<p><strong>英特尔</strong>（INTC 3.46%）的新任首席执行官并没有浪费时间，迅速采取他认为必要的措施，以扭转这家曾经在半导体技术领域领先的公司的局面。英特尔在七月底公布了第二季度的财报，但李博文（Lip-Bu Tan）在发布时公开的备忘录吸引了投资者的主要关注。</p>
<p>这位在三月接任的首席执行官列出了几项战略举措，旨在扭转英特尔的财务状况。考虑到英特尔在半导体行业的重要性，这些举措有可能对多家公司产生影响。</p>
<p>事实上，这对行业中最具主导地位的力量之一来说是个好消息，而另一家主要参与者的未来可能面临更大的不确定性。原因如下。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84Mjc1ODUvaW50ZWwtaW50ZWwtY3ViZS1zdGF0dWUtd2l0aC1pbnRlbC1sb2dvLXdpdGgtbGFyZ2UtYnVpbGRpbmctaW4tYmFja2dyb3VuZC5qcGcmdz03MDA?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="700" height="420" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84Mjc1ODUvaW50ZWwtaW50ZWwtY3ViZS1zdGF0dWUtd2l0aC1pbnRlbC1sb2dvLXdpdGgtbGFyZ2UtYnVpbGRpbmctaW4tYmFja2dyb3VuZC5qcGcmdz03MDA"/></p>
<p>图片来源：英特尔。</p>
<h2>英特尔新闻发布中最重要的公告</h2>
<p>虽然英特尔的第二季度收入超出了预期，但这完全被李博文计划将英特尔打造成 “一个更具财务纪律的代工厂” 的消息所掩盖。代工业务（即实际制造物理芯片的业务）在上个季度产生了 44 亿美元的收入，同比增长 3%。</p>
<p>但这 44 亿美元收入的绝大部分来自于内部服务（即为销售打印和包装英特尔自己的芯片）。仅有微不足道的 2200 万美元来自为其他半导体公司制造芯片，而这一数字较去年同期的 3900 万美元有所下降。</p>
<p>在过去十年中，英特尔的代工能力已经落后于其最大的竞争对手 <strong>台积电</strong>（TSM -2.76%）。因此，在其 10-Q 的风险部分，该公司表示：“到目前为止，我们在吸引重要客户到我们的外部代工业务方面未能取得成功。”</p>
<p>这就是李博文所说的英特尔需要进行重大变革的原因。他在关于投资代工设备的声明中写道：“不再有空白支票。” 相反，重点是专注于为内部芯片提升英特尔最新的工艺节点。工艺节点缩小了芯片上印刷的晶体管的尺寸，通过每平方毫米硅中容纳更多晶体管，实现更快和更节能的芯片。</p>
<p>英特尔最新的工艺节点被称为 18A，表示节点尺寸为 18 埃（1/10,000 毫米）。请注意，这个尺寸在很大程度上已成为逐步缩小节点的市场营销。接下来是英特尔的下一代节点 14A，只有在英特尔获得客户承诺后才会推进。</p>
<p>这代表了英特尔战略上的巨大转变，因为它可能在不久的将来完全退出领先的半导体制造。这将把市场上最有利可图的部分拱手让给竞争对手，而英特尔将成为他们最先进芯片的客户。这可能会对整个行业产生严重影响。</p>
<h2>对英特尔供应商的坏消息</h2>
<p>李博文决定减少对代工的支出，这意味着设备制造商可能会失去一个重要客户。受到最大影响的公司之一是 <strong>ASML 控股</strong>（ASML -1.44%）。它制造最先进的光刻机，这些机器是最先进芯片制造过程所必需的。</p>
<p>当 ASML 发布其第二季度财报时，管理层降低了对 2026 年增长的预期。“我们继续看到由于宏观经济和地缘政治发展的不确定性增加。因此，尽管我们仍在为 2026 年的增长做准备，但在这个阶段我们无法确认。” 管理层写道。</p>
<p>随着英特尔的财报发布，我们现在有更多细节了解为什么 ASML 对其未来不那么自信。英特尔的 14A 工艺在很大程度上依赖于 ASML 工具的能力。其最新的高数值孔径（NA）极紫外（EUV）光刻机的成本 reportedly 为 4 亿美元。英特尔曾是 ASML 的重要买家，但现在这一收入来源变得更加不确定。</p>
<p>失去一个最大客户的业务无疑对股票来说是坏消息。但 ASML 的机器没有可行的替代品。失去英特尔作为客户将是一个打击，但随着对领先芯片的需求似乎不会很快减弱，其他代工厂可能会逐渐填补这一空缺。以大约 25 倍的未来收益价格，市场可能正在给投资者一个在这一挫折中以合理价值购买 ASML 股票的机会。</p>
<h2>英特尔转变的最大赢家</h2>
<p>随着英特尔减少对其代工的资本支出，并专注于为其 14A 节点寻找重要客户，其最大的竞争对手之一有望扩大领先优势。<strong>台积电</strong>（TSM -2.76%）计划在今年将资本支出（capex）增加约 34%，以达到其指导中点的 400 亿美元。</p>
<p>台积电继续投资，期待未来的增长。它并不等待确保需求后再进行支出，但管理层在预测需求时仍然相当谨慎。它在 N2 工艺中获得了强劲的早期成果，并且已经有客户排队。其 A16 工艺也在快速推进。</p>
<p>管理层预计，由于其 A16 工艺在功率效率方面的改进，人工智能（AI）客户将迅速采用。</p>
<p>随着英特尔减少对代工的支出，台积电在技术和产能方面的领先优势可能会进一步扩大。如果英特尔未能吸引到 14A 工艺的重要客户，它计划完全停止对其的投资。这为台积电在下个十年开始为英特尔生产芯片打开了大门。英特尔的管理层甚至表示，如果未能推进 14A，它将依赖台积电为 18A 之后的节点提供代工服务。</p>
