Acorn to establish a joint venture company, on the condition that Acorn must transfer all intellectual property rights of ARM and 12 core employees to the new company.</p><p>Acorn's store has a small profit, so it naturally agreed, and VLSI, which manufactures ARM chips, said it also wanted to get on the car. So in 1990, the three companies established a joint venture company. Apple invested US $3 million to account for 30% of the shares (later rose to 43%). The new company was called Advanced RISC Machine (a word was changed), and the abbreviation was still ARM.</p><p>Compared with Apple, which is gradually in trouble, ARM is doing more and more smoothly. With its low-power chip technology and special business model (licensing chip architectures to other companies), ARM achieved profitability in 1993 and went public in 1998 After completing the listing, the stock price soared taking advantage of the technology stock bubble in the late 1990s.</p><p>Therefore, after Jobs returned to Apple in 1997, he was pleasantly surprised to find that Sculley actually left him such a generous gift.</p><p>Jobs experienced twists and turns in the 12 years (1985-1997) when he was expelled from Apple, so this article won't repeat them. In 1997, NeXT, the company he founded, was acquired by Apple, and Jobs returned as a special consultant. At this time, Apple's PC market share had dropped from 16% to 4%. By 1996, Apple had lost $1 billion, and its book cash was only enough to maintain operations for three months.</p><p>And Jobs has also changed dramatically. Since 1985, he has witnessed the decline of Apple, Intel's dominance, the struggle of the AIM alliance, and witnessed that Gates, who was far less famous than him in the past, was called the richest man in the world; He experienced the death of his father and had a happy family life. Although he was still defiant, he was much more pragmatic.</p><p><img src=\"https://static.tigerbbs.com/ca5609620190201b3d97f3423a9bd8b5\" tg-width=\"550\" tg-height=\"438\" referrerpolicy=\"no-referrer\"/>Steve Jobs, a slightly fat middle-aged, 1997</p><p>For example, after re-serving as CEO, Jobs called Gates as soon as possible, begging Microsoft to invest $150 million in Apple and continue to develop Mac versions of Word and Excel. During the negotiations, Jobs lowered his figure, said all the good things, and even promised to use Microsoft's IE browser as the default browser of Mac-anyone who has used IE knows how humiliating this is.</p><p>Then Jobs drastically cut off most of Apple's product lines, compressed the models from a few hundred to less than 10, and laid off more than 3,000 people. Among the projects that were cut off was the \"Newton\" handheld computer, which invested countless funds but had extremely poor sales. It was also Apple's only project that used ARM chips at that time.</p><p>As for ARM, which is in the limelight, Jobs' decision is pragmatic and cruel: sell stocks to save Apple's life.</p><p>It's not that Jobs can't see the value of ARM, but that after cutting off Newton, Apple no longer has any products in the low-power scenario that ARM is good at. At this time, Apple's most important task is to continue its life, rather than continue to challenge Intel. In the end, Apple got hundreds of millions of dollars by reducing its holdings to transfuse blood for its own research and development.</p><p>In 1998, Apple released the breakthrough iMac, which was a great success and drove Apple to successfully turn losses that year, with a profit of 309 million US dollars; In 2001, Apple released the iPod, a player that can hold 1,000 songs, which immediately took the world by storm. By 2007, more than 100 million iPods had been sold. Apple was completely reborn.</p><p>After dealing with the survival problem, Jobs can free up his energy to think: How to solve the increasingly serious chip problem of Mac?</p><p>As mentioned in the previous chapter, PowerPC chips have become increasingly difficult to parry Intel's x86 family after experiencing the amazing moment when they were first born. After Jobs returned, he had a big quarrel with Galvin, CEO of Motorola, who was in charge of manufacturing PowerPC. On the phone, he finally couldn't help scolding: Motorola's chips suck.</p><p>Since then, Jobs has secretly planned to launch the AIM Alliance. However, Apple's core-making experience of repeated battles and defeats made him know that it was tantamount to committing suicide to develop chips when conditions were immature. So he made a very pragmatic but surprising suggestion to the board of directors: Otherwise, let's buy Intel chips.</p><p>Apple's board discussed it for 18 months and finally agreed unanimously. After all, when switching from last time to core replacement, if Apple says it is second, who dares to say it is first?</p><p>In order to sell products, Jobs had to continue to brazenly brag about PowerPC chips in public. For example, in 2003, when he commented on the upcoming PowerPC G5, he said: \"PowerPC G5 gives us the fastest desktop computer in the world... This is the beginning of our long-term and efficient cooperation (with IBM and Motorola).\"</p><p>But the chip problem can't be dragged on any longer. At the beginning of 2001, Apple released the PowerBook equipped with the PowerPC G4 chip. In the following five years, it has not been able to upgrade the chip (the Intel camp has upgraded it every year), and the sales volume is getting worse year by year. The reason is that the subsequent PowerPC G5 chip cannot be installed due to heat dissipation problems.</p><p>Starting in 2004, Apple began the second core change in its own history. Paul Otellini, CEO of Intel, agreed. After all, as a standard-bearer figure in the anti-Wintel camp for a long time, Jobs announced the use of Intel chips, which is about equivalent to Dong Mingzhu's announcement one day that Gree would buy air-conditioning compressors from Midea Fang Hongbo.</p><p>Intel sent a capable team to cooperate with Apple, and successfully completed the code modification of all the underlying operating systems within six months. Apple engineers have also developed a translator called Rosetta to ensure that the software on PowerPC can run smoothly on Mac based on Intel x86 chips.</p><p>In 2005, Jobs publicly announced that Mac would switch to the Intel camp, and some Apple fans who had followed it for many years were very angry; When Jobs finally released the iMac and Macbook Pro based on Intel's new products in January 2006, when he saw that the performance of the Macbook Pro was 5 times improved and the battery life was increased by 2 hours compared with the previous PowerBook, the press conference instantly turned into a large-scale real scene.</p><p>Apple's second core change was successful. Ten years later, some media commented that Jobs' switch to Intel was one of Apple's most successful ventures.</p><p><img src=\"https://static.tigerbbs.com/31311dd7bd00acef3af3fc2db4f3f0e5\" tg-width=\"550\" tg-height=\"318\" referrerpolicy=\"no-referrer\"/>Intel CEO Otellini delivers chips to Jobs, 2006</p><p>The ill-fated AIM alliance was finally disbanded. Motorola, which heard the wind in 2004, simply withdrew from the chip business, packaged and spun off its assets to establish Freescale, focusing on the automotive and embedded markets. IBM also sold some assets of PowerPC and kept the chip product line for game consoles-that's another story.</p><p>Apple, which has solved the problem of chip \"stuck neck\", has continued to rise in the desktop computer market (desktop + notebook), exceeding 10% in 2007, and the story behind it is familiar: Jobs released the iPhone in 2007, Apple completely stepped onto the altar and gradually became the world's largest company by market value.</p><p>When the original iPhone was being developed, Jobs wanted to strike while the iron was hot and persuade Intel to develop mobile chips for Apple-before Intel had time to show the world their amazing incompetence in the mobile field. But because the price was not negotiated, Otellini recalled afterwards: Who would have thought that the sales volume of this mobile phone he made would be 100 times (expected)?</p><p>So Apple turned to Samsung. The first generation iPhone used Samsung's S5L8900 chip-strictly speaking, this is not a chip, but an SoC System on Chip, which consists of an ARM architecture chip and a PowerVR chip, using a 90nm process. Barely enough. * For readers' easy understanding, we still use chip to refer to SoC later.</p><p>Samsung's semiconductor business started in the 1990s. It was personally laid out by the second-generation Li Jianxi, and gradually became the world's leader in memory chips through the \"counter-cyclical law\". In 2006, Samsung entered the field of chip foundry, quickly caught up with TSMC in technology, and became the sole supplier of iPhone chips through its self-developed S5L8900 chip.</p><p>But Jobs, who has suffered a big loss from a single supplier, has a lingering worry in his heart, that is: What if Samsung becomes the second Motorola and IBM? At the iPhone launch conference in 2007, Jobs quoted Alan Kay as saying: People who really care about software should build their own hardware.</p><p><img src=\"https://static.tigerbbs.com/a443365d8e1f3ce17500b2209a5ebad6\" tg-width=\"550\" tg-height=\"367\" referrerpolicy=\"no-referrer\"/></p><p>Alan Kay Who is it? He is a Turing Award winner and the inventor of object-oriented programming. He led the development of the first user graphical interface in history at Xerox PARC, which directly inspired Jobs' Macintosh and Gates' Windows. Does quoting Alan Kay mean that Jobs has realized new inspiration?</p><p>Perhaps, it's time to solve the chip problem completely. But the question is: Apple has experienced such a long past of core acid, will it be different this time?</p><p><b>Heroes are gathered regardless of the source</b></p><p>Under the background of almost monopoly by giants, if a new chip system is to be built, sold well, and easy to use, one prerequisite + three conditions are needed.</p><p>One premise is that the high threshold caused by the IDM model must be lowered or even disintegrated in some way. As mentioned above, Motorola's 680x0 family and PowerPC both lost to the industrial law of \"asset-heavy scale effect\" in the end. If this high wall still stands in front of new players, it will be difficult for the new chip system to succeed.</p><p>What breaks this high wall is the Foundry model. Especially after entering 2000, companies such as TSMC and Samsung have successfully narrowed the gap with Intel, making the previously generally recognized Foundry model The model continues to grow, the status quo of IDM dominating the world has been broken, and a division of labor has emerged in the industrial chain, greatly lowering the threshold for new entrants.</p><p>Let's use the example in Chapter 1: If A and B both produce the same type of chips, A produces 1 million pieces and B produces 300,000 pieces. If both are IDM models, then the cost of B will always be much higher than that of A. But if B finds C to OEM, and C can let B share the fixed cost with customers in the same process, such as D, E, F, etc., then the cost of B may be close to or even equal to that of A.</p><p>The rise of ARM has further lowered the cost of new entrants. Compared with manufacturing, although the chip design process costs less money, designing a new CPU architecture from scratch costs a lot and has a low success rate. ARM's licensing model and conscientious charging have helped companies that want to own their own chips significantly reduce design costs and further lower the threshold.</p><p>A brief summary: It is the IDM model = design + manufacturing + packaging and testing. After being dismantled and divided, ARM helps you lower the design cost, TSMC helps you lower the manufacturing cost, and the cost of packaging and testing is transferred to the mainland to a low level. In this way, even if the quantity of Apple chips is only 5% of Intel's, the cost of a single chip will not be much higher than Intel's, and it may even be even.</p><p>Therefore, when TSMC and ARM successfully reconstructed the industrial chain after 2000, a large number of emerging Fabless (Fabless) chip companies rose. Qualcomm began to enter the chip field with the help of ARM's authorization, and Nvidia relied on TSMC's foundry to make The first-generation GeForce graphics card, even AMD sold its factory in the end, and it relied entirely on foundry to compete with Intel until now.</p><p>There is a prerequisite for Apple to return to core manufacturing. What are the three conditions? One is funds, the other is customers, and the third is the team.