It’s a golden age for technology. Silicon Valley is changing the way we live—for better and worse. The stocks of leading tech companies are having a banner year and an even better decade. The irony is that many tech pioneers—the ones that arguably created Silicon Valley—have been left behind.
当下是科技的黄金时代。硅谷正在改变我们的生活方式——先不说是好还是坏。领先的科技公司今年的表现非常好，当前这一个10年的表现更好。但具有讽刺意味的是，许多昔日的科技先驱——可以说是创造了硅谷的先驱——已经被抛在后面。
Wall Street expects Xerox Holdings ’ (XRX) revenue to decline 4.7% this year. The copier giant is trying to reinvent its business with a surprising $33 billion offer to buy its much larger rival HP Inc. (HP)
华尔街预计施乐(Xerox Holdings, XRX)今年的收入将下降4.7％。这家复印机巨头正试图通过以330亿美元收购其更大的竞争对手惠普(HP Inc., HP)的方式来重塑其业务。
In the latest episode of The Readback, Alex Eule and Barron’s Eric J. Savitz, discuss the larger implications of the possible merger and what it says about the future of old tech.
在最新一期的《The Readback》中，亚历克斯·尤勒(Alex Eule)和《巴伦》撰稿人埃里克·J·萨维茨(Eric J. Savitz)讨论了这笔潜在的合并案带来的更为广泛的影响以及对这家老牌科技公司的未来意味着什么。
Alex Eule: “So you’re going to take one struggling printer company and put it together with one struggling printer and copier company?”
亚历克斯·尤勒：“那么，一家陷入困境的打印机公司与另一家陷入困境的打印机及复印机公司合并会发生什么？”
Eric Savitz: “Well, that is the Xerox-theory. Xerox is a household name that primarily make copiers for larger businesses. It’s a fairly small business, they’re doing under $10 million dollars a year in revenue, and they’re shrinking at the top line.
埃里克·J·萨维茨：“这是施乐的想法。施乐是一个家喻户晓的品牌，主要为大型企业生产复印机。该公司的业务其实很小，每年收入不足1000万美元，而且收入一直在萎缩。
“And Xerox’ view is that if they combined their business with HP, you’d get one better printer business. In other words, one plus one would equal something more than two.”
“施乐的观点是，如果把自己的业务和惠普的业务合并，那么打印机业务的实力会得到提升。换句话说就是一加一大于二。”
“And all of this got us thinking: What is happening with all of the rest of the old storied technology brands that are basically no longer showing growth at the top line. They have very large businesses and they’ve played a huge role in the history of Silicon Valley and are now a fundamentally challenged.”
“这样的交易让我们想到了这样一个问题：所有其他老牌历史悠久的科技公司正在经历什么，这些公司的收入增长基本上已经陷入停滞。它们的业务非常庞大，并且在硅谷的发展历史中发挥了巨大作用，但现在面临严峻挑战。”
The Readback是一档每周更新一次的金融类播客栏目。
巴伦双语播客，每周一期，对最具价值的金融报道进行深入解读。 《巴伦》创刊于1921年，欢迎扫码关注，获取华尔街百年投资经典，最前沿投资资讯、最独家专业分析。
翻译 | Anqi
版权声明：
《巴伦》(barronschina) 原创文章，未经许可，不得转载。英文版见2019年12月6日报道“Silicon Valley Is Having a Banner Year. But It’s Oldest Companies Are Being Left Behind.”。
（本文内容仅供参考，投资建议不代表《巴伦》倾向；市场有风险，投资须谨慎。）
