<p>英特爾（INTC -1.46%）曾是半導體行業的巨頭。如今，這家曾被稱為 Chipzilla 的公司在其最重要的部門失去了市場份額，並錯過了人工智能（AI）熱潮的機會。同時，英特爾正全力投入其相對較新的芯片製造業務。</p>
<p>英特爾更新的戰略能否彌補近年來的失誤？股票在未來一兩年內是否有反彈的機會？簡而言之，英特爾的股票現在值得購買嗎？</p>
<p>讓我們來看看。</p>
<h2>500 億美元的賭注讓投資者望而卻步</h2>
<p>英特爾的股票在過去幾年中一直掙扎。股價在那年四月達到了二十年來的最高點，隨後開始了漫長而痛苦的下跌。下跌始於英特爾 2021 年第一季度的報告，儘管公司超出了華爾街的預期，但也揭示了其全新的芯片代工重點。</p>
<p>可以説，所謂的代工業務從一開始就頗具爭議。過去兩年，公司在新建和升級芯片製造設施上花費了超過 500 億美元。</p>
<p>這些基礎設施成本讓許多潛在的英特爾投資者卻步。代工部門甚至尚未盈利，並且面臨來自穩固競爭對手 <strong>台積電</strong>（TSM 0.39%）和 <strong>三星</strong>（SSNL.F 9.01%）的巨大競爭。如果英特爾的鉅額戰略轉型投資最終成為死衚衕怎麼辦？</p>
<p>這就是英特爾股票自 2021 年四月高峰以來下跌 70% 的主要原因。即使是生成式 AI 的激增也無法彌補普通英特爾股東心中這個昂貴想法的影響。英特爾的 Gaudi 系列 AI 加速器可以通過更低的價格與 <strong>英偉達</strong>（NVDA -1.44%）的行業標準卡競爭，使系統構建者能夠在每個 AI 系統中裝入更多的加速器。然而，鉅額的電費和增強的系統冷卻問題可能會削弱英特爾的成本優勢。</p>
<h2>英特爾的新身份：代工芯片製造商</h2>
<p>因此，2025 年投資英特爾實際上是對芯片代工業務的直接長期押注。長期競爭對手 <strong>超微</strong>（AMD -2.57%）在 PC 和服務器系統的中央處理器（CPU）市場上搶走了英特爾的風頭。英偉達在 AI 加速器市場上遙遙領先，後面跟着一大批渴望崛起的競爭者。雖然反彈總是有可能，