<p><strong>英特尔</strong>（INTC 0.70%）的股价上个月再次暴跌，前首席执行官帕特·基尔辛格（Pat Gelsinger）意外 “退休” 的消息进一步证明了公司在快速发展的芯片行业中面临的混乱局面。</p>
<p>投资者寄希望于复苏，但首席执行官的被罢免是公司在此时面临严峻挑战的最新证据，而此时公司更是无法承受落后的局面。</p>
<p>因此，根据 S&amp;P Global Market Intelligence 的数据，股价在本月结束时下跌了 17%。从图表中可以看到，股价在首席执行官宣布后迅速下跌，并且从那时起一直处于低迷状态，在美联储下调 2025 年降息预期后再次下跌。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/37c1584ce3562ddc7c8a6039b07619a2.png?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://media.ycharts.com/charts/37c1584ce3562ddc7c8a6039b07619a2.png"/></p>
<p>INTC 数据来源于 YCharts</p>
<h2>英特尔的困境加剧</h2>
<p>投资者最初对基尔辛格辞职的消息反应积极，然而这种光环很快就消失了，投资者似乎意识到接替他的计划并不充分。</p>
<p>英特尔任命了两位临时联合首席执行官接替基尔辛格，分别是首席财务官大卫·津斯纳（David Zinsner）和英特尔产品首席执行官米歇尔·约翰斯顿（Michelle Johnston，MJ）霍尔瑟斯。此举使得英特尔在进行大规模转型的过程中没有了永久领导者，英特尔在 8 月份曾表示将裁员 15%。</p>
<p>在没有接替者的情况下将基尔辛格推向退休，使公司在高管谈判中失去了筹码，考虑到业务的挣扎、股价的低迷以及向铸造模式的转型，这个职位可能很难招募到合适的人选。</p>
<p>因此，考虑到基尔辛格离职一个多月后公司仍未填补该职位并不令人惊讶。</p>
<h2>英特尔的未来如何？</h2>
<p>上个月，英特尔确实采取了一些其他举措，包括增加两名新董事会成员，并且有传言称它可能会完全剥离铸造业务。然而，围绕公司寻找新首席执行官的负面媒体关注似乎也对股价造成了压力。</p>
<p>在 1 月初，股价保持平稳，《华尔街日报》加大了批评力度，称公司在多个领域失去市场份额，甚至在数据中心收入上落后于 <strong>AMD</strong>。</p>
<p>投资者对公司本周在拉斯维加斯 CES 发布的最新 AI PC 芯片也不以为然，而 <strong>英伟达</strong> 则获得了大部分关注。</p>
<p>毫无疑问，英特尔目前正处于深渊之中。一位有才华的领导者或许能够将公司挖掘出来，但看起来公司的问题在好转之前会变得更加严重，甚至可能永远不会好转。</p>

英特尔

<p>英特尔的股票在 12 月份因首席执行官帕特·基尔辛格的意外退休下跌了 17%，突显了公司在竞争激烈的芯片行业中持续面临的困境。投资者最初对领导层的变动反应积极，但对缺乏永久接替者以及公司向新代工模式过渡的担忧导致信心下降。尽管包括新董事会成员在内的一些战略举措，英特尔仍面临重大挑战，包括向竞争对手 AMD 失去市场份额，其股票在寻求新首席执行官的过程中仍然承压</p>

