<p><strong>英特尔</strong>（INTC 1.98%）的股价在周四上涨超过 22%，原因是 <strong>英伟达</strong>（NVDA -2.79%）宣布对这家芯片制造商进行 50 亿美元的投资，并与其展开技术合作。由于这项合作可能加速英伟达在数据中心和个人计算领域的增长，英伟达的股价当天上涨了 3.5%。英伟达以每股 23.28 美元的价格收购英特尔，这一价格低于周四股价飙升之前的水平。</p>
<p>英特尔正在为英伟达构建一个定制化的解决方案，以支持数据中心的人工智能（AI）应用。两家公司还将英特尔的 x86 系统芯片（SOCs）与英伟达的 RTX 图形处理单元（GPU）芯片结合，以推动个人计算的边界。</p>
<p>这一公告在半导体行业引发了连锁反应。半导体设备公司 <strong>阿斯麦</strong>（ASML 0.52%）、<strong>应用材料</strong>（AMAT 0.19%）和 <strong>拉姆研究</strong>（LRCX -0.28%）的股价均因这一消息而上涨。以下是设备供应商为何在半导体价值链中被低估，以及为何阿斯麦是现在最佳购买选择的原因。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzQzOTkvYS1wZXJzb24td2VhcmluZy1wZXJzb25hbC1wcm90ZWN0aXZlLWVxdWlwbWVudC1ob2xkaW5nLWEtc2lsaWNvbi13YWZlci1pbi1hLWxhYi5qcGcmdz03MDA?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="700" height="369" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzQzOTkvYS1wZXJzb24td2VhcmluZy1wZXJzb25hbC1wcm90ZWN0aXZlLWVxdWlwbWVudC1ob2xkaW5nLWEtc2lsaWNvbi13YWZlci1pbi1hLWxhYi5qcGcmdz03MDA"/></p>
<p>图片来源：Getty Images。</p>
<h2>机械化制造</h2>
<p>现代芯片生产涉及许多移动部件。英伟达使用一系列专有工具和由 <strong>Synopsys</strong> 等公司制造的电子设计自动化（EDA）软件来开发其芯片。然后，英伟达将其设计交给像 <strong>台积电</strong> 这样的代工厂进行芯片制造。在代工厂内，您会发现由应用材料、拉姆研究和阿斯麦等公司制造的先进设备。这些极其精确的机器在将硅晶圆转变为工程奇迹中发挥着重要作用。</p>
<p>应用材料专注于第一步，即在芯片上沉积材料。外延生长是一种在硅晶圆上沉积和生长的晶体薄膜，用于保护晶圆并提供设备构建的基础层。然后，晶圆会涂上光敏光刻胶。拉姆研究也制造沉积设备，但其市场主导地位不如应用材料。</p>
<p>阿斯麦的深紫外（DUV）和极紫外（EUV）光刻机逐层将电路设计印刷到硅晶圆上，以构建 3D 微芯片结构。</p>
<p>拉姆研究的刻蚀系统从暴露区域去除材料，以形成所需的 3D 电路图案。应用材料也有刻蚀设备，但拉姆研究在等离子刻蚀方面处于领先地位。</p>
<p>应用材料和拉姆研究还制造抛光机器，将晶圆抛光得像多层晶体管摩天大楼的新地板一样平整。</p>
<p>经过多次沉积、印刷、刻蚀和抛光后，晶体管相互连接。应用材料和拉姆研究也制造执行此步骤（金属沉积）的机器。</p>
<h2>阿斯麦是行业最佳</h2>
<p>晶圆厂和半导体设备制造商受益于半导体创新和生产需求的进步。例如，英伟达和 <strong>博通</strong>（AVGO -0.04%）的顶级超大规模客户正在建立数据中心，以应对激增的 AI 需求，这导致英伟达和博通加大了对晶圆厂的订单，并开发下一代芯片。这意味着晶圆厂需要扩展并在最新设备的支持下开设新地点。因此，设备制造商的股价在英特尔/英伟达交易后上涨是有道理的。</p>
<p>阿斯麦是我最推荐的公司，因为它在 EUV 机器上拥有垄断地位。光刻步骤可以说是芯片制造过程中最重要的一步。虽然还有其他公司制造 DUV 机器，但世界上没有任何公司能与阿斯麦的 EUV 机器的复杂程度相提并论。EUV 系统使用镜子反射光，而不是使用透镜折射光。EUV 机器的需求正在增长，因为它们的精度对于满足特定 AI 芯片的订单至关重要。EUV 机器能够实现低于 3 纳米的节点，这意味着数十亿个晶体管可以放置在单个微芯片上。</p>
<p>阿斯麦的 EXE 平台进一步提升了精度，采用 2 纳米逻辑节点，减少工艺步骤，提高高产量制造的效率。阿斯麦预计这些高数值孔径（高 NA）机器将在未来的芯片制造中发挥重要作用。然而，其销售组合仍然以 DUV 机器为主。在其最新的 2025 年第二季度，阿斯麦售出了 76 台光刻系统，但只有一台是高 NA——首次交付 TWINSCAN EXE:5200B 系统。在 2025 年第一季度，阿斯麦交付了其第五台高 NA 系统。</p>
<p>阿斯麦作为最佳半导体设备供应商，适合那些相信 AI 需求将继续推动半导体生产的投资者。该公司在高 NA 产品生命周期的早期阶段，这为未来几十年的运营利润扩张和加速增长提供了诱人的机会。</p>
<h2>构建完整的 AI 半导体组合</h2>
<p>虽然像英伟达和博通这样的芯片设计师是焦点，但忽视设备供应商的支持角色是一个错误。阿斯麦、应用材料和拉姆研究在价值链中扮演着不可或缺的角色。没有它们，晶圆厂将无法满足复杂的订单。</p>
<p>设备制造商往往提供良好的价值。根据前瞻性市盈率估值，阿斯麦、拉姆研究，尤其是应用材料的价格低于英伟达和博通。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/442217767afb37501c762aee78d6d092.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="720" height="556" original-src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/442217767afb37501c762aee78d6d092.png"/></p>
