[{"data":1,"prerenderedAt":-1},["ShallowReactive",2],{"app-context":3,"blog-ibm-stock-keeps-winning-in-quantum-the-stock-is-still-stuck-near-its-lows-ZH":222},{"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",[150,154,158,162,166,170,174,178,182,186,190,194,198,202,206,210,214,218],{"slug":151,"title":152,"modified":153},"bloomberg","Bloomberg","2025-01-16T14:23:44",{"slug":155,"title":156,"modified":157},"morningstar","Morningstar","2025-01-16T14:25:16",{"slug":159,"title":160,"modified":161},"sentieo","Sentieo","2025-01-16T17:58:27",{"slug":163,"title":164,"modified":165},"googlefinance","Google Finance","2025-01-17T19:39:37",{"slug":167,"title":168,"modified":169},"tradingview","TradingView","2025-01-16T18:17:01",{"slug":171,"title":172,"modified":173},"factset","Factset","2025-01-16T18:20:16",{"slug":175,"title":176,"modified":177},"finviz","Finviz","2025-01-16T18:23:40",{"slug":179,"title":180,"modified":181},"ycharts","YCharts","2025-01-16T18:32:19",{"slug":183,"title":184,"modified":185},"marketbeat","MarketBeat","2025-03-11T00:27:23",{"slug":187,"title":188,"modified":189},"benzinga","Benzinga","2025-03-11T00:31:00",{"slug":191,"title":192,"modified":193},"gurufocus","Gurufocus","2025-03-11T00:31:12",{"slug":195,"title":196,"modified":197},"fast-graphs","FAST Graphs","2025-03-11T00:31:19",{"slug":199,"title":200,"modified":201},"tipranks","TipRanks","2025-03-11T00:31:26",{"slug":203,"title":204,"modified":205},"seeking-alpha","Seeking Alpha","2025-03-11T00:31:45",{"slug":207,"title":208,"modified":209},"thestreet","TheStreet","2025-03-11T00:31:52",{"slug":211,"title":212,"modified":213},"investing-com","Investing.com","2025-03-11T00:32:00",{"slug":215,"title":216,"modified":217},"zacks","Zacks","2025-03-26T15:40:40",{"slug":219,"title":220,"modified":221},"alphasense","AlphaSense","2025-03-11T00:32:15",{"post":223,"seo":259,"relatedPosts":266,"suggestedPosts":344},{"id":224,"title":225,"date":226,"modified":227,"excerpt":228,"content":229,"wordCount":230,"lang":231,"uri":232,"slug":233,"cloudinaryAssetId":234,"featuredImageOriginalUrl":235,"featuredImageMetadata":236,"author":239,"editor":245,"categories":250,"relatedPosts":256,"seo":257},129155,"IBM股票在量子计算领域持续领先。股价却仍徘徊于低位附近","2026-09-07T22:05:00","2026-09-07T22:00:38","\u003Cp>IBM的量子路线图从未显得如此强劲，然而其股价却停滞在235美元附近，较6月高点下跌近30%。第二季度的业绩未达预期，给投资者提出了一个问题：大型机业务的挫折是暂时性的时机问题，还是结构性的问题？\u003C\u002Fp>","\u003Ch3 id=\"h-k-ey-stats-for-ibm-stock\" class=\"wp-block-heading\">\u003Cstrong>IBM股票关键数据\u003C\u002Fstrong>\u003C\u002Fh3>\n\n\n\n\u003Cul class=\"wp-block-list\">\n\u003Cli>\u003Cstrong>当前价格：\u003C\u002Fstrong> $234.89\u003C\u002Fli>\n\n\n\n\u003Cli>\u003Cstrong>目标价（中值）：\u003C\u002Fstrong> ~$322\u003C\u002Fli>\n\n\n\n\u003Cli>\u003Cstrong>华尔街目标价：\u003C\u002Fstrong> ~$245\u003C\u002Fli>\n\n\n\n\u003Cli>\u003Cstrong>潜在总回报：\u003C\u002Fstrong> ~37%\u003C\u002Fli>\n\n\n\n\u003Cli>\u003Cstrong>年化内部收益率：\u003C\u002Fstrong> ~8% \u002F 年\u003C\u002Fli>\n\u003C\u002Ful>\n\n\n\n\u003Cp class=\"wp-block-paragraph\">\u003Cem>\u003Cstrong>\u003Cem>\u003Cstrong>\u003Cstrong>\u003Cem>\u003Ca href=\"https:\u002F\u002Fapp.tikr.com\u002Fregister?ref=tikrblog\" target=\"_blank\" rel=\"noreferrer noopener\">现已上线：使用TIKR全新估值模型，发现您最喜爱股票的潜在上涨空间（免费）\u003C\u002Fa>\u003C\u002Fem>\u003C\u002Fstrong>\u003C\u002Fstrong>\u003C\u002Fem>\u003C\u002Fstrong>\u003C\u002Fem>\u003Cstrong>\u003Cem>\u003Ca href=\"https:\u002F\u002Fapp.tikr.com\u002Fregister?ref=tikrblog\"> >>>\u003C\u002Fa>\u003C\u002Fem>\u003C\u002Fstrong>\u003C\u002Fp>\n\n\n\n\u003Ch2 id=\"h-what-happened\" class=\"wp-block-heading\">发生了什么？\u003C\u002Fh2>\n\n\n\n\u003Cp class=\"wp-block-paragraph\">\u003Cstrong>国际商业机器公司（\u003C\u002Fstrong>\u003Ca href=\"https:\u002F\u002Fapp.tikr.com\u002Fstock\u002Fabout?cid=112350&tid=2621697&?ref=tikrblog\">\u003Cstrong>IBM\u003C\u002Fstrong>\u003C\u002Fa>\u003Cstrong>）\u003C\u002Fstrong>正经历其近期历史上最奇怪的一年。该公司刚刚完成了一项具有里程碑意义的量子计算收购，在通往容错量子计算机的道路上实现了一个真正的硬件里程碑，并被IDC评为量子供应商第一名。然而其股价几乎毫无反应。9月4日，股价收于$234.89，较6月触及的$326.88高点下跌近30%，而原因与量子计算无关。原因在于华尔街原本以为已经理解的业务中，出现了一个糟糕的季度。\u003C\u002Fp>\n\n\n\n\u003Cp class=\"wp-block-paragraph\">技术故事与股价之间的这种脱节，正是IBM目前引人关注之处。其支付账单的引擎——大型机及其上运行的软件——在第二季度严重受挫，市场尚无法判断这次受挫是时机问题，还是投资逻辑出现裂痕的开端。管理层的回答是斩钉截铁的，而早期数据也倾向于支持他们的说法。\u003C\u002Fp>\n\n\n\n\u003Ch3 class=\"wp-block-heading\">\u003Cstrong>打破图表的季度，以及为何它可能不会打破投资逻辑\u003C\u002Fstrong>\u003C\u002Fh3>\n\n\n\n\u003Cp class=\"wp-block-paragraph\">IBM Z大型机收入下降了42%，不过这主要是由于去年同期发布季度的收入激增了约70%。与这些机器配套的高利润交易处理软件收入下降了9%。由于两者联动，这一缺口波及了整个软件业务线。总收入仅增长1%至$171.6亿。在IBM于7月14日预先披露业绩未达预期后，股价已录得单日25%的创纪录最大跌幅。\u003C\u002Fp>\n\n\n\n\u003Cp class=\"wp-block-paragraph\">在6月的最后几周，客户将预算重新分配给服务器、存储和内存，以在价格上涨前锁定供应紧张的硬件。大型机交易并未消失，只是推迟了。在7月14日的预先披露信中，IBM承认其“未能足够迅速地进行调整和行动”，首席执行官阿尔温德·克里希纳在电话会议上也保持了这种坦诚，告诉分析师“归根结底是执行力问题。这就是我们在第二季度做得不足的地方。”将这次未达预期定性为执行力问题而非需求崩溃，正是整个争论的核心。\u003C\u002Fp>\n\n\n\n\u003Cp class=\"wp-block-paragraph\">克里希纳表示，在第三季度的前三周内，大约三分之一的推迟交易已经完成，而通常六个月内完成的比例是三分之二到四分之三。他称这“还不是完整的证据，但很好地表明这是延期而非毁灭”。这一区别正是整个辩论的焦点。如果交易得以转化，下半年将强劲反弹。如果企业预算已永久性地向AI硬件倾斜而牺牲了IBM的利益，那么大型机的乘数效应将在未来几年减弱。