<p>投資者似乎不知道如何應對 <strong>英特爾</strong>（INTC -5.28%）最近的首席執行官公告。</p>
<p>這家陷入困境的芯片製造商在週一市場開盤前發佈了一份新聞稿，稱首席執行官帕特·基爾辛格（Pat Gelsinger）在公司工作近四年後，於 12 月 1 日退休，放棄了全職職位和董事會席位。公司任命首席財務官大衞·津斯納（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）為臨時聯合首席執行官，同時尋找永久替代者。</p>
<p>公告的性質沒有包括基爾辛格的慣常顧問角色，表明他是被迫離開的，其他媒體報道也在當天確認了這一點。這一舉動令人驚訝——並不是因為基爾辛格離開公司，因為股票表現一直糟糕，公司也持續落後於競爭對手。令人驚訝的是，英特爾在讓基爾辛格離開之前並沒有找到替代者。</p>
<p>這一舉動使公司在業務經歷 40 年來最大轉型的關鍵時刻失去了領導者，正如基爾辛格幾個月前所説的那樣。</p>
<p>在週一早上的消息傳出後，英特爾股票最初上漲，但在下午的交易中回吐了這些漲幅，週二下跌了 6.1%。華爾街分析師對這一舉動發表了看法，許多人對這一決定能否幫助英特爾持懷疑態度，至少在短期內是這樣。</p>
<p>這一舉動目前看起來對英特爾是一個挫折，但也給公司的兩個競爭對手 <strong>台積電</strong>（TSM 1.80%）和 <strong>Arm Holdings</strong>（ARM -2.37%）帶來了優勢。以下是原因。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy83OTk4MDYvYS1zZW1pY29uZHVjdG9yLWNoaXAtYmVpbmctbWFkZS5qcGcmdz03MDA?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy83OTk4MDYvYS1zZW1pY29uZHVjdG9yLWNoaXAtYmVpbmctbWFkZS5qcGcmdz03MDA"/></p>
<p>圖片來源：Getty Images。</p>
<h2>台積電擴大製造領先優勢</h2>
<p>台積電是全球最大的合同芯片製造商。它處理超過一半無廠商芯片公司的芯片生產，如 <strong>英偉達</strong>、<strong>蘋果</strong>、<strong>博通</strong> 和 <strong>超微半導體</strong>，以及大約 90% 的先進芯片。</p>
<p>英特爾也運營自己的代工廠，但歷史上這主要用於製造公司的芯片。基爾辛格戰略的一個關鍵組成部分是重組業務，以向外部客户開放代工廠，效仿台積電的戰略。</p>
<p>然而，這一努力似乎陷入困境，因為英特爾的代工廠累計虧損數十億，而新任首席執行官可能意味着公司會縮減這些努力或完全剝離其代工業務。無論發生什麼，英特爾的代工雄心顯然不會以基爾辛格想象的速度進行，最近還將完成一些新工廠的時間表推遲到 2030 年之後。結果是，基爾辛格的離職似乎消除了對台積電的威脅，因為前英特爾首席執行官曾計劃到 2030 年使代工業務成為全球第二大，僅次於台積電。</p>
<h2>Arm 可以推動其 CPU 優勢</h2>
<p>台積電是英特爾在代工領域最大的競爭對手。在其產品業務方面，英特爾面臨許多競爭對手，但 Arm 可能是 CPU（中央處理器）架構中最強大的競爭者。</p>
<p>Arm 直接與英特爾的 x86 CPU 架構競爭。雖然這兩種組件各有不同的優缺點，但它們在半導體行業中相互競爭，包括在數據中心，Arm 在 x86 處理器上逐漸獲得市場份額，受益於其在 AI 應用中對電力效率的需求。</p>
<p>英特爾的產品業務似乎並沒有像代工業務那樣直接受到基爾辛格被解職的影響，但領導層的空缺可能會影響公司的競爭力、市場速度和招聘新員工的能力。</p>
<p>此外，英特爾的產品業務依賴於代工進行製造，而代工的剝離可能會擾亂這種關係。Arm 也通過為新產品授權其設計來賺錢，而英特爾的動盪可能會導致潛在客户傾向於選擇 Arm，因為後者在對比中顯得更可靠。</p>
<p>英特爾的持續挫折應該有助於推動 Arm 的增長。</p>

