<p>投资者似乎不知道如何应对 <strong>英特尔</strong>（INTC -5.28%）最近的首席执行官公告。</p>
<p>这家陷入困境的芯片制造商在周一市场开盘前发布了一份新闻稿，称首席执行官帕特·基尔辛格（Pat Gelsinger）在公司工作近四年后，于 12 月 1 日退休，放弃了全职职位和董事会席位。公司任命首席财务官大卫·津斯纳（David Zinsner）和英特尔产品首席执行官米歇尔·约翰斯顿·霍尔瑟斯（Michelle Johnston Holthaus）为临时联合首席执行官，同时寻找永久替代者。</p>
<p>公告的性质没有包括基尔辛格的惯常顾问角色，表明他是被迫离开的，其他媒体报道也在当天确认了这一点。这一举动令人惊讶——并不是因为基尔辛格离开公司，因为股票表现一直糟糕，公司也持续落后于竞争对手。令人惊讶的是，英特尔在让基尔辛格离开之前并没有找到替代者。</p>
<p>这一举动使公司在业务经历 40 年来最大转型的关键时刻失去了领导者，正如基尔辛格几个月前所说的那样。</p>
<p>在周一早上的消息传出后，英特尔股票最初上涨，但在下午的交易中回吐了这些涨幅，周二下跌了 6.1%。华尔街分析师对这一举动发表了看法，许多人对这一决定能否帮助英特尔持怀疑态度，至少在短期内是这样。</p>
<p>这一举动目前看起来对英特尔是一个挫折，但也给公司的两个竞争对手 <strong>台积电</strong>（TSM 1.80%）和 <strong>Arm Holdings</strong>（ARM -2.37%）带来了优势。以下是原因。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy83OTk4MDYvYS1zZW1pY29uZHVjdG9yLWNoaXAtYmVpbmctbWFkZS5qcGcmdz03MDA?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy83OTk4MDYvYS1zZW1pY29uZHVjdG9yLWNoaXAtYmVpbmctbWFkZS5qcGcmdz03MDA"/></p>
<p>图片来源：Getty Images。</p>
<h2>台积电扩大制造领先优势</h2>
<p>台积电是全球最大的合同芯片制造商。它处理超过一半无厂商芯片公司的芯片生产，如 <strong>英伟达</strong>、<strong>苹果</strong>、<strong>博通</strong> 和 <strong>超微半导体</strong>，以及大约 90% 的先进芯片。</p>
<p>英特尔也运营自己的代工厂，但历史上这主要用于制造公司的芯片。基尔辛格战略的一个关键组成部分是重组业务，以向外部客户开放代工厂，效仿台积电的战略。</p>
<p>然而，这一努力似乎陷入困境，因为英特尔的代工厂累计亏损数十亿，而新任首席执行官可能意味着公司会缩减这些努力或完全剥离其代工业务。无论发生什么，英特尔的代工雄心显然不会以基尔辛格想象的速度进行，最近还将完成一些新工厂的时间表推迟到 2030 年之后。结果是，基尔辛格的离职似乎消除了对台积电的威胁，因为前英特尔首席执行官曾计划到 2030 年使代工业务成为全球第二大，仅次于台积电。</p>
<h2>Arm 可以推动其 CPU 优势</h2>
<p>台积电是英特尔在代工领域最大的竞争对手。在其产品业务方面，英特尔面临许多竞争对手，但 Arm 可能是 CPU（中央处理器）架构中最强大的竞争者。</p>
<p>Arm 直接与英特尔的 x86 CPU 架构竞争。虽然这两种组件各有不同的优缺点，但它们在半导体行业中相互竞争，包括在数据中心，Arm 在 x86 处理器上逐渐获得市场份额，受益于其在 AI 应用中对电力效率的需求。</p>
<p>英特尔的产品业务似乎并没有像代工业务那样直接受到基尔辛格被解职的影响，但领导层的空缺可能会影响公司的竞争力、市场速度和招聘新员工的能力。</p>
<p>此外，英特尔的产品业务依赖于代工进行制造，而代工的剥离可能会扰乱这种关系。Arm 也通过为新产品授权其设计来赚钱，而英特尔的动荡可能会导致潜在客户倾向于选择 Arm，因为后者在对比中显得更可靠。</p>
<p>英特尔的持续挫折应该有助于推动 Arm 的增长。</p>

英特尔

<p>英特尔首席执行官帕特·基尔辛格已退休，使公司在关键转型期缺乏领导。这一意外举动引发了分析师对英特尔未来的担忧，尤其是在其与台积电和 Arm Holdings 等竞争对手的竞争中。作为最大的合同芯片制造商，台积电可能会从英特尔的铸造雄心受挫中受益，而 Arm 则可能在 CPU 架构方面获得市场份额，因为英特尔的领导空缺影响了其竞争力。英特尔的股票在公告发布后最初上涨，但随后下跌了 6.1%，反映出投资者的不确定性</p>