\u003C\u002Fp>\n\n\n\n\u003Cfigure class=\"wp-block-image size-full\">\u003Cimg width=\"3023\" height=\"2015\" data-public-id=\"images\u002FTIKR.com_International-Business-Machines-Corporation-IBM-Drawdowns_129185fdfa3\u002FTIKR.com_International-Business-Machines-Corporation-IBM-Drawdowns_129185fdfa3.webp\" loading=\"lazy\" decoding=\"async\" src=\"https:\u002F\u002Fres.cloudinary.com\u002Ftikr\u002Fimages\u002Fw_3023,h_2015,c_scale\u002Ff_webp,q_auto\u002Fv1788818323\u002Fimages\u002FTIKR.com_International-Business-Machines-Corporation-IBM-Drawdowns_129185fdfa3\u002FTIKR.com_International-Business-Machines-Corporation-IBM-Drawdowns_129185fdfa3.webp?_i=AA\" alt=\"\" class=\"wp-post-129155 wp-image-129185\" data-format=\"webp\" data-transformations=\"f_webp,q_auto\" data-version=\"1788818323\" data-seo=\"1\" srcset=\"https:\u002F\u002Fres.cloudinary.com\u002Ftikr\u002Fimages\u002Ff_webp,q_auto\u002Fv1788818323\u002Fimages\u002FTIKR.com_International-Business-Machines-Corporation-IBM-Drawdowns_129185fdfa3\u002FTIKR.com_International-Business-Machines-Corporation-IBM-Drawdowns_129185fdfa3.webp?_i=AA 3023w, https:\u002F\u002Fres.cloudinary.com\u002Ftikr\u002Fimages\u002Fw_600,h_400,c_scale\u002Ff_webp,q_auto\u002Fv1788818323\u002Fimages\u002FTIKR.com_International-Business-Machines-Corporation-IBM-Drawdowns_129185fdfa3\u002FTIKR.com_International-Business-Machines-Corporation-IBM-Drawdowns_129185fdfa3.webp?_i=AA 600w, https:\u002F\u002Fres.cloudinary.com\u002Ftikr\u002Fimages\u002Fw_1200,h_800,c_scale\u002Ff_webp,q_auto\u002Fv1788818323\u002Fimages\u002FTIKR.com_International-Business-Machines-Corporation-IBM-Drawdowns_129185fdfa3\u002FTIKR.com_International-Business-Machines-Corporation-IBM-Drawdowns_129185fdfa3.webp?_i=AA 1200w, https:\u002F\u002Fres.cloudinary.com\u002Ftikr\u002Fimages\u002Fw_1400,h_933,c_scale\u002Ff_webp,q_auto\u002Fv1788818323\u002Fimages\u002FTIKR.com_International-Business-Machines-Corporation-IBM-Drawdowns_129185fdfa3\u002FTIKR.com_International-Business-Machines-Corporation-IBM-Drawdowns_129185fdfa3.webp?_i=AA 1400w, https:\u002F\u002Fres.cloudinary.com\u002Ftikr\u002Fimages\u002Fw_300,h_200,c_scale\u002Ff_webp,q_auto\u002Fv1788818323\u002Fimages\u002FTIKR.com_International-Business-Machines-Corporation-IBM-Drawdowns_129185fdfa3\u002FTIKR.com_International-Business-Machines-Corporation-IBM-Drawdowns_129185fdfa3.webp?_i=AA 300w\" sizes=\"auto, (max-width: 3023px) 100vw, 3023px\" \u002F>\u003Cfigcaption class=\"wp-element-caption\">IBM股价回撤 \u003Cstrong>(\u003Ca href=\"https:\u002F\u002Fapp.tikr.com\u002Fmarkets?fid=1&?ref=tikrblog\">TIKR\u003C\u002Fa>)\u003C\u002Fstrong>\u003C\u002Ffigcaption>\u003C\u002Ffigure>\n\n\n\n\u003Cp class=\"wp-block-paragraph\">\u003Cstrong>\u003Cem>\u003Ca href=\"https:\u002F\u002Fapp.tikr.com\u002Fregister?ref=tikrblog\">\u003C\u002Fa>\u003Cstrong>\u003Cem>\u003Ca href=\"https:\u002F\u002Fapp.tikr.com\u002Fregister?ref=tikrblog\">\u003C\u002Fa>\u003Ca href=\"https:\u002F\u002Fapp.tikr.com\u002Fregister?ref=tikrblog\" target=\"_blank\" rel=\"noreferrer noopener\">查看IBM股票的历史及前瞻预测（免费！）>>>\u003C\u002Fa>\u003C\u002Fem>\u003C\u002Fstrong>\u003C\u002Fem>\u003C\u002Fstrong>\u003C\u002Fp>\n\n\n\n\u003Ch2 id=\"h-the-80-of-software-nobody-is-talking-about\" class=\"wp-block-heading\">\u003Cstrong>\u003Cstrong>无人谈论的80%软件业务\u003C\u002Fstrong>\u003C\u002Fstrong>\u003C\u002Fh2>\n\n\n\n\u003Cp class=\"wp-block-paragraph\">约80%的软件收入是经常性收入，来自红帽、HashiCorp和Confluent等产品，这部分业务在增长，而占20%的交易性业务则受到了冲击。\u003Ca href=\"https:\u002F\u002Fwww.tikr.com\u002Fblog\u002Fwhat-is-annual-recurring-revenue-arr-a-guide-for-saas-stock-investors\"> 年度经常性收入\u003C\u002Fa>达到$246亿，同比增长8%，红帽增长加速至11%，OpenShift的ARR现已达到$22亿。首席财务官詹姆斯·卡瓦诺指出，经常性收入基础的增长从第一季度的7%加速至第二季度的8%，并应在下半年接近10%。\u003C\u002Fp>\n\n\n\n\u003Cp class=\"wp-block-paragraph\">与大型机许可协议挂钩的交易性部分波动较大，并且占总收入的比例正在缩小。多年前这个比例是60-40，现在则是80-20，每一次收购都进一步推动了收入向年金型收入转变。克里希纳毫不含糊地重申了长期目标：“我和公司对软件业务实现长期两位数增长拥有完全的信心。”\u003C\u002Fp>\n\n\n\n\u003Cp class=\"wp-block-paragraph\">大型机硬件每产生一美元收入，就能带动超过三美元的软件收入，并且客户将工作负载移出该平台将面临2到15倍的总拥有成本惩罚。尽管本季度表现不佳，但z17周期与之前创纪录的z16周期相比，项目对项目（program-to-program）的销售速度仍接近130%。产能正在安装；只是货币化进程推迟了，IBM将交易处理视为2027年的增长动力，而非已失去的增长点。\u003C\u002Fp>\n\n\n\n\u003Ch2 class=\"wp-block-heading\">\u003Cstrong>量子计算是期权\u003C\u002Fstrong>\u003C\u002Fh2>\n\n\n\n\u003Cp class=\"wp-block-paragraph\">关于量子计算的新闻头条是真实的，但也需要多年时间才能对损益表产生影响。IBM于8月26日\u003Ca href=\"https:\u002F\u002Fnewsroom.ibm.com\u002F2026-08-26-ibm-completes-acquisition-of-hrl-laboratories-to-accelerate-the-future-of-quantum\"> 完成了对HRL实验室的收购\u003C\u002Fa>，增加了来自前波音和通用汽车研究实验室的硅自旋量子比特专业知识，以补充其超导量子计算工作。此前，IBM在8月实现了通往“Starling”（目标于2029年推出的容错量子计算机）道路上的一个低温里程碑，并承诺在未来五年内向量子计算投入超过$100亿。\u003C\u002Fp>\n\n\n\n\u003Cp class=\"wp-block-paragraph\">当IBM在8月连接并冷却了两个低温模块时，BTIG警告说该演示并未证明其拥有持久的优势，股价不涨反跌。量子计算是对未来十年的看涨期权，有价值且不对称，但并非2026年持有该股票的理由。理由在于，这是一台现金机器，在其最持久的业务部门持续复利增长的同时，交易价格却很便宜。投资者还应注意，一家原告律师事务所已就IBM在7月股价下跌前关于大型机的披露信息展开证券欺诈调查，目前这还是一项未经证实的指控。\u003C\u002Fp>\n\n\n\n\u003Cp class=\"wp-block-paragraph\">与同行相比，该股显得估值低廉。IBM的NTM（未来12个月）\u003Ca href=\"https:\u002F\u002Fwww.tikr.com\u002Fblog\u002Fenterprise-value-definition-and-calculation\"> 企业价值\u002F息税折旧摊销前利润\u003C\u002Fa>倍数为13.5倍，前瞻\u003Ca href=\"https:\u002F\u002Fwww.tikr.com\u002Fblog\u002Fwhat-is-a-good-p-e-ratio\"> 市盈率\u003C\u002Fa>为18.4倍。