<p>即使在市场抛售之前，<strong>英特尔</strong>（INTC -1.61%）的股票也面临困境。这或许并不令人惊讶。这家半导体公司在人工智能（AI）基础设施建设的热潮中基本被抛在了后面，而其铸造业务的雄心也遭遇挫折。同时，过去的收购大多未能取得预期效果。过去一年，英特尔的股票下跌了 45%。</p>
<p>新任首席执行官能否帮助公司扭转局面并提升股价？</p>
<h2>扭转努力</h2>
<p>英特尔上个月任命了一位新首席执行官，聘请长期行业老将 Lip-Bu Tan 来领导这家陷入困境的公司。Tan 曾担任 <strong>Cadence Design Systems</strong> 的首席执行官，该公司提供电子设计自动化的软件和硬件。他曾在去年辞职前担任英特尔董事会成员。</p>
<p>Tan 的扭转计划似乎专注于振兴公司在 AI 芯片方面的努力，改善其铸造业务，并精简公司结构。这前两步将不会轻松。</p>
<p>目前，英特尔在图形处理单元（GPU）领域的市场份额几乎为零，远远落后于不仅是 <strong>英伟达</strong>，还有 <strong>超微半导体</strong>。该公司多次尝试开发与英伟达竞争的 GPU，但都以失败告终。英特尔最近的挫折发生在今年早些时候，当时它取消了将 Falcon Shores GPU 推向市场的计划，而决定仅将其用作内部测试芯片。</p>
<p>据最新报道，该公司已将重点转向其 Jaguar Shores GPU，专门为 AI 推理和高性能计算设计。该芯片似乎将成为更广泛的机架规模系统的一部分，而不仅仅是一个单独的芯片。</p>
<p>尽管如此，想要在英伟达面前取得进展将是困难的。GPU 领导者通过其 CUDA 软件平台建立了广泛的护城河，该平台旨在让其芯片能够编程执行超出其原始目的（加速视频游戏中的图形渲染）的任务。</p>
<p>然而，在此后的几年中，它在 CUDA 之上构建了一系列库和服务，集中于 AI 和高性能计算，帮助加速 AI 训练并加快推理速度。由于开发人员已经接受了通过 CUDA 编程 GPU 的培训，并且软件持续改进，从英伟达那里夺取任何显著的市场份额似乎极不可能。</p>
<p>虽然关于英特尔寻求剥离其铸造业务的讨论很多，但目前看来这并不在计划之内。首先，该公司作为 CHIPS 法案的一部分获得的资金用于建设新的半导体制造设施或工厂，前提是英特尔保持对铸造业务的多数股权。</p>
<p>其次，单靠铸造业务可能会破产。英特尔在建设新的制造能力上投入了大量资金，但该部门仍在不断累积亏损。在 2024 年，铸造部门的收入下降了 7%，同时产生了 134 亿美元的亏损。竞争对手 <strong>台积电</strong> 据报道正在与英特尔谈判，通过合资企业运营其工厂，以换取 20% 的股份。</p>
<p>英特尔还寄希望于其新的 18A 工艺能够帮助扭转铸造业务的局面。本月早些时候，该公司进入了风险生产阶段，这是大规模生产之前的阶段，以评估产量和任何缺陷。过去，该工艺曾出现生产问题，因此这是个好消息。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTQ5MjkvZ2V0dHlpbWFnZXMtMTgwMjI4NTEwOS5qcGcmdz03MDA?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTQ5MjkvZ2V0dHlpbWFnZXMtMTgwMjI4NTEwOS5qcGcmdz03MDA"/></p>
<p>图片来源：Getty Images</p>
<h2>现在是买入股票的时候吗？</h2>
<p>英特尔仍面临艰巨的扭转挑战。然而，该公司在其铸造业务中拥有大量实物资产，过去两年在资本支出（capex）上花费了近 500 亿美元。同时，其核心产品业务去年收入 modestly 增长了 3%。这虽然不算好，但也不是一个自由下滑的业务。</p>
<p>此外，该公司可以出售非核心资产。这包括 Altera，该公司刚刚宣布将其 51% 的股份出售给私募股权公司 Silver Lake，交易金额为 44.6 亿美元。英特尔将保留该公司的 49% 股份。</p>
<p>该交易将 Altera 的整体估值定为 87.5 亿美元，几乎是其在 2025 年为该公司支付的 167 亿美元的一半。它还拥有 <strong>Mobileye</strong> 超过 88% 的股份。尽管也远低于其为该公司支付的 153 亿美元，但仍然具有价值。</p>
<p>英特尔的股票以 1.2 倍的市净率交易，略高于其资产的实物价值。考虑到其许多铸造资产相对较新，我认为这个估值足够便宜，可以在这些水平上冒险购买该股票。虽然扭转可能不会完全到来，但应该有杠杆可用来释放价值并帮助提升股价。</p>

