<p>即使在市場拋售之前，<strong>英特爾</strong>（INTC -1.61%）的股票也面臨困境。這或許並不令人驚訝。這家半導體公司在人工智能（AI）基礎設施建設的熱潮中基本被拋在了後面，而其鑄造業務的雄心也遭遇挫折。同時，過去的收購大多未能取得預期效果。過去一年，英特爾的股票下跌了 45%。</p>
<p>新任首席執行官能否幫助公司扭轉局面並提升股價？</p>
<h2>扭轉努力</h2>
<p>英特爾上個月任命了一位新首席執行官，聘請長期行業老將 Lip-Bu Tan 來領導這家陷入困境的公司。Tan 曾擔任 <strong>Cadence Design Systems</strong> 的首席執行官，該公司提供電子設計自動化的軟件和硬件。他曾在去年辭職前擔任英特爾董事會成員。</p>
<p>Tan 的扭轉計劃似乎專注于振興公司在 AI 芯片方面的努力，改善其鑄造業務，並精簡公司結構。這前兩步將不會輕鬆。</p>
<p>目前，英特爾在圖形處理單元（GPU）領域的市場份額幾乎為零，遠遠落後於不僅是 <strong>英偉達</strong>，還有 <strong>超微半導體</strong>。該公司多次嘗試開發與英偉達競爭的 GPU，但都以失敗告終。英特爾最近的挫折發生在今年早些時候，當時它取消了將 Falcon Shores GPU 推向市場的計劃，而決定僅將其用作內部測試芯片。</p>
<p>據最新報道，該公司已將重點轉向其 Jaguar Shores GPU，專門為 AI 推理和高性能計算設計。該芯片似乎將成為更廣泛的機架規模系統的一部分，而不僅僅是一個單獨的芯片。</p>
<p>儘管如此，想要在英偉達面前取得進展將是困難的。GPU 領導者通過其 CUDA 軟件平台建立了廣泛的護城河，該平台旨在讓其芯片能夠編程執行超出其原始目的（加速視頻遊戲中的圖形渲染）的任務。</p>
<p>然而，在此後的幾年中，它在 CUDA 之上構建了一系列庫和服務，集中於 AI 和高性能計算，幫助加速 AI 訓練並加快推理速度。由於開發人員已經接受了通過 CUDA 編程 GPU 的培訓，並且軟件持續改進，從英偉達那裏奪取任何顯著的市場份額似乎極不可能。</p>
<p>雖然關於英特爾尋求剝離其鑄造業務的討論很多，但目前看來這並不在計劃之內。首先，該公司作為 CHIPS 法案的一部分獲得的資金用於建設新的半導體制造設施或工廠，前提是英特爾保持對鑄造業務的多數股權。</p>
<p>其次，單靠鑄造業務可能會破產。英特爾在建設新的製造能力上投入了大量資金，但該部門仍在不斷累積虧損。在 2024 年，鑄造部門的收入下降了 7%，同時產生了 134 億美元的虧損。競爭對手 <strong>台積電</strong> 據報道正在與英特爾談判，通過合資企業運營其工廠，以換取 20% 的股份。</p>
<p>英特爾還寄希望於其新的 18A 工藝能夠幫助扭轉鑄造業務的局面。本月早些時候，該公司進入了風險生產階段，這是大規模生產之前的階段，以評估產量和任何缺陷。過去，該工藝曾出現生產問題，因此這是個好消息。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTQ5MjkvZ2V0dHlpbWFnZXMtMTgwMjI4NTEwOS5qcGcmdz03MDA?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTQ5MjkvZ2V0dHlpbWFnZXMtMTgwMjI4NTEwOS5qcGcmdz03MDA"/></p>
<p>圖片來源：Getty Images</p>
<h2>現在是買入股票的時候嗎？</h2>
<p>英特爾仍面臨艱鉅的扭轉挑戰。然而，該公司在其鑄造業務中擁有大量實物資產，過去兩年在資本支出（capex）上花費了近 500 億美元。同時，其核心產品業務去年收入 modestly 增長了 3%。這雖然不算好，但也不是一個自由下滑的業務。</p>
<p>此外，該公司可以出售非核心資產。這包括 Altera，該公司剛剛宣佈將其 51% 的股份出售給私募股權公司 Silver Lake，交易金額為 44.6 億美元。英特爾將保留該公司的 49% 股份。</p>
<p>該交易將 Altera 的整體估值定為 87.5 億美元，幾乎是其在 2025 年為該公司支付的 167 億美元的一半。它還擁有 <strong>Mobileye</strong> 超過 88% 的股份。儘管也遠低於其為該公司支付的 153 億美元，但仍然具有價值。</p>
<p>英特爾的股票以 1.2 倍的市淨率交易，略高於其資產的實物價值。考慮到其許多鑄造資產相對較新，我認為這個估值足夠便宜，可以在這些水平上冒險購買該股票。雖然扭轉可能不會完全到來，但應該有槓桿可用來釋放價值並幫助提升股價。</p>

英特爾

<p>英特爾的股票在過去一年中下跌了 45%，在人工智能基礎設施市場中掙扎，並面臨其代工雄心的挑戰。公司任命了新首席執行官 Lip-Bu Tan，以振興其人工智能芯片業務並改善代工業務。儘管進行了大量投資，英特爾的代工部門在 2024 年報告了 134 億美元的虧損。雖然公司擁有有價值的資產和適度的收入增長，但在 GPU 市場上面臨來自英偉達的激烈競爭。分析師建議，儘管英特爾面臨艱鉅的挑戰，但當前的股票估值可能提供了一個買入機會</p>

