<p><strong>英特尔</strong>(INTC -2.00%) 刚刚迎来了多年来最好的日子之一，股价在 <strong>英伟达</strong>(NVDA 3.42%) 宣布将对这家芯片制造商投资 50 亿美元并合作开发新产品后大幅上涨。现在股价年初至今上涨约 50%。</p>
<p>尽管市场对这笔交易反应热烈，但值得仔细分析这笔交易对英特尔的真正意义，以及这是否是一个真正的转折点，还是仅仅是短期的刺激。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzQzNDUvZ2V0dHlpbWFnZXMtMTc3MzU0MzgzMC5qcGcmdz03MDA?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzQzNDUvZ2V0dHlpbWFnZXMtMTc3MzU0MzgzMC5qcGcmdz03MDA"/></p>
<p>图片来源：Getty Images。</p>
<h2>为什么英伟达与英特尔合作</h2>
<p>英伟达与英特尔之间的合作主要是为了与 <strong>超微</strong>(AMD 1.99%) 竞争。超微的中央处理器（CPU）在数据中心和计算机领域逐渐抢占了英特尔的市场份额。同时，该公司开始将其图形处理器（GPU）与 CPU 结合，这对英伟达构成了直接挑战。然而，到目前为止，其在这一领域的成功主要集中在游戏和计算机上，而不是人工智能（AI）。</p>
<p>尽管如此，英伟达似乎并不满足于仅仅主导庞大的数据中心市场，通过这次合作，它还希望进入笔记本市场。同时，它也希望阻止超微在数据中心市场通过结合 GPU/CPU 芯片获得任何优势，尤其是在市场越来越向推理方向发展的情况下。</p>
<p>因此，这两家公司将寻求将英特尔的 CPU 与通过 NVLink 连接的英伟达 GPU 结合，为笔记本买家提供一个更强大的集成选项。英特尔还将为英伟达的机架规模服务器构建定制的 x86 CPU，使英伟达成为其芯片的重要客户。考虑到过去五年中英特尔在数据中心市场失去的份额，这对英特尔来说是一个重大胜利。对于英伟达来说，这关乎确保超微在其自己的结合 CPU/GPU 解决方案中不会获得过多的市场份额。</p>
<p>虽然 50 亿美元的投资对英伟达来说只是九牛一毛，但对英特尔来说却意义重大。英特尔一直在消耗现金，试图扩大其代工业务并在美国和欧洲建设新的晶圆厂。上个季度，其代工业务的运营亏损为 32 亿美元，情况比去年更糟。</p>
<p>英伟达的资本注入，加上来自美国政府的 90 亿美元和来自 <strong>软银</strong> 的 20 亿美元，为英特尔提供了 160 亿美元的资金储备，以便继续投资而不损害其资产负债表。这也向市场发出了信号，表明英伟达认为英特尔太重要，不能失败。尽管在某些市场上两家公司是竞争对手，但显然英伟达希望有一个强大的 CPU 合作伙伴，以防止超微在 CPU 市场获得过多的杠杆。</p>
<h2>英特尔的股票值得购买吗？</h2>
<p>尽管股价大幅上涨，但英特尔的故事仍然面临许多风险。英特尔的核心 PC 业务依然疲软，上个季度客户计算收入同比下降 3%。其数据中心和 AI 部门的收入仅增长 4%，远远落后于英伟达甚至超微的蓬勃增长。</p>
<p>尽管公司表示其产品路线图仍在按计划进行，但其近期历史并不乐观，常常错过截止日期，甚至取消产品。此外，英伟达表示，它并没有放弃与 <strong>Arm Holdings</strong> 开发的 CPU。</p>
<p>英特尔亏损的代工业务也是一个问题，听起来英伟达并不打算在这部分业务上提供救助。英伟达明确表示，它不会放弃与 <strong>台积电</strong> 作为其主要制造合作伙伴的关系。英特尔在专业知识和规模上都无法与台积电相提并论，因此英伟达仍然非常依赖这家代工领导者。</p>
<p>尽管与英伟达的合作是一个积极的信号，但并不能解决英特尔所有的问题。它仍然需要证明自己能够执行，并且它在代工业务上投入的所有资金将会得到回报。获得英伟达作为代工客户可能会是一个更大的交易，但事实并非如此。</p>
<p>与此同时，在今年股价上涨后，股票不再处于便宜货的状态。因此，我不会追逐这波反弹。</p>