</p><p>The first is funding. After the restructuring of the industrial chain, the funds needed for core manufacturing are actually abundant and frugal. If you build a 90nm embedded chip, you can get on the car for millions; But if you want to build complex processor chips (which is what Apple wants to do), you can hardly start construction without $1 billion. Of course, for Apple after the release of the iPhone, they have forgotten how to write the word threshold.</p><p>The second is the customer. Making the chip is the first step, selling it is the second step, and feedback iteration is the third step when problems are found in the process of use. The latter two require customers who are willing to lay down their lives to accompany you to jump into the pit. Such customers are scarcer than pandas, especially in the consumer electronics market, where a rollover of chips may be beyond redemption. Apple and Huawei both have natural advantages in this respect.</p><p>The third is the team. The higher the chip is designed, the closer it will be to the sciences of computers, semiconductors, and mathematics. To make processor-level chips, not only top engineers, but also top scientists are needed. In Silicon Valley, the birthplace of computers and semiconductors, although these talents can't be said to be everywhere, they are definitely more than anywhere else in the world.</p><p><img src=\"https://static.tigerbbs.com/9c3bdc53fca9684a19e69d638e8a7a66\" tg-width=\"550\" tg-height=\"440\" referrerpolicy=\"no-referrer\"/>Apple chips undergoing durability testing, 2018</p><p>After Apple decided to build the core, it immediately started the search for top talents-or top gods.</p><p>First to join the team was Daniel Dobberpuhl, known as \"Big D Brother\". He has led two famous RISC projects at DEC-Alpha and StronARM. Alpha chip once shone brightly in the field of workstations and servers. Although it lost to Intel in the end, it had a far-reaching influence. You can even see some of its shadows on the light of Shenwei Taihu Lake.</p><p>StrongARM ended up almost the same way, and was finally sold to Intel by DEC together with Big D himself. Dobberpuh left his job within a few days of Intel and founded SiByte, focusing on MIPS architecture chips. It developed rapidly. A few years later, this company with only 120 employees was acquired by Broadcom at a sky-high price of US $2 billion. Big D was completely financially free.</p><p>In 2003, Dobberpuh resigned again, founded PA Semi, and turned to PowerPC architecture chips. By 2008, Apple, which was already planning to make cores, acquired PA Semi. At this time, there were only 40 people in the Apple chip team, and PA Semi brought more than 150 people at once, which greatly strengthened the depth of the team bench.</p><p>Long before the acquisition of PA Semi, Apple had already hired Jim Keller, another great god in this company. Dobberpuh is good at serial entrepreneurship, while Jim Keller's traditional art skills are crazy job-hopping. He has been in DEC, Apple, AMD, Intel, and Tesla, but he has left legendary works everywhere-such as the Zen processor that revived AMD's glory.</p><p>The last great god is Johny Srouji, whom Apple hired from IBM. Johny Srouji, an Arab, was born in Israel. His father was a carpenter. He had excellent academic performance since childhood and was admitted to the Israel Institute of Technology, known as the \"MIT of the Middle East\". He is proficient in Hebrew, Arabic, French and English. After graduation, he joined IBM's research and development center in Israel.</p><p><img src=\"https://static.tigerbbs.com/9883b1b667e9e6c76c2e810657690b96\" tg-width=\"550\" tg-height=\"367\" referrerpolicy=\"no-referrer\"/>Cook and Johny Srouji (second from left)</p><p>After IBM temporarily emerged, Johny Srouji was poached by Intel. After working for eight years, he was poached back by IBM to be responsible for the research and development of the high-performance computing chip POWER7. After a few back and forth, he became a rising star in the semiconductor industry. Bob Mansfield, the head of Apple's hardware, highly recommended Johny Srouji to Jobs, and Jobs decisively hired him.</p><p>Again: Of course, a person's destiny depends on self-struggle, but he must also consider the historical process. Most people in Apple's chip team have dedicated their careers to the ill-fated RISC, but in the process of rushing to the Intel x86 empire, they basically lose more than win. These people, like Apple, finally waited for the moment when the industrial ecology underwent drastic changes.</p><p>Many great gods returned to their positions, and Johny Srouji was appointed as the head of the entire chip team. He later recalled what Jobs said to him []: \"If you want Apple to really stand out and provide users with truly unique and great products, the only way is to have your own chip-you have to control it and own it.\"</p><p>It takes at least several years for a new processor to go from design to mass production. Therefore, the successor models of the original iPhone-including the 2008 iPhone 3G and the 2009 iPhone 3GS-still use Samsung chips. At the same time, Apple's acquisition continues, and the last piece of the puzzle in the plan is a company named Intrinsity in Texas.</p><p>The company specializes in a technology called Fast14, which can accelerate the general-purpose core provided by ARM from 650MHz to 1GHz. In 2009, Samsung announced its cooperation with Intrinsity and used their technology to create the \"Hummingbird\" core and S5PC110 chip-this chip was installed on Samsung's first-generation Galaxy S mobile phone, which sold well around the world and became the earliest challenger of the iPhone.</p><p>After realizing the value of Intrinsity, Apple took Intrinsity ahead of Samsung, which caused Samsung to never use Intrinsity's technology in the future. 2010 is also the beginning of Samsung and Apple parting ways-Samsung claims to be the leader of the Android camp and has gone to war with the iPhone in an all-round way, while Apple still has to rely on Samsung in terms of screens, flash memory and chips, so it can only bite its teeth and swallow it.</p><p>Against the background that the two companies are seemingly separate from each other and the undercurrent of cooperation is surging, Apple's first-generation self-developed chip A4 was released in January 2010, which led to the scene at the beginning of this article.</p><p>Apple's own team's contribution to the A4 is actually not great. Most of the design work of the A4 is done by Samsung and Intrinsity, and they are actually identical twins with Samsung's S5PC110 chip. Therefore, when some dismantling mechanisms performed microscopic photographs and infrared imaging on the A4 bare chip and found that Apple's so-called self-developed core was the same as that of the S5PC110, ridicule was overwhelming.</p><p><img src=\"https://static.tigerbbs.com/a1722e3d2e2e8719cc9245cadf0f062e\" tg-width=\"550\" tg-height=\"346\" referrerpolicy=\"no-referrer\"/>Comparing A4 and S5PC110, the ARM core is almost the same</p><p>But Johny Srouji and his team were hardly affected, and the addition of Intrinsity's team of more than 100 people made Apple even more powerful. Several teams from different backgrounds gathered together, and they focused on the A5, and raced against time to make the A5 catch the iPhone4S scheduled to be released in 2011.</p><p>On the other hand, Jobs asked Cook to send his general and vice president of operations Jeff Williams to secretly go to Taiwan to contact TSMC. Zhang Zhongmou personally received him at home. The two sides drank red wine and reached an agreement: Apple will transfer chip foundry orders to TSMC in the future, and TSMC promised to prepare US $9 billion in factory construction funds and 6,000 workers to ensure production capacity.</p><p>Soon, the whole world will witness the shocking process of Apple's chip team blocking and killing gods and Buddhas blocking and killing Buddhas.</p><p><b>God blocks killing God, Buddha blocks killing Buddha</b></p><p>Driving north from bustling Tel Aviv, Israel, through the salty sea breeze, you can reach Herzliya, a city bathed in Mediterranean sunshine, within 30 kilometers.</p><p>Far from Gaza and the West Bank, you'll hardly see the white smoke in the sky as the Iron Dome intercepted Hamas rockets. People enjoy white sandy beaches, dense cafes and lush boulevards, and the lifestyle is not like the Middle East but more like California. In this quiet town, more than 1,000 employees are developing chips for Apple.</p><p><img src=\"https://static.tigerbbs.com/cc131ec5f85f5aae71673b2bf7cad5f9\" tg-width=\"550\" tg-height=\"289\" referrerpolicy=\"no-referrer\"/>Apple's research and development center in Herzliya</p><p>Apple has deployed a huge army in Israel. On the one hand, it is related to Johny Srouji being an Israeli, and on the other hand, it is also because Israel itself is a rich mine of semiconductor talents. Since 2011, Apple has established the second largest overseas R&D center 12,000 kilometers away from Silicon Valley through recruitment and acquisition, almost all of which are chip-related.</p><p>It is difficult for people to find clues about Apple's core making in the news of the Levant region, such as the Syrian civil war and the rise of ISIS. Apple's silence also makes Johny Srouji's team mysterious, and he himself rarely gives interviews. Later, Bloomberg finally got an exclusive interview opportunity in 2016, and the title was very straightforward [10]: The most important Apple executive you've never heard of.</p><p>In fact, apart from increasing rumors and speculation, this deliberate effort did not have a \"low-key\" effect-because the powerful performance of A-series chips has hit everyone's face.</p><p>The A4 in 2010 received mixed praise, but the two dual-core chips, the A5 in 2011 and the A6 in 2012, are already in line with the quad-core chips of Android phones in the same period in terms of performance. In 2013, Apple took the lead in launching the world's first 64-bit processor A7, leaving Qualcomm and Samsung, which were still in the 32-bit era, far behind. Mobile SoC has since entered the 64-bit era.</p><p>If you want to understand Apple chips, you need to first understand some facts: ARM actually sells two things, one is called \"architecture licensing\", and customers can design their own cores according to the instruction set architecture; One is called \"public version kernel\", which is a kernel designed by ARM for you. Customers can buy it home and integrate it into their own chips.</p><p>To use an analogy that may not be appropriate: \"architectural licensing\" is like selling ingredients. ARM helps you wash and peel them. You don't have to build a vegetable garden to grow it yourself (lowering the cost of chip design), but whether the final food is good or not depends on your level of frying and cooking; The latter is ready-made food made with the above ingredients. When you go home, put some chopped green onion and simply cook it, and you can soon get together a banquet.</p><p>Of course, \"ready-made food\" sounds simple, but there are not many things that can be done well in the world. Even fewer people dare to try to cook and develop private version kernels by themselves. For example, ARMv8's \"architecture license\" has only 15 customers worldwide. Apple's A4 and A5 both buy the public version of the core, which is equivalent to eating the \"ready-made food\" for two years. Since the A6 chip on the iPhone5, Apple wants to cook itself.</p><p>Johny Srouji's team first launched the Swift core based on the ARMv7 architecture, which made the A6 well received; ARM released a new ARMv8 architecture at the end of 2011. Apple made every effort to develop the Cyclone core based on the new architecture within 12 months. The A7 equipped with the new core became the world's first 64-bit processor, pulling down Qualcomm and Samsung.</p><p>The story after that is familiar. From the A7 to the A16 released last year, Apple's A-series chips have basically crushed the same-level chips in the Android camp.</p><p>The chip design capabilities tempered by the A series unexpectedly \"overflowed\" to Apple's other hardware innovations. In 2014, Apple released the first-generation Apple Watch, which was equipped with Apple'S self-developed S-series chips; In 2016, Apple released the first generation of Airpods, equipped with self-developed W series chips (later replaced by H series).