[{"data":1,"prerenderedAt":-1},["ShallowReactive",2],{"app-context":3,"blog-chamath-netflix-is-a-dormant-subscription-and-14b-of-debt-built-its-library-ZH":150},{"languages":4,"categories":41,"products":125,"competitors":149},[5,9,13,17,21,25,29,33,37],{"name":6,"code":7,"id":8},"English","EN","TGFuZ3VhZ2U6ZW4=",{"name":10,"code":11,"id":12},"Español","ES","TGFuZ3VhZ2U6ZXM=",{"name":14,"code":15,"id":16},"Português","PT","TGFuZ3VhZ2U6cHQ=",{"name":18,"code":19,"id":20},"日本語","JA","TGFuZ3VhZ2U6amE=",{"name":22,"code":23,"id":24},"한국어","KO","TGFuZ3VhZ2U6a28=",{"name":26,"code":27,"id":28},"Deutsch","DE","TGFuZ3VhZ2U6ZGU=",{"name":30,"code":31,"id":32},"Italiano","IT","TGFuZ3VhZ2U6aXQ=",{"name":34,"code":35,"id":36},"Français","FR","TGFuZ3VhZ2U6ZnI=",{"name":38,"code":39,"id":40},"中文 (中国)","ZH","TGFuZ3VhZ2U6emg=",[42,73,104],{"icon":43,"slug":44,"title":45,"description":46,"featuredLinks":47},"mingcute:stock-line","stock-market-basics","Stock Market Basics","\u003Cp>Beginners' guides and practical tips for understanding stock market investing.\u003C\u002Fp>\n",[48,53,58,63,68],{"url":49,"title":50,"description":51,"ogImage":52},"https:\u002F\u002Fwww.tikr.com\u002Fblog\u002Fwhat-makes-stocks-go-up-and-down","What Makes Stocks Go Up and Down | TIKR.com","Understanding what makes stock prices go up and down can help investors better navigate investing. Click to learn more!","https:\u002F\u002Fwww.tikr.com\u002Fimages\u002FWhat-makes-stocks-go-up-and-down-banner\u002FWhat-makes-stocks-go-up-and-down-banner.jpg?_i=AA",{"url":54,"title":55,"description":56,"ogImage":57},"https:\u002F\u002Fwww.tikr.com\u002Fblog\u002Fdividend-yield-meaning-formula-example","Dividend Yield: Meaning, Formula, Example | Tikr.com Blog | TIKR.com","The dividend yield is a key metric for investors looking to gauge the income potential of their investments. It measures how much a company pays out in","https:\u002F\u002Fwww.tikr.com\u002Fimages\u002FDividend-yield\u002FDividend-yield.png?_i=AA",{"url":59,"title":60,"description":61,"ogImage":62},"https:\u002F\u002Fwww.tikr.com\u002Fblog\u002Fmarket-capitalization-definition-formula-and-why-it-matters","Market Capitalization: Definition, Formula, and Why It Matters | TIKR.com","Long-term investors often look at various valuation metrics when deciding whether to invest in a particular company. One helpful metric to evaluate is","https:\u002F\u002Fwww.tikr.com\u002Fimages\u002FMarket-Capitalization-Definition-Formula-and-Why-It-Matters\u002FMarket-Capitalization-Definition-Formula-and-Why-It-Matters.png?_i=AA",{"url":64,"title":65,"description":66,"ogImage":67},"https:\u002F\u002Fwww.tikr.com\u002Fblog\u002Fearnings-per-share-definition-formula-and-why-eps-matters","Earnings Per Share: Definition, Formula, and Why EPS Matters | TIKR.com","Earnings Per Share (EPS) represents the portion of a company's net earnings allocated to each share. Click to learn more!","https:\u002F\u002Fwww.tikr.com\u002Fimages\u002FEPS-Defiinition-formula-and-why-EPS-matters-1\u002FEPS-Defiinition-formula-and-why-EPS-matters-1.png?_i=AA",{"url":69,"title":70,"description":71,"ogImage":72},"https:\u002F\u002Fwww.tikr.com\u002Fblog\u002Fwhat-is-a-stock-price-target","What Is a Stock Price Target? | TIKR.com","A price target is a stock's estimated future price. It can help investors quickly find undervalued stocks. Learn more now!","https:\u002F\u002Fwww.tikr.com\u002Fimages\u002FWhat-is-a-Stock-Price-Target-2\u002FWhat-is-a-Stock-Price-Target-2.png?_i=AA",{"icon":74,"slug":75,"title":76,"description":77,"featuredLinks":78},"material-symbols:analytics-outline","fundamental-analysis","Fundamental Analysis","\u003Cp>In-depth resources and financial metrics to help you evaluate companies like a pro.\u003C\u002Fp>\n",[79,84,89,94,99],{"url":80,"title":81,"description":82,"ogImage":83},"https:\u002F\u002Fwww.tikr.com\u002Fblog\u002Fshare-repurchase-why-do-companies-buy-back-their-stock","Share Repurchase: Why Do Companies Buy Back Their Stock? | TIKR.com","Share repurchases, or share buybacks, have gained popularity in the last two decades. According to a report from Goldman Sachs, stock buybacks initiated","https:\u002F\u002Fwww.tikr.com\u002Fimages\u002FTIKR-BLOG-COVER-PHOTOS-3_544a7f4e\u002FTIKR-BLOG-COVER-PHOTOS-3_544a7f4e.png?_i=AA",{"url":85,"title":86,"description":87,"ogImage":88},"https:\u002F\u002Fwww.tikr.com\u002Fblog\u002Fwhat-is-a-good-return-on-invested-capital","What Is a Good Return on Invested Capital? | TIKR.com","Learning about Return on Invested Capital (ROIC) can help investors spot highly profitable stocks that can drive long-term returns. Learn more now!","https:\u002F\u002Fwww.tikr.com\u002Fimages\u002FWhat-is-a-good-return-on-Invested-capital\u002FWhat-is-a-good-return-on-Invested-capital.png?