4 reasons why Apple, Facebook and other tech stocks are

The so-called FAANG companies have lost more than $700 billion in market value since October.

自十月以来，所谓的FAAN公司市值损失超过7000亿美元。

The shares of major tech companies were performing exceptionally well earlier this year, but those gains got nearly erased on Monday.

今年早些时候，主要科技公司的股票表现异常良好，但周一这些涨幅几乎被抹去。

Overvaluation, the U.S.-China trade war and recent privacy concerns surrounding tech companies are among the reasons for the drops.
Apple and Facebook have been hit the hardest in recent weeks, thanks in part to a few major reports from news outlets.

高估美中贸易战，以及最近围绕科技公司的隐私问题等，都是股价下跌的原因。苹果和脸谱网在最近几周遭受了最严重的打击，部分原因是来自新闻媒体的一些重要报道。

Major tech stocks got pummeled by a major sell-off on Monday, nearly erasing all 2018 gains, and continuing a trend that's weighed down the sector since October.

主要科技股周一遭遇大跌，几乎抹去了2018年的全部涨幅，并延续了自10月以来拖累该行业的趋势。

Since October 3, the so-called FAANG companies—Facebook, Apple, Amazon, Netflix and Google (Alphabet)—have lost a combined $728 billion in market value. Apple has been hit the hardest in recent weeks, as these figures on market loss show:

自10月3日以来，所谓的FAAN公司脸谱网、苹果、Amazon、Netflix和谷歌（Algabett）已经失去了7280亿美元的市值。最近几周苹果受到打击最严重，如下市场损失的数字显示：

• Apple: $231.06 billion

• Amazon: $220.67 billion

• Google: $138.22 billion

• Facebook: $89.95 billion

• Netflix: $48.11 billion

• 苹果：2310.6亿美元

• 亚马逊：2206.7亿美元

• 谷歌：1382.2亿美元

• 脸谱网：899.5亿美元

• 网飞公司：481.1亿美元

The tech giants had been flying high throughout most of the year, seeing bullish investor sentiment and growth that outpaced earnings forecasts. But Monday's drop nearly erased all the gains for 2018, plunging the market deeper into correction territory.

科技巨头全年大总分时间都在飞速发展，
看涨投资者的情绪和利润都在增长，并且超出了盈利预测。
但星期一的下跌几乎抹去了2018的收益，
将市场进一步推向调整区间。

These drops have major implications for the broader economy, mainly because retail investors have in recent years purchased about two-thirds of major tech stocks, in the form of traditional mutual funds, exchange-traded funds and direct ownership.

这些下降对更广泛的经济有重大影响，主要是因为近年来，散户投资者购买了大约三分之二的主要科技股，以传统的共有基金、交易所交易基金和直接所有权的形式存在。

Why are tech stocks dropping?

科技股为何下跌？

China

The United States' increasingly tense trade relations with China, which hosts the supply chains of many American tech companies, isn't helping to improve skittish investor sentiment.

美国与中国的贸易关系日益紧张，中国拥有许多美国科技公司的供应链，这对美国的许多科技公司非常的不利。

Those anxieties probably worsened over the weekend when Vice President Mike Pence, speaking at the Asia Pacific Economic Cooperation (APEC) summit, signaled there'd be no budging on his side of the escalating trade war.

这种紧张关系可能恶化，在周末副总统Pence在亚太经合组织（APEC）峰会上发表讲话时，他暗示，在日益升级的贸易战中，他不会让步。

"The United States, though, will not change course until China changes its ways," Pence said.

Pence说：“在中国改变道路之前，美国不会改变路线。”

It's also likely that President Donald Trump's "America First" policies are causing other economies to hike up tax rates on tech companies.

唐纳德·特朗普总统的“美国第一”政策也可能导致其他经济体提高对科技公司的税率。

"Because of President Trump's international commercial protective nationalistic battle, all other large economies are insisting that the tech giants will pay their fair share of tax," Radu Tunaru, a professor of finance at the University of Kent, told The Street. "Hence, technology company stockholders are looking at a reduction in future revenues plus possible large fines for the past behavior of these companies."

