<p><strong>英特尔</strong>(INTC -1.25%) 在过去几个月里一直在进行交易活动。</p>
<p>在八月中旬，这家芯片制造商获得了 <strong>软银</strong> 的 20 亿美元投资，紧接着又获得了美国政府的 89 亿美元投资。在九月份，英特尔将 <strong>英伟达</strong>(NVDA -0.77%) 加入了其不断增长的股东名单。该 GPU 制造商正在向英特尔投资 50 亿美元，并在数据中心和个人电脑的新 CPU 设计上进行合作。</p>
<p>随着资金的涌入、来自全球一些最大科技投资者的支持以及美国政府的财务利益，英特尔的股价飙升。然而，股票的估值现在远不如那些大投资者为其支付的价格。尽管英特尔与软银、英伟达和美国政府的关系密切，但这家竞争对手的半导体股票看起来仍然是更好的投资。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzU4MjUvZ2V0dHlpbWFnZXMtY29tcHV0ZXItY2hpcC1haS1nbG92ZXMuanBnJnc9NzAw?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzU4MjUvZ2V0dHlpbWFnZXMtY29tcHV0ZXItY2hpcC1haS1nbG92ZXMuanBnJnc9NzAw"/></p>
<p>图片来源：Getty Images。</p>
<h2>英特尔交易中的缺失部分</h2>
<p>这些大额投资对英特尔的未来产生了显著的乐观情绪。实际上，随着英伟达作为芯片设计的合作伙伴，它可能帮助英特尔在未来赢得更大份额的数据中心 CPU 市场。</p>
<p>但尽管英伟达同意与英特尔合作新设计，它显然不会使用英特尔来制造其芯片。这项任务仍然由 <strong>台湾半导体制造</strong>(TSM 1.50%)，即 TSMC 负责。</p>
<p>在宣布英伟达与英特尔交易的新闻发布会上，英伟达首席执行官黄仁勋赞扬了 TSMC，称 “我无法过分强调 TSMC 的魔力。” 他指出，英伟达没有计划在短期内停止与这家台湾公司的合作。</p>
<p>这很重要，因为英特尔仍在考虑如果无法为其 14A 节点工艺获得主要客户合同，就可能逐步关闭其代工业务。英伟达据说评估了该工艺，并决定继续与 TSMC 合作。如果英特尔关闭其代工业务，这将是 TSMC 的一个巨大胜利，因为这将进一步巩固其作为领先半导体制造商的地位。</p>
<p>有猜测认为，美国政府对英特尔的参与可能会促使一些芯片制造商更倾向于选择美国公司的代工服务，而非外国制造商的服务。TSMC 正在通过在美国建立生产设施来应对这一点。尽管英特尔现在有大量现金投入代工业务，但要赶上 TSMC 的技术和产能将面临很大困难。</p>
<p>在过去两个月中，英特尔通过股票销售筹集了约 160 亿美元。作为参考，TSMC 每年在研发上投资超过 70 亿美元。此外，它还在美国建设一个巨大的新研发中心。该公司的总资本支出预计在 2025 年接近 400 亿美元，确保其拥有满足对先进芯片日益增长的需求所需的产能和工具。它在创造数百亿美元的自由现金流的同时，正在进行这一切。</p>
<p>换句话说，TSMC 在与英特尔的竞争中具有巨大的优势，并且有能力花费足够的资金以保持领先。</p>
<h2>股票具有吸引力，尤其是与英特尔相比</h2>
<p>尽管 TSMC 在其芯片制造服务需求激增的背景下股价飙升，但其估值仍然具有吸引力。该公司的股票交易价格约为预期收益的 28 倍。考虑到 TSMC 管理层预计 2025 年至 2029 年间销售将以 20% 的复合年增长率增长，同时保持强劲的利润率，这对于该股票来说是一个很好的价格。</p>
<p>与此同时，英特尔的利润受到其代工业务的拖累，上个季度的运营收入损失达 32 亿美元。而且这并不是它最近唯一一个亏损的季度。但随着首席执行官林步坦专注于削减成本，加上最近的发展，分析师预计到 2027 年每股收益将改善，达到 1.20 美元。</p>
<p>然而，这使得该股票当前的价格为其 2027 年收益的 28 倍。而 TSMC 的 2027 年收益预期则为 21 倍。</p>
<p>尽管如果英特尔为其代工业务和 14A 工艺获得大客户，这些估计可能会发生变化，但即使英特尔寻求更多大型科技公司的投资，这种情况发生的可能性似乎也很小。</p>

