<p><strong>英特尔</strong>(INTC -0.05%) 在近期的表现不佳中可能在科技行业中无与伦比。在过去的 10 年里，尽管许多半导体同行和 “七大巨头” 都取得了巨大的回报，但该股票下跌了 26%。</p>
<p>英特尔最近的财报突显了公司面临的多重挑战，新任首席执行官林步坦正在进行大规模的裁员计划。公司已经裁减了 15% 的员工。它正在剥离其网络和边缘业务，将英特尔转变为一个可以接受外部投资的独立公司。它还对不再有用的设备进行了更多的减值处理。</p>
<p>这都是林步坦战略的一部分，旨在将业务重新聚焦于核心优先事项，如人工智能、x86 CPU 系列以及其 18A 工艺的铸造厂的推出。</p>
<p>一些投资者仍然押注于英特尔的最终反弹，但最新的报告显示，这可能比投资者希望的时间要长。与其购买英特尔，投资者不如购买这两只正在利用公司困境的股票。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjY4MTUvYWktY2hpcC5qcGcmdz03MDA?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjY4MTUvYWktY2hpcC5qcGcmdz03MDA"/></p>
<p>图片来源：Getty Images。</p>
<h2>1. 超威半导体</h2>
<p>虽然英特尔在过去十年中表现不佳，<strong>超威半导体</strong>(AMD 0.45%) 却成为赢家，在以 PC 为中心的客户领域从英特尔手中抢占了市场份额。</p>
<p>它还证明自己更加灵活，剥离了铸造业务，成为一家无厂房设计公司，并且在人工智能图形处理单元 (GPU) 领域成为 <strong>英伟达</strong> 的最接近竞争者，尽管在领导者面前仍然是遥不可及的第二名。AMD 通过收购多家人工智能初创公司来增强其产品供应，使其更具竞争力。</p>
<p>AMD 的增长速度也远快于英特尔，显示出它正在利用人工智能的繁荣。它尚未公布第二季度的业绩，但在第一季度，收入增长了 36%，达到了 74.4 亿美元，这得益于其在数据中心的成功，收入跃升 57% 至 37 亿美元，以及在客户领域的收入跃升 68% 至 23 亿美元，得益于其 Zen 5 Ryzen 处理器。</p>
<p>相比之下，英特尔在其客户领域的收入下降了 3%，降至 79 亿美元。正如这些数字所示，英特尔仍然是 PC 芯片的领导者，但 AMD 正在迅速获得市场份额。客户领域也是英特尔最大的领域，占其收入的近一半，扣除内部交易消除后。</p>
<p>最后，AMD 处于强势地位，因为它在中央处理器 (CPU) 和 GPU 领域都有健康的业务，这将在人工智能时代为其带来好处。</p>
<h2>2. 台积电</h2>
<p>在铸造业务中，英特尔的主要竞争对手是 <strong>台积电</strong>(TSM 0.60%)，即台湾半导体制造公司。事实上，目前的竞争并不接近，因为台湾半导体占据了全球合同芯片的一半以上，以及全球约 90% 的先进芯片生产，甚至为英特尔制造先进芯片。</p>
<p>英特尔希望在合同业务中挑战台积电，但目前这家传统芯片制造商远远落后，这一战略的实现还需要数年时间。</p>
<p>与此同时，台湾半导体继续实现惊人的增长。在第二季度，它报告了以美元计的 44.4% 的收入增长，达到了 301 亿美元，利润也大幅飙升，每股收益跃升 60.1% 至 2.47 美元。</p>
<p>得益于其在合同铸造业务的主导地位以及与英伟达和 <strong>苹果</strong> 等科技巨头的关系，台积电享有巨大的运营利润率，第二季度达到了 49.6%。相比之下，英特尔在盈利方面苦苦挣扎。</p>
<p>台积电现在大部分收入来自先进芯片，其定义为 7 纳米 (7nm) 或更小。这一在先进芯片领域的优势也使其能够继续利用人工智能的增长。</p>
<p>考虑到其增长率，台积电的估值在 29 倍的市盈率下看起来也很有吸引力。随着英特尔和 <strong>三星</strong> 等竞争对手的失利，台积电的领导地位变得更加显著。该股票看起来将继续成为赢家。</p>

台积电

英特尔

<p>英特尔最近的困境导致建议投资于超微半导体（AMD）和台积电（TSMC）。超微半导体从英特尔那里获得了市场份额，报告显示收入增长了 36%，而台积电在代工业务中占据主导地位，收入增长达 44.4%。英特尔面临的挑战包括裁员和收入下降，使其相比于这些在人工智能热潮和先进芯片生产中获益的竞争对手显得不那么有吸引力</p>