</p><p>Airpods are a model of chip-driven hardware innovation. Before the emergence of Airpods, most products on the market needed to use solid lines to connect two headphones. However, Apple implemented Bluetooth signal monitoring through the W1 chip, eliminating cumbersome transmission lines, and greatly improving delay, noise reduction, battery life, etc. The experience basically redefines the product \"wireless Bluetooth headset\".</p><p>In 2018, Apple, whose internal strength has advanced by leaps and bounds, finally made an earth-shattering decision: reaim its gun at Intel.</p><p>This is probably the most difficult nut to crack since the birth of the semiconductor industry. As mentioned earlier, Intel has been in the middle of its birth for half a century, and its feet are full of the bones of challengers. The x86 empire is not only close to monopoly on PCs, but also pushes the RISC camp out of the market in the fields of servers and high-performance computers (HPC).</p><p>Since Apple dares to challenge Intel here, it will definitely not fight an unprepared battle. In fact, after years of muffled development, the number of Johny Srouji's team has exceeded 4,000 people, and its combat effectiveness is off the charts. More importantly, many technologies of the A series can be used with the M series (the code name of Apple's desktop chip).</p><p>For example, Apple has designed two cool cores based on the ARMv8 architecture, Firestorm and Icestorm. The former has high performance and the latter has low energy consumption. The A14 chip released in September 2020 uses these two cores (2 +4), and the M1 chip released in November 2020 also uses (4 +4).</p><p>Of course, the complexity of designing desktop-level chips is much greater than that of mobile phone chips, and the probability of rollover is also high. Therefore, when Apple informed Intel of the decision to change the chip, the latter was shocked and warned of the risks. Apple said, \"This is not the first time we have changed the chip\", and frequently complained about Intel's toothpaste-style product upgrade, which was like acting in a movie: the determination to break up.</p><p>It is not only Apple that is dissatisfied with Intel's squeezing toothpaste, but many users in the Wintel camp also secretly hope that Intel will be under some pressure; Those fruit powders who have seen the rolling-level combat effectiveness of Apple's A-series chips are naturally looking forward to it; For observers in the semiconductor industry, this matter is even more significant-northwest Shanxi hasn't been a pot of porridge for a long time, and the bigger you Li Yunlong make, the better.</p><p>In November 2020, Cook released the Macbook Pro equipped with the M1 chip. At the moment of showing off the performance of the M1, all chip players held their breath.</p><p>M1 has a total of 16 billion transistors. It integrates 8-core CPU (4 large and 4 small), 8-core GPU, image processing unit (ISP), neural network unit, etc. on a silicon-based SoC, and greatly improves internal communication bandwidth through unified memory technology. The performance of single-core and multi-core can be simply understood as being between Intel's i7 and i9.</p><p>The powerful performance of M1 has reached the point that Intel is silent and AMD shed tears. Even Apple's internal executives are surprised by the performance of M1. After the press conference, Craig Federighi, head of Apple's software, and John Ternus, head of hardware, said bluntly in an interview [11]: Apple itself did not expect the M1 chip to bring such great progress.</p><p>Apple executives may still be suspected of Wang Po selling melons, but Macbook sales will not lie: in 2021, notebook sales will surge due to the epidemic, but Macbooks will grow the fastest, with a market share of more than 10% and an expansion of 24%; The epidemic will ebb in 2022. Against the background of the decline in global notebook sales, Macbooks will continue to grow, and their share has reached 14%.</p><p>After M1, Johny Srouji's team continued to attack the city and successively launched M1 Pro, M1 Max, M1 Ultra and M2 chips, gradually replacing the Intel chips of other Apple desktop devices. Johny Srouji also began to go to the front desk, frequently appearing at Apple press conferences, and there were even rumors that he would take over as CEO of Intel.</p><p>Although Apple will not sell M-series chips to the outside world and go to a direct war with Intel, the 30-year struggle between the two companies has finally come to an end.</p><p>Not only Intel, but also Apple has intersected with almost all semiconductor giants: it abandoned IBM and Motorola, which directly led to their withdrawal from the chip field; It cut off Samsung and supported its rival TSMC; It suppressed Qualcomm, and made all Android kings afraid to talk about being on par with A-series chips...</p><p>A story of Apple's core making, half a history of the rise of Silicon Valley. Looking back, Apple's core-making counterattack was so long that this story almost covers most of the influential figures and events in Silicon Valley-from the origin of integrated circuits to the revolution of personal computers, from the Wintel Alliance Dominance to the counterattack of the RISC camp, from the birth of ARM to the rise of TSMC...</p><p>What enlightenment can an Odysseus-style homecoming story bring us?</p><p><b>Revelation</b></p><p>If you simply ask what reference significance is the story of Apple's core-making, then the answer is very simple: there is almost no reference significance.</p><p>Apple is a company that took off at the same frequency as Silicon Valley, and its history itself is a part of Silicon Valley. Jobs, a native of Silicon Valley, has a close personal relationship with many chip gods in textbooks. For example, Robert Noyce, founder of Fairchild and Intel, even joked to his wife: If Jobs calls me so late again, I will kill him.</p><p>The \"one prerequisite and three conditions\" for core manufacturing mentioned above, in addition to the \"prerequisite\", include funds (profit margin and capital reserve), team (talent density and appeal) and customers (market share and user stickiness), coupled with the characteristics of the founder, you will find that Apple's success cannot be replicated not only by Chinese companies, but also by no second company in the United States.</p><p>If this cool article can provide any inspiration, then the author would like to mention a less grand and surging angle: computers and chips are \"industries\", but they are also \"science\".</p><p>The \"bright line\" of the story of Apple's core manufacturing is how a consumer electronics company tolerates how it breaks out and finally understands its grievances; The \"dark line\" is the thirty-year struggle between two different chip design concepts, CISC and RISC-this struggle is essentially the development of the \"science\" of Computer Architecture (Computer Architecture) in the \"industry\" extension.</p><p>What can characterize an industry? Output value, profits and taxes, market share, employed population. What can characterize science? Theories, laws, ideas, breakthroughs at the bottom. Computers and chips are of course industries, but they are two sciences that were born less than 100 years ago and are still evolving and breaking through. The elements in Apple's story remind us of the fact that the United States is the birthplace of these two sciences.</p><p>What makes up the two scientific buildings of computers and chips are transistors, integrated circuits, Unix, compilers, Ethernet, GUI (user graphical interface), RISC, databases, TCP/IP, object-oriented programming, laser printing, artificial intelligence, floating-point computing, neural networks, machine learning... almost all of them appear in the United States.</p><p>Industry is easy to transfer, but science is not easy to transfer, or science cannot be transferred. Only by carefully cultivating the scientific spirit can we blossom and bear fruit on our own land. Although many industries in the United States have been transferred out, they still control the innovation of computer and chip science. So far, almost all of the more than 70 ACM Turing Award winners are Americans.</p><p>Understanding this, it is easy to answer many people's questions: Why is it so easy to get stuck when my industry is so large?</p><p>Of course, considering the starting point, it is not easy to start the industry first. After all, when Apple was founded, the Gang of Four was still on stage. In the 1984 Los Angeles Olympic Games, western journalists all used IBM PCs, but Chinese journalists only had pen and paper. Agence France-Presse wrote: \"Among the 7,000 journalists covering the Olympic Games all over the world, only Chinese wrote their reports by hand.\"</p><p>In the more than 40 years of rapid economic development, both the heads of large enterprises and the section chiefs of 18th-tier cities are used to thinking about problems with \"industrial\" thinking. Just like Yang Yuanqing talked to Musk in 2014, the former asked the latter: In 2013, Lenovo sold a total of 115 million devices, how many cars did Tesla sell?</p><p>Parameters such as output value, scale, and market share are indeed of great significance, but they should not be obscured by the issues that should be paid most attention to. In the past, too many companies were keen on scale, people, and price wars. After achieving certain results, they did not dare to climb up the chain, but were still immersed in low-quality zero-sum games.</p><p>Is industrial thinking important? Of course, it is important, and its significance for developing countries cannot be overemphasized. But for a \"strenuous\" country that is climbing upward, scientific thinking must not be missing. In recent years, however, there is often a common phenomenon: few people chew hard bones, but a bunch of people roll up what seems easy.</p><p>Chinese technology companies that have a firm foothold, the whole society should encourage them to devote their energy to cutting-edge scientific breakthroughs, instead of urging them to plant trees and donate money. And they themselves should not be fooled by those scale indicators-countries as rich as Apple have spent thirty years sharpening their swords, let alone those whose profit margins are often only in single digits?</p><p>In recent years, more and more companies that rely on \"technology\" to make money have emerged in China, and have established a voice in the global industrial chain. However, at the moment when the neck is stuck, people can't help but sigh like this: If there are more companies like xxx Just some. Penetrating some exciting data, we often find that the gap in many industries is still huge.</p><p>Know yourself and your enemy, important confidants. To paraphrase what Fan Zhiyi said after the national football team lost to Thailand: \"Be pragmatic and understand the concept of this football first.\" For many industries in China, there are indeed too many things to understand, and all industry participants need patience, patience and patience.</p><p></body></html></p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://mp.weixin.qq.com/s/2wE5hdpJHuoc4T7_ZjrywQ\">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/f95af5b53a826d7276ad78de75357175","relate_stocks":{"AAPL":"苹果"},"source_url":"https://mp.weixin.qq.com/s/2wE5hdpJHuoc4T7_ZjrywQ","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1192151009","content_text":"2010年1月，癌症晚期的乔布斯在第一代iPad发布会上，首次向世人展示了苹果自研的A4芯片。这枚45nm制程的芯片由三星代工，内置ARM的Cortex-A8内核，拥有1GHz的运行频率，性能突出。尽管它的历史意义重大，但在长达一个多小时的iPad发布会上，乔布斯对于A4芯片只用了寥寥数语带过，花的时间加起来还不到20秒。这是一种刻意的低调，苹果在发布会前对自研芯片三缄其口，这跟苹果造芯的历史有关：作为微型计算机最重要的普及者之一，苹果跟集成电路技术几乎同时起步，在成立后的30多年里数次向芯片发起冲锋，结果却是屡战屡败。果不其然，敏感的媒体嗅到了线索，并大都对苹果自研芯片这件事持嘲讽态度，普遍认为“A4芯片参考了三星设计，苹果厚着脸皮把自己牌子贴了上去”。科技媒体Ars Technica则认为A4设计平庸，“没什么值得大书特书的”。理性去看，苹果自研手机芯片的确困难重重。2010年的移动芯片市场早已巨头林立：高通的Snapdragon横扫千军，三星的Exynos蓄势待发，Nvidia的Tegra雄心勃勃，甚至连Intel的Atom也觉得自己能行，试图分一杯羹。但人们低估了苹果想撬开铁板的决心：一年之后，苹果在iPhone4S发布会上展示了第二代芯片A5，CPU性能是A4的两倍，GPU性能是A4的9倍，性能提升巨大，这让业界意识到一个事实：苹果已经的确拿到了那张通往半导体制高点的昂贵门票。遗憾的是，布局者乔布斯却没能目睹接下来的故事。在病床上看完A5亮相的直播后不久，他就撒手人寰。十年后，苹果已经构建了一个包括A系列（手机&平板）、M系列（桌面PC）、H系列（耳机）、S系列（手表）等多个产品线的半导体帝国，尤其是当库克在2020年底向人们展示替代Intel的M1芯片时，人们感受到难以言表的震撼。苹果M1芯片2000年之后，两个芯片行业新入局者的故事最曲折，一个是华为海思，一个就是Apple Silicon，前者呈现的是张巡守睢阳式的悲壮，后者则更像是一部描写奥德修斯返乡的荷马史诗，两者都或多或少改变了中美科技战的节奏。苹果造芯是一部连续的历史，以A4为界，before和after的故事都玩味：A4之前，苹果是竹篮打水、屡战屡败；A4之后，苹果是神挡杀神、佛挡杀佛，三星、高通、Intel这些全球芯片顶级玩家，或被苹果击败，或被苹果抛弃。这是一个关于商业的故事，但更是一个关于计算机这门“科学”的故事。150美元的蝴蝶翅膀许多年之后，面对M1芯片，史蒂夫·沃兹尼亚克（Steve Wozniak）可能会想起第一次见到Intel 8080的那个遥远的晚上。作为苹果的联合创始人，沃兹尼亚克在1975年——苹果成立前的一年——的“家酿计算机俱乐部”聚会上看到了那个出现在《大众电子》1月刊封面、号称第一台个人计算机的Altair 8800，以及驱动这台电脑的Intel 8080芯片。