<p>當帕特·基爾辛格在 2021 年接管 <strong>英特爾</strong>(INTC -6.10%) 時，人們希望他能夠成為這家老牌半導體巨頭期待已久的轉型的策劃者。</p>
<p>然而，他現在將加入那些未能振興公司並在此過程中表現不佳的英特爾首席執行官的行列。</p>
<p>英特爾週一早上宣佈基爾辛格將於 12 月 1 日退休，顯然他是被從後門請出的。他將不再以任何身份留在公司，已放棄首席執行官職位和董事會席位。英特爾表示，首席財務官大衞·津斯納和英特爾產品首席執行官米歇爾（MJ）約翰斯頓·霍爾瑟斯將擔任臨時聯合首席執行官，直到公司找到基爾辛格的長期替代者。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy83OTk2MTgvYXJ0aWZpY2lhbC1pbnRlbGxpZ2VuY2UtaW52ZXN0aW5nLWFsZ29yaXRobXMuanBnJnc9NzAw?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy83OTk2MTgvYXJ0aWZpY2lhbC1pbnRlbGxpZ2VuY2UtaW52ZXN0aW5nLWFsZ29yaXRobXMuanBnJnc9NzAw"/></p>
<p>圖片來源：Getty Images。</p>
<h2>為什麼基爾辛格被迫離職</h2>
<p>基爾辛格在英特爾度過了大部分職業生涯，曾升任首席技術官，2012 年離開去管理 VMWare，2021 年迴歸擔任首席執行官。他在華爾街和行業內部人士中普遍受到尊重，但在他任內，英特爾的股票表現不佳，因為在人工智能競爭中輸給了 <strong>英偉達</strong>。</p>
<p>投資者似乎對基爾辛格戰略的基石持懷疑態度——擴大英特爾的內部芯片製造基礎設施，併成為外部客户的第三方代工廠。當投資者看到重組後的代工業務每季度數十億美元的虧損時，他們感到震驚，基爾辛格任內股票下跌了 62%，其中包括大規模重組和在 8 月份取消分紅。</p>
<p>英特爾股票在基爾辛格辭職的消息傳出後最初上漲，但到週一下午已跌入負值，顯示投資者在預測他的離職將如何影響公司時感到掙扎。</p>
<h2>這對英特爾意味着什麼</h2>
<p>儘管在他任內股票表現不佳，但基爾辛格的離職仍然令人驚訝，因為英特爾正處於多個多年計劃的中間，包括建設新的製造工廠和在 8 月份宣佈的重組計劃，該計劃將裁員約 15% 的員工。</p>
<p>這一消息也使英特爾在沒有明確方向或領導的情況下前行，董事會選擇任命兩位臨時聯合首席執行官進一步表明，公司在下一任領導者確定新方向之前將處於戰略停滯狀態。</p>
<p>英特爾獨立董事會主席弗蘭克·耶裏在退休公告中表示：“儘管我們在恢復製造競爭力和建立成為世界級代工廠的能力方面取得了重大進展，但我們知道公司還有很多工作要做，並致力於恢復投資者信心。”</p>
<p>耶裏還暗示，產品組或芯片設計將繼續是其戰略的核心。這可能表明英特爾將改變其代工戰略。</p>
<p>公司可能會剝離代工業務。基爾辛格在 9 月份宣佈了一項計劃，將其作為獨立子公司，儘管一些投資者希望進行完全剝離。完全出售也是一種可能性，儘管 <strong>台積電</strong>，全球領先的合同芯片製造商，表示對收購它沒有興趣。基爾辛格的離職也可能為英特爾與其他公司如 <strong>高通</strong> 合併鋪平道路，高通曾表示有意收購英特爾。</p>
<p>鑑於公司的挑戰以及董事會顯然希望採取新的戰略方法，找到基爾辛格的替代者可能並不容易。更糟糕的是，根據《芯片法案》，英特爾獲得的資金從 85 億美元減少到 78.6 億美元，因為英特爾還贏得了一項為美國軍方製造芯片的 30 億美元合同。由於英特爾沒有永久首席執行官，其工廠建設的時間表可能會進一步推遲，因此《芯片法案》的資金仍然面臨風險。</p>
<h2>現在是買入英特爾的好時機嗎？</h2>
<p>市場對基爾辛格突然離職的初步反應似乎是錯誤的。迫使首席執行官離職可以幫助公司，尤其是當該領導者做出錯誤決策時，但這並不能完全説明英特爾的情況。在基爾辛格接管之前，公司在與競爭對手如英偉達和台積電的競爭中處於劣勢。</p>
<p>此外，董事會在沒有替代者的情況下宣佈他的離職並不是一種促進投資者信心的舉動，尤其是在公司混亂的情況下。這看起來過於倉促。經營這家陷入困境的芯片製造商可能是目前科技行業最糟糕的工作，很難想象誰是合適的人選。當他上任時，基爾辛格似乎具備了合適的背景，並贏得了員工的尊重。</p>
<p>一位新領導者可能會為公司注入新活力，但英特爾似乎仍需數年才能實現合理的轉型，無論是否有基爾辛格。考慮到這一點，最好避免購買該股票。</p>

英特爾

<p>英特爾宣佈首席執行官帕特·基爾辛格（Pat Gelsinger）將於 12 月 1 日退休，此前公司經歷了一段業績不佳和顯著的股價損失。首席財務官大衞·辛茲納（David Zinsner）和英特爾產品首席執行官米歇爾·約翰斯頓·霍爾瑟斯（Michelle Johnston Holthaus）將擔任臨時聯合首席執行官。基爾辛格的離職引發了對英特爾戰略方向的擔憂，尤其是在持續的舉措和挑戰中，包括根據《芯片法案》減少資金支持。儘管市場最初反應積極，但關於公司未來領導層和潛在戰略變化的不確定性依然存在，包括剝離其代工業務或與其他公司合併的可能性</p>

<p>When Pat Gelsinger took the helm of <strong>Intel</strong>(INTC -6.10%) in 2021, the hope was that he could be the mastermind who engineered the aging semiconductor titan's long-awaited turnaround.</p>