英特尔

<p>英特尔的股票在英伟达宣布投资 50 亿美元并建立合作关系以开发新产品后大幅上涨，今年股价上涨约 50%。此次合作旨在对抗 AMD 在 CPU 和 GPU 市场的份额。尽管消息积极，英特尔仍面临挑战，包括 PC 业务疲软和代工业务不景气。虽然这项合作是有利的，但并未解决英特尔所有的问题，且在近期上涨后，股票可能不再是一个便宜的选择</p>

<p><strong>Intel</strong>(INTC -2.00%) just had one of its best days in years, with its stock price surging after <strong>Nvidia</strong>(NVDA 3.42%) revealed it would take a $5 billion stake in the chipmaker and partner on new products. The stock price is now up about 50% on the year.</p>
<div class="lb-trans"><p><strong>英特尔</strong>(INTC -2.00%) 刚刚迎来了多年来最好的日子之一，股价在 <strong>英伟达</strong>(NVDA 3.42%) 宣布将对这家芯片制造商投资 50 亿美元并合作开发新产品后大幅上涨。现在股价年初至今上涨约 50%。</p>
</div><p>While the market loved the deal, it is worth taking a closer look at what this deal really means for Intel and whether this is a true turning point or just a short-term jolt.</p>
<div class="lb-trans"><p>尽管市场对这笔交易反应热烈，但值得仔细分析这笔交易对英特尔的真正意义，以及这是否是一个真正的转折点，还是仅仅是短期的刺激。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzQzNDUvZ2V0dHlpbWFnZXMtMTc3MzU0MzgzMC5qcGcmdz03MDA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F834345%2Fgettyimages-1773543830.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 Nvidia is partnering with Intel</h2>
<div class="lb-trans"><h2>为什么英伟达与英特尔合作</h2>
</div><p>The collaboration between Nvidia and Intel appears largely aimed at rival <strong>Advanced Micro Devices</strong>(AMD 1.99%). AMD's central processing units (CPUs) have been steadily taking share from Intel in both the data center and computer segments. Meanwhile, the company has started to fuse its graphics processing units (GPUs) and CPUs together, which is a direct challenge to Nvidia. However, thus far, most of its success in this area has been in gaming and computers and not in artificial intelligence (AI).</p>
<div class="lb-trans"><p>英伟达与英特尔之间的合作主要是为了与 <strong>超微</strong>(AMD 1.99%) 竞争。超微的中央处理器（CPU）在数据中心和计算机领域逐渐抢占了英特尔的市场份额。同时，该公司开始将其图形处理器（GPU）与 CPU 结合，这对英伟达构成了直接挑战。然而，到目前为止，其在这一领域的成功主要集中在游戏和计算机上，而不是人工智能（AI）。</p>
</div><p>Nonetheless, Nvidia does not appear content to just dominate the massive data center market, and with this collaboration, it will look to address the laptop market as well. It also looks to stave off any advantages that AMD may gain in the data center market with a combined GPU/CPU chip, especially as the market moves more toward inference.</p>
<div class="lb-trans"><p>尽管如此，英伟达似乎并不满足于仅仅主导庞大的数据中心市场，通过这次合作，它还希望进入笔记本市场。同时，它也希望阻止超微在数据中心市场通过结合 GPU/CPU 芯片获得任何优势，尤其是在市场越来越向推理方向发展的情况下。</p>
</div><p>As such, the companies will look to combine Intel CPUs with Nvidia GPUs connected by NVLink, giving laptop buyers an integrated option that is much more powerful. Intel will also build custom x86 CPUs for Nvidia's rack-scale servers, making Nvidia a major customer for its chips. That is a big win for Intel, given how much share it has lost to AMD in the data center over the past five years. For Nvidia, this is about making sure AMD doesn't gain too much ground with its own combined CPU/GPU solutions.</p>
<div class="lb-trans"><p>因此，这两家公司将寻求将英特尔的 CPU 与通过 NVLink 连接的英伟达 GPU 结合，为笔记本买家提供一个更强大的集成选项。英特尔还将为英伟达的机架规模服务器构建定制的 x86 CPU，使英伟达成为其芯片的重要客户。考虑到过去五年中英特尔在数据中心市场失去的份额，这对英特尔来说是一个重大胜利。对于英伟达来说，这关乎确保超微在其自己的结合 CPU/GPU 解决方案中不会获得过多的市场份额。</p>
</div><p>While the $5 billion investment is a drop in the bucket for Nvidia, it does matter for Intel. Intel has been burning through cash trying to scale its foundry business and build new fabs in the U.S. and Europe. Its foundry operating losses were $3.2 billion last quarter, worse than a year ago.</p>