印有Altair 8800的杂志封面人类自1950年代末进入晶体管和集成电路时代之后，电子计算机的尺寸就在每年以肉眼可见的速度变小。这个进程由年轻的硅谷推动，无数新兴的公司在这片热土上竞赛。到了1970年代，计算机离走入寻常百姓家，只差几层窗户纸了。Altair 8800被公认为点燃了微型计算机革命的火种，它启发了比尔·盖茨和保罗·艾伦推出了微软历史上的第一款产品——BASIC编程语言，也让沃兹尼亚克萌生了自己组装一台计算机的想法，唯一的问题在于：Intel 8080太贵了。一台组装好的Altair 8800售价621美元，但8080散装片就要170美元，沃兹尼亚克形容“比我一个月的房租还贵”，于是他就开始寻找替代品：先是找到了摩托罗拉6800，通过熟人买只要40美元/枚，后来又找到了6800的大牌平替——MOS Technologies公司制造的MOS 6502，20美元就能上车。当沃兹尼亚克把组装好的微型计算机展示给乔布斯的时候，后者大吃一惊，并意识到这可能是一次伟大的商业机会。对于沃兹尼亚克放弃Intel芯片，乔布斯也很满意，他认为“技术只是手段，最终是为了改善消费体验。”这台由20美元廉价芯片驱动的微型计算机，便是苹果第一代产品Apple I。就这样，苹果的故事开始了。这一年，乔布斯20岁，沃兹尼亚克25岁，计算机世界仍由IBM大型机主宰，Altair仍是极客们的玩具，英特尔还在硅周期的首次衰退中艰难生存。两个史蒂夫无法意识到：在芯片上省下的150美元，未来要花千万倍的代价补回来。1977年，苹果推出第一款成熟产品Apple II，销量疯涨。它以漂亮的外观和内置键盘示人，沃兹尼亚克的编程技术和乔布斯的设计审美被体现地淋漓尽致。但这些长板掩盖了一个问题：Apple II 仍然在使用廉价的MOS 6502处理器。而1981年底苹果的Apple III，CPU仍然是这款老旧的6502，而竞争对手IBM已经用上了Intel的8088芯片，性能是当年沃兹尼亚克舍弃的8080的10倍左右。简单对比：MOS 6502晶体管数量只有3000多，而Intel 8088却高达29000。廉价但“够用”的芯片能够让苹果保持极高毛利率，但大前提是硬件不会成为短板，至少不能拖软件的后腿。显然，诞生在1975年的6502芯片难以支持1980年代的计算机，频繁失灵的电路板和缓慢的运行速度最终让Apple III销量惨淡。来自竞争对手的压力也越来越大。1981年，IBM一改平时笨重的身段，推出了使用微软MS-DOS和Intel 8088的兼容个人计算机（又称 IBM PC），获得巨大成功，并把除苹果之外的几乎所有个人计算机厂商都拉进了“微软+Intel”阵营。而那会的Intel还没有转型做牙膏，同期发布芯片性能沿着摩尔定律一日千里，1974年推出8080，1978年推出8086，1982年推出80186和80286，此后便是80386、80486以及划时代的Pentium——其中文名更是成为一整代人的回忆：奔腾。但在早期错过后，以乔布斯的性格很难再重投Intel的怀抱，尤其是Intel已经是敌对阵营的核心骨干。好在那会儿硅谷能跟Intel掰手腕的公司有不少，摩托罗拉就是其中之一。1976年Intel内部正在开发16位的8086，摩托罗拉得知后决定直接干一票儿大的——你既然搞16位，那我就直接上32位。经过4年的研发，1980年摩托罗拉推出了性能强悍的Motorola 68000芯片。Motorola 68000芯片68000芯片又称“68k”，意思是芯片内部有68000个晶体管，它的性能大概是Intel 8086的两倍左右（价格也更贵），因此被广泛用在惠普、Sun、DEC的高端机以及对性能要求高的游戏机上。对于急欲寻求新芯片、又不想委身Intel的乔布斯来说，更是久旱逢甘霖。因此决定苹果命运的新产品Macintosh（也就是第一代的Mac）决定使用68000芯片，项目经理Jef Raskin本来想用性能低但便宜的摩托罗拉6809，但被吃过亏的乔布斯一口否决，并亲自出马把68k的批发价从125美元/枚砍到了35美元/枚。1984年1月24日，一代经典Macintosh正式发布。由《银翼杀手》导演执导的广告“1984”将苹果包装成反IBM奥威尔式统治的反叛者，惊艳了所有人，乔布斯也泪撒发布会现场。Mac的问世，给80年代的PC革命浪潮烙下了最深的印迹。发布第一代Macintosh的乔布斯，1984年68000芯片的确不负众望，其强劲的性能有力支撑了炫丽的图形界面和方便的鼠标操作。但第一代Mac却在其他方面掉了链子，比如内存只有128K，后来升级到512k也仍然不够用（至少需要1000K）。经过发售前期的热销后，曾被赞誉“将计算机技术与艺术完美结合”的Mac就因为其缓慢的运行速度，销量大幅下滑。1985年春，试图罢免CEO斯卡利的乔布斯被后者反将一军，联合董事会赶出了公司。乔布斯走了，但他当时选定的68000芯片却被继续委以重任。从1985年到1994年，Mac的后续版本全部都采用680x0家族芯片，从68000一直到68060。摩托罗拉的680x0家族，也是当时不多地能跟Intel 80x86家族分庭抗礼的势力。没有拜入Intel x86架构的阵营，让苹果避免了沦为给“Intel Inside”打工的角色——这类角色最后被惠普、Dell和联想所扮演。但这一选择也给苹果带来了潜在的隐患：当Intel沿着摩尔定律狂飙的时候，摩托罗拉这条细狗能行吗？事实上，尽管680x0家族芯片在某些性能上不输Intel 80x86家族，但Intel在出货量方面碾压摩托罗拉，而当时的芯片产业基本都是IDM垂直整合模式，设计制造封测一把抓，这种模式存在一个规则：重资产导致的规模经济效应。举一个例子：假如A和B两家芯片公司都生产某类型，A是行业老大B是老二，A生产了100万枚，B生产了30万枚，B的盈利会是A的30%吗？答案是否定的。不但到不了30%，可能连3%都到不了，更有可能的情况是A赚钱，B亏钱。一颗CPU售价可能只有30美元，但固定成本（研发投入和生产线）可能要几亿美金，造的芯片越多，每一枚芯片上分摊的成本才能越低。而Intel x86架构芯片和摩托罗拉680x0家族芯片销量的差距，远比100万枚和30万枚的差距大。这让摩托罗拉越来越难以跟上步伐，新款芯片的开发经常延期，比如原本计划要在1989年发布的68040，前后拖了整整一年，差点儿让苹果的新产品翻车。但苹果又毫无办法，还得小心伺候着摩托罗拉，享尽了受制于人的苦恼。幸运或者不幸，乔布斯已经没机会站在第一线去解决这些难题了。接下来的十年，他将以一个旁观者的身份目睹了苹果陷入了一个疲于应对“Intel+微软”阵营、尝试造芯却又屡战屡败、最终市场份额被步步蚕食的恶性循环。没人知道如果当年沃兹选择Intel会发生什么，但毫无疑问，那省下的150美元，一定是改变了某些历史进程的蝴蝶翅膀。令人绝望的90年代在两个Steve都还在苹果的1981年，同在加州的两个名叫David的人则做了一项影响深远的工作。1981年，加州大学伯克利教授David Patterson和博士生David Ditzel发表了“The Case for a Reduced Instruction Set Computer”这篇论文，其中Reduced Instruction Set Computer中文译名为“精简指令计算机”，取其首字母作为缩略词，便是日后大名鼎鼎的——RISC。David Patterson（左）和Carlo Séquin，1981年有“精简指令计算机”，便有“复杂指令计算机”，即CISC。两者的区别可以简单理解为在采用RISC设计理念的处理器里，指令更短，长度统一，速度更快；而采用CISC设计理念的处理器里的指令大都冗长复杂，运行效率较低。在微处理器刚问世的那个年代（世界上第一款商用微处理器是Intel的4004，于1971年推出），设计者通常都需要绞尽脑汁来平衡成本和性能，指令集设计的缺陷也就顾不上了，因此早期主流的微处理器包括Intel 8080和摩托罗拉 68k，都可以被归类为CISC架构。这就是这篇论文出台的背景。两位作者它们重新定义了一种新的CPU设计方法——RISC，并将任何不满足RISC理念的处理器都归类为CISC。这让Intel十分沮丧，毕竟谁也不想人在家中坐，一顶“复杂”的帽子却从天上来砸了过来。在Intel不爽的同时，一直在试图寻找破局点的苹果却彷佛抓住了救命稻草。在80年代后期，IBM兼容机阵营（IBM、惠普、Dell等）也用上了微软的图形化操作系统——Windows，逐渐把苹果挤到了角落。尽管在桌面出版等几个高端领域仍然强势，但苹果必须不断提高硬件性能来守住最后的一亩三分地，芯片显然是一个好的突破口。而在RISC理念提出后，硅谷积极响应，斯坦福的MIPS、Sun公司的SPARC、DEC的Alpha等项目都取得了一定程度上的成功。这让苹果觉得“我上我也行”，加上摩托罗拉的芯片供应经常翻车，于是苹果管理层大手一挥：自己搞芯片。稳妥起见，苹果选择跟运营商AT&T合作，陆续启动了两个RISC项目：水瓶座（Aquarius）项目和霍比特人（Hobbit）项目，前者想用来替换摩托罗拉68000，作为Mac的主力芯片；后者则想用在正在研发的Newton掌上电脑上面。可惜，苹果毕竟在芯片设计领域毫无经验，而AT&T也早已不是那个凭借贝尔实验室号令天下的AT&T了，两个臭皮匠合在一起凑不出半个诸葛亮，“水瓶座”和“霍比特人”先后铩羽而归，几千万美元的研发经费都打了水漂。在此期间Intel x86架构却继续高歌猛进，甚至虚心学习RISC理念。在水瓶座项目被搁置的1989年，英特尔推出32位的80486，在x86系列芯片中首次使用RISC技术；1993年，英特尔推出奔腾处理器，开始了对CPU市场的长期垄断。苹果将“水瓶座”和“霍比特人”的失败归结于搭档的无能，因此在1990年，苹果选择了更强大的盟友一起造芯——老冤家IBM和老朋友摩托罗拉，三者组成了当年PC产业界最受人关注的“AIM联盟”（Apple、IBM、Motorola）。IBM和摩托罗拉各有各的心思：IBM搞了几年兼容PC机后，发现自己根本卷不过Dell和康柏这种后起之秀，有点后悔自己把PC芯片外包给了Intel；摩托罗拉的诉求则更简单：自己独自对抗Intel，约等于骑着雅迪去追奥迪，实在是扛不住了。新联盟信心十足。IBM很早就开始了RISC技术储备（甚至早于David Patterson提出RISC），80年代更是成功研发了基于RISC的POWER架构高端芯片，在服务器和工作站领域独霸一方。这次合作的计划，就是把POWER架构“下沉”到PC机上。而摩托罗拉虽然不太靠谱，但好歹拥有消费级芯片开发经验，加上苹果当时每年还能卖130万多台（1990年）终端电脑，确保新芯片的采购量能够突破盈亏平衡的规模线。因此AIM联盟决战Intel，可谓是八十万对六十万，优势在我。就这样，AIM联盟于1990年启动，新的芯片被命名为：PowerPC——在IBM原先的POWER一词后加上了“PC”两个字母。第一款芯片PowerPC 601的开发于1991年10月正式开始启动，历经21个月完成，并于1993年7月开始量产。值得一提的是，“换芯”是一项极其复杂的工程，大概要完成三件事：一是重写操作系统的底层代码，工程量浩大；二是搞定代码转化器，确保新芯片能兼容之前的软件；三是为软件开发商提供新的开发工具，并说服他们用起来。在PowerPC 601尚在研发的时候，苹果的工程师就已经在紧锣密鼓地准备，并在芯片量产前成功地完成绝大部分工作。攒下这些“心脏移植”的经验对苹果来说非常重要，因为这虽然是它第一次“换芯”，但绝对不是最后一次。1994年3月，第一代搭载PowerPC芯片的Mac在曼哈顿发布，苹果终于换芯成功，这也意味着摩托罗拉68000系列的谢幕。媒体对此不吝赞美。MacWorld评价：“苹果夺回了8年前失去的性能领先地位”。消费者反馈也非常积极，光是在预售阶段就卖出15万台；1995 年1月，销量突破100万台；而到了1995年年中，Power Mac几乎取代了之前所有搭载摩托罗拉680x0家族芯片的型号。换芯后，苹果频繁拿同期Intel的芯片来做对比：1997年，苹果宣称PowerPC G3性能是同期奔腾II的两倍；1999年，苹果宣称PowerPC G4是同期奔腾III的2.94倍；2003年，苹果宣称PowerPC G5更是吊打奔腾4——这种“遥遥领先”的口气，连余承东老师都直呼内行。Wintel阵营被吓傻了吗？没有。相反，他们的应对策略是：你打你的，我打我的。这种自信来自于哪儿？自信来自产业规律。上一章提到，重资产的IDM模式导致了芯片的规模效应，跟当年鏖战680x0家族时一样，x86芯片在成本方面始终压对方一头，甚至优势还在不断扩大——Intel市占率在1985年是50%，到了1995年则已经超过80%。没有规模，就没有利润；没有利润，就不可能有用来改善产品缺陷的足够资金。PowerPC由于是来自IBM服务器和工作站芯片的“下沉”，不可避免地带有功耗大，发热高的问题，但资金捉襟见肘的AIM联盟始终无法解决。比如号称性能吊打奔腾4的PowerPC G5，功耗极高，发热巨大，苹果不得不重新设计机箱结构才能容纳下巨大的散热器，高配版甚至需要安装一套水冷系统，这让人很多业界人士疯狂嘲讽：这货也好意思称自己是RISC？PowerPC G5芯片所占的巨大体积要说产品缺陷，x86架构的问题一点儿都不少，比如指令复杂，寄存器少，功耗也很高。但Intel凭借强大的资金实力，一手改善架构缺陷，一手狂砸制程工艺，不仅把RISC阵营挡在PC主流之外，还把服务器和HPC（高性能计算机）领域的份额给蚕食殆尽。Intel在PC、数据中心、HPC的市场占有率软件生态更是一道难以逾越的鸿沟。一个故事是：影像软件巨头Adobe靠苹果发家，第一代Photoshop就是只发在Mac系统。1993年Adobe重点转向Windows，乔布斯回归后请求Adobe多给Mac开发一些软件，比如Premiere，结果因为用户太少被当面拒绝，乔布斯至死都没原谅Adobe。90年代的WinTel联盟已经进入到了自我加强的良性循环：出货量大→摊薄CapEx→众多厂商采购→软件生态繁荣→消费者认可→出货量继续大增。PowerPC在凭借IBM的技术家底和RISC的先进性取得一定成果后，还是无法打破这个循环，也无法构建自己的循环。评价一款CPU是否成功主要看三点：架构、制程、软件生态。架构靠先天遗传，制程靠后天努力，软件生态则靠合纵连横。RISC架构的确给了PowerPC一些先天优势，但后面两个的短板实在差距太大，AIM联盟忙活半天，发现自己骑的还是雅迪。难道真的没有破局点了吗？其实是有的。历史告诉我们，再牢固的商业壁垒和护城河，都无法做到千秋万载一统江湖。只不过苹果寻找的破局点，并不在自己身上，而是在于两个当时名气还不大的名字：一个叫台积电，一个叫ARM。而后者，恰恰就是苹果在绝望的90年代埋下的一颗种子。打不过要不就投降？硅谷早已天下闻名，但众所不周知的是，英国有个低配版的硅谷——硅沼（Silicon Fen）。硅沼指的是英国剑桥郡周边的一片区域，因为地处不列颠岛一片沼泽地（Fenlands）的南端，所以起了一个古怪的名字。这里大约等于上海的张江或者深圳的粤海街道，聚集了大批高科技公司，其中最有名的就是成立于1990年的Arm。Arm的诞生跟RISC浪潮也息息相关。早在1983年，Arm公司的前身Acorn Computer受伯克利Patterson教授的RISC论文启发，想设计一款基于RISC理念的芯片，于是便启动了一个名叫Acorn RISC Machine项目，其首字母缩写便是ARM。Acorn公司没有制造能力，便委托美国公司VLSI Technology代工，并在1985年成功出芯。后来苹果的工程师寻找摩托68000的替代品，有一次使用ARM2芯片在模拟68000环境运行Mac软件，发现居然跑得比68000更快，便将ARM列为备选。到80年代末，苹果跟AT&T合作的Hobbit（霍比特人）项目搁浅，于是ARM芯片便成了天坑项目“Newton掌上电脑”的主芯片。苹果想干脆备胎转正吧，于是向Acorn提议成立合资公司，条件是Acorn必须向新公司转让ARM所有知识产权和12名核心员工。Acorn公司店小利薄，自然一口应允，而给ARM芯片代工的VLSI表示也想上车。于是1990年，三家成立合资公司，苹果投资300万美元占股30%（后来上升到43%），新公司叫做Advanced RISC Machine（改了一个单词），缩写还是ARM。跟逐渐陷入困境的苹果相比，ARM公司反而越做越顺，凭借低功耗芯片技术和特殊的商业模式（向其他公司授权芯片架构），ARM公司在1993年便实现了盈利，在1998年完成了上市，股价更是趁着90年代末的科技股泡沫大涨。因此，乔布斯在1997年回归苹果后，惊喜地发现斯卡利居然给他留了这么一份厚礼。乔布斯在被驱逐出苹果的12年（1985-1997）里经历曲折，本文不再赘述。1997年，他创办的NeXT公司被苹果收购，乔布斯以特别顾问的身份回归，此时苹果的PC市场份额已由16%跌至4%。到了1996年，苹果亏损10亿美金，账面现金一度只够维持3个月的运营。而乔布斯也变化巨大。从1985年开始，他见证了苹果的衰落、英特尔的制霸、AIM联盟的挣扎，见证了昔日名气远不如他的盖茨称为世界首富；他经历了父亲的逝世，也拥有了美满的家庭生活，尽管仍然桀骜不驯，但他务实了很多。中年略显发福的乔布斯，1997年比如在重新担任CEO后，乔布斯第一时间就给盖茨打电话，恳求微软给苹果投资1.5亿美金，并继续开发Mac版的Word和Excel。在谈判中乔布斯放低身段，好话说尽，甚至承诺把微软的IE浏览器当作Mac的默认浏览器——任何一个用过IE的人，都明白这有多么屈辱。然后乔布斯大刀阔斧地砍掉了苹果绝大多数的产品线，把型号从几百款压缩到10款以内，并裁掉3000多人。在砍掉的项目里，就包括投入无数资金、但销量极差的“Newton”掌上电脑，也是当时苹果唯一使用ARM芯片的项目。而对于风头正劲的ARM，乔布斯的决定务实到有一些残酷：抛售股票，给苹果救命。并非乔布斯看不到ARM的价值，而是砍掉Newton之后，苹果在ARM擅长的低功耗场景里已经没有任何产品了，而此时苹果最重要的任务是续命，而非继续挑战Intel。最终，苹果通过减持拿到了数亿美元，为自己的研发输血。1998年，苹果发布了突破性的iMac，大获成功，并带动苹果当年成功扭亏，盈利3.09亿美金；2001年，苹果发布了iPod，这款能装1000首歌曲的播放器立即风靡了全世界，到2007年，iPod已经卖出了超过1亿台。苹果彻底新生。处理完生存问题之后，乔布斯才能腾出精力来思考：如何解决Mac越来越严重的芯片问题？如上一章所述，PowerPC芯片在经历了刚诞生时的惊艳之后，便越来越难以招架Intel的x86家族。乔布斯回归之后，跟负责制造PowerPC的摩托罗拉CEO高尔文大吵了一架，在电话里，他终于忍不住骂道：摩托罗拉的芯片烂透了。从那时开始，乔布斯就暗自策划推出AIM联盟。但苹果屡战屡败的造芯经历让他知道，在条件不成熟的情况下再去搞芯片无异自杀。于是他向董事会提出了一个非常务实，但让人大吃一惊的建议：要不然咱买Intel的芯片算了。苹果的董事会讨论了18个月，最终一致同意。跟上次切换到毕竟要论换芯，苹果如果说自己第二，谁敢说第一？而为了卖产品，乔布斯还不得不继续厚着脸皮在公开场合尬吹PowerPC的芯片，比如在2003年他评价即将发布的PowerPC G5时说道：“PowerPC G5让我们拥有了全球最快的桌面计算机……这是我们（跟IBM和摩托罗拉）长期、高效合作的开端。”但芯片问题已经没法再拖下去了。2001年初苹果发布搭载PowerPC G4芯片的PowerBook，之后5年都没能升级过芯片（Intel阵营每年都升级），销量一年比一年差，原因就是后续的PowerPC G5芯片因为散热问题，死活装不进去。从2004开始，苹果开始自己历史上的第二次换芯。Intel的CEO欧德宁（Paul Otellini）举双脚赞成。毕竟长期作为反Wintel阵营的旗手级人物，乔布斯宣布采用Intel芯片，约等于董明珠某天宣布格力要从美的方洪波那里买空调压缩机。Intel派出一支精干团队与苹果合作，在6个月的期限内成功完成了所有底层操作系统的代码修改工作。而苹果的工程师也开发了一款名叫Rosetta的翻译器，确保PowerPC上的软件能够在基于Intel x86芯片的Mac上平滑运行。2005年，乔布斯公开宣布Mac将转投Intel阵营，部分追随多年的果粉十分愤怒；而等到2006年1月乔布斯终于发布了基于Intel新品的iMac和Macbook Pro时，当看到Macbook Pro相比之前的PowerBook性能提升5倍、续航提升2小时的时候，发布会瞬间又变成大型真香现场。苹果第二次换芯成功了，十年后有媒体评价：乔布斯转向Intel，是苹果最成功的冒险之一。Intel CEO欧德宁向乔布斯交付芯片，2006年命运多舛的AIM联盟终于解散了，在2004年就听到风声的摩托罗拉干脆退出了芯片业务，把资产打包剥离出来成立了Freescale（飞思卡尔），专注于汽车和嵌入式市场。而IBM也把PowerPC的部分资产卖掉，保留了给游戏机用的芯片产品线——那是另外一个故事了。解决了芯片“卡脖子”问题的苹果，在桌面计算机市场（台式机+笔记本）的占有率不断回升，2007年已经超过了10%，而后面的故事就耳熟能详了：乔布斯在2007年发布了iPhone，苹果彻底走上神坛，一步步成为全球市值最大公司。在初代iPhone研发时，乔布斯曾想趁热打铁，劝说Intel为苹果开发移动芯片——那会的Intel还没来得及向世界展示他们在移动领域的惊人无能。但因为价格没谈拢，欧德宁事后回忆：谁能想到他搞的这款手机销量会是（预计的）100倍？于是苹果转向三星。第一代iPhone使用的是三星的S5L8900芯片——严格上讲这不是一款芯片，而是一个SoC片上系统（System on Chip），由一个ARM架构芯片和一个PowerVR芯片组成，采用90nm工艺，勉强够用。*为了读者通俗理解，我们后面仍然用芯片来指代SoC。三星的半导体业务发轫于90年代，由二代李健熙亲自布局，通过“反周期定律”一步步变成全球存储芯片的老大。2006年三星进入芯片代工领域，在技术上迅速追上台积电，并通过自研的S5L8900芯片吃下成为iPhone芯片的唯一供应商。但吃过单一供应商大亏的乔布斯，心中有一个挥之不去的隐忧，那就是：万一三星变成第二个摩托罗拉和IBM怎么办？而在2007年的iPhone发布会上，乔布斯就引用了Alan Kay的一句话：真正在意软件的人，应该自己造硬件。Alan Kay是谁？他是图灵奖获得者，是面向对象编程的发明者，他在施乐PARC领导开发了历史上第一个用户图形界面，直接启发了乔布斯的Macintosh和盖茨的Windows。援引Alan Kay的话，是不是意味着乔布斯又悟出了新的启发？也许，是时候彻底解决芯片问题了。但问题是：苹果经历了如此漫长的芯酸往事，这次会不一样吗？英雄集齐不问出处在巨头几乎垄断的背景下，一个新的芯片体系要想造得出、卖得好、用得爽，需要一个前提+三个条件。一个前提就是：IDM模式造成的高门槛，必须被某种方式所降低甚至瓦解。如前文所属，摩托罗拉680x0家族和PowerPC最后都是败给了“重资产的规模效应”这条产业规律，如果这堵高墙仍然横亘在新玩家的面前，新的芯片体系很难成功。打破这堵高墙的，就是晶圆代工（Foundry）模式，尤其是进入到2000年之后，台积电和三星等公司成功缩小了跟Intel之间的差距，让之前认可度一般的晶圆代工模式不断壮大，IDM一统江湖的现状被打破，产业链出现了分工，大幅度降低了新进入者的门槛。还是用第一章的例子：假如A和B都生产同一类芯片，A生产100万枚B生产30万枚，如果两者都是IDM模式，那么B的成本永远都比A高的多。但如果B找C去代工，C可以让B跟同一制程的客户比如D、E、F等一起分摊固定成本，那么B的成本就可能跟A接近甚至打平。而ARM的崛起又进一步拉低了新进入者的成本。相比制造而言，芯片的设计环节虽然花钱少一些，但如果从头开始设计一套新的CPU架构耗资巨大且成功率很低。而ARM的授权模式和良心收费，帮助想拥有自己芯片的企业大幅降低了设计成本，进一步拉低门槛。简单总结：就是IDM模式=设计+制造+封测，被拆解分工后，ARM帮你拉低设计成本，台积电帮你拉低制造成本，封测又转移到大陆成本降到低无可低，这样即使苹果芯片的量只有Intel的5%，单个芯片的成本也不会比Intel高太多，甚至有可能打平。于是，当台积电和ARM在2000年后成功重构了产业链后，大量新兴的Fabless（无晶圆厂）芯片公司崛起，高通借助ARM的授权开始进入芯片领域，英伟达依靠台积电的代工做出了第一代GeForce显卡，甚至连AMD最后都卖掉工厂，全靠代工才跟Intel拼到现在。苹果重返造芯的一个前提有了，三个条件是什么？一是资金，二是客户，三是团队。第一是资金。产业链重构之后，造芯所需的资金其实丰俭由人，你搞一款90nm的嵌入式芯片，几百万就能上车；但如果你要搞复杂的处理器芯片（也是苹果想做的），没有10亿美金基本别想动工。当然对发布iPhone后的苹果来说，门槛两个字怎么写他们已经忘了。第二是客户。芯片造出来是第一步，卖出去是第二步，在用的过程中发现问题反馈迭代是第三步，后两者都需要愿意舍命陪你跳坑的客户。这样的客户比熊猫还稀缺，尤其是消费电子市场，芯片的一个翻车可能就万劫不复。苹果和华为，在这方面都有天然优势。第三是团队。芯片越往上设计，就越离计算机、半导体、数学这几门科学越近，要做出处理器级别的芯片，不光需要顶级的工程师，更需要顶级的科学家。而在计算机和半导体的发源地硅谷，这些人才虽然不能说遍地都是，但绝对比全世界任何一个地方都多。正在做耐久性测试的苹果芯片，2018年苹果在决定造芯之后，立马就开始了顶级人才——或者说是顶级大神的搜罗工作。首先加入团队的是人称“大D哥”的Daniel Dobberpuhl。他曾在DEC先后领导过两个著名RISC项目——Alpha和StronARM。Alpha芯片曾在工作站和服务器领域光芒四射，虽然最终还是不敌Intel，但它影响深远，你甚至能在神威太湖之光上看到它的些许影子。StrongARM最后也是差不多同样结局，最后被DEC连同大D哥本人一起卖给了Intel。Dobberpuh在Intel没待几天就离职创办了SiByte，主攻MIPS架构芯片，发展迅猛，几年后这家只有120个人的公司就被Broadcom以20亿美元的天价收购，大D哥彻底财务自由。2003年，Dobberpuh又双叒离职，创办了PA Semi，转而搞PowerPC架构的芯片。到了2008年，已经在筹划造芯的苹果收购了PA Semi。此时苹果芯片团队只有40人，PA Semi一下子就带来了150多人，大大加强了团队板凳深度。早在收购PA Semi之前，苹果就已经把这家公司里的另一位大神Jim Keller给挖了过来。Dobberpuh擅长连续创业，Jim Keller的传统艺能则是疯狂跳槽，DEC、苹果、AMD、Intel、特斯拉都待过，但每个地方他都留下了传奇作品——比如重振AMD雄风的Zen处理器。最后一位大神，是苹果从IBM挖来的Johny Srouji。阿拉伯裔的Johny Srouji出生于以色列，父亲是一名木匠，他从小学习成绩优异，考入了被誉为“中东MIT”的以色列理工学院，精通希伯来语、阿拉伯语、法语和英语。毕业后他加入IBM在以色列的研发中心。库克和Johny Srouji（左二）在IBM暂露头角后，Johny Srouji被Intel挖走，工作八年后又被IBM反挖回去，负责高性能计算芯片POWER7的研发。几个来回之后，他成为半导体届一颗冉冉升起的新星。苹果硬件负责人Bob Mansfield向乔布斯极力推荐Johny Srouji，乔布斯果断雇佣了他。还是那句话：一个人的命运当然要靠自我奋斗，但是也要考虑历史进程。苹果芯片团队中大多数人的职业生涯都奉献给了命运多舛的RISC，但在向Intel x86帝国冲塔的过程中，基本上是败多胜少。这些人跟苹果一样，终于等到了产业生态出现剧烈变化这一刻。诸多大神归位，Johny Srouji被任命为整个芯片团队的头。他后来回忆乔布斯对他讲的一段话[]：“如果要让苹果真正脱颖而，出给用户提供真正独特和伟大的产品，唯一的方法就是拥有自己的芯片——你必须控制并拥有它。”一款新的处理器从设计到量产，至少需要几年的时间。因此初代iPhone的后续型号——包括2008年的iPhone 3G和2009年的iPhone 3GS仍然使用三星的芯片。同时，苹果的收购仍然继续，计划中的最后一块拼图，是一家位于德克萨斯州的名叫Intrinsity的公司。这家公司擅长一种名叫Fast14的技术，能够将ARM提供的通用内核从650MHz加速到1GHz。三星在2009年宣布跟Intrinsity合作，用他们的技术打造出了“蜂鸟”内核和S5PC110芯片——这款芯片搭载到了三星第一代Galaxy S手机上，全球大卖，成为iPhone最早的挑战者。在意识到Intrinsity的价值之后，苹果抢先三星一步把Intrinsity收入囊中，这导致三星以后再也不能使用Intrinsity的技术了。而2010年也是三星和苹果分道扬镳的开始——三星自诩安卓阵营老大，已经跟iPhone全面开战，而苹果在屏幕、闪存和芯片方面却仍然要依靠三星，只能咬着牙忍气吞声。在两家貌合神离、合作暗流涌动的背景下，苹果第一代自研芯片A4在2010年1月发布了，这便有了本文开头的场景。苹果自家的团队在A4上的贡献其实并不大，A4大部分设计工作由三星和Intrinsity完成，跟三星的S5PC110芯片其实是同卵双胞胎。因此，当一些拆解机构对A4的裸片进行显微拍照和红外成像后，发现苹果号称的自研跟S5PC110内核相同时，嘲讽铺天盖地袭来。A4 和S5PC110对比，ARM内核几乎一致但Johny Srouji和团队几乎没有受到任何影响，而Intrinsity公司100多人团队的加入又让苹果如虎添翼。