<div class="lb-trans"><p>當帕特·基爾辛格在 2021 年接管 <strong>英特爾</strong>(INTC -6.10%) 時，人們希望他能夠成為這家老牌半導體巨頭期待已久的轉型的策劃者。</p>
</div><p>Instead, he will now join the ranks of Intel CEOs who failed to reinvigorate the company and underperformed the stock market along the way.</p>
<div class="lb-trans"><p>然而，他現在將加入那些未能振興公司並在此過程中表現不佳的英特爾首席執行官的行列。</p>
</div><p>Intel announced Gelsinger's retirement Monday morning, effective Dec. 1, and he was apparently shown out the back door. He won't remain with the company in any capacity, having relinquished both the CEO chair and his board seat. Intel said CFO David Zinsner and CEO of Intel Products Michelle (MJ) Johnston Holthaus would take over as interim co-CEOs while the company searches for Gelsinger's long-term replacement.</p>
<div class="lb-trans"><p>英特爾週一早上宣佈基爾辛格將於 12 月 1 日退休，顯然他是被從後門請出的。他將不再以任何身份留在公司，已放棄首席執行官職位和董事會席位。英特爾表示，首席財務官大衞·津斯納和英特爾產品首席執行官米歇爾（MJ）約翰斯頓·霍爾瑟斯將擔任臨時聯合首席執行官，直到公司找到基爾辛格的長期替代者。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy83OTk2MTgvYXJ0aWZpY2lhbC1pbnRlbGxpZ2VuY2UtaW52ZXN0aW5nLWFsZ29yaXRobXMuanBnJnc9NzAw" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F799618%2Fartificial-intelligence-investing-algorithms.jpg&amp;op=resize&amp;w=700"/></p>
<p>Image source: Getty Images.</p>
<div class="lb-trans"><p>圖片來源：Getty Images。</p>
</div><h2>Why Gelsinger was pushed out</h2>
<div class="lb-trans"><h2>為什麼基爾辛格被迫離職</h2>
</div><p>Gelsinger spent most of his career at Intel, rising to chief technology officer before leaving to run VMWare in 2012 and then returning as CEO in 2021. He was generally well respected by Wall Street and industry insiders, but on his watch, the stock underperformed the market as Intel lost ground in the AI race to <strong>Nvidia</strong>.</p>
<div class="lb-trans"><p>基爾辛格在英特爾度過了大部分職業生涯，曾升任首席技術官，2012 年離開去管理 VMWare，2021 年迴歸擔任首席執行官。他在華爾街和行業內部人士中普遍受到尊重，但在他任內，英特爾的股票表現不佳，因為在人工智能競爭中輸給了 <strong>英偉達</strong>。</p>
</div><p>Investors also seemed skeptical about the cornerstone of Gelsinger's strategy -- expanding Intel's in-house chip manufacturing infrastructure and becoming a third-party foundry for outside customers. Investors balked when they saw the billions in quarterly losses from the restructured foundry business, and the stock fell by 62% under Gelsinger's tenure, which included a massive restructuring and the elimination of its dividend in August.</p>
<div class="lb-trans"><p>投資者似乎對基爾辛格戰略的基石持懷疑態度——擴大英特爾的內部芯片製造基礎設施，併成為外部客户的第三方代工廠。當投資者看到重組後的代工業務每季度數十億美元的虧損時，他們感到震驚，基爾辛格任內股票下跌了 62%，其中包括大規模重組和在 8 月份取消分紅。</p>
