<p><strong>英特尔</strong>（INTC -1.36%）的股票在 2000 年 8 月 3 日的互联网泡沫高峰期收于 74.88 美元，创下历史新高，使其市值达到 2984 亿美元。作为全球最大的 x86 CPU 生产商，该公司似乎是一个很好的长期投资。</p>
<p>然而，今天英特尔的交易价格约为 21 美元，市值为 945 亿美元。由于公司过去六年净收入持续下滑，过去四年暂停了股票回购，并在 2024 年底暂停了股息，其股票大幅下跌。去年 11 月，它甚至被 <strong>英伟达</strong> 取代，退出了道琼斯指数。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTg3NDIvd29tYW4tc3RvY2stY2hhcnQuanBnJnc9NzAw?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTg3NDIvd29tYW4tc3RvY2stY2hhcnQuanBnJnc9NzAw"/></p>
<p>图片来源：Getty Images。</p>
<p>英特尔在 “工艺竞赛” 中落后于 <strong>台积电</strong>，未能制造出更小、更密集的芯片，放弃了 PC CPU 市场，广泛错失了移动和人工智能市场。它在不到七年的时间里更换了四位首席执行官，也未能激发投资者的信心。</p>
<p>从 2024 年到 2027 年，分析师预计英特尔的收入仅以 2% 的年复合增长率（CAGR）增长。他们预计到最后一年公司将重新盈利——假设其最新的扭转计划能够奏效——但以 2027 年收益的 23 倍计算，仍然不是一个便宜的选择。</p>
<p>投资者不应再等待英特尔能否修复其挣扎中的业务，而应关注另外两家可能在未来两年内快速增长并超越英特尔市值的科技公司：<strong>戴尔科技</strong>（DELL -0.06%）和 <strong>工时公司</strong>（WDAY 0.04%）。</p>
<h2>戴尔科技</h2>
<p>戴尔是全球最大的 PC、服务器和数据存储产品生产商之一。在 2025 财年（截至 2 月），该公司 51% 的收入来自其客户端解决方案部门，该部门销售 PC 及其外设，另有 46% 的收入来自其基础设施解决方案部门，该部门销售服务器和数据存储产品。客户端业务的增长速度远低于基础设施业务，后者受益于人工智能（AI）市场的快速扩张。</p>
<p>戴尔预计其专用 AI 服务器的销售增长将抵消其传统 PC、数据存储和非 AI 服务器业务的缓慢增长。预计到 2026 财年，其 AI 服务器将产生至少 150 亿美元的收入，占其预计销售额的 15%。</p>
<p>这也可能使其成为 <strong>超微计算机</strong> 的一个有吸引力的替代选择，后者是戴尔在服务器领域的较小竞争对手，凭借其液冷 AI 服务器开辟了自己的市场。</p>
<p>戴尔的市值为 797 亿美元。然而，从 2025 财年到 2028 财年，分析师预计其收入和每股收益（EPS）将分别以 6% 和 15% 的年复合增长率增长。这对于一只以今年收益的 15 倍交易的股票来说，增长率相当可观。</p>
<p>假设戴尔能够达到分析师的预期并保持相同的前瞻性倍数，其股票在未来两年内可能上涨近 30%，达到每股 147 美元，市值约为 1020 亿美元。如果英特尔在此期间停滞不前并陷入困境，到 2027 年其价值可能低于戴尔。</p>
<h2>工时公司</h2>
<p>工时公司最初是一家基于云的财务和人力资源（HR）服务提供商，但随后通过向其平台添加更多人力资本管理（HCM）工具而扩展。从 2015 财年到 2025 财年（截至 1 月），其收入以 27% 的年复合增长率增长。在过去两个财年中，它通过裁减员工和削减成本保持了盈利。</p>
<p>如今，工时公司在全球服务超过 11,000 个客户，包括 60% 的财富 500 强企业。由于公司可以利用其服务在经济扩张期间高效扩张，并在经济衰退期间削减开支，因此其业务在宏观逆风中表现良好。工时公司还通过其新的生成式 AI 工具简化了 HCM 服务。</p>
<p>从 2025 财年到 2028 财年，分析师预计该公司的收入和每股收益（EPS）将分别以 13% 和 41% 的年复合增长率增长。尽管其股票以今年收益的 93 倍计算并不便宜，但其快速的收益增长可能会证明这一更高的估值是合理的。</p>
<p>假设工时公司能够达到分析师的预期并保持相同的倍数，其股价在未来两年内可能飙升 85%，达到每股 506 美元，市值从 730 亿美元增至 1350 亿美元。如果工时公司继续全力以赴，而英特尔的增长引擎停滞，前者可能会在 2027 年上半年成为更有价值的科技股票。</p>

工时公司

戴尔科技-C

<p>英特尔的股票从高峰大幅下跌，分析师预测未来几年仅会有温和的收入增长。相比之下，戴尔科技和工时公司预计将经历显著增长，可能在两年内超过英特尔的市值。戴尔专注于人工智能服务器的销售，而工时公司则在扩展其基于云的服务。分析师预测戴尔的股票可能上涨近 30%，工时公司的股票则可能上涨 85%，使它们成为寻求科技领域增长的投资者的有吸引力的替代选择</p>

