<p>当投资者想到人工智能（AI）股票时，<strong>英特尔</strong>（INTC 6.25%）通常不是第一个浮现在脑海中的名字。人们的目光往往聚焦于像 <strong>英伟达</strong>、<strong>超微半导体</strong> 和 <strong>Palantir Technologies</strong> 这样的公司。</p>
<p>然而，英特尔的市销率（P/S）仅为 2.4，处于其 10 年范围的低端。在一个充斥着高估值的时代，英特尔的倍数几乎显得过时。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/6c59cc2bbf092fcceaf61dbadaa05343.png?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://media.ycharts.com/charts/6c59cc2bbf092fcceaf61dbadaa05343.png"/></p>
<p>数据来源：YCharts。</p>
<p>让我们探讨一下英特尔的现状，并评估导致其估值低迷的因素。英特尔是一个经典的价值陷阱，还是一个隐藏在明面上的潜在买入机会？</p>
<h2>是什么导致英特尔在芯片领域落后？</h2>
<p>英特尔面临挑战的核心在于其代工部门。曾经是全球半导体制造的领导者，英特尔逐渐向海外竞争对手如 <strong>台积电</strong> 和 <strong>三星</strong> 让步。这一市场侵蚀带来了两个主要后果。</p>
<p>首先，英特尔在执行其代工路线图方面出现了失误，最终导致下一代 GPU 和 CPU 的进展延迟。这削弱了公司在领先芯片设计师中的信誉。因此，像 <strong>苹果</strong>、英伟达和 AMD 这样的行业巨头现在在其最先进的制造需求上几乎完全依赖台积电，因为台积电能够大规模生产尖端工艺。</p>
<p>其次，这些延迟对英特尔的财务状况造成了明显影响。为了追赶，英特尔正在进行一项艰难且成本高昂的转型战略。重新点燃其代工能力所需的大量资本支出正在对利润率和自由现金流施加压力。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/175aaae19a01b2e8d8c727b423d55fb2.png?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://media.ycharts.com/charts/175aaae19a01b2e8d8c727b423d55fb2.png"/></p>
<p>数据来源：YCharts。</p>
<p>因此，华尔街似乎正在将这种不确定性纳入定价。虽然以仅 2.4 倍的销售额交易可能看起来像是一个便宜的选择，但英特尔的巨大折扣反映了投资者对公司能否在一个执行失误导致数十亿美元损失的行业中真正实现可信复苏的明显怀疑。</p>
<h2>英特尔投资者刚刚获得了一些好消息</h2>
<p>在现代 AI 时代，半导体不再是与周期性繁荣和萧条相关的商品硬件；它们是关键基础设施。</p>
<p>美国政府最近收购了英特尔 10% 的股份——这清楚地表明了对公司作为国家安全和国内供应链战略资产角色的信心。这来自华盛顿的支持表明，英特尔在技术上过于重要，无法被视为过时的遗物。</p>
<p>更令人感兴趣的是，英伟达最近也向英特尔投资了 50 亿美元。这一举动引人注目，因为这两家公司在某种程度上是竞争对手。英伟达的举动突显了对先进代工能力的强劲需求。</p>
<p>如果英特尔能够重新确立自己作为台积电的可信替代者，其可寻址市场可能会大幅扩大。即使是市场份额的适度增长也将转化为数十亿美元的增量收入。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzQwNzcvZ2V0dHlpbWFnZXMtMTEyNTUzMzc2NS5qcGcmdz03MDA?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzQwNzcvZ2V0dHlpbWFnZXMtMTEyNTUzMzc2NS5qcGcmdz03MDA"/></p>
<p>图片来源：Getty Images。</p>
<h2>为什么英特尔可能是一个潜在的买入机会</h2>
<p>这些发展是重要的。政府支持的转型计划，加上来自英伟达的验证，为英特尔股票创造了一个底线，并为业务提供了一个引人注目的叙述。简单来说，这家公司在战略上过于重要，无法被完全抛弃——这表明今天的低迷估值留有上升空间。</p>
<p>不过，预期应保持适度。英特尔不太可能在一夜之间成为下一个 AI 宠儿。该公司在先进代工技术上仍落后于竞争对手，重新夺回有意义的市场份额可能需要数年时间。</p>
<p>即便如此，英特尔的估值在半导体行业中仍然是最便宜的之一。对于愿意押注于执行改善和长期 AI 驱动的顺风的逆向投资者来说，英特尔可能代表了获得 AI 机会的最被忽视——且潜在回报丰厚——的方式之一。</p>
<p>尽管经历了所有动荡，英特尔可能并不是许多空头所认为的那把下跌的刀。</p>