英特尔

<p>英特尔的股票在过去一年中下跌了 45%，在人工智能基础设施市场中挣扎，并面临其代工雄心的挑战。公司任命了新首席执行官 Lip-Bu Tan，以振兴其人工智能芯片业务并改善代工业务。尽管进行了大量投资，英特尔的代工部门在 2024 年报告了 134 亿美元的亏损。虽然公司拥有有价值的资产和适度的收入增长，但在 GPU 市场上面临来自英伟达的激烈竞争。分析师建议，尽管英特尔面临艰巨的挑战，但当前的股票估值可能提供了一个买入机会</p>

<p>Even before the market sell-off, <strong>Intel</strong>'s (INTC -1.61%) stock struggled. That perhaps should be no surprise. The semiconductor company has been largely left behind in the artificial intelligence (AI) infrastructure build-out mania, while its foundry ambitions have floundered. Meanwhile, past acquisitions by and large haven't panned out. Intel stock is down 45% in the last year.</p>
<div class="lb-trans"><p>即使在市场抛售之前，<strong>英特尔</strong>（INTC -1.61%）的股票也面临困境。这或许并不令人惊讶。这家半导体公司在人工智能（AI）基础设施建设的热潮中基本被抛在了后面，而其铸造业务的雄心也遭遇挫折。同时，过去的收购大多未能取得预期效果。过去一年，英特尔的股票下跌了 45%。</p>
</div><p>Can a new CEO on board help turn around the company and boost the stock?</p>
<div class="lb-trans"><p>新任首席执行官能否帮助公司扭转局面并提升股价？</p>
</div><h2>Turnaround effort</h2>
<div class="lb-trans"><h2>扭转努力</h2>
</div><p>Intel named a new CEO last month, tapping long-term industry vet Lip-Bu Tan to run the struggling company. Tan previously served as CEO at <strong>Cadence Design Systems</strong>, which provides software and hardware for electronic design automation. He previously served on Intel's board of directors until stepping down last year.</p>
<div class="lb-trans"><p>英特尔上个月任命了一位新首席执行官，聘请长期行业老将 Lip-Bu Tan 来领导这家陷入困境的公司。Tan 曾担任 <strong>Cadence Design Systems</strong> 的首席执行官，该公司提供电子设计自动化的软件和硬件。他曾在去年辞职前担任英特尔董事会成员。</p>
</div><p>Tan's turnaround plans appear to be focused on revitalizing the company's efforts in AI chips, improving its foundry business, and streamlining the company. Those first two steps will not be easy.</p>
<div class="lb-trans"><p>Tan 的扭转计划似乎专注于振兴公司在 AI 芯片方面的努力，改善其铸造业务，并精简公司结构。这前两步将不会轻松。</p>
</div><p>Intel's market share in the graphic processing unit (GPU) space is virtually zero at this point, with it well behind not only leader <strong>Nvidia</strong> but <strong>Advanced Micro Devices</strong> as well. The company tried multiple times to create a GPU to compete against Nvidia, only to fail in the process. Intel's latest setback occurred earlier this year when it scrapped its plans to bring its Falcon Shores GPU to the market, instead deciding to use it only as an internal test chip.</p>
<div class="lb-trans"><p>目前，英特尔在图形处理单元（GPU）领域的市场份额几乎为零，远远落后于不仅是 <strong>英伟达</strong>，还有 <strong>超微半导体</strong>。该公司多次尝试开发与英伟达竞争的 GPU，但都以失败告终。英特尔最近的挫折发生在今年早些时候，当时它取消了将 Falcon Shores GPU 推向市场的计划，而决定仅将其用作内部测试芯片。</p>
</div><p>As last reported, the company has turned its focus to its Jaguar Shores GPU, which it is deigning specifically for AI inference and high-performance computing. It appears the chip will be part of a broader rack-scale system, not just an individual chip.</p>
<div class="lb-trans"><p>据最新报道，该公司已将重点转向其 Jaguar Shores GPU，专门为 AI 推理和高性能计算设计。该芯片似乎将成为更广泛的机架规模系统的一部分，而不仅仅是一个单独的芯片。</p>
</div><p>Nonetheless, making inroads against Nvidia will be difficult. The GPU leader created a wide moat through its CUDA software platform, which it developed to let its chips be programmed for tasks beyond their original purpose of speeding up graphics rendering in video games.</p>
<div class="lb-trans"><p>尽管如此，想要在英伟达面前取得进展将是困难的。GPU 领导者通过其 CUDA 软件平台建立了广泛的护城河，该平台旨在让其芯片能够编程执行超出其原始目的（加速视频游戏中的图形渲染）的任务。</p>
</div><p>However, in the years since, it built a collection of libraries and services on top of CUDA, centered on AI and high-performance computing that help accelerate AI training and speed up inference. With developers already trained on programming GPUs through CUDA and the software continuing to improve, taking any significant market share away from Nvidia seems highly unlikely.</p>
<div class="lb-trans"><p>然而，在此后的几年中，它在 CUDA 之上构建了一系列库和服务，集中于 AI 和高性能计算，帮助加速 AI 训练并加快推理速度。由于开发人员已经接受了通过 CUDA 编程 GPU 的培训，并且软件持续改进，从英伟达那里夺取任何显著的市场份额似乎极不可能。</p>
