<p><strong>英特尔</strong>（INTC -4.54%）新兴的代工业务和其旗舰产品 Intel 18A 制造工艺已经赢得了一些高调的客户，包括与 <strong>微软</strong> 和 <strong>亚马逊</strong> 达成的未来芯片生产协议。该公司还赢得了一些先进封装技术的业务，预计这部分收入将在 2025 年下半年开始增长。</p>
<p>然而，目前几乎所有的代工收入都将是内部收入，因为公司在赢得客户的重大承诺方面面临困难。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTgzMTgvZ2V0dHlpbWFnZXMtMTM5MDU1Mzg1OC5qcGcmdz03MDA?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTgzMTgvZ2V0dHlpbWFnZXMtMTM5MDU1Mzg1OC5qcGcmdz03MDA"/></p>
<p>图片来源：Getty Images。</p>
<h2>主要是内部收入</h2>
<p>在最近的一次会议上，英特尔首席财务官大卫·辛兹纳（David Zinsner）提供了一些关于 Intel 18A 工艺进展的细节。Intel 18A 目前处于风险生产阶段，这涉及到低产量的实际生产运行，预计该工艺将在今年晚些时候开始增加产量。</p>
<p>英特尔自己的 Panther Lake 系列 PC CPU 预计将在 2025 年底前推出，将占据 Intel 18A 工艺的大部分产量。在回答分析师关于 Intel 18A 或即将推出的 Intel 14A 工艺的承诺产量的问题时，辛兹纳表示：“目前的承诺产量确实不算显著。”</p>
<p>路透社在四月份报道，几家客户计划在英特尔的先进制造工艺上制造测试芯片。然而，并不是所有进行测试芯片的客户最终都会承诺进行大规模生产。辛兹纳解释道：“然后我们得到测试芯片，然后一些客户在测试芯片中退出，还有一些客户会继续坚持。”</p>
<p>这让最近关于英特尔赢得 Intel 18A 重大承诺的传闻蒙上了一层阴影。一份来自韩国媒体的报道暗示，微软与英特尔代工签署了一份大规模合同，其他大型科技公司也对此表示兴趣。虽然英特尔可能正在与许多潜在客户进行洽谈，但根据辛兹纳的评论，似乎并没有签署任何重大合同。</p>
<h2>通往盈利的道路</h2>
<p>虽然英特尔自己的产品目前将产生大部分代工收入，但达到代工盈利的门槛并不高。辛兹纳透露，如果公司能够实现低到中个位数十亿美元的外部代工收入，代工业务将实现盈亏平衡。</p>
<p>并不是所有的收入都需要来自 Intel 18A 或 Intel 14A。公司的成熟 Intel 16 工艺及其先进的封装服务可以弥补部分不足。辛兹纳表示，公司对代工业务在 2027 年左右实现盈亏平衡仍然充满信心。</p>
<p>英特尔面临的一个挑战是，它直接与一些潜在的代工客户竞争。像 <strong>英伟达</strong> 或 <strong>AMD</strong> 这样的无厂半导体公司需要信任英特尔，而这种信任将很难获得。</p>
<p>任命前半导体设计软件 <strong>Cadence Design Systems</strong> 首席执行官谭立夫（Lip-Bu Tan）为英特尔首席执行官可能有助于缓解一些担忧。谭的整体战略的一部分是更加关注客户，而他的经验使他对代工行业有深刻的理解。</p>
<p>如果 Panther Lake 系列芯片成功推出，可能会帮助英特尔赢得新的代工客户。Intel 18A 工艺应能帮助 Panther Lake 在性能和效率上实现显著提升，并可以作为代工的营销工具，如果一切顺利的话。英特尔最近披露，Intel 18A 能够在频率上提升 25% 或在功耗上降低 36%，与 Intel 3 相比。</p>
<p>英特尔尚未获得重大外部承诺的消息对投资者来说并不是好消息，尤其是考虑到最近相反的传闻。可能需要一款在 Intel 18A 上成功的自家产品才能吸引客户。如果是这样，英特尔的转型可能会比预期的更长。</p>