_i=AA",{"url":90,"title":91,"description":92,"ogImage":93},"https:\u002F\u002Fwww.tikr.com\u002Fblog\u002Fwhat-is-a-good-return-on-equity-ratio","What is a Good Return on Equity Ratio | Tikr.com Blog | TIKR.com","Return on Equity (ROE) is a financial ratio that reflects a company's profitability in relation to the equity invested by shareholders. It basically","https:\u002F\u002Fwww.tikr.com\u002Fimages\u002FWhat-is-a-good-return-on-equity-ratio-1\u002FWhat-is-a-good-return-on-equity-ratio-1.jpg?_i=AA",{"url":95,"title":96,"description":97,"ogImage":98},"https:\u002F\u002Fwww.tikr.com\u002Fblog\u002Fwhat-is-a-good-p-e-ratio","What Is a Good P\u002FE Ratio? | TIKR.com","Financial analysts and investors look at various metrics before deciding whether a stock is a buy. One of the metrics is the price-to-earnings ratio (P\u002FE","https:\u002F\u002Fwww.tikr.com\u002Fimages\u002FWhat-is-a-good-PE-ratio-1\u002FWhat-is-a-good-PE-ratio-1.jpg?_i=AA",{"url":100,"title":101,"description":102,"ogImage":103},"https:\u002F\u002Fwww.tikr.com\u002Fblog\u002Ftop-6-metrics-for-investing-in-reits","Top 6 Metrics for Investing in REITs | TIKR.com","Real estate has been one of the greatest asset classes for wealth creation in history, and investing in Real Estate Investment Trusts (REITs) can allow","https:\u002F\u002Fwww.tikr.com\u002Fimages\u002FGroup-10\u002FGroup-10.png?_i=AA",{"icon":105,"slug":106,"title":107,"description":108,"featuredLinks":109},"hugeicons:investigation","investing-lingo","Investing Lingo","\u003Cp>A comprehensive glossary of investing terms and jargon so you can speak the language of the markets confidently.\u003C\u002Fp>\n",[110,115,120],{"url":111,"title":112,"description":113,"ogImage":114},"https:\u002F\u002Fwww.tikr.com\u002Fblog\u002Fenterprise-value-definition-and-calculation","Enterprise Value: Definition and Calculation | Tikr.com Blog | TIKR.com","Enterprise value (EV) is a financial metric that offers a comprehensive snapshot of a company's total value. Unlike market capitalization which solely","https:\u002F\u002Fwww.tikr.com\u002Fimages\u002FEnterprise-Value-Definition-and-Calculation_37576e40\u002FEnterprise-Value-Definition-and-Calculation_37576e40.png?_i=AA",{"url":116,"title":117,"description":118,"ogImage":119},"https:\u002F\u002Fwww.tikr.com\u002Fblog\u002Febitda-definition-formula-how-to-use-it","EBITDA: Definition, Formula, How to Use It | TIKR.com","EBITDA stands for earnings before interest, taxes, depreciation and amortization. It's a financial metric commonly used to evaluate a company's financial","https:\u002F\u002Fwww.tikr.com\u002Fimages\u002FEBITDA-Definition-Formula-How-to-Use-It\u002FEBITDA-Definition-Formula-How-to-Use-It.png?_i=AA",{"url":121,"title":122,"description":123,"ogImage":124},"https:\u002F\u002Fwww.tikr.com\u002Fblog\u002Fwhat-is-the-free-cash-flow-formula-and-why-does-it-matter","What is the Free Cash Flow Formula and Why Does It Matter | TIKR.com","Free cash flow, or FCF, is the cash a company generates after it accounts for outflows required to maintain business operations and support capital","https:\u002F\u002Fwww.tikr.com\u002Fimages\u002FWhat-is-the-free-cash-flow-formula\u002FWhat-is-the-free-cash-flow-formula.png?_i=AA",[126,130,134,137,141,145],{"slug":127,"modified":128,"title":129},"valuation-model-builder","2025-07-03T00:18:53","Value Stocks Quickly and Accurately",{"slug":131,"modified":132,"title":133},"stock-portfolio-tracking","2024-12-02T22:21:28","Monitor Your Portfolio",{"slug":75,"modified":135,"title":136},"2025-01-21T22:10:52","Instantly Analyze Companies with In-Depth Metrics",{"slug":138,"modified":139,"title":140},"stock-screener","2024-12-02T22:13:31","Find the Best Stocks to Buy",{"slug":142,"modified":143,"title":144},"investor-stock-portfolio","2025-01-21T22:02:56","Follow Investment Moves of Top Investors",{"slug":146,"modified":147,"title":148},"analyze-stocks","2025-07-23T16:04:24","Analyze Stocks",[],{"post":151,"seo":184,"relatedPosts":191,"suggestedPosts":270},{"id":152,"title":153,"date":154,"modified":155,"excerpt":156,"content":157,"wordCount":158,"lang":159,"uri":160,"slug":161,"cloudinaryAssetId":-1,"featuredImageOriginalUrl":162,"featuredImageMetadata":163,"author":166,"editor":172,"categories":175,"relatedPosts":181,"seo":182},142553,"Chamath：Netflix是“沉睡的订阅服务”，140亿美元债务构建了其内容库","2026-10-26T14:07:19","2026-10-26T14:07:20","\u003Cp>债务问题只是冰山一角\u003C\u002Fp>","\u003Ch2 id=\"h-key-takeaways\" class=\"wp-block-heading\">核心要点\u003C\u002Fh2>\n\n\n\n\u003Cul class=\"wp-block-list\">\n\u003Cli>Netflix 在10月20日发布财报后股价下跌，因其对第四季度营收的指引低于华尔街预期，并将2026年广告收入展望从30亿美元下调至约27亿美元。\u003C\u002Fli>\n\n\n\n\u003Cli>Chamath Palihapitiya 称 Netflix 为“休眠订阅”，并指出其140亿美元的债务为其内容库提供了资金，而 Alphabet 的 YouTube 获取内容的成本低廉。\u003C\u002Fli>\n\n\n\n\u003Cli>Netflix 的债务是可控的：截至9月底，其总债务为153亿美元，现金为82亿美元，预计今年自由现金流约为120亿美元。\u003C\u002Fli>\n\n\n\n\u003Cli>更大的风险在于 Netflix 今年约200亿美元的内容支出，这笔费用在任何人观看之前就已支付，而 YouTube 则是在收入产生后与创作者分成。