<p>TradingKey - <strong>英特尔</strong> <strong>的股价在周二上涨了 7.3%，达到了近两年的最高点。</strong></p>
<p><img src="https://imageproxy.pbkrs.com/https://resource.tradingkey.com/uploads/20260114/intc-aeee71068ea04603bc10451f5045856c.jpg?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="1561" height="722" original-src="https://imageproxy.pbkrs.com/https://resource.tradingkey.com/uploads/20260114/intc-aeee71068ea04603bc10451f5045856c.jpg"/></p>
<p>此次反弹主要是受到 KeyBanc Capital Markets 在 1 月 13 日发布的乐观研究报告的推动，<strong>该投资银行将英特尔的评级上调至 “增持”，并设定了 60 美元的目标价</strong>，这意味着 <strong>比发布当天的价格上涨超过 35%</strong>。</p>
<p><strong>KeyBanc 的乐观评估背后是对英特尔在人工智能业务进展和先进工艺大规模生产能力的全面看好。</strong></p>
<p>该公司的分析师 John Vinh 指出，英特尔 2026 年面向服务器市场的下一代 CPU 产品几乎已经售罄，尤其是随着 AWS、谷歌和 Meta 等超大规模科技客户不断扩大人工智能计算基础设施，推动对英特尔处理器的需求远超预期。</p>
<p>强劲的下游需求也可能促使英特尔提高价格。他预计英特尔可能会将服务器处理器的价格提高 10% 到 15%，进一步扩大收入和利润恢复的潜力。</p>
<p>值得注意的是，如果 2024-2025 年是 GPU 的时代，那么 2026 年被许多分析师视为 CPU“复苏” 的关键转折点。人工智能推理模型的普及显著增加了对 CPU 在数据预处理和任务调度等场景中的依赖，导致 CPU 市场的重要性被 “重新定价”。</p>
<p>Vinh 特别指出，该公司最新的 18A 工艺节点（接近 2nm）的良率已提高至 60% 以上。这一水平不仅足以支持 Core Ultra 3 系列（代号 Panther Lake）处理器的稳定大规模生产，还表明英特尔在先进工艺领域逐渐接近主流水平。</p>
<p>尽管英特尔当前的良率仍低于台积电的可比节点（2nm 工艺约为 70%-80%），但已经远高于三星电子不到 40% 的行业表现。</p>
<p>因此，<strong>KeyBanc 认为英特尔有望超越三星，跃升为全球第二大代工服务提供商。</strong></p>
<p>除了芯片制造，英特尔的先进封装技术也获得了行业认可。KeyBanc 指出，云服务巨头如 AWS、Meta 和谷歌已开始测试英特尔的嵌入式多芯片互连桥技术（EMIB-T），作为其自研 AI 芯片的封装解决方案。</p>
<p>虽然 Vinh 也承认英特尔在人工智能领域的定位仍处于早期阶段，整体生态系统仍在完善，但其在封装技术等关键领域的持续进展可能成为估值重新评级的重要催化剂。</p>
<h2>英特尔的代工跃进</h2>
<p>在半导体行业激烈竞争的多年中，英特尔曾一度失去制造领先地位，市场份额逐渐被侵蚀。面对 AMD 和 Arm 在高性能和移动芯片市场的强劲崛起，英特尔的传统领导地位受到严重挑战。</p>
<p>与此同时，其代工平台英特尔代工服务（IFS）因早期工艺交付延迟和技术稳定性差而陷入信任危机，导致许多潜在的大客户最终选择了其他代工厂。</p>
<p>尽管像 NVIDIA 和 Broadcom 这样的公司评估了英特尔的 18A 工艺的适用性，但这些并未转化为实际的大规模生产订单，进一步加剧了外界对其代工业务可行性的质疑。</p>
<p><strong>然而，现在情况正在悄然改变。英特尔的代工业务正在逐渐打破 “制造落后——产能不足——难以获得订单” 的恶性循环。</strong></p>
<p>供应链消息人士确认，英特尔已成功获得苹果的代工订单，用于 Mac 和 iPad 芯片，这些芯片将基于其 18A 工艺节点进行大规模生产。鉴于苹果对工艺良率和交付质量的持续高标准，这一合作无疑被视为对英特尔先进制造能力的重大市场认可。</p>
<p>更关键的是，报道称英特尔与苹果正在就下一代 14A 工艺进行深入谈判，目标是在 2029 年前实现入门级 iPhone 芯片的大规模生产。如果合作顺利进行，英特尔将跨多个维度进入苹果的核心供应链，进一步增强其在代工领域与台积电和三星的竞争能力。</p>
<h2>AMD 也受益</h2>
<p><strong>除了英特尔，KeyBanc 还上调了</strong> <strong>AMD</strong> <strong>的评级和目标价，将其目标价设定为 270 美元，随后 AMD 的股价在周二上涨了 6%。</strong></p>
<p>分析师认为，AMD 正在通过其 MI355 和 MI455 系列 AI 加速器占领 NVIDIA 以外的高端市场，其 AI 收入目标预计到 2026 年将超过 140 亿到 150 亿美元。</p>
<p>在服务器 CPU 方面，AMD 的下一代 Turin 平台正在被主要云服务提供商积极部署，预计到 2026 年业务将增长多达 50%。AMD 与英特尔形成鲜明对比：前者专注于 AI 加速和产品性能迭代，而后者则通过先进工艺和代工业务实现复苏。</p>
<p>目前，两家公司 2026 年的服务器 CPU 产能接近满负荷利用，强劲的卖方市场信号重塑了行业原有的竞争格局。当 “产能紧张” 的现实与 “回归定价权” 的趋势交汇时，我们可能看到的不仅是两大芯片巨头的回归，还有新工业格局的悄然形成。</p>
<p>了解更多</p>

英特尔

<p>英特尔的股票上涨了 7.3%，达到两年来的最高点，此次上涨是由于 KeyBanc Capital Markets 发布了乐观报告，将该股票评级上调至 “增持”，目标价为 60 美元。报告强调了对英特尔 AI 处理器的强劲需求以及制造良率的改善。英特尔已获得苹果的代工订单，这标志着其代工业务的重大转机。同时，AMD 也获得了评级上调，预计其 AI 收入和服务器 CPU 将实现强劲增长。两家公司在 2026 年的 CPU 市场中都处于竞争有利的位置</p>

<p>TradingKey - <strong>Intel</strong> <strong>Shares rose 7.3% on Tuesday, hitting a nearly two-year high.</strong></p>
<div class="lb-trans"><p>TradingKey - <strong>英特尔</strong> <strong>的股价在周二上涨了 7.3%，达到了近两年的最高点。</strong></p>
