<p><strong>英特尔</strong>(INTC -1.31%) 更换了其发言人，但信息保持不变。</p>
<p>在将首席执行官帕特·基辛格 (Pat Gelsinger) 推倒后，前 <strong>Cadence Design Systems</strong> 首席执行官林博（Lip-Bu Tan）接任公司领导，老牌芯片制造商在林博担任首席执行官的第一个完整季度中再次报告了令人失望的业绩。消息公布后，股价下跌了 8.5%。</p>
<p>该季度的收入持平，为 129 亿美元，尽管这远超市场预期的 119 亿美元。以 PC 为重点的客户端计算组的收入下降了 3%，降至 79 亿美元，而数据中心和人工智能的表现也不佳，仅增长 4%，达到 39 亿美元。其另一核心业务代工的收入增长了 3%，达到 44 亿美元。一些细分市场的收入重叠，导致了 44 亿美元的部门间消除。</p>
<p>在四月宣布削减 20% 员工的目标后，英特尔表示已实现约 15% 的员工削减，并计划将非公认会计原则（GAAP）下的运营费用削减至 170 亿美元。</p>
<p>这些成本削减不足以挽救底线，毛利率再次下滑，从 38.7% 降至 29.7%，原因是与无重复使用潜力的工具相关的 8 亿美元非现金减值和 2 亿美元的一次性费用。这些费用使毛利率减少了 800 个基点，意味着如果没有这些费用，毛利率只会下降 100 个基点。</p>
<p>在底线方面，英特尔报告调整后的每股亏损为 0.10 美元，低于去年同期的 0.02 美元，也低于市场预期的每股 0.01 美元。如果没有那项减值，公司将报告每股调整后盈利 0.10 美元。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjY3ODEvYWktY2hpcC5qcGcmdz03MDA?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjY3ODEvYWktY2hpcC5qcGcmdz03MDA"/></p>
<p>图片来源：Getty Images。</p>
<h2>英特尔正在缩减其雄心</h2>
<p>报告的一个主题是调整业务规模以满足需求，而不是提前投资。在电话会议上，林博总结了这一策略，表示：“我不相信 ‘如果你建造它，他们就会来’ 的观点。在我的领导下，我们将根据客户的需求，及时构建他们所需的产品，并通过持续的执行赢得他们的信任。”</p>
<p>与这种思维一致，除了裁员和有针对性的运营费用削减外，英特尔还计划将资本支出减少至 180 亿美元。这包括放弃在德国和波兰的项目，并将哥斯达黎加的组装和测试业务整合到越南和马来西亚的更大场地。它还表示，将放慢在俄亥俄州新代工厂的建设速度，以确保支出与需求相匹配。</p>
<p>由于关税担忧的提前效应，公司还预计下半年的表现将低于季节水平。在其第三季度指引中，英特尔预计收入为 126 亿美元至 136 亿美元，中间值略有下降，并预计每股盈亏平衡。</p>
<p>英特尔的 18A 工艺可能是其最重要的项目，也是英特尔多头希望推动代工部门盈利的项目，使其能够向第三方客户开放，并可能与 <strong>台积电</strong> 竞争。英特尔在该季度开始在亚利桑那州的工厂生产晶圆，这是一个关键里程碑。林博表示，18A 是英特尔客户端和服务器产品未来三代的基础，公司致力于全面推广该技术。</p>
<h2>英特尔能否扭转局面？</h2>
<p>虽然林博值得一些时间来执行扭转计划，而成本削减是第一步，但当你将英特尔与同行进行比较时，困难只会加剧。</p>
<p>几乎每一只半导体股票在当前的人工智能热潮中都蓬勃发展，这可能是自互联网泡沫时代以来该行业最大的意外之财。</p>
<p>英特尔不仅无法实现增长，而且在所有与人工智能相关的需求飙升的时刻也无法做到。像 <strong>英伟达</strong>、<strong>AMD</strong> 和 <strong>美光</strong> 这样的同行都在实现强劲增长，甚至像 <strong>IBM</strong> 和 <strong>甲骨文</strong> 这样的老牌科技公司的股票也因其与人工智能相关的产品而最近大幅上涨。</p>
<p>尽管英特尔面临众多挑战，并且无法实现盈利，但只需一次成功就可能重写股票的叙述。然而，目前看来，这仍然遥不可及，行业的下滑将进一步拖延其扭转希望。</p>
<p>此时，英特尔需要展示出扭转局面的证据，才能被视为可投资，但芯片行业的泡沫和广泛市场提供了一些上行空间，如果公司能够迈出恢复的第一步。</p>

英特尔

<p>英特尔最近的领导层变动并未改善其财务表现，令人失望的季度业绩导致股价下跌 8.5%。收入持平，为 129 亿美元，关键业务部门出现显著下滑。公司正在实施削减成本的措施，包括裁员和减少资本支出，同时目标是在第三季度实现盈亏平衡的每股收益。尽管面临挑战，英特尔的 18A 工艺可能对未来增长至关重要。然而，它在与在人工智能热潮中蓬勃发展的同行竞争时面临困难，需要展示出扭转局面的能力以吸引投资者</p>

