<p>多年来，半导体巨头 <strong>英特尔</strong>（INTC -2.49%）一直在退出与其整体战略不符的业务。在前首席执行官帕特·基尔辛格的领导下，英特尔出售了其 NAND 和 SSD 业务，逐步关闭了 Optane 内存部门，通过首次公开募股（IPO）剥离了 <strong>Mobileye</strong>，退出了预构建服务器业务，放弃了 <strong>比特币</strong> 挖矿芯片，并出售了其 IMS 纳米制造业务的少数股权。</p>
<p>新任英特尔首席执行官谭立夫可能会继续这一趋势，因为他将公司重新聚焦于其最擅长的领域：即 PC 中央处理器（CPU）、数据中心 CPU 和制造。英特尔在四月份出售了对现场可编程门阵列（FPGA）专家 Altera 的多数股权，目前该公司据报道正在关注其网络和边缘业务。路透社周二报道称，英特尔正在考虑出售这些业务，这些业务以前在 NEX 部门下报告，但从今年第一季度开始与其他部门合并。</p>
<p>虽然剥离前 NEX 部门可能比英特尔的其他退出更棘手，但这将使英特尔摆脱另一个干扰，重新聚焦于其核心业务。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTkwOTQvZ2V0dHlpbWFnZXMtMTQ2NTE1NTgxMC5qcGcmdz03MDA?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTkwOTQvZ2V0dHlpbWFnZXMtMTQ2NTE1NTgxMC5qcGcmdz03MDA"/></p>
<p>图片来源：Getty Images。</p>
<h2>NEX 做什么？</h2>
<p>曾经属于 NEX 部门的业务专注于电信网络和边缘计算应用的解决方案。这包括连接基站与单个移动设备的无线接入网络，以及针对零售、医疗保健、制造、能源和交通运输行业的产品。</p>
<p>NEX 部门在 2024 年产生了 58 亿美元的收入，以及 9.31 亿美元的营业收入。这大约占英特尔总产品收入的 12% 和总产品营业收入的 7%。这些业务是重要的收入来源，但相较于 PC 和数据中心 CPU，对底线的贡献不大。</p>
<p>虽然英特尔在 PC 和数据中心 CPU 市场具有主要的竞争优势，但在其网络和边缘业务所服务的市场中情况并非如此。在 PC 市场，英特尔与 <strong>AMD</strong> 形成了双头垄断，而基于 <strong>Arm</strong> 的 CPU 竞争最近才开始加剧。在数据中心，尽管定制的基于 Arm 的 CPU 变得越来越普遍，英特尔及其芯片周围庞大的生态系统仍然占据主导地位。</p>
<p>尽管英特尔在无线接入网络（RAN）市场处于领先地位，但该公司面临电信资本支出趋势的起伏。Arm 正在推动基于其知识产权（IP）开发适用于 RAN 部署的芯片，这提高了未来竞争加剧的可能性。该公司还在多个领域与 <strong>博通</strong> 竞争。</p>
<h2>剥离可能会很复杂</h2>
<p>NEX 业务与英特尔的 PC 和数据中心业务共享大量知识产权。该公司在其 Core Ultra 品牌下销售针对边缘计算工作负载的芯片，采用包括 Arrow Lake 和 Raptor Lake 在内的多种架构。英特尔还为 RAN 网络和其他应用提供 Xeon 6 芯片，这些芯片是该公司服务器 CPU 的变种。英特尔使用其 Intel 3 制造工艺制造 Xeon 6 系列产品，并使用其 Intel 7 工艺制造 Raptor Lake 芯片，而 Arrow Lake 的生产则主要外包给 <strong>台湾半导体制造公司</strong>。</p>
<p>由于前 NEX 部门与英特尔的其他部分交织在一起，剥离或出售可能会很复杂，并需要相当长的时间来理清。然而，按目前的情况来看，NEX 业务并没有获得其发展所需的资源或关注。随着英特尔专注于 PC、服务器和制造，如果被视为事后诸葛亮，该公司在网络和边缘市场将无法获胜。</p>
<p>对 NEX 业务的交易可能为英特尔带来数十亿美元的现金，增强资产负债表，并释放资源以投资于制造业务。谭立夫的重组计划的一部分是简化运营，使英特尔更高效，因此退出 NEX 业务无疑是合理的。</p>
<p>虽然没有保证英特尔会继续退出其网络和边缘业务的任何计划，但出售或剥离将是朝着正确方向迈出的一步，因为该公司正在收缩导致其当前困境的业务扩张。</p>