英特尔

<p>英特尔的代工业务在争取主要客户承诺方面面临困难，尽管与微软和亚马逊达成了一些引人注目的合作。目前，大部分收入来自内部，英特尔的 18A 正在进行风险生产，预计将在今年晚些时候逐步提升。首席财务官大卫·津斯纳指出，已承诺的产量并不显著，尽管与潜在客户的讨论仍在进行，但尚未签署任何重大合同。英特尔计划在 2027 年前实现代工收入的盈亏平衡，但与无厂半导体公司的竞争带来了挑战。即将推出的产品如 Panther Lake 的成功可能对吸引新客户至关重要</p>

<p>There have been a few high-profile customer wins for <strong>Intel</strong>'s (INTC -4.54%) nascent foundry business and its flagship Intel 18A manufacturing process, including deals with <strong>Microsoft</strong> and <strong>Amazon</strong> to produce future chips. The company has also won some business for its advanced packaging technology, and revenue from this will start to pick up in the second half of 2025.</p>
<div class="lb-trans"><p><strong>英特尔</strong>（INTC -4.54%）新兴的代工业务和其旗舰产品 Intel 18A 制造工艺已经赢得了一些高调的客户，包括与 <strong>微软</strong> 和 <strong>亚马逊</strong> 达成的未来芯片生产协议。该公司还赢得了一些先进封装技术的业务，预计这部分收入将在 2025 年下半年开始增长。</p>
</div><p>For the time being, however, almost all foundry revenue is going to be internal as the company struggles to win major commitments from customers.</p>
<div class="lb-trans"><p>然而，目前几乎所有的代工收入都将是内部收入，因为公司在赢得客户的重大承诺方面面临困难。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTgzMTgvZ2V0dHlpbWFnZXMtMTM5MDU1Mzg1OC5qcGcmdz03MDA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F818318%2Fgettyimages-1390553858.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>Mostly internal revenue</h2>
<div class="lb-trans"><h2>主要是内部收入</h2>
</div><p>At a recent conference, Intel CFO David Zinsner provided some details on how the Intel 18A process was going. Intel 18A is currently in risk production, which involves real-world production runs at low volumes, and the process is scheduled to ramp up in volume later this year.</p>
<div class="lb-trans"><p>在最近的一次会议上，英特尔首席财务官大卫·辛兹纳（David Zinsner）提供了一些关于 Intel 18A 工艺进展的细节。Intel 18A 目前处于风险生产阶段，这涉及到低产量的实际生产运行，预计该工艺将在今年晚些时候开始增加产量。</p>
</div><p>Intel's own Panther Lake family of PC CPUs, set to launch by the end of 2025, will account for the vast majority of volume on the Intel 18A process. Answering a question from an analyst about committed volumes on Intel 18A or the upcoming Intel 14A process, Zinsner said that &#34;committed volume is not significant right now, for sure.&#34;</p>
<div class="lb-trans"><p>英特尔自己的 Panther Lake 系列 PC CPU 预计将在 2025 年底前推出，将占据 Intel 18A 工艺的大部分产量。在回答分析师关于 Intel 18A 或即将推出的 Intel 14A 工艺的承诺产量的问题时，辛兹纳表示：“目前的承诺产量确实不算显著。”</p>
</div><p>Reuters reported in April that several customers were planning to build test chips on Intel's advanced manufacturing processes. However, not all customers that go through with test chips end up committing to full-scale production. &#34;[A] nd then we get test chips, and then some customers fall out in the test chips, and then there's a certain amount of customers that kind of hang in there,&#34; Zinsner explained.</p>
<div class="lb-trans"><p>路透社在四月份报道，几家客户计划在英特尔的先进制造工艺上制造测试芯片。然而，并不是所有进行测试芯片的客户最终都会承诺进行大规模生产。辛兹纳解释道：“然后我们得到测试芯片，然后一些客户在测试芯片中退出，还有一些客户会继续坚持。”</p>
</div><p>This throws some cold water on recent rumors indicating that Intel had won some major commitments for Intel 18A. A report from a South Korean media outlet suggested that Microsoft had signed a large-scale contract with Intel Foundry and other major tech giants were interested, as well. While Intel is likely talking to plenty of potential customers, it doesn't appear that any major contract has been signed based on Zinsner's comments.</p>