<p><strong>Intel</strong>'s (INTC -1.36%) stock closed at its record high of $74.88 near the peak of the dot-com bubble on Aug. 3, 2000, which boosted its market cap to $298.4 billion. As the world's top producer of x86 CPUs for PCs and servers, the company seemed like a great long-term investment.</p>
<div class="lb-trans"><p><strong>英特尔</strong>（INTC -1.36%）的股票在 2000 年 8 月 3 日的互联网泡沫高峰期收于 74.88 美元，创下历史新高，使其市值达到 2984 亿美元。作为全球最大的 x86 CPU 生产商，该公司似乎是一个很好的长期投资。</p>
</div><p>Today, however, Intel trades at about $21 with a market cap of $94.5 billion. The company's stock slumped as its net income fell for the past six consecutive years, it paused buybacks over the past four years, and suspended its dividend at the end of 2024. It was even replaced by <strong>Nvidia</strong> in the Dow last November.</p>
<div class="lb-trans"><p>然而，今天英特尔的交易价格约为 21 美元，市值为 945 亿美元。由于公司过去六年净收入持续下滑，过去四年暂停了股票回购，并在 2024 年底暂停了股息，其股票大幅下跌。去年 11 月，它甚至被 <strong>英伟达</strong> 取代，退出了道琼斯指数。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTg3NDIvd29tYW4tc3RvY2stY2hhcnQuanBnJnc9NzAw" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F818742%2Fwoman-stock-chart.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><p>Intel disappointed its long-term investors by falling behind <strong>TSMC</strong> in the &#34;process race&#34; to manufacture smaller and denser chips, ceding the PC CPU market to <strong>AMD</strong> and broadly missing the mobile and AI markets. It also didn't inspire much confidence by going through four CEOs in less than seven years.</p>
<div class="lb-trans"><p>英特尔在 “工艺竞赛” 中落后于 <strong>台积电</strong>，未能制造出更小、更密集的芯片，放弃了 PC CPU 市场，广泛错失了移动和人工智能市场。它在不到七年的时间里更换了四位首席执行官，也未能激发投资者的信心。</p>
</div><p>From 2024 to 2027, analysts expect Intel's revenue to only rise at a compound annual growth rate (CAGR) of 2%. They expect it to turn profitable again by the final year -- assuming its latest turnaround plans pay off -- but it still isn't a bargain at 23 times its 2027 earnings.</p>
<div class="lb-trans"><p>从 2024 年到 2027 年，分析师预计英特尔的收入仅以 2% 的年复合增长率（CAGR）增长。他们预计到最后一年公司将重新盈利——假设其最新的扭转计划能够奏效——但以 2027 年收益的 23 倍计算，仍然不是一个便宜的选择。</p>
</div><p>Instead of waiting to see if Intel can fix its struggling business, investors should check out two other tech companies that could grow faster and eclipse Intel's market cap within the next two years: <strong>Dell Technologies</strong>(DELL -0.06%) and <strong>Workday</strong>(WDAY 0.04%).</p>
<div class="lb-trans"><p>投资者不应再等待英特尔能否修复其挣扎中的业务，而应关注另外两家可能在未来两年内快速增长并超越英特尔市值的科技公司：<strong>戴尔科技</strong>（DELL -0.06%）和 <strong>工时公司</strong>（WDAY 0.04%）。</p>
</div><h2>Dell Technologies</h2>
<div class="lb-trans"><h2>戴尔科技</h2>
</div><p>Dell is one of the world's largest producers of PCs, servers, and data-storage products. In fiscal 2025 (which ended in February), the company generated 51% of its revenue from its client solutions group, which sells PCs and PC peripherals, and another 46% from its infrastructure solutions group, which sells servers and data storage products. The client segment is growing at a much slower rate than the infrastructure segment, which is profiting from the rapid expansion of the artificial intelligence (AI) market.</p>
<div class="lb-trans"><p>戴尔是全球最大的 PC、服务器和数据存储产品生产商之一。在 2025 财年（截至 2 月），该公司 51% 的收入来自其客户端解决方案部门，该部门销售 PC 及其外设，另有 46% 的收入来自其基础设施解决方案部门，该部门销售服务器和数据存储产品。客户端业务的增长速度远低于基础设施业务，后者受益于人工智能（AI）市场的快速扩张。</p>
</div><p>Dell expects rising sales of its dedicated AI servers to offset the slower growth of its legacy PC, data storage, and non-AI server businesses for the foreseeable future. It expects to generate at least $15 billion in revenue, or 15% of its projected sales in fiscal 2026, from its AI servers.</p>