\u003C\u002Fli>\n\u003C\u002Ful>\n\n\n\n\u003Cp class=\"wp-block-paragraph\">\u003Cstrong>Netflix (\u003Ca href=\"https:\u002F\u002Fapp.tikr.com\u002Fstock\u002Fabout?cid=32012&tid=2633241\">NFLX\u003C\u002Fa>)\u003C\u002Fstrong> 在10月20日周二发布第三季度财报后股价下跌，因其对第四季度营收和营业利润率的指引低于华尔街预期。该股在2026年年初至今已下跌26%。\u003C\u002Fp>\n\n\n\n\u003Cp class=\"wp-block-paragraph\">营收同比增长11.8%至128.7亿美元，这是连续第四个季度增长放缓。Netflix 还\u003Ca href=\"https:\u002F\u002Fwww.tikr.com\u002Fblog\u002Fnetflix-nflx-stock-drops-after-q3-earnings-ad-forecast-cut\">将其2026年广告收入展望\u003C\u002Fa>从30亿美元下调至约27亿美元。\u003C\u002Fp>\n\n\n\n\u003Cp class=\"wp-block-paragraph\">Social Capital 创始人 Chamath Palihapitiya 在\u003Ca href=\"https:\u002F\u002Fx.com\u002Fchamath\u002Fstatus\u002F2112585239105347838\">X平台\u003C\u002Fa>上发表了更直率的看法：\u003C\u002Fp>\n\n\n\n\u003Cp class=\"wp-block-paragraph\">“我每天都看 YouTube。Netflix 对我来说是一个休眠订阅。”\u003C\u002Fp>\n\n\n\n\u003Cp class=\"wp-block-paragraph\">而休眠订阅正是那种会被取消的类型。\u003C\u002Fp>\n\n\n\n\u003Cp class=\"wp-block-paragraph\">他的论点超越了他个人的观看习惯。\u003Cstrong>Alphabet (\u003Ca href=\"https:\u002F\u002Fapp.tikr.com\u002Fstock\u002Fabout?cid=29096&tid=260152426\">GOOG\u003C\u002Fa>)\u003C\u002Fstrong> 从创作者那里获取 YouTube 的视频，而 Netflix 则为自己制作的内容付费：“YouTube 的内容创作成本非常低。Netflix 有140亿美元的债务为其内容库提供资金。”他称这可能是一个“资产与负债错配的教训”。\u003C\u002Fp>\n\n\n\n\u003Cp class=\"wp-block-paragraph\">\u003Cstrong>TIKR 追踪了52位分析师对 Netflix 的看法。有多少人给出“买入”评级？\u003C\u002Fstrong>\u003C\u002Fp>\n\n\n\n\u003Cp class=\"wp-block-paragraph\">在一个地方查看 Netflix 的买入、持有和卖出评级的完整细分，以及华尔街的营收和盈利预测。超过50万投资者使用 TIKR 来研究像这样的股票。\u003Ca href=\"https:\u002F\u002Fwww.tikr.com\u002Fvaluation-model-builder?ref=tikrblog\">查看 Netflix 的分析师评级\u003C\u002Fa>\u003C\u002Fp>\n\n\n\n\u003Ch2 id=\"h-the-debt-is-the-easy-part\" class=\"wp-block-heading\">债务是相对容易的部分\u003C\u002Fh2>\n\n\n\n\u003Cp class=\"wp-block-paragraph\">Palihapitiya 提到的140亿美元与 Netflix 在2025年底资产负债表上145亿美元的债务大致相符。TIKR 的总债务数据还包括租赁负债，因此略高一些。自2021年以来，该数字也几乎没有变动，每年都保持在169亿至181亿美元之间。\u003C\u002Fp>\n\n\n\n\u003Cfigure class=\"wp-block-image size-full\">\u003Cimg width=\"3024\" height=\"2016\" data-public-id=\"images\u002F2026-10-21_i05ba31d647_NFLX_total_debt_2021-2025\u002F2026-10-21_i05ba31d647_NFLX_total_debt_2021-2025.png\" loading=\"lazy\" decoding=\"async\" src=\"https:\u002F\u002Fres.cloudinary.com\u002Ftikr\u002Fimages\u002Fw_3024,h_2016,c_scale\u002Ff_webp,q_auto\u002Fv1792592585\u002Fimages\u002F2026-10-21_i05ba31d647_NFLX_total_debt_2021-2025\u002F2026-10-21_i05ba31d647_NFLX_total_debt_2021-2025.png?_i=AA\" alt=\"Bar chart from TIKR of Netflix's total debt, $ billions, fiscal 2021–2025.\" class=\"wp-post-142553 wp-image-142550\" data-format=\"webp\" data-transformations=\"f_webp,q_auto\" data-version=\"1792592585\" data-seo=\"1\" srcset=\"https:\u002F\u002Fres.cloudinary.com\u002Ftikr\u002Fimages\u002Ff_webp,q_auto\u002Fv1792592585\u002Fimages\u002F2026-10-21_i05ba31d647_NFLX_total_debt_2021-2025\u002F2026-10-21_i05ba31d647_NFLX_total_debt_2021-2025.png?_i=AA 3024w, https:\u002F\u002Fres.cloudinary.com\u002Ftikr\u002Fimages\u002Fw_600,h_400,c_scale\u002Ff_webp,q_auto\u002Fv1792592585\u002Fimages\u002F2026-10-21_i05ba31d647_NFLX_total_debt_2021-2025\u002F2026-10-21_i05ba31d647_NFLX_total_debt_2021-2025.png?_i=AA 600w, https:\u002F\u002Fres.cloudinary.com\u002Ftikr\u002Fimages\u002Fw_1200,h_800,c_scale\u002Ff_webp,q_auto\u002Fv1792592585\u002Fimages\u002F2026-10-21_i05ba31d647_NFLX_total_debt_2021-2025\u002F2026-10-21_i05ba31d647_NFLX_total_debt_2021-2025.png?_i=AA 1200w, https:\u002F\u002Fres.cloudinary.com\u002Ftikr\u002Fimages\u002Fw_1400,h_933,c_scale\u002Ff_webp,q_auto\u002Fv1792592585\u002Fimages\u002F2026-10-21_i05ba31d647_NFLX_total_debt_2021-2025\u002F2026-10-21_i05ba31d647_NFLX_total_debt_2021-2025.png?_i=AA 1400w, https:\u002F\u002Fres.cloudinary.com\u002Ftikr\u002Fimages\u002Fw_300,h_200,c_scale\u002Ff_webp,q_auto\u002Fv1792592585\u002Fimages\u002F2026-10-21_i05ba31d647_NFLX_total_debt_2021-2025\u002F2026-10-21_i05ba31d647_NFLX_total_debt_2021-2025.png?_i=AA 300w\" sizes=\"auto, (max-width: 3024px) 100vw, 3024px\" \u002F>\u003Cfigcaption class=\"wp-element-caption\">Netflix (NFLX): 总债务，单位：十亿美元，2021-2025财年 (\u003Cstrong>TIKR\u003C\u002Fstrong>)\u003C\u002Ffigcaption>\u003C\u002Ffigure>\n\n\n\n\u003Cp class=\"wp-block-paragraph\">因此，大部分借款发生在2021年之前，当时 Netflix 的自由现金流仍为小幅负值。自那以后，Netflix 主要是在进行债务展期。第三季度，它发行了10亿美元债券以偿还第四季度到期的10亿美元债务。\u003C\u002Fp>\n\n\n\n\u003Cp class=\"wp-block-paragraph\">与此同时，自由现金流从2021年的小幅负值增长到2025年的95亿美元……\u003C\u002Fp>\n\n\n\n\u003Cfigure class=\"wp-block-image size-full\">\u003Cimg width=\"3024\" height=\"2016\" data-public-id=\"images\u002F2026-10-21_i05ba31d647_NFLX_fcf_2021-2025\u002F2026-10-21_i05ba31d647_NFLX_fcf_2021-2025.png\" loading=\"lazy\" decoding=\"async\" src=\"https:\u002F\u002Fres.cloudinary.com\u002Ftikr\u002Fimages\u002Fw_3024,h_2016,c_scale\u002Ff_webp,q_auto\u002Fv1792592578\u002Fimages\u002F2026-10-21_i05ba31d647_NFLX_fcf_2021-2025\u002F2026-10-21_i05ba31d647_NFLX_fcf_2021-2025.png?