Shadowing Practice: Can the Tech Surge Continue? - Learn English Speaking with Video
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This is The Markets.
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I'm Chris Hussey, and today is Thursday, May 28th, and I'm here on the Goldman Sachs trading floor with Pete Callahan, who is the U.S tech,
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media, and telecom sector specialist within global banking and markets.
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Pete, thanks again for taking the time.
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Thanks for having me, Chris.
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Okay, let's start with The Markets, Pete, because we've had an almost historic run in tech off the March 30th lows.
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Hasn't been as MAG-70 as we've seen in the past.
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What do you make of the rally?
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Yeah, I'd say three things stand out to me.
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One, narrow breadth.
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Two, high velocity.
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And three, anchored by earnings growth and earnings revisions.
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So what do I mean by that?
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If I look back over the last three months, the Nasdaq is up 20 percent.
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But when you look under the hood, only about half of the stocks in the Nasdaq are even up at all over that stretch.
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So you have narrow breadth, again, led by semiconductors, which are up nearly 80 percent this year.
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Best year since 1999.
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Second, high velocity.
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The Nasdaq is off to its second best start to a year in over 25 years.
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And so we've really had a really rapid rise this year in tech stock prices.
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And finally, in terms of earnings growth, if you looked at sort of AI stocks within the S&P 500, that group was about 30 up about 30 percent this year.
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Incidentally, their earnings have also risen about 30 percent this year.
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So you are seeing multiples kept in check driven by strong earnings revisions in tech this year.
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All right.
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So, you know, you pointed to those earnings.
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Let's talk about them a little bit here first quarter results
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what'd you make of it yeah it's good earnings from tech
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i think the standouts were capex right you had another big
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wave of capex revisions i think capex estimates for calendar 27 went up to 20
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so you're now looking at something like north of 900 billion dollars of capex in 2027
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so that story is still intact
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and still pushing higher i think secondly within software i would
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say results were mixed we may talk about software later
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but some good some not good but but the nice thing is you're actually starting to see some dispersion in that space, and that's been a welcome sign for investors.
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And think finally perhaps tied to
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that first point on CapEx you are still seeing relatively tight capacity across compute and in the AI supply chain.
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And in turn you're hearing companies starting to talk about visibility extending out into calendar 27 where semiconductor
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and AI infrastructure companies are starting to get orders pushing out that far given the shortages we're seeing today.
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Let me drill down to that software point because you pointed we were going to talk about it.
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I do want to talk about it
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because the software troubles even bled over into the credit markets where private credits go through a problem
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because people were worried that they had too much software exposure.
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But lately you're starting to see the software stocks working again.
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What's going on?
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Yeah, listen, the the arts have been tough this year in software, no doubt about it.
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But you are seeing dispersion in the group.
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And I think that's something that all investors, whether long-only or hedge funds, are happy to see.
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It's all about dispersion, trying to pick leaders and laggards within the group.
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So there are still debates from here.
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Investors are curious about how you think about subscription
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and seat models versus consumption models and where we may be headed over the next couple of years.
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Investors are trying to figure out
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if software is able to deploy AI at the point of sale
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or you have this sort of incumbent versus startup debate from here.
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And then, of course, the environment's been a little bit choppy to start the year.
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You have new AI budget that's getting spent across enterprises.
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We obviously had the conflict that is still ongoing.
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And so it's been a little bit of a noisy stretch, but at least investors are saying, I can pick winners and losers.
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And that's a change from what you'd seen over the last couple of years.
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It was sort of correlation one type of pressure across the group.
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And does that winner or losers in software just come down to your ability to employ AI versus your not ability?
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Frankly, yes.
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At the moment, it's whether you are able to indicate that AI is helping your business and driving faster revenue growth.
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And if it is, the market is very happy to re-rate shares.
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Yeah, it was interesting because everybody wanted to sell software because they thought they would get disintermediated by AI, which is software.
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That's exactly right.
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So the argument here is, hey, we are the companies that are actually at
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that point with all this context in an enterprise and customers will lean on us to help deploy AI for them.
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So you mentioned semiconductors having their best year since 1999.
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On the one hand, 1999 is, you know, enthusiastic as a Knicks fan.
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We're partying like it's 1999.
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On the other hand, 1999 didn't end well, even for Knicks fans.
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We're hoping for something better this year.
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Talk to us about positioning.
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Are we over our skis?
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Where are we?
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Yeah, it's a good question.
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I think for semiconductors, listen, it's been a great start to the year.
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I think any time a group's up 80% like it is in five months, there's, of course, you have sort of these momentum dynamics.
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You have too far, too fast.
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You have all that type of stuff that kind of matters over the short term.
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But I think over the medium term, what really matters is earnings revisions, right?
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And as long as you are getting earnings revisions for this group, which helps keep multiples in track, I think investors will be comfortable adding to this group on pullbacks
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or momentum unwinds or different pockets of positioning pressures that can show up, of course, when you have moves like this.
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So I think at the end of the day, just keep tracking the earnings growth, and I'll do my best to keep this group informed.