<p>Even before the market sell-off, <strong>Intel</strong>'s (INTC -1.61%) stock struggled. That perhaps should be no surprise. The semiconductor company has been largely left behind in the artificial intelligence (AI) infrastructure build-out mania, while its foundry ambitions have floundered. Meanwhile, past acquisitions by and large haven't panned out. Intel stock is down 45% in the last year.</p>
<div class="lb-trans"><p>即使在市場拋售之前，<strong>英特爾</strong>（INTC -1.61%）的股票也面臨困境。這或許並不令人驚訝。這家半導體公司在人工智能（AI）基礎設施建設的熱潮中基本被拋在了後面，而其鑄造業務的雄心也遭遇挫折。同時，過去的收購大多未能取得預期效果。過去一年，英特爾的股票下跌了 45%。</p>
</div><p>Can a new CEO on board help turn around the company and boost the stock?</p>
<div class="lb-trans"><p>新任首席執行官能否幫助公司扭轉局面並提升股價？</p>
</div><h2>Turnaround effort</h2>
<div class="lb-trans"><h2>扭轉努力</h2>
</div><p>Intel named a new CEO last month, tapping long-term industry vet Lip-Bu Tan to run the struggling company. Tan previously served as CEO at <strong>Cadence Design Systems</strong>, which provides software and hardware for electronic design automation. He previously served on Intel's board of directors until stepping down last year.</p>
<div class="lb-trans"><p>英特爾上個月任命了一位新首席執行官，聘請長期行業老將 Lip-Bu Tan 來領導這家陷入困境的公司。Tan 曾擔任 <strong>Cadence Design Systems</strong> 的首席執行官，該公司提供電子設計自動化的軟件和硬件。他曾在去年辭職前擔任英特爾董事會成員。</p>
</div><p>Tan's turnaround plans appear to be focused on revitalizing the company's efforts in AI chips, improving its foundry business, and streamlining the company. Those first two steps will not be easy.</p>
<div class="lb-trans"><p>Tan 的扭轉計劃似乎專注于振興公司在 AI 芯片方面的努力，改善其鑄造業務，並精簡公司結構。這前兩步將不會輕鬆。</p>
</div><p>Intel's market share in the graphic processing unit (GPU) space is virtually zero at this point, with it well behind not only leader <strong>Nvidia</strong> but <strong>Advanced Micro Devices</strong> as well. The company tried multiple times to create a GPU to compete against Nvidia, only to fail in the process. Intel's latest setback occurred earlier this year when it scrapped its plans to bring its Falcon Shores GPU to the market, instead deciding to use it only as an internal test chip.</p>
<div class="lb-trans"><p>目前，英特爾在圖形處理單元（GPU）領域的市場份額幾乎為零，遠遠落後於不僅是 <strong>英偉達</strong>，還有 <strong>超微半導體</strong>。該公司多次嘗試開發與英偉達競爭的 GPU，但都以失敗告終。英特爾最近的挫折發生在今年早些時候，當時它取消了將 Falcon Shores GPU 推向市場的計劃，而決定僅將其用作內部測試芯片。</p>
</div><p>As last reported, the company has turned its focus to its Jaguar Shores GPU, which it is deigning specifically for AI inference and high-performance computing. It appears the chip will be part of a broader rack-scale system, not just an individual chip.</p>
<div class="lb-trans"><p>據最新報道，該公司已將重點轉向其 Jaguar Shores GPU，專門為 AI 推理和高性能計算設計。該芯片似乎將成為更廣泛的機架規模系統的一部分，而不僅僅是一個單獨的芯片。</p>
