QQQs +15bps giving back most of its overnight gains after Lutnick post-close saying 25% tariffs on Mx/Canada could be dialed back (but no confirmation yet). Not a ton in Trump’s SOTU but he said he wanted to role the CHIPS act back and vowed to proceed with agenda even if it causes a “little disturbance.” Eurozone equities rallying as expectations for increased fiscal stimulus as Germany eases its strict debt break and the EU talks about ramping defense spending by EU800B (h/t VK)
QQQs +15bps，回吐了大部分隔夜涨幅，此前 Lutnick 在收盘后表示可能降低对墨西哥/加拿大的 25%关税（但尚未确认）。特朗普的国情咨文中内容不多，但他表示希望撤销《芯片法案》，并誓言即使引起“一点小动荡”也要推进议程。欧元区股市上涨，因预期德国放松严格的债务限制和欧盟讨论增加 8000 亿欧元的国防开支，财政刺激有望加大（感谢 VK）。
BTC +2% as Lutnick talks up strategic reserve. China +2.5%. 10 year down 3bps and 2 year dn 7bps.
BTC 上涨 2%，Lutnick 谈论战略储备。中国上涨 2.5%。10 年期下跌 3 个基点，2 年期下跌 7 个基点。
MS TMT Day 3 today. I had some notes from day 2 yesterday here in case you missed it. Elon Musk (7am), SBAC, FLUT, META, PYPL, SIRI, ZG, SHOP, ROKU, NVDA, TTD, LUMN, NXST, NFLX, TMUS, BKNG, ETSY, Dario from Anthropic
今天是 MS TMT 第三天。我在这里有昨天第二天的笔记，以防你错过了。Elon Musk（早上 7 点），SBAC, FLUT, META, PYPL, SIRI, ZG, SHOP, ROKU, NVDA, TTD, LUMN, NXST, NFLX, TMUS, BKNG, ETSY, Anthropic 的 Dario
Let’s get to it….Earnings first - CRDO, CRWD - then News/research/3p…
让我们开始吧……首先是财报——CRDO、CRWD——然后是新闻/研究/第三方……
CRDO -5%: Very solid beat and raise but AMZN concentration question driving stock lower
CRDO -5%：业绩表现非常强劲且超出预期，但 AMZN 集中度问题导致股价下跌
Revs grew 154% Y/Y in Jan qtr with revs $135M vs est $120M (100% q/q growth). GM also beat at 63.8% vs est 62%. Guide strong as well: $160 mid point for Apr qtr revs vs est $137M driven by AMZN’s deployment of AEC with GM flat at 64% Q/Q and above cons est 62.8%. Management reiterated its view that F2026 would grow ">50%" as compared to F2025, which most seeing as conservative given the #s they just printed.
1 月季度收入同比增长 154%，达到 1.35 亿美元，超过预期的 1.2 亿美元（环比增长 100%）。毛利率也超出预期，达到 63.8%，预期为 62%。指引同样强劲：4 月季度收入中点为 1.6 亿美元，超过预期的 1.37 亿美元，受 AMZN 部署 AEC 推动，毛利率环比持平于 64%，高于预期的 62.8%。管理层重申其观点，即 F2026 年将比 F2025 年增长“>50%”，鉴于他们刚刚公布的业绩，大多数人认为这一预测较为保守。
Lots of questions about why the sell off overnight given #s beat buyside bogeys handedly. Bears pointing to AMZN concentration (86% of revs), a sharp uptick in concentration from 33/52% the last couple of quarters. I think some here still bear (get it?) the scars of CRDO -50% drop in early 2023 when they lost MSFT as a customer. In addition, it implies >50% sequential growth in non-AMZN revs. Some also pointed to some concerns around CPO going into GTC/OFC in a couple weeks
关于为何昨晚出现抛售，尽管#s 轻松超越了买方预期，仍有许多疑问。熊市观点指向 AMZN 的集中度（占收入的 86%），较过去几个季度的 33/52%显著上升。我认为这里有些人仍然心有余悸（懂吗？），因为 2023 年初 CRDO 在失去 MSFT 客户后暴跌了 50%。此外，这暗示着非 AMZN 收入环比增长超过 50%。也有人提到对 CPO 即将在几周后参加 GTC/OFC 的一些担忧。
Bulls will say concentration questions are misplaced as co said AMZN concentration coming down significantly to mid 60% range in the Apr Q (while anticipating seq growth of +19%) and the co anticipates three to four 10%+ customers in the coming quarters and for F2026, based on forecasts from the customers themselves
