<p>半导体巨头 <strong>英特尔</strong>（INTC 2.81%），曾在其核心中央处理器（CPU）市场中占据绝对主导地位，如今正努力扭转局面。市场份额的流失、在人工智能（AI）领域的错失机会，以及在成为代工厂方面的高额投资，都对其股价造成了压力。</p>
<p>虽然确实有合理的理由出售，但对于长期投资者来说，英特尔的股票仍然看起来是一个稳健的买入选择，只要他们有足够的耐心。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjE5MDYvZ2V0dHlpbWFnZXMtMTQzNzQzMzA5Ni5qcGcmdz03MDA?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjE5MDYvZ2V0dHlpbWFnZXMtMTQzNzQzMzA5Ni5qcGcmdz03MDA"/></p>
<p>图片来源：Getty Images。</p>
<h2>出售英特尔股票的理由</h2>
<p>英特尔陷入了一个常见的陷阱，即对其核心市场的主导地位感到自满。在 <strong>AMD</strong> 于 2017 年首次推出基于 Zen 架构的 CPU 之前，英特尔几乎没有来自竞争对手的压力。2017 年，英特尔的桌面 PC CPU 市场份额接近 90%，而其服务器 CPU 市场份额超过 98%。该公司看似不可动摇，其内部制造能力也为其提供了重要优势。</p>
<p>快进到今天，英特尔的主导地位显然已经恶化。尽管英特尔仍然是市场份额的领导者，但截至 2024 年中期，其桌面 CPU 市场份额已降至 80% 以下，服务器 CPU 市场份额约为 75%。AMD 现在在这两个市场都有出色的产品，给英特尔的核心业务带来了压力。英特尔的制造技术远远落后于 <strong>台积电</strong>，而 AMD 则使用台积电制造其芯片。</p>
<p>加剧英特尔问题的是，疫情后 PC 市场疲软，以及数据中心支出向 AI 加速器的急剧转变。英特尔试图通过其 Gaudi 芯片与 <strong>英伟达</strong> 在 AI 加速器市场竞争，但该公司未能达到自己的目标，并在很大程度上放弃了这一努力。</p>
<p>英特尔的年收入从几年前的超过 750 亿美元骤降至约 530 亿美元，利润也消失殆尽。鉴于这些发展，轻易地否定英特尔正在进行的扭转努力是非常容易的。</p>
<h2>为什么英特尔股票仍然值得购买</h2>
<p>尽管英特尔面临许多问题和阻力，但其长期前景仍然有很多值得看好的地方。在新任首席执行官谭立夫的领导下，英特尔计划在夏季进行裁员，以认真控制成本。将其成本结构降低到反映当前市场地位的水平，对于使公司恢复生机至关重要。</p>
<p>在产品业务方面，谭计划削减中层管理层，并将重点重新放回工程上。在代工业务方面，谭将强调倾听客户的需求，并根据需要进行调整，以吸引足够的外部客户，使公司的巨额制造投资获得回报。</p>
<p>英特尔 18A 制造工艺现已完成，并计划在今年晚些时候进行大规模生产，这一工艺有潜力成为公司的重大赢家。该工艺在性能和效率上相较于英特尔之前的工艺有显著提升，并且是首个包含背面供电的工艺。英特尔现在必须扩大这一工艺的规模，并实现可接受的良率。</p>
<p>英特尔 18A 将用于公司即将推出的 Panther Lake PC 芯片，这可能使其在与 AMD 的竞争中占据关键优势。英特尔 18A 已经赢得了一些外部客户，但远远不够。Panther Lake 可能成为潜在客户的概念验证，帮助他们决定是否承诺与英特尔进行制造合作。</p>
<p>凭借对工程的新关注、能够更快行动的精简组织计划，以及过去几年显著进步的制造技术，英特尔具备了成功扭转局面的所有要素。英特尔股票的交易价格约为账面价值的 0.9 倍，这意味着该公司的估值低于其资产减去负债的价值。尽管这一估值指标存在局限性，但英特尔目前的估值正处于数十年来的低点。</p>
<p>英特尔的股票并不适合急躁的人。公司必须稳定并增长其 CPU 市场份额，削减成本并实施裁员，而不损害士气或失去最佳人才，同时赢得多个大型外部客户的代工业务。更具挑战性的是，英特尔面临着高度不确定的经济环境和可能随时变化的美国贸易政策。</p>
<p>尽管如此，考虑到英特尔的估值极为悲观，以及新任首席执行官准备进行痛苦但必要的变革以使公司重回正轨，英特尔的股票如果扭转努力显示出任何有意义的进展，便有潜力带来超越市场的收益。</p>

