<p>在过去的几年里，科技行业的公司因人工智能（AI）革命而获得了前所未有的收益。特别是，半导体股票由于芯片在生成式 AI 开发中的重要性而经历了超额收益。</p>
<p>自 2022 年 11 月 30 日 ChatGPT 商业发布以来，<strong>Nvidia</strong>、<strong>Broadcom</strong> 和 <strong>台湾半导体制造公司</strong> 的股票分别飙升了 592%、272% 和 110%。从更广泛的行业角度来看，<strong>VanEck 半导体 ETF</strong> 在此期间的总回报率达到了 93%。</p>
<p>虽然在过去两年半的时间里，投资半导体领域几乎没有亏损，但仍有一些显著的滞后者。<strong>英特尔</strong>（INTC 2.07%）的投资者对此深有体会，自 ChatGPT 的推出启动了 AI 的过山车以来，股价已下跌 32%。</p>
<p>随着英特尔的股票交易接近 15 年来的最低水平，现在是买入的机会吗？</p>
<h2>英特尔处于进退两难的境地</h2>
<p>了解为什么某些半导体股票获得丰厚收益而其他股票却没有是很重要的。例如，Nvidia 专注于设计图形处理单元（GPU）。GPU 是用于训练 AI 模型的重要硬件，因此，Nvidia 在 AI 应用程序的创建中扮演着重要角色。</p>
<p>另一方面，Broadcom 的专长在于为数据中心提供重要的网络设备，并帮助公司设计自己的定制芯片组。最后，台湾半导体通过其市场领先的代工服务将 Nvidia、<strong>超微半导体</strong>、<strong>高通</strong> 等公司的设计芯片变为现实。</p>
<p>虽然英特尔的业务相对多元化，但代工业务在过去几年中一直是一个令人担忧的来源。在 2024 年，英特尔的代工部门产生了 175 亿美元的收入，同比下降 7%。此外，该公司的代工业务去年出现了超过 134 亿美元的运营亏损，几乎是前一年亏损的两倍。</p>
<p>在 2025 年第一季度，英特尔在代工部门产生了 47 亿美元的收入。虽然这代表着同比增长 7%，但投资者应注意，管理层将部分增长归因于第一季度提前拉动的收入，因此预计未来几个月会有所放缓。</p>
<p>虽然英特尔在芯片开发中显然扮演了一定角色，但该公司继续失去市场份额给台湾半导体，并且似乎无法以盈利的方式运营自己的代工业务。此外，该部门的增长趋势充其量是相当不可预测的。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTc1NjkvZ2V0dHlpbWFnZXMtMTQ2ODI2NjE1MS0xLmpwZyZ3PTcwMA?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTc1NjkvZ2V0dHlpbWFnZXMtMTQ2ODI2NjE1MS0xLmpwZyZ3PTcwMA"/></p>
<p>图片来源：Getty Images。</p>
<h2>现在购买英特尔股票合适吗？</h2>
<p>虽然股价暴跌可能会诱使一些投资者买入，但我认为英特尔的抛售是合理的。现在，英特尔正处于转型阶段，新的领导层是否有能力扭转局面尚待观察。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/9b30f55ae9b55311e505387a273a1727.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/9b30f55ae9b55311e505387a273a1727.png"/></p>
<p>当前财年英特尔收入预测数据来自 YCharts</p>
<p>考虑到华尔街的预测在未来几年内对收入或盈利增长并没有太多期待，我很难看到围绕英特尔的乐观叙述。鉴于英特尔的代工业务在竞争加剧的情况下表现不稳定——主要来自台积电——我认为英特尔是一只投机性股票。因此，我会选择不购买该股票。</p>

英特尔

<p>英特尔的股票自 ChatGPT 推出以来已下跌 32%，与其他半导体股票如英伟达和博通的上涨形成鲜明对比。尽管其代工业务的收入略有增加，但英特尔面临着重大挑战，包括 134 亿美元的运营亏损和市场份额被竞争对手侵蚀。分析师预测收入增长有限，使得英特尔成为一种投机性投资。当前的股价可能会吸引一些买家，但整体前景依然谨慎，建议此时最好避免购买英特尔的股票</p>