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Please, we're going to be tapping into you.
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All right, what's the trade?
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Yeah, one group we haven't talked about yet is U.S.
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Internet.
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The group, the way I cut the data, is about lagged software on the air, which is probably surprising to people.
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There's ongoing debates about sources of funds, about ongoing investment cycles, about the health of the consumer,
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and, of course, where AI in the consumer world goes over the next couple of years.
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But as of late, you're starting to see a little bit more innovation from the product side on U.S.
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Internet companies tied to AI.
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The temperature on the consumer seems to be coming down as oil prices have reset off the highs.
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And so given that backdrop and cleaner positioning, I'll be watching the U.S.
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Internet sector from here.
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All right.
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We're going to go into June, believe it or not, next week.
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What are you watching for?
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Yeah, I mean, just two things really, right?
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It's macro data.
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So you're going to get the sort of new monthly data, NFP data, and then mid-month CPI.
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And so we're just looking for the mix of jobs, data, and then of course what the inflation story is given the geopolitical conflict.
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And then otherwise in tech, we have a bunch of user conferences and things like that across software and semiconductors.
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And so I'll be looking to see how that sets the temperature and the tone on generative AI into the summer months.
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You mentioned inflation.
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Historically, tech has been correlated with rates.
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Do rates matter to tech anymore?
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They could matter.
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At the moment, the market's OK with that.
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Candidly, there's been so many cost inflation inputs into tech
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when you think about what the sort of AI supply chains had to weather in terms of input costs.
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So I think the market looks at and says in the context of everything we're dealing with to deliver this infrastructure, it's something to keep an eye on.
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But at these levels, it has not been a primary concern.
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No, it really hasn't been.
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All right.
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I'm not looking at any of those things.
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I'm just looking at Wednesday night.
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We start the NBA finals.
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So last question.
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Can the Knicks win the championship?
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Why not?
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Why not?
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All right.
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I'll take that as a rave.
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Pete, thanks so much for joining us.
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Thanks for having me.
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That does it for this week's episode of The Markets.
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I'm Chris Hussey.
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Thanks for joining us.
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The opinions and views expressed herein are as of the date of publication, subject to change without notice, and may not necessarily reflect the institutional views of Goldman Sachs or its affiliates.
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The material provided is intended for informational purposes only and does not constitute investment advice, a recommendation from any Goldman Sachs entity to take any particular action,
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or an offer or solicitation to purchase or sell any securities or financial products.
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This material may contain forward-looking statements.
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Past performance is not indicative of future results.
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Neither Goldman Sachs nor any of its affiliates make any representations
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or warranties expressed or implied as to the accuracy
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or completeness of the statements or information contained herein and disclaim any liability whatsoever for reliance on such information for any purpose.
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Each name of a third-party organization mentioned is the property of the company to which it relates, is used here strictly for informational and identification purposes only,
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and is not used to imply any ownership or license rights between any such company and Goldman Sachs.
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A transcript is provided for convenience and may differ from the original video or audio content.
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Goldman Sachs is not responsible for any errors in the transcript.
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This material should not be copied, distributed, published, or reproduced in whole or in part, or disclosed by any recipient to any other person without the express written consent of Goldman Sachs.
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Copyright 2026, Goldman Sachs.
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אוצר מילים והערות הגייה לשיעור הזה
שיעור הדיבור הזה ברמה C1 מבוסס על הסרטון “Can the Tech Surge Continue?”. המילים שחוזרות הכי הרבה: software, earnings, tech, Sachs, Goldman. בסרטון הזה יש 146 משפטים ו-1716 מילים לתרגול Shadowing. הדיבור נמשך 7:59. הדובר מדבר מהר, כ-215 מילים בדקה, אז צפו לצלילים מחוברים ומקוצרים. 82% מהמילים נמצאות בין 3,000 המילים הנפוצות ביותר באנגלית; כדאי ללמוד את השאר לפני שמתחילים.
אוצר מילים מרכזי בסרטון הזה
15 המילים המתקדמות ביותר בסרטון, עם ההגייה והמשמעות שלהן:
| מילה | הגייה | משמעות |
|---|---|---|
| investor שם עצם | /ɪnˈvɛs.tə(ɹ)/ | מַשְׁקִיעַ |
| semiconductor שם עצם | /ˌsɛmikənˈdʌktə/ | מוֹלִיךְ לְמֶחֱצָה |
| velocity שם עצם | /vəˈlɑsəti/ | מהירות |
| loser שם עצם | /luzɚ/ | מַפְסִידָן, לווּזֶר |
| momentum שם עצם | /ˌmə(ʊ)ˈmɛntəm/ | תֶּנַע |
| completeness שם עצם | שלמות | |
| unwind פועל | /ʌnˈwaɪnd/ | הִתְפַּרֵק |
| backdrop שם עצם | /ˈbæk.dɹɑp/ | תַּפְאוּרָה |
| reproduce פועל | /ˌɹi.pɹəˈdus/ | התרבה |
| noisy שם תואר | /ˈnɔɪzi/ | רועש |
| bleed פועל | /ˈbliːd/ | דִּימֵּם |
| hedge שם עצם | /ˈhɛd͡ʒ/ | גָדֵר חַיָה |
| distribute פועל | /dɪˈstɹɪbjuːt/ | חילק |
| startup שם עצם | /ˈstɑɹtˌʌp/ | סטארטאפ, חברת סטארטאפ |
| reset פועל | /ɹiːˈsɛt/ | אפס |
Phrasal verbs שתשמעו
| מילה | משמעות |
|---|---|
| figure out פועל | הֵבִין, מצא תשובה |
משפטים שכדאי לחזור עליהם
משפטים קצרים ושלמים מהסרטון שאפשר להשתמש בהם בשיחה יומיומית:
- What do you make of the rally?
