<p>半导体巨头 <strong>英特尔</strong>(INTC -2.42%) 正处于生存危机之中。公司缺乏一位永久的首席执行官，其以代工为中心的战略悬而未决，市场份额的流失给财务状况带来了压力，而其人工智能（AI）芯片的努力大多陷入困境。</p>
<p>尽管英特尔面临许多问题，但服务器 CPU 业务是公司取得实质性进展的一个领域。几年前，竞争对手 <strong>超威半导体</strong>(AMD -0.73%) 通过其 Genoa 系列芯片超越了英特尔，在核心数量、性能和效率上击败了市场领导者。虽然花了一段时间，但英特尔终于在去年推出了其 Granite Rapids 服务器 CPU，给出了回应。</p>
<p>Granite Rapids 对英特尔来说是一个关键产品。该芯片系列终于将公司的主流服务器 CPU 产品从老旧的 Intel 7 制造工艺转移到更先进的 Intel 3 工艺，这一转变带来了显著的性能和效率提升。英特尔能够将最大核心数提高到 128，几乎是其前身的两倍，评测表明英特尔在性能上已基本追赶上 AMD。</p>
<h2>意外的降价</h2>
<p>Granite Rapids 发布时有一个颇为意外的事情就是定价。英特尔决定大手笔，将旗舰型号的定价设定为 x86 服务器 CPU 历史最高水平。考虑到英特尔仍在追赶，这一定价决定要么表明英特尔对 Granite Rapids 充满信心，要么说明公司尚未接受竞争格局与几年前大相径庭。</p>
<p><em>Tom's Hardware</em> 本周早些时候报道，英特尔在没有任何正式公告的情况下大幅削减了 Granite Rapids CPU 的上市价格。旗舰型号现在的标价为 12,460 美元，比原始上市价格低了 5,340 美元。其他型号也进行了降价，使其价格低于可比的 AMD 替代品。</p>
<p>值得注意的是，降价使得最高端 Granite Rapids 芯片的每核心价格远低于 AMD 的顶级芯片，这使得 Granite Rapids 对构建密集云数据中心的客户具有吸引力。</p>
<p>对这一降价有几种解读方式。首先，Granite Rapids 的销售可能没有达到英特尔的预期。尽管该产品系列看起来很有前景，但定价较高可能使客户望而却步。英特尔将在周四公布季度业绩，希望公司能提供最新情况。</p>
<p>第二种解读是，英特尔正在采取积极措施以重新夺回市场份额。尽管公司仍是服务器 CPU 市场的领导者，但 AMD 在过去几年中取得了巨大的进展。AMD 的 x86 服务器市场份额在 2024 年第三季度达到了 24.2%，而在 2020 年第三季度仅为 6.6%。</p>
<p>事实可能是两者的结合。大幅降价可能会影响英特尔的利润率，但这并不是必然的。由于英特尔在其 Intel 3 工艺上内部制造 Granite Rapids，如果降价能提升单位销售量并改善公司工厂的利用率，利润率可能不会受到太大影响。Intel 3 是英特尔提供给代工客户的工艺，公司可能有需要填补的过剩产能。</p>
<h2>减缓 AMD 的势头</h2>
<p>无论降价的原因是什么，英特尔最新的服务器 CPU 现在与 AMD 的产品相比更具吸引力。AMD 将制造外包给 <strong>台积电</strong>，因此如果该公司响应降价，将会侵蚀其利润率。</p>
<p>不过需要记住的一点是，英特尔和 AMD 服务器 CPU 的标价并不是大型客户实际支付的价格，而是一个上限。英特尔可能一直在对云计算客户提供大幅折扣。</p>
<p>无论如何，英特尔似乎正在全力以赴，试图使其数据中心业务恢复正常，并重新夺回过去几年失去的一部分市场份额。凭借强大且具有竞争力的产品线，激进的定价可能正是公司所需的转机。</p>

英特尔

<p>英特尔正面临挑战，包括缺乏永久首席执行官和市场份额的损失。然而，它在 Granite Rapids 服务器 CPU 方面取得了进展，性能和效率得到了提升。最近，英特尔大幅降低了这些 CPU 的价格，使其在与 AMD 产品的竞争中更具优势。这一降价可能表明销售疲软或是为了重新夺回市场份额的战略举措。尽管可能会影响利润率，但降价可能会提升销售和利用率，使英特尔在服务器 CPU 市场中更具竞争力</p>