英特尔

<p>据报道，英特尔正在考虑出售其网络和边缘业务，以作为新任首席执行官谭立夫（Lip-Bu Tan）实施的扭转战略的一部分。这一举措跟随了剥离非核心业务的趋势，包括其 NAND 和 SSD 部门。NEX 部门在 2024 年产生了 58 亿美元的收入，但被视为分散了英特尔对个人电脑和数据中心 CPU 的关注。潜在的出售可能会带来可观的现金流并简化运营，尽管由于与其他部门共享知识产权，这一过程可能会比较复杂</p>

<p>For years, semiconductor giant <strong>Intel</strong>(INTC -2.49%) has been exiting lines of business that don't fit with its overall strategy. Under former CEO Pat Gelsinger, Intel sold off its NAND and SSD operations, wound down its Optane memory unit, spun off <strong>Mobileye</strong> via an initial public offering (IPO), exited the prebuilt server business, gave up on <strong>Bitcoin</strong> mining chips, and sold a minority stake in its IMS Nanofabrication business.</p>
<div class="lb-trans"><p>多年来，半导体巨头 <strong>英特尔</strong>（INTC -2.49%）一直在退出与其整体战略不符的业务。在前首席执行官帕特·基尔辛格的领导下，英特尔出售了其 NAND 和 SSD 业务，逐步关闭了 Optane 内存部门，通过首次公开募股（IPO）剥离了 <strong>Mobileye</strong>，退出了预构建服务器业务，放弃了 <strong>比特币</strong> 挖矿芯片，并出售了其 IMS 纳米制造业务的少数股权。</p>
</div><p>New Intel CEO Lip-Bu Tan will likely continue this trend as he refocuses the company on what it does best: namely, PC central processing units (CPUs), data center CPUs, and manufacturing. Intel sold a majority stake in field programmable gate array (FPGA) specialist Altera in April, and the company is now reportedly eying its network and edge businesses. Reuters reported on Tuesday that Intel was considering selling off these businesses, which were formerly reported under the NEX segment but consolidated with other segments starting in the first quarter of this year.</p>
<div class="lb-trans"><p>新任英特尔首席执行官谭立夫可能会继续这一趋势，因为他将公司重新聚焦于其最擅长的领域：即 PC 中央处理器（CPU）、数据中心 CPU 和制造。英特尔在四月份出售了对现场可编程门阵列（FPGA）专家 Altera 的多数股权，目前该公司据报道正在关注其网络和边缘业务。路透社周二报道称，英特尔正在考虑出售这些业务，这些业务以前在 NEX 部门下报告，但从今年第一季度开始与其他部门合并。</p>
</div><p>While divesting the former NEX segment could be trickier than some of Intel's other exits, it would free Intel from yet another distraction as it refocuses on its core businesses.</p>
<div class="lb-trans"><p>虽然剥离前 NEX 部门可能比英特尔的其他退出更棘手，但这将使英特尔摆脱另一个干扰，重新聚焦于其核心业务。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTkwOTQvZ2V0dHlpbWFnZXMtMTQ2NTE1NTgxMC5qcGcmdz03MDA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F819094%2Fgettyimages-1465155810.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>What does NEX do?</h2>
<div class="lb-trans"><h2>NEX 做什么？</h2>
</div><p>The businesses that were once part of the NEX segment focus on solutions for telecommunications networks and edge computing applications. This includes radio access networks, which connect base stations to individual mobile devices, as well as products aimed at the retail, healthcare, manufacturing, energy, and transportation industries.</p>
<div class="lb-trans"><p>曾经属于 NEX 部门的业务专注于电信网络和边缘计算应用的解决方案。这包括连接基站与单个移动设备的无线接入网络，以及针对零售、医疗保健、制造、能源和交通运输行业的产品。</p>
</div><p>The NEX segment generated $5.8 billion in revenue during 2024, along with an operating income of $931 million. That works out to roughly 12% of Intel's total products revenue and 7% of Intel's total products operating income. These businesses are meaningful revenue generators but don't contribute much to the bottom line relative to PC and data center CPUs.</p>
<div class="lb-trans"><p>NEX 部门在 2024 年产生了 58 亿美元的收入，以及 9.31 亿美元的营业收入。这大约占英特尔总产品收入的 12% 和总产品营业收入的 7%。这些业务是重要的收入来源，但相较于 PC 和数据中心 CPU，对底线的贡献不大。</p>
</div><p>While Intel has major competitive advantages in the PC and data center CPU markets, that's not necessarily the case in markets served by its network and edge businesses. In PCs, Intel is part of a duopoly with <strong>AMD</strong>, and competition from <strong>Arm</strong>-based CPUs has started to ramp up only recently. In the data center, while custom Arm-based CPUs are becoming more common, Intel and the vast ecosystem around its chips still reign supreme.</p>