</div><p>Nonetheless, making inroads against Nvidia will be difficult. The GPU leader created a wide moat through its CUDA software platform, which it developed to let its chips be programmed for tasks beyond their original purpose of speeding up graphics rendering in video games.</p>
<div class="lb-trans"><p>儘管如此，想要在英偉達面前取得進展將是困難的。GPU 領導者通過其 CUDA 軟件平台建立了廣泛的護城河，該平台旨在讓其芯片能夠編程執行超出其原始目的（加速視頻遊戲中的圖形渲染）的任務。</p>
</div><p>However, in the years since, it built a collection of libraries and services on top of CUDA, centered on AI and high-performance computing that help accelerate AI training and speed up inference. With developers already trained on programming GPUs through CUDA and the software continuing to improve, taking any significant market share away from Nvidia seems highly unlikely.</p>
<div class="lb-trans"><p>然而，在此後的幾年中，它在 CUDA 之上構建了一系列庫和服務，集中於 AI 和高性能計算，幫助加速 AI 訓練並加快推理速度。由於開發人員已經接受了通過 CUDA 編程 GPU 的培訓，並且軟件持續改進，從英偉達那裏奪取任何顯著的市場份額似乎極不可能。</p>
</div><p>While there has been a lot of talk of Intel looking to spin off its foundry business, this does not look to be in the cards currently. For one, the money the company has received as part of the CHIPS Act to build out new semiconductor manufacturing facilities, or fabs, is predicated on Intel keeping a majority stake in the foundry business.</p>
<div class="lb-trans"><p>雖然關於英特爾尋求剝離其鑄造業務的討論很多，但目前看來這並不在計劃之內。首先，該公司作為 CHIPS 法案的一部分獲得的資金用於建設新的半導體制造設施或工廠，前提是英特爾保持對鑄造業務的多數股權。</p>
</div><p>Second, on its own, the foundry business might go bankrupt. Intel poured a ton of money into building new manufacturing capacity, but the unit continues to pile up the losses. In 2024, Foundry segment revenue fell 7%, while it produced a $13.4 billion loss. Rival <strong>Taiwan Semiconductor Manufacturing</strong>, meanwhile, is reportedly in talks with Intel to run its fabs through a joint venture in exchange for a 20% stake.</p>
<div class="lb-trans"><p>其次，單靠鑄造業務可能會破產。英特爾在建設新的製造能力上投入了大量資金，但該部門仍在不斷累積虧損。在 2024 年，鑄造部門的收入下降了 7%，同時產生了 134 億美元的虧損。競爭對手 <strong>台積電</strong> 據報道正在與英特爾談判，通過合資企業運營其工廠，以換取 20% 的股份。</p>
</div><p>Intel has also been betting big that its new 18A process can help turn around its foundry operations. Earlier this month, the company entered risk production, which is the stage before mass production to access yield rates and any flaws. It has had production issues with this new process in the past, so this is good news.</p>