<p>Semiconductor giant <strong>Intel</strong>(INTC -2.42%) is in the middle of an existential crisis. The company lacks a permanent CEO, its foundry-centric strategy is up in the air, market share losses are stressing financials, and its artificial intelligence (AI) chip efforts have largely floundered.</p>
<div class="lb-trans"><p>半导体巨头 <strong>英特尔</strong>(INTC -2.42%) 正处于生存危机之中。公司缺乏一位永久的首席执行官，其以代工为中心的战略悬而未决，市场份额的流失给财务状况带来了压力，而其人工智能（AI）芯片的努力大多陷入困境。</p>
</div><p>While a lot is going wrong for Intel, the server CPU business is one area where the company has made legitimate progress. Rival <strong>Advanced Micro Devices</strong>(AMD -0.73%) leapfrogged Intel a few years ago with its Genoa family of chips, trouncing the market leader in core count, performance, and efficiency. It's taken a while, but Intel finally came up with an answer last year with its Granite Rapids server CPUs.</p>
<div class="lb-trans"><p>尽管英特尔面临许多问题，但服务器 CPU 业务是公司取得实质性进展的一个领域。几年前，竞争对手 <strong>超威半导体</strong>(AMD -0.73%) 通过其 Genoa 系列芯片超越了英特尔，在核心数量、性能和效率上击败了市场领导者。虽然花了一段时间，但英特尔终于在去年推出了其 Granite Rapids 服务器 CPU，给出了回应。</p>
</div><p>Granite Rapids is a critical product for Intel. The chip family finally moved the company's mainline server CPU products from the aging Intel 7 manufacturing process onto the more advanced Intel 3 process, a shift that brought with it significant performance and efficiency gains. Intel was able to up the maximum core count to 128, doubling the core count of its predecessor, and reviews indicated that Intel had largely caught up with AMD in terms of performance.</p>
<div class="lb-trans"><p>Granite Rapids 对英特尔来说是一个关键产品。该芯片系列终于将公司的主流服务器 CPU 产品从老旧的 Intel 7 制造工艺转移到更先进的 Intel 3 工艺，这一转变带来了显著的性能和效率提升。英特尔能够将最大核心数提高到 128，几乎是其前身的两倍，评测表明英特尔在性能上已基本追赶上 AMD。</p>
</div><h2>A surprise price cut</h2>
<div class="lb-trans"><h2>意外的降价</h2>
</div><p>One somewhat surprising thing about the Granite Rapids launch was the pricing. Intel decided to go big, setting the pricing for the flagship model at the highest level ever for an x86 server CPU. Given that Intel was still playing catch-up, this pricing decision was either a sign that Intel was extremely confident in Granite Rapids, or an indication that the company hasn't accepted that the competitive landscape is very different today than it was a few years ago.</p>
<div class="lb-trans"><p>Granite Rapids 发布时有一个颇为意外的事情就是定价。英特尔决定大手笔，将旗舰型号的定价设定为 x86 服务器 CPU 历史最高水平。考虑到英特尔仍在追赶，这一定价决定要么表明英特尔对 Granite Rapids 充满信心，要么说明公司尚未接受竞争格局与几年前大相径庭。</p>
</div><p><em>Tom's Hardware</em> reported earlier this week that Intel had drastically slashed the listed prices for Granite Rapids CPUs without any formal announcement. The flagship model is now listed at $12,460, a full $5,340 less than the original launch price. Other models received price cuts as well, bringing pricing below comparable AMD alternatives.</p>
<div class="lb-trans"><p><em>Tom's Hardware</em> 本周早些时候报道，英特尔在没有任何正式公告的情况下大幅削减了 Granite Rapids CPU 的上市价格。旗舰型号现在的标价为 12,460 美元，比原始上市价格低了 5,340 美元。其他型号也进行了降价，使其价格低于可比的 AMD 替代品。</p>
</div><p>Notably, the price cut has brought the price per core on the highest-end Granite Rapids chips far below AMD's top-tier chips, making Granite Rapids an attractive proposition for customers building out densely packed cloud data centers.</p>