几只不同背景的队伍汇聚在一起，他们把重点放在了A5之上，并为了能让A5搭上计划在2011年发布的iPhone4S而争分夺秒。而在另一厢，乔布斯让库克派出了手下大将、运营副总裁Jeff Williams秘密前往台湾接洽台积电，张忠谋亲自在家里接待，双方喝着红酒达成协议：苹果未来将把芯片代工的订单转移给台积电，台积电则保证准备90亿美元建厂资金和6000个工人，以确保产能。很快，全世界都将目睹苹果芯片团队神挡杀神、佛挡杀佛的震撼过程。神挡杀神，佛挡杀佛从繁华的以色列特拉维夫驾车向北，穿过咸湿的海风，不出30公里就能抵达沐浴在地中海阳光里的Herzliya市。这里远离加沙和约旦河西岸，你几乎不会在天空上看到“铁穹”拦截哈马斯火箭时划过的白烟。人们享受着白色的沙滩、密集的咖啡馆和葱郁的林荫大道，生活方式不像中东而更像加州，在这座安静的小城里，有超过1000名员工正在为苹果研发芯片。苹果位于Herzliya的研发中心苹果在以色列部署一支庞大的军团，一方面跟Johny Srouji是以色列人有关，一方面也是因为以色列本身就是半导体人才的富矿。苹果从2011年开始便通过招募和收购的方式，在这个离硅谷1.2万公里的地方建立起了海外第二大研发中心，几乎都是芯片相关。人们很难在叙利亚内战和ISIS崛起这些黎凡特地区新闻里找到苹果造芯的蛛丝马迹，而苹果的缄默也让Johny Srouji的团队变得神神秘秘，他本人更是极少接受采访。后来彭博在2016年终于拿到专访机会，标题就很直接[10]：那个你从来都没听说过，但又最重要的苹果高管。其实这种刻意除了增加流言和猜测外，并没有起到“低调”的效果——因为A系列芯片的强悍性能，已经砸到所有人脸上了。2010年的A4贬褒不一，但2011年的A5和2012年的A6这两款双核芯片，就已经在性能上对齐同期安卓机皇的四核芯片。2013年，苹果率先推出全球首款64位处理器A7，将仍处在32位时代的高通、三星远远抛在身后，移动SoC自此进入64位时代。要想看懂苹果芯片，需要先了解一些事实：ARM这家公司其实卖两种东西，一类叫“架构许可”，客户可以根据指令集架构设计自己的内核；一种叫“公版内核”，就是ARM帮你设计好的内核，客户买回家整合到自己芯片里就行。用一个未必恰当的类比：“架构许可”好比卖食材，ARM帮你洗好剥净，你不用搞个菜园自己种了（拉低芯片设计成本），但最后菜好不好吃还得看你煎炸烹煮的水平；而后者则是用上述食材做好的预制菜，回家放点儿葱花简单烹饪一下，很快就能凑出一桌酒席。当然，“预制菜”听起来简单，但全世界能做好的也不多，敢于尝试自己下厨开发私版内核的人更少，比如ARMv8的“架构许可”全球仅有15家客户。苹果的A4和A5上都是买公版内核，等于吃了两年的“预制菜”，而从iPhone5搭载的A6芯片开始，苹果就想自己下厨了。Johny Srouji的团队先是推出了基于ARMv7架构的Swift内核，让A6备受好评；ARM在2011年底又发布了新的ARMv8架构，苹果全力冲刺在12个月之内就搞出了基于新架构的Cyclone（旋风）内核，搭载新内核的A7成为全球首款64位处理器，拉下高通和三星一大截。之后的故事便耳熟能详，从A7到去年发布的A16，苹果A系列芯片基本都对安卓阵营的同级芯片形成碾压。由A系列锤炼出来的芯片设计能力，不出意外地“溢出”到苹果其他的硬件创新上。2014年，苹果发布第一代Apple Watch，搭载地就是苹果自研的S系列芯片；2016年，苹果发布第一代Airpods，搭载的是自研的W系列芯片（后被H系列取代）。Airpods是芯片推动硬件创新的典范。在Airpods出现之前，市面上大多数产品都需要用实线连接两只耳机，而苹果通过W1芯片实现了蓝牙信号监听，消灭了累赘的传输线，并大幅提升了延迟、降噪、续航等方面的体验，基本上重新定义了“无线蓝牙耳机”这个产品。到了2018年，内功突飞猛进的苹果终于做了一个惊天动地的决定：把枪口重新对准Intel。这恐怕是半导体产业诞生以来最难啃的硬骨头。如前文所述，Intel在诞生的半个世纪里纵横捭阖，脚下全是挑战者的尸骨。x86帝国不仅在PC机上接近垄断，在服务器和高性能计算机（HPC）领域也把RISC阵营挤出市场。苹果既然敢去在此挑战Intel，就肯定不会打无准备之仗。事实上，经过多年的闷声大发展，Johny Srouji团队的人数已经超过4000人，战斗力爆表，更重要的是，A系列的很多技术都能跟M系列（苹果桌面级芯片的代号）通用。比如苹果基于ARMv8架构设计了Firestorm（火风暴）和Icestorm（冰风暴）两个名字炫酷的内核，前者性能高，后者能耗小，2020年9月发布的A14芯片就用上了这两款内核（2+4），而2020年11月发布的M1芯片也同样用上了（4+4）。当然，设计桌面级芯片复杂度要比手机芯片大得多，翻车的概率也很大。因此当苹果把换芯的决定告知了Intel，后者大感惊愕之余提示风险，苹果表示“我们不是第一次（换芯片）了”，并频繁地对外抱怨Intel挤牙膏式的产品升级，像极了在演一部电影：分手的决心。不满Intel挤牙膏的不光苹果，很多Wintel阵营的用户也暗自希望Intel能有点儿压力；那些见识过苹果A系列芯片辗压级战斗力的果粉，自然无比期待；对于半导体行业的观察者来说，此事更是意义重大——晋西北好久没打成一锅粥了，你李云龙闹得越大越好。2020年11月，库克发布了搭载M1芯片的Macbook Pro。在展示M1性能的那一刻，所有芯片玩家都屏住了呼吸。M1总共有160亿晶体管，它把8核CPU（4大4小）、8核GPU、图像处理单元 (ISP)、神经网络单元等都集成在一个硅基SoC上，通过统一内存技术大幅提升内部通信带宽，单核和多核的性能可以简单理解为介于Intel的i7和i9之间。M1的强悍性能到了让Intel看了沉默、AMD看了流泪的地步，甚至苹果内部高管也被M1的性能所惊讶。发布会结束之后，苹果软件负责人Craig Federighi和硬件负责人John Ternus接受采访直言[11]：苹果自己都没能预料M1芯片会带来如此大的进步。苹果高管或许还有王婆卖瓜的嫌疑，但Macbook的销量不会骗人：2021年，笔记本销量因为疫情大涨，但Macbook增长最快，市场占有率超过10%，份额扩大了24%；2022年疫情退潮，在全球笔记本销量下滑的背景下，Macbook继续增长，份额已经达到了14%。M1之后，Johny Srouji的团队继续攻城拔寨，陆续推出了M1 Pro、M1 Max、M1 Ultra和M2芯片，逐步其他苹果桌面设备的Intel芯片换掉。Johny Srouji也开始走向前台，频繁现身苹果发布会，甚至一度有传言说他会去接任Intel的CEO。尽管苹果不会对外出售M系芯片跟Intel直接开战，但两家公司纠缠30年的角力，终于画上了句号。不光是Intel，苹果跟几乎所有半导体巨擘发生都过交集：它抛弃了IBM和摩托罗拉，直接导致两者退出了芯片领域；它割席了三星，并扶持了它的对手台积电；它压制了高通，让所有安卓机皇都不敢妄言跟A系列芯片比肩……一部苹果造芯记，半本硅谷崛起史。回头来看，苹果造芯的这场逆袭是如此地漫长，以至于这个故事差不多囊括了大部分硅谷的风云人物和事件——从集成电路的起源到个人计算机的革命、从Wintel联盟的制霸到RISC阵营的反击、从ARM的诞生到台积电的崛起……一场奥德修斯式的返乡故事，能够带给我们什么启示呢？启示录如果单纯只问苹果造芯的故事有什么参考意义，那么答案也很简单：几乎没有任何参考意义。苹果是一家跟硅谷同频起飞的公司，它的历史本身就是硅谷的一部分。土生土长的硅谷本地人乔布斯跟很多教科书里的芯片大神私交甚笃，比如仙童和Intel的创始人罗伯特·诺伊斯甚至对妻子这样开玩笑：如果乔布斯再这么晚给我打电话，我会杀了他。前文所述造芯的“一个前提和三个条件”，除了“前提”外，单拎出来资金（利润率和资金储备）、团队（人才密度和号召力）和客户（市占率和用户粘性），再加上创始人的特质，你就会发现苹果的成功不但中国公司复制不了，美国也没有第二个公司能复制。如果说这部爽文能有什么启发的话，那笔者提一个没那么宏大澎湃的角度：计算机和芯片是“产业”，但更是“科学”。苹果造芯这个故事的“明线”，是一家消费电子公司如何隐忍如何爆发最后了解恩怨；而“暗线”则是CISC和RISC两种不同的芯片设计理念三十年的相互缠斗——这种缠斗本质上是计算机体系结构（Computer Architecture）这门“科学”的发展在“产业”上的延伸。什么能表征产业？产值、利税、市占率、就业人口。什么能表征科学？理论、定律、思想、底层突破。计算机和芯片当然是产业，但更是两门诞生不到100年、还在演化和突破的科学，而苹果故事里的要素提醒了我们一个事实：美国是这两门科学发源的地方。组成计算机和芯片这两门科学的大厦的，是晶体管、集成电路、Unix、编译器、以太网、GUI（用户图形界面）、RISC、数据库、TCP/IP、面向对象编程、激光打印、人工智能、浮点计算、神经网络、机器学习……它们几乎都出现在美国。产业容易转移，但科学却不容易转移，或者说科学无法转移，只能通过悉心培育科学精神，才能在自己的土地上开花结果。美国虽然很多产业被转移出去，但仍然把控着计算机和芯片科学的创新，而至今70多位ACM图灵奖的获得者，也几乎全部都是美国人。理解这个，就容易解答很多人的疑问：为何我产业规模如此大了，还这么容易被卡脖子？当然，考虑到起点，能先把产业做起来已属不易。毕竟当苹果成立的时候，四人帮还在台上。1984年洛杉矶奥运会，西方的记者都用上了IBM的PC机，中国记者却只有纸和笔，法新社写道：“在全世界报道奥运会的7000名记者中，只有中国人用手写他们的报道。”在经济突飞猛进的四十多年里，无论是大型企业的掌门人，还是十八线城市的科长，都习惯了用“产业”的思维来考虑问题。就像2014年杨元庆对话马斯克，前者问后者：2013年联想一共售出了1.15亿台设备，特斯拉卖了几辆车？产值、规模、市占率这些参数，的确有很重要的意义，但不应该被它们遮蔽掉最应该去关注的问题。在过去，太多企业热衷搞规模，热衷堆人头，热衷价格战，在取得一定成绩之后，却又不敢沿着链条向上攀登，反而仍沉浸在低质量的零和博弈里。产业思维重要吗？当然重要，对发展中国家来说意义再怎么强调也不为过。但对于一个正在向上攀援的“吃劲”国家，科学的思维绝对不能缺失。而最近这些年，往往有一个普遍现象：硬骨头很少有人啃，看起来容易的情却一堆人来卷。站稳脚跟的中国科技公司，全社会都应该鼓励他们把精力投入到前沿科学的突破中去，而不是催促他们去植树和捐款。而它们自己，也不应该被那些规模指标所迷惑——富可敌国如苹果，都在花三十年磨一剑，更何况利润率往往只有个位数的诸位呢？中国这些年出现了越来越多靠“科技”来赚钱的公司，在全球产业链上建立了话语权，但在卡脖子的当下，人们不免发出这样的感叹：要是像xxx这样的企业再多一些就好了。穿透一些令人沸腾的数据，我们往往发现很多产业的差距仍然巨大。知己知彼，重要的知己。套用范志毅在国足输给泰国后讲的一句话：“务实一点，把这个足球的理念先搞懂。”对于中国的很多产业来说，要搞懂的东西的确太多太多了，所有的产业参与者，都需要耐心、耐心、再耐心。","news_type":1,"symbols_score_info":{"AAPL":0.9}},"isVote":1,"tweetType":1,"viewCount":1012,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9955559762,"gmtCreate":1675597635356,"gmtModify":1676539008746,"author":{"id":"3576892531232178","authorId":"3576892531232178","name":"uiv","avatar":"https://community-static.tradeup.com/news/522ae5f11b7bc763293c30c3a20671c9","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576892531232178","idStr":"3576892531232178"},"themes":[],"htmlText":"👌🏻","listText":"👌🏻","text":"👌🏻","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9955559762","repostId":"1173392322","repostType":4,"repost":{"id":"1173392322","kind":"news","pubTimestamp":1675579985,"share":"https://ttm.financial/m/news/1173392322?lang=en_US&edition=fundamental","pubTime":"2023-02-05 14:53","market":"us","language":"zh","title":"U.S. stocks are speculating on AI!","url":"https://stock-news.laohu8.com/highlight/detail?id=1173392322","media":"华尔街见闻","summary":"随着ChatGPT火爆出圈，美股市场掀起AI炒作盛宴，“美版头条”BuzzFeed两天暴涨300%，C3.ai 股价翻了一番多。每当一个概念变得炙手可热，资本市场总是会剧烈波动，掀起疯狂的炒作盛宴。随","content":"<p><html><head></head><body><b>As ChatGPT became popular, the U.S. stock market set off a feast of AI hype. The \"U.S. version of headlines\" BuzzFeed soared 300% in two days, and the stock price of C3. AI more than doubled.</b>Whenever a concept becomes hot, the capital market will always fluctuate violently, setting off a crazy hype feast.</p><p>With OpenAI-owned chat<a href=\"https://laohu8.com/S/300024\">Robot</a>ChatGPT became popular, and US stock investors quickly began to speculate enthusiastically.<b>Companies that have a layout on this track are all popular without exception.<a href=\"https://laohu8.com/S/BIDU\">Baidu</a>U.S. stocks once soared by more than 10%, \"U.S. version of headlines\" BuzzFeed soared 300% in two days, and C3. ai's stock price more than doubled...</b></p><p>The craze can't help but hark back to the cannabis craze and crypto craze of the late 1990s, even the dot com bubble. Investors flocked to the stock market and then asked questions. So here comes the classic debate, is this wave of ChatGPT hype a speculative bubble or a pursuit of long-term value?</p><p>In fact, AI is nothing new, and AI stocks have been in the public market for several years. Currently, AI technology has been used in various fields, such as interactive chatbots, autonomous driving, robots, warehousing, and even online writing. There is no doubt that artificial<a href=\"https://laohu8.com/S/5RE.SI\">smart</a>Will continue to evolve, and it will bring some fundamental changes in the long run.</p><p><b>But for now, is the relevant stock value really as reflected by the current stock price? Some analysts believe that this technology is still immature, its application is still unstable, and investment is still highly speculative.</b></p><p>Speculative bubble?</p><p>Thanks to the popularity of AI, concept stocks related to US stocks have risen sharply.</p><p>For example, BuzzFeed, a digital media company known as the US version of headlines, has not been ideal in the past year, and its stock price has plummeted. But in the past week, it was reported that the company plans to use the artificial intelligence program ChatGPT to assist in content creation.<b>With the continuous surge, the stock price once soared 300% in two days.</b></p><p><img src=\"https://static.tigerbbs.com/d18c859e207a5c0fcdc1002deb07fe95\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"/>Similarly, artificial intelligence software provider C3. AI Inc has also received much attention, and its shares have fallen sharply since it went public more than two years ago. However, since C3. ai announced the integration of ChatGPT into its products at the end of January,<b>The stock surged sharply, more than doubling since Jan. 5.</b></p><p><img src=\"https://static.tigerbbs.com/108672a65d8b7c7e64da401cef5f5d3b\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"/></p><p>As the \"shovel seller\" of the AI industry, providing key chip support<a href=\"https://laohu8.com/S/NVDA\">Nvidia</a>In the past January, it rose by 33%, which is also its highest increase in the past six years.</p><p>However, signs of a speculative bubble also seem to be emerging, with BuzzFeed's share price wiped 40% from last week's intraday high. It is worth mentioning that in the blockchain wave, a US-listed company named Long Island Iced Tea changed its name to \"Long Blockchain\" at that time. Although it once soared by 500%, it did not escape the fate of delisting.</p><p><b>Cowen analyst John Blackledge pointed to BuzzFeed's uncertainty in monetizing short video content and its vulnerability to reduced digital ad spend amid a weak consumer spending environment.</b></p><p><b>Regarding the company's recent move to introduce AI technology, John said that while AI could ultimately help BZFD generate more content at a lower cost, the impact of AI adoption is unclear.</b></p><p>Pursuing long-term value?</p><p>The launch of OpenAI's chatbot ChatGPT has made the market see the huge potential of AI applications.</p><p>At present, the commercialization of AI continues to accelerate. Soochow analysts pointed out that in March 2021, GPT-3, also a subsidiary of OpenAI, had 300 + application customers 9 months after its launch, covering intelligent customer service, education and scientific research, Games, search engines, etc.</p><p>ChatGPT based on GPT-3. 5 has better performance and higher attention, which can further help enterprises and individuals save time and resources, and the application space behind it is expected to be broader.</p><p><b>according to<a href=\"https://laohu8.com/S/UBS\">UBS</a>It is estimated that the monthly active users of ChatGPT have exceeded 100 million in January this year, and UBS said that the entire market size of generative artificial intelligence applications may be as high as US $1 trillion, and the potential development space is attracting an influx of investors.</b></p><p><b>In addition, giants have also increased their stakes in this field.</b>Meta CEO Zuckerberg recently said that one of its main goals is to become a leader in generative artificial intelligence. Alphabet CEO Pichai said at this week's earnings call that the journey to artificial intelligence has just begun and the best is yet to come. Snap CEO Evan Spieger believes that generative artificial intelligence is a \"huge opportunity\" and has already invested a lot of money.</p><p></body></html></p>","source":"wallstreetcn_api","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>U.S. stocks are speculating on AI!</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\">\nU.S. stocks are speculating on AI!\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">华尔街见闻</strong><span class=\"h-time small\">2023-02-05 14:53</span>\n</p>\n</h4>\n</header>\n<article>\n<p><html><head></head><body><b>As ChatGPT became popular, the U.S. stock market set off a feast of AI hype. The \"U.S. version of headlines\" BuzzFeed soared 300% in two days, and the stock price of C3. AI more than doubled.</b>Whenever a concept becomes hot, the capital market will always fluctuate violently, setting off a crazy hype feast.</p><p>With OpenAI-owned chat<a href=\"https://laohu8.com/S/300024\">Robot</a>ChatGPT became popular, and US stock investors quickly began to speculate enthusiastically.<b>Companies that have a layout on this track are all popular without exception.<a href=\"https://laohu8.com/S/BIDU\">Baidu</a>U.S. stocks once soared by more than 10%, \"U.S. version of headlines\" BuzzFeed soared 300% in two days, and C3. ai's stock price more than doubled...</b></p><p>The craze can't help but hark back to the cannabis craze and crypto craze of the late 1990s, even the dot com bubble. Investors flocked to the stock market and then asked questions. So here comes the classic debate, is this wave of ChatGPT hype a speculative bubble or a pursuit of long-term value?