相比之下，埃森哲的EV\u002FEBITDA为7.7倍，市盈率为13倍（处于估值低端），而Snowflake的EV\u002FEBITDA接近88倍（处于高端）。IBM的估值更接近传统IT服务公司群体，而非高增长软件公司，考虑到其个位数中段的增长，这是合理的。然而，其21.8%的\u003Ca href=\"https:\u002F\u002Fwww.tikr.com\u002Fblog\u002Fwhat-is-the-free-cash-flow-formula-and-why-does-it-matter\"> 自由现金流\u003C\u002Fa>利润率和近3%的股息收益率提供了那些增长更快的同行所缺乏的支撑。\u003C\u002Fp>\n\n\n\n\u003Cfigure class=\"wp-block-image size-full\">\u003Cimg width=\"3023\" height=\"2015\" data-public-id=\"images\u002FTIKR.com_IBM-International-Business-Machines-Corporation-Revenue-and-EBITDA\u002FTIKR.com_IBM-International-Business-Machines-Corporation-Revenue-and-EBITDA.webp\" loading=\"lazy\" decoding=\"async\" src=\"https:\u002F\u002Fres.cloudinary.com\u002Ftikr\u002Fimages\u002Fw_3023,h_2015,c_scale\u002Ff_webp,q_auto\u002Fv1788818330\u002Fimages\u002FTIKR.com_IBM-International-Business-Machines-Corporation-Revenue-and-EBITDA\u002FTIKR.com_IBM-International-Business-Machines-Corporation-Revenue-and-EBITDA.webp?_i=AA\" alt=\"\" class=\"wp-post-129155 wp-image-129186\" data-format=\"webp\" data-transformations=\"f_webp,q_auto\" data-version=\"1788818330\" data-seo=\"1\" srcset=\"https:\u002F\u002Fres.cloudinary.com\u002Ftikr\u002Fimages\u002Ff_webp,q_auto\u002Fv1788818330\u002Fimages\u002FTIKR.com_IBM-International-Business-Machines-Corporation-Revenue-and-EBITDA\u002FTIKR.com_IBM-International-Business-Machines-Corporation-Revenue-and-EBITDA.webp?_i=AA 3023w, https:\u002F\u002Fres.cloudinary.com\u002Ftikr\u002Fimages\u002Fw_600,h_400,c_scale\u002Ff_webp,q_auto\u002Fv1788818330\u002Fimages\u002FTIKR.com_IBM-International-Business-Machines-Corporation-Revenue-and-EBITDA\u002FTIKR.com_IBM-International-Business-Machines-Corporation-Revenue-and-EBITDA.webp?_i=AA 600w, https:\u002F\u002Fres.cloudinary.com\u002Ftikr\u002Fimages\u002Fw_1200,h_800,c_scale\u002Ff_webp,q_auto\u002Fv1788818330\u002Fimages\u002FTIKR.com_IBM-International-Business-Machines-Corporation-Revenue-and-EBITDA\u002FTIKR.com_IBM-International-Business-Machines-Corporation-Revenue-and-EBITDA.webp?_i=AA 1200w, https:\u002F\u002Fres.cloudinary.com\u002Ftikr\u002Fimages\u002Fw_1400,h_933,c_scale\u002Ff_webp,q_auto\u002Fv1788818330\u002Fimages\u002FTIKR.com_IBM-International-Business-Machines-Corporation-Revenue-and-EBITDA\u002FTIKR.com_IBM-International-Business-Machines-Corporation-Revenue-and-EBITDA.webp?_i=AA 1400w, https:\u002F\u002Fres.cloudinary.com\u002Ftikr\u002Fimages\u002Fw_300,h_200,c_scale\u002Ff_webp,q_auto\u002Fv1788818330\u002Fimages\u002FTIKR.com_IBM-International-Business-Machines-Corporation-Revenue-and-EBITDA\u002FTIKR.com_IBM-International-Business-Machines-Corporation-Revenue-and-EBITDA.webp?_i=AA 300w\" sizes=\"auto, (max-width: 3023px) 100vw, 3023px\" \u002F>\u003Cfigcaption class=\"wp-element-caption\">IBM收入与息税折旧摊销前利润 \u003Cstrong>(\u003Ca href=\"https:\u002F\u002Fapp.tikr.com\u002Fmarkets?fid=1&?ref=tikrblog\">TIKR\u003C\u002Fa>)\u003C\u002Fstrong>\u003C\u002Ffigcaption>\u003C\u002Ffigure>\n\n\n\n\u003Cp class=\"wp-block-paragraph\">\u003Cstrong>\u003Cem>\u003Ca href=\"https:\u002F\u002Fapp.tikr.com\u002Fregister?ref=tikrblog\">在TIKR中查看IBM相对于同行的表现（免费！）>>>\u003C\u002Fa>\u003C\u002Fem>\u003C\u002Fstrong>\u003C\u002Fp>\n\n\n\n\u003Ch2 id=\"h-tikr-advanced-model-analysis\" class=\"wp-block-heading\">\u003Cstrong>TIKR高级模型分析\u003C\u002Fstrong>\u003C\u002Fh2>\n\n\n\n\u003Cul class=\"wp-block-list\">\n\u003Cli>\u003Cstrong>当前价格：\u003C\u002Fstrong> $234.89\u003C\u002Fli>\n\n\n\n\u003Cli>\u003Cstrong>目标价（中值）：\u003C\u002Fstrong> ~$322\u003C\u002Fli>\n\n\n\n\u003Cli>\u003Cstrong>潜在总回报：\u003C\u002Fstrong> ~37%\u003C\u002Fli>\n\n\n\n\u003Cli>\u003Cstrong>年化内部收益率：\u003C\u002Fstrong> ~8% \u002F 年\u003C\u002Fli>\n\u003C\u002Ful>\n\n\n\n\u003Cfigure class=\"wp-block-image size-full\">\u003Cimg width=\"4968\" height=\"4084\" data-public-id=\"images\u002FIBM_valuation_model_1291871c818\u002FIBM_valuation_model_1291871c818.webp\" loading=\"lazy\" decoding=\"async\" src=\"https:\u002F\u002Fres.cloudinary.com\u002Ftikr\u002Fimages\u002Fw_4968,h_4084,c_scale\u002Ff_webp,q_auto\u002Fv1788818352\u002Fimages\u002FIBM_valuation_model_1291871c818\u002FIBM_valuation_model_1291871c818.webp?_i=AA\" alt=\"\" class=\"wp-post-129155 wp-image-129187\" data-format=\"webp\" data-transformations=\"f_webp,q_auto\" data-version=\"1788818352\" data-seo=\"1\" srcset=\"https:\u002F\u002Fres.cloudinary.com\u002Ftikr\u002Fimages\u002Ff_webp,q_auto\u002Fv1788818352\u002Fimages\u002FIBM_valuation_model_1291871c818\u002FIBM_valuation_model_1291871c818.webp?_i=AA 4968w, https:\u002F\u002Fres.cloudinary.com\u002Ftikr\u002Fimages\u002Fw_1200,h_986,c_scale\u002Ff_webp,q_auto\u002Fv1788818352\u002Fimages\u002FIBM_valuation_model_1291871c818\u002FIBM_valuation_model_1291871c818.webp?_i=AA 1200w, https:\u002F\u002Fres.cloudinary.com\u002Ftikr\u002Fimages\u002Fw_1400,h_1151,c_scale\u002Ff_webp,q_auto\u002Fv1788818352\u002Fimages\u002FIBM_valuation_model_1291871c818\u002FIBM_valuation_model_1291871c818.webp?_i=AA 1400w, https:\u002F\u002Fres.cloudinary.com\u002Ftikr\u002Fimages\u002Fw_300,h_247,c_scale\u002Ff_webp,q_auto\u002Fv1788818352\u002Fimages\u002FIBM_valuation_model_1291871c818\u002FIBM_valuation_model_1291871c818.webp?