</div><p>While there has been a lot of talk of Intel looking to spin off its foundry business, this does not look to be in the cards currently. For one, the money the company has received as part of the CHIPS Act to build out new semiconductor manufacturing facilities, or fabs, is predicated on Intel keeping a majority stake in the foundry business.</p>
<div class="lb-trans"><p>虽然关于英特尔寻求剥离其铸造业务的讨论很多，但目前看来这并不在计划之内。首先，该公司作为 CHIPS 法案的一部分获得的资金用于建设新的半导体制造设施或工厂，前提是英特尔保持对铸造业务的多数股权。</p>
</div><p>Second, on its own, the foundry business might go bankrupt. Intel poured a ton of money into building new manufacturing capacity, but the unit continues to pile up the losses. In 2024, Foundry segment revenue fell 7%, while it produced a $13.4 billion loss. Rival <strong>Taiwan Semiconductor Manufacturing</strong>, meanwhile, is reportedly in talks with Intel to run its fabs through a joint venture in exchange for a 20% stake.</p>
<div class="lb-trans"><p>其次，单靠铸造业务可能会破产。英特尔在建设新的制造能力上投入了大量资金，但该部门仍在不断累积亏损。在 2024 年，铸造部门的收入下降了 7%，同时产生了 134 亿美元的亏损。竞争对手 <strong>台积电</strong> 据报道正在与英特尔谈判，通过合资企业运营其工厂，以换取 20% 的股份。</p>
</div><p>Intel has also been betting big that its new 18A process can help turn around its foundry operations. Earlier this month, the company entered risk production, which is the stage before mass production to access yield rates and any flaws. It has had production issues with this new process in the past, so this is good news.</p>
<div class="lb-trans"><p>英特尔还寄希望于其新的 18A 工艺能够帮助扭转铸造业务的局面。本月早些时候，该公司进入了风险生产阶段，这是大规模生产之前的阶段，以评估产量和任何缺陷。过去，该工艺曾出现生产问题，因此这是个好消息。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTQ5MjkvZ2V0dHlpbWFnZXMtMTgwMjI4NTEwOS5qcGcmdz03MDA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F814929%2Fgettyimages-1802285109.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>Is it time to buy the stock?</h2>
<div class="lb-trans"><h2>现在是买入股票的时候吗？</h2>
</div><p>Intel still has an uphill battle to turn itself around. However, the company owns a lot of physical assets with its foundry business, where it has spent nearly $50 billion the past two years in capital expenditures (capex). Meanwhile, its core products business did modestly grow revenue by 3% last year. That's not great, but it's also not a business in free fall.</p>
<div class="lb-trans"><p>英特尔仍面临艰巨的扭转挑战。然而，该公司在其铸造业务中拥有大量实物资产，过去两年在资本支出（capex）上花费了近 500 亿美元。同时，其核心产品业务去年收入 modestly 增长了 3%。这虽然不算好，但也不是一个自由下滑的业务。</p>
</div><p>In addition, the company can sell noncore assets. This includes Altera, which the company just announced it is selling a 51% stake in to private equity company Silver Lake for $4.46 billion. Intel will keep the remaining 49% of the company.</p>
<div class="lb-trans"><p>此外，该公司可以出售非核心资产。这包括 Altera，该公司刚刚宣布将其 51% 的股份出售给私募股权公司 Silver Lake，交易金额为 44.6 亿美元。英特尔将保留该公司的 49% 股份。</p>
</div><p>The deal values Altera in its entirety at $8.75 billion, which is nearly half the $16.7 billion it paid for the company in 2025. It also owns an over 88% stake in <strong>Mobileye</strong>. While also well below the $15.3 billion it paid for the company, it still also has value.</p>
<div class="lb-trans"><p>该交易将 Altera 的整体估值定为 87.5 亿美元，几乎是其在 2025 年为该公司支付的 167 亿美元的一半。它还拥有 <strong>Mobileye</strong> 超过 88% 的股份。尽管也远低于其为该公司支付的 153 亿美元，但仍然具有价值。</p>
</div><p>Trading at a price-to-tangible book value ratio of 1.2 times, Intel stock is trading just above the physical value of its assets. Given that many of its foundry assets are pretty new, I think that valuation is cheap enough to take a chance on the stock at these levels. A turnaround might not be fully coming, but there should be levers available to unlock value and help increase the stock price.</p>
<div class="lb-trans"><p>英特尔的股票以 1.2 倍的市净率交易，略高于其资产的实物价值。考虑到其许多铸造资产相对较新，我认为这个估值足够便宜，可以在这些水平上冒险购买该股票。虽然扭转可能不会完全到来，但应该有杠杆可用来释放价值并帮助提升股价。</p>
</div>

Down 45%, Should You Buy the Dip on Intel?

- 英特尔股票在过去一年下跌了 45%。
- 新任 CEO Tan 计划重振 AI 芯片和代工业务。
- 该公司面临激烈竞争，尤其是来自 Nvidia 的压力。

英特尔股价下跌 45%，你是否应该趁低买入？