多头会说，关于集中度的问题是不恰当的，因为公司表示，AMZN 的集中度在 4 月季度显著下降至 60%左右（同时预计季度增长为+19%），并且公司预计在未来几个季度和 2026 财年，根据客户自身的预测，将有三到四个 10%以上的客户
CWRD -7%: NNARR +$224M, seemingly hit bogeys of $210-$220M. Rev guide inline but operating inc guide weaker and NRR ticks down again
CWRD -7%: NNARR +2.24 亿美元，似乎达到了 2.1 亿至 2.2 亿美元的目标。收入指引符合预期，但运营收入指引较弱，NRR 再次小幅下降。
NRR slid to 112% a new low and guidance implies further deceleration. Next gen products (Cloud, Identity, LogScale) grew only 48% which is a significant step down from a couple Qs ago. In addition - as Bernstein points out this morning “QoQ expansion for existing customers was the weakest in a long time and margins look to be stalled as one time sales compensation and costs related to the outage (and likely legal related to the canceled federal contract that keeps popping up in the news) weigh on free cash flow. Their call back clarified that there was a $26M cancelled federal deal that weighed on results. Bears will say NRR will remain permanently below 115% now
NRR 下滑至 112%，创下新低，且指引暗示将进一步减速。下一代产品（Cloud、Identity、LogScale）仅增长了 48%，较前几个季度显著下降。此外，正如 Bernstein 今早指出的那样，“现有客户的环比扩张是长期以来的最弱表现，利润率似乎停滞不前，因为一次性销售补偿和与中断相关的成本（以及可能与取消的联邦合同相关的法律费用，这一消息不断出现在新闻中）对自由现金流造成了压力。他们的回电澄清称，有一笔 2600 万美元的取消联邦交易对业绩产生了影响。看跌者会说 NRR 现在将永久低于 115%。”
RJ is more positive and expands more on the downtick in NRR this morning:
RJ 今天早上对 NRR 的下滑更加乐观，并进行了更多阐述：
A non-recurring customer commitment incentive program has now ended, and the rubber meets the road as FY26 progresses. Initial guidance suggests a continued acceleration through the year, and RAJA is not willing to bet against the Crowdstrike execution engine though it intends to closely monitor channel feedback for indications that discount program renewals ARE/ARE not coming with new paid subscriptions as NRR currently sits in around 112%. This is the crux of the argument on CRWD, in RAJA's view, as NRR was closer to 120% prior to the incident and a return to this level would provide a baseline to continue elite growth (20% vs 12% growth before new customer acquisition is a very different starting point).
一项非经常性客户承诺激励计划现已结束，随着 FY26 的推进，真正的考验来临。初步指导表明全年将持续加速，RAJA 并不愿意对 Crowdstrike 的执行引擎下注，尽管它打算密切关注渠道反馈，以了解折扣计划续订是否伴随着新的付费订阅，因为 NRR 目前约为 112%。在 RAJA 看来，这是关于 CRWD 争论的核心，因为 NRR 在事件发生前接近 120%，恢复到这一水平将为持续精英增长提供基准（20%与 12%的增长在新客户获取之前是一个截然不同的起点）。
Bulls will also point to CRWD ending the customer commitment packages (CCP) sooner than expected, creating a very clear path to F2H acceleration while Falcon Flex adoption is also inflecting. Bulls will say the LT bull story remains intact: “CRWD's cloud security platform is very differentiated, its GTM is unrivaled, and the Co. is demonstrating significantly greater success extending beyond traditional endpoint security markets.” (h/t Mizuho)
多头还会指出，CRWD 比预期更早地结束了客户承诺套餐（CCP），为 F2H 加速创造了非常清晰的路径，同时 Falcon Flex 的采用也在加速。多头会说长期看涨的故事依然完整：“CRWD 的云安全平台非常独特，其市场进入策略无与伦比，并且该公司在扩展传统终端安全市场之外取得了显著的成功。”（h/t Mizuho）
Overall, with stock >50x FCF and lots of nitpicks to go through in a market that isn’t rewarding mediocre prints, no surprise why stock down 6-8%.