_i=AA 300w\" sizes=\"auto, (max-width: 4968px) 100vw, 4968px\" \u002F>\u003Cfigcaption class=\"wp-element-caption\">IBM高级估值模型 \u003Cstrong>(\u003Ca href=\"https:\u002F\u002Fapp.tikr.com\u002Fmarkets?fid=1&?ref=tikrblog\">TIKR\u003C\u002Fa>)\u003C\u002Fstrong>\u003C\u002Ffigcaption>\u003C\u002Ffigure>\n\n\n\n\u003Cp class=\"wp-block-paragraph\">\u003Cstrong>\u003Cem>\u003Ca href=\"https:\u002F\u002Fapp.tikr.com\u002Fregister?ref=tikrblog\">查看分析师对IBM股票的增长率预测及目标价（免费！）>>>\u003C\u002Fa>\u003C\u002Fem>\u003C\u002Fstrong>\u003C\u002Fp>\n\n\n\n\u003Cp class=\"wp-block-paragraph\">该中值情景模型预计到2030年底IBM估值约为$322，较当前约有37%的总回报，或约4.3年内年化8%的回报。模型基于两个收入驱动因素：随着红帽、HashiCorp和Confluent的复利增长，经常性软件收入接近两位数；以及随着已安装的z17产能从2027年起转化为软件货币化，与大型机挂钩的交易处理业务恢复正常。该模型假设收入\u003Ca href=\"https:\u002F\u002Fwww.tikr.com\u002Fblog\u002Fcompound-annual-growth-rate-cagr-formula-what-it-means\"> 复合年增长率\u003C\u002Fa>接近3.7%，净利润率将扩大至约18%。\u003C\u002Fp>\n\n\n\n\u003Cp class=\"wp-block-paragraph\">利润率是摇摆因素，也是模型的引擎。IBM通过内部AI部署节省了数十亿美元的生产力成本，管理层预计尽管面临收入阻力，今年运营税前利润率仍将扩大100个基点。主要风险则来自相反方向：如果推迟的交易被证明是毁灭而非延迟，交易处理的下降将持续，仅靠经常性收入基础无法独自支撑增长算法。\u003C\u002Fp>\n\n\n\n\u003Cp class=\"wp-block-paragraph\">上行情景是：业务转化了推迟的销售渠道，守住了其护城河，并在增长故事恢复的情况下重新向近期高点估值回归。下行情景是：陷入价值陷阱，AI基础设施永久性地挤占了IBM所依赖的企业软件预算，便宜的股票持续便宜。\u003C\u002Fp>\n\n\n\n\u003Ch2 class=\"wp-block-heading\">\u003Cstrong>结论\u003C\u002Fstrong>\u003C\u002Fh2>\n\n\n\n\u003Cp class=\"wp-block-paragraph\">下一个真正的考验是预计在10月下旬发布的第三季度财报。关注两个数字。第一，大型机项目对项目销售速度：如果保持在120%以上的高位，则平台完好，软件附加销售将随之而来。第二，6月份推迟交易的完成率，管理层已明确承诺会转化。如果经常性软件业务线向10%推进，且大部分推迟交易得以入账，将确认是延期而非毁灭。如果交易处理业务仍在萎缩，且经常性收入基础停滞在9%以下，则表明预算转移是结构性的，那么其低廉的估值倍数理应保持不变。\u003C\u002Fp>\n\n\n\n\u003Cp class=\"wp-block-paragraph\">\u003Ca href=\"https:\u002F\u002Fapp.tikr.com\u002Fregister?ref=tikrblog\">\u003Cstrong>\u003Cem>查看亿万富翁投资者正在买入哪些股票，以便您能通过TIKR跟随聪明钱。\u003C\u002Fem>\u003C\u002Fstrong>\u003C\u002Fa>\u003C\u002Fp>\n\n\n\n\u003Ch2 id=\"h-should-you-invest-in-ibm\" class=\"wp-block-heading\">您应该投资IBM吗？\u003C\u002Fh2>\n\n\n\n\u003Cp class=\"wp-block-paragraph\">真正了解的唯一方法是亲自查看数据。TIKR为您免费提供专业分析师用来回答该问题的机构级财务数据。\u003C\u002Fp>\n\n\n\n\u003Cp class=\"wp-block-paragraph\">调出\u003Cstrong>IBM\u003C\u002Fstrong>，您将看到多年的历史财务数据、华尔街分析师对未来几个季度收入和利润的预期、估值倍数随时间的变化情况，以及目标价是呈上升还是下降趋势。\u003C\u002Fp>\n\n\n\n\u003Cp class=\"wp-block-paragraph\">您可以建立一个免费的观察列表，跟踪\u003Cstrong>\u003Cstrong>IBM\u003C\u002Fstrong>\u003C\u002Fstrong>以及您关注的所有其他股票。无需信用卡。只需您做决策所需的数据。\u003C\u002Fp>\n\n\n\n\u003Cp class=\"wp-block-paragraph\">\u003Cstrong>\u003Cem>\u003Ca href=\"https:\u002F\u002Fapp.tikr.com\u002Fregister?ref=tikrblog\">\u003Cstrong>\u003Cem>在TIKR上免费分析IBM →\u003C\u002Fem>\u003C\u002Fstrong>\u003C\u002Fa>\u003C\u002Fem>\u003C\u002Fstrong>\u003C\u002Fp>\n\n\n\n\u003Ch2 id=\"h-looking-for-new-opportunities\" class=\"wp-block-heading\">寻找新机会？\u003C\u002Fh2>\n\n\n\n\u003Cul class=\"wp-block-list\">\n\u003Cli>查看\u003Cstrong>\u003Ca href=\"https:\u002F\u002Fapp.tikr.com\u002Fregister?ref=tikrblog\"> 亿万富翁投资者正在买入的股票\u003C\u002Fa> \u003C\u002Fstrong>，以便跟随聪明钱。\u003C\u002Fli>\n\n\n\n\u003Cli>使用TIKR一体化、易于使用的平台，\u003Cstrong>\u003Ca href=\"https:\u002F\u002Fapp.tikr.com\u002Fregister?ref=tikrblog\"> 在短短5分钟内分析股票\u003C\u002Fa>\u003C\u002Fstrong>。\u003C\u002Fli>\n\n\n\n\u003Cli>您翻开的石头越多…发现的机会就越多。\u003Cstrong>\u003Ca href=\"https:\u002F\u002Fapp.tikr.com\u002Fregister?ref=tikrblog\"> 使用TIKR搜索10万+全球股票、全球顶级投资者持仓等更多信息。\u003C\u002Fa>\u003C\u002Fstrong>\u003C\u002Fli>\n\u003C\u002Ful>\n\n\n\n\u003Ch2 id=\"h-disclaimer\" class=\"wp-block-heading\">\u003Cstrong>免责声明：\u003C\u002Fstrong>\u003C\u002Fh2>\n\n\n\n\u003Cp class=\"wp-block-paragraph\">\u003Cem>请注意，TIKR上的文章并非TIKR或其内容团队提供的投资或财务建议，也不是买入或卖出任何股票的建议。我们根据TIKR Terminal的投资数据和分析师预测来创建内容。我们的分析可能未包含最新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>",1554,"zh","\u002Fblog\u002Fibm-stock-keeps-winning-in-quantum-the-stock-is-still-stuck-near-its-lows","ibm-stock-keeps-winning-in-quantum-the-stock-is-still-stuck-near-its-lows","images\u002F3-1_129170bac0e\u002F3-1_129170bac0e","https:\u002F\u002Fres.cloudinary.com\u002Ftikr\u002Fimages\u002Fw_600,h_400,c_scale\u002Ff_webp,q_auto\u002Fv1788817975\u002Fimages\u002F3-1_129170bac0e\u002F3-1_129170bac0e.png?_i=AA",{"altText":237,"imageCredit":238},"IBM Stock Keeps Winning in Quantum. The Stock Is Still Stuck Near Its Lows","@felixR from Getty Images Signature via Canva, @DreamArtist via Canva",{"name":240,"slug":241,"role":242,"roleTitle":243,"biography":243,"avatar":243,"socialMediaLinks":244},"Wiltone Asuncion","wiltonetikr","author","",[],{"name":246,"slug":247,"role":248,"roleTitle":243,"biography":243,"avatar":243,"socialMediaLinks":249},"David Hanson","davidtikr","editor",[],[251],{"name":252,"slug":253,"uri":254,"description":243,"postsCount":255},"一般投资","general-investing","\u002Fblog\u002Fcategory\u002Fgeneral-investing",0,[],{"title":237,"metaDesc":258,"opengraphDescription":258,"twitterTitle":237,"twitterDescription":258},"IBM’s quantum roadmap has never looked stronger, yet the stock is stuck near $235, almost 30% below its June high. The Q2 miss put one question in front of investors: was the mainframe stumble a timing problem or a structural one?",{"title":237,"description":260,"twitterTitle":237,"twitterDescription":260,"author":240,"articlePublisher":261,"articlePublishedTime":226,"articleModifiedTime":227,"twitterLabel1":262,"twitterData1":263,"ogTitle":237,"ogDescription":260,"ogUrl":232,"ogImage":235,"ogImageWidth":264,"ogImageHeight":265,"ogImageSecureUrl":235,"ogImageAlt":237,"twitterImage":235},"IBM’s quantum roadmap has never looked stronger, yet the stock is stuck near $235, almost 30% below its June high. The Q2 miss put one question in front of investors: was the mainframe stumble a timing problem or a structural one?","TIKR.com","预计阅读时间","2 minutes",1200,630,[267,282,299,315,330],{"id":255,"title":268,"date":269,"excerpt":270,"wordCount":271,"uri":272,"slug":273,"cloudinaryAssetId":274,"featuredImageOriginalUrl":275,"featuredImageMetadata":276,"author":277,"categories":279,"relatedPosts":281},"联合航空股价在2026年表现平平，尽管录得创纪录季度业绩并实现史上最大规模扩张","2026-09-07 22:00:00","美联航刚刚宣布了其历史上最大规模的国际扩张计划，并推出了专为盈利性薄弱的远程航线打造的机型。然而，其股价今年以来却毫无起色。该股目前远期市盈率约为8倍，而华尔街目标价为161美元，公司基本面与股价之间的差距鲜有如此之大。",1234,"\u002Fblog\u002Funited-airlines-stock-is-flat-in-2026-despite-a-record-quarter-and-its-biggest-expansion-ever","united-airlines-stock-is-flat-in-2026-despite-a-record-quarter-and-its-biggest-expansion-ever","images\u002F2-1_12916983bdd\u002F2-1_12916983bdd","https:\u002F\u002Fres.cloudinary.com\u002Ftikr\u002Fimages\u002Fw_600,h_400,c_scale\u002Ff_webp,q_auto\u002Fv1788817967\u002Fimages\u002F2-1_12916983bdd\u002F2-1_12916983bdd.png?_i=AA",{"altText":268},{"name":240,"slug":241,"role":242,"roleTitle":243,"biography":243,"avatar":243,"socialMediaLinks":278},[],[280],{"name":252,"slug":253,"uri":254,"description":243,"postsCount":255},[],{"id":255,"title":283,"date":284,"excerpt":285,"wordCount":286,"uri":287,"slug":288,"cloudinaryAssetId":289,"featuredImageOriginalUrl":290,"featuredImageMetadata":291,"author":292,"categories":296,"relatedPosts":298},"SpaceX德国竞争对手火箭首次进入轨道","2026-09-07 12:51:43","Isar Aerospace首次成功进入轨道，但SpaceX股票仍占据主导地位，其发射质量占全球入轨总质量的80-90%。",803,"\u002Fblog\u002Fspacex-spcx-stock-german-rival-isar-aerospace-orbit","spacex-spcx-stock-german-rival-isar-aerospace-orbit","images\u002FSPCX-stock-@Kmeel_com-from-pixabay-via-Canva-@3DSculptor-from-Getty-Images-via-Canva_1290832dea0\u002FSPCX-stock-@Kmeel_com-from-pixabay-via-Canva-@3DSculptor-from-Getty-Images-via-Canva_1290832dea0","https:\u002F\u002Fres.cloudinary.com\u002Ftikr\u002Fimages\u002Fw_600,h_400,c_scale\u002Ff_webp,q_auto\u002Fv1788782152\u002Fimages\u002FSPCX-stock-@Kmeel_com-from-pixabay-via-Canva-@3DSculptor-from-Getty-Images-via-Canva_1290832dea0\u002FSPCX-stock-@Kmeel_com-from-pixabay-via-Canva-@3DSculptor-from-Getty-Images-via-Canva_1290832dea0.png?_i=AA",{"altText":283},{"name":293,"slug":294,"role":242,"roleTitle":243,"biography":243,"avatar":243,"socialMediaLinks":295},"Aditya Raghunath","adityatikr",[],[297],{"name":252,"slug":253,"uri":254,"description":243,"postsCount":255},[],{"id":255,"title":300,"date":301,"excerpt":302,"wordCount":303,"uri":304,"slug":305,"cloudinaryAssetId":-1,"featuredImageOriginalUrl":306,"featuredImageMetadata":307,"author":308,"categories":312,"relatedPosts":314},"Ciena第三季度财报显示利润率创下新高。积压订单的故事更为重要。","2026-09-07 10:30:30","Ciena的积压订单在一个季度内激增8亿美元，达到85亿美元，管理层表示需求仍超过供应。",993,"\u002Fblog\u002Fcienas-q3-earnings-show-record-margins-the-backlog-story-is-bigger","cienas-q3-earnings-show-record-margins-the-backlog-story-is-bigger","https:\u002F\u002Ftikr1.wpengine.com\u002Fwp-content\u002Fuploads\u002F2026\u002F09\u002FFEATURED-IMAGE-MAKER-1543-600x360.png",{"altText":300},{"name":309,"slug":310,"role":242,"roleTitle":243,"biography":243,"avatar":243,"socialMediaLinks":311},"Gian 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10:30:00","UiPath股价上周暴跌17%，尽管营收超预期并上调了全年业绩指引。真正的症结在于其三季度增长预测几乎在一夜之间被腰斩。",1179,"\u002Fblog\u002Fwhy-uipath-stock-fell-17-last-week-despite-beating-estimates","why-uipath-stock-fell-17-last-week-despite-beating-estimates","images\u002FFEATURED-IMAGE-MAKER-1542\u002FFEATURED-IMAGE-MAKER-1542","https:\u002F\u002Fres.cloudinary.com\u002Ftikr\u002Fimages\u002Fw_600,h_360,c_scale\u002Ff_webp,q_auto\u002Fv1788775958\u002Fimages\u002FFEATURED-IMAGE-MAKER-1542\u002FFEATURED-IMAGE-MAKER-1542.png?_i=AA",{"altText":316},{"name":309,"slug":310,"role":242,"roleTitle":243,"biography":243,"avatar":243,"socialMediaLinks":326},[],[328],{"name":252,"slug":253,"uri":254,"description":243,"postsCount":255},[],{"id":255,"title":331,"date":332,"excerpt":243,"wordCount":333,"uri":334,"slug":335,"cloudinaryAssetId":336,"featuredImageOriginalUrl":337,"featuredImageMetadata":338,"author":339,"categories":341,"relatedPosts":343},"Lululemon股价周五暴跌17%。业绩指引下调才是真正的原因。","2026-09-07 10:00:00",1277,"\u002Fblog\u002Flululemon-stock-crashed-17-on-friday-the-guidance-cut-was-the-real-story","lululemon-stock-crashed-17-on-friday-the-guidance-cut-was-the-real-story","images\u002FFEATURED-IMAGE-MAKER-1541\u002FFEATURED-IMAGE-MAKER-1541","https:\u002F\u002Fres.cloudinary.com\u002Ftikr\u002Fimages\u002Fw_600,h_360,c_scale\u002Ff_webp,q_auto\u002Fv1788763363\u002Fimages\u002FFEATURED-IMAGE-MAKER-1541\u002FFEATURED-IMAGE-MAKER-1541.png?