<p><strong>英特尔</strong>(INTC -3.22%) 有了一个新的强大盟友。周四，<strong>英伟达</strong>(NVDA 0.34%) 宣布将投资 50 亿美元于英特尔，并共同开发多个世代的定制产品，涵盖数据中心和个人电脑。消息传出后，英特尔的股价上涨超过 20%，投资者开始消化与人工智能（AI）计算领域领导者的合作对公司多年的转型可能意味着什么。</p>
<p>这家半导体老牌企业设计和制造中央处理器（CPU），并运营合同制造业务。近年来，英特尔面临产品延迟、利润缩减以及其代工业务的重大亏损。与英伟达的合作为英特尔提供了新的设计机会，并在以 AI 为中心的系统中占据了更强的位置。投资者关心的问题是，这是否能转化为持久的盈利能力。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzQzMDUvdG9wLWFpLXN0b2NrLXRvLWJ1eS1ub3cuanBnJnc9NzAw?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzQzMDUvdG9wLWFpLXN0b2NrLXRvLWJ1eS1ub3cuanBnJnc9NzAw"/></p>
<p>图片来源：Getty Images。</p>
<h2>一项值得信赖的信心投票</h2>
<p>英伟达的公告列出了两个具体的要点。首先，英特尔将设计英伟达定制的 x86 CPU，英伟达将其集成到其 AI 基础设施平台中。其次，英特尔将为个人电脑构建集成英伟达 RTX GPU 芯片的 x86 系统芯片。</p>
<p>作为合作的一部分，英伟达将以每股 23.28 美元的价格向英特尔投资 50 亿美元的普通股，需获得监管批准。</p>
<p>&#34;这项历史性的合作，&#34;英伟达首席执行官黄仁勋表示，将英伟达的 AI 技术与英特尔庞大的 x86 生态系统联系在一起。英特尔首席执行官谭立夫将其视为对英特尔路线图和制造能力的信心，并为行业带来&#34;新的突破&#34;。</p>
<p>市场反应迅速。英特尔在盘中上涨超过 20%，而英伟达的股价也有所上升。这一举动发生在英特尔削减成本、重置资本支出并缩小关注重点之际。值得注意的是，两家公司并未承诺将英伟达的 GPU 制造转移到英特尔的工厂；投资者应将此视为设计和平台合作加上股权资本，而不是全面的制造转移。</p>
<h2>最近的业绩显示公司仍在修复中</h2>
<p>英特尔的业务业绩令人失望。其第二季度收入为 129 亿美元，与去年基本持平。一般公认会计原则（GAAP）毛利率下降至 27.5%，GAAP 每股收益亏损 0.67 美元，受到 19 亿美元重组费用和其他一次性项目的压力。非 GAAP 每股收益亏损 0.10 美元。</p>
<p>对于第三季度，英特尔预计收入在 126 亿美元到 136 亿美元之间，非 GAAP 每股收益在中间值约为 0.00 美元。</p>
<p>有迹象表明运营进展和 AI 相关性。数据中心和 AI 收入同比增长 4%，达到 39 亿美元，英特尔强调其 Xeon 6776P 是英伟达最新 DGX B300 系统的主 CPU。</p>
<p>尽管如此，整体情况仍然复杂，利润受到压制，代工业务拖累，英特尔削减项目并放缓某些建设以维护回报。</p>
<p>&#34;我们专注于加强我们的核心产品组合和 AI 路线图，&#34;谭在季度发布中表示，提醒大家转型仍在进行中。</p>
<h2>接下来会怎样？</h2>
<p>从投资者的角度来看，有两件事很重要：盈利能力和价格。过去 12 个月的收入约为 500 亿美元，底线亏损，市盈率并不实用；而市销率在中间的 2 倍更适合作为快速评估。这使得股票依赖于回归更健康的毛利率和营业收入的可信路径。</p>
<p>英伟达的交易可能通过将英特尔 CPU 嵌入英伟达的 AI 平台，创造一个新的个人电脑硅片向量，集成 RTX 芯片，并发出第三方信心的信号，从而吸引人才和客户。但执行——无论是产品还是成本控制——仍需在数字中体现出来。</p>
<p>当然，英伟达的参与并不保证成功。代工亏损和之前的减记凸显了重建制造相关性是多么昂贵。</p>
<p>此外，投资者不应忘记英特尔面临的挑战。其指导暗示仅有适度的环比改善，英特尔必须证明它能够将毛利率扩展回支持可持续自由现金流的水平。</p>
<p>最后，竞争非常激烈，<strong>超微半导体</strong> 在服务器和客户端 CPU 领域的增长甚至在其自身的 AI 加速器加入之前就已经开始。尽管这项合作意义重大，但并未消除英特尔在接下来的几个季度内实现产品和制造里程碑的必要性。</p>
<p>但英伟达的股份和共同开发路线图无疑增加了英特尔转型获得 traction 的可能性。这种合作创造了真正的产品吸引力，并为双方提供了更强的成功设计的激励。如果英特尔能够将这些顺风转化为利润恢复和稳定增长，今天的估值对于耐心的投资者来说可能显得合理。</p>

英特尔

<p>英特尔与英伟达达成合作，后者将投资 50 亿美元与英特尔共同开发数据中心和个人电脑的定制产品。这一合作使英特尔的股票上涨了 20%。尽管最近面临财务困境，包括每股亏损 0.67 美元，但这一合作可能会增强英特尔在人工智能领域的地位，并改善其盈利潜力。然而，挑战依然存在，包括竞争和成功执行产品的需求。投资者对这一联盟能够支持英特尔的扭转努力并实现可持续增长抱有希望</p>

<p><strong>Intel</strong>(INTC -3.22%) has a new and powerful ally. On Thursday, <strong>Nvidia</strong>(NVDA 0.34%) said it will invest $5 billion in Intel and codevelop multiple generations of custom products, spanning data centers and PCs. Intel shares jumped more than 20% on the news, as investors digested what a tie-up with the leader in artificial intelligence (AI) computing could mean for the company's multiyear turnaround.</p>