英特尔

<p>英特尔（Intel，股票代码：INTC）正面临重大挑战，包括市场份额的损失和来自 AMD 的竞争，导致收入从超过 750 亿美元下降至约 530 亿美元。尽管存在这些问题，新任首席执行官谭立夫（Lip-Bu Tan）正在实施削减成本的措施，并专注于工程，以改善公司的前景。即将推出的英特尔 18A 制造工艺可能会提升性能和效率，潜在地为英特尔在市场上带来竞争优势。虽然目前股票被低估，但投资者应保持耐心，因为公司正在努力实现转型</p>

<p>Semiconductor giant <strong>Intel</strong>(INTC 2.81%), once overwhelmingly dominant in its core central processing unit (CPU) markets, is scrambling to turn itself around. Market-share losses, missed opportunities in artificial intelligence (AI), and an expensive bet on becoming a foundry have all been weighing on the stock.</p>
<div class="lb-trans"><p>半导体巨头 <strong>英特尔</strong>（INTC 2.81%），曾在其核心中央处理器（CPU）市场中占据绝对主导地位，如今正努力扭转局面。市场份额的流失、在人工智能（AI）领域的错失机会，以及在成为代工厂方面的高额投资，都对其股价造成了压力。</p>
</div><p>While there are certainly legitimate reasons to sell, Intel stock still looks like a solid buy for long-term investors with plenty of patience.</p>
<div class="lb-trans"><p>虽然确实有合理的理由出售，但对于长期投资者来说，英特尔的股票仍然看起来是一个稳健的买入选择，只要他们有足够的耐心。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjE5MDYvZ2V0dHlpbWFnZXMtMTQzNzQzMzA5Ni5qcGcmdz03MDA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F821906%2Fgettyimages-1437433096.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>Reasons to sell Intel stock</h2>
<div class="lb-trans"><h2>出售英特尔股票的理由</h2>
</div><p>Intel fell into a common trap for companies that dominate their core markets -- complacency. Prior to <strong>AMD</strong>'s renaissance, which began around 2017 with the first iteration of its Zen-based CPUs, Intel faced little competition from its rival. Back in 2017, Intel's desktop PC CPU market share was nearly 90%, and its server CPU market share topped 98%. The company appeared untouchable, and its in-house manufacturing gave it an important edge.</p>
<div class="lb-trans"><p>英特尔陷入了一个常见的陷阱，即对其核心市场的主导地位感到自满。在 <strong>AMD</strong> 于 2017 年首次推出基于 Zen 架构的 CPU 之前，英特尔几乎没有来自竞争对手的压力。2017 年，英特尔的桌面 PC CPU 市场份额接近 90%，而其服务器 CPU 市场份额超过 98%。该公司看似不可动摇，其内部制造能力也为其提供了重要优势。</p>
</div><p>Fast forward to today, and Intel's dominance has clearly deteriorated. While Intel remains the market-share leader, as of mid-2024, its share of the desktop CPU market had fallen below 80%, and its share of the server CPU market was around 75%. AMD now has great products available in both markets, putting pressure on Intel's core business. Intel's manufacturing technology fell woefully behind <strong>TSMC</strong>, which AMD uses to make its chips.</p>
<div class="lb-trans"><p>快进到今天，英特尔的主导地位显然已经恶化。尽管英特尔仍然是市场份额的领导者，但截至 2024 年中期，其桌面 CPU 市场份额已降至 80% 以下，服务器 CPU 市场份额约为 75%。AMD 现在在这两个市场都有出色的产品，给英特尔的核心业务带来了压力。英特尔的制造技术远远落后于 <strong>台积电</strong>，而 AMD 则使用台积电制造其芯片。</p>
</div><p>Compounding Intel's problems are a weak PC market coming out of the pandemic-era boom and a hard shift in data center spending toward AI accelerators. Intel attempted to battle <strong>Nvidia</strong> in the AI accelerator market with its Gaudi chips, but the company fell well short of its own targets and has largely abandoned the effort.</p>
<div class="lb-trans"><p>加剧英特尔问题的是，疫情后 PC 市场疲软，以及数据中心支出向 AI 加速器的急剧转变。英特尔试图通过其 Gaudi 芯片与 <strong>英伟达</strong> 在 AI 加速器市场竞争，但该公司未能达到自己的目标，并在很大程度上放弃了这一努力。</p>
</div><p>Intel's annual revenue has tumbled from more than $75 billion a few years ago to around $53 billion, and profits have vanished. Given these developments, it's all too easy to write off Intel's ongoing turnaround efforts.</p>
<div class="lb-trans"><p>英特尔的年收入从几年前的超过 750 亿美元骤降至约 530 亿美元，利润也消失殆尽。鉴于这些发展，轻易地否定英特尔正在进行的扭转努力是非常容易的。</p>
</div><h2>Why Intel stock is still a buy</h2>
<div class="lb-trans"><h2>为什么英特尔股票仍然值得购买</h2>
