<p><strong>英特尔</strong>(INTC 1.39%) 近年来面临着巨大的挑战。去年不仅出现了数十亿美元的亏损，其营收也出现了下降。尽管 530 亿美元仍然是一个可观的收入，但 2024 年的这一数字比英特尔在 2021 年创造的 790 亿美元下降了超过 30%。</p>
<p>考虑到其令人担忧的财务状况，股票表现不佳也就不足为奇了；在过去五年中，英特尔的市值损失了一半。虽然一些人可能会认为这使得芯片制造商的股票变得便宜，但投资者可能担心这不过是一个价值陷阱。</p>
<p>然而，最近美国政府宣布将对这家科技公司持有 10% 的股份，这可能为其运营带来一些稳定性。这是否会使英特尔成为一个长期持有的更安全的股票？</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzIxOTQvcGVvcGxlLWFncmVlaW5nLW9uLWEtZGVhbC5qcGcmdz03MDA?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzIxOTQvcGVvcGxlLWFncmVlaW5nLW9uLWEtZGVhbC5qcGcmdz03MDA"/></p>
<p>图片来源：Getty Images。</p>
<h2>为什么政府投资可能有助于业务</h2>
<p>8 月 22 日，英特尔宣布与美国政府达成了一项 “历史性协议”，将之前根据 2022 年《芯片与科学法案》授予英特尔的数十亿美元补助金转化为政府对该公司的约 10% 股权投资。</p>
<p>虽然一些投资者可能担心这对公司的长期战略意味着什么，以及是否会影响决策，但英特尔指出，这项投资将是被动的，政府将 “没有董事会代表或其他治理或信息权利”。</p>
<p>政府持有英特尔的股份，可能会导致进一步的支持和有利于行业的法规，以帮助业务在长期内取得成功。</p>
<h2>为什么这项协议可能给投资者带来虚假的安全感</h2>
<p>从表面上看，一切看起来都很好，拥有一个有影响力且资金雄厚的被动投资者听起来并不坏。但事情在现实中如何发展可能大相径庭。例如，上个月，唐纳德·特朗普总统呼吁英特尔首席执行官谭立夫辞职，几天后又对他表示赞赏。</p>
<p>这可能是未来的一个迹象，因为虽然美国政府在英特尔的董事会没有席位，但这并不意味着特朗普不会通过社交媒体或其他方式进一步影响公司的行动。无论这种影响是否有效，其潜在性都可能对投资者及其对股票的看法产生影响。</p>
<p>另一个需要考虑的因素是下一届政府可能会发生什么。联邦政策可能会发生剧烈变化，这就是为什么基于对政府行动假设进行投资可能存在风险。</p>
<h2>英特尔仍然是一只风险股票</h2>
<p>政府作为主要投资者并不会解决英特尔业务相关的问题。该公司仍在盈利能力方面挣扎，距离实现盈亏平衡还有很长的路要走——尤其是在其大力投资于业务增长的努力时。上个季度，其销售额同比持平，运营利润率为负 24.7%。</p>
<p>没有更强的财务状况和更好的增长前景，谁或什么在投资英特尔都无关紧要。对于长期投资的投资者来说，基本面和增长前景是最重要的。不幸的是，这些并不是英特尔今天的强项。</p>
<p>目前，精明的投资者应该将英特尔的股票列入观察名单，而不是购买。这里仍然存在很大的风险。</p>

英特尔

<p>英特尔面临重大挑战，包括数十亿美元的亏损以及 2021 年至 2024 年间 30% 的收入下降。尽管最近获得了政府 10% 的投资，但人们对该公司的长期战略和盈利能力仍然存在担忧。政府的被动角色可能无法缓解英特尔持续面临的困境，因为它仍在与负的运营利润率和平稳的销售额作斗争。鉴于固有风险和缺乏强劲的增长前景，投资者被建议关注英特尔的股票，而不是购买它</p>