<p><strong>Intel</strong>(INTC -0.05%) may be unrivaled in the tech sector in its underperformance in recent history. Over the last 10 years, the stock is down 26% even as many of its semiconductor peers and the &#34;Magnificent Seven&#34; have delivered monster returns.</p>
<div class="lb-trans"><p><strong>英特尔</strong>(INTC -0.05%) 在近期的表现不佳中可能在科技行业中无与伦比。在过去的 10 年里，尽管许多半导体同行和 “七大巨头” 都取得了巨大的回报，但该股票下跌了 26%。</p>
</div><p>Intel's recent earnings report highlighted the company's multiple challenges as new CEO Lip-Bu Tan has embarked on a massive right-sizing campaign. The company has already laid off 15% of its workforce. It's spinning off its networking and edge business, turning Intel into a stand-alone company that can take on outside investment. It's also taken more impairments for equipment that's no longer useful.</p>
<div class="lb-trans"><p>英特尔最近的财报突显了公司面临的多重挑战，新任首席执行官林步坦正在进行大规模的裁员计划。公司已经裁减了 15% 的员工。它正在剥离其网络和边缘业务，将英特尔转变为一个可以接受外部投资的独立公司。它还对不再有用的设备进行了更多的减值处理。</p>
</div><p>That's all part of Tan's strategy of refocusing the business on core priorities like AI, its x86 CPU franchise, and the launch of a foundry for its 18A process.</p>
<div class="lb-trans"><p>这都是林步坦战略的一部分，旨在将业务重新聚焦于核心优先事项，如人工智能、x86 CPU 系列以及其 18A 工艺的铸造厂的推出。</p>
</div><p>Some investors continue to bet on Intel's eventual turnaround, but the latest report shows that's likely to take longer than investors had hoped. Instead of buying Intel, investors are better off buying these two stocks that are capitalizing on the company's struggles.</p>
<div class="lb-trans"><p>一些投资者仍然押注于英特尔的最终反弹，但最新的报告显示，这可能比投资者希望的时间要长。与其购买英特尔，投资者不如购买这两只正在利用公司困境的股票。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjY4MTUvYWktY2hpcC5qcGcmdz03MDA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F826815%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>1. Advanced Micro Devices</h2>
<div class="lb-trans"><h2>1. 超威半导体</h2>
</div><p>While Intel has struggled over the last decade, <strong>Advanced Micro Devices</strong>(AMD 0.45%) has emerged as a winner, grabbing market share from Intel in the PC-focused client segment.</p>
<div class="lb-trans"><p>虽然英特尔在过去十年中表现不佳，<strong>超威半导体</strong>(AMD 0.45%) 却成为赢家，在以 PC 为中心的客户领域从英特尔手中抢占了市场份额。</p>
</div><p>It's also proven itself to be more nimble, shedding its foundry business to become a fabless designer, and it's emerged as the closest challenger to <strong>Nvidia</strong> in AI graphics processing units (GPUs), though it's a distant second behind the leader. AMD has made several acquisitions of start-ups in AI to bolster its product offerings and make it more competitive.</p>
<div class="lb-trans"><p>它还证明自己更加灵活，剥离了铸造业务，成为一家无厂房设计公司，并且在人工智能图形处理单元 (GPU) 领域成为 <strong>英伟达</strong> 的最接近竞争者，尽管在领导者面前仍然是遥不可及的第二名。AMD 通过收购多家人工智能初创公司来增强其产品供应，使其更具竞争力。</p>
</div><p>AMD is also growing much faster than Intel, showing it's capitalizing on the AI boom. It hasn't reported second-quarter results yet, but in its first quarter, revenue rose 36% to $7.44 billion, driven by its success in both the data center, where revenue jumped 57% to $3.7 billion, and in the client segment, where revenue jumped 68% to $2.3 billion on the strength of its Zen 5 Ryzen processors.</p>
<div class="lb-trans"><p>AMD 的增长速度也远快于英特尔，显示出它正在利用人工智能的繁荣。它尚未公布第二季度的业绩，但在第一季度，收入增长了 36%，达到了 74.4 亿美元，这得益于其在数据中心的成功，收入跃升 57% 至 37 亿美元，以及在客户领域的收入跃升 68% 至 23 亿美元，得益于其 Zen 5 Ryzen 处理器。</p>