<p>目前，英特尔正在将领先芯片市场让给台积电。这将支持这家台湾公司在未来几年内实现非常强劲的收入增长，因为它正在提升其 2 纳米工艺并最终确定 16 埃工艺。考虑到该股票目前的交易价格约为预期收益的 25 倍，许多分析师可能会因其有潜力增加更多英特尔的业务而上调这些预期，现在看起来对投资者来说是一个绝佳的机会。</p>

英特尔

半导体 3 倍做多 - Direxion

<p>英特尔的新任首席执行官谭立夫正在实施战略变革，以改善公司的财务状况，重点关注内部芯片生产并减少外部代工服务。这一转变可能会对 ASML 控股公司产生负面影响，ASML 是芯片制造设备的关键供应商，因为英特尔减少了支出。相反，台湾半导体制造公司（TSMC）则有望从英特尔的变化中受益，计划大幅增加资本支出，以增强其在半导体市场的竞争优势</p>

<p><strong>Intel</strong>'s (INTC 3.46%) new CEO isn't wasting any time in making the changes he thinks are necessary to turn things around at the one-time leader in semiconductor technology. Intel reported its second-quarter earnings results in late July, but Lip-Bu Tan's public memo, published at the same time as the release, drew most of the attention of investors.</p>
<div class="lb-trans"><p><strong>英特尔</strong>（INTC 3.46%）的新任首席执行官并没有浪费时间，迅速采取他认为必要的措施，以扭转这家曾经在半导体技术领域领先的公司的局面。英特尔在七月底公布了第二季度的财报，但李博文（Lip-Bu Tan）在发布时公开的备忘录吸引了投资者的主要关注。</p>
</div><p>The CEO, who took over the position in March, laid out several strategic initiatives designed to turn around Intel's financial position. And considering Intel's importance in the semiconductor industry, they have the potential to reverberate across multiple companies.</p>
<div class="lb-trans"><p>这位在三月接任的首席执行官列出了几项战略举措，旨在扭转英特尔的财务状况。考虑到英特尔在半导体行业的重要性，这些举措有可能对多家公司产生影响。</p>
</div><p>In fact, it's great news for one of the most dominant forces in the industry, while another major player could see even greater uncertainty in its future. Here's why.</p>
<div class="lb-trans"><p>事实上，这对行业中最具主导地位的力量之一来说是个好消息，而另一家主要参与者的未来可能面临更大的不确定性。原因如下。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84Mjc1ODUvaW50ZWwtaW50ZWwtY3ViZS1zdGF0dWUtd2l0aC1pbnRlbC1sb2dvLXdpdGgtbGFyZ2UtYnVpbGRpbmctaW4tYmFja2dyb3VuZC5qcGcmdz03MDA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F827585%2Fintel-intel-cube-statue-with-intel-logo-with-large-building-in-background.jpg&amp;op=resize&amp;w=700"/></p>
<p>Image source: Intel.</p>
<div class="lb-trans"><p>图片来源：英特尔。</p>
</div><h2>The most important announcement in Intel's news release</h2>
<div class="lb-trans"><h2>英特尔新闻发布中最重要的公告</h2>
</div><p>While Intel beat revenue expectations for the second quarter, that was completely overshadowed by Tan's plans to make Intel &#34;a more financially disciplined foundry.&#34; The foundry business (that's the business of actually making the physical chips) generated $4.4 billion in revenue last quarter, up 3% year over year.</p>
<div class="lb-trans"><p>虽然英特尔的第二季度收入超出了预期，但这完全被李博文计划将英特尔打造成 “一个更具财务纪律的代工厂” 的消息所掩盖。代工业务（即实际制造物理芯片的业务）在上个季度产生了 44 亿美元的收入，同比增长 3%。</p>