英特爾

<p>英特爾首席執行官帕特·基爾辛格已退休，使公司在關鍵轉型期缺乏領導。這一意外舉動引發了分析師對英特爾未來的擔憂，尤其是在其與台積電和 Arm Holdings 等競爭對手的競爭中。作為最大的合同芯片製造商，台積電可能會從英特爾的鑄造雄心受挫中受益，而 Arm 則可能在 CPU 架構方面獲得市場份額，因為英特爾的領導空缺影響了其競爭力。英特爾的股票在公告發布後最初上漲，但隨後下跌了 6.1%，反映出投資者的不確定性</p>

<p>Investors don't seem to know what to do with <strong>Intel</strong>'s (INTC -5.28%) recent CEO announcement.</p>
<div class="lb-trans"><p>投資者似乎不知道如何應對 <strong>英特爾</strong>（INTC -5.28%）最近的首席執行官公告。</p>
</div><p>The ailing chipmaker issued a press release before markets opened on Monday saying that CEO Pat Gelsinger, who had run the company for nearly four years, retired effective Dec. 1, giving up both his full-time position and his board seat. The company appointed CFO David Zinsner and CEO of Intel Products Michelle Johnston Holthaus as interim co-CEOs while it searches for a permanent replacement.</p>
<div class="lb-trans"><p>這家陷入困境的芯片製造商在週一市場開盤前發佈了一份新聞稿，稱首席執行官帕特·基爾辛格（Pat Gelsinger）在公司工作近四年後，於 12 月 1 日退休，放棄了全職職位和董事會席位。公司任命首席財務官大衞·津斯納（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）為臨時聯合首席執行官，同時尋找永久替代者。</p>
</div><p>The nature of the announcement, which didn't include the customary advisory role for Gelsinger, indicated that he was pushed out, and other media reports confirmed this later that day. The move was surprising -- not necessarily because Gelsinger is leaving the company, as the stock performance has been woeful and the company has continued to fall behind competitors. What was surprising is that Intel didn't bother to find a replacement before showing Gelsinger the door.</p>
<div class="lb-trans"><p>公告的性質沒有包括基爾辛格的慣常顧問角色，表明他是被迫離開的，其他媒體報道也在當天確認了這一點。這一舉動令人驚訝——並不是因為基爾辛格離開公司，因為股票表現一直糟糕，公司也持續落後於競爭對手。令人驚訝的是，英特爾在讓基爾辛格離開之前並沒有找到替代者。</p>
</div><p>The move leaves the company without a leader at a time when the business is in the midst of its biggest transition in 40 years, as Gelsinger said just a few months ago.</p>
<div class="lb-trans"><p>這一舉動使公司在業務經歷 40 年來最大轉型的關鍵時刻失去了領導者，正如基爾辛格幾個月前所説的那樣。</p>
</div><p>After Intel stock initially jumped on the news Monday morning, it gave up those gains in the afternoon session and fell 6.1% on Tuesday. Wall Street analysts weighed in on the move with many of them skeptical that the decision will help Intel, at least in the near term.</p>
<div class="lb-trans"><p>在週一早上的消息傳出後，英特爾股票最初上漲，但在下午的交易中回吐了這些漲幅，週二下跌了 6.1%。華爾街分析師對這一舉動發表了看法，許多人對這一決定能否幫助英特爾持懷疑態度，至少在短期內是這樣。</p>
</div><p>The move looks like a setback for Intel for now, but it also gives an advantage to two of the company's rivals, <strong>Taiwan Semiconductor Manufacturing</strong>(TSM 1.80%) and <strong>Arm Holdings</strong>(ARM -2.37%). Here's how.</p>
<div class="lb-trans"><p>這一舉動目前看起來對英特爾是一個挫折，但也給公司的兩個競爭對手 <strong>台積電</strong>（TSM 1.80%）和 <strong>Arm Holdings</strong>（ARM -2.37%）帶來了優勢。以下是原因。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy83OTk4MDYvYS1zZW1pY29uZHVjdG9yLWNoaXAtYmVpbmctbWFkZS5qcGcmdz03MDA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F799806%2Fa-semiconductor-chip-being-made.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>TSMC extends its manufacturing lead</h2>
<div class="lb-trans"><h2>台積電擴大製造領先優勢</h2>
</div><p>TSMC is the world's largest contract chip manufacturer. It handles more than half of the chip production for fabless chip companies such as <strong>Nvidia</strong>, <strong>Apple</strong>, <strong>Broadcom</strong>, and <strong>Advanced Micro Devices</strong>, and roughly 90% of advanced chips.</p>