<p>Shares of <strong>Intel</strong>(INTC 0.70%) were spiraling again last month as the surprise &#34;retirement&#34; of former CEO Pat Gelsinger offered more evidence of the disarray the company is in as it struggles to keep pace in the booming chip sector.</p>
<div class="lb-trans"><p><strong>英特尔</strong>（INTC 0.70%）的股价上个月再次暴跌，前首席执行官帕特·基尔辛格（Pat Gelsinger）意外 “退休” 的消息进一步证明了公司在快速发展的芯片行业中面临的混乱局面。</p>
</div><p>Investors have grasped on to hopes of a recovery, but the CEO ouster is the latest evidence of steep challenges at a time when the company can ill afford to fall behind.</p>
<div class="lb-trans"><p>投资者寄希望于复苏，但首席执行官的被罢免是公司在此时面临严峻挑战的最新证据，而此时公司更是无法承受落后的局面。</p>
</div><p>As a result, the stock finished the month down 17%, according to data from S&amp;P Global Market Intelligence. As you can see from the chart, the stock plunged shortly after the CEO announcement, and stayed down from there, falling again after the Federal Reserve trimmed its rate-cut forecast for 2025.</p>
<div class="lb-trans"><p>因此，根据 S&amp;P Global Market Intelligence 的数据，股价在本月结束时下跌了 17%。从图表中可以看到，股价在首席执行官宣布后迅速下跌，并且从那时起一直处于低迷状态，在美联储下调 2025 年降息预期后再次下跌。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/37c1584ce3562ddc7c8a6039b07619a2.png" alt="" original-src="https://media.ycharts.com/charts/37c1584ce3562ddc7c8a6039b07619a2.png"/></p>
<p>INTC data by YCharts</p>
<div class="lb-trans"><p>INTC 数据来源于 YCharts</p>
</div><h2>Intel goes from bad to worse</h2>
<div class="lb-trans"><h2>英特尔的困境加剧</h2>
</div><p>Investors initially reacted favorably to the news that Gelsinger was stepping down, though it didn't take long for that shine to wear off, and investors seemed to realize the plan to replace him was lacking.</p>
<div class="lb-trans"><p>投资者最初对基尔辛格辞职的消息反应积极，然而这种光环很快就消失了，投资者似乎意识到接替他的计划并不充分。</p>
</div><p>Intel named two interim co-CEOs in Gelsinger's place, CFO David Zinsner and Michelle Johnston (MJ) Holthaus, the CEO of Intel Products. The move leaves Intel without a permanent leader when it's in the middle of a massive transition, having said it would lay off 15% of its workforce in August, as it's in the midst of a years-long pivot to a new foundry model that opens up its factories to outside customers.</p>
<div class="lb-trans"><p>英特尔任命了两位临时联合首席执行官接替基尔辛格，分别是首席财务官大卫·津斯纳（David Zinsner）和英特尔产品首席执行官米歇尔·约翰斯顿（Michelle Johnston，MJ）霍尔瑟斯。此举使得英特尔在进行大规模转型的过程中没有了永久领导者，英特尔在 8 月份曾表示将裁员 15%。</p>
</div><p>Pushing Gelsinger into retirement without a replacement leaves the company without leverage in executive negotiations, and the position could be a tough sell, given the struggles of the business, the floundering stock price, and its transition to the foundry model.</p>
<div class="lb-trans"><p>在没有接替者的情况下将基尔辛格推向退休，使公司在高管谈判中失去了筹码，考虑到业务的挣扎、股价的低迷以及向铸造模式的转型，这个职位可能很难招募到合适的人选。</p>
</div><p>Therefore, it's not surprising that the company hasn't filled that position more than a month after Gelsinger's departure.</p>
<div class="lb-trans"><p>因此，考虑到基尔辛格离职一个多月后公司仍未填补该职位并不令人惊讶。</p>
</div><h2>What's next for Intel?</h2>
<div class="lb-trans"><h2>英特尔的未来如何？</h2>
</div><p>Intel did make some other moves last month, including adding two new board members, and rumors swirled that it could fully spin off the foundry business. However, the negative media attention around the company's efforts to find a new CEO also seemed to weigh on the stock.</p>
<div class="lb-trans"><p>上个月，英特尔确实采取了一些其他举措，包括增加两名新董事会成员，并且有传言称它可能会完全剥离铸造业务。然而，围绕公司寻找新首席执行官的负面媒体关注似乎也对股价造成了压力。</p>
</div><p>Shares have been flat to start January, as <em>The Wall Street Journal</em> piled onto the criticism, saying that the company is losing market share in multiple areas and has even fallen behind <strong>AMD</strong> in data center revenue.</p>
<div class="lb-trans"><p>在 1 月初，股价保持平稳，《华尔街日报》加大了批评力度，称公司在多个领域失去市场份额，甚至在数据中心收入上落后于 <strong>AMD</strong>。</p>
</div><p>Investors also shrugged off the release of the company's latest AI PC chips at CES in Las Vegas this week, while <strong>Nvidia</strong> won most of the attention.</p>
<div class="lb-trans"><p>投资者对公司本周在拉斯维加斯 CES 发布的最新 AI PC 芯片也不以为然，而 <strong>英伟达</strong> 则获得了大部分关注。</p>
</div><p>There's no question Intel is in a deep hole at this point. A gifted leader may be able to dig the company out, but it seems like the company's problems will get worse before they get better, if they ever do.</p>
<div class="lb-trans"><p>毫无疑问，英特尔目前正处于深渊之中。一位有才华的领导者或许能够将公司挖掘出来，但看起来公司的问题在好转之前会变得更加严重，甚至可能永远不会好转。</p>
</div>

Why Intel Stock Fell 17% in December

- 英特尔因前 CEO 帕特·基尔辛格的意外 “退休” 而股价下跌 17%。  
- 公司在转型过程中缺乏永久领导，面临市场份额下降的挑战。  
- 投资者对新 AI PC 芯片反应平淡，英特尔的困境可能加剧。  

为什么英特尔股票在 12 月份下跌了 17%