_i=AA",{"altText":331},{"name":309,"slug":310,"role":242,"roleTitle":243,"biography":243,"avatar":243,"socialMediaLinks":340},[],[342],{"name":252,"slug":253,"uri":254,"description":243,"postsCount":255},[],[345,364,379,394,411,426,444,459,474,488,503,521,536,551,566],{"id":255,"title":346,"date":347,"excerpt":348,"wordCount":349,"uri":350,"slug":351,"cloudinaryAssetId":-1,"featuredImageOriginalUrl":352,"featuredImageMetadata":353,"author":354,"categories":358,"relatedPosts":363},"IREN股价已从峰值下跌57%。其去年营收却增长了266%。","2026-09-07 19:35:00","一家比特币矿商转型进入AI算力领域，身处全球两大增长最快行业之间动荡的无人地带。",1037,"\u002Fblog\u002Firen-has-lost-57-from-its-peak-its-revenue-just-grew-266-last-year","iren-has-lost-57-from-its-peak-its-revenue-just-grew-266-last-year","https:\u002F\u002Ftikr1.wpengine.com\u002Fwp-content\u002Fuploads\u002F2026\u002F09\u002FIREN-Featured-600x400.png",{"altText":346},{"name":355,"slug":356,"role":242,"roleTitle":243,"biography":243,"avatar":243,"socialMediaLinks":357},"David Beren","davidberentikr",[],[359],{"name":360,"slug":361,"uri":362,"description":243,"postsCount":255},"股票评论","reviews","\u002Fblog\u002Fcategory\u002Freviews",[],{"id":255,"title":365,"date":366,"excerpt":367,"wordCount":368,"uri":369,"slug":370,"cloudinaryAssetId":371,"featuredImageOriginalUrl":372,"featuredImageMetadata":373,"author":374,"categories":376,"relatedPosts":378},"美国航空公布创纪录季度营收 股价较峰值下跌28%","2026-09-07 18:16:00","商业转型的成效已体现在营收层面。能否最终转化为盈利，才是当前争议的核心所在。",980,"\u002Fblog\u002Famerican-airlines-just-posted-record-quarterly-revenue-the-stock-is-down-28-from-its-peak","american-airlines-just-posted-record-quarterly-revenue-the-stock-is-down-28-from-its-peak","images\u002FAmerican-Airlines-Featured_129132b8170\u002FAmerican-Airlines-Featured_129132b8170","https:\u002F\u002Fres.cloudinary.com\u002Ftikr\u002Fimages\u002Fw_600,h_400,c_scale\u002Ff_webp,q_auto\u002Fv1788801407\u002Fimages\u002FAmerican-Airlines-Featured_129132b8170\u002FAmerican-Airlines-Featured_129132b8170.png?_i=AA",{"altText":365},{"name":355,"slug":356,"role":242,"roleTitle":243,"biography":243,"avatar":243,"socialMediaLinks":375},[],[377],{"name":360,"slug":361,"uri":362,"description":243,"postsCount":255},[],{"id":255,"title":380,"date":381,"excerpt":382,"wordCount":383,"uri":384,"slug":385,"cloudinaryAssetId":386,"featuredImageOriginalUrl":387,"featuredImageMetadata":388,"author":389,"categories":391,"relatedPosts":393},"Arista 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17:51:00","营收在四年内增长了两倍，自由现金流增长了近十倍。Arista正位于当前所有主要AI基础设施项目的核心位置。",1147,"\u002Fblog\u002Farista-networks-just-posted-its-first-3-billion-quarter-the-ai-networking-buildout-is-accelerating","arista-networks-just-posted-its-first-3-billion-quarter-the-ai-networking-buildout-is-accelerating","images\u002FArista-Networks-Featured_1291214a499\u002FArista-Networks-Featured_1291214a499","https:\u002F\u002Fres.cloudinary.com\u002Ftikr\u002Fimages\u002Fw_600,h_400,c_scale\u002Ff_webp,q_auto\u002Fv1788799854\u002Fimages\u002FArista-Networks-Featured_1291214a499\u002FArista-Networks-Featured_1291214a499.png?_i=AA",{"altText":380},{"name":355,"slug":356,"role":242,"roleTitle":243,"biography":243,"avatar":243,"socialMediaLinks":390},[],[392],{"name":360,"slug":361,"uri":362,"description":243,"postsCount":255},[],{"id":255,"title":395,"date":396,"excerpt":397,"wordCount":398,"uri":399,"slug":400,"cloudinaryAssetId":401,"featuredImageOriginalUrl":402,"featuredImageMetadata":403,"author":404,"categories":408,"relatedPosts":410},"Lululemon财报后下跌18%。以下是该股到2026年可能上涨的幅度","2026-09-07 07:29:20","Lululemon Athletica股价在财报发布后下跌约18%，至每股约100美元。其第二财季业绩显示，在其最大的几个市场，需求均出现疲软，这引发了市场对其转型计划持久性的新担忧。",981,"\u002Fblog\u002Flululemon-fell-18-after-earnings-heres-how-much-the-stock-could-rise-in-2026","lululemon-fell-18-after-earnings-heres-how-much-the-stock-could-rise-in-2026","images\u002F@mimagephotography-via-Canva-@breakermaximus-from-Getty-Images-via-Canva\u002F@mimagephotography-via-Canva-@breakermaximus-from-Getty-Images-via-Canva","https:\u002F\u002Fres.cloudinary.com\u002Ftikr\u002Fimages\u002Fw_600,h_400,c_scale\u002Ff_webp,q_auto\u002Fv1788765775\u002Fimages\u002F@mimagephotography-via-Canva-@breakermaximus-from-Getty-Images-via-Canva\u002F@mimagephotography-via-Canva-@breakermaximus-from-Getty-Images-via-Canva.png?_i=AA",{"altText":395},{"name":405,"slug":406,"role":242,"roleTitle":243,"biography":243,"avatar":243,"socialMediaLinks":407},"Nikko 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16:03:00","市场多年来一直在惩罚Snap。其核心业务正悄然产生比以往任何时候都多的现金流。",1015,"\u002Fblog\u002Fsnaps-stock-is-down-33-this-year-its-free-cash-flow-just-hit-an-all-time-high","snaps-stock-is-down-33-this-year-its-free-cash-flow-just-hit-an-all-time-high","images\u002FSnapchat-Featured_12900433f3d\u002FSnapchat-Featured_12900433f3d","https:\u002F\u002Fres.cloudinary.com\u002Ftikr\u002Fimages\u002Fw_600,h_400,c_scale\u002Ff_webp,q_auto\u002Fv1788699767\u002Fimages\u002FSnapchat-Featured_12900433f3d\u002FSnapchat-Featured_12900433f3d.png?