</div><p>Intel stock initially popped on the news that Gelsinger was stepping down, but had fallen into negative territory by Monday afternoon, showing investors were struggling to predict how his exit would impact the company.</p>
<div class="lb-trans"><p>英特爾股票在基爾辛格辭職的消息傳出後最初上漲，但到週一下午已跌入負值，顯示投資者在預測他的離職將如何影響公司時感到掙扎。</p>
</div><h2>What it means for Intel</h2>
<div class="lb-trans"><h2>這對英特爾意味着什麼</h2>
</div><p>Despite the stock's poor performance under his watch, Gelsinger's exit was a surprise, as Intel is in the middle of several years-long initiatives, including building out new manufacturing plants and the restructuring it announced in August that will include laying off approximately 15% of its workforce.</p>
<div class="lb-trans"><p>儘管在他任內股票表現不佳，但基爾辛格的離職仍然令人驚訝，因為英特爾正處於多個多年計劃的中間，包括建設新的製造工廠和在 8 月份宣佈的重組計劃，該計劃將裁員約 15% 的員工。</p>
</div><p>The news also leaves Intel without clear direction or leadership, and the board's choice to name two interim co-CEOs further indicates the company will be strategically stagnant until its next leader determines its new direction.</p>
<div class="lb-trans"><p>這一消息也使英特爾在沒有明確方向或領導的情況下前行，董事會選擇任命兩位臨時聯合首席執行官進一步表明，公司在下一任領導者確定新方向之前將處於戰略停滯狀態。</p>
</div><p>Frank Yeary, Intel's independent board chair, said in the retirement announcement, &#34;While we have made significant progress in regaining manufacturing competitiveness and building the capabilities to be a world-class foundry, we know that we have much more work to do at the company and are committed to restoring investor confidence.&#34;</p>
<div class="lb-trans"><p>英特爾獨立董事會主席弗蘭克·耶裏在退休公告中表示：“儘管我們在恢復製造競爭力和建立成為世界級代工廠的能力方面取得了重大進展，但我們知道公司還有很多工作要做，並致力於恢復投資者信心。”</p>
</div><p>Yeary also implied that the product group, or chip design, would remain at the center of its strategy. That could be a sign that Intel will change its foundry strategy.</p>
<div class="lb-trans"><p>耶裏還暗示，產品組或芯片設計將繼續是其戰略的核心。這可能表明英特爾將改變其代工戰略。</p>
</div><p>The company could spin off the foundry business. Gelsinger had announced a plan in September to make it an independent subsidiary, though some investors had hoped for a full spin-off. Selling it entirely is also a possibility, though <strong>TSMC</strong>, the world's leading contract chip manufacturer, said it had no interest in buying it. Gelsinger's departure could also help clear the way for Intel to merge with another company like <strong>Qualcomm</strong>, which had expressed interest in acquiring it.</p>
<div class="lb-trans"><p>公司可能會剝離代工業務。基爾辛格在 9 月份宣佈了一項計劃，將其作為獨立子公司，儘管一些投資者希望進行完全剝離。完全出售也是一種可能性，儘管 <strong>台積電</strong>，全球領先的合同芯片製造商，表示對收購它沒有興趣。基爾辛格的離職也可能為英特爾與其他公司如 <strong>高通</strong> 合併鋪平道路，高通曾表示有意收購英特爾。</p>