“由于特朗普总统的国际商业保护民族主义之战，其他所有大型经济体都坚持认为，科技巨头将支付其公平份额的税款。”
肯特大学金融学教授Radu Tunaru向《金融时报》说。因此，科技公司的股东们正在考虑减少未来收入的来源以及可能造成巨额罚金的行为。

Trump's tax cuts

特朗普的减税政策

The Trump administration cut the corporate tax rate to 21% and also persuaded corporations, including Apple, to repatriate billions in overseas cash at a lower tax rate of 15.5%.

特朗普政府将公司税率下调至21%，并说服包括苹果在内的公司以15.5%的较低税率汇回数十亿美元的海外现金。

But, as The Street reports, this deal could prove misleading to investors.

但是，正如《金融时报》报道的那样，这笔交易可能会给投资者带来误导。

"The bill can be paid over a period of eight years, on an adjusted schedule that shifts 45% of the liability to the last two years. Although companies have the option of paying it in a lump sum, "substantially all" corporations studied in the report -- including Apple, which has the largest tax liability by a wide margin -- opted for the 8-year repayment plan because there's no interest associated with the liability, said Moody's David Gonzales."

“帐单可以在八年内按调整后的时间表支付，将45%的债务转移至最后两年。" Moody's David Gonzales说，虽然公司可以选择一次性支付，但报告中所研究的“基本上所有”公司——包括苹果公司，其税务负担最大，幅度很大——选择8年偿还计划，因为与债务没有利息。“

Gonzalez told The Street the deal might not present investors with all pieces of the puzzle.

Gonzalez告诉《金融时报》，这笔交易可能不会把投资者处于困境之中。

"Disclosures that we have reviewed to date indicate that tax liabilities relating to unrepatriated overseas earnings can be a significant drain on reported operating cash flows in future years," he said. "Investors should scrutinize income tax disclosures because the notes to financial statements may not contain all of the pieces to a company's income tax puzzle."

他说：“我们迄今为止所审查的披露表明，与未收回海外收益有关的税务负债可能会对未来几年报告的营运现金流量造成重大损失。”投资者应该仔细审查所得税的披露情况，因为财务报表的附注可能没有包含公司所得税问题的所有内容。”

Facebook drama

脸谱网戏剧性事件

Facebook continues to suffer negative publicity over data privacy concerns, intercompany drama and its dishonest handling of knowledge that Russian entities were trying to influence U.S. politics.

Facebook继续因数据隐私问题、公司间纠纷以及不诚实处理俄罗斯试图影响美国政治局面而受到负面宣传。

Last week, a lengthy New York Times report outlined the misleading ways in which the social media company has handled numerous scandals in recent years, including omitting key information about Russian interference to lawmakers and the public, and also hiring a public relations firm to drum up negative press about its rivals in an attempt to draw the spotlight off itself.

上周，《纽约时报》的一篇长篇报道概述了这家社交媒体公司近年来处理众多的误导群众的丑闻，包括省略有关俄罗斯干涉立法者和公众的关键信息，以及雇用一家公关公司来揭发对其竞争对手的负面新闻，试图将公众的注意力从焦点上拉开。

On Monday, the Wall Street Journal published a report detailing how CEO Mark Zuckerberg had blamed second-in-command Sheryl Sandberg and her teams for the public fallout from Cambridge Analytica, the firm that accessed millions of Facebook users data. Zuckerberg also reportedly told executives earlier this year that his company was "at war."

周一，《华尔街日报》发表了一份报告，详细介绍了首席执行官马克·扎克伯格如何将剑桥分析公司（Cambridge Analytica）获取数百万Facebook用户数据的公众影响归咎于二把手谢丽尔·桑德伯格和她的团队。据报道，扎克伯格今年早些时候告诉高管们，他的公司“处于战争状态”。

More broadly, Facebook is losing its youngest users as they migrate to more visual-based apps like Snapchat.

更广泛地说，脸谱网正在流失其最年轻的用户，因为他们迁移到更多的基于视觉的应用程序，如Snapchat。

Apple

Shares of Apple dropped 4% after the Wall Street Journal published a report showing how the company had slashed production for iPhones in 2018. According to the Journal, sales of Apple's lower-priced iPhone XR have been especially disappointing, leading the company to cut production by more than 20 million units. Apple shares fell 4% on Monday.

在《华尔街日报》发表一份报告显示苹果公司如何削减2018年iPhone生产后，苹果的股价下跌了4%。据《华尔街日报》报道，苹果低价iPhone XR的销量尤其令人失望，导致公司减产2000多万部。苹果股价星期一下跌4%。

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