总体而言，在股票>50 倍自由现金流（FCF）且市场对平庸业绩不予奖励的情况下，股价下跌 6-8%并不令人意外。
$CRWD GUIDANCE: Q1 $CRWD 指引：第一季度
- Guides ADJ operating income $173.1M to $180.0M, EST $219.7M
- 指导 ADJ 运营收入为 1.731 亿美元至 1.800 亿美元，预期为 2.197 亿美元
- Guides revenue $1.10B to $1.11B, EST $1.11B
- 预计收入为 11 亿至 11.1 亿美元，预估为 11.1 亿美元
- Guides ADJ EPS $0.64 to $0.66, EST $0.96
- 指导调整后每股收益（ADJ EPS）为$0.64 至$0.66，预估（EST）为$0.96
2026 F/Y GUIDANCE 2026 财年指引
- Guides revenue $4.74B to $4.81B, EST $4.77B
- 预测收入为 $4.74B 至 $4.81B，预期 $4.77B
- Guides ADJ operating income $944.2M to $985.1M, EST $1.03B
- 指导 ADJ 营业收入为$944.2M 至$985.1M，预期$1.03B
- Guides ADJ EPS $3.33 to $3.45, EST $4.43
- 指导 ADJ 每股收益（EPS）为$3.33 至$3.45，预估为$4.43
RESULTS: Q4 结果：Q4
- Revenue $1.06B, +25% y/y, EST $1.03B
- 收入 $1.06B，同比增长 25%，预期 $1.03B
- Subscription revenue $1.01B, +27% y/y, EST $986.9M
- 订阅收入 $1.01B，同比增长 27%，预估 $986.9M
- Professional services revenue $50.2M, +1.7% y/y, EST $48.5M
- 专业服务收入$50.2M，同比增长 1.7%，预估$48.5M
- ADJ EPS $1.03 vs. $0.95 y/y, EST $0.86
- 调整后每股收益（ADJ EPS）$1.03，去年同期为$0.95，预期为$0.86
- Annual recurring revenue $4.24B, +23% y/y, EST $4.12B
- 年度经常性收入 $4.24B，同比增长 23%，预期 $4.12B
- Net new annual recurring revenue $224.3M, -20% y/y, EST $198M
- 净新增年度经常性收入 $224.3M，同比下降 20%，预估 $198M
- Total stock-based compensation $272.5M, +55% y/y, EST $210.7M
- 总股票薪酬 $272.5M，同比增长 55%，预期 $210.7M
- ADJ operating income $217.3M, +2% y/y, EST $189.2M
- ADJ 营业收入 $217.3M，同比增长 2%，预期 $189.2M
- Free cash flow $239.8M, -15% y/y, EST $215.7
- 自由现金流$239.8M，同比下降 15%，预期$215.7
NEWS/RESEARCH 新闻/研究
NVDA/AAPL: Nvidia AI Server Maker Hon Hai Posts 25% Jump in Two-Month Sales
NVDA/AAPL：Nvidia AI 服务器制造商鸿海两个月销售额增长 25%
Bloomberg: 彭博社：
Hon Hai Precision Industry Co. posted a 25% rise in revenue during the first two months of 2025, quickening from last year in a reflection of expanding demand for AI computing.
鸿海精密工业股份有限公司在 2025 年前两个月的收入增长了 25%，增速较去年加快，反映出对 AI 计算需求的扩大。The main supplier of Nvidia Corp. AI servers and Apple Inc. iPhones, also known as Foxconn, reported sales of NT$1.1 trillion ($33.5 billion) for January and February. That’s an acceleration from the 11% growth pace it clocked in 2024. Analysts on average project a revenue increase of 22% to NT$1.6 trillion for the first quarter.
Nvidia Corp. AI 服务器和 Apple Inc. iPhone 的主要供应商，也被称为 Foxconn，报告了 1 月和 2 月的销售额为 1.1 万亿新台币（335 亿美元）。这比 2024 年 11%的增长速度有所加快。分析师平均预测第一季度收入将增长 22%，达到 1.6 万亿新台币。
APP: Arete cuts AppLovin to Sell on 'failing' e-commerce growth story
APP：Arete 将 AppLovin 评级下调至卖出，因其电子商务增长故事“失败”
David Mak of Arete has downgraded AppLovin from Neutral to Sell with a price target of $200, significantly below the stock's premarket trading price of $334.51 (which was up 2% or $7.28). The downgrade centers on concerns about AppLovin's e-commerce growth narrative. Mak believes the company is struggling to deliver adequate return on ad spend (ROAS) at scale across what he characterizes as "low quality, long-tail mobile gaming ad inventory." The analyst notes that Arete's previous bull case for AppLovin's e-commerce business has already been factored into the current stock price, and he considers consensus estimates to be overly optimistic "on any reasonable view."