英特尔

英伟达

台积电

<p>英特尔（Intel，股票代码：INTC）的市销率仅为 2.4，令人对其估值产生疑问，尤其是在半导体行业面临挑战的背景下。该公司在与台积电（TSMC）和三星（Samsung）的竞争中失去了市场份额，影响了其信誉和财务状况。然而，美国政府和英伟达（Nvidia）的近期投资表明对英特尔潜在反弹的信心。尽管它可能不会在短时间内成为人工智能领域的领导者，但其当前的估值为寻求参与人工智能增长的逆向投资者提供了机会</p>

<p>When investors think about artificial intelligence (AI) stocks, <strong>Intel</strong>(INTC 6.25%) is not the first name that typically comes to mind. The spotlight often shines on companies like <strong>Nvidia</strong>, <strong>Advanced Micro Devices</strong>, and <strong>Palantir Technologies</strong>.</p>
<div class="lb-trans"><p>当投资者想到人工智能（AI）股票时，<strong>英特尔</strong>（INTC 6.25%）通常不是第一个浮现在脑海中的名字。人们的目光往往聚焦于像 <strong>英伟达</strong>、<strong>超微半导体</strong> 和 <strong>Palantir Technologies</strong> 这样的公司。</p>
</div><p>Yet Intel trades at a price-to-sales (P/S) ratio of just 2.4 -- on the lower end of its 10-year range. In an era rife with expensive valuations, Intel's multiple almost feels outdated.</p>
<div class="lb-trans"><p>然而，英特尔的市销率（P/S）仅为 2.4，处于其 10 年范围的低端。在一个充斥着高估值的时代，英特尔的倍数几乎显得过时。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/6c59cc2bbf092fcceaf61dbadaa05343.png" alt="" original-src="https://media.ycharts.com/charts/6c59cc2bbf092fcceaf61dbadaa05343.png"/></p>
<p>Data by YCharts.</p>
<div class="lb-trans"><p>数据来源：YCharts。</p>
</div><p>Let's explore what's going on with Intel and assess the factors driving its depressed valuation. Is Intel a classic value trap or a sneaky buy hiding in plain sight?</p>
<div class="lb-trans"><p>让我们探讨一下英特尔的现状，并评估导致其估值低迷的因素。英特尔是一个经典的价值陷阱，还是一个隐藏在明面上的潜在买入机会？</p>
</div><h2>What has caused Intel to fall behind in the chip landscape?</h2>
<div class="lb-trans"><h2>是什么导致英特尔在芯片领域落后？</h2>
</div><p>The heart of Intel's challenges lies in its foundry division. Once a global leader in semiconductor manufacturing, Intel has steadily ceded ground to overseas competitors such as <strong>Taiwan Semiconductor Manufacturing</strong> and <strong>Samsung</strong>. This market erosion has carried two major consequences.</p>
<div class="lb-trans"><p>英特尔面临挑战的核心在于其代工部门。曾经是全球半导体制造的领导者，英特尔逐渐向海外竞争对手如 <strong>台积电</strong> 和 <strong>三星</strong> 让步。这一市场侵蚀带来了两个主要后果。</p>
</div><p>First, Intel has stumbled in executing on its foundry roadmap, ultimately delaying progress on next-generation GPUs and CPUs. This has weakened the company's credibility with leading chip designers. As a result, industry giants like <strong>Apple</strong>, Nvidia, and AMD now overwhelmingly rely on Taiwan Semi for their most advanced fabrication needs, given its ability to produce cutting-edge nodes at scale.</p>
<div class="lb-trans"><p>首先，英特尔在执行其代工路线图方面出现了失误，最终导致下一代 GPU 和 CPU 的进展延迟。这削弱了公司在领先芯片设计师中的信誉。因此，像 <strong>苹果</strong>、英伟达和 AMD 这样的行业巨头现在在其最先进的制造需求上几乎完全依赖台积电，因为台积电能够大规模生产尖端工艺。</p>
</div><p>Second, these delays have taken a visible toll on Intel's financial profile. In an effort to catch up, the company is embarking on a challenging and costly turnaround strategy. The massive capital expenditures required to reignite its foundry capabilities are pressuring both profit margins and free cash flow.</p>
<div class="lb-trans"><p>其次，这些延迟对英特尔的财务状况造成了明显影响。为了追赶，英特尔正在进行一项艰难且成本高昂的转型战略。重新点燃其代工能力所需的大量资本支出正在对利润率和自由现金流施加压力。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/175aaae19a01b2e8d8c727b423d55fb2.png" alt="" original-src="https://media.ycharts.com/charts/175aaae19a01b2e8d8c727b423d55fb2.png"/></p>
<p>Data by YCharts.</p>
<div class="lb-trans"><p>数据来源：YCharts。</p>
</div><p>As a result, Wall Street appears to be pricing in this uncertainty. While trading at just 2.4 times sales may give the appearance of a bargain, Intel's steep discount reflects clear investor skepticism about whether the company can truly stage a credible comeback in an industry where execution missteps have cost billions of dollars.</p>