</div><p>But the vast majority of that $4.4 billion in revenue stems from intersegment services (i.e., printing and packaging Intel's own chips for sale). Just a minuscule $22 million came from making chips for other semiconductor companies, and that's down from $39 million in the same quarter a year ago.</p>
<div class="lb-trans"><p>但这 44 亿美元收入的绝大部分来自于内部服务（即为销售打印和包装英特尔自己的芯片）。仅有微不足道的 2200 万美元来自为其他半导体公司制造芯片，而这一数字较去年同期的 3900 万美元有所下降。</p>
</div><p>Over the past decade, Intel's foundry capabilities have fallen behind those of its biggest competitor, <strong>Taiwan Semiconductor Manufacturing</strong>(TSM -2.76%). As a result, in the risks section of its 10-Q, the company says, &#34;We have been unsuccessful to date in attracting significant customers to our external foundry business.&#34;</p>
<div class="lb-trans"><p>在过去十年中，英特尔的代工能力已经落后于其最大的竞争对手 <strong>台积电</strong>（TSM -2.76%）。因此，在其 10-Q 的风险部分，该公司表示：“到目前为止，我们在吸引重要客户到我们的外部代工业务方面未能取得成功。”</p>
</div><p>That's why Tan says Intel needs a big change. &#34;There are no more blank checks,&#34; he wrote regarding investing in foundry equipment. Instead, the focus is on ramping up Intel's newest node exclusively for in-house chips. A node shrinks the size of the transistors printed on the chip, enabling faster and more power-efficient chips by packing more transistors per square millimeter of silicon.</p>
<div class="lb-trans"><p>这就是李博文所说的英特尔需要进行重大变革的原因。他在关于投资代工设备的声明中写道：“不再有空白支票。” 相反，重点是专注于为内部芯片提升英特尔最新的工艺节点。工艺节点缩小了芯片上印刷的晶体管的尺寸，通过每平方毫米硅中容纳更多晶体管，实现更快和更节能的芯片。</p>
</div><p>Intel's newest node is called 18A, denoting a node size of 18 angstrom (1/10,000 of a millimeter). Note that the size has mostly become marketing for incremental node shrinkage. Then there's Intel's next-generation node, 14A, which will only move forward if Intel receives customer commitments first.</p>
<div class="lb-trans"><p>英特尔最新的工艺节点被称为 18A，表示节点尺寸为 18 埃（1/10,000 毫米）。请注意，这个尺寸在很大程度上已成为逐步缩小节点的市场营销。接下来是英特尔的下一代节点 14A，只有在英特尔获得客户承诺后才会推进。</p>
</div><p>That represents a huge shift in strategy for Intel as it could withdraw altogether from leading-edge semiconductor manufacturing in the not-too-distant future. That would cede the most profitable segment of the market to its competitors, and Intel would become one of their customers for its most advanced chips. That could have some serious repercussions throughout the industry.</p>
<div class="lb-trans"><p>这代表了英特尔战略上的巨大转变，因为它可能在不久的将来完全退出领先的半导体制造。这将把市场上最有利可图的部分拱手让给竞争对手，而英特尔将成为他们最先进芯片的客户。这可能会对整个行业产生严重影响。</p>
</div><h2>Bad news for one of Intel's suppliers</h2>
<div class="lb-trans"><h2>对英特尔供应商的坏消息</h2>