</div><p><img src="https://imageproxy.pbkrs.com/https://resource.tradingkey.com/uploads/20260114/intc-aeee71068ea04603bc10451f5045856c.jpg" alt="" original-src="https://resource.tradingkey.com/uploads/20260114/intc-aeee71068ea04603bc10451f5045856c.jpg"/></p>
<p>The rally was primarily driven by a bullish research report released by KeyBanc Capital Markets on January 13, <strong>in which the investment bank upgraded Intel's rating to &#34;Overweight&#34; and set a $60 price target</strong>, representing an upside of <strong>more than 35% from the price on the day of publication</strong> .</p>
<div class="lb-trans"><p>此次反弹主要是受到 KeyBanc Capital Markets 在 1 月 13 日发布的乐观研究报告的推动，<strong>该投资银行将英特尔的评级上调至 “增持”，并设定了 60 美元的目标价</strong>，这意味着 <strong>比发布当天的价格上涨超过 35%</strong>。</p>
</div><p><strong>Behind KeyBanc's optimistic assessment is a comprehensive bullish outlook on Intel's AI business progress and advanced process mass production capabilities.</strong></p>
<div class="lb-trans"><p><strong>KeyBanc 的乐观评估背后是对英特尔在人工智能业务进展和先进工艺大规模生产能力的全面看好。</strong></p>
</div><p>The firm's analyst John Vinh noted that Intel's next-generation CPU products for the server market in 2026 are already nearly sold out, particularly as hyperscale tech customers like AWS, Google, and Meta continue to ramp up AI computing infrastructure, driving demand for Intel's processors far beyond expectations.</p>
<div class="lb-trans"><p>该公司的分析师 John Vinh 指出，英特尔 2026 年面向服务器市场的下一代 CPU 产品几乎已经售罄，尤其是随着 AWS、谷歌和 Meta 等超大规模科技客户不断扩大人工智能计算基础设施，推动对英特尔处理器的需求远超预期。</p>
</div><p>Strong downstream demand could also prompt Intel to raise prices. He expects Intel could hike server processor pricing by 10% to 15%, further expanding the potential for revenue and margin recovery.</p>
<div class="lb-trans"><p>强劲的下游需求也可能促使英特尔提高价格。他预计英特尔可能会将服务器处理器的价格提高 10% 到 15%，进一步扩大收入和利润恢复的潜力。</p>
</div><p>Notably, if 2024-2025 is the era of the GPU, 2026 is viewed by many analysts as a key turning point for the CPU's &#34;comeback.&#34; The popularization of AI inference models has significantly increased reliance on CPUs for scenarios such as data preprocessing and task scheduling, leading to a &#34;repricing&#34; of the CPU market's importance.</p>
<div class="lb-trans"><p>值得注意的是，如果 2024-2025 年是 GPU 的时代，那么 2026 年被许多分析师视为 CPU“复苏” 的关键转折点。人工智能推理模型的普及显著增加了对 CPU 在数据预处理和任务调度等场景中的依赖，导致 CPU 市场的重要性被 “重新定价”。</p>
</div><p>Vinh specifically pointed out that the company's yield on its latest 18A process node (near 2nm) has improved to over 60%. This level is not only sufficient to support stable mass production of the Core Ultra 3 series (codenamed Panther Lake) processors but also indicates that Intel is gradually approaching mainstream levels in the advanced process field.</p>
<div class="lb-trans"><p>Vinh 特别指出，该公司最新的 18A 工艺节点（接近 2nm）的良率已提高至 60% 以上。这一水平不仅足以支持 Core Ultra 3 系列（代号 Panther Lake）处理器的稳定大规模生产，还表明英特尔在先进工艺领域逐渐接近主流水平。</p>
</div><p>Although Intel's current yield remains lower than TSMC's comparable node (around 70%-80% for the 2nm process), it is already far higher than Samsung Electronics' industry performance of less than 40%.</p>