<p>数据来源：YCharts。</p>
<p>这三家设备制造商都支付股息，其中 ASML 和 Lam Research 的股息收益率为 0.8%，而 Applied Materials 的股息收益率为 1%。虽然不算很多，但为强劲的投资论点增添了一丝被动收入的味道。</p>
<p>总的来说，投资者可能希望考虑通过设备制造商来扩展他们的人工智能投资组合，而不仅仅是关注像 Nvidia 和 Broadcom 这样的 “十巨头” 股票的光鲜亮丽。</p>

英特尔

拉姆研究

阿斯麦

半导体 3 倍做多 - Direxion

<p>英伟达对英特尔的 50 亿美元投资导致两家公司股价大幅上涨，英特尔的股票上涨超过 22%。此次合作旨在增强数据中心中的人工智能应用，惠及像阿斯麦、应用材料和拉姆研究这样的半导体设备供应商。阿斯麦因其在先进 EUV 光刻机上的垄断地位而被视为顶级投资，这些光刻机对生产下一代芯片至关重要。预计由于人工智能的进步，半导体生产的需求将增长，这使得阿斯麦成为投资者的一个引人注目的选择</p>

<p><strong>Intel</strong>'s (INTC 1.98%) stock price jumped over 22% on Thursday after <strong>Nvidia</strong>(NVDA -2.79%) announced a $5 billion investment in the chip manufacturer and a technological collaboration between the two companies. Nvidia stock rose 3.5% on the day because the collaboration could accelerate its data center and personal computing growth. Nvidia got a great deal for Intel -- only paying $23.28 per share, which is lower than the stock's price <em>before</em> it soared on Thursday.</p>
<div class="lb-trans"><p><strong>英特尔</strong>（INTC 1.98%）的股价在周四上涨超过 22%，原因是 <strong>英伟达</strong>（NVDA -2.79%）宣布对这家芯片制造商进行 50 亿美元的投资，并与其展开技术合作。由于这项合作可能加速英伟达在数据中心和个人计算领域的增长，英伟达的股价当天上涨了 3.5%。英伟达以每股 23.28 美元的价格收购英特尔，这一价格低于周四股价飙升之前的水平。</p>
</div><p>Intel is building a customized solution for Nvidia for artificial intelligence (AI) applications in data centers. The two companies are also integrating Intel x86 system-on-chips (SOCs) with Nvidia RTX graphics processing unit (GPU) chiplets to push the bounds of personal computing.</p>
<div class="lb-trans"><p>英特尔正在为英伟达构建一个定制化的解决方案，以支持数据中心的人工智能（AI）应用。两家公司还将英特尔的 x86 系统芯片（SOCs）与英伟达的 RTX 图形处理单元（GPU）芯片结合，以推动个人计算的边界。</p>
</div><p>The announcement had ripple effects throughout the semiconductor industry. The stock prices for semiconductor equipment companies <strong>ASML</strong>(ASML 0.52%), <strong>Applied Materials</strong>(AMAT 0.19%), and <strong>Lam Research</strong>(LRCX -0.28%) all jumped on the news. Here's why equipment suppliers remain an underappreciated aspect of the semiconductor value chain, and why ASML stands out as the best option to buy now.</p>
<div class="lb-trans"><p>这一公告在半导体行业引发了连锁反应。半导体设备公司 <strong>阿斯麦</strong>（ASML 0.52%）、<strong>应用材料</strong>（AMAT 0.19%）和 <strong>拉姆研究</strong>（LRCX -0.28%）的股价均因这一消息而上涨。以下是设备供应商为何在半导体价值链中被低估，以及为何阿斯麦是现在最佳购买选择的原因。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzQzOTkvYS1wZXJzb24td2VhcmluZy1wZXJzb25hbC1wcm90ZWN0aXZlLWVxdWlwbWVudC1ob2xkaW5nLWEtc2lsaWNvbi13YWZlci1pbi1hLWxhYi5qcGcmdz03MDA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F834399%2Fa-person-wearing-personal-protective-equipment-holding-a-silicon-wafer-in-a-lab.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>Mechanized manufacturing</h2>