<div class="lb-trans"><p>虽然 50 亿美元的投资对英伟达来说只是九牛一毛，但对英特尔来说却意义重大。英特尔一直在消耗现金，试图扩大其代工业务并在美国和欧洲建设新的晶圆厂。上个季度，其代工业务的运营亏损为 32 亿美元，情况比去年更糟。</p>
</div><p>The Nvidia capital injection, along with $9 billion from the U.S. government and $2 billion from <strong>SoftBank</strong>, gives Intel a $16 billion war chest to keep investing without wrecking its balance sheet. It also signals to the market that Nvidia sees Intel as too important to fail. The company may be a competitor in some markets, but Nvidia apparently wants a strong CPU partner to keep AMD from getting too much leverage in the CPU market.</p>
<div class="lb-trans"><p>英伟达的资本注入，加上来自美国政府的 90 亿美元和来自 <strong>软银</strong> 的 20 亿美元，为英特尔提供了 160 亿美元的资金储备，以便继续投资而不损害其资产负债表。这也向市场发出了信号，表明英伟达认为英特尔太重要，不能失败。尽管在某些市场上两家公司是竞争对手，但显然英伟达希望有一个强大的 CPU 合作伙伴，以防止超微在 CPU 市场获得过多的杠杆。</p>
</div><h2>Is Intel's stock a buy?</h2>
<div class="lb-trans"><h2>英特尔的股票值得购买吗？</h2>
</div><p>Despite the stock's huge jump, there are still plenty of risks with the Intel story. Intel's core PC business remains soft, with client computing revenue down 3% year over year last quarter. Its data center and AI segment revenue grew just 4%, which was far behind the booming numbers from Nvidia and even AMD.</p>
<div class="lb-trans"><p>尽管股价大幅上涨，但英特尔的故事仍然面临许多风险。英特尔的核心 PC 业务依然疲软，上个季度客户计算收入同比下降 3%。其数据中心和 AI 部门的收入仅增长 4%，远远落后于英伟达甚至超微的蓬勃增长。</p>
</div><p>And while the company says its product roadmaps remain on track, its recent history is not good, with the company often missing deadlines or even scrapping products. In addition, Nvidia said that it is not giving up on the CPUs it has been developing with <strong>Arm Holdings</strong>.</p>
<div class="lb-trans"><p>尽管公司表示其产品路线图仍在按计划进行，但其近期历史并不乐观，常常错过截止日期，甚至取消产品。此外，英伟达表示，它并没有放弃与 <strong>Arm Holdings</strong> 开发的 CPU。</p>
</div><p>Intel's money-losing foundry business is also an issue, and it does not sound like Nvidia is riding to the rescue with regard to this part of its business. Nvidia has made clear that it is not moving away from <strong>Taiwan Semiconductor Manufacturing</strong> as its primary manufacturing partner. Intel doesn't have the expertise or scale of TSMC, so Nvidia is still very reliant on the foundry leader.</p>
<div class="lb-trans"><p>英特尔亏损的代工业务也是一个问题，听起来英伟达并不打算在这部分业务上提供救助。英伟达明确表示，它不会放弃与 <strong>台积电</strong> 作为其主要制造合作伙伴的关系。英特尔在专业知识和规模上都无法与台积电相提并论，因此英伟达仍然非常依赖这家代工领导者。</p>
</div><p>While the partnership with Nvidia is a positive, it doesn't solve all of Intel's problems. It still needs to prove it can execute and that all the money it's pouring into its foundry business will pay off. Gaining Nvidia as a foundry customer likely would have been a bigger deal, but that was not the case.</p>
<div class="lb-trans"><p>尽管与英伟达的合作是一个积极的信号，但并不能解决英特尔所有的问题。它仍然需要证明自己能够执行，并且它在代工业务上投入的所有资金将会得到回报。获得英伟达作为代工客户可能会是一个更大的交易，但事实并非如此。</p>
</div><p>Meanwhile, after the jump in its stock price this year, the stock is no longer in the bargain bin. As such, I wouldn't chase the rally.</p>
<div class="lb-trans"><p>与此同时，在今年股价上涨后，股票不再处于便宜货的状态。因此，我不会追逐这波反弹。</p>
</div>

Intel Shares Surge on Nvidia Investment. Is It Too Late to Buy the Stock?

- 英特尔股价因英伟达投资 50 亿美元而大涨，年内上涨约 50%。
- 合作旨在对抗 AMD，英伟达希望在笔记本市场与数据中心市场取得优势。
- 尽管合作积极，英特尔仍面临核心业务疲软和执行力不足的风险。

英特尔的股价因英伟达的投资而大幅上涨。现在买入这只股票是否已经错过了最佳时机？