_i=AA",{"altText":412},{"name":355,"slug":356,"role":242,"roleTitle":243,"biography":243,"avatar":243,"socialMediaLinks":422},[],[424],{"name":360,"slug":361,"uri":362,"description":243,"postsCount":255},[],{"id":255,"title":427,"date":428,"excerpt":429,"wordCount":430,"uri":431,"slug":432,"cloudinaryAssetId":433,"featuredImageOriginalUrl":434,"featuredImageMetadata":435,"author":436,"categories":438,"relatedPosts":443},"过去一年上涨199%，泰瑞达股票到2028年是否仍有上涨空间？","2026-09-07 13:48:44","TER股价在强劲的AI驱动季度后交易于357美元附近。查看TIKR的估值模型、关键假设以及看涨\u002F中性\u002F看跌情景。",1081,"\u002Fblog\u002Fteradyne-ter-stock-valuation-2028-forecast","teradyne-ter-stock-valuation-2028-forecast","images\u002FTER-stock-@undefined-from-Getty-Images-Pro-via-Canva-@Aaron-Hawkins-from-Getty-Images-via-Canva\u002FTER-stock-@undefined-from-Getty-Images-Pro-via-Canva-@Aaron-Hawkins-from-Getty-Images-via-Canva","https:\u002F\u002Fres.cloudinary.com\u002Ftikr\u002Fimages\u002Fw_600,h_400,c_scale\u002Ff_webp,q_auto\u002Fv1788787091\u002Fimages\u002FTER-stock-@undefined-from-Getty-Images-Pro-via-Canva-@Aaron-Hawkins-from-Getty-Images-via-Canva\u002FTER-stock-@undefined-from-Getty-Images-Pro-via-Canva-@Aaron-Hawkins-from-Getty-Images-via-Canva.png?_i=AA",{"altText":427},{"name":293,"slug":294,"role":242,"roleTitle":243,"biography":243,"avatar":243,"socialMediaLinks":437},[],[439],{"name":440,"slug":441,"uri":442,"description":243,"postsCount":255},"估价","valuation","\u002Fblog\u002Fcategory\u002Fvaluation",[],{"id":255,"title":445,"date":446,"excerpt":447,"wordCount":448,"uri":449,"slug":450,"cloudinaryAssetId":451,"featuredImageOriginalUrl":452,"featuredImageMetadata":453,"author":454,"categories":456,"relatedPosts":458},"过去12个月下跌52%，Monday.com股票能否在2028年前扭转局面？","2026-09-07 13:48:05","MNDY股价现报约91美元，经历艰难一年后。查看TIKR估值模型、关键假设以及monday.com股票的多头\u002F中性\u002F空头情景分析。",1057,"\u002Fblog\u002Fmonday-com-mndy-stock-valuation-2028-forecast","monday-com-mndy-stock-valuation-2028-forecast","images\u002FMNDY-stock-@SUMALI-IBNU-CHAMID-from-Alemedia.id-via-Canva-@Lukas-Blazek-from-Pexels-via-Canva\u002FMNDY-stock-@SUMALI-IBNU-CHAMID-from-Alemedia.id-via-Canva-@Lukas-Blazek-from-Pexels-via-Canva","https:\u002F\u002Fres.cloudinary.com\u002Ftikr\u002Fimages\u002Fw_600,h_400,c_scale\u002Ff_webp,q_auto\u002Fv1788785282\u002Fimages\u002FMNDY-stock-@SUMALI-IBNU-CHAMID-from-Alemedia.id-via-Canva-@Lukas-Blazek-from-Pexels-via-Canva\u002FMNDY-stock-@SUMALI-IBNU-CHAMID-from-Alemedia.id-via-Canva-@Lukas-Blazek-from-Pexels-via-Canva.png?_i=AA",{"altText":445},{"name":293,"slug":294,"role":242,"roleTitle":243,"biography":243,"avatar":243,"socialMediaLinks":455},[],[457],{"name":440,"slug":441,"uri":442,"description":243,"postsCount":255},[],{"id":255,"title":460,"date":461,"excerpt":462,"wordCount":463,"uri":464,"slug":465,"cloudinaryAssetId":466,"featuredImageOriginalUrl":467,"featuredImageMetadata":468,"author":469,"categories":471,"relatedPosts":473},"在过去12个月下跌近3%，穆迪股票能否在2028年前反弹？","2026-09-07 12:51:18","MCO股价在强劲的第二季度业绩后交易于494美元附近。查看TIKR的估值模型、关键假设以及穆迪股票的看涨\u002F中性\u002F看跌情景。",1051,"\u002Fblog\u002Fmoodys-mco-stock-valuation-2028-forecast","moodys-mco-stock-valuation-2028-forecast","images\u002FMCO-stock_12907910dc1\u002FMCO-stock_12907910dc1","https:\u002F\u002Fres.cloudinary.com\u002Ftikr\u002Fimages\u002Fw_600,h_400,c_scale\u002Ff_webp,q_auto\u002Fv1788777469\u002Fimages\u002FMCO-stock_12907910dc1\u002FMCO-stock_12907910dc1.png?_i=AA",{"altText":460},{"name":293,"slug":294,"role":242,"roleTitle":243,"biography":243,"avatar":243,"socialMediaLinks":470},[],[472],{"name":440,"slug":441,"uri":442,"description":243,"postsCount":255},[],{"id":255,"title":475,"date":476,"excerpt":477,"wordCount":264,"uri":478,"slug":479,"cloudinaryAssetId":480,"featuredImageOriginalUrl":481,"featuredImageMetadata":482,"author":483,"categories":485,"relatedPosts":487},"过去12个月下跌16%，IDEXX股票能否在2027年反弹？","2026-09-07 12:50:27","IDEXX股价下跌，尽管其诊断业务增长强劲。以下是TIKR估值模型对其截至2028年目标价格的预测。","\u002Fblog\u002Fidexx-idxx-stock-valuation-2027-price-target","idexx-idxx-stock-valuation-2027-price-target","images\u002FIDXX-stock_129056d2db7\u002FIDXX-stock_129056d2db7","https:\u002F\u002Fres.cloudinary.com\u002Ftikr\u002Fimages\u002Fw_600,h_400,c_scale\u002Ff_webp,q_auto\u002Fv1788775298\u002Fimages\u002FIDXX-stock_129056d2db7\u002FIDXX-stock_129056d2db7.png?_i=AA",{"altText":475},{"name":293,"slug":294,"role":242,"roleTitle":243,"biography":243,"avatar":243,"socialMediaLinks":484},[],[486],{"name":440,"slug":441,"uri":442,"description":243,"postsCount":255},[],{"id":255,"title":489,"date":490,"excerpt":491,"wordCount":492,"uri":493,"slug":494,"cloudinaryAssetId":495,"featuredImageOriginalUrl":496,"featuredImageMetadata":497,"author":498,"categories":500,"relatedPosts":502},"过去12个月下跌23%，达美乐披萨股票能否在2027年迎来转机？","2026-09-07 12:49:28","达美乐披萨股价大幅下挫，尽管订单增长强劲。以下是TIKR估值模型对其截至2028年目标价格的预测。",1151,"\u002Fblog\u002Fdominos-pizza-dpz-stock-valuation-2027-price-target","dominos-pizza-dpz-stock-valuation-2027-price-target","images\u002FDPZ-stock_128908c596b\u002FDPZ-stock_128908c596b","https:\u002F\u002Fres.cloudinary.com\u002Ftikr\u002Fimages\u002Fw_600,h_400,c_scale\u002Ff_webp,q_auto\u002Fv1788670110\u002Fimages\u002FDPZ-stock_128908c596b\u002FDPZ-stock_128908c596b.png?