<p>For the last few years, companies across the technology sector have witnessed unparalleled gains thanks to the artificial intelligence (AI) revolution. In particular, semiconductor stocks have experienced outsize gains thanks to the importance chips play in generative AI development.</p>
<div class="lb-trans"><p>在过去的几年里，科技行业的公司因人工智能（AI）革命而获得了前所未有的收益。特别是，半导体股票由于芯片在生成式 AI 开发中的重要性而经历了超额收益。</p>
</div><p>Since ChatGPT was released commercially on Nov. 30, 2022, shares of <strong>Nvidia</strong>, <strong>Broadcom</strong>, and <strong>Taiwan Semiconductor Manufacturing</strong> have soared by 592%, 272%, and 110%, respectively. From a broader industry perspective, the <strong>VanEck Semiconductor ETF</strong> boasts a 93% total return over this same time period.</p>
<div class="lb-trans"><p>自 2022 年 11 月 30 日 ChatGPT 商业发布以来，<strong>Nvidia</strong>、<strong>Broadcom</strong> 和 <strong>台湾半导体制造公司</strong> 的股票分别飙升了 592%、272% 和 110%。从更广泛的行业角度来看，<strong>VanEck 半导体 ETF</strong> 在此期间的总回报率达到了 93%。</p>
</div><p>While it's been hard to lose money investing in the semiconductor space over the last two-and-a-half years, there are some notable laggards. Investors in <strong>Intel</strong>(INTC 2.07%) know this all too well, experiencing a 32% decline since ChatGPT's inception jump-started the AI roller coaster.</p>
<div class="lb-trans"><p>虽然在过去两年半的时间里，投资半导体领域几乎没有亏损，但仍有一些显著的滞后者。<strong>英特尔</strong>（INTC 2.07%）的投资者对此深有体会，自 ChatGPT 的推出启动了 AI 的过山车以来，股价已下跌 32%。</p>
</div><p>With shares of Intel trading near their lowest level in 15 years, is now an opportunity to buy the dip?</p>
<div class="lb-trans"><p>随着英特尔的股票交易接近 15 年来的最低水平，现在是买入的机会吗？</p>
</div><h2>Intel is wedged between a rock and a hard place</h2>
<div class="lb-trans"><h2>英特尔处于进退两难的境地</h2>
</div><p>It's important to understand why certain semiconductor stocks have experienced generous gains while others have not. Nvidia, for example, specializes in designing graphics processing units (GPUs). GPUs are an important piece of hardware that are used to train AI models -- hence, Nvidia is playing an important role in how AI applications are created.</p>
<div class="lb-trans"><p>了解为什么某些半导体股票获得丰厚收益而其他股票却没有是很重要的。例如，Nvidia 专注于设计图形处理单元（GPU）。GPU 是用于训练 AI 模型的重要硬件，因此，Nvidia 在 AI 应用程序的创建中扮演着重要角色。</p>
</div><p>On the other hand, Broadcom's expertise surrounds equipping data centers with important pieces of network equipment as well as helping companies design their own custom chipsets. Lastly, Taiwan Semi brings the chips designed by Nvidia, <strong>Advanced Micro Devices</strong>, <strong>Qualcomm</strong>, and many others to life through its market-leading foundry services.</p>
<div class="lb-trans"><p>另一方面，Broadcom 的专长在于为数据中心提供重要的网络设备，并帮助公司设计自己的定制芯片组。最后，台湾半导体通过其市场领先的代工服务将 Nvidia、<strong>超微半导体</strong>、<strong>高通</strong> 等公司的设计芯片变为现实。</p>