<div class="lb-trans"><p>因此，华尔街似乎正在将这种不确定性纳入定价。虽然以仅 2.4 倍的销售额交易可能看起来像是一个便宜的选择，但英特尔的巨大折扣反映了投资者对公司能否在一个执行失误导致数十亿美元损失的行业中真正实现可信复苏的明显怀疑。</p>
</div><h2>Intel investors just got some great news</h2>
<div class="lb-trans"><h2>英特尔投资者刚刚获得了一些好消息</h2>
</div><p>In the modern AI era, semiconductors are no longer commoditized pieces of hardware tied to cyclical booms and busts; they are critical infrastructure.</p>
<div class="lb-trans"><p>在现代 AI 时代，半导体不再是与周期性繁荣和萧条相关的商品硬件；它们是关键基础设施。</p>
</div><p>The U.S. government recently acquired a 10% stake in Intel -- a clear vote of confidence in the company's role as a strategic asset for national security and domestic supply chains. This support from Washington suggests that Intel is simply too important to be left behind as a technological relic.</p>
<div class="lb-trans"><p>美国政府最近收购了英特尔 10% 的股份——这清楚地表明了对公司作为国家安全和国内供应链战略资产角色的信心。这来自华盛顿的支持表明，英特尔在技术上过于重要，无法被视为过时的遗物。</p>
</div><p>Adding to the intrigue, Nvidia recently invested $5 billion into Intel as well. This is striking, given the two companies are, in some ways, competitors. Nvidia's move underscores just how powerful demand is for advanced foundry capacity.</p>
<div class="lb-trans"><p>更令人感兴趣的是，英伟达最近也向英特尔投资了 50 亿美元。这一举动引人注目，因为这两家公司在某种程度上是竞争对手。英伟达的举动突显了对先进代工能力的强劲需求。</p>
</div><p>If Intel can reestablish itself as a credible alternative to TSMC, its addressable market could expand dramatically. Even modest gains in market share would translate into billions of incremental revenue.</p>
<div class="lb-trans"><p>如果英特尔能够重新确立自己作为台积电的可信替代者，其可寻址市场可能会大幅扩大。即使是市场份额的适度增长也将转化为数十亿美元的增量收入。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzQwNzcvZ2V0dHlpbWFnZXMtMTEyNTUzMzc2NS5qcGcmdz03MDA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F834077%2Fgettyimages-1125533765.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 Intel might be a sneaky buy</h2>
<div class="lb-trans"><h2>为什么英特尔可能是一个潜在的买入机会</h2>
</div><p>These developments outlined matter. A government-backed turnaround plan, reinforced by validation from Nvidia, creates a floor under Intel stock and a compelling narrative for the business. Simply put, the company is too strategically important to be written off entirely -- suggesting that today's depressed valuation leaves room for upside.</p>
<div class="lb-trans"><p>这些发展是重要的。政府支持的转型计划，加上来自英伟达的验证，为英特尔股票创造了一个底线，并为业务提供了一个引人注目的叙述。简单来说，这家公司在战略上过于重要，无法被完全抛弃——这表明今天的低迷估值留有上升空间。</p>
</div><p>That said, expectations should remain tempered. Intel is unlikely to blossom into the next AI darling overnight. The company still trails rivals in advanced foundry technology, and reclaiming a meaningful foothold could take years.</p>
<div class="lb-trans"><p>不过，预期应保持适度。英特尔不太可能在一夜之间成为下一个 AI 宠儿。该公司在先进代工技术上仍落后于竞争对手，重新夺回有意义的市场份额可能需要数年时间。</p>
</div><p>Even so, Intel trades at one of the cheapest valuations in the semiconductor industry. For contrarian investors willing to bet on improvements in execution and secular AI-driven tailwinds, Intel may represent one of the most overlooked -- and potentially rewarding -- ways to gain exposure to the AI opportunity.</p>
<div class="lb-trans"><p>即便如此，英特尔的估值在半导体行业中仍然是最便宜的之一。对于愿意押注于执行改善和长期 AI 驱动的顺风的逆向投资者来说，英特尔可能代表了获得 AI 机会的最被忽视——且潜在回报丰厚——的方式之一。</p>
</div><p>Despite all the turbulence, Intel might not be the falling knife that many bears assume it is.</p>
<div class="lb-trans"><p>尽管经历了所有动荡，英特尔可能并不是许多空头所认为的那把下跌的刀。</p>
</div>

This Artificial Intelligence (AI) Stock Trades at Just 2 Times Sales -- Is It Too Cheap to Ignore?

- 英特尔的市销率为 2.4，处于 10 年范围的低端。  
- 公司在半导体制造方面逐渐被台积电和三星超越，导致财务状况受压。  
- 美国政府和英伟达的投资显示出对英特尔的信心，可能带来市场份额的增长。  

这只人工智能（AI）股票的交易价格仅为销售额的 2 倍——是否便宜得不容忽视？