<div class="lb-trans"><p>英特爾還寄希望於其新的 18A 工藝能夠幫助扭轉鑄造業務的局面。本月早些時候，該公司進入了風險生產階段，這是大規模生產之前的階段，以評估產量和任何缺陷。過去，該工藝曾出現生產問題，因此這是個好消息。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTQ5MjkvZ2V0dHlpbWFnZXMtMTgwMjI4NTEwOS5qcGcmdz03MDA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F814929%2Fgettyimages-1802285109.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>Is it time to buy the stock?</h2>
<div class="lb-trans"><h2>現在是買入股票的時候嗎？</h2>
</div><p>Intel still has an uphill battle to turn itself around. However, the company owns a lot of physical assets with its foundry business, where it has spent nearly $50 billion the past two years in capital expenditures (capex). Meanwhile, its core products business did modestly grow revenue by 3% last year. That's not great, but it's also not a business in free fall.</p>
<div class="lb-trans"><p>英特爾仍面臨艱鉅的扭轉挑戰。然而，該公司在其鑄造業務中擁有大量實物資產，過去兩年在資本支出（capex）上花費了近 500 億美元。同時，其核心產品業務去年收入 modestly 增長了 3%。這雖然不算好，但也不是一個自由下滑的業務。</p>
</div><p>In addition, the company can sell noncore assets. This includes Altera, which the company just announced it is selling a 51% stake in to private equity company Silver Lake for $4.46 billion. Intel will keep the remaining 49% of the company.</p>
<div class="lb-trans"><p>此外，該公司可以出售非核心資產。這包括 Altera，該公司剛剛宣佈將其 51% 的股份出售給私募股權公司 Silver Lake，交易金額為 44.6 億美元。英特爾將保留該公司的 49% 股份。</p>
</div><p>The deal values Altera in its entirety at $8.75 billion, which is nearly half the $16.7 billion it paid for the company in 2025. It also owns an over 88% stake in <strong>Mobileye</strong>. While also well below the $15.3 billion it paid for the company, it still also has value.</p>
<div class="lb-trans"><p>該交易將 Altera 的整體估值定為 87.5 億美元，幾乎是其在 2025 年為該公司支付的 167 億美元的一半。它還擁有 <strong>Mobileye</strong> 超過 88% 的股份。儘管也遠低於其為該公司支付的 153 億美元，但仍然具有價值。</p>
</div><p>Trading at a price-to-tangible book value ratio of 1.2 times, Intel stock is trading just above the physical value of its assets. Given that many of its foundry assets are pretty new, I think that valuation is cheap enough to take a chance on the stock at these levels. A turnaround might not be fully coming, but there should be levers available to unlock value and help increase the stock price.</p>
<div class="lb-trans"><p>英特爾的股票以 1.2 倍的市淨率交易，略高於其資產的實物價值。考慮到其許多鑄造資產相對較新，我認為這個估值足夠便宜，可以在這些水平上冒險購買該股票。雖然扭轉可能不會完全到來，但應該有槓桿可用來釋放價值並幫助提升股價。</p>
</div>

Down 45%, Should You Buy the Dip on Intel?

- 英特爾股票在過去一年下跌了 45%。
- 新任 CEO Tan 計劃重振 AI 芯片和代工業務。
- 該公司面臨激烈競爭，尤其是來自 Nvidia 的壓力。

英特爾股價下跌 45%，你是否應該趁低買入？