<p><strong>Intel</strong>(INTC -1.31%) changed its messenger, but the message stayed the same.</p>
<div class="lb-trans"><p><strong>英特尔</strong>(INTC -1.31%) 更换了其发言人，但信息保持不变。</p>
</div><p>After pushing out CEO Pat Gelsinger and bringing in Lip-Bu Tan, the former CEO of <strong>Cadence Design Systems</strong>, to run the company, the legacy chipmaker reported another disappointing quarter last week in Tan's first full quarter as the CEO. The stock finished down 8.5% on the news.</p>
<div class="lb-trans"><p>在将首席执行官帕特·基辛格 (Pat Gelsinger) 推倒后，前 <strong>Cadence Design Systems</strong> 首席执行官林博（Lip-Bu Tan）接任公司领导，老牌芯片制造商在林博担任首席执行官的第一个完整季度中再次报告了令人失望的业绩。消息公布后，股价下跌了 8.5%。</p>
</div><p>Revenue in the quarter was flat at $12.9 billion, though that was well ahead of the consensus at $11.9 billion. Revenue in the PC-focused Client Computing Group fell 3% to $7.9 billion, while Data Center and AI was also weak, up just 4% to $3.9 billion. Foundry, its other core business, reported revenue up 3% to $4.4 billion. Some segments have overlapping revenue, leading to $4.4 billion in intersegment eliminations.</p>
<div class="lb-trans"><p>该季度的收入持平，为 129 亿美元，尽管这远超市场预期的 119 亿美元。以 PC 为重点的客户端计算组的收入下降了 3%，降至 79 亿美元，而数据中心和人工智能的表现也不佳，仅增长 4%，达到 39 亿美元。其另一核心业务代工的收入增长了 3%，达到 44 亿美元。一些细分市场的收入重叠，导致了 44 亿美元的部门间消除。</p>
</div><p>After it announced a goal of cutting 20% of its workforce in April, Intel said it had achieved a workforce reduction of about 15%, and is aiming to cut non-GAAP (generally accepted accounting principles) operating expenses to $17 billion for the year.</p>
<div class="lb-trans"><p>在四月宣布削减 20% 员工的目标后，英特尔表示已实现约 15% 的员工削减，并计划将非公认会计原则（GAAP）下的运营费用削减至 170 亿美元。</p>
</div><p>Those cost cuts weren't enough to save the bottom line as gross margin tumbled again, falling from 38.7% to 29.7 % due to an $800 million non-cash impairment for accelerated depreciation related to tools with no reuse potential and $200 million in one-time costs. Those charges reduced gross margin by 800 basis points, meaning it would have fallen just 100 basis points without them.</p>
<div class="lb-trans"><p>这些成本削减不足以挽救底线，毛利率再次下滑，从 38.7% 降至 29.7%，原因是与无重复使用潜力的工具相关的 8 亿美元非现金减值和 2 亿美元的一次性费用。这些费用使毛利率减少了 800 个基点，意味着如果没有这些费用，毛利率只会下降 100 个基点。</p>
</div><p>On the bottom line, Intel reported an adjusted loss per share of $0.10, down from $0.02 in the quarter a year ago, and below expectations of $0.01 per share. Without that impairment, the company would have reported an adjusted profit of $0.10 per share.</p>
<div class="lb-trans"><p>在底线方面，英特尔报告调整后的每股亏损为 0.10 美元，低于去年同期的 0.02 美元，也低于市场预期的每股 0.01 美元。如果没有那项减值，公司将报告每股调整后盈利 0.10 美元。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjY3ODEvYWktY2hpcC5qcGcmdz03MDA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F826781%2Fai-chip.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>Intel is scaling back its ambitions</h2>
<div class="lb-trans"><h2>英特尔正在缩减其雄心</h2>
</div><p>A theme of the report was right-sizing the business in order to meet demand, rather than investing ahead of demand. On the call, Tan summed up this strategy, saying, &#34;I do not subscribe to the belief that, 'If you build it, they will come.' Under my leadership, we will build what customers need, when they need it, and earn their trust, through consistent execution.&#34;</p>
<div class="lb-trans"><p>报告的一个主题是调整业务规模以满足需求，而不是提前投资。在电话会议上，林博总结了这一策略，表示：“我不相信 ‘如果你建造它，他们就会来’ 的观点。在我的领导下，我们将根据客户的需求，及时构建他们所需的产品，并通过持续的执行赢得他们的信任。”</p>
</div><p>In line with that thinking and in addition to the layoffs and targeted reduction in operating expenses, Intel is also aiming to reduce its capital expenditures to $18 billion for the year. That includes abandoning projects in Germany and Poland, and consolidating assembly and test operations in Costa Rica into larger sites in Vietnam and Malaysia. It also said it would slow the pace of construction at a new foundry in Ohio to ensure spending on it matches demand.</p>