<div class="lb-trans"><p>这让最近关于英特尔赢得 Intel 18A 重大承诺的传闻蒙上了一层阴影。一份来自韩国媒体的报道暗示，微软与英特尔代工签署了一份大规模合同，其他大型科技公司也对此表示兴趣。虽然英特尔可能正在与许多潜在客户进行洽谈，但根据辛兹纳的评论，似乎并没有签署任何重大合同。</p>
</div><h2>A path to profitability</h2>
<div class="lb-trans"><h2>通往盈利的道路</h2>
</div><p>While Intel's own products will generate the bulk of its foundry revenue for now, the bar to reach foundry profitability isn't all that high. Zinsner disclosed that if the company can achieve low- to mid-single-digit billions in external foundry revenue, the foundry business would reach breakeven.</p>
<div class="lb-trans"><p>虽然英特尔自己的产品目前将产生大部分代工收入，但达到代工盈利的门槛并不高。辛兹纳透露，如果公司能够实现低到中个位数十亿美元的外部代工收入，代工业务将实现盈亏平衡。</p>
</div><p>Not all that revenue needs to come from Intel 18A or Intel 14A. The company's mature Intel 16 process and its advanced packaging services can pick up some of the slack. Zinsner says the company remains confident that the foundry business can reach breakeven sometime around 2027.</p>
<div class="lb-trans"><p>并不是所有的收入都需要来自 Intel 18A 或 Intel 14A。公司的成熟 Intel 16 工艺及其先进的封装服务可以弥补部分不足。辛兹纳表示，公司对代工业务在 2027 年左右实现盈亏平衡仍然充满信心。</p>
</div><p>One challenge Intel faces is that it competes directly with some of its potential foundry customers. A fabless semiconductor company, like <strong>Nvidia</strong> or <strong>AMD</strong>, would need to trust Intel, and that trust will be tough to earn.</p>
<div class="lb-trans"><p>英特尔面临的一个挑战是，它直接与一些潜在的代工客户竞争。像 <strong>英伟达</strong> 或 <strong>AMD</strong> 这样的无厂半导体公司需要信任英特尔，而这种信任将很难获得。</p>
</div><p>The appointment of Lip-Bu Tan, former CEO of semiconductor design software <strong>Cadence Design Systems</strong>, as CEO of Intel could help assuage some concerns. Part of Tan's overall strategy is to listen more attentively to customers, and his experience gives him a deep understanding of the foundry industry.</p>
<div class="lb-trans"><p>任命前半导体设计软件 <strong>Cadence Design Systems</strong> 首席执行官谭立夫（Lip-Bu Tan）为英特尔首席执行官可能有助于缓解一些担忧。谭的整体战略的一部分是更加关注客户，而他的经验使他对代工行业有深刻的理解。</p>
</div><p>The launch of Panther Lake could help Intel win new foundry customers if the chip family is successful. The Intel 18A process should help Panther Lake deliver significant performance and efficiency improvements over its predecessors and can act as a marketing tool for the foundry if things go to plan. Intel recently disclosed that Intel 18A is capable of delivering a 25% uplift in frequencies or a 36% decrease in power usage, compared to Intel 3.</p>
<div class="lb-trans"><p>如果 Panther Lake 系列芯片成功推出，可能会帮助英特尔赢得新的代工客户。Intel 18A 工艺应能帮助 Panther Lake 在性能和效率上实现显著提升，并可以作为代工的营销工具，如果一切顺利的话。英特尔最近披露，Intel 18A 能够在频率上提升 25% 或在功耗上降低 36%，与 Intel 3 相比。</p>
</div><p>The revelation that Intel has yet to score a major external commitment for its foundry isn't good news for investors, especially considering recent rumors to the contrary. It may take a successful first-party product on Intel 18A to bring customers in the door. If that's the case, Intel's turnaround may take even longer than expected.</p>
<div class="lb-trans"><p>英特尔尚未获得重大外部承诺的消息对投资者来说并不是好消息，尤其是考虑到最近相反的传闻。可能需要一款在 Intel 18A 上成功的自家产品才能吸引客户。如果是这样，英特尔的转型可能会比预期的更长。</p>
</div>

Intel Foundry Is Still Struggling to Win Customers

- 英特尔的代工业务与微软、亚马逊达成合作，生产未来芯片。  
- 目前几乎所有代工收入来自内部，外部承诺尚不显著。  
- 英特尔预计到 2027 年实现代工业务盈亏平衡。  

英特尔代工业务仍在努力争取客户