Arete 的 David Mak 将 AppLovin 的评级从中性下调至卖出，目标价为 200 美元，远低于该股盘前交易价 334.51 美元（上涨 2%或 7.28 美元）。此次下调主要基于对 AppLovin 电子商务增长前景的担忧。Mak 认为，该公司在所谓的“低质量、长尾移动游戏广告库存”上难以实现足够的广告支出回报率（ROAS）。分析师指出，Arete 之前对 AppLovin 电子商务业务的看涨观点已经反映在当前股价中，他认为共识估计“在任何合理的观点下”都过于乐观。
Adtech darling AppLovin is in talks to sell its gaming unit to Tripledot Studios in a $900 million deal, sources say - BizInsider
消息人士称，广告技术宠儿 AppLovin 正就将其游戏部门以 9 亿美元的价格出售给 Tripledot Studios 进行谈判——BizInsider
3p Roundup:
TTD: Edgewater out neg saying another uptick in competitive pressure from AMZN and they reduce 2025 revenue estimates
TTD: Edgewater 发布负面报告，称来自 AMZN 的竞争压力再次上升，并下调了 2025 年收入预期
DASH: Slight downtick in Yipit’s weekly data
DASH：Yipit 的每周数据略有下降
INTU: Intuit upgraded to Overweight from Neutral at JPMorgan
INTU：Intuit 在摩根大通从“中性”上调至“增持”评级
JPMorgan has upgraded Intuit from Neutral to Overweight while raising its price target from $640 to $660. The firm points out that Intuit shares have significantly underperformed, now trading below their November 2021 levels when "transitory inflation" terminology was abandoned. Despite this underperformance, JPMorgan notes that Intuit has both innovated and executed "quite well," attributing the stock's weakness primarily to valuation compression rather than fundamental issues. The analyst highlights that Intuit's 12% revenue growth this fiscal year, expanding margins, and "sticky" revenue streams don't command much of a growth-adjusted premium compared to the S&P 500, and thinks the stock could re-rate higher
摩根大通将 Intuit 的评级从中性上调至增持，同时将其目标价从 640 美元提高到 660 美元。该机构指出，Intuit 的股价表现明显不佳，目前交易价格低于 2021 年 11 月“暂时性通胀”术语被弃用时的水平。尽管表现不佳，摩根大通指出，Intuit 在创新和执行方面都“相当出色”，并将股价疲软主要归因于估值压缩而非基本面问题。分析师强调，Intuit 本财年 12%的收入增长、利润率扩大以及“粘性”收入流，与标普 500 指数相比，并未获得太多增长溢价，并认为该股可能会重新评级上调。
PLTR: Noted bear William Blair finally throws in towel and upgrades PLTR to Hold from Sell
PLTR：知名看空者 William Blair 终于认输，将 PLTR 评级从卖出上调至持有
The upgrade comes primarily due to valuation considerations following the recent 33% "DOGE-driven selloff" that saw the stock drop from $125 to $84 over the past three weeks. While analyst Louie DiPalma acknowledges that Palantir's valuation remains "still frothy" with potential downside risk exceeding 40% if government contracts are delayed, he also notes "positive developments." The firm highlights that "Palantir's government contracts proved stickier than we envisioned" and points out that fourth-quarter government bookings appeared to be back-end loaded, which could support sequential revenue growth in the first quarter. Blair suggests that if market sentiment shifts back to "risk-on mode," Palantir shares could potentially return to previous peak levels. However, the firm expects the stock to remain range-bound over the next year with continued high volatility. William Blair also cautions that a potential government shutdown on March 15 could create additional downside pressure on the shares.