</p><p>In fact, AI is nothing new, and AI stocks have been in the public market for several years. Currently, AI technology has been used in various fields, such as interactive chatbots, autonomous driving, robots, warehousing, and even online writing. There is no doubt that artificial<a href=\"https://laohu8.com/S/5RE.SI\">smart</a>Will continue to evolve, and it will bring some fundamental changes in the long run.</p><p><b>But for now, is the relevant stock value really as reflected by the current stock price? Some analysts believe that this technology is still immature, its application is still unstable, and investment is still highly speculative.</b></p><p>Speculative bubble?</p><p>Thanks to the popularity of AI, concept stocks related to US stocks have risen sharply.</p><p>For example, BuzzFeed, a digital media company known as the US version of headlines, has not been ideal in the past year, and its stock price has plummeted. But in the past week, it was reported that the company plans to use the artificial intelligence program ChatGPT to assist in content creation.<b>With the continuous surge, the stock price once soared 300% in two days.</b></p><p><img src=\"https://static.tigerbbs.com/d18c859e207a5c0fcdc1002deb07fe95\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"/>Similarly, artificial intelligence software provider C3. AI Inc has also received much attention, and its shares have fallen sharply since it went public more than two years ago. However, since C3. ai announced the integration of ChatGPT into its products at the end of January,<b>The stock surged sharply, more than doubling since Jan. 5.</b></p><p><img src=\"https://static.tigerbbs.com/108672a65d8b7c7e64da401cef5f5d3b\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"/></p><p>As the \"shovel seller\" of the AI industry, providing key chip support<a href=\"https://laohu8.com/S/NVDA\">Nvidia</a>In the past January, it rose by 33%, which is also its highest increase in the past six years.</p><p>However, signs of a speculative bubble also seem to be emerging, with BuzzFeed's share price wiped 40% from last week's intraday high. It is worth mentioning that in the blockchain wave, a US-listed company named Long Island Iced Tea changed its name to \"Long Blockchain\" at that time. Although it once soared by 500%, it did not escape the fate of delisting.</p><p><b>Cowen analyst John Blackledge pointed to BuzzFeed's uncertainty in monetizing short video content and its vulnerability to reduced digital ad spend amid a weak consumer spending environment.</b></p><p><b>Regarding the company's recent move to introduce AI technology, John said that while AI could ultimately help BZFD generate more content at a lower cost, the impact of AI adoption is unclear.</b></p><p>Pursuing long-term value?</p><p>The launch of OpenAI's chatbot ChatGPT has made the market see the huge potential of AI applications.</p><p>At present, the commercialization of AI continues to accelerate. Soochow analysts pointed out that in March 2021, GPT-3, also a subsidiary of OpenAI, had 300 + application customers 9 months after its launch, covering intelligent customer service, education and scientific research, Games, search engines, etc.</p><p>ChatGPT based on GPT-3. 5 has better performance and higher attention, which can further help enterprises and individuals save time and resources, and the application space behind it is expected to be broader.</p><p><b>according to<a href=\"https://laohu8.com/S/UBS\">UBS</a>It is estimated that the monthly active users of ChatGPT have exceeded 100 million in January this year, and UBS said that the entire market size of generative artificial intelligence applications may be as high as US $1 trillion, and the potential development space is attracting an influx of investors.</b></p><p><b>In addition, giants have also increased their stakes in this field.</b>Meta CEO Zuckerberg recently said that one of its main goals is to become a leader in generative artificial intelligence. Alphabet CEO Pichai said at this week's earnings call that the journey to artificial intelligence has just begun and the best is yet to come. Snap CEO Evan Spieger believes that generative artificial intelligence is a \"huge opportunity\" and has already invested a lot of money.</p><p></body></html></p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://wallstreetcn.com/articles/3681193\">华尔街见闻</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/5d8fb95e65f042f352c6313989391357","relate_stocks":{"BK4543":"AI","BK4551":"寇图资本持仓","BK4528":"SaaS概念","BZFD":"Buzzfeed","BK4023":"应用软件","AI":"C3.ai, Inc."},"source_url":"https://wallstreetcn.com/articles/3681193","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1173392322","content_text":"随着ChatGPT火爆出圈，美股市场掀起AI炒作盛宴，“美版头条”BuzzFeed两天暴涨300%，C3.ai 股价翻了一番多。每当一个概念变得炙手可热，资本市场总是会剧烈波动，掀起疯狂的炒作盛宴。随着OpenAI旗下聊天机器人ChatGPT爆红，美股投资者迅速开始狂热炒作，在该赛道有所布局的企业无一例外受到了热捧。百度美股一度大涨逾10%，“美版头条”BuzzFeed两天暴涨300%，C3.ai股价翻了一番多......这股热潮不禁让人回想起了20世纪90年代末的大麻热潮和加密热潮，甚至是网络泡沫。投资者们纷纷涌入股市，随后提出问题。那么经典的争论来了，这波ChatGPT炒作热潮是投机泡沫还是追求长期价值？事实上，AI并不是新鲜事，AI股票进入公开市场已有几年了。当前，AI技术已应用于各种领域，交互式聊天机器人，自动驾驶、机器人、仓储，甚至是在线写作。毫无疑问，人工智能将继续发展，从长远来看，它将带来一些根本性的变化。但就目前而言，相关股票价值真的如当前股价所体现的吗？部分分析师认为，这项技术还不成熟，其落地应用仍然不稳定，而且投资仍然具有高度投机性。投机泡沫？得益于AI的火爆，美股相关概念股大幅上涨。例如，有美版头条之称的数字媒体公司BuzzFeed，在过去的一年并不理想，股价大跌。但近一周，有消息称，该公司计划采用人工智能程序 ChatGPT 协助内容创作，股价随着连续大涨，曾在两天内暴涨300%。同样的，人工智能软件提供商C3.AI Inc也备受关注，自两年多前上市以来，C3.ai的股价大幅下跌。然而，自1月底C3.ai宣布将ChatGPT集成到其产品中，该股股价大幅飙升，自1月5日以来翻了一番多。作为AI产业的“卖铲人”，提供关键芯片支持的英伟达在刚刚过去的1月大涨33%，这也是其近6年来涨幅最高的一个月。然而，投机泡沫的迹象似乎也正显现，BuzzFeed的股价已从上周的盘中高点抹去40%。值得一提的，在区块链浪潮中，当时一家名为长岛冰茶的美股上市公司将名称改为“长区块链”，尽管一度暴涨500%也没逃过退市的命运。Cowen分析师John Blackledge指出，BuzzFeed在短视频内容货币化方面存在不确定性，以及在消费者支出环境疲软的情况下，其易受数字广告支出减少的影响。对于该公司最近引入人工智能技术的举措，John表示，虽然人工智能最终可以帮助BZFD以更低的成本生成更多内容，但目前还不清楚采用人工智能的影响。追求长期价值？OpenAI旗下聊天机器人ChatGPT的上线，令市场看到了AI应用的巨大潜力。当下AI商业化落地不断提速，东吴分析师指出，2021年3月，同为OpenAI旗下的GPT-3在上线9个月后已经有了300+ 应用客户，领域涵盖智能客服、教育与科研、游戏、搜索引擎等。而基于GPT-3.5的ChatGPT具备更出色的表现和更高的关注度，能够进一步帮助企业、个人节省时间和资源，其背后的的应用空间有望更为广阔。根据瑞银预计，ChatGPT的月活跃用户已在今年1月份突破1亿，且瑞银称整个生成式人工智能应用程序的市场规模或高达1万亿美元，潜在的发展空间正吸引投资者涌入。此外，巨头也纷纷在该领域加码。Meta CEO扎克伯格最近表示，其主要目标之一是成为生成式人工智能领域的领导者。Alphabet CEO皮查伊在本周的电话财报会议上表示，人工智能之旅才刚刚开始，最好的还在后面。Snap首席执行官埃文·斯皮格则认为，生成式人工智能是一个“巨大的机会”，并已经投入大量资金。","news_type":1,"symbols_score_info":{"AI":0.9,"BZFD":0.9}},"isVote":1,"tweetType":1,"viewCount":787,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9955559483,"gmtCreate":1675597616143,"gmtModify":1676539008746,"author":{"id":"3576892531232178","authorId":"3576892531232178","name":"uiv","avatar":"https://community-static.tradeup.com/news/522ae5f11b7bc763293c30c3a20671c9","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576892531232178","idStr":"3576892531232178"},"themes":[],"htmlText":"👌🏻","listText":"👌🏻","text":"👌🏻","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9955559483","repostId":"2309740668","repostType":4,"isVote":1,"tweetType":1,"viewCount":1020,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9955559597,"gmtCreate":1675597603219,"gmtModify":1676539008738,"author":{"id":"3576892531232178","authorId":"3576892531232178","name":"uiv","avatar":"https://community-static.tradeup.com/news/522ae5f11b7bc763293c30c3a20671c9","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576892531232178","idStr":"3576892531232178"},"themes":[],"htmlText":"👌🏻","listText":"👌🏻","text":"👌🏻","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9955559597","repostId":"1121837476","repostType":4,"isVote":1,"tweetType":1,"viewCount":1066,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9955559229,"gmtCreate":1675597587761,"gmtModify":1676539008738,"author":{"id":"3576892531232178","authorId":"3576892531232178","name":"uiv","avatar":"https://community-static.tradeup.com/news/522ae5f11b7bc763293c30c3a20671c9","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576892531232178","idStr":"3576892531232178"},"themes":[],"htmlText":"👌🏻","listText":"👌🏻","text":"👌🏻","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9955559229","repostId":"1180519288","repostType":4,"repost":{"id":"1180519288","kind":"news","pubTimestamp":1675582362,"share":"https://ttm.financial/m/news/1180519288?lang=en_US&edition=fundamental","pubTime":"2023-02-05 15:32","market":"us","language":"zh","title":"Big money is back! From stocks to bonds, \"greed\" can be felt everywhere in the US market.","url":"https://stock-news.laohu8.com/highlight/detail?id=1180519288","media":"华尔街见闻","summary":"随着市场押注加息周期渐入尾声，美股恐惧与贪婪指数（Fear & Greed Index）上周五升至76点，进入“极端贪婪”水平。随着市场押注美联储加息周期渐入尾声，FOMO（Fear of Missi","content":"<p><html><head></head><body><b>As the market bets that the rate hike cycle is coming to an end, the U.S. stock Fear & Greed Index (Fear & Greed Index) rose to 76 points on Friday, entering the \"extreme greed\" level.</b>FOMO (Fear of Missing Out) sentiment is beginning to dominate the market again as the market bets that the Fed's rate hike cycle is drawing to a close. From the bond market to the stock market, large amounts of funds began to flow back.</p><p>For most of 2022, corporate bond investors have been in a delicate situation: they have to avoid the Fed's rate hike and negative inflation data while providing additional returns. The dilemma has caused many investors to hold their currencies on the sidelines.</p><p>But going into 2023, things seem to have changed. Oracle issued bonds last week to refinance a bridge loan to acquire electronic medical records company Cerner. The company initially planned to raise $4 billion, but eventually $40 billion poured into the market to participate in the offering. The warm market atmosphere enabled Oracle Bone Inscriptions not only to successfully complete the issuance, but also to pay a lower new issue concession.</p><p>Usually, when a company issues new bonds, the bond issuer will give primary investors additional preferential basis points based on the market's expected yield, thus generating a new bond premium relative to the secondary market. In 2022, the average preferential basis point given by new U.S. bond issuances will be +13bp, while Oracle's payment this time will only be-11bp.<b>This means investors are effectively giving up some of the proceeds that would have been theirs in order to get Oracle's bonds.</b></p><p>Oracle's case is not isolated. In the past week, the U.S. corporate bond market issued more than US $18 billion in new bonds. Investors' subscription scale reached five times the circulation, and the average discount margin was only-1bp. All of this shows that,<b>With the US Treasury yields likely to peak, fixed-income fund managers are beginning to re-enter the market to snap up bonds.</b></p><p>Corporate bonds aren't the only market where big money is returning. In the mortgage debt (CLO) market, Japan's Norinchukin Bank is planning to resume purchases. As one of the largest buyers of CLOs in the world, Norinchukin temporarily suspended CLO purchases last year due to market chaos caused by British pensions. Against the backdrop of improving demand, the circulation of CLOs in the United States has exceeded US $10.5 billion this year, higher than the level of US $7.5 billion in the same period last year.</p><p>The situation in the stock market is similar.<b>As the market bets that the rate hike cycle is coming to an end, U.S. stocks have rebounded strongly recently. CNN's Fear & Greed Index rose to 76 points on Friday, entering the \"extreme greed\" level.</b>In contrast, the index remained at the \"fear\" level of 38 points in January.</p><p><img src=\"https://static.tigerbbs.com/3126d061ff13b9fc5df3ab787f14a44f\" tg-width=\"640\" tg-height=\"469\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>The strong U.S. stock rally also caught many hedge funds off guard, forcing them to exit bearish bets at the fastest pace in years. According to calculations by Goldman Sachs Prime, hedge fund short covering on February 3 was the largest since November 2015, even surpassing the retail investor frenzy in January 2021.</p><p>Although the bullish sentiment in the market is enthusiastic, some institutional investors remain cautious.</p><p>Michael Hartnett, the analyst who predicts the trend of U.S. stocks most accurately in 2022 and a strategist at Bank of America, believes that the rise in U.S. stocks has gone too far, and the S&P 500 will hit a high point in mid-February. If U.S. economic growth is weak in the second half of the year, investors will experience a tragic decline. It suggests that investors can consider stopping profits and leaving the market after 4200 points.