_i=AA\" alt=\"Bar chart from TIKR of Netflix's free cash flow, $ billions, fiscal 2021–2025.\" class=\"wp-post-142553 wp-image-142551\" data-format=\"webp\" data-transformations=\"f_webp,q_auto\" data-version=\"1792592578\" data-seo=\"1\" srcset=\"https:\u002F\u002Fres.cloudinary.com\u002Ftikr\u002Fimages\u002Ff_webp,q_auto\u002Fv1792592578\u002Fimages\u002F2026-10-21_i05ba31d647_NFLX_fcf_2021-2025\u002F2026-10-21_i05ba31d647_NFLX_fcf_2021-2025.png?_i=AA 3024w, https:\u002F\u002Fres.cloudinary.com\u002Ftikr\u002Fimages\u002Fw_600,h_400,c_scale\u002Ff_webp,q_auto\u002Fv1792592578\u002Fimages\u002F2026-10-21_i05ba31d647_NFLX_fcf_2021-2025\u002F2026-10-21_i05ba31d647_NFLX_fcf_2021-2025.png?_i=AA 600w, https:\u002F\u002Fres.cloudinary.com\u002Ftikr\u002Fimages\u002Fw_1200,h_800,c_scale\u002Ff_webp,q_auto\u002Fv1792592578\u002Fimages\u002F2026-10-21_i05ba31d647_NFLX_fcf_2021-2025\u002F2026-10-21_i05ba31d647_NFLX_fcf_2021-2025.png?_i=AA 1200w, https:\u002F\u002Fres.cloudinary.com\u002Ftikr\u002Fimages\u002Fw_1400,h_933,c_scale\u002Ff_webp,q_auto\u002Fv1792592578\u002Fimages\u002F2026-10-21_i05ba31d647_NFLX_fcf_2021-2025\u002F2026-10-21_i05ba31d647_NFLX_fcf_2021-2025.png?_i=AA 1400w, https:\u002F\u002Fres.cloudinary.com\u002Ftikr\u002Fimages\u002Fw_300,h_200,c_scale\u002Ff_webp,q_auto\u002Fv1792592578\u002Fimages\u002F2026-10-21_i05ba31d647_NFLX_fcf_2021-2025\u002F2026-10-21_i05ba31d647_NFLX_fcf_2021-2025.png?_i=AA 300w\" sizes=\"auto, (max-width: 3024px) 100vw, 3024px\" \u002F>\u003Cfigcaption class=\"wp-element-caption\">Netflix (NFLX): 自由现金流，单位：十亿美元，2021-2025财年 (\u003Cstrong>TIKR\u003C\u002Fstrong>)\u003C\u002Ffigcaption>\u003C\u002Ffigure>\n\n\n\n\u003Cp class=\"wp-block-paragraph\">……Netflix 预计今年约为120亿美元。这低于125亿美元，原因是其预计在第四季度完成一笔房地产交易。\u003C\u002Fp>\n\n\n\n\u003Cp class=\"wp-block-paragraph\">Netflix 在9月底拥有153亿美元总债务和82亿美元现金。这意味着净债务约为71亿美元，不到一年的自由现金流。该公司还在第三季度花费48亿美元回购股票，这是其有史以来最大的股票回购季度。这绝不是一家担心其债权人的公司的行为方式。\u003C\u002Fp>\n\n\n\n\u003Ch2 id=\"h-netflix-pays-for-its-shows-before-anyone-watches\" class=\"wp-block-heading\">Netflix 在任何人观看之前就为其节目付费\u003C\u002Fh2>\n\n\n\n\u003Cp class=\"wp-block-paragraph\">Palihapitiya 提到的错配是真实存在的，它就存在于 Netflix 的内容合同中。\u003C\u002Fp>\n\n\n\n\u003Cp class=\"wp-block-paragraph\">Netflix 预计2026年将在内容上花费约200亿美元。\u003Ca href=\"https:\u002F\u002Fwww.sec.gov\u002FArchives\u002Fedgar\u002Fdata\u002F0001065280\u002F000106528026000212\u002Fnflx-20260630.htm\">根据其季度报告\u003C\u002Fa>，截至6月底，它已承诺支付251亿美元的内容费用，其中119亿美元将在一年内到期。这比其债务规模更大的固定账单，而且 Netflix 在节目证明任何价值之前就签署了它。\u003C\u002Fp>\n\n\n\n\u003Cp class=\"wp-block-paragraph\">YouTube 的内容也并非免费：Alphabet 的视频部门表示，从2022年到2025年，它向创作者、艺术家和媒体公司支付了超过1000亿美元。但 YouTube 支付的是视频收入的一部分（在其合作伙伴计划中为\u003Ca href=\"https:\u002F\u002Fwww.youtube.com\u002Fhowyoutubeworks\u002Fyoutubes-impact\u002F\">广告和订阅收入的55%\u003C\u002Fa>），并且只在收入产生之后支付。如果观众流失，YouTube 的内容账单会随着其收入一起减少。Netflix 仍然欠着它已经订购的节目的费用。\u003C\u002Fp>\n\n\n\n\u003Cp class=\"wp-block-paragraph\">Netflix 自己的解决方案需要预先投入更多资金。联席首席执行官 Ted Sarandos 在周二的电话会议上表示，美国以外的市场依赖其最大的热门内容：\u003C\u002Fp>\n\n\n\n\u003Cp class=\"wp-block-paragraph\">“我们今年有一些非常扎实的二垒打和三垒打。但其他地区指望其中一些作品成为本垒打，这样它们才能在全球传播。”\u003C\u002Fp>\n\n\n\n\u003Cp class=\"wp-block-paragraph\">Netflix 还刚刚用前迪士尼高管 Peter Rice 取代了首席内容官 Bela Bajaria。本垒打在其成为热门之前就需要投入大量资金，并且只有当人们将现在给 YouTube 的时间交给 Netflix 时，它们才能带来回报。\u003C\u002Fp>\n\n\n\n\u003Ch2 id=\"h-growth-is-already-cooling\" class=\"wp-block-heading\">增长已经在放缓\u003C\u002Fh2>\n\n\n\n\u003Cp class=\"wp-block-paragraph\">这就是为什么用户参与度在这里如此重要。分析师预计营收增长将从2024年和2025年约16%放缓至今年的13%和2027年的11%。\u003C\u002Fp>\n\n\n\n\u003Cfigure class=\"wp-block-image size-full\">\u003Cimg width=\"3024\" height=\"2016\" data-public-id=\"images\u002F2026-10-21_i05ba31d647_NFLX_revenue_estimates_2023-2027\u002F2026-10-21_i05ba31d647_NFLX_revenue_estimates_2023-2027.png\" loading=\"lazy\" decoding=\"async\" src=\"https:\u002F\u002Fres.cloudinary.com\u002Ftikr\u002Fimages\u002Fw_3024,h_2016,c_scale\u002Ff_webp,q_auto\u002Fv1792592569\u002Fimages\u002F2026-10-21_i05ba31d647_NFLX_revenue_estimates_2023-2027\u002F2026-10-21_i05ba31d647_NFLX_revenue_estimates_2023-2027.png?_i=AA\" alt=\"Bar chart from TIKR of Netflix's revenue, actual and consensus estimates, $ billions, fiscal 2023–2027.\" class=\"wp-post-142553 wp-image-142552\" data-format=\"webp\" data-transformations=\"f_webp,q_auto\" data-version=\"1792592569\" data-seo=\"1\" srcset=\"https:\u002F\u002Fres.cloudinary.com\u002Ftikr\u002Fimages\u002Ff_webp,q_auto\u002Fv1792592569\u002Fimages\u002F2026-10-21_i05ba31d647_NFLX_revenue_estimates_2023-2027\u002F2026-10-21_i05ba31d647_NFLX_revenue_estimates_2023-2027.png?_i=AA 3024w, https:\u002F\u002Fres.cloudinary.com\u002Ftikr\u002Fimages\u002Fw_600,h_400,c_scale\u002Ff_webp,q_auto\u002Fv1792592569\u002Fimages\u002F2026-10-21_i05ba31d647_NFLX_revenue_estimates_2023-2027\u002F2026-10-21_i05ba31d647_NFLX_revenue_estimates_2023-2027.png?