</div><p>Tan's decision to pull back on spending for the foundry means equipment manufacturers may be losing a big customer. One of the companies that would be hit hardest is <strong>ASML Holding</strong>(ASML -1.44%). It makes cutting-edge lithography machines required for the most advanced chipmaking processes.</p>
<div class="lb-trans"><p>李博文决定减少对代工的支出，这意味着设备制造商可能会失去一个重要客户。受到最大影响的公司之一是 <strong>ASML 控股</strong>（ASML -1.44%）。它制造最先进的光刻机，这些机器是最先进芯片制造过程所必需的。</p>
</div><p>When ASML released its second-quarter earnings, management tempered growth expectations for 2026. &#34;We continue to see increasing uncertainty driven by macro-economic and geopolitical developments. Therefore, while we still prepare for growth in 2026, we cannot confirm it at this stage,&#34; management wrote.</p>
<div class="lb-trans"><p>当 ASML 发布其第二季度财报时，管理层降低了对 2026 年增长的预期。“我们继续看到由于宏观经济和地缘政治发展的不确定性增加。因此，尽管我们仍在为 2026 年的增长做准备，但在这个阶段我们无法确认。” 管理层写道。</p>
</div><p>With Intel's earnings release, we now have more details on why ASML isn't so confident in its future. Intel's 14A process is heavily reliant on the capabilities of ASML's tools. Its latest high numerical aperture (NA) extreme ultraviolet (EUV) lithography machine reportedly costs $400 million. Intel represented a significant buyer for ASML, but that's now a much more questionable source of revenue.</p>
<div class="lb-trans"><p>随着英特尔的财报发布，我们现在有更多细节了解为什么 ASML 对其未来不那么自信。英特尔的 14A 工艺在很大程度上依赖于 ASML 工具的能力。其最新的高数值孔径（NA）极紫外（EUV）光刻机的成本 reportedly 为 4 亿美元。英特尔曾是 ASML 的重要买家，但现在这一收入来源变得更加不确定。</p>
</div><p>Losing business from one of its biggest customers is certainly bad news for the stock. But there are no viable substitutes for ASML's machines. Losing Intel as a customer would sting, but other foundries may pick up the slack over time as demand for leading-edge chips doesn't appear to be slowing down anytime soon. At a price of around 25 times forward earnings, the market may be giving investors an opportunity to buy ASML stock at a fair value on the setback.</p>
<div class="lb-trans"><p>失去一个最大客户的业务无疑对股票来说是坏消息。但 ASML 的机器没有可行的替代品。失去英特尔作为客户将是一个打击，但随着对领先芯片的需求似乎不会很快减弱，其他代工厂可能会逐渐填补这一空缺。以大约 25 倍的未来收益价格，市场可能正在给投资者一个在这一挫折中以合理价值购买 ASML 股票的机会。</p>
</div><h2>The biggest winner from Intel's shift</h2>
<div class="lb-trans"><h2>英特尔转变的最大赢家</h2>
</div><p>As Intel pulls back on capital spending for its foundry and focuses on finding a significant customer for its 14A node, one of its biggest competitors stands to expand its lead. <strong>Taiwan Semiconductor Manufacturing</strong>(TSM -2.76%), or TSMC, is planning to increase its capital expenditures (capex) by about 34% this year to reach $40 billion at the midpoint of its guidance.</p>