<div class="lb-trans"><p>值得注意的是，降价使得最高端 Granite Rapids 芯片的每核心价格远低于 AMD 的顶级芯片，这使得 Granite Rapids 对构建密集云数据中心的客户具有吸引力。</p>
</div><p>There are a few ways to interpret this price cut. First, Granite Rapids may not be selling as well as Intel had hoped. While the product family looks like a winner, the pricing was elevated and could have driven customers away. Intel is set to report its quarterly results on Thursday, so hopefully the company will provide an update.</p>
<div class="lb-trans"><p>对这一降价有几种解读方式。首先，Granite Rapids 的销售可能没有达到英特尔的预期。尽管该产品系列看起来很有前景，但定价较高可能使客户望而却步。英特尔将在周四公布季度业绩，希望公司能提供最新情况。</p>
</div><p>The second way to interpret this move is that Intel is taking aggressive steps to win back market share. The company is still the leader in the server CPU market, but AMD has made enormous gains over the past few years. AMD's x86 server unit share stood at 24.2% in the third quarter of 2024, up from just 6.6% in the third quarter of 2020.</p>
<div class="lb-trans"><p>第二种解读是，英特尔正在采取积极措施以重新夺回市场份额。尽管公司仍是服务器 CPU 市场的领导者，但 AMD 在过去几年中取得了巨大的进展。AMD 的 x86 服务器市场份额在 2024 年第三季度达到了 24.2%，而在 2020 年第三季度仅为 6.6%。</p>
</div><p>The truth may be a combination of the two. Slashing prices could hurt Intel's margins, but that's not a foregone conclusion. Because Intel manufactures Granite Rapids in-house on its Intel 3 process, if the price cut boosts unit sales and improves utilization rates in the company's fabs, profit margins may not take that big of a hit. Intel 3 is a process that Intel offers to foundry customers, and it's possible that the company has excess capacity that it needs to fill.</p>
<div class="lb-trans"><p>事实可能是两者的结合。大幅降价可能会影响英特尔的利润率，但这并不是必然的。由于英特尔在其 Intel 3 工艺上内部制造 Granite Rapids，如果降价能提升单位销售量并改善公司工厂的利用率，利润率可能不会受到太大影响。Intel 3 是英特尔提供给代工客户的工艺，公司可能有需要填补的过剩产能。</p>
</div><h2>Blunting AMD's momentum</h2>
<div class="lb-trans"><h2>减缓 AMD 的势头</h2>
</div><p>No matter the reason for the price cut, Intel's latest server CPUs are now far more attractive compared to AMD's. AMD outsources manufacturing to <strong>TSMC</strong>, so if the company were to cut prices in response, it would eat into its profit margins.</p>
<div class="lb-trans"><p>无论降价的原因是什么，英特尔最新的服务器 CPU 现在与 AMD 的产品相比更具吸引力。AMD 将制造外包给 <strong>台积电</strong>，因此如果该公司响应降价，将会侵蚀其利润率。</p>
</div><p>One thing to remember, though, is that the list prices for Intel and AMD server CPUs are not what large customers are actually paying. Rather, they're a ceiling. Intel may have been giving large discounts to cloud computing customers all along.</p>
<div class="lb-trans"><p>不过需要记住的一点是，英特尔和 AMD 服务器 CPU 的标价并不是大型客户实际支付的价格，而是一个上限。英特尔可能一直在对云计算客户提供大幅折扣。</p>
</div><p>Regardless, it looks like Intel is taking off the gloves as it tries to get its data center business back into shape and win back some of the market share it's lost over the past few years. With a solid and competitive product lineup, aggressive pricing could be just what the company needs to turn things around.</p>
<div class="lb-trans"><p>无论如何，英特尔似乎正在全力以赴，试图使其数据中心业务恢复正常，并重新夺回过去几年失去的一部分市场份额。凭借强大且具有竞争力的产品线，激进的定价可能正是公司所需的转机。</p>
</div>

Intel Just Created a Big Problem for AMD

- 英特尔面临危机，缺乏常任 CEO，市场份额下降。  
- Granite Rapids 服务器 CPU 价格大幅下调，吸引客户。  
- 此举可能是为了重夺市场份额，改善财务状况。

英特尔刚刚给 AMD 制造了一个大麻烦