<p><strong>Intel</strong>(INTC 1.39%) has been struggling mightily in recent years. Not only did it post a multibillion-dollar loss last year, but its top line also declined. While $53 billion is still a lot of revenue, that tally from 2024 was down more than 30% from the $79 billion that Intel generated just a few years earlier in 2021.</p>
<div class="lb-trans"><p><strong>英特尔</strong>(INTC 1.39%) 近年来面临着巨大的挑战。去年不仅出现了数十亿美元的亏损，其营收也出现了下降。尽管 530 亿美元仍然是一个可观的收入，但 2024 年的这一数字比英特尔在 2021 年创造的 790 亿美元下降了超过 30%。</p>
</div><p>Unsurprisingly, considering its troubling financials, the stock has been an atrocious holding; Intel has lost half of its value over the past five years. And while some might expect that to have left the chipmaker's stock a cheap buy, investors are likely concerned that it's nothing more than a value trap these days.</p>
<div class="lb-trans"><p>考虑到其令人担忧的财务状况，股票表现不佳也就不足为奇了；在过去五年中，英特尔的市值损失了一半。虽然一些人可能会认为这使得芯片制造商的股票变得便宜，但投资者可能担心这不过是一个价值陷阱。</p>
</div><p>Recently, however, the U.S. government announced it would be taking a 10% stake in the tech company, which could add some stability to its operations. Could this make Intel a safer stock to hold for the long haul?</p>
<div class="lb-trans"><p>然而，最近美国政府宣布将对这家科技公司持有 10% 的股份，这可能为其运营带来一些稳定性。这是否会使英特尔成为一个长期持有的更安全的股票？</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzIxOTQvcGVvcGxlLWFncmVlaW5nLW9uLWEtZGVhbC5qcGcmdz03MDA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F832194%2Fpeople-agreeing-on-a-deal.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>Why the government investment could help the business</h2>
<div class="lb-trans"><h2>为什么政府投资可能有助于业务</h2>
</div><p>On Aug. 22, Intel announced a &#34;historic agreement&#34; with the U.S. government that took billions of dollars in grants that previously had been awarded to Intel under the CHIPS and Science Act of 2022 to support its construction of new chip foundries, and converted those funds into payment for a roughly 10% equity stake in the company for the government.</p>
<div class="lb-trans"><p>8 月 22 日，英特尔宣布与美国政府达成了一项 “历史性协议”，将之前根据 2022 年《芯片与科学法案》授予英特尔的数十亿美元补助金转化为政府对该公司的约 10% 股权投资。</p>
</div><p>While some investors may worry what this might mean for the company's long-term strategy, and whether it may impact decisions, Intel notes that the investment will be a passive one, and that the government will have &#34;no Board representation or other governance or information rights.&#34;</p>
<div class="lb-trans"><p>虽然一些投资者可能担心这对公司的长期战略意味着什么，以及是否会影响决策，但英特尔指出，这项投资将是被动的，政府将 “没有董事会代表或其他治理或信息权利”。</p>
</div><p>With the government having a stake in Intel, that may lead to further support and industry-friendly regulations to help the business succeed in the long run.</p>
<div class="lb-trans"><p>政府持有英特尔的股份，可能会导致进一步的支持和有利于行业的法规，以帮助业务在长期内取得成功。</p>
</div><h2>Why the agreement may give investors a false sense of security</h2>
<div class="lb-trans"><h2>为什么这项协议可能给投资者带来虚假的安全感</h2>
</div><p>On paper, everything looks fine, and having a passive investor with a lot of influence and money doesn't sound bad at all. But how things play out in reality can be a far different story. Last month, for example, President Donald Trump called for Intel CEO Lip-Bu Tan to resign, only to praise him a few days later.</p>
<div class="lb-trans"><p>从表面上看，一切看起来都很好，拥有一个有影响力且资金雄厚的被动投资者听起来并不坏。但事情在现实中如何发展可能大相径庭。例如，上个月，唐纳德·特朗普总统呼吁英特尔首席执行官谭立夫辞职，几天后又对他表示赞赏。</p>
</div><p>This could be a sign of things to come because while the U.S. government may not have a seat on Intel's board, that doesn't mean that Trump won't try to further influence the company's actions through social media or other means. And regardless of whether it works or not, the potential for it to happen can have an impact on investors and their outlook for the stock.</p>
<div class="lb-trans"><p>这可能是未来的一个迹象，因为虽然美国政府在英特尔的董事会没有席位，但这并不意味着特朗普不会通过社交媒体或其他方式进一步影响公司的行动。无论这种影响是否有效，其潜在性都可能对投资者及其对股票的看法产生影响。</p>
</div><p>Another thing to consider is also what might happen under the next administration. Federal policies can change drastically, which is why investing in a stock based on assumptions about government action can be risky.</p>
<div class="lb-trans"><p>另一个需要考虑的因素是下一届政府可能会发生什么。联邦政策可能会发生剧烈变化，这就是为什么基于对政府行动假设进行投资可能存在风险。</p>
</div><h2>Intel is still a risky stock to own</h2>
<div class="lb-trans"><h2>英特尔仍然是一只风险股票</h2>
</div><p>Having the government as a major investor also won't fix the problems related to Intel's business. The company is still struggling with profitability, and it has a long way to go to get back to breakeven -- particularly as it's investing heavily in efforts to grow its business. Last quarter, its sales were flat year over year, and its operating margin was negative 24.7%.</p>
<div class="lb-trans"><p>政府作为主要投资者并不会解决英特尔业务相关的问题。该公司仍在盈利能力方面挣扎，距离实现盈亏平衡还有很长的路要走——尤其是在其大力投资于业务增长的努力时。上个季度，其销售额同比持平，运营利润率为负 24.7%。</p>
</div><p>Without stronger financials and better growth prospects, it won't matter who or what is investing in Intel. For investors buying a stock for the long haul, fundamentals and growth prospects matter most. And unfortunately, those aren't Intel's strengths today.</p>
<div class="lb-trans"><p>没有更强的财务状况和更好的增长前景，谁或什么在投资英特尔都无关紧要。对于长期投资的投资者来说，基本面和增长前景是最重要的。不幸的是，这些并不是英特尔今天的强项。</p>
</div><p>For now, savvy investors should keep Intel's stock on their watch lists rather than buying it. There's still a lot of risk here.</p>
<div class="lb-trans"><p>目前，精明的投资者应该将英特尔的股票列入观察名单，而不是购买。这里仍然存在很大的风险。</p>
</div>

Does the Government Taking a Stake in Intel Make It a Good Buy Right Now?

- 英特尔在过去几年面临巨额亏损，2024 年收入下降超过 30%。  
- 美国政府以 10% 股权投资英特尔，可能带来行业支持。  
- 然而，英特尔仍面临盈利能力问题，投资风险依旧。  

政府入股英特尔是否使其成为当前值得购买的股票？