<div class="lb-trans"><p>尽管英特尔当前的良率仍低于台积电的可比节点（2nm 工艺约为 70%-80%），但已经远高于三星电子不到 40% 的行业表现。</p>
</div><p>Consequently, <strong>KeyBanc believes Intel is poised to surpass Samsung and leapfrog to become the world's second-largest foundry service provider.</strong></p>
<div class="lb-trans"><p>因此，<strong>KeyBanc 认为英特尔有望超越三星，跃升为全球第二大代工服务提供商。</strong></p>
</div><p>Beyond chip manufacturing, Intel's advanced packaging technology is also gaining industry recognition. KeyBanc noted that cloud service giants such as AWS, Meta, and Google have begun testing Intel's Embedded Multi-die Interconnect Bridge technology (EMIB-T) as a packaging solution for their self-developed AI chips.</p>
<div class="lb-trans"><p>除了芯片制造，英特尔的先进封装技术也获得了行业认可。KeyBanc 指出，云服务巨头如 AWS、Meta 和谷歌已开始测试英特尔的嵌入式多芯片互连桥技术（EMIB-T），作为其自研 AI 芯片的封装解决方案。</p>
</div><p>While Vinh also admitted that Intel's AI positioning is still in its early stages and the overall ecosystem is still being refined, its continued progress in critical areas like packaging technology could serve as a significant catalyst for a valuation rerating.</p>
<div class="lb-trans"><p>虽然 Vinh 也承认英特尔在人工智能领域的定位仍处于早期阶段，整体生态系统仍在完善，但其在封装技术等关键领域的持续进展可能成为估值重新评级的重要催化剂。</p>
</div><h2>Intel's Foundry Leap</h2>
<div class="lb-trans"><h2>英特尔的代工跃进</h2>
</div><p>In years of intense competition within the semiconductor industry, Intel once lost its manufacturing lead, seeing its market share gradually eroded. Facing the strong rise of AMD and Arm in the high-performance and mobile chip markets, Intel's traditional leadership was severely challenged.</p>
<div class="lb-trans"><p>在半导体行业激烈竞争的多年中，英特尔曾一度失去制造领先地位，市场份额逐渐被侵蚀。面对 AMD 和 Arm 在高性能和移动芯片市场的强劲崛起，英特尔的传统领导地位受到严重挑战。</p>
</div><p>At the same time, its foundry platform, Intel Foundry Services (IFS), fell into a trust crisis due to early process delivery delays and poor technical stability, leading many potential large customers to eventually choose other foundries.</p>
<div class="lb-trans"><p>与此同时，其代工平台英特尔代工服务（IFS）因早期工艺交付延迟和技术稳定性差而陷入信任危机，导致许多潜在的大客户最终选择了其他代工厂。</p>
</div><p>Although companies like NVIDIA and Broadcom have evaluated the suitability of Intel's 18A process, these did not translate into actual mass-production orders, further heightening external doubts about the viability of its foundry business.</p>
<div class="lb-trans"><p>尽管像 NVIDIA 和 Broadcom 这样的公司评估了英特尔的 18A 工艺的适用性，但这些并未转化为实际的大规模生产订单，进一步加剧了外界对其代工业务可行性的质疑。</p>
</div><p><strong>Now, however, the situation is quietly changing. Intel's foundry business is gradually breaking the vicious cycle of &#34;falling behind in manufacturing — insufficient capacity — difficulty securing orders.&#34;</strong></p>
<div class="lb-trans"><p><strong>然而，现在情况正在悄然改变。英特尔的代工业务正在逐渐打破 “制造落后——产能不足——难以获得订单” 的恶性循环。</strong></p>
</div><p>Supply chain sources have confirmed that Intel has successfully secured Apple's foundry orders for Mac and iPad chips, which will be mass-produced based on its 18A process node. Given Apple's consistently high standards for process yield and delivery quality, this partnership is undoubtedly seen as a major market endorsement of Intel's advanced manufacturing capabilities.</p>
