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Thing two is that SEC enforcement has seriously declined under the Trump administration and probably is going to continue to decline. The SEC just has been declining in power generally over the last, I would say 20, 30 years. So we don’t really have an enforcement mechanism. One of the things that has been known for a while is you’ll see in pharmaceutical stocks around certain big conferences, the shares trade before the abstracts of studies are released. So somebody knows what’s in those abstracts and they’re trading on that information before it becomes public. This is a really well-known phenomenon and no one has done anything about it. So those are two things that are involved.
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结合博通 AVGO 当前市值（1.5 万亿美元），对应公司 2026 财年税后核心经营利润大约为 27 倍 PE 左右（假定营收同比 +74%，实际经营面毛利率 72%，税率 9.7%）。参考产业链情况，博通 AVGO 的估值依然高于英伟达（20xPE）。相对较高的估值中体现了 ASIC 抢占份额的潜在机会，但行业的整体估值都出现了显著回落。
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McFarland didn't know what was on the 10 rusty reels he dropped off at the Library of Congress' National Audio-Visual Conservation Center in Culpeper, Va. A Library article about the discovery describes the battered, pre-World War I artifacts as having been, "shuttled around from basements to barns to garages," and that they, "could no longer be safely run through a projector," owing to their delicate condition. "The nitrate film stock had crumbled to bits on some; other strips were stuck together," the article said. It was a lab technician in Michigan who suggested McFarland contact the Library of Congress.
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