<div class="lb-trans"><p>虽然英特尔在 PC 和数据中心 CPU 市场具有主要的竞争优势，但在其网络和边缘业务所服务的市场中情况并非如此。在 PC 市场，英特尔与 <strong>AMD</strong> 形成了双头垄断，而基于 <strong>Arm</strong> 的 CPU 竞争最近才开始加剧。在数据中心，尽管定制的基于 Arm 的 CPU 变得越来越普遍，英特尔及其芯片周围庞大的生态系统仍然占据主导地位。</p>
</div><p>Although Intel leads the radio access network (RAN) market, the company is exposed to the ups and downs of telecom capital spending trends. Arm is making a push to create chips based on its intellectual property (IP) viable for RAN deployments, which raises the prospect of greater competition in the future. The company also competes with <strong>Broadcom</strong> in multiple areas.</p>
<div class="lb-trans"><p>尽管英特尔在无线接入网络（RAN）市场处于领先地位，但该公司面临电信资本支出趋势的起伏。Arm 正在推动基于其知识产权（IP）开发适用于 RAN 部署的芯片，这提高了未来竞争加剧的可能性。该公司还在多个领域与 <strong>博通</strong> 竞争。</p>
</div><h2>A spin-off could be complicated</h2>
<div class="lb-trans"><h2>剥离可能会很复杂</h2>
</div><p>The NEX businesses share a lot of IP with Intel's PC and data center businesses. The company sells chips aimed at edge computing workloads under its Core Ultra brand with a mix of architectures, including Arrow Lake and Raptor Lake. Intel also offers Xeon 6 chips for RAN networks and other applications, which are variants of the company's server CPUs. Intel manufactures its Xeon 6 lineup using its Intel 3 manufacturing process and its Raptor Lake chips using its Intel 7 process, while it largely outsources Arrow Lake production to <strong>Taiwan Semiconductor Manufacturing</strong>.</p>
<div class="lb-trans"><p>NEX 业务与英特尔的 PC 和数据中心业务共享大量知识产权。该公司在其 Core Ultra 品牌下销售针对边缘计算工作负载的芯片，采用包括 Arrow Lake 和 Raptor Lake 在内的多种架构。英特尔还为 RAN 网络和其他应用提供 Xeon 6 芯片，这些芯片是该公司服务器 CPU 的变种。英特尔使用其 Intel 3 制造工艺制造 Xeon 6 系列产品，并使用其 Intel 7 工艺制造 Raptor Lake 芯片，而 Arrow Lake 的生产则主要外包给 <strong>台湾半导体制造公司</strong>。</p>
</div><p>With the former NEX segment intertwined with the rest of Intel, a spin-off or sale would likely be complex and take quite a bit of time to sort out. However, as it stands today, the NEX businesses aren't getting the resources or attention they need to thrive. With Intel focused on PCs, servers, and manufacturing, the company isn't going to win in the network and edge markets if it's viewed as an afterthought.</p>
<div class="lb-trans"><p>由于前 NEX 部门与英特尔的其他部分交织在一起，剥离或出售可能会很复杂，并需要相当长的时间来理清。然而，按目前的情况来看，NEX 业务并没有获得其发展所需的资源或关注。随着英特尔专注于 PC、服务器和制造，如果被视为事后诸葛亮，该公司在网络和边缘市场将无法获胜。</p>
</div><p>A deal for the NEX businesses could raise billions of dollars in cash for Intel, bolstering the balance sheet and freeing up resources to invest in the manufacturing business. Part of Tan's turnaround plan is to simplify operations and make Intel more efficient, so exiting the NEX businesses would certainly make sense.</p>
<div class="lb-trans"><p>对 NEX 业务的交易可能为英特尔带来数十亿美元的现金，增强资产负债表，并释放资源以投资于制造业务。谭立夫的重组计划的一部分是简化运营，使英特尔更高效，因此退出 NEX 业务无疑是合理的。</p>
</div><p>While there's no guarantee Intel will proceed with any plans to exit its network and edge businesses, a sale or spin-off would be a step in the right direction as the company reins in the sprawl that has contributed to its current predicament.</p>
<div class="lb-trans"><p>虽然没有保证英特尔会继续退出其网络和边缘业务的任何计划，但出售或剥离将是朝着正确方向迈出的一步，因为该公司正在收缩导致其当前困境的业务扩张。</p>
</div>

Intel Could Sell Another Major Business in Turnaround Bid

- 英特尔正在剥离不符合整体战略的业务，专注于核心产品。  
- NEX 业务在 2024 年产生 58 亿美元收入，但对利润贡献有限。  
- 剥离 NEX 业务可能复杂，但有助于提高资源配置效率。  

英特尔可能在扭转局势的尝试中出售另一项主要业务