经济学人:科技股:重获信息泡沫时代高点(2)

 　　Since then, investors¹ have focused their enthusiasm on companies that can exploit "network effects" and become dominant² in their sector—Google in internet search, for example. 从此，投资人将热情放在有“网络效益”且在他们的领域里占领导地位的公司，比如在网络搜索方面的谷歌公司。

　　The latest rally has been led by a small number of stocks,  最近的一次科技行业股价反弹时由少数股票引起的，

　　sometimes dubbed³ the FAANGs (Facebook, Amazon, Apple, Netflix and Google's parent, Alphabet) and sometimes FAAMG (replacing Netflix with Microsoft). 有时是人们说的FAANGs（Facebook，Amazon，Apple，Netflix and Google's parent，Alphabet）有时候是FAAMG（把Netflix换成Microsoft）。

　　In June Goldman Sachs said this latter group had been responsible for 40% of the S&P 500 index's gains in the year to that point. 六月高盛集团指出，后者承担了今年标普500指数40%的涨幅。

　　The tech industry was Wall Street's best performer in the first half of the year. 今年上半年高科技产业在华尔街出尽了风头。

　　Eddie Perkin of Eaton Vance, a fund-management company, says that investors started the year with too much enthusiasm for the “Trump trade”,  这家公司说投资者带着满腔热情运营特朗普贸易，

　　the idea of owning stocks that might benefit from the new president's policies. 拥有股票的想法可能得益于新总统的政策。

　　Companies with high tax bills, and those exposed to infrastructure⁴ spending, were two examples. 交高税额和投入资金进行基础设施建设的公司是两个这样的例子。

　　As hopes for action from the new administration faded, enthusiasm for tech stocks surged; this industry can generate profits growth regardless of the economic outlook. 随着对新政府出台的政策的期待减弱，对科技股的热情高涨，无论整个市场经济前景怎么样这个行业都能产生利润增长。

　　Tech companies in the S&P 500 are likely to record double-digit year-on-year profits growth in the second quarter. 标普500指数里的科技企业有可能在第二季度创造同比利润增长达到两位数的记录。

　　Earnings⁵ expansion on that scale means that few investors can afford to ignore tech stocks. 那种程度的利润扩增意味着几乎没有投资者会忽视科技股。

　　Since 2009 the industry has been the most favoured by global fund managers for 80% of the time, according to a regular survey by Bank of America Merrill Lynch. 根据美洲银行Merrill Lynch的一个调查显示自2009年开始在80%情况下，科技股受到全球投资者的亲睐。

1 investors   

n.投资者，出资者( investor的名词复数 )

参考例句：

• a con man who bilked investors out of millions of dollars 诈取投资者几百万元的骗子
• a cash bonanza for investors 投资者的赚钱机会

2 dominant   

adj.支配的，统治的；占优势的；显性的；n.主因，要素，主要的人(或物)；显性基因

参考例句：

• The British were formerly dominant in India.英国人从前统治印度。
• She was a dominant figure in the French film industry.她在法国电影界是个举足轻重的人物。

3 dubbed   

v.给…起绰号( dub的过去式和过去分词 )；把…称为；配音；复制

参考例句：

• Mathematics was once dubbed the handmaiden of the sciences. 数学曾一度被视为各门科学的基础。
• Is the movie dubbed or does it have subtitles? 这部电影是配音的还是打字幕的？ 来自《简明英汉词典》

4 infrastructure   

n.下部构造，下部组织，基础结构，基础设施

参考例句：

• We should step up the development of infrastructure for research.加强科学基础设施建设。
• We should strengthen cultural infrastructure and boost various types of popular culture.加强文化基础设施建设，发展各类群众文化。

5 earnings   

n.工资收人；利润，利益，所得

参考例句：

• That old man lives on the earnings of his daughter.那个老人靠他女儿的收入维持生活。
• Last year there was a 20% decrease in his earnings.去年他的收入减少了20%。