<div class="lb-trans"><h2>机械化制造</h2>
</div><p>Modern chip production includes a lot of moving parts. Nvidia uses a mix of proprietary tools and electronic design automation (EDA) software made by companies like <strong>Synopsys</strong> to develop its chips. Nvidia then passes its design to a foundry like <strong>Taiwan Semiconductor Manufacturing</strong> to manufacture the chip. Inside foundries, you'll find advanced equipment made by companies like Applied Materials, Lam Research, and ASML. These incredibly precise machines are instrumental in transforming a silicon wafer into an engineering marvel.</p>
<div class="lb-trans"><p>现代芯片生产涉及许多移动部件。英伟达使用一系列专有工具和由 <strong>Synopsys</strong> 等公司制造的电子设计自动化（EDA）软件来开发其芯片。然后，英伟达将其设计交给像 <strong>台积电</strong> 这样的代工厂进行芯片制造。在代工厂内，您会发现由应用材料、拉姆研究和阿斯麦等公司制造的先进设备。这些极其精确的机器在将硅晶圆转变为工程奇迹中发挥着重要作用。</p>
</div><p>Applied Materials specializes in the first step, which is depositing material onto chips. Epitaxy is a type of crystalline film that is deposited and grown on top of the silicon wafer to protect it and provide the base layer upon which the device is built. The wafer is then coated with light-sensitive photoresist. Lam Research also makes deposition equipment, but it isn't as dominant as Applied Materials.</p>
<div class="lb-trans"><p>应用材料专注于第一步，即在芯片上沉积材料。外延生长是一种在硅晶圆上沉积和生长的晶体薄膜，用于保护晶圆并提供设备构建的基础层。然后，晶圆会涂上光敏光刻胶。拉姆研究也制造沉积设备，但其市场主导地位不如应用材料。</p>
</div><p>ASML's deep ultraviolet (DUV) and extreme ultraviolet (EUV) lithography machines print circuit designs layer by layer onto the silicon wafer to build out the 3D microchip structure.</p>
<div class="lb-trans"><p>阿斯麦的深紫外（DUV）和极紫外（EUV）光刻机逐层将电路设计印刷到硅晶圆上，以构建 3D 微芯片结构。</p>
</div><p>Lam Research etching systems remove material from exposed areas to form the desired 3D circuit pattern on the wafer. Applied Materials also has etching equipment, but Lam Research is the leader in plasma etching.</p>
<div class="lb-trans"><p>拉姆研究的刻蚀系统从暴露区域去除材料，以形成所需的 3D 电路图案。应用材料也有刻蚀设备，但拉姆研究在等离子刻蚀方面处于领先地位。</p>
</div><p>Applied Materials and Lam Research also make polishing machines that flatten the wafer like a new floor on a multilayer transistor skyscraper.</p>
<div class="lb-trans"><p>应用材料和拉姆研究还制造抛光机器，将晶圆抛光得像多层晶体管摩天大楼的新地板一样平整。</p>
</div><p>After a lot of back-and-forth between deposition, printing, etching, and polishing, the transistors are interconnected. Applied Materials and Lam Research also make the machines that do this step (metal deposition).</p>