</p><p>Paul Singer, the founder of Elliott and a famous hedge fund manager, also holds a similar view. It warned in a closed meeting,<b>The aggressive monetary and fiscal policy implemented by the Federal Reserve for more than 10 years cannot be resolved in one year</b>At present, many valuation indicators are still higher than those during the Internet bubble in 2000, and the bear market in U.S. stocks has not yet ended.</p><p></body></html></p>","source":"wallstreetcn_api","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Big money is back! From stocks to bonds, \"greed\" can be felt everywhere in the US market.</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nBig money is back! From stocks to bonds, \"greed\" can be felt everywhere in the US market.\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">华尔街见闻</strong><span class=\"h-time small\">2023-02-05 15:32</span>\n</p>\n</h4>\n</header>\n<article>\n<p><html><head></head><body><b>As the market bets that the rate hike cycle is coming to an end, the U.S. stock Fear & Greed Index (Fear & Greed Index) rose to 76 points on Friday, entering the \"extreme greed\" level.</b>FOMO (Fear of Missing Out) sentiment is beginning to dominate the market again as the market bets that the Fed's rate hike cycle is drawing to a close. From the bond market to the stock market, large amounts of funds began to flow back.</p><p>For most of 2022, corporate bond investors have been in a delicate situation: they have to avoid the Fed's rate hike and negative inflation data while providing additional returns. The dilemma has caused many investors to hold their currencies on the sidelines.</p><p>But going into 2023, things seem to have changed. Oracle issued bonds last week to refinance a bridge loan to acquire electronic medical records company Cerner. The company initially planned to raise $4 billion, but eventually $40 billion poured into the market to participate in the offering. The warm market atmosphere enabled Oracle Bone Inscriptions not only to successfully complete the issuance, but also to pay a lower new issue concession.</p><p>Usually, when a company issues new bonds, the bond issuer will give primary investors additional preferential basis points based on the market's expected yield, thus generating a new bond premium relative to the secondary market. In 2022, the average preferential basis point given by new U.S. bond issuances will be +13bp, while Oracle's payment this time will only be-11bp.<b>This means investors are effectively giving up some of the proceeds that would have been theirs in order to get Oracle's bonds.</b></p><p>Oracle's case is not isolated. In the past week, the U.S. corporate bond market issued more than US $18 billion in new bonds. Investors' subscription scale reached five times the circulation, and the average discount margin was only-1bp. All of this shows that,<b>With the US Treasury yields likely to peak, fixed-income fund managers are beginning to re-enter the market to snap up bonds.</b></p><p>Corporate bonds aren't the only market where big money is returning. In the mortgage debt (CLO) market, Japan's Norinchukin Bank is planning to resume purchases. As one of the largest buyers of CLOs in the world, Norinchukin temporarily suspended CLO purchases last year due to market chaos caused by British pensions. Against the backdrop of improving demand, the circulation of CLOs in the United States has exceeded US $10.5 billion this year, higher than the level of US $7.5 billion in the same period last year.</p><p>The situation in the stock market is similar.<b>As the market bets that the rate hike cycle is coming to an end, U.S. stocks have rebounded strongly recently. CNN's Fear & Greed Index rose to 76 points on Friday, entering the \"extreme greed\" level.</b>In contrast, the index remained at the \"fear\" level of 38 points in January.</p><p><img src=\"https://static.tigerbbs.com/3126d061ff13b9fc5df3ab787f14a44f\" tg-width=\"640\" tg-height=\"469\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>The strong U.S. stock rally also caught many hedge funds off guard, forcing them to exit bearish bets at the fastest pace in years. According to calculations by Goldman Sachs Prime, hedge fund short covering on February 3 was the largest since November 2015, even surpassing the retail investor frenzy in January 2021.</p><p>Although the bullish sentiment in the market is enthusiastic, some institutional investors remain cautious.</p><p>Michael Hartnett, the analyst who predicts the trend of U.S. stocks most accurately in 2022 and a strategist at Bank of America, believes that the rise in U.S. stocks has gone too far, and the S&P 500 will hit a high point in mid-February. If U.S. economic growth is weak in the second half of the year, investors will experience a tragic decline. It suggests that investors can consider stopping profits and leaving the market after 4200 points.</p><p>Paul Singer, the founder of Elliott and a famous hedge fund manager, also holds a similar view. It warned in a closed meeting,<b>The aggressive monetary and fiscal policy implemented by the Federal Reserve for more than 10 years cannot be resolved in one year</b>At present, many valuation indicators are still higher than those during the Internet bubble in 2000, and the bear market in U.S. stocks has not yet ended.</p><p></body></html></p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://wallstreetcn.com/articles/3681195\">华尔街见闻</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/627bc890436e46f74a0fe8143398a725","relate_stocks":{".DJI":"道琼斯"},"source_url":"https://wallstreetcn.com/articles/3681195","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1180519288","content_text":"随着市场押注加息周期渐入尾声，美股恐惧与贪婪指数（Fear & Greed Index）上周五升至76点，进入“极端贪婪”水平。随着市场押注美联储加息周期渐入尾声，FOMO（Fear of Missing Out，错失恐惧）情绪开始重新主导市场。从债市到股市，大额资金开始重新回流。在2022年的大部分时间里，公司债投资者处境微妙：既要躲避美联储加息和负面通胀数据，又要提供额外的收益，两难的境遇使得不少投资者持币观望。但进入2023年，情况似乎有所变化。甲骨文公司上周发行债券，为收购电子医疗记录公司Cerner的过桥贷款进行再融资。公司最初计划筹集40亿美元，但最终有400亿美元涌入市场参与发行。热烈的市场氛围使得甲骨文不仅顺利完成发行，公司最终支付的新债溢价（new issue concession）也较低。通常情况下，当公司进行新债发行时，债券发行者会在市场期望收益率基础上给一级投资者额外的优惠基点，从而产生相对于二级市场的新债溢价。在2022年，美国新债发行给予的平均优惠基点为+13bp，而甲骨文这次付出仅为-11bp，这意味着投资者实际上放弃了原本属于他们的部分收益，以获得甲骨文的债券。甲骨文的情况并不孤立。在过去一周，美国公司债市场发行了超180亿美元的新债，投资者认购规模达到发行量的5倍，平均优惠幅度也仅为-1bp。所有这些都表明，伴随着美债利率可能见顶，固收基金经理开始重新入场抢购债券。公司债券并不是大资金回归的唯一市场。在抵押贷款债务（CLO）市场，日本的Norinchukin银行正计划恢复购买。作为全球CLO曾经的最大买家之一，受英国养老金引发的市场混乱影响，Norinchukin去年一度暂停了CLO购买。需求改善背景下，美国CLO发行量今年已突破105亿美元，高于去年同期75亿美元的水平。股票市场的情况也是类似。随着市场押注加息周期渐入尾声，美股近期强劲反弹。CNN的恐惧与贪婪指数“Fear & Greed Index”上周五升至76点，进入“极端贪婪”水平，与之相对，此前1月该指数还维持在“恐惧”水平的38点。强劲的美股反弹也令许多对冲基金措手不及，被迫以多年来最快的速度退出看跌押注。据高盛Prime部门计算，2月3日当日的对冲基金空头回补是自2015年11月以来规模最大的一次，甚至超过了2021年1月的散户狂潮。虽然市场看涨情绪热烈，但部分机构投资者依然保持谨慎。2022年对美股走势预判最精准的分析师、美国银行策略分析师Michael Hartnett认为，美股涨势已经过头，标普500将在2月中旬触及高点，如果下半年美国经济增长乏力，投资者将会经历惨烈的下跌。其建议投资者可考虑于4200点后止赚离场。Elliott创办人、著名对冲基金经理Paul Singer也持类似观点。其在非公开会议中警告，美联储实行超过10年的激进货币和财政政策不可能在1年内化解，目前不少估值指标，仍高于2000年互联网泡沫时期，美股熊市尚未束。","news_type":1,"symbols_score_info":{".DJI":0.9}},"isVote":1,"tweetType":1,"viewCount":706,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9955559676,"gmtCreate":1675597570996,"gmtModify":1676539008737,"author":{"id":"3576892531232178","authorId":"3576892531232178","name":"uiv","avatar":"https://community-static.tradeup.com/news/522ae5f11b7bc763293c30c3a20671c9","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576892531232178","idStr":"3576892531232178"},"themes":[],"htmlText":"👌🏻","listText":"👌🏻","text":"👌🏻","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/9955559676","repostId":"1146197170","repostType":4,"repost":{"id":"1146197170","kind":"news","pubTimestamp":1675592060,"share":"https://ttm.financial/m/news/1146197170?lang=en_US&edition=fundamental","pubTime":"2023-02-05 18:14","market":"us","language":"zh","title":"Real hammer short report key allegations! The US media added the \"last straw\" to India's richest man, and the Indian government had to come forward","url":"https://stock-news.laohu8.com/highlight/detail?id=1146197170","media":"华尔街见闻","summary":"Adani Power在其最新的季度报告中将毛里求斯公司Opal描述为独立股东，而“巧合”的是，Adani的哥哥Vinod Adani与Opal董事Ricardo Caillou同时被列为另一家公司的","content":"<p><html><head></head><body><b>Adani Power described Mauritian company Opal as an independent shareholder in its latest quarterly report, while \"coincidentally\" Adani's older brother Vinod Adani was listed as a board member of another company at the same time as Opal director Ricardo Caillou.</b>Since Hindenburg released the short-selling report on Adani Group, Indian billionaire Adani's net worth has been \"halved\", and the stock price of his company has plummeted. Now there is evidence that almost confirms the key allegations of the short-selling report!</p><p>On Saturday, a media investigation found that Opal, an independent Adani shareholder, had links to the Adani family, virtually confirming allegations that Adani used offshore companies to violate high holdings.</p><p>The continued fermentation of the Adani scandal not only had a disastrous impact on the Adani Group, but also intensified the volatility of the entire Indian stock market, and the Indian government had to come forward to appease the market.</p><p>The real hammer of the accusation: using offshore companies to violate regulations and highly control</p><p>It is reported that,<b>Opal Investment is one of the majority shareholders of Adani poewr, an energy company in Adani's business empire, and Adani Power in its latest quarterly report described Opal as an independent shareholder, i.e. not affiliated with Adani Group other than a 4.69% stake in Adani Power.</b></p><p>However, when the media reviewed the company documents, it was found that Opal was incorporated in Mauritius by Trustlink International Ltd., a financial services company associated with the Adani family, and that one of Trustlink's directors, Louis Ricardo Caillou, is not only a board member of Opal but also a board member of another Mauritian company, Krunal Trade & Investment Pvt. Ltd.<b>\"Coincidentally,\" Adani's brother, Vinod Adani, and Subir Mittra, CEO of Adani's family office, are also listed as members of the company's board.</b></p><p>According to the rules set by the Securities and Exchange Board of India, companies with less than 25% free float shares are at risk of being delisted. In the third quarter of the fiscal year ended March 31, Adani family members and companies publicly disclosed to be associated with Adani held 74.97% of Adani poewr shares, company documents show. While Opal's stake in Adani Power accounts for nearly 19% of independent shareholders' shares in Adani Power.</p><p><b>This discovery almost confirmed Hindenburg's key allegations and confirmed that Adani used offshore companies to hold high holdings in violation of regulations.</b>On Jan. 24, Hindenburg released a 104-page report last week accusing Adani of widespread fraud, including using shell companies to inflate share prices and ignoring India's shareholding rules.</p><p>Adani scandal continues to ferment, Indian government comes forward to appease market</p><p>Adani has \"bled\" hundreds of billions of dollars due to fraud allegations. According to FactSet data, the market value of seven listed companies in the Adani Group has decreased by a total of $108 billion since last Tuesday. Adani Group bond prices have mostly fallen to junk bond levels.</p><p><b>As the selling of Adani's assets intensified, which exacerbated the volatility of the Indian stock market and even had a negative impact on India as a whole, the Indian government had to come forward to appease investors.</b></p><p>The Securities and Exchange Board of India (SEBI) has noted that conglomerate stocks have experienced unusual volatility over the past week and has developed a clear and publicly available set of monitoring measures to address excessive volatility in specific stocks.</p><p>India's finance minister also personally stepped down, issuing a statement on Saturday to reassure the market, saying that regulators will do their duty and that the problems of Adani Group will not affect India's macro economy. Furthermore, opposition parties have demanded an investigation into the relationship between Adani and Prime Minister Modi.</p><p>The announcement comes a day after the National Stock Exchange of India decided to tighten trading controls on Adani Enterprises, Adani Ports and Ambuja Cements, raising margin requirements to curb short selling. Analysts said the sell-off at the group's companies dragged down India's otherwise strong Sensex index.</p><p>However, the crisis may be far from over. The continued sell-off of stocks and bonds, coupled with high bond interest rates and severely deteriorating financing channels, may plunge Adani Group into a \"death loop.