</div><p>Finding a replacement for Gelsinger may not be easy given the company's challenges and the board's apparent desire for a new strategic approach. Adding to the company's woes, the funding it's being awarded under the CHIPS Act was just reduced from $8.5 billion to $7.86 billion in light of Intel having also won a $3 billion contract to make chips for the U.S. military. The CHIPS Act funding still appears to be at risk as the timeline for Intel's plant construction could be pushed out even further now that it's without a permanent CEO.</p>
<div class="lb-trans"><p>鑑於公司的挑戰以及董事會顯然希望採取新的戰略方法，找到基爾辛格的替代者可能並不容易。更糟糕的是，根據《芯片法案》，英特爾獲得的資金從 85 億美元減少到 78.6 億美元，因為英特爾還贏得了一項為美國軍方製造芯片的 30 億美元合同。由於英特爾沒有永久首席執行官，其工廠建設的時間表可能會進一步推遲，因此《芯片法案》的資金仍然面臨風險。</p>
</div><h2>Is Intel a buy now?</h2>
<div class="lb-trans"><h2>現在是買入英特爾的好時機嗎？</h2>
</div><p>The market's initial reaction to the news of Gelsinger's abrupt exit seems wrong. Forcing a CEO out can help a company when that leader has made poor decisions, but that doesn't tell the whole story with Intel. The company was at a competitive disadvantage against rivals like Nvidia and TSMC for years before Gelsinger took over.</p>
<div class="lb-trans"><p>市場對基爾辛格突然離職的初步反應似乎是錯誤的。迫使首席執行官離職可以幫助公司，尤其是當該領導者做出錯誤決策時，但這並不能完全説明英特爾的情況。在基爾辛格接管之前，公司在與競爭對手如英偉達和台積電的競爭中處於劣勢。</p>
</div><p>Plus, for the board to announce his exit before having a replacement on deck is not a maneuver that promotes investor confidence, especially given the company's disarray. It looks unnecessarily hasty. Running the struggling chipmaker could be the worst job in tech right now, and it's hard to imagine who the right person might be to take it on. When he came in, Gelsinger seemed to have the right pedigree, and he had earned respect from employees.</p>
<div class="lb-trans"><p>此外，董事會在沒有替代者的情況下宣佈他的離職並不是一種促進投資者信心的舉動，尤其是在公司混亂的情況下。這看起來過於倉促。經營這家陷入困境的芯片製造商可能是目前科技行業最糟糕的工作，很難想象誰是合適的人選。當他上任時，基爾辛格似乎具備了合適的背景，並贏得了員工的尊重。</p>
</div><p>A new leader could breathe new life into the company, but Intel still looks to be years away from a reasonable turnaround, with or without Gelsinger. Given that, the stock is best avoided.</p>
<div class="lb-trans"><p>一位新領導者可能會為公司注入新活力，但英特爾似乎仍需數年才能實現合理的轉型，無論是否有基爾辛格。考慮到這一點，最好避免購買該股票。</p>
</div>

Intel Axes CEO Pat Gelsinger: Is It Time to Buy the Struggling Chip Stock?

- 英特爾宣佈首席執行官帕特·基爾辛格於 12 月 1 日退休。  
- 在其任期內，英特爾股價下跌 62%，未能在 AI 領域趕超競爭對手。  
- 新任領導人尚未確定，英特爾面臨戰略停滯和不確定性。

英特爾解僱了 CEO Pat Gelsinger：現在是購買這隻表現不佳的芯片股票的時機嗎？