<p><strong>英特爾</strong>（INTC 0.70%）的股價上個月再次暴跌，前首席執行官帕特·基爾辛格（Pat Gelsinger）意外 “退休” 的消息進一步證明了公司在快速發展的芯片行業中面臨的混亂局面。</p>
<p>投資者寄希望於復甦，但首席執行官的被罷免是公司在此時面臨嚴峻挑戰的最新證據，而此時公司更是無法承受落後的局面。</p>
<p>因此，根據 S&amp;P Global Market Intelligence 的數據，股價在本月結束時下跌了 17%。從圖表中可以看到，股價在首席執行官宣佈後迅速下跌，並且從那時起一直處於低迷狀態，在美聯儲下調 2025 年降息預期後再次下跌。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/37c1584ce3562ddc7c8a6039b07619a2.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/37c1584ce3562ddc7c8a6039b07619a2.png"/></p>
<p>INTC 數據來源於 YCharts</p>
<h2>英特爾的困境加劇</h2>
<p>投資者最初對基爾辛格辭職的消息反應積極，然而這種光環很快就消失了，投資者似乎意識到接替他的計劃並不充分。</p>
<p>英特爾任命了兩位臨時聯合首席執行官接替基爾辛格，分別是首席財務官大衞·津斯納（David Zinsner）和英特爾產品首席執行官米歇爾·約翰斯頓（Michelle Johnston，MJ）霍爾瑟斯。此舉使得英特爾在進行大規模轉型的過程中沒有了永久領導者，英特爾在 8 月份曾表示將裁員 15%。</p>
<p>在沒有接替者的情況下將基爾辛格推向退休，使公司在高管談判中失去了籌碼，考慮到業務的掙扎、股價的低迷以及向鑄造模式的轉型，這個職位可能很難招募到合適的人選。</p>
<p>因此，考慮到基爾辛格離職一個多月後公司仍未填補該職位並不令人驚訝。</p>
<h2>英特爾的未來如何？</h2>
<p>上個月，英特爾確實採取了一些其他舉措，包括增加兩名新董事會成員，並且有傳言稱它可能會完全剝離鑄造業務。然而，圍繞公司尋找新首席執行官的負面媒體關注似乎也對股價造成了壓力。</p>
<p>在 1 月初，股價保持平穩，《華爾街日報》加大了批評力度，稱公司在多個領域失去市場份額，甚至在數據中心收入上落後於 <strong>AMD</strong>。</p>
<p>投資者對公司本週在拉斯維加斯 CES 發佈的最新 AI PC 芯片也不以為然，而 <strong>英偉達</strong> 則獲得了大部分關注。</p>
<p>毫無疑問，英特爾目前正處於深淵之中。一位有才華的領導者或許能夠將公司挖掘出來，但看起來公司的問題在好轉之前會變得更加嚴重，甚至可能永遠不會好轉。</p>

英特爾

<p>英特爾的股票在 12 月份因首席執行官帕特·基爾辛格的意外退休下跌了 17%，突顯了公司在競爭激烈的芯片行業中持續面臨的困境。投資者最初對領導層的變動反應積極，但對缺乏永久接替者以及公司向新代工模式過渡的擔憂導致信心下降。儘管包括新董事會成員在內的一些戰略舉措，英特爾仍面臨重大挑戰，包括向競爭對手 AMD 失去市場份額，其股票在尋求新首席執行官的過程中仍然承壓</p>