\" Secondly, due to the huge size of the Adani Group and its complicated relationship with Indian politics, the negative impact of the Adani scandal on India as a whole will continue to ferment.</p><p></body></html></p>","source":"wallstreetcn_api","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Real hammer short report key allegations! The US media added the \"last straw\" to India's richest man, and the Indian government had to come forward</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\">\nReal hammer short report key allegations! The US media added the \"last straw\" to India's richest man, and the Indian government had to come forward\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">华尔街见闻</strong><span class=\"h-time small\">2023-02-05 18:14</span>\n</p>\n</h4>\n</header>\n<article>\n<p><html><head></head><body><b>Adani Power described Mauritian company Opal as an independent shareholder in its latest quarterly report, while \"coincidentally\" Adani's older brother Vinod Adani was listed as a board member of another company at the same time as Opal director Ricardo Caillou.</b>Since Hindenburg released the short-selling report on Adani Group, Indian billionaire Adani's net worth has been \"halved\", and the stock price of his company has plummeted. Now there is evidence that almost confirms the key allegations of the short-selling report!</p><p>On Saturday, a media investigation found that Opal, an independent Adani shareholder, had links to the Adani family, virtually confirming allegations that Adani used offshore companies to violate high holdings.</p><p>The continued fermentation of the Adani scandal not only had a disastrous impact on the Adani Group, but also intensified the volatility of the entire Indian stock market, and the Indian government had to come forward to appease the market.</p><p>The real hammer of the accusation: using offshore companies to violate regulations and highly control</p><p>It is reported that,<b>Opal Investment is one of the majority shareholders of Adani poewr, an energy company in Adani's business empire, and Adani Power in its latest quarterly report described Opal as an independent shareholder, i.e. not affiliated with Adani Group other than a 4.69% stake in Adani Power.</b></p><p>However, when the media reviewed the company documents, it was found that Opal was incorporated in Mauritius by Trustlink International Ltd., a financial services company associated with the Adani family, and that one of Trustlink's directors, Louis Ricardo Caillou, is not only a board member of Opal but also a board member of another Mauritian company, Krunal Trade & Investment Pvt. Ltd.<b>\"Coincidentally,\" Adani's brother, Vinod Adani, and Subir Mittra, CEO of Adani's family office, are also listed as members of the company's board.</b></p><p>According to the rules set by the Securities and Exchange Board of India, companies with less than 25% free float shares are at risk of being delisted. In the third quarter of the fiscal year ended March 31, Adani family members and companies publicly disclosed to be associated with Adani held 74.97% of Adani poewr shares, company documents show. While Opal's stake in Adani Power accounts for nearly 19% of independent shareholders' shares in Adani Power.</p><p><b>This discovery almost confirmed Hindenburg's key allegations and confirmed that Adani used offshore companies to hold high holdings in violation of regulations.</b>On Jan. 24, Hindenburg released a 104-page report last week accusing Adani of widespread fraud, including using shell companies to inflate share prices and ignoring India's shareholding rules.</p><p>Adani scandal continues to ferment, Indian government comes forward to appease market</p><p>Adani has \"bled\" hundreds of billions of dollars due to fraud allegations. According to FactSet data, the market value of seven listed companies in the Adani Group has decreased by a total of $108 billion since last Tuesday. Adani Group bond prices have mostly fallen to junk bond levels.</p><p><b>As the selling of Adani's assets intensified, which exacerbated the volatility of the Indian stock market and even had a negative impact on India as a whole, the Indian government had to come forward to appease investors.</b></p><p>The Securities and Exchange Board of India (SEBI) has noted that conglomerate stocks have experienced unusual volatility over the past week and has developed a clear and publicly available set of monitoring measures to address excessive volatility in specific stocks.</p><p>India's finance minister also personally stepped down, issuing a statement on Saturday to reassure the market, saying that regulators will do their duty and that the problems of Adani Group will not affect India's macro economy. Furthermore, opposition parties have demanded an investigation into the relationship between Adani and Prime Minister Modi.</p><p>The announcement comes a day after the National Stock Exchange of India decided to tighten trading controls on Adani Enterprises, Adani Ports and Ambuja Cements, raising margin requirements to curb short selling. Analysts said the sell-off at the group's companies dragged down India's otherwise strong Sensex index.</p><p>However, the crisis may be far from over. The continued sell-off of stocks and bonds, coupled with high bond interest rates and severely deteriorating financing channels, may plunge Adani Group into a \"death loop.\" Secondly, due to the huge size of the Adani Group and its complicated relationship with Indian politics, the negative impact of the Adani scandal on India as a whole will continue to ferment.</p><p></body></html></p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://wallstreetcn.com/articles/3681202\">华尔街见闻</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/726be8ee1c947cd00b8202879a078437","relate_stocks":{},"source_url":"https://wallstreetcn.com/articles/3681202","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1146197170","content_text":"Adani Power在其最新的季度报告中将毛里求斯公司Opal描述为独立股东，而“巧合”的是，Adani的哥哥Vinod Adani与Opal董事Ricardo Caillou同时被列为另一家公司的董事会成员。自兴登堡发布对Adani集团的做空报告以来，印度亿万富翁Adani身家遭“腰斩”，旗下公司股价暴跌，如今有证据几乎实锤做空报告的关键指控！周六，媒体调查发现，Adani独立股东Opal与Adani家族存在联系，几乎证实了Adani利用离岸公司违规高度控股的指控。Adani丑闻持续发酵不仅给Adani集团带来灾难性的影响，也令整个印度股市波动加剧，印度政府不得不出面安抚市场。指控实锤：利用离岸公司违规高度控股据悉，Opal Investment是Adani商业帝国中的能源公司Adani poewr的大股东之一，Adani Power在其最新的季度报告中将Opal描述为独立股东，即除持有Adani power 4.69%的股份外，与Adani集团没有任何关系。然而，媒体在审查公司文件时发现，Opal是由Trustlink International Ltd.在毛里求斯注册成立的，Trustlink是一家与Adani家族有关联的金融服务公司，Trustlink的董事之一Louis Ricardo Caillou，不仅是Opal的董事会成员，同时还是另一家毛里求斯公司Krunal Trade & Investment Pvt.Ltd.的董事会成员。“巧合”的是，Adani的哥哥Vinod Adani和Adani家族理财办公室首席执行官Subir Mittra也被列为该公司董事会成员。根据印度证券交易委员会制定的规则，少于25%自由流通股份的公司有被退市的风险。公司文件显示，在截至3月31日财政年度的第三季度中，Adani家族成员和公开披露与Adani有关的公司持有74.97%的Adani poewr股份。而Opal在Adani Power的股份占Adani Power中独立股东股份的近19%。这一发现几乎实锤了兴登堡的关键指控，证实了Adani利用离岸公司违规高度控股。1月24日，兴登堡上周发布了一份长达104页的报告，指控阿达尼集团存在范围广泛的欺诈行为，包括利用空壳公司抬高股价以及无视印度的持股规则。Adani丑闻持续发酵 印度政府出面安抚市场由于欺诈指控，Adani公司“失血”上千亿美元，根据FactSet的数据，自上周二以来，Adani集团七家上市公司的市值总共减少了1080亿美元。Adani集团债券价格大多已跌至垃圾债水平。随着Adani资产抛售力度加大，加剧了印度股市的波动，甚至给整个印度带来了负面影响，印度政府不得不出面安抚投资者。印度证券交易委员会（SEBI）指出，过去一周，企业集团股票出现异常波动，已经制定了一套明确的、公开可用的监控措施，解决特定股票的过度波动。印度财长也亲自下场，在周六发布声明安抚市场，称监管机构将尽职尽责，Adani集团的问题不会影响印度的宏观经济。此外，反对党已要求调查Adani和总理莫迪之间的关系。在声明发布前一天，印度国家证券交易所决定加强对Adani Enterprises、Adani Ports和Ambuja Cements的交易控制，提高保证金要求，以遏制卖空行为。分析师表示，该集团旗下公司的抛售拖累了印度原本表现强劲的Sensex指数。然而，危机可能还远未结束。股票债券的持续抛售，叠加高昂的债券利息及严重恶化的融资渠道，或使Adani集团陷入“死亡循环”。其次，由于Adani集团庞大的体量及其与印度政坛错综复杂的关系，Adani丑闻给整个印度带来的负面影响也还将持续发酵。","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":752,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"hots":[{"id":9050886514,"gmtCreate":1654169080338,"gmtModify":1676535405843,"author":{"id":"3576892531232178","authorId":"3576892531232178","name":"uiv","avatar":"https://community-static.tradeup.com/news/522ae5f11b7bc763293c30c3a20671c9","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576892531232178","idStr":"3576892531232178"},"themes":[],"htmlText":"<a href=\"https://ttm.financial/S/HYMC\">$Hycroft Mining Holding Corporation(HYMC)$</a>Up","listText":"<a href=\"https://ttm.financial/S/HYMC\">$Hycroft Mining Holding Corporation(HYMC)$</a>Up","text":"$Hycroft Mining Holding 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Corporation(HYMC)$</a>up","text":"$Hycroft Mining Holding Corporation(HYMC)$up","images":[{"img":"https://community-static.tradeup.com/news/a9ed4d5bc1043fb76dea9c37119997bc","width":"750","height":"1759"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":1,"link":"https://ttm.financial/post/9061553136","isVote":1,"tweetType":1,"viewCount":345,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":9080345749,"gmtCreate":1649852538560,"gmtModify":1676534589861,"author":{"id":"3576892531232178","authorId":"3576892531232178","name":"uiv","avatar":"https://community-static.tradeup.com/news/522ae5f11b7bc763293c30c3a20671c9","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576892531232178","idStr":"3576892531232178"},"themes":[],"htmlText":"<a href=\"https://ttm.financial/S/SPCE\">$维珍银河(SPCE)$</a>up","listText":"<a href=\"https://ttm.financial/S/SPCE\">$维珍银河(SPCE)$</a>up","text":"$维珍银河(SPCE)$up","images":[{"img":"https://community-static.tradeup.com/news/479eb1c5f7df9fd9bf9cd7a327763352","width":"750","height":"1704"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":1,"link":"https://ttm.financial/post/9080345749","isVote":1,"tweetType":1,"viewCount":2369,"authorTweetTopStatus":1,"verified":2,"comments":[{"author":{"id":"3575318222868101","authorId":"3575318222868101","name":"vaztan","avatar":"https://static.tigerbbs.com/972c075f63310a3140cf0ac0cb71158c","crmLevel":11,"crmLevelSwitch":0,"authorIdStr":"3575318222868101","idStr":"3575318222868101"},"content":"This stock will not trend upward till they launch another flight. In the meantime it will be volatile trending .So we relax and go for the ride","text":"This stock will not trend upward till they launch another flight. In the meantime it will be volatile trending .So we relax and go for the ride","html":"This stock will not trend upward till they launch another flight. In the meantime it will be volatile trending .So we relax and go for the ride"}],"imageCount":1,"langContent":"EN","totalScore":0},{"id":9040139921,"gmtCreate":1655617408963,"gmtModify":1676535673004,"author":{"id":"3576892531232178","authorId":"3576892531232178","name":"uiv","avatar":"https://community-static.tradeup.com/news/522ae5f11b7bc763293c30c3a20671c9","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576892531232178","idStr":"3576892531232178"},"themes":[],"htmlText":"<a href=\"https://ttm.financial/S/BTBT\">$Bit Digital, Inc.(BTBT)$</a>😭😓","listText":"<a href=\"https://ttm.financial/S/BTBT\">$Bit Digital, Inc.(BTBT)$</a>😭😓","text":"$Bit Digital, Inc.(BTBT)$😭😓","images":[{"img":"https://community-static.tradeup.com/news/d1da64299d2156c968171893d8284974","width":"750","height":"2111"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9040139921","isVote":1,"tweetType":1,"viewCount":379,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":9055768517,"gmtCreate":1655311715339,"gmtModify":1676535610965,"author":{"id":"3576892531232178","authorId":"3576892531232178","name":"uiv","avatar":"https://community-static.tradeup.com/news/522ae5f11b7bc763293c30c3a20671c9","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576892531232178","idStr":"3576892531232178"},"themes":[],"htmlText":"<a href=\"https://ttm.financial/S/INDO\">$Indonesia Energy Corp Ltd.(INDO)$</a>😂😂😂","listText":"<a href=\"https://ttm.financial/S/INDO\">$Indonesia Energy Corp Ltd.(INDO)$</a>😂😂😂","text":"$Indonesia Energy Corp Ltd.(INDO)$😂😂😂","images":[{"img":"https://community-static.tradeup.com/news/e1e924782b0c93779751e9e33a2ac97c","width":"828","height":"1632"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9055768517","isVote":1,"tweetType":1,"viewCount":692,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":9076533351,"gmtCreate":1657862601173,"gmtModify":1676536074676,"author":{"id":"3576892531232178","authorId":"3576892531232178","name":"uiv","avatar":"https://community-static.tradeup.com/news/522ae5f11b7bc763293c30c3a20671c9","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576892531232178","idStr":"3576892531232178"},"themes":[],"htmlText":"<a href=\"https://ttm.financial/S/EBON\">$亿邦国际(EBON)$</a>🙏🏻","listText":"<a href=\"https://ttm.financial/S/EBON\">$亿邦国际(EBON)$</a>🙏🏻","text":"$亿邦国际(EBON)$🙏🏻","images":[{"img":"https://community-static.tradeup.com/news/498157174996cd6f3ca9f4964a5acb37","width":"750","height":"2274"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9076533351","isVote":1,"tweetType":1,"viewCount":869,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0}],"lives":[]}