_i=AA 600w, https:\u002F\u002Fres.cloudinary.com\u002Ftikr\u002Fimages\u002Fw_1200,h_800,c_scale\u002Ff_webp,q_auto\u002Fv1792592569\u002Fimages\u002F2026-10-21_i05ba31d647_NFLX_revenue_estimates_2023-2027\u002F2026-10-21_i05ba31d647_NFLX_revenue_estimates_2023-2027.png?_i=AA 1200w, https:\u002F\u002Fres.cloudinary.com\u002Ftikr\u002Fimages\u002Fw_1400,h_933,c_scale\u002Ff_webp,q_auto\u002Fv1792592569\u002Fimages\u002F2026-10-21_i05ba31d647_NFLX_revenue_estimates_2023-2027\u002F2026-10-21_i05ba31d647_NFLX_revenue_estimates_2023-2027.png?_i=AA 1400w, https:\u002F\u002Fres.cloudinary.com\u002Ftikr\u002Fimages\u002Fw_300,h_200,c_scale\u002Ff_webp,q_auto\u002Fv1792592569\u002Fimages\u002F2026-10-21_i05ba31d647_NFLX_revenue_estimates_2023-2027\u002F2026-10-21_i05ba31d647_NFLX_revenue_estimates_2023-2027.png?_i=AA 300w\" sizes=\"auto, (max-width: 3024px) 100vw, 3024px\" \u002F>\u003Cfigcaption class=\"wp-element-caption\">Netflix (NFLX): 营收，实际数据与共识预测，单位：十亿美元，2023-2027财年 (\u003Cstrong>TIKR\u003C\u002Fstrong>)\u003C\u002Ffigcaption>\u003C\u002Ffigure>\n\n\n\n\u003Cp class=\"wp-block-paragraph\">这仍然是两位数的增长。第四季度的不足与510亿美元的年营收规模相比很小，因此不应大幅影响这些预测。在内容账单每年增长的同时实现这些预测，取决于观众是否留下来。\u003C\u002Fp>\n\n\n\n\u003Ch2 id=\"h-watch-the-content-bill\" class=\"wp-block-heading\">关注内容账单\u003C\u002Fh2>\n\n\n\n\u003Cp class=\"wp-block-paragraph\">Palihapitiya 是对的，Netflix 确实存在 YouTube 所没有的错配。140亿美元的债务是其中较小的部分：今年自由现金流的略多于一年就能覆盖它。更大的部分是 Netflix 每年在节目上花费的200亿美元，而这发生在它知道谁会观看之前。\u003C\u002Fp>\n\n\n\n\u003Cp class=\"wp-block-paragraph\">我的看法：债务是 Netflix 最不担心的问题，而且以\u003Ca href=\"https:\u002F\u002Fwww.tikr.com\u002Fblog\u002Fnetflix-lost-17-billion-over-a-300-million-ad-miss-heres-what-20x-earnings-already-prices-in\">约20倍的市盈率\u003C\u002Fa>来看，该股已经充分定价了增长放缓。如果内容账单持续上升，而观众将更多晚间时间花在 YouTube 上，即使这个估值也可能显得昂贵。\u003C\u002Fp>\n\n\n\n\u003Cp class=\"wp-block-paragraph\">当然，几个本垒打会迅速改变话题。1月份的第四季度财报将是下一次检验其内容安排是否奏效的机会。\u003C\u002Fp>\n\n\n\n\u003Ch2 id=\"h-so-what-is-netflix-stock-actually-worth\" class=\"wp-block-heading\">那么 Netflix 股票的实际价值是多少？\u003C\u002Fh2>\n\n\n\n\u003Cp class=\"wp-block-paragraph\">TIKR 让你在一分钟内预测任何股票的未来价格。只需在 TIKR 的估值模型中输入几个假设，就能看到 Netflix 可能的价值。从华尔街共识预测开始，或者调整输入参数以反映你对业务的看法。它是免费使用的。\u003C\u002Fp>\n\n\n\n\u003Cp class=\"wp-block-paragraph\">\u003Ca href=\"https:\u002F\u002Fwww.tikr.com\u002Fvaluation-model-builder?ref=tikrblog\">免费为 Netflix 估值\u003C\u002Fa>\u003C\u002Fp>\n\n\n\n\u003Ch3 id=\"h-disclaimer\" class=\"wp-block-heading\">\u003Cstrong>免责声明：\u003C\u002Fstrong>\u003C\u002Fh3>\n\n\n\n\u003Cp class=\"wp-block-paragraph\">\u003Cem>请注意，TIKR 上的文章并非 TIKR 或我们的内容团队提供的投资或财务建议，也不是买卖任何股票的建议。我们根据 TIKR Terminal 的投资数据和分析师预测创建内容。我们的分析可能未包含最近的公司新闻或重要更新。TIKR 对提及的任何股票均无持仓。感谢阅读，祝您投资愉快！\u003C\u002Fem>\u003C\u002Fp>",1147,"zh","\u002Fblog\u002Fchamath-netflix-is-a-dormant-subscription-and-14b-of-debt-built-its-library","chamath-netflix-is-a-dormant-subscription-and-14b-of-debt-built-its-library","https:\u002F\u002Ftikr1.wpengine.com\u002Fwp-content\u002Fuploads\u002F2026\u002F10\u002FNetflix-Stock-600x400.png",{"altText":164,"imageCredit":165},"Chamath: Netflix Is “a Dormant Subscription,” and $14B of Debt Built Its Library","Photodjo from Getty Images via Canva",{"name":167,"slug":168,"role":169,"roleTitle":170,"biography":170,"avatar":170,"socialMediaLinks":171},"Roxanna Maglangit","roxtikr","author","",[],{"name":167,"slug":168,"role":173,"roleTitle":170,"biography":170,"avatar":170,"socialMediaLinks":174},"editor",[],[176],{"name":177,"slug":178,"uri":179,"description":170,"postsCount":180},"一般投资","general-investing","\u002Fblog\u002Fcategory\u002Fgeneral-investing",0,[],{"title":164,"metaDesc":183,"opengraphDescription":183,"twitterTitle":164,"twitterDescription":183},"The debt is the least of it",{"title":185,"description":183,"twitterTitle":185,"twitterDescription":183,"author":167,"articlePublisher":186,"articlePublishedTime":154,"articleModifiedTime":155,"twitterLabel1":187,"twitterData1":188,"ogTitle":185,"ogDescription":183,"ogUrl":160,"ogImage":162,"ogImageWidth":189,"ogImageHeight":190,"ogImageSecureUrl":162,"ogImageAlt":164,"twitterImage":162},"Chamath: Netflix Is “a Dormant Subscription,” and $14B of Debt Built Its Library","TIKR.com","预计阅读时间","2 minutes",1200,630,[192,209,226,241,257],{"id":180,"title":193,"date":194,"excerpt":195,"wordCount":196,"uri":197,"slug":198,"cloudinaryAssetId":199,"featuredImageOriginalUrl":200,"featuredImageMetadata":201,"author":202,"categories":206,"relatedPosts":208},"IonQ股价一个月内暴跌24%。现在是该卖出，还是加仓？","2026-10-26 14:00:00","稀释确实令人不快，但股价终于开始变得有吸引力了。",794,"\u002Fblog\u002Fionq-just-dropped-24-in-a-month-is-it-time-to-sell-or-load-up","ionq-just-dropped-24-in-a-month-is-it-time-to-sell-or-load-up","images\u002Fpondering-man-falling-red-chart\u002Fpondering-man-falling-red-chart","https:\u002F\u002Fres.cloudinary.com\u002Ftikr\u002Fimages\u002Fw_600,h_400,c_scale\u002Ff_webp,q_auto\u002Fv1792794878\u002Fimages\u002Fpondering-man-falling-red-chart\u002Fpondering-man-falling-red-chart.png?