<p>Investors don't seem to know what to do with <strong>Intel</strong>'s (INTC -5.28%) recent CEO announcement.</p>
<div class="lb-trans"><p>投资者似乎不知道如何应对 <strong>英特尔</strong>（INTC -5.28%）最近的首席执行官公告。</p>
</div><p>The ailing chipmaker issued a press release before markets opened on Monday saying that CEO Pat Gelsinger, who had run the company for nearly four years, retired effective Dec. 1, giving up both his full-time position and his board seat. The company appointed CFO David Zinsner and CEO of Intel Products Michelle Johnston Holthaus as interim co-CEOs while it searches for a permanent replacement.</p>
<div class="lb-trans"><p>这家陷入困境的芯片制造商在周一市场开盘前发布了一份新闻稿，称首席执行官帕特·基尔辛格（Pat Gelsinger）在公司工作近四年后，于 12 月 1 日退休，放弃了全职职位和董事会席位。公司任命首席财务官大卫·津斯纳（David Zinsner）和英特尔产品首席执行官米歇尔·约翰斯顿·霍尔瑟斯（Michelle Johnston Holthaus）为临时联合首席执行官，同时寻找永久替代者。</p>
</div><p>The nature of the announcement, which didn't include the customary advisory role for Gelsinger, indicated that he was pushed out, and other media reports confirmed this later that day. The move was surprising -- not necessarily because Gelsinger is leaving the company, as the stock performance has been woeful and the company has continued to fall behind competitors. What was surprising is that Intel didn't bother to find a replacement before showing Gelsinger the door.</p>
<div class="lb-trans"><p>公告的性质没有包括基尔辛格的惯常顾问角色，表明他是被迫离开的，其他媒体报道也在当天确认了这一点。这一举动令人惊讶——并不是因为基尔辛格离开公司，因为股票表现一直糟糕，公司也持续落后于竞争对手。令人惊讶的是，英特尔在让基尔辛格离开之前并没有找到替代者。</p>
</div><p>The move leaves the company without a leader at a time when the business is in the midst of its biggest transition in 40 years, as Gelsinger said just a few months ago.</p>
<div class="lb-trans"><p>这一举动使公司在业务经历 40 年来最大转型的关键时刻失去了领导者，正如基尔辛格几个月前所说的那样。</p>
</div><p>After Intel stock initially jumped on the news Monday morning, it gave up those gains in the afternoon session and fell 6.1% on Tuesday. Wall Street analysts weighed in on the move with many of them skeptical that the decision will help Intel, at least in the near term.</p>
<div class="lb-trans"><p>在周一早上的消息传出后，英特尔股票最初上涨，但在下午的交易中回吐了这些涨幅，周二下跌了 6.1%。华尔街分析师对这一举动发表了看法，许多人对这一决定能否帮助英特尔持怀疑态度，至少在短期内是这样。</p>
</div><p>The move looks like a setback for Intel for now, but it also gives an advantage to two of the company's rivals, <strong>Taiwan Semiconductor Manufacturing</strong>(TSM 1.80%) and <strong>Arm Holdings</strong>(ARM -2.37%). Here's how.</p>
<div class="lb-trans"><p>这一举动目前看起来对英特尔是一个挫折，但也给公司的两个竞争对手 <strong>台积电</strong>（TSM 1.80%）和 <strong>Arm Holdings</strong>（ARM -2.37%）带来了优势。以下是原因。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy83OTk4MDYvYS1zZW1pY29uZHVjdG9yLWNoaXAtYmVpbmctbWFkZS5qcGcmdz03MDA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F799806%2Fa-semiconductor-chip-being-made.jpg&amp;op=resize&amp;w=700"/></p>
<p>Image source: Getty Images.</p>
<div class="lb-trans"><p>图片来源：Getty Images。</p>
</div><h2>TSMC extends its manufacturing lead</h2>
<div class="lb-trans"><h2>台积电扩大制造领先优势</h2>
</div><p>TSMC is the world's largest contract chip manufacturer. It handles more than half of the chip production for fabless chip companies such as <strong>Nvidia</strong>, <strong>Apple</strong>, <strong>Broadcom</strong>, and <strong>Advanced Micro Devices</strong>, and roughly 90% of advanced chips.</p>
<div class="lb-trans"><p>台积电是全球最大的合同芯片制造商。它处理超过一半无厂商芯片公司的芯片生产，如 <strong>英伟达</strong>、<strong>苹果</strong>、<strong>博通</strong> 和 <strong>超微半导体</strong>，以及大约 90% 的先进芯片。</p>