<div class="lb-trans"><p>戴尔预计其专用 AI 服务器的销售增长将抵消其传统 PC、数据存储和非 AI 服务器业务的缓慢增长。预计到 2026 财年，其 AI 服务器将产生至少 150 亿美元的收入，占其预计销售额的 15%。</p>
</div><p>That could also make it an attractive alternative to <strong>Super Micro Computer</strong>, Dell's smaller rival in the server space, which carved out its own niche with its liquid-cooled AI servers.</p>
<div class="lb-trans"><p>这也可能使其成为 <strong>超微计算机</strong> 的一个有吸引力的替代选择，后者是戴尔在服务器领域的较小竞争对手，凭借其液冷 AI 服务器开辟了自己的市场。</p>
</div><p>Dell has a market cap of $79.7 billion. However, from fiscal 2025 to fiscal 2028, analysts expect its revenue and earnings per share (EPS) to grow at a CAGR of 6% and 15%, respectively. Those are impressive growth rates for a stock that trades at 15 times this year's earnings.</p>
<div class="lb-trans"><p>戴尔的市值为 797 亿美元。然而，从 2025 财年到 2028 财年，分析师预计其收入和每股收益（EPS）将分别以 6% 和 15% 的年复合增长率增长。这对于一只以今年收益的 15 倍交易的股票来说，增长率相当可观。</p>
</div><p>Assuming Dell matches analysts' estimates and maintains the same forward multiple, its stock could rise nearly 30%, to $147 a share, over the next two years and drive its market cap to about $102 billion. If Intel stagnates and struggles during that time, it could be less valuable than Dell by 2027.</p>
<div class="lb-trans"><p>假设戴尔能够达到分析师的预期并保持相同的前瞻性倍数，其股票在未来两年内可能上涨近 30%，达到每股 147 美元，市值约为 1020 亿美元。如果英特尔在此期间停滞不前并陷入困境，到 2027 年其价值可能低于戴尔。</p>
</div><h2>Workday</h2>
<div class="lb-trans"><h2>工时公司</h2>
</div><p>Workday was originally a cloud-based finance and human resources (HR) services provider but subsequently expanded by adding more human capital management (HCM) tools to its platform. From fiscal 2015 to fiscal 2025 (which ended in January), its revenue grew at a CAGR of 27%. It's also stayed profitable over the past two fiscal years as it pruned its workforce and cut costs.</p>
<div class="lb-trans"><p>工时公司最初是一家基于云的财务和人力资源（HR）服务提供商，但随后通过向其平台添加更多人力资本管理（HCM）工具而扩展。从 2015 财年到 2025 财年（截至 1 月），其收入以 27% 的年复合增长率增长。在过去两个财年中，它通过裁减员工和削减成本保持了盈利。</p>
</div><p>Today, Workday serves more than 11,000 customers worldwide, including 60% of the Fortune 500. Its business is well-insulated from the macro headwinds because companies can use its services to both expand efficiently during economic expansions and trim their expenses during recessions. Workday is also streamlining its HCM services with its new generative AI tools.</p>
<div class="lb-trans"><p>如今，工时公司在全球服务超过 11,000 个客户，包括 60% 的财富 500 强企业。由于公司可以利用其服务在经济扩张期间高效扩张，并在经济衰退期间削减开支，因此其业务在宏观逆风中表现良好。工时公司还通过其新的生成式 AI 工具简化了 HCM 服务。</p>
</div><p>From fiscal 2025 to fiscal 2028, analysts expect the company's revenue and EPS to grow at a CAGR of 13% and 41%, respectively. Its stock isn't cheap at 93 times this year's earnings, but its rapid earnings growth could justify that higher valuation.</p>
<div class="lb-trans"><p>从 2025 财年到 2028 财年，分析师预计该公司的收入和每股收益（EPS）将分别以 13% 和 41% 的年复合增长率增长。尽管其股票以今年收益的 93 倍计算并不便宜，但其快速的收益增长可能会证明这一更高的估值是合理的。</p>
</div><p>Assuming Workday matches analyst expectations and maintains the same multiple, its stock price could surge 85% to $506 per share over the next two years and drive its market cap from $73 billion to $135 billion. If Workday continues to fire on all cylinders and Intel's growth engines stall, the former could generate bigger gains to become the more valuable tech stock by the first half of 2027.</p>
<div class="lb-trans"><p>假设工时公司能够达到分析师的预期并保持相同的倍数，其股价在未来两年内可能飙升 85%，达到每股 506 美元，市值从 730 亿美元增至 1350 亿美元。如果工时公司继续全力以赴，而英特尔的增长引擎停滞，前者可能会在 2027 年上半年成为更有价值的科技股票。</p>
</div>

Prediction: 2 Stocks That Will Be Worth More Than Intel 2 Years From Now

- 英特尔股价从 2000 年的高点 $74.88 跌至约 $21，市值降至 $94.5 亿。  
- 分析师预计英特尔未来收入年均增长率仅为 2%，而戴尔和 Workday 预计将实现更快增长。  
- 戴尔和 Workday 的市值可能在未来两年内超过英特尔。  

预测：两年后价值将超过英特尔的两只股票