對於任何擔心美聯儲減少的人來說。首先，美聯儲上一次收窄時，收益率下跌。債券市場充分預期了這一事件-如果鮑威爾宣布 10 個月的收窄，沒有人會感到震驚。其次，這一次，庫務局正在減少債券發行量。因此，美聯儲對債券的需求將下降，但庫務部同時正在減少供應。變窄的收緊效果將被消除
債券市場已經定價為 2022 年兩次加息。預計增長在 2022 年將放緩，如果放緩速度大於預期，這些加息將推動到 2023 年。價值行業增長放緩和 2023 年加息的結合對科技有利看漲
$美國超微公司 (AMD.US)$ $蘋果 (AAPL.US)$ $特斯拉 (TSLA.US)$ $微軟 (MSFT.US)$

$美國超微公司 (AMD.US)$ 可能是有史以來最偉大的轉變故事之一，投資者在過去的六年中在這個櫃檯中獲得了令人難以置信的回報。在蘇麗莎博士的領導下，AMD 展示了巨大的業務執行力，並且該公司在周二進行了另一個突破性的季度。
正如你們中的一些人可能已經知道，我是一個」 $英特爾 (INTC.US)$ 公牛」；然而，我並不像我最近文章中的一些評論家那樣的「AMD 熊」。今天，我想更詳細地解釋我在半導體領域的定位。首先，我們擁有 Intel 作為股息增長投資組合的一部分，該組合也包括： $博通 (AVGO.US)$。由於 AMD 不提供股息，因此不適合 BTM 的 DGI 投資組合。另一方面，AMD 的風險/回報是使股票遠離我們的黃金區（高增長）投資組合。在這個投資組合中，我擁有 $英偉達 (NVDA.US)$ 以非常低的成本為基礎；然而，我並不會根據目前的估值進行加入。
今天，AMD 的市值為約 150 億美元，它正在迅速縮小英特爾的差距，現在價值僅為約 195 億美元。現在，英特爾擁有約 5 倍的 AMD 收入，擁有更高的毛利率，並產生了 AMD 的自由現金流約 6 倍。考慮到這些數字，AMD 似乎昂貴；然而，由於優質的產品，產品藍圖和業務執行，增長是 AMD 的一向。

$美國超微公司 (AMD.US)$ In Q3, AMD's revenue blew past analyst estimates to come in at $4.3B (up 54% y/y), and looking at the quarterly sales trend, it is fair to say that AMD's business is gaining momentum. Although the growth rates are decelerating due to tough comps from last year's PC boom, AMD's data center business is on fire and set to deliver greater numbers in 2022 and beyond.
Here are the highlights from each of AMD's business segments:
- AMD computing and graphics segment
- AMD Enterprise, Embedded and Semi-custom Segment
With its Ryzen, Radeon, and EPYC processors, AMD is winning market share across the CPU, GPU, and server (data center) markets. Over the last few years, AMD's products have been far superior to those of Intel's, and with a strong product roadmap, AMD looks good value for a greater chunk of the expanding semiconductor industry.
As the industry continues to grapple with supply shortages, AMD has focused its resources on higher-value chips. Naturally, AMD's gross margins have expanded significantly over the last few quarters. In Q3, AMD's gross margins improved by ~450 basis-points y/y to reach 48%. With a sharp rise in margins, AMD is delivering massive operating leverage, as evidenced by the ~111% y/y jump in operating income. As you can see below, AMD's operating margins have risen from 16% (Q3 2020) to 22% (Q3 2021). Overall, AMD's business is firing on all cylinders with rapid sales growth, massive margin expansion, and a big jump in profitability.
As it turns into a cash printing machine, AMD's balance sheet is turning into a fortress. At the end of Q3, AMD had cash balances of ~$3.6B with total debt of just ~0.3B. After teetering near bankruptcy at the start of the 2010s, it is fair to say that AMD has come leaps and bounds. Right now, AMD looks very well-positioned (from a financial and technological perspective) to win a more significant market share in a secular growth industry. With ample cash on its balance sheet, AMD used nearly all of its free cash flow on repurchasing shares as the company bought ~$750M worth of its own stock in Q3. In the future, we can expect these buybacks to become a routine affair.
For Q4, AMD is guiding for $4.4-4.6B in revenue on higher gross and operating margins of 49.5% and 25%, respectively. Hence, AMD's business momentum is likely to continue in the next quarter.
When answering questions from an analyst on the earnings call, Dr. Lisa Su, AMD's CEO, said that the semiconductor shortages might end in 2022, and while competitive pressures are rising, she is confident in AMD's product roadmap. Furthermore, she affirmed that the demand environment is set to remain strong throughout 2022, with data center demand coming in hot, while the PC market is expected to remain flattish.
Although AMD's management stopped short of guiding for 2022, the company is likely to deliver rapid growth next year too (my estimate is ~25% y/y (tough comps)). With a strong leadership team at the helm, AMD is rapidly turning into a dominant semiconductor company. I am not convinced about AMD's ability to maintain its margins in 2022 due to growing expectations of a price war (and more competitive products) from Intel. Regardless, I see AMD as a secular growth stock with massive potential. With all of this information in mind, let us now attempt to find AMD's fair value and expected returns to see if it is a good investment.

$美國超微公司 (AMD.US)$不幸的是，在對 Amd 這麼糟糕的話之後，北蘭首都不得不讓 Gus 離開。幸運的是，他再次採訪了一個有前途的未來。

$AMC院線 (AMC.US)$
寶貝肯尼 G 和博塔克加里 G 坐在樹上

$AMC院線 (AMC.US)$ 想要注意跳躍和購買時刻，但每個人和他們的貓都認為我想打電話聊天！

希望我們出售？真的不賣直到短褲折起來
$AMC院線 (AMC.US)$

$蘋果 (AAPL.US)$ 這個團體相當新手。☺️ 我應該立即購買嗎？我一直想成為 APPL 的一部分。我現在有幾個 $$，想這可能是時候了嗎？💅🏻 有人拿著水晶球嗎？😬 好吧，我應該跳進去了！💪🏼

$美國超微公司 (AMD.US)$ 露台擴建幾乎完成... 火爐搬遷（更大一點！）。只需要切割一些塊以面對火爐，然後在蔬菜花園周圍繞著露台區塊。