<div class="lb-trans"><p>与这种思维一致，除了裁员和有针对性的运营费用削减外，英特尔还计划将资本支出减少至 180 亿美元。这包括放弃在德国和波兰的项目，并将哥斯达黎加的组装和测试业务整合到越南和马来西亚的更大场地。它还表示，将放慢在俄亥俄州新代工厂的建设速度，以确保支出与需求相匹配。</p>
</div><p>Due to a pull-forward effect from tariff fears, the company also expects the second half of the year to be below the seasonal level. In its third-quarter guidance, it called for revenue of $12.6 billion to $13.6 billion, a slight decline at the midpoint, and it sees break-even EPS.</p>
<div class="lb-trans"><p>由于关税担忧的提前效应，公司还预计下半年的表现将低于季节水平。在其第三季度指引中，英特尔预计收入为 126 亿美元至 136 亿美元，中间值略有下降，并预计每股盈亏平衡。</p>
</div><p>Intel's 18A process may be its most consequential project, and one that Intel bulls had hoped will drive profitability in the foundry unit, opening it up to third-party customers and potentially making it competitive with <strong>TSMC</strong>. Intel began the start of production wafers at its plant in Arizona in the quarter, a key milestone. Tan said 18A is the foundation of the next three generations of Intel client and server products and the company is committed to fully scaling the technology.</p>
<div class="lb-trans"><p>英特尔的 18A 工艺可能是其最重要的项目，也是英特尔多头希望推动代工部门盈利的项目，使其能够向第三方客户开放，并可能与 <strong>台积电</strong> 竞争。英特尔在该季度开始在亚利桑那州的工厂生产晶圆，这是一个关键里程碑。林博表示，18A 是英特尔客户端和服务器产品未来三代的基础，公司致力于全面推广该技术。</p>
</div><h2>Can Intel turn it around?</h2>
<div class="lb-trans"><h2>英特尔能否扭转局面？</h2>
</div><p>While Tan deserves some time to execute a turnaround, for which cost-cutting is the first step, the struggles are only magnified when you compare Intel to its peers.</p>
<div class="lb-trans"><p>虽然林博值得一些时间来执行扭转计划，而成本削减是第一步，但当你将英特尔与同行进行比较时，困难只会加剧。</p>
</div><p>Virtually every semiconductor stock is thriving in the current AI boom, which has been the biggest windfall in the sector arguably since the dot-com era.</p>
<div class="lb-trans"><p>几乎每一只半导体股票在当前的人工智能热潮中都蓬勃发展，这可能是自互联网泡沫时代以来该行业最大的意外之财。</p>
</div><p>Not only is Intel unable to grow right now, it's unable to do so at a time when demand for all things AI is soaring. Peers like <strong>Nvidia</strong>, <strong>AMD</strong>, and <strong>Micron</strong> are all seeing strong growth, and even stocks of legacy tech companies like <strong>IBM</strong> and <strong>Oracle</strong> have soared lately on excitement for their AI-related products.</p>
<div class="lb-trans"><p>英特尔不仅无法实现增长，而且在所有与人工智能相关的需求飙升的时刻也无法做到。像 <strong>英伟达</strong>、<strong>AMD</strong> 和 <strong>美光</strong> 这样的同行都在实现强劲增长，甚至像 <strong>IBM</strong> 和 <strong>甲骨文</strong> 这样的老牌科技公司的股票也因其与人工智能相关的产品而最近大幅上涨。</p>
</div><p>While Intel is facing myriad challenges and has been unable to turn a profit, it may only take one success to rewrite the narrative in the stock. For now, though, that still seems elusive, and a downturn in the industry would set back its turnaround hopes even further.</p>
<div class="lb-trans"><p>尽管英特尔面临众多挑战，并且无法实现盈利，但只需一次成功就可能重写股票的叙述。然而，目前看来，这仍然遥不可及，行业的下滑将进一步拖延其扭转希望。</p>
</div><p>At this point, Intel needs to show evidence that a turnaround is underway before it's investable, but the frothiness in the chip sector and the broad market offers some upside if the company can take the first step toward recovery.</p>
<div class="lb-trans"><p>此时，英特尔需要展示出扭转局面的证据，才能被视为可投资，但芯片行业的泡沫和广泛市场提供了一些上行空间，如果公司能够迈出恢复的第一步。</p>
</div>

This Is the Best Reason to Invest in Intel Now. And It Might Be the Only One.

- 英特尔在新任 CEO Tan 的领导下，报告了令人失望的季度业绩。  
- 收入为 129 亿美元，低于预期，净亏损每股 0.10 美元。  
- 公司计划削减开支并调整业务以应对需求，未来前景仍不明朗。  

现在投资英特尔的最佳理由是什么？这可能是唯一的理由