<div class="lb-trans"><p>供应链消息人士确认，英特尔已成功获得苹果的代工订单，用于 Mac 和 iPad 芯片，这些芯片将基于其 18A 工艺节点进行大规模生产。鉴于苹果对工艺良率和交付质量的持续高标准，这一合作无疑被视为对英特尔先进制造能力的重大市场认可。</p>
</div><p>More critically, reports suggest Intel and Apple are in deep negotiations regarding the next-generation 14A process, aiming for mass production of entry-level iPhone chips by 2029. If the collaboration proceeds smoothly, Intel will enter Apple's core supply chain across multiple dimensions, further enhancing its ability to compete with TSMC and Samsung in the foundry sector.</p>
<div class="lb-trans"><p>更关键的是，报道称英特尔与苹果正在就下一代 14A 工艺进行深入谈判，目标是在 2029 年前实现入门级 iPhone 芯片的大规模生产。如果合作顺利进行，英特尔将跨多个维度进入苹果的核心供应链，进一步增强其在代工领域与台积电和三星的竞争能力。</p>
</div><h2>AMD Also Benefits</h2>
<div class="lb-trans"><h2>AMD 也受益</h2>
</div><p><strong>In addition to Intel, KeyBanc also upgraded</strong> <strong>AMD</strong> <strong>'s rating and price target, setting its target price at $270, after which AMD's stock rose 6% on Tuesday.</strong></p>
<div class="lb-trans"><p><strong>除了英特尔，KeyBanc 还上调了</strong> <strong>AMD</strong> <strong>的评级和目标价，将其目标价设定为 270 美元，随后 AMD 的股价在周二上涨了 6%。</strong></p>
</div><p>Analysts believe AMD is capturing the high-end market outside of NVIDIA with its MI355 and MI455 series AI accelerators, with its AI revenue target expected to exceed $14 billion to $15 billion by 2026.</p>
<div class="lb-trans"><p>分析师认为，AMD 正在通过其 MI355 和 MI455 系列 AI 加速器占领 NVIDIA 以外的高端市场，其 AI 收入目标预计到 2026 年将超过 140 亿到 150 亿美元。</p>
</div><p>In terms of server CPUs, AMD's next-generation Turin platform is being actively deployed by major cloud service providers, with the business expected to grow by as much as 50% in 2026. AMD stands in sharp contrast to Intel: the former focuses on AI acceleration and product performance iteration, while the latter is mounting a comeback through advanced processes and its foundry business.</p>
<div class="lb-trans"><p>在服务器 CPU 方面，AMD 的下一代 Turin 平台正在被主要云服务提供商积极部署，预计到 2026 年业务将增长多达 50%。AMD 与英特尔形成鲜明对比：前者专注于 AI 加速和产品性能迭代，而后者则通过先进工艺和代工业务实现复苏。</p>
</div><p>Currently, both companies' server CPU capacity for 2026 is nearing full utilization, and strong seller's market signals have reshaped the industry's original competitive landscape. When the reality of &#34;tight capacity&#34; intersects with the trend of &#34;returning pricing power,&#34; we may be seeing more than just the return of two chip giants, but the quiet formation of a new industrial landscape.</p>
<div class="lb-trans"><p>目前，两家公司 2026 年的服务器 CPU 产能接近满负荷利用，强劲的卖方市场信号重塑了行业原有的竞争格局。当 “产能紧张” 的现实与 “回归定价权” 的趋势交汇时，我们可能看到的不仅是两大芯片巨头的回归，还有新工业格局的悄然形成。</p>
</div><p>Find out more</p>
<div class="lb-trans"><p>了解更多</p>
</div>

Intel Finally Reaps AI Dividend? Stock Hits 2-Year High as Analysts Raise Target to $60

- 英特尔股价上涨 7.3%，创近两年新高，受 KeyBanc 报告推动。  
- 报告预测英特尔服务器处理器价格将上涨 10%-15%。  
- 英特尔与苹果合作获得芯片代工订单，逐步恢复市场信心。

英特尔终于获得 AI 红利？股价达到两年来的最高点，分析师将目标价上调至 60 美元