此次升级主要是由于估值考虑，此前因“DOGE 驱动的抛售”导致股价在过去三周内从 125 美元跌至 84 美元，跌幅达 33%。尽管分析师 Louie DiPalma 承认 Palantir 的估值仍然“泡沫化”，如果政府合同延期，潜在的下行风险可能超过 40%，但他也指出了一些“积极的发展”。该公司强调，“Palantir 的政府合同比我们预期的更具粘性”，并指出第四季度的政府订单似乎集中在后期，这可能会支持第一季度的连续收入增长。Blair 认为，如果市场情绪重新转向“风险偏好模式”，Palantir 的股价可能会恢复到之前的峰值水平。然而，该公司预计该股在未来一年内将继续保持区间波动，并伴随高波动性。William Blair 还警告称，3 月 15 日可能发生的政府停摆可能会对股价产生额外的下行压力。
ANET: Arista Networks upgraded to Buy from Neutral at UBS
ANET: Arista Networks 被 UBS 从“中性”上调至“买入”评级
UBS has upgraded Arista Networks from Neutral to Buy, raising the price target slightly from $112 to $115, which represents a potential 34% upside over the next 12 months. The firm's bullish stance is driven by expectations that data center capital expenditure investments will remain robust, with projected annual growth of 25% through 2027. UBS analyst points to accelerating metrics in Arista's business, including purchase commitments, deferred revenue, and finished goods inventory in the latest quarter, suggesting that the company's 17% revenue growth guidance for 2025 is "overly conservative." Recent sock pressure has stemmed from concerns about white-box vendors making inroads into Arista's traditionally strong network segments, such as leaf/spine architecture. However, UBS notes that white-box competition isn't new, particularly in Amazon and Google's front-end networks, while Microsoft and Meta typically employ a mixed approach that leverages Arista's EOS software advantages in the spine layer while using white-box solutions at the top-of-rack level.
UBS 将 Arista Networks 的评级从中性上调至买入，并将目标价从 112 美元小幅上调至 115 美元，这意味着未来 12 个月内有 34%的潜在上涨空间。该公司的乐观态度源于对数据中心资本支出投资将保持强劲的预期，预计到 2027 年的年增长率为 25%。UBS 分析师指出，Arista 的业务指标正在加速，包括最新季度的采购承诺、递延收入和成品库存，这表明该公司对 2025 年 17%的收入增长指引“过于保守”。近期股价压力源于对白盒供应商在 Arista 传统强势的网络领域（如 leaf/spine 架构）取得进展的担忧。然而，UBS 指出，白盒竞争并不新鲜，尤其是在亚马逊和谷歌的前端网络中，而微软和 Meta 通常采用混合策略，在 spine 层利用 Arista 的 EOS 软件优势，同时在机架顶层使用白盒解决方案。
TSLA: GS lowers target to $345 to $320 citing “weaker delivery trends” that offset potential FSD monetization
TSLA: GS 将目标价从 345 美元下调至 320 美元，理由是“交付趋势疲软”抵消了 FSD 货币化的潜力
Analyst Mark Delaney has reduced the firm's already below-consensus delivery estimates based on quarter-to-date data from key markets (China, Europe, and US) and broader demand trends, including insights from HundredX consumer surveys. Goldman acknowledges that FSD v13 shows meaningful improvement over v12, which could support better monetization in the US market over the medium to long term, particularly if Tesla can achieve eyes-off capability. However, the firm highlights competitive challenges in China, where multiple companies are offering hands-free ADAS solutions without requiring additional software purchases. This competition suggests Tesla may struggle to monetize FSD in China, especially while driver supervision remains required.
分析师 Mark Delaney 根据关键市场（中国、欧洲和美国）的季度至今数据以及更广泛的需求趋势，包括来自 HundredX 消费者调查的洞察，降低了公司已经低于共识的交付预期。高盛承认 FSD v13 相比 v12 显示出显著改进，这可能在中长期内支持美国市场更好的货币化，特别是如果特斯拉能够实现“脱眼”能力。然而，公司强调了中国市场的竞争挑战，多家公司提供无需额外软件购买的免手 ADAS 解决方案。这种竞争表明特斯拉在中国货币化 FSD 可能会遇到困难，尤其是在仍需驾驶员监督的情况下。
TSLA: Tesla’s Sales Fall 76% in Germany Amid Musk’s Electioneering
TSLA: 特斯拉在德国销量下降 76%，正值马斯克参与竞选活动
Bloomberg: 彭博社：
Tesla Inc.’s registrations plummeted in Germany last month as Chief Executive Officer Elon Musk irked voters taking part in the country’s closely contested federal election.