<div class="lb-trans"><p><strong>英特尔</strong>(INTC -3.22%) 有了一个新的强大盟友。周四，<strong>英伟达</strong>(NVDA 0.34%) 宣布将投资 50 亿美元于英特尔，并共同开发多个世代的定制产品，涵盖数据中心和个人电脑。消息传出后，英特尔的股价上涨超过 20%，投资者开始消化与人工智能（AI）计算领域领导者的合作对公司多年的转型可能意味着什么。</p>
</div><p>The semiconductor veteran designs and manufactures CPUs and runs a contract manufacturing business. In recent years, Intel has wrestled with product delays, shrinking margins, and heavy losses in its foundry segment. The Nvidia partnership gives Intel access to new design opportunities and a stronger place in AI-centric systems. Whether that translates into durable earnings power is the question investors care about.</p>
<div class="lb-trans"><p>这家半导体老牌企业设计和制造中央处理器（CPU），并运营合同制造业务。近年来，英特尔面临产品延迟、利润缩减以及其代工业务的重大亏损。与英伟达的合作为英特尔提供了新的设计机会，并在以 AI 为中心的系统中占据了更强的位置。投资者关心的问题是，这是否能转化为持久的盈利能力。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzQzMDUvdG9wLWFpLXN0b2NrLXRvLWJ1eS1ub3cuanBnJnc9NzAw" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F834305%2Ftop-ai-stock-to-buy-now.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>A vote of confidence that counts</h2>
<div class="lb-trans"><h2>一项值得信赖的信心投票</h2>
</div><p>Nvidia's announcement laid out two concrete planks. First, Intel will design Nvidia-custom x86 CPUs that Nvidia will integrate into its AI infrastructure platforms. Second, Intel will build x86 system-on-chips for PCs that integrate Nvidia RTX GPU chiplets.</p>
<div class="lb-trans"><p>英伟达的公告列出了两个具体的要点。首先，英特尔将设计英伟达定制的 x86 CPU，英伟达将其集成到其 AI 基础设施平台中。其次，英特尔将为个人电脑构建集成英伟达 RTX GPU 芯片的 x86 系统芯片。</p>
</div><p>As part of the collaboration, Nvidia will invest $5 billion in Intel common stock at $23.28 per share, subject to regulatory approvals.</p>
<div class="lb-trans"><p>作为合作的一部分，英伟达将以每股 23.28 美元的价格向英特尔投资 50 亿美元的普通股，需获得监管批准。</p>
</div><p>&#34;This historic collaboration,&#34; Nvidia CEO Jensen Huang said, ties Nvidia's AI stack to Intel's vast x86 ecosystem. Intel CEO Lip-Bu Tan framed it as confidence in Intel's roadmap and manufacturing -- and a path to &#34;new breakthroughs for the industry.&#34;</p>
<div class="lb-trans"><p>&#34;这项历史性的合作，&#34;英伟达首席执行官黄仁勋表示，将英伟达的 AI 技术与英特尔庞大的 x86 生态系统联系在一起。英特尔首席执行官谭立夫将其视为对英特尔路线图和制造能力的信心，并为行业带来&#34;新的突破&#34;。</p>