英特尔

软银

<p>英特尔获得了软银和英伟达的重大投资，增强了对其未来的乐观情绪。然而，英伟达将不使用英特尔进行芯片制造，而是选择了台积电。英特尔的代工业务面临挑战，尽管筹集了 160 亿美元，但在技术和产能上仍难以追赶台积电。台积电的股票仍然具有吸引力，交易时的预期市盈率为 28 倍，而英特尔的估值则不太理想，预计 2027 年的市盈率为 28 倍。分析师预计英特尔的收益将有所改善，但其代工业务的前景仍然不确定</p>

<p><strong>Intel</strong>(INTC -1.25%) has been on a deal-making spree over the last few months.</p>
<div class="lb-trans"><p><strong>英特尔</strong>(INTC -1.25%) 在过去几个月里一直在进行交易活动。</p>
</div><p>In mid-August, the chipmaker secured a $2 billion investment from <strong>SoftBank</strong>, just ahead of an $8.9 billion investment from the U.S. government. In September, Intel added <strong>Nvidia</strong>(NVDA -0.77%) to its growing list of stakeholders. The GPU maker is investing $5 billion in the company and partnering on new CPU designs for data centers and PCs.</p>
<div class="lb-trans"><p>在八月中旬，这家芯片制造商获得了 <strong>软银</strong> 的 20 亿美元投资，紧接着又获得了美国政府的 89 亿美元投资。在九月份，英特尔将 <strong>英伟达</strong>(NVDA -0.77%) 加入了其不断增长的股东名单。该 GPU 制造商正在向英特尔投资 50 亿美元，并在数据中心和个人电脑的新 CPU 设计上进行合作。</p>
</div><p>With the influx of capital, backing from some of the biggest tech investors in the world, and the financial interest of the U.S. government, Intel has seen its stock price soar. However, the stock's valuation is now far less attractive than the prices those big investors paid for it. And despite Intel's relationship with SoftBank, Nvidia, and the U.S. government, this rival semiconductor stock still looks like a better investment.</p>
<div class="lb-trans"><p>随着资金的涌入、来自全球一些最大科技投资者的支持以及美国政府的财务利益，英特尔的股价飙升。然而，股票的估值现在远不如那些大投资者为其支付的价格。尽管英特尔与软银、英伟达和美国政府的关系密切，但这家竞争对手的半导体股票看起来仍然是更好的投资。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzU4MjUvZ2V0dHlpbWFnZXMtY29tcHV0ZXItY2hpcC1haS1nbG92ZXMuanBnJnc9NzAw" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F835825%2Fgettyimages-computer-chip-ai-gloves.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>The missing piece from Intel's deals</h2>
<div class="lb-trans"><h2>英特尔交易中的缺失部分</h2>
</div><p>The big investments have created significant optimism about the future of Intel. Indeed, with Nvidia as a partner in chip design, it could help Intel win a bigger share of data center CPUs going forward.</p>
<div class="lb-trans"><p>这些大额投资对英特尔的未来产生了显著的乐观情绪。实际上，随着英伟达作为芯片设计的合作伙伴，它可能帮助英特尔在未来赢得更大份额的数据中心 CPU 市场。</p>
</div><p>But while Nvidia agreed to partner with Intel on new designs, it's notably won't use Intel for manufacturing its chips. That task remains with <strong>Taiwan Semiconductor Manufacturing</strong>(TSM 1.50%), known as TSMC.</p>
<div class="lb-trans"><p>但尽管英伟达同意与英特尔合作新设计，它显然不会使用英特尔来制造其芯片。这项任务仍然由 <strong>台湾半导体制造</strong>(TSM 1.50%)，即 TSMC 负责。</p>
</div><p>During a press interview announcing the Nvidia-Intel deal, Nvidia CEO Jensen Huang praised TSMC, saying, &#34;I just can't overstate the magic that is TSMC.&#34; He noted there are no plans for Nvidia to stop working with the Taiwanese company anytime soon.</p>
<div class="lb-trans"><p>在宣布英伟达与英特尔交易的新闻发布会上，英伟达首席执行官黄仁勋赞扬了 TSMC，称 “我无法过分强调 TSMC 的魔力。” 他指出，英伟达没有计划在短期内停止与这家台湾公司的合作。</p>
</div><p>That's notable because Intel is still considering winding down its foundry operations if it can't secure a major customer contract for its 14A node process. Nvidia supposedly evaluated the process and decided to stick with TSMC. If Intel shuts down its foundry business, that would be a huge win for TSMC, as it will further secure its position as a leading-edge semiconductor manufacturer.</p>
<div class="lb-trans"><p>这很重要，因为英特尔仍在考虑如果无法为其 14A 节点工艺获得主要客户合同，就可能逐步关闭其代工业务。英伟达据说评估了该工艺，并决定继续与 TSMC 合作。如果英特尔关闭其代工业务，这将是 TSMC 的一个巨大胜利，因为这将进一步巩固其作为领先半导体制造商的地位。</p>