<div class="lb-trans"><p>台積電是全球最大的合同芯片製造商。它處理超過一半無廠商芯片公司的芯片生產，如 <strong>英偉達</strong>、<strong>蘋果</strong>、<strong>博通</strong> 和 <strong>超微半導體</strong>，以及大約 90% 的先進芯片。</p>
</div><p>Intel also operates its own foundry, but historically that has served to manufacture the company's chips. A key component of Gelsinger's strategy was restructuring the business to open the foundry up to outside customers, following TSMC's strategy.</p>
<div class="lb-trans"><p>英特爾也運營自己的代工廠，但歷史上這主要用於製造公司的芯片。基爾辛格戰略的一個關鍵組成部分是重組業務，以向外部客户開放代工廠，效仿台積電的戰略。</p>
</div><p>However, that effort seemed to falter as Intel's foundry racked up billions in losses, and a new CEO could mean the company scales back those efforts or spins off its foundry business entirely. Whatever happens, Intel's foundry ambitions are likely not happening at the pace that Gelsinger imagined, and it recently pushed back its timeline to finish some of its new plants until after 2030. The upshot is that Gelsinger's removal seems to take away a threat to TSMC as the former Intel chief had aimed for the foundry business to be the world's second-largest, behind TSMC, by 2030.</p>
<div class="lb-trans"><p>然而，這一努力似乎陷入困境，因為英特爾的代工廠累計虧損數十億，而新任首席執行官可能意味着公司會縮減這些努力或完全剝離其代工業務。無論發生什麼，英特爾的代工雄心顯然不會以基爾辛格想象的速度進行，最近還將完成一些新工廠的時間表推遲到 2030 年之後。結果是，基爾辛格的離職似乎消除了對台積電的威脅，因為前英特爾首席執行官曾計劃到 2030 年使代工業務成為全球第二大，僅次於台積電。</p>
</div><h2>Arm can push its CPU advantage</h2>
<div class="lb-trans"><h2>Arm 可以推動其 CPU 優勢</h2>
</div><p>TSMC is Intel's biggest competitor in the foundry space. On the product side of its business, it faces a number of competitors, but Arm may be the most formidable in CPU (central processing unit) architecture.</p>
<div class="lb-trans"><p>台積電是英特爾在代工領域最大的競爭對手。在其產品業務方面，英特爾面臨許多競爭對手，但 Arm 可能是 CPU（中央處理器）架構中最強大的競爭者。</p>
</div><p>Arm competes directly with Intel's x86 CPU architecture. While the two components offer different strengths and weaknesses, they compete with each other across the semiconductor industry, including in the data center where Arm is increasingly gaining market share on x86 processors, benefiting from its power efficiency as AI applications demand a lot of power.</p>
<div class="lb-trans"><p>Arm 直接與英特爾的 x86 CPU 架構競爭。雖然這兩種組件各有不同的優缺點，但它們在半導體行業中相互競爭，包括在數據中心，Arm 在 x86 處理器上逐漸獲得市場份額，受益於其在 AI 應用中對電力效率的需求。</p>
</div><p>Intel's products business doesn't seem to be as directly affected by Gelsinger's ouster as the foundry business, but the gap in leadership could impact the company's competitiveness, speed to market, and ability to recruit new employees.</p>
<div class="lb-trans"><p>英特爾的產品業務似乎並沒有像代工業務那樣直接受到基爾辛格被解職的影響，但領導層的空缺可能會影響公司的競爭力、市場速度和招聘新員工的能力。</p>
</div><p>Additionally, Intel's products business depends on the foundry for manufacturing, and a spin-off of the foundry could disrupt that relationship. Arm also makes its money from licensing its designs for new products, and the upheaval at Intel could lead prospective customers to lean toward Arm as the company looks more reliable by comparison.</p>
<div class="lb-trans"><p>此外，英特爾的產品業務依賴於代工進行製造，而代工的剝離可能會擾亂這種關係。Arm 也通過為新產品授權其設計來賺錢，而英特爾的動盪可能會導致潛在客户傾向於選擇 Arm，因為後者在對比中顯得更可靠。</p>
</div><p>Continued setbacks at Intel should help boost Arm's growth.</p>
<div class="lb-trans"><p>英特爾的持續挫折應該有助於推動 Arm 的增長。</p>
</div>

These 2 Chip Stocks Are Set to Capitalize on Intel's CEO Crisis

- 英特爾宣佈 CEO 帕特·蓋辛格於 12 月 1 日退休，任命 CFO 和產品 CEO 為臨時聯合 CEO。  
- 蓋辛格的離職未提前找到接替者，可能影響公司在重大轉型中的領導力。  
- 此舉可能使台積電和 Arm 在市場競爭中獲得優勢，尤其是在 CPU 和代工領域。

這兩隻芯片股將利用英特爾 CEO 危機的機會