</div><p>Intel also operates its own foundry, but historically that has served to manufacture the company's chips. A key component of Gelsinger's strategy was restructuring the business to open the foundry up to outside customers, following TSMC's strategy.</p>
<div class="lb-trans"><p>英特尔也运营自己的代工厂，但历史上这主要用于制造公司的芯片。基尔辛格战略的一个关键组成部分是重组业务，以向外部客户开放代工厂，效仿台积电的战略。</p>
</div><p>However, that effort seemed to falter as Intel's foundry racked up billions in losses, and a new CEO could mean the company scales back those efforts or spins off its foundry business entirely. Whatever happens, Intel's foundry ambitions are likely not happening at the pace that Gelsinger imagined, and it recently pushed back its timeline to finish some of its new plants until after 2030. The upshot is that Gelsinger's removal seems to take away a threat to TSMC as the former Intel chief had aimed for the foundry business to be the world's second-largest, behind TSMC, by 2030.</p>
<div class="lb-trans"><p>然而，这一努力似乎陷入困境，因为英特尔的代工厂累计亏损数十亿，而新任首席执行官可能意味着公司会缩减这些努力或完全剥离其代工业务。无论发生什么，英特尔的代工雄心显然不会以基尔辛格想象的速度进行，最近还将完成一些新工厂的时间表推迟到 2030 年之后。结果是，基尔辛格的离职似乎消除了对台积电的威胁，因为前英特尔首席执行官曾计划到 2030 年使代工业务成为全球第二大，仅次于台积电。</p>
</div><h2>Arm can push its CPU advantage</h2>
<div class="lb-trans"><h2>Arm 可以推动其 CPU 优势</h2>
</div><p>TSMC is Intel's biggest competitor in the foundry space. On the product side of its business, it faces a number of competitors, but Arm may be the most formidable in CPU (central processing unit) architecture.</p>
<div class="lb-trans"><p>台积电是英特尔在代工领域最大的竞争对手。在其产品业务方面，英特尔面临许多竞争对手，但 Arm 可能是 CPU（中央处理器）架构中最强大的竞争者。</p>
</div><p>Arm competes directly with Intel's x86 CPU architecture. While the two components offer different strengths and weaknesses, they compete with each other across the semiconductor industry, including in the data center where Arm is increasingly gaining market share on x86 processors, benefiting from its power efficiency as AI applications demand a lot of power.</p>
<div class="lb-trans"><p>Arm 直接与英特尔的 x86 CPU 架构竞争。虽然这两种组件各有不同的优缺点，但它们在半导体行业中相互竞争，包括在数据中心，Arm 在 x86 处理器上逐渐获得市场份额，受益于其在 AI 应用中对电力效率的需求。</p>
</div><p>Intel's products business doesn't seem to be as directly affected by Gelsinger's ouster as the foundry business, but the gap in leadership could impact the company's competitiveness, speed to market, and ability to recruit new employees.</p>
<div class="lb-trans"><p>英特尔的产品业务似乎并没有像代工业务那样直接受到基尔辛格被解职的影响，但领导层的空缺可能会影响公司的竞争力、市场速度和招聘新员工的能力。</p>
</div><p>Additionally, Intel's products business depends on the foundry for manufacturing, and a spin-off of the foundry could disrupt that relationship. Arm also makes its money from licensing its designs for new products, and the upheaval at Intel could lead prospective customers to lean toward Arm as the company looks more reliable by comparison.</p>
<div class="lb-trans"><p>此外，英特尔的产品业务依赖于代工进行制造，而代工的剥离可能会扰乱这种关系。Arm 也通过为新产品授权其设计来赚钱，而英特尔的动荡可能会导致潜在客户倾向于选择 Arm，因为后者在对比中显得更可靠。</p>
</div><p>Continued setbacks at Intel should help boost Arm's growth.</p>
<div class="lb-trans"><p>英特尔的持续挫折应该有助于推动 Arm 的增长。</p>
</div>

These 2 Chip Stocks Are Set to Capitalize on Intel's CEO Crisis

- 英特尔宣布 CEO 帕特·盖辛格于 12 月 1 日退休，任命 CFO 和产品 CEO 为临时联合 CEO。  
- 盖辛格的离职未提前找到接替者，可能影响公司在重大转型中的领导力。  
- 此举可能使台积电和 Arm 在市场竞争中获得优势，尤其是在 CPU 和代工领域。

这两只芯片股将利用英特尔 CEO 危机的机会