</div><p>By contrast, Intel reported a 3% revenue decline in its client segment to $7.9 billion. As those numbers show, Intel is still the leader in PC chips, but AMD is rapidly gaining market share. The client segment is also Intel's biggest, making up nearly half of its revenue before intersegment eliminations.</p>
<div class="lb-trans"><p>相比之下，英特尔在其客户领域的收入下降了 3%，降至 79 亿美元。正如这些数字所示，英特尔仍然是 PC 芯片的领导者，但 AMD 正在迅速获得市场份额。客户领域也是英特尔最大的领域，占其收入的近一半，扣除内部交易消除后。</p>
</div><p>Finally, AMD is in a strong position because it has healthy franchises in both central processing units (CPUs) and GPUs, which should benefit it in the AI era.</p>
<div class="lb-trans"><p>最后，AMD 处于强势地位，因为它在中央处理器 (CPU) 和 GPU 领域都有健康的业务，这将在人工智能时代为其带来好处。</p>
</div><h2>2. TSMC</h2>
<div class="lb-trans"><h2>2. 台积电</h2>
</div><p>In the foundry business, Intel's primary competitor is <strong>TSMC</strong>(TSM 0.60%), or Taiwan Semiconductor Manufacturing. In fact, it's not a close competition at this point as Taiwan Semiconductor makes up more than half of the contract chips in the world and roughly 90% of advanced chip production in the world, even manufacturing advanced chips for Intel.</p>
<div class="lb-trans"><p>在铸造业务中，英特尔的主要竞争对手是 <strong>台积电</strong>(TSM 0.60%)，即台湾半导体制造公司。事实上，目前的竞争并不接近，因为台湾半导体占据了全球合同芯片的一半以上，以及全球约 90% 的先进芯片生产，甚至为英特尔制造先进芯片。</p>
</div><p>Intel has aspirations of challenging TSMC in the contract business, but at this point, the legacy chip maker is far behind, and it will take years for that strategy to materialize.</p>
<div class="lb-trans"><p>英特尔希望在合同业务中挑战台积电，但目前这家传统芯片制造商远远落后，这一战略的实现还需要数年时间。</p>
</div><p>In the meantime, Taiwan Semiconductor continues to post blistering growth. In Q2, it reported 44.4% revenue growth in U.S. dollars to $30.1 billion, and profits have soared as well, as earnings per share jumped 60.1% to $2.47.</p>
<div class="lb-trans"><p>与此同时，台湾半导体继续实现惊人的增长。在第二季度，它报告了以美元计的 44.4% 的收入增长，达到了 301 亿美元，利润也大幅飙升，每股收益跃升 60.1% 至 2.47 美元。</p>
</div><p>Thanks to its dominance of the contract foundry business and relationships with tech giants like Nvidia and <strong>Apple</strong>, TSMC enjoys huge operating margins, which came in at 49.6% in Q2. By comparison, Intel is struggling to turn a profit.</p>
<div class="lb-trans"><p>得益于其在合同铸造业务的主导地位以及与英伟达和 <strong>苹果</strong> 等科技巨头的关系，台积电享有巨大的运营利润率，第二季度达到了 49.6%。相比之下，英特尔在盈利方面苦苦挣扎。</p>
</div><p>TSMC now makes most of its revenue from advanced chips, which it defines as 7 nanometers (7nm) or less. That strength in advanced chips also positions it to continue to take advantage of growth in AI.</p>
<div class="lb-trans"><p>台积电现在大部分收入来自先进芯片，其定义为 7 纳米 (7nm) 或更小。这一在先进芯片领域的优势也使其能够继续利用人工智能的增长。</p>
</div><p>Considering its growth rate, TSMC's valuation also looks attractive at a price-to-earnings ratio of 29. As rivals like Intel and <strong>Samsung</strong> have faltered, TSMC's leadership position has become even more dominant. The stock looks set to continue being a winner.</p>
<div class="lb-trans"><p>考虑到其增长率，台积电的估值在 29 倍的市盈率下看起来也很有吸引力。随着英特尔和 <strong>三星</strong> 等竞争对手的失利，台积电的领导地位变得更加显著。该股票看起来将继续成为赢家。</p>
</div>

Should You Forget Intel and Buy These 2 Tech Stocks Instead?

- 英特尔在过去十年中股价下跌 26%，面临多重挑战。  
- AMD 和台积电在市场中表现强劲，分别在 AI 和代工领域占据优势。  
- 投资者更应关注 AMD 和台积电，而非英特尔的潜在反弹。  

你是否应该抛开英特尔，转而购买这两只科技股票？