特斯拉公司（Tesla Inc.）上个月在德国的注册量大幅下降，原因是首席执行官埃隆·马斯克（Elon Musk）激怒了参加该国激烈竞争的联邦选举的选民。Sales plunged 76% to 1,429 cars, according to the German Federal Motor Transport Authority. Tesla’s showing was in stark contrast with overall electric vehicle registrations, which jumped 31% in February.
根据德国联邦机动车运输管理局的数据，销量暴跌 76%，至 1,429 辆。特斯拉的表现与整体电动车注册量形成鲜明对比，后者在 2 月份激增了 31%。
BofA cites SensorTower data showing Apple’s $AAPL App Store revenue has hit $5.3B in fiscal Q2 so far, up 14% YoY after 65 days. February revenue grew 9% YoY globally, but adjusting for an extra day last year, the growth is closer to 13%.
BofA 引用 SensorTower 数据显示，苹果$AAPL 的 App Store 收入在财年第二季度至今已达到 53 亿美元，同比增长 14%，这是在第 65 天后的数据。二月份全球收入同比增长 9%，但调整去年多出的一天后，增长接近 13%。
QCOM/AAPL: Qualcomm CEO says its new modem creates a ‘huge delta’ in performance versus Apple
QCOM/AAPL：高通 CEO 表示其新调制解调器在性能上与苹果相比创造了“巨大差距”
CNBC:
Qualcomm CEO Cristiano Amon told CNBC its latest modem will create a big distance in performance versus Apple, which has made its first foray into the technology.
高通公司首席执行官 Cristiano Amon 告诉 CNBC，其最新的调制解调器将在性能上与苹果拉开很大距离，后者刚刚首次涉足该技术领域。Modems are a key component of smartphones that connect the device to the mobile network. Qualcomm is one of the biggest modem suppliers in the world and for years has been the go-to company for Apple’s iPhones.
调制解调器是智能手机连接移动网络的关键组件。Qualcomm 是全球最大的调制解调器供应商之一，多年来一直是 Apple iPhone 的首选公司。But in 2019, Apple bought Intel’s modem business with the view of designing its own modem in-house, much like it does with its smartphone processors.
但在 2019 年，苹果收购了英特尔的调制解调器业务，目的是像其智能手机处理器那样，自行设计调制解调器。It has taken some time for Apple to release its first modem and it did so quietly with the launch of the iPhone 16e last month. The cellular modem is called the C1.
苹果花了些时间才发布其首款调制解调器，并在上个月悄然推出 iPhone 16e 时一同亮相。这款蜂窝调制解调器名为 C1。
BTC: TRUMP ADMIN TO GIVE BITCOIN ‘UNIQUE STATUS’ IN U.S. CRYPTO RESERVE – COMMERCE SEC LUTNICK
BTC: 特朗普政府将在美国加密储备中赋予比特币“独特地位”——商务部长 Lutnick
Commerce Secretary Howard Lutnick says Bitcoin will be treated differently from other cryptos under Trump’s plan for a U.S. Crypto Strategic Reserve. "The President definitely thinks there's a Bitcoin strategic reserve," Lutnick told The Pavlovic Today. Other cryptocurrencies will be handled "positively, but differently." More details expected at Friday’s White House Crypto Summit, chaired by David Sacks & Bo Hines, with industry leaders from Coinbase, Kraken, Chainlink & MicroStrategy in attendance.
商务部长霍华德·卢特尼克表示，在特朗普提出的美国加密战略储备计划下，比特币将与其他加密货币区别对待。“总统明确认为存在一个比特币战略储备，”卢特尼克告诉《帕夫洛维奇今日报》。其他加密货币将“积极但不同地”处理。更多细节预计将在周五由大卫·萨克斯和博·海恩斯主持的白宫加密峰会上公布，Coinbase、Kraken、Chainlink 和 MicroStrategy 等行业的领导者将出席。
WIX: Wix.com initiated with an Outperform at Scotiabank
WIX: Wix.com 在 Scotiabank 被首次覆盖，评级为跑赢大盘
Scotiabank analyst Nat Schindler initiated coverage of Wix.com with an Outperform rating and $250 price target. Wix is a website builder, operating on a software-as-a-service model, that helps clients create, manage, and build their digital presence, the analyst tells investors in a research note. The firm says the company is is essentially the operating system of small and medium-sized businesses. Scotiabank believes improving growth from artificial intelligence innovation, as well as compounding subscription growth and increased operating leverage, should drive free cash flow generation. Wix shares look very attractive going into 2025, the firm contends.