</div><p>While Intel is a fairly diversified operation, the foundry business in particular has been a source for concern over the last couple of years. In 2024, Intel's foundry segment generated $17.5 billion in revenue -- down 7% year over year. In addition, the company's foundry business posted an operating loss north of $13.4 billion last year -- nearly double the losses seen during the prior year.</p>
<div class="lb-trans"><p>虽然英特尔的业务相对多元化，但代工业务在过去几年中一直是一个令人担忧的来源。在 2024 年，英特尔的代工部门产生了 175 亿美元的收入，同比下降 7%。此外，该公司的代工业务去年出现了超过 134 亿美元的运营亏损，几乎是前一年亏损的两倍。</p>
</div><p>During the first quarter of 2025, Intel generated $4.7 billion of revenue in the foundry segment. While this represented an encouraging 7% gain year over year, investors should be aware that management attributed some of this growth to revenue that was pulled in during the first quarter -- thereby guiding for some deceleration over the coming months.</p>
<div class="lb-trans"><p>在 2025 年第一季度，英特尔在代工部门产生了 47 亿美元的收入。虽然这代表着同比增长 7%，但投资者应注意，管理层将部分增长归因于第一季度提前拉动的收入，因此预计未来几个月会有所放缓。</p>
</div><p>While Intel clearly plays some role in chip development, the company continues to lose market share to Taiwan Semi and can't seem to operate its own foundry practice in a profitable way. Moreover, the growth trends from this segment are, at best, quite unpredictable.</p>
<div class="lb-trans"><p>虽然英特尔在芯片开发中显然扮演了一定角色，但该公司继续失去市场份额给台湾半导体，并且似乎无法以盈利的方式运营自己的代工业务。此外，该部门的增长趋势充其量是相当不可预测的。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTc1NjkvZ2V0dHlpbWFnZXMtMTQ2ODI2NjE1MS0xLmpwZyZ3PTcwMA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F817569%2Fgettyimages-1468266151-1.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 Intel stock a good buy right now?</h2>
<div class="lb-trans"><h2>现在购买英特尔股票合适吗？</h2>
</div><p>While a plummeting stock price may tempt some investors to buy the dip, I think Intel's sell-off is warranted. Right now, Intel is in turnaround mode and it remains to be seen if new leadership has what it takes to right the ship.</p>
<div class="lb-trans"><p>虽然股价暴跌可能会诱使一些投资者买入，但我认为英特尔的抛售是合理的。现在，英特尔正处于转型阶段，新的领导层是否有能力扭转局面尚待观察。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/9b30f55ae9b55311e505387a273a1727.png" alt="" original-src="https://media.ycharts.com/charts/9b30f55ae9b55311e505387a273a1727.png"/></p>
<p>INTC Revenue Estimates for Current Fiscal Year data by YCharts</p>
<div class="lb-trans"><p>当前财年英特尔收入预测数据来自 YCharts</p>
</div><p>Considering Wall Street estimates aren't calling for much in the way of revenue or earnings growth over the next couple of years, I'm hard-pressed to see a bullish narrative around Intel. Given the inconsistency of Intel's foundry business in the face of rising competition -- mainly from TSMC -- I see Intel as a speculative stock to own. For these reasons, I'd pass on buying the stock.</p>
<div class="lb-trans"><p>考虑到华尔街的预测在未来几年内对收入或盈利增长并没有太多期待，我很难看到围绕英特尔的乐观叙述。鉴于英特尔的代工业务在竞争加剧的情况下表现不稳定——主要来自台积电——我认为英特尔是一只投机性股票。因此，我会选择不购买该股票。</p>
</div>

Is Intel Stock a Buy Right Now?

- 半导体行业因人工智能革命获益，Nvidia、Broadcom 和台积电股价大幅上涨。  
- Intel 股价下跌 32%，面临市场份额流失和盈利能力下降的挑战。  
- 尽管股价低迷，分析师认为 Intel 仍是投机性股票，不建议买入。  

英特尔的股票现在是否值得购买？