<div class="lb-trans"><p>经过多次沉积、印刷、刻蚀和抛光后，晶体管相互连接。应用材料和拉姆研究也制造执行此步骤（金属沉积）的机器。</p>
</div><h2>ASML is best in class</h2>
<div class="lb-trans"><h2>阿斯麦是行业最佳</h2>
</div><p>Fabs and semiconductor equipment makers benefit from the advancement of semiconductor innovation and production demand. For example, Nvidia's and <strong>Broadcom</strong>'s (AVGO -0.04%) top hyperscaler customers are building data centers in response to surging AI demand, leading Nvidia and Broadcom to ramp up orders from fabs and develop their next-generation chips. This means that fabs need to expand and open new locations with the latest equipment from ASML, Applied Materials, and Lam Research. Therefore, it makes sense why the stock prices of equipment makers would surge following the Intel/Nvidia deal.</p>
<div class="lb-trans"><p>晶圆厂和半导体设备制造商受益于半导体创新和生产需求的进步。例如，英伟达和 <strong>博通</strong>（AVGO -0.04%）的顶级超大规模客户正在建立数据中心，以应对激增的 AI 需求，这导致英伟达和博通加大了对晶圆厂的订单，并开发下一代芯片。这意味着晶圆厂需要扩展并在最新设备的支持下开设新地点。因此，设备制造商的股价在英特尔/英伟达交易后上涨是有道理的。</p>
</div><p>ASML is my top buy of the bunch because of its monopoly on EUV machines. The lithography step is arguably the most important in the chip manufacturing process. And while there are other companies that make DUV machines, no company in the world comes close to the level of sophistication in ASML's EUV machines. EUV systems reflect light using mirrors rather than refracting light using lenses. Demand for EUV machines is growing because their precision is essential for fulfilling orders of particular AI chips. EUV machines enable nodes below 3 nanometers, meaning billions of transistors can fit onto a single microchip.</p>
<div class="lb-trans"><p>阿斯麦是我最推荐的公司，因为它在 EUV 机器上拥有垄断地位。光刻步骤可以说是芯片制造过程中最重要的一步。虽然还有其他公司制造 DUV 机器，但世界上没有任何公司能与阿斯麦的 EUV 机器的复杂程度相提并论。EUV 系统使用镜子反射光，而不是使用透镜折射光。EUV 机器的需求正在增长，因为它们的精度对于满足特定 AI 芯片的订单至关重要。EUV 机器能够实现低于 3 纳米的节点，这意味着数十亿个晶体管可以放置在单个微芯片上。</p>
</div><p>ASML's EXE platform takes the precision a step further with a 2-nanometer Logic node that will reduce process steps and boost efficiency for high-volume manufacturing. ASML expects these high-numerical-aperture (high-NA) machines to be instrumental in the future of chip manufacturing. However, its sales mix is still dominated by DUV machines. In its latest quarter, the second quarter of 2025, ASML sold 76 lithography systems, but just one was high-NA -- the first-ever delivery of a TWINSCAN EXE:5200B system. In the first quarter of 2025, ASML shipped its fifth-ever high-NA system.</p>