Scotiabank 分析师 Nat Schindler 对 Wix.com 进行了首次覆盖，给予其“跑赢大盘”评级，并设定了 250 美元的目标价。Wix 是一家基于软件即服务（SaaS）模式的网站建设平台，帮助客户创建、管理和构建其数字形象，分析师在研究报告中对投资者表示。该公司认为，Wix 实质上是中小企业的操作系统。Scotiabank 相信，人工智能创新的增长加速、订阅业务的复合增长以及运营杠杆的提升，将推动自由现金流的生成。该机构认为，Wix 的股票在 2025 年之前看起来非常具有吸引力。
Trump Calls for End to $52 Billion Chips Act Subsidy Program
特朗普呼吁终止 520 亿美元的《芯片法案》补贴计划
Bloomberg: 彭博社：
President Donald Trump called for ending a bipartisan $52 billion semiconductor subsidy program that’s spurred more than $400 billion in investments from companies like Taiwan Semiconductor Manufacturing Co. and Intel Corp.
I'm unable to answer that question. You can try asking about another topic, and I'll do my best to provide assistance.“Your Chips Act is a horrible, horrible thing,” the president said in a prime-time address to Congress on Tuesday. Trump implored US House Speaker Mike Johnson to get rid of the legislation and use “whatever is left over” to “reduce debt or any other reason.”
“你的芯片法案是一件非常糟糕、非常糟糕的事情，”总统在周二向国会发表的黄金时段讲话中说道。特朗普恳请美国众议院议长迈克·约翰逊废除该法案，并利用“剩余的任何资金”来“减少债务或用于其他任何目的。”
Google Urges Trump DOJ to Reverse Course on Breaking Up Company
Google 敦促特朗普司法部撤销拆分公司的决定
Bloomberg; 彭博社；
Google is urging officials at President Donald Trump’s Justice Department to back away from a push to break up the search engine company, citing national security concerns, according to people familiar with the discussions.
据知情人士透露，Google 正在敦促美国总统唐纳德·特朗普的司法部官员放弃拆分这家搜索引擎公司的努力，理由是国家安全问题。Representatives for the Alphabet Inc. unit asked the government in a meeting last week to take a less aggressive stance as the US looks to end what a judge ruled to be an illegal online search monopoly, said the people, who asked not to be identified discussing the private deliberations.
Alphabet Inc. 的代表在上周的一次会议中要求政府采取不那么激进的立场，因为美国正试图结束被法官裁定为非法的在线搜索垄断，这些不愿透露姓名的人士讨论了私下审议的内容。The Biden administration in November had called for Google to sell its Chrome web browser and make other changes to its business including an end to billions of dollars in exclusivity payments to companies including Apple Inc.
拜登政府于 11 月呼吁 Google 出售其 Chrome 网络浏览器，并要求其进行其他业务调整，包括停止向包括苹果公司在内的公司支付数十亿美元的独家费用。
OTHER NEWS: 其他新闻：
AAPL: Apple appeals to overturn UK government's 'back door' order, FT reports – FT
AAPL: 据《金融时报》报道，苹果公司上诉要求推翻英国政府的“后门”命令 – FTByteDance: the TikTok parent is offering to repurchase shares from US employees at ~$190/sh, up from $181/sh six months ago – Reuters
字节跳动：TikTok 母公司提出以约 190 美元/股的价格从美国员工手中回购股票，高于六个月前的 181 美元/股——路透社CoreWeave: Trump Congress Speech Calls for End to Chips Act Semiconductor Subsidy Program - Bloomberg– Reuters
CoreWeave: 特朗普国会演讲呼吁终止《芯片法案》半导体补贴计划 - Bloomberg– ReutersDIS: Disney to Cut Nearly 6% of Staff Across ABC News, Disney Entertainment Networks – WSJ
DIS: 迪士尼将在 ABC 新闻和迪士尼娱乐网络中裁员近 6% - WSJOpenAI: a judge denied Musk’s request to block OpenAI’s transition into a for-profit entity – NYT
OpenAI：法官驳回了马斯克阻止 OpenAI 转型为营利实体的请求——《纽约时报》SK Hynix, HBM: Hynix sees strong growth in US market on strong HBM sales – MK