</div><p>The market reaction was swift. Intel rose more than 20% intraday, while Nvidia ticked higher as well. The move arrives as Intel trims costs, resets capital spending, and narrows its focus. Notably, the companies did not commit to shifting Nvidia's GPU manufacturing to Intel's fabs; investors should view this as a design and platform collaboration plus equity capital -- not a wholesale manufacturing shift.</p>
<div class="lb-trans"><p>市场反应迅速。英特尔在盘中上涨超过 20%，而英伟达的股价也有所上升。这一举动发生在英特尔削减成本、重置资本支出并缩小关注重点之际。值得注意的是，两家公司并未承诺将英伟达的 GPU 制造转移到英特尔的工厂；投资者应将此视为设计和平台合作加上股权资本，而不是全面的制造转移。</p>
</div><h2>Recent results show a company still in repair</h2>
<div class="lb-trans"><h2>最近的业绩显示公司仍在修复中</h2>
</div><p>Intel's business results have been underwhelming. Its second-quarter revenue was $12.9 billion, roughly flat year over year. Generally accepted accounting principles (GAAP) gross margin declined to 27.5%, and GAAP earnings per share was a loss of $0.67, pressured by $1.9 billion of restructuring charges and other one-time items. Non-GAAP earnings per share were a loss of $0.10.</p>
<div class="lb-trans"><p>英特尔的业务业绩令人失望。其第二季度收入为 129 亿美元，与去年基本持平。一般公认会计原则（GAAP）毛利率下降至 27.5%，GAAP 每股收益亏损 0.67 美元，受到 19 亿美元重组费用和其他一次性项目的压力。非 GAAP 每股收益亏损 0.10 美元。</p>
</div><p>For the third quarter, Intel guided revenue to $12.6 billion to $13.6 billion and non-GAAP earnings per share of about $0.00 at the midpoint.</p>
<div class="lb-trans"><p>对于第三季度，英特尔预计收入在 126 亿美元到 136 亿美元之间，非 GAAP 每股收益在中间值约为 0.00 美元。</p>
</div><p>There were signs of operational progress and AI relevance. Data center and AI revenue rose 4% year over year to $3.9 billion, and Intel highlighted that its Xeon 6776P is the host CPU in Nvidia's latest DGX B300 systems.</p>
<div class="lb-trans"><p>有迹象表明运营进展和 AI 相关性。数据中心和 AI 收入同比增长 4%，达到 39 亿美元，英特尔强调其 Xeon 6776P 是英伟达最新 DGX B300 系统的主 CPU。</p>
</div><p>Still, the overall picture remains mixed, with margins depressed and the foundry business a drag as Intel pares projects and slows certain builds to defend returns.</p>
<div class="lb-trans"><p>尽管如此，整体情况仍然复杂，利润受到压制，代工业务拖累，英特尔削减项目并放缓某些建设以维护回报。</p>
</div><p>&#34;We are laser-focused on strengthening our core product portfolio and our AI roadmap,&#34; Tan said in the quarterly release -- a reminder that the turnaround is still very much underway.</p>
<div class="lb-trans"><p>&#34;我们专注于加强我们的核心产品组合和 AI 路线图，&#34;谭在季度发布中表示，提醒大家转型仍在进行中。</p>
</div><h2>What's next?</h2>
<div class="lb-trans"><h2>接下来会怎样？</h2>
</div><p>Viewed through an investor lens, two things matter: earnings power and price. With trailing-12-month revenue around low-$50 billion and losses on the bottom line, price-to-earnings is not useful; price-to-sales in the mid-2s is a better quick gauge for now. That leaves the stock leaning on a credible path back to healthier gross margins and operating income.</p>