</div><p>Despite plenty of problems and headwinds plaguing Intel, there's still a lot to like about its long-term prospects. Under new CEO Lip-Bu Tan, Intel is set to get serious about reining in its costs with a planned layoff over the summer. Bringing its cost structure down to reflect its current market position is critical to getting the company back on its feet.</p>
<div class="lb-trans"><p>尽管英特尔面临许多问题和阻力，但其长期前景仍然有很多值得看好的地方。在新任首席执行官谭立夫的领导下，英特尔计划在夏季进行裁员，以认真控制成本。将其成本结构降低到反映当前市场地位的水平，对于使公司恢复生机至关重要。</p>
</div><p>In the products business, Tan plans to eliminate layers of middle management and put the focus back on engineering. In the foundry business, Tan will emphasize listening to customers and adapting as needed to bring in enough external customers to make the company's massive manufacturing investments pay off.</p>
<div class="lb-trans"><p>在产品业务方面，谭计划削减中层管理层，并将重点重新放回工程上。在代工业务方面，谭将强调倾听客户的需求，并根据需要进行调整，以吸引足够的外部客户，使公司的巨额制造投资获得回报。</p>
</div><p>The Intel 18A manufacturing process, which is now complete and set for volume production later this year, has the potential to be a big winner for the company. The process delivers significant performance and efficiency gains over Intel's previous processes, and it's the first process available that includes backside power delivery. Intel now must scale up the process and achieve acceptable yields.</p>
<div class="lb-trans"><p>英特尔 18A 制造工艺现已完成，并计划在今年晚些时候进行大规模生产，这一工艺有潜力成为公司的重大赢家。该工艺在性能和效率上相较于英特尔之前的工艺有显著提升，并且是首个包含背面供电的工艺。英特尔现在必须扩大这一工艺的规模，并实现可接受的良率。</p>
</div><p>Intel 18A will be used for the company's upcoming Panther Lake PC chips, which could give it a key advantage over AMD. It has won some external customers for Intel 18A, but not nearly enough. Panther Lake could act as a proof of concept for potential customers that are on the fence about committing to Intel for manufacturing.</p>
<div class="lb-trans"><p>英特尔 18A 将用于公司即将推出的 Panther Lake PC 芯片，这可能使其在与 AMD 的竞争中占据关键优势。英特尔 18A 已经赢得了一些外部客户，但远远不够。Panther Lake 可能成为潜在客户的概念验证，帮助他们决定是否承诺与英特尔进行制造合作。</p>
</div><p>With a new focus on engineering, a plan for a streamlined organization capable of moving faster, and manufacturing technology that has advanced drastically over the past few years, Intel has all the pieces in place for a successful turnaround. Intel stock trades for around 0.9 times book value, meaning that the company is valued at less than its assets minus liabilities. While this valuation metric has limitations, Intel's is currently hovering around a multidecade low.</p>
<div class="lb-trans"><p>凭借对工程的新关注、能够更快行动的精简组织计划，以及过去几年显著进步的制造技术，英特尔具备了成功扭转局面的所有要素。英特尔股票的交易价格约为账面价值的 0.9 倍，这意味着该公司的估值低于其资产减去负债的价值。尽管这一估值指标存在局限性，但英特尔目前的估值正处于数十年来的低点。</p>
</div><p>Intel stock isn't for the impatient. The company must stabilize and then grow its CPU market share, cut costs and enact layoffs without killing morale or losing its best talent, and win multiple large external customers for its foundry. To make things more challenging, Intel faces a highly uncertain economic environment and U.S. trade policies that can change on a whim.</p>
<div class="lb-trans"><p>英特尔的股票并不适合急躁的人。公司必须稳定并增长其 CPU 市场份额，削减成本并实施裁员，而不损害士气或失去最佳人才，同时赢得多个大型外部客户的代工业务。更具挑战性的是，英特尔面临着高度不确定的经济环境和可能随时变化的美国贸易政策。</p>
</div><p>Still, given Intel's deeply pessimistic valuation and a new CEO ready to make the painful but necessary changes to get the company back on track, Intel stock has the potential to deliver market-beating gains if the turnaround shows any meaningful signs of progress.</p>
<div class="lb-trans"><p>尽管如此，考虑到英特尔的估值极为悲观，以及新任首席执行官准备进行痛苦但必要的变革以使公司重回正轨，英特尔的股票如果扭转努力显示出任何有意义的进展，便有潜力带来超越市场的收益。</p>
</div>

Is Intel Stock a Buy or Sell?

- 英特尔面临市场份额下降和 AI 机会丧失等挑战。  
- 尽管问题重重，新的 CEO 计划通过裁员和聚焦工程来降低成本。  
- 英特尔的 18A 制造工艺有望提升性能，未来可能吸引更多外部客户。

英特尔的股票是应该买入还是卖出？