Some of my thoughts about this report showed as following:
1. Intel still makes 80% of CPUs for personal computers and 94% of them for servers. Its estimated revenue of 2020 maybe about $75 billion USD, and its net income $20.7B.
2. Its major rivalry, AMD, has the estimated revenue of $9.47B, up from $6.73B a year earlier(40.7% growth, YoY) and estimated net income of $1.5B, up from $756M (98% growth,YoY).
It means that every dollar growth in revenue can bring 2.4 dollars growth in net income, which reflects the feature of high-rent-value business. The economic scale decides the gross profit margin.
And this is the reason why Intel enjoys higher marginal rent value than AMD.
3. Besides Intel's dominant area, it had failed in RF and mobile device industry such as its doomed WiMax chipsets and mobile phone SoCs. Now it is facing two major problems: 1) its manufacturing skill has been left behind of TSMC for one or two generations; and 2) its lack of machine-learning products.
In the history, Intel had lost its competition against then Japanese companies in the RAM industry. Intel waived its white flag and turned into the CPU industry in 1980s. However, such successful turning point has never shown again since the launch of its wifi chipset. I do not have enough confidence in its new M&A strategy in the AI field.
4. On the other hand, the TSMC's 2 nm manufacturing advance is not unreachable for Intel. I think the nature physical barriers, like the quantum tunnelling effect, will delay the progress of IC manufacturing after 2nm. Although I've heard and read many issues in its manufacturing team. I still believe Intel's outstanding engineers can get things done after all. It only takes time and money. Nonetheless, this is another big problem. After TSMC having enjoyed monopolistic profits for quite a long time, even Intel could catch up with TSMC after spending about couple years and billions dollars, the remaining rent value will be limited for Intel. I am not sure whether the necessary costs of competition would be covered or not, especially considering that Intel has lost its big client, Apple. Of course, the intense competition would erode TSMC's rent value, too. It's not a good news for TSMC's investors who recently got on the board at such high stock prices.
同時也有10000部Youtube影片,追蹤數超過2,910的網紅コバにゃんチャンネル,也在其Youtube影片中提到,...
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▍今日經濟學家: Julio Rotemberg
Julio Rotemberg是著名的總體經濟學家,與現任哥倫比亞大學的Michael Woodford, 解釋在壟斷性競爭(monopolistic competition)狀況下的總體經濟波動變化,以及建立總體計量DSGE模型,開啟此相關研究而聞名,此方法被應用至總體學術研究及央行貨幣政策探討。另外他在粘性價格(sticky price)的研究也有卓越貢獻,解釋商品價格為何調整速度慢而具有僵固性。
Rotemberg大學時就讀柏克萊經濟系,1981年在Alan Blinder指導之下取得普林斯頓經濟博士,畢業後長年任教於哈佛、麻省理工等大學。並於2016年受到美國經濟學會(AEA)的肯定獲頒傑出研究員(Distinguished Fellow),感謝他長年在總體經濟研究的貢獻。Rotemberg於數日前因癌症過世,享壽63歲。RIP
參考資料:
演講影片 (https://vimeo.com/71742298)
Market Design (https://goo.gl/1lJflq)
AEA (https://goo.gl/pEZLvQ)
Wiki (https://en.wikipedia.org/wiki/Julio_Rotemberg)
monopolistic competition 在 林作 Facebook 的最佳貼文
Jeremy Corbyn's victory yesterday in the Labour leadership election sounded the death knell for his party. Although I am hardly going to mourn the demise of the Labour Party, I am concerned that there is no credible opposition in British politics at a time when this is desperately needed. Just as a lack of competition in monopolistic markets results in economic inefficiency, the UK's de facto one-party state will likely lead to complacent and ineffective government. The British people will have to rely on the Tory liberals now led by former Chancellor George Osborne from the back benches for the necessary scrutiny of Prime Minister May's administration.
http://www.telegraph.co.uk/…/corbyn-wins---and-owen-smiths…/
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A monopolistic competition market represents a cross between a monopoly market and a perfectly competitive market. · Intraindustry trade refers to trade within a ... ... <看更多>