<div class="lb-trans"><p>从投资者的角度来看，有两件事很重要：盈利能力和价格。过去 12 个月的收入约为 500 亿美元，底线亏损，市盈率并不实用；而市销率在中间的 2 倍更适合作为快速评估。这使得股票依赖于回归更健康的毛利率和营业收入的可信路径。</p>
</div><p>The Nvidia deal may help by anchoring Intel CPUs inside Nvidia's AI platforms, creating a new PC silicon vector with integrated RTX chiplets, and signaling third-party confidence that can attract talent and customers. But execution -- on both products and cost discipline -- still has to show up in the numbers.</p>
<div class="lb-trans"><p>英伟达的交易可能通过将英特尔 CPU 嵌入英伟达的 AI 平台，创造一个新的个人电脑硅片向量，集成 RTX 芯片，并发出第三方信心的信号，从而吸引人才和客户。但执行——无论是产品还是成本控制——仍需在数字中体现出来。</p>
</div><p>Of course, Nvidia's involvement doesn't guarantee success. Foundry losses and prior write-downs underscore how costly it is to rebuild manufacturing relevance.</p>
<div class="lb-trans"><p>当然，英伟达的参与并不保证成功。代工亏损和之前的减记凸显了重建制造相关性是多么昂贵。</p>
</div><p>Additionally, investors shouldn't forget Intel's challenges. Its guidance implies only modest sequential improvement, and Intel must prove it can expand gross margin back toward a level that supports sustainable free cash flow.</p>
<div class="lb-trans"><p>此外，投资者不应忘记英特尔面临的挑战。其指导暗示仅有适度的环比改善，英特尔必须证明它能够将毛利率扩展回支持可持续自由现金流的水平。</p>
</div><p>Finally, competition is intense, with <strong>Advanced Micro Devices</strong> growing in servers and client CPUs even before layering in its own AI accelerators. And while the partnership is meaningful, it does not remove the need for Intel to hit product and manufacturing milestones over the next several quarters.</p>
<div class="lb-trans"><p>最后，竞争非常激烈，<strong>超微半导体</strong> 在服务器和客户端 CPU 领域的增长甚至在其自身的 AI 加速器加入之前就已经开始。尽管这项合作意义重大，但并未消除英特尔在接下来的几个季度内实现产品和制造里程碑的必要性。</p>
</div><p>But Nvidia's stake and the co-development roadmap arguably do increase the odds that Intel's turnaround gains traction. The collaboration creates real product hooks and stronger incentives for both sides to make the designs successful. If Intel converts these tailwinds into margin recovery and stable growth over time, today's valuation could look reasonable for investors with patience.</p>
<div class="lb-trans"><p>但英伟达的股份和共同开发路线图无疑增加了英特尔转型获得 traction 的可能性。这种合作创造了真正的产品吸引力，并为双方提供了更强的成功设计的激励。如果英特尔能够将这些顺风转化为利润恢复和稳定增长，今天的估值对于耐心的投资者来说可能显得合理。</p>
</div>

Is Intel Stock a Buy Now That It's Backed by Nvidia?

- 英特尔与英伟达达成合作，后者将投资 50 亿美元共同开发产品。  
- 此次合作将帮助英特尔在 AI 系统中获得新设计机会。  
- 尽管市场反应积极，英特尔仍需解决盈利能力和竞争挑战。

英特尔股票现在得到了英伟达的支持，是否值得购买？