</div><p>There's speculation that the U.S. government's involvement with Intel could nudge some chipmakers to favor the U.S. company's foundry services over those of foreign manufacturers. TSMC is working to combat that by building out production facilities in the U.S. And while Intel now has a lot of cash to pour into the foundry business, it'll be hard-pressed to catch up to TSMC's technology and capacity.</p>
<div class="lb-trans"><p>有猜测认为，美国政府对英特尔的参与可能会促使一些芯片制造商更倾向于选择美国公司的代工服务，而非外国制造商的服务。TSMC 正在通过在美国建立生产设施来应对这一点。尽管英特尔现在有大量现金投入代工业务，但要赶上 TSMC 的技术和产能将面临很大困难。</p>
</div><p>Intel raised about $16 billion from its stock sales over the last two months. For reference, TSMC is investing over $7 billion per year in research and development. On top of that, it's building a massive new R&amp;D center in the United States. The company's total capital expenditures will come in close to $40 billion in 2025, ensuring it has the capacity and tooling it needs to fill the growing demand for leading-edge chips. It's doing all this while generating tens of billions in free cash flow.</p>
<div class="lb-trans"><p>在过去两个月中，英特尔通过股票销售筹集了约 160 亿美元。作为参考，TSMC 每年在研发上投资超过 70 亿美元。此外，它还在美国建设一个巨大的新研发中心。该公司的总资本支出预计在 2025 年接近 400 亿美元，确保其拥有满足对先进芯片日益增长的需求所需的产能和工具。它在创造数百亿美元的自由现金流的同时，正在进行这一切。</p>
</div><p>In other words, TSMC has a huge advantage over Intel, and it has the ability to spend enough to stay well ahead of it.</p>
<div class="lb-trans"><p>换句话说，TSMC 在与英特尔的竞争中具有巨大的优势，并且有能力花费足够的资金以保持领先。</p>
</div><h2>The stock is attractive, especially compared to Intel</h2>
<div class="lb-trans"><h2>股票具有吸引力，尤其是与英特尔相比</h2>
</div><p>While TSMC has seen its stock price soar amid the booming demand for its chip manufacturing services, its valuation is still attractive. Shares of the company trade for about 28 times expected earnings. Considering TSMC's management expects sales to climb at a 20% compound annual growth rate between 2025 and 2029 while maintaining a strong margin profile, that's a great price to pay for the stock.</p>
<div class="lb-trans"><p>尽管 TSMC 在其芯片制造服务需求激增的背景下股价飙升，但其估值仍然具有吸引力。该公司的股票交易价格约为预期收益的 28 倍。考虑到 TSMC 管理层预计 2025 年至 2029 年间销售将以 20% 的复合年增长率增长，同时保持强劲的利润率，这对于该股票来说是一个很好的价格。</p>
</div><p>Meanwhile, Intel is seeing its profits dragged down by its foundry business, which produced a $3.2 billion loss in operating income last quarter. And this isn't the only recent quarter it's been losing money. But with CEO Lip-Bu Tan focused on cutting costs, combined with recent developments, analysts expect earnings to improve, rising to $1.20 per share by 2027.</p>
<div class="lb-trans"><p>与此同时，英特尔的利润受到其代工业务的拖累，上个季度的运营收入损失达 32 亿美元。而且这并不是它最近唯一一个亏损的季度。但随着首席执行官林步坦专注于削减成本，加上最近的发展，分析师预计到 2027 年每股收益将改善，达到 1.20 美元。</p>
</div><p>However, that puts the stock's current price at 28 times its 2027 earnings. That compares to a 21 times multiple for TSMC's 2027 earnings expectations.</p>
<div class="lb-trans"><p>然而，这使得该股票当前的价格为其 2027 年收益的 28 倍。而 TSMC 的 2027 年收益预期则为 21 倍。</p>
</div><p>While those estimates may change if Intel secures a big customer for its foundry business and its 14A process, the odds of that happening seem slim, even as Intel seeks investments from more big tech companies.</p>
<div class="lb-trans"><p>尽管如果英特尔为其代工业务和 14A 工艺获得大客户，这些估计可能会发生变化，但即使英特尔寻求更多大型科技公司的投资，这种情况发生的可能性似乎也很小。</p>
</div>

While Nvidia and SoftBank Invest Billions in Intel, You Should Consider Buying This Rival Semiconductor Stock Instead

- 英特尔近期获得了来自软银和美国政府的重大投资。  
- 尽管与英伟达合作设计新芯片，英特尔仍未能吸引其制造业务。  
- 台积电在技术和产能上领先，英特尔面临更大挑战。  

尽管英伟达和软银在英特尔上投入了数十亿美元，但你应该考虑购买这家竞争对手的半导体股票