<div class="lb-trans"><p>随着英特尔减少对其代工的资本支出，并专注于为其 14A 节点寻找重要客户，其最大的竞争对手之一有望扩大领先优势。<strong>台积电</strong>（TSM -2.76%）计划在今年将资本支出（capex）增加约 34%，以达到其指导中点的 400 亿美元。</p>
</div><p>TSMC continues to invest with expectations for future growth. It's not waiting around to ensure demand before it spends, but management is still fairly disciplined when it comes to forecasting demand. It's seen strong early results from its N2 process, and it already has customers lined up. Its A16 process is progressing quickly as well.</p>
<div class="lb-trans"><p>台积电继续投资，期待未来的增长。它并不等待确保需求后再进行支出，但管理层在预测需求时仍然相当谨慎。它在 N2 工艺中获得了强劲的早期成果，并且已经有客户排队。其 A16 工艺也在快速推进。</p>
</div><p>Management expects fast adoption from artificial intelligence (AI) customers for its A16 process due to the power-efficiency improvements it offers over the current nodes.</p>
<div class="lb-trans"><p>管理层预计，由于其 A16 工艺在功率效率方面的改进，人工智能（AI）客户将迅速采用。</p>
</div><p>With Intel pulling back on its foundry spending, TSMC's lead in both technology and capacity may grow even wider. And if Intel fails to attract a significant customer for its 14A process, it plans to discontinue investing in it entirely. That opens the door for TSMC to start printing Intel's chips next decade. Intel's management even said it would become dependent on TSMC for foundry services for nodes beyond 18A if it fails to advance 14A in its 10-Q.</p>
<div class="lb-trans"><p>随着英特尔减少对代工的支出，台积电在技术和产能方面的领先优势可能会进一步扩大。如果英特尔未能吸引到 14A 工艺的重要客户，它计划完全停止对其的投资。这为台积电在下个十年开始为英特尔生产芯片打开了大门。英特尔的管理层甚至表示，如果未能推进 14A，它将依赖台积电为 18A 之后的节点提供代工服务。</p>
</div><p>For now, Intel is ceding the market for leading-edge chips to TSMC. That should support very strong revenue growth for the Taiwanese company over the next few years, as it ramps up its 2-nanometer process and finalizes the 16-angstrom process. Considering the stock currently trades around 25 times earnings expectations, and many analysts could revise those expectations higher with the potential for it to add more of Intel's business, it looks like a great opportunity for investors right now.</p>
<div class="lb-trans"><p>目前，英特尔正在将领先芯片市场让给台积电。这将支持这家台湾公司在未来几年内实现非常强劲的收入增长，因为它正在提升其 2 纳米工艺并最终确定 16 埃工艺。考虑到该股票目前的交易价格约为预期收益的 25 倍，许多分析师可能会因其有潜力增加更多英特尔的业务而上调这些预期，现在看起来对投资者来说是一个绝佳的机会。</p>
</div>

Intel's Making a Strategic Shift That's Great News for 1 Semiconductor Stock and Bad for Another Industry Giant

- 英特尔新任 CEO Tan 提出战略计划以改善财务状况。  
- 第二季度收入超预期，但外部代工业务吸引客户困难。  
- 台湾半导体制造公司将受益于英特尔的支出缩减。  

英特尔正在进行战略转型，这对一家半导体公司来说是利好消息，但对另一家行业巨头则不利