_i=AA",{"altText":193},{"name":203,"slug":204,"role":169,"roleTitle":170,"biography":170,"avatar":170,"socialMediaLinks":205},"Rexielyn Diaz","rexietikr",[],[207],{"name":177,"slug":178,"uri":179,"description":170,"postsCount":180},[],{"id":180,"title":210,"date":211,"excerpt":212,"wordCount":213,"uri":214,"slug":215,"cloudinaryAssetId":216,"featuredImageOriginalUrl":217,"featuredImageMetadata":218,"author":219,"categories":223,"relatedPosts":225},"Surgery Partners股价飙升46%，因Bon Secours接近以60亿美元完成收购","2026-10-26 13:58:16","一次公平的退出，如果它真的发生",741,"\u002Fblog\u002Fsurgery-partners-soars-46-as-bon-secours-nears-6-billion-takeover","surgery-partners-soars-46-as-bon-secours-nears-6-billion-takeover","images\u002Foverjoyed-woman-rising-chart-and-trading-screens_1443458e279\u002Foverjoyed-woman-rising-chart-and-trading-screens_1443458e279","https:\u002F\u002Fres.cloudinary.com\u002Ftikr\u002Fimages\u002Fw_600,h_400,c_scale\u002Ff_webp,q_auto\u002Fv1792770864\u002Fimages\u002Foverjoyed-woman-rising-chart-and-trading-screens_1443458e279\u002Foverjoyed-woman-rising-chart-and-trading-screens_1443458e279.png?_i=AA",{"altText":210},{"name":220,"slug":221,"role":169,"roleTitle":170,"biography":170,"avatar":170,"socialMediaLinks":222},"Michael Douglass","michaeldouglass",[],[224],{"name":177,"slug":178,"uri":179,"description":170,"postsCount":180},[],{"id":180,"title":227,"date":228,"excerpt":229,"wordCount":230,"uri":231,"slug":232,"cloudinaryAssetId":233,"featuredImageOriginalUrl":234,"featuredImageMetadata":235,"author":236,"categories":238,"relatedPosts":240},"巴西石油公司暴跌15%，美客多下跌12%：卢拉意外连任冲击巴西股市","2026-10-26 13:55:49","华尔街押注了另一位候选人",727,"\u002Fblog\u002Fpetrobras-sinks-15-mercadolibre-down-12-as-lulas-surprise-re-election-rocks-brazilian-stocks","petrobras-sinks-15-mercadolibre-down-12-as-lulas-surprise-re-election-rocks-brazilian-stocks","images\u002Fsurprised-man-falling-red-chart\u002Fsurprised-man-falling-red-chart","https:\u002F\u002Fres.cloudinary.com\u002Ftikr\u002Fimages\u002Fw_600,h_400,c_scale\u002Ff_webp,q_auto\u002Fv1792796704\u002Fimages\u002Fsurprised-man-falling-red-chart\u002Fsurprised-man-falling-red-chart.png?_i=AA",{"altText":227},{"name":220,"slug":221,"role":169,"roleTitle":170,"biography":170,"avatar":170,"socialMediaLinks":237},[],[239],{"name":177,"slug":178,"uri":179,"description":170,"postsCount":180},[],{"id":180,"title":242,"date":243,"excerpt":244,"wordCount":245,"uri":246,"slug":247,"cloudinaryAssetId":248,"featuredImageOriginalUrl":249,"featuredImageMetadata":250,"author":252,"categories":254,"relatedPosts":256},"StoneCo股价暴跌29%，Inter & Co重挫36%，PagSeguro下跌25%，因卢拉意外赢得大选","2026-10-26 13:52:57","StoneCo的债务让糟糕的一天雪上加霜。",686,"\u002Fblog\u002Fstoneco-sinks-29-inter-co-down-36-pagseguro-down-25-on-lulas-unexpected-election-win","stoneco-sinks-29-inter-co-down-36-pagseguro-down-25-on-lulas-unexpected-election-win","images\u002Fstunned-man-falling-red-bars\u002Fstunned-man-falling-red-bars","https:\u002F\u002Fres.cloudinary.com\u002Ftikr\u002Fimages\u002Fw_600,h_400,c_scale\u002Ff_webp,q_auto\u002Fv1793020217\u002Fimages\u002Fstunned-man-falling-red-bars\u002Fstunned-man-falling-red-bars.png?_i=AA",{"altText":251},"StoneCo股价暴跌29%，Inter & Co重挫36%，PagSeguro下跌25%，因卢拉意外赢得大选",{"name":220,"slug":221,"role":169,"roleTitle":170,"biography":170,"avatar":170,"socialMediaLinks":253},[],[255],{"name":177,"slug":178,"uri":179,"description":170,"postsCount":180},[],{"id":180,"title":258,"date":259,"excerpt":260,"wordCount":261,"uri":262,"slug":263,"cloudinaryAssetId":-1,"featuredImageOriginalUrl":170,"featuredImageMetadata":264,"author":265,"categories":267,"relatedPosts":269},"狮门影业股价飙升15%，因阿波罗支持的传奇影业提交收购《疾速追杀》制作公司的要约","2026-10-26 13:44:00","这一次，Legendary带来了一个收购要约",768,"\u002Fblog\u002Flionsgate-soars-15-as-apollo-backed-legendary-submits-takeover-offer-for-the-john-wick-studio","lionsgate-soars-15-as-apollo-backed-legendary-submits-takeover-offer-for-the-john-wick-studio",{"altText":258},{"name":167,"slug":168,"role":169,"roleTitle":170,"biography":170,"avatar":170,"socialMediaLinks":266},[],[268],{"name":177,"slug":178,"uri":179,"description":170,"postsCount":180},[],[271,291,306,320,335,355,370,385,400],{"id":180,"title":272,"date":273,"excerpt":274,"wordCount":275,"uri":276,"slug":277,"cloudinaryAssetId":278,"featuredImageOriginalUrl":279,"featuredImageMetadata":280,"author":281,"categories":285,"relatedPosts":290},"过去12个月上涨13%，Arista Networks股票能否在2026年带来更佳回报？","2026-10-26 12:57:00","Arista股票一年内上涨了10%。