<div class="lb-trans"><p>阿斯麦的 EXE 平台进一步提升了精度，采用 2 纳米逻辑节点，减少工艺步骤，提高高产量制造的效率。阿斯麦预计这些高数值孔径（高 NA）机器将在未来的芯片制造中发挥重要作用。然而，其销售组合仍然以 DUV 机器为主。在其最新的 2025 年第二季度，阿斯麦售出了 76 台光刻系统，但只有一台是高 NA——首次交付 TWINSCAN EXE:5200B 系统。在 2025 年第一季度，阿斯麦交付了其第五台高 NA 系统。</p>
</div><p>ASML stands out as the best semiconductor equipment supplier for investors who believe AI demand will continue to drive semiconductor production. The company is very early in the product lifecycle of high-NA, which presents a compelling opportunity for operating margin expansion and accelerated growth for decades to come.</p>
<div class="lb-trans"><p>阿斯麦作为最佳半导体设备供应商，适合那些相信 AI 需求将继续推动半导体生产的投资者。该公司在高 NA 产品生命周期的早期阶段，这为未来几十年的运营利润扩张和加速增长提供了诱人的机会。</p>
</div><h2>Building a complete AI semiconductor portfolio</h2>
<div class="lb-trans"><h2>构建完整的 AI 半导体组合</h2>
</div><p>While the chip designers like Nvidia and Broadcom are the stars of the show, it's a mistake to overlook the supporting cast of equipment suppliers. ASML, Applied Materials, and Lam Research play integral roles in the value chain. Without them, fabs would be unable to fulfill complex orders.</p>
<div class="lb-trans"><p>虽然像英伟达和博通这样的芯片设计师是焦点，但忽视设备供应商的支持角色是一个错误。阿斯麦、应用材料和拉姆研究在价值链中扮演着不可或缺的角色。没有它们，晶圆厂将无法满足复杂的订单。</p>
</div><p>Equipment makers tend to offer good value. Based on forward price-to-earnings valuations, ASML, Lam Research, and especially Applied Materials are cheaper than Nvidia and Broadcom.</p>
<div class="lb-trans"><p>设备制造商往往提供良好的价值。根据前瞻性市盈率估值，阿斯麦、拉姆研究，尤其是应用材料的价格低于英伟达和博通。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/442217767afb37501c762aee78d6d092.png" alt="" original-src="https://media.ycharts.com/charts/442217767afb37501c762aee78d6d092.png"/></p>
<p>Data by YCharts.</p>
<div class="lb-trans"><p>数据来源：YCharts。</p>
</div><p>All three equipment makers also pay dividends, with ASML and Lam Research yielding 0.8% and Applied Materials yielding 1%. It's not a lot, but it adds a pinch of passive income flavor to strong underlying investment theses.</p>
<div class="lb-trans"><p>这三家设备制造商都支付股息，其中 ASML 和 Lam Research 的股息收益率为 0.8%，而 Applied Materials 的股息收益率为 1%。虽然不算很多，但为强劲的投资论点增添了一丝被动收入的味道。</p>
</div><p>All told, investors may want to consider building out their AI portfolios with equipment makers rather than just focusing on the glitz and glam of &#34;Ten Titans&#34; stocks like Nvidia and Broadcom.</p>
<div class="lb-trans"><p>总的来说，投资者可能希望考虑通过设备制造商来扩展他们的人工智能投资组合，而不仅仅是关注像 Nvidia 和 Broadcom 这样的 “十巨头” 股票的光鲜亮丽。</p>
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Why ASML, Applied Materials, and Lam Research Are Soaring on Nvidia's Deal With Intel

- 英特尔股价因英伟达投资 50 亿美元而上涨 22%。
- 英伟达与英特尔合作开发 AI 应用，推动数据中心增长。
- 半导体设备公司股价普遍上涨，ASML 被视为最佳投资选择。

为什么 ASML、应用材料和拉姆研究因 Nvidia 与英特尔的交易而股价飙升