_i=AA",{"altText":489},{"name":293,"slug":294,"role":242,"roleTitle":243,"biography":243,"avatar":243,"socialMediaLinks":499},[],[501],{"name":440,"slug":441,"uri":442,"description":243,"postsCount":255},[],{"id":255,"title":504,"date":505,"excerpt":506,"wordCount":507,"uri":508,"slug":509,"cloudinaryAssetId":510,"featuredImageOriginalUrl":511,"featuredImageMetadata":512,"author":513,"categories":515,"relatedPosts":520},"安霸股价大涨，创纪录的边缘AI需求推动第二财季营收超预期","2026-09-04 13:48:46","安霸股价上涨，此前该公司第二财季营收因创纪录的边缘AI需求而超出业绩指引，同时上调了五年市场预测。",810,"\u002Fblog\u002Fambarella-stock-rallies-record-edge-ai-revenue-beat","ambarella-stock-rallies-record-edge-ai-revenue-beat","images\u002FAMBA-stock_1286743f518\u002FAMBA-stock_1286743f518","https:\u002F\u002Fres.cloudinary.com\u002Ftikr\u002Fimages\u002Fw_600,h_400,c_scale\u002Ff_webp,q_auto\u002Fv1788526155\u002Fimages\u002FAMBA-stock_1286743f518\u002FAMBA-stock_1286743f518.png?_i=AA",{"altText":504},{"name":293,"slug":294,"role":242,"roleTitle":243,"biography":243,"avatar":243,"socialMediaLinks":514},[],[516],{"name":517,"slug":518,"uri":519,"description":243,"postsCount":255},"收益更新","earnings-updates","\u002Fblog\u002Fcategory\u002Fearnings-updates",[],{"id":255,"title":522,"date":523,"excerpt":524,"wordCount":525,"uri":526,"slug":527,"cloudinaryAssetId":528,"featuredImageOriginalUrl":529,"featuredImageMetadata":530,"author":531,"categories":533,"relatedPosts":535},"Lululemon第二季度息税前利润超预期。但业绩指引下调抹去了这一利好消息。","2026-09-04 09:30:00","Lululemon的GAAP每股收益达到2.92美元，这得益于一笔1.345亿美元的一次性关税退款，但调整后每股收益下降34%至2.06美元，同时公司大幅下调了业绩指引。",1020,"\u002Fblog\u002Flululemons-q2-earnings-beat-on-ebit-a-guidance-cut-erased-the-good-news","lululemons-q2-earnings-beat-on-ebit-a-guidance-cut-erased-the-good-news","images\u002FFEATURED-IMAGE-MAKER-1521\u002FFEATURED-IMAGE-MAKER-1521","https:\u002F\u002Fres.cloudinary.com\u002Ftikr\u002Fimages\u002Fw_600,h_360,c_scale\u002Ff_webp,q_auto\u002Fv1788505347\u002Fimages\u002FFEATURED-IMAGE-MAKER-1521\u002FFEATURED-IMAGE-MAKER-1521.png?_i=AA",{"altText":522},{"name":309,"slug":310,"role":242,"roleTitle":243,"biography":243,"avatar":243,"socialMediaLinks":532},[],[534],{"name":517,"slug":518,"uri":519,"description":243,"postsCount":255},[],{"id":255,"title":537,"date":538,"excerpt":539,"wordCount":540,"uri":541,"slug":542,"cloudinaryAssetId":543,"featuredImageOriginalUrl":544,"featuredImageMetadata":545,"author":546,"categories":548,"relatedPosts":550},"Samsara 2026：第二季度财报确认连续第四个季度实现GAAP盈利","2026-09-04 09:00:00","Samsara在单个季度内新增了242个价值10万美元以上的客户。年度经常性收入（ARR）刚刚突破21亿美元。",1045,"\u002Fblog\u002Fsamsara-2026-q2-earnings-confirm-a-fourth-straight-quarter-of-gaap-profit","samsara-2026-q2-earnings-confirm-a-fourth-straight-quarter-of-gaap-profit","images\u002FFEATURED-IMAGE-MAKER-1520\u002FFEATURED-IMAGE-MAKER-1520","https:\u002F\u002Fres.cloudinary.com\u002Ftikr\u002Fimages\u002Fw_600,h_360,c_scale\u002Ff_webp,q_auto\u002Fv1788503322\u002Fimages\u002FFEATURED-IMAGE-MAKER-1520\u002FFEATURED-IMAGE-MAKER-1520.png?_i=AA",{"altText":537},{"name":309,"slug":310,"role":242,"roleTitle":243,"biography":243,"avatar":243,"socialMediaLinks":547},[],[549],{"name":517,"slug":518,"uri":519,"description":243,"postsCount":255},[],{"id":255,"title":552,"date":553,"excerpt":554,"wordCount":555,"uri":556,"slug":557,"cloudinaryAssetId":558,"featuredImageOriginalUrl":559,"featuredImageMetadata":560,"author":561,"categories":563,"relatedPosts":565},"Zscaler第四季度业绩全线超预期。但2027财年指引未能延续这一势头。","2026-09-04 08:30:00","Zscaler第四季度营收达到8.98亿美元，同比增长25%，全面超出华尔街的各项预期指标。",982,"\u002Fblog\u002Fzscalers-q4-earnings-beat-on-every-line-the-fy27-guide-didnt-follow-through","zscalers-q4-earnings-beat-on-every-line-the-fy27-guide-didnt-follow-through","images\u002FFEATURED-IMAGE-MAKER-1519\u002FFEATURED-IMAGE-MAKER-1519","https:\u002F\u002Fres.cloudinary.com\u002Ftikr\u002Fimages\u002Fw_600,h_360,c_scale\u002Ff_webp,q_auto\u002Fv1788501841\u002Fimages\u002FFEATURED-IMAGE-MAKER-1519\u002FFEATURED-IMAGE-MAKER-1519.png?_i=AA",{"altText":552},{"name":309,"slug":310,"role":242,"roleTitle":243,"biography":243,"avatar":243,"socialMediaLinks":562},[],[564],{"name":517,"slug":518,"uri":519,"description":243,"postsCount":255},[],{"id":255,"title":567,"date":568,"excerpt":569,"wordCount":570,"uri":571,"slug":572,"cloudinaryAssetId":573,"featuredImageOriginalUrl":574,"featuredImageMetadata":575,"author":576,"categories":578,"relatedPosts":580},"DocuSign Q2财报全线超预期。IAM平台功不可没。","2026-09-04 08:00:00","DocuSign的身份与访问管理平台在单个季度内跃升至年度经常性收入的15.1%，为上调的业绩指引和3.07亿美元的股票回购提供了资金支持。",956,"\u002Fblog\u002Fdocusigns-q2-earnings-beat-on-every-line-the-iam-platform-is-why","docusigns-q2-earnings-beat-on-every-line-the-iam-platform-is-why","images\u002FFEATURED-IMAGE-MAKER-1518\u002FFEATURED-IMAGE-MAKER-1518","https:\u002F\u002Fres.cloudinary.com\u002Ftikr\u002Fimages\u002Fw_600,h_360,c_scale\u002Ff_webp,q_auto\u002Fv1788501374\u002Fimages\u002FFEATURED-IMAGE-MAKER-1518\u002FFEATURED-IMAGE-MAKER-1518.png?_i=AA",{"altText":567},{"name":309,"slug":310,"role":242,"roleTitle":243,"biography":243,"avatar":243,"socialMediaLinks":577},[],[579],{"name":517,"slug":518,"uri":519,"description":243,"postsCount":255},[]]