查看TIKR估值模型对ANET上行空间的预测，其目标价预计在2028年12月前达到275美元。",1099,"\u002Fblog\u002Farista-networks-stock-valuation-anet-2026","arista-networks-stock-valuation-anet-2026","images\u002FANET-stock-@Jirsak-from-Getty-Images-Pro-via-Canva-@Africa-images-via-Canva\u002FANET-stock-@Jirsak-from-Getty-Images-Pro-via-Canva-@Africa-images-via-Canva","https:\u002F\u002Fres.cloudinary.com\u002Ftikr\u002Fimages\u002Fw_600,h_400,c_scale\u002Ff_webp,q_auto\u002Fv1793010558\u002Fimages\u002FANET-stock-@Jirsak-from-Getty-Images-Pro-via-Canva-@Africa-images-via-Canva\u002FANET-stock-@Jirsak-from-Getty-Images-Pro-via-Canva-@Africa-images-via-Canva.png?_i=AA",{"altText":272},{"name":282,"slug":283,"role":169,"roleTitle":170,"biography":170,"avatar":170,"socialMediaLinks":284},"Aditya Raghunath","adityatikr",[],[286],{"name":287,"slug":288,"uri":289,"description":170,"postsCount":180},"估价","valuation","\u002Fblog\u002Fcategory\u002Fvaluation",[],{"id":180,"title":292,"date":293,"excerpt":294,"wordCount":295,"uri":296,"slug":297,"cloudinaryAssetId":298,"featuredImageOriginalUrl":299,"featuredImageMetadata":300,"author":301,"categories":303,"relatedPosts":305},"过去12个月下跌48%，SoFi股票能否在2026年交出更好的成绩单？","2026-10-26 12:45:00","SoFi股价一年内下跌了51%。来看看TIKR估值模型对SOFI上行空间的看法，其目标价为到2028年12月达到22美元。",1081,"\u002Fblog\u002Fsofi-stock-valuation-sofi-2026","sofi-stock-valuation-sofi-2026","images\u002FSOFI-stock-@AKKI-from-AKKI-JOHN-via-Canva-@MCCAIG-from-Getty-Images-Signature-via-Canva\u002FSOFI-stock-@AKKI-from-AKKI-JOHN-via-Canva-@MCCAIG-from-Getty-Images-Signature-via-Canva","https:\u002F\u002Fres.cloudinary.com\u002Ftikr\u002Fimages\u002Fw_600,h_400,c_scale\u002Ff_webp,q_auto\u002Fv1793015325\u002Fimages\u002FSOFI-stock-@AKKI-from-AKKI-JOHN-via-Canva-@MCCAIG-from-Getty-Images-Signature-via-Canva\u002FSOFI-stock-@AKKI-from-AKKI-JOHN-via-Canva-@MCCAIG-from-Getty-Images-Signature-via-Canva.png?_i=AA",{"altText":292},{"name":282,"slug":283,"role":169,"roleTitle":170,"biography":170,"avatar":170,"socialMediaLinks":302},[],[304],{"name":287,"slug":288,"uri":289,"description":170,"postsCount":180},[],{"id":180,"title":307,"date":293,"excerpt":308,"wordCount":309,"uri":310,"slug":311,"cloudinaryAssetId":312,"featuredImageOriginalUrl":313,"featuredImageMetadata":314,"author":315,"categories":317,"relatedPosts":319},"过去12个月仅上涨9%，Palantir股票能否在2026年带来更好的回报？","Palantir股价一年来仅上涨4%。查看TIKR估值模型对PLTR上行空间的预测，其目标价至2028年12月将达到529美元。",1024,"\u002Fblog\u002Fpalantir-stock-valuation-pltr-2026","palantir-stock-valuation-pltr-2026","images\u002FPLTR-stock-@surachet_shotivaranon-from-surachetshs-Images-via-Canva-@SORAPOP-UDOMSRI-from-Sorapop-Udomsri-via-Canva_1454044a26c\u002FPLTR-stock-@surachet_shotivaranon-from-surachetshs-Images-via-Canva-@SORAPOP-UDOMSRI-from-Sorapop-Udomsri-via-Canva_1454044a26c","https:\u002F\u002Fres.cloudinary.com\u002Ftikr\u002Fimages\u002Fw_600,h_400,c_scale\u002Ff_webp,q_auto\u002Fv1793003212\u002Fimages\u002FPLTR-stock-@surachet_shotivaranon-from-surachetshs-Images-via-Canva-@SORAPOP-UDOMSRI-from-Sorapop-Udomsri-via-Canva_1454044a26c\u002FPLTR-stock-@surachet_shotivaranon-from-surachetshs-Images-via-Canva-@SORAPOP-UDOMSRI-from-Sorapop-Udomsri-via-Canva_1454044a26c.png?_i=AA",{"altText":307},{"name":282,"slug":283,"role":169,"roleTitle":170,"biography":170,"avatar":170,"socialMediaLinks":316},[],[318],{"name":287,"slug":288,"uri":289,"description":170,"postsCount":180},[],{"id":180,"title":321,"date":322,"excerpt":323,"wordCount":324,"uri":325,"slug":326,"cloudinaryAssetId":327,"featuredImageOriginalUrl":328,"featuredImageMetadata":329,"author":330,"categories":332,"relatedPosts":334},"过去12个月下跌56%，AppLovin股票能否在2026年带来更好回报？","2026-10-26 12:33:00","AppLovin股价在过去一年下跌了60%。来看看TIKR估值模型对APP上行潜力的分析，其给出的目标价为到2028年12月达到366美元。",1139,"\u002Fblog\u002Fapplovin-stock-valuation-app-2026","applovin-stock-valuation-app-2026","images\u002FAPP-stock-@juststock-from-Getty-Images-via-Canva-@maxkabakov-from-Getty-Images-via-Canva_14548356cd2\u002FAPP-stock-@juststock-from-Getty-Images-via-Canva-@maxkabakov-from-Getty-Images-via-Canva_14548356cd2","https:\u002F\u002Fres.cloudinary.com\u002Ftikr\u002Fimages\u002Fw_600,h_400,c_scale\u002Ff_webp,q_auto\u002Fv1793013215\u002Fimages\u002FAPP-stock-@juststock-from-Getty-Images-via-Canva-@maxkabakov-from-Getty-Images-via-Canva_14548356cd2\u002FAPP-stock-@juststock-from-Getty-Images-via-Canva-@maxkabakov-from-Getty-Images-via-Canva_14548356cd2.png?_i=AA",{"altText":321},{"name":282,"slug":283,"role":169,"roleTitle":170,"biography":170,"avatar":170,"socialMediaLinks":331},[],[333],{"name":287,"slug":288,"uri":289,"description":170,"postsCount":180},[],{"id":180,"title":336,"date":337,"excerpt":338,"wordCount":339,"uri":340,"slug":341,"cloudinaryAssetId":342,"featuredImageOriginalUrl":343,"featuredImageMetadata":344,"author":345,"categories":349,"relatedPosts":354},"埃克森美孚股价创下收盘新高，布伦特原油突破116美元。展望2030年该股走势","2026-10-26 07:55:00","埃克森美孚10月23日收盘创下183.21美元的历史新高，当时布伦特原油价格突破每桶116美元，目前其股价已超过华尔街分析师的平均目标价。