- We're hoping for something better this year.
- Are we over our skis?
- Please, we're going to be tapping into you.
- What are you watching for?
דקדוק בסרטון הזה
המבנים שהדובר משתמש בהם הכי הרבה, עם המילים המדויקות מהסרטון:
| מבנה | בסרטון |
|---|---|
| הווה מושלם (Present perfect) have/has + past participle — פעולה שקרתה בעבר ועדיין יש לה חשיבות או השפעה עכשיו | we've had · Hasn't been · we've really had |
| סביל (Passive voice) be + past participle — הדגש הוא על מה שקורה, לא על מי שעושה את הפעולה | may be headed · is given · has been correlated |
| משפטי זיקה (Relative clauses) who / which + clause — מידע נוסף על אדם או דבר | semiconductors, which are · air, which is |
הגייה ששווה לשים לב אליה
הדובר משתמש ב-32 קיצורים וצורות מקוצרות, כמו we're, you're, I'm. אמרו אותם בצורה הקצרה, כפי שאתם שומעים אותם.
- הצלילים של “th”: breadth /bɹɛdθ/, enthusiastic /ɪnˌθjuːzɪˈæstɪk/
- הצלילים של “sh” ו-“zh”: revision /ɹəˈvɪʒ.ən/, dispersion /dɪˈspɜːʒən/, informational /ˌɪnfəˈmeɪʃənəl/, solicitation /səˌlɪsɪˈteɪʃən/, correlation /ˌkɔɹ.əˈleɪ.ʃən/
- מילים ארוכות — שימו לב להטעמה: semiconductor /ˌsɛmikənˈdʌktə/, informational /ˌɪnfəˈmeɪʃənəl/, velocity /vəˈlɑsəti/, affiliate /əˈfɪl.i.eɪt/, momentum /ˌmə(ʊ)ˈmɛntəm/
צלילים שדוברי עברית מתקשים בהם:
- /w/ — שפתיים מעוגלות, לא /v/: unwind /ʌnˈwaɪnd/, warranty /ˈwɔɹ.ən.ti/, whatsoever /ˌ(h)wʌtsoʊˈɛvɚ/
- /æ/ — פתוח יותר מה-“אֶ” העברית, לא כמו “a” ב-“cup”: transcript /ˈtɹæn.skɹɪpt/, candidly /ˈkændɪdli/, macroeconomics /ˌmæk.ɹoʊˌiː.kəˈnɒ.mɪks/, standout /ˈstændaʊt/, backdrop /ˈbæk.dɹɑp/
- /r/ — הלשון לא נוגעת בשום מקום, לא ה-“ר” הגרונית: investor /ɪnˈvɛs.tə(ɹ)/, revision /ɹəˈvɪʒ.ən/, breadth /bɹɛdθ/, herein /hɪɹˈɪn/, transcript /ˈtɹæn.skɹɪpt/
איך לתרגל עם הסרטון הזה
- הקשיבו לכל הסרטון פעם אחת בלי לדבר, ורשמו את המילים שאתם לא מכירים.
- התחילו במהירות 0.75×, תרגלו Shadowing משפט אחר משפט, וחזרו למהירות רגילה כשזה מרגיש קל.
- הקליטו את עצמכם והשוו למקור, תוך תשומת לב למילים כמו investor, semiconductor, velocity.
מהי טכניקת השאדואינג?
שאדואינג היא טכניקת למידת שפה מבוססת מדע שפותחה במקור להכשרת מתורגמנים מקצועיים ופופולרית על ידי הפוליגלוט ד"ר אלכסנדר ארגואלס. השיטה פשוטה אך עוצמתית: אתה מקשיב לאודיו באנגלית ילידית וחוזר עליו בקול רם מיד — כמו צל העוקב אחרי הדובר עם עיכוב של 1–2 שניות בלבד. בניגוד להאזנה פסיבית או תרגילי דקדוק, שאדואינג מכריח את המוח והשרירים בפה לעבד ולשחזר דפוסי דיבור אמיתיים בו זמנית. מחקרים מראים שזה משפר משמעותית את דיוק ההגייה, האינטונציה, הקצב, הדיבור המחובר, הבנת השמיעה ושטף הדיבור — מה שהופך אותו לאחת השיטות היעילות ביותר להכנה לIELTS Speaking ולתקשורת באנגלית בעולם האמיתי.