<p>Shares of <strong>Intel</strong>(INTC 0.70%) were spiraling again last month as the surprise &#34;retirement&#34; of former CEO Pat Gelsinger offered more evidence of the disarray the company is in as it struggles to keep pace in the booming chip sector.</p>
<div class="lb-trans"><p><strong>英特爾</strong>（INTC 0.70%）的股價上個月再次暴跌，前首席執行官帕特·基爾辛格（Pat Gelsinger）意外 “退休” 的消息進一步證明了公司在快速發展的芯片行業中面臨的混亂局面。</p>
</div><p>Investors have grasped on to hopes of a recovery, but the CEO ouster is the latest evidence of steep challenges at a time when the company can ill afford to fall behind.</p>
<div class="lb-trans"><p>投資者寄希望於復甦，但首席執行官的被罷免是公司在此時面臨嚴峻挑戰的最新證據，而此時公司更是無法承受落後的局面。</p>
</div><p>As a result, the stock finished the month down 17%, according to data from S&amp;P Global Market Intelligence. As you can see from the chart, the stock plunged shortly after the CEO announcement, and stayed down from there, falling again after the Federal Reserve trimmed its rate-cut forecast for 2025.</p>
<div class="lb-trans"><p>因此，根據 S&amp;P Global Market Intelligence 的數據，股價在本月結束時下跌了 17%。從圖表中可以看到，股價在首席執行官宣佈後迅速下跌，並且從那時起一直處於低迷狀態，在美聯儲下調 2025 年降息預期後再次下跌。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/37c1584ce3562ddc7c8a6039b07619a2.png" alt="" original-src="https://media.ycharts.com/charts/37c1584ce3562ddc7c8a6039b07619a2.png"/></p>
<p>INTC data by YCharts</p>
<div class="lb-trans"><p>INTC 數據來源於 YCharts</p>
</div><h2>Intel goes from bad to worse</h2>
<div class="lb-trans"><h2>英特爾的困境加劇</h2>
</div><p>Investors initially reacted favorably to the news that Gelsinger was stepping down, though it didn't take long for that shine to wear off, and investors seemed to realize the plan to replace him was lacking.</p>
<div class="lb-trans"><p>投資者最初對基爾辛格辭職的消息反應積極，然而這種光環很快就消失了，投資者似乎意識到接替他的計劃並不充分。</p>
</div><p>Intel named two interim co-CEOs in Gelsinger's place, CFO David Zinsner and Michelle Johnston (MJ) Holthaus, the CEO of Intel Products. The move leaves Intel without a permanent leader when it's in the middle of a massive transition, having said it would lay off 15% of its workforce in August, as it's in the midst of a years-long pivot to a new foundry model that opens up its factories to outside customers.</p>
<div class="lb-trans"><p>英特爾任命了兩位臨時聯合首席執行官接替基爾辛格，分別是首席財務官大衞·津斯納（David Zinsner）和英特爾產品首席執行官米歇爾·約翰斯頓（Michelle Johnston，MJ）霍爾瑟斯。此舉使得英特爾在進行大規模轉型的過程中沒有了永久領導者，英特爾在 8 月份曾表示將裁員 15%。</p>
</div><p>Pushing Gelsinger into retirement without a replacement leaves the company without leverage in executive negotiations, and the position could be a tough sell, given the struggles of the business, the floundering stock price, and its transition to the foundry model.</p>
<div class="lb-trans"><p>在沒有接替者的情況下將基爾辛格推向退休，使公司在高管談判中失去了籌碼，考慮到業務的掙扎、股價的低迷以及向鑄造模式的轉型，這個職位可能很難招募到合適的人選。</p>
</div><p>Therefore, it's not surprising that the company hasn't filled that position more than a month after Gelsinger's departure.</p>
<div class="lb-trans"><p>因此，考慮到基爾辛格離職一個多月後公司仍未填補該職位並不令人驚訝。</p>
</div><h2>What's next for Intel?</h2>
<div class="lb-trans"><h2>英特爾的未來如何？</h2>
</div><p>Intel did make some other moves last month, including adding two new board members, and rumors swirled that it could fully spin off the foundry business. However, the negative media attention around the company's efforts to find a new CEO also seemed to weigh on the stock.</p>
<div class="lb-trans"><p>上個月，英特爾確實採取了一些其他舉措，包括增加兩名新董事會成員，並且有傳言稱它可能會完全剝離鑄造業務。然而，圍繞公司尋找新首席執行官的負面媒體關注似乎也對股價造成了壓力。</p>
</div><p>Shares have been flat to start January, as <em>The Wall Street Journal</em> piled onto the criticism, saying that the company is losing market share in multiple areas and has even fallen behind <strong>AMD</strong> in data center revenue.</p>
<div class="lb-trans"><p>在 1 月初，股價保持平穩，《華爾街日報》加大了批評力度，稱公司在多個領域失去市場份額，甚至在數據中心收入上落後於 <strong>AMD</strong>。</p>
</div><p>Investors also shrugged off the release of the company's latest AI PC chips at CES in Las Vegas this week, while <strong>Nvidia</strong> won most of the attention.</p>
<div class="lb-trans"><p>投資者對公司本週在拉斯維加斯 CES 發佈的最新 AI PC 芯片也不以為然，而 <strong>英偉達</strong> 則獲得了大部分關注。</p>
</div><p>There's no question Intel is in a deep hole at this point. A gifted leader may be able to dig the company out, but it seems like the company's problems will get worse before they get better, if they ever do.</p>
<div class="lb-trans"><p>毫無疑問，英特爾目前正處於深淵之中。一位有才華的領導者或許能夠將公司挖掘出來，但看起來公司的問題在好轉之前會變得更加嚴重，甚至可能永遠不會好轉。</p>
</div>

Why Intel Stock Fell 17% in December

- 英特爾因前 CEO 帕特·基爾辛格的意外 “退休” 而股價下跌 17%。  
- 公司在轉型過程中缺乏永久領導，面臨市場份額下降的挑戰。  
- 投資者對新 AI PC 芯片反應平淡，英特爾的困境可能加劇。  

為什麼英特爾股票在 12 月份下跌了 17%