该公司首席财务官表示，与先锋自然资源合并的协同效应已翻倍，且埃克森的目标是通过更少的油井使二叠纪盆地的采收率翻倍，这是公司可控的一项成本杠杆。",791,"\u002Fblog\u002Fexxonmobil-stock-hit-a-record-close-as-brent-topped-116-heres-where-the-stock-could-go-by-2030","exxonmobil-stock-hit-a-record-close-as-brent-topped-116-heres-where-the-stock-could-go-by-2030","images\u002F13-10\u002F13-10","https:\u002F\u002Fres.cloudinary.com\u002Ftikr\u002Fimages\u002Fw_600,h_400,c_scale\u002Ff_webp,q_auto\u002Fv1792976181\u002Fimages\u002F13-10\u002F13-10.png?_i=AA",{"altText":336},{"name":346,"slug":347,"role":169,"roleTitle":170,"biography":170,"avatar":170,"socialMediaLinks":348},"Wiltone Asuncion","wiltonetikr",[],[350],{"name":351,"slug":352,"uri":353,"description":170,"postsCount":180},"股票评论","reviews","\u002Fblog\u002Fcategory\u002Freviews",[],{"id":180,"title":356,"date":357,"excerpt":358,"wordCount":359,"uri":360,"slug":361,"cloudinaryAssetId":362,"featuredImageOriginalUrl":363,"featuredImageMetadata":364,"author":365,"categories":367,"relatedPosts":369},"Rivian创下52周新低，就在收购AI模拟初创公司次日。10月29日市场走势说明了什么","2026-10-26 07:50:00","Rivian股价在收购一家人工智能模拟初创公司次日触及52周低点，延续了数周前开始的19%跌幅。10月29日的财报如今必须证明其成本结构能够承载自动驾驶研发支出。",925,"\u002Fblog\u002Frivian-hit-a-52-week-low-the-day-after-buying-an-ai-simulation-startup-heres-what-october-29-has-to-show","rivian-hit-a-52-week-low-the-day-after-buying-an-ai-simulation-startup-heres-what-october-29-has-to-show","images\u002F12-10_145310df477\u002F12-10_145310df477","https:\u002F\u002Fres.cloudinary.com\u002Ftikr\u002Fimages\u002Fw_600,h_400,c_scale\u002Ff_webp,q_auto\u002Fv1792976166\u002Fimages\u002F12-10_145310df477\u002F12-10_145310df477.png?_i=AA",{"altText":356},{"name":346,"slug":347,"role":169,"roleTitle":170,"biography":170,"avatar":170,"socialMediaLinks":366},[],[368],{"name":351,"slug":352,"uri":353,"description":170,"postsCount":180},[],{"id":180,"title":371,"date":372,"excerpt":373,"wordCount":374,"uri":375,"slug":376,"cloudinaryAssetId":377,"featuredImageOriginalUrl":378,"featuredImageMetadata":379,"author":380,"categories":382,"relatedPosts":384},"Robinhood股票在10月发布第三季度财报前下跌了15%。以下是其到2030年的潜在走向","2026-10-26 07:45:00","Robinhood在10月27日财报发布前，两个交易日累计下跌6.73%，走势与Coinbase同步。10月22日的两项进展指向可能不会在其加密货币收入项中体现的加密活动：比特币价格合约以及Morpho为其股票代币推出的首个借贷市场。",854,"\u002Fblog\u002Frobinhood-stock-fell-15-in-october-before-its-q3-report-heres-where-it-could-go-by-2030","robinhood-stock-fell-15-in-october-before-its-q3-report-heres-where-it-could-go-by-2030","images\u002F11-11_145309e717b\u002F11-11_145309e717b","https:\u002F\u002Fres.cloudinary.com\u002Ftikr\u002Fimages\u002Fw_600,h_400,c_scale\u002Ff_webp,q_auto\u002Fv1792976143\u002Fimages\u002F11-11_145309e717b\u002F11-11_145309e717b.png?_i=AA",{"altText":371},{"name":346,"slug":347,"role":169,"roleTitle":170,"biography":170,"avatar":170,"socialMediaLinks":381},[],[383],{"name":351,"slug":352,"uri":353,"description":170,"postsCount":180},[],{"id":180,"title":386,"date":387,"excerpt":388,"wordCount":389,"uri":390,"slug":391,"cloudinaryAssetId":392,"featuredImageOriginalUrl":393,"featuredImageMetadata":394,"author":395,"categories":397,"relatedPosts":399},"沃尔玛股价10月上涨15%，尽管盈利预测并未上调。以下是其到2031年的潜在走势","2026-10-26 07:40:00","沃尔玛股价在9月30日至10月23日期间上涨了15.4%，但分析师对其未来12个月的每股收益（EPS）预估仍维持在3.00美元。几乎全部涨幅都源于更高的估值倍数，而公司此前在11月19日发布的业绩指引中，预计每股收益增长仅为0%至3%。",832,"\u002Fblog\u002Fwalmart-stock-rose-15-in-october-without-a-higher-earnings-forecast-heres-where-it-could-go-by-2031","walmart-stock-rose-15-in-october-without-a-higher-earnings-forecast-heres-where-it-could-go-by-2031","images\u002F10-14_145308a5c00\u002F10-14_145308a5c00","https:\u002F\u002Fres.cloudinary.com\u002Ftikr\u002Fimages\u002Fw_600,h_400,c_scale\u002Ff_webp,q_auto\u002Fv1792976123\u002Fimages\u002F10-14_145308a5c00\u002F10-14_145308a5c00.png?_i=AA",{"altText":386},{"name":346,"slug":347,"role":169,"roleTitle":170,"biography":170,"avatar":170,"socialMediaLinks":396},[],[398],{"name":351,"slug":352,"uri":353,"description":170,"postsCount":180},[],{"id":180,"title":401,"date":402,"excerpt":403,"wordCount":404,"uri":405,"slug":406,"cloudinaryAssetId":407,"featuredImageOriginalUrl":408,"featuredImageMetadata":409,"author":410,"categories":412,"relatedPosts":414},"苹果短暂超越英伟达，英伟达股价跌幅达12%。苹果股票到2030年可能走向何方","2026-10-26 07:35:00","苹果公司于10月23日短暂超越英伟达，成为全球市值最高的公司，股价创下351.73美元的历史新高。其人工智能战略所需资本支出极少，但以38倍的市盈率来看，11月2日公布的利润率数据将决定其估值倍数。",845,"\u002Fblog\u002Fapple-briefly-topped-nvidia-as-nvidias-slide-reached-12-heres-where-apple-stock-could-go-by-2030","apple-briefly-topped-nvidia-as-nvidias-slide-reached-12-heres-where-apple-stock-could-go-by-2030","images\u002F9-15_1453077213e\u002F9-15_1453077213e","https:\u002F\u002Fres.cloudinary.com\u002Ftikr\u002Fimages\u002Fw_600,h_400,c_scale\u002Ff_webp,q_auto\u002Fv1792976106\u002Fimages\u002F9-15_1453077213e\u002F9-15_1453077213e.png?_i=AA",{"altText":401},{"name":346,"slug":347,"role":169,"roleTitle":170,"biography":170,"avatar":170,"socialMediaLinks":411},[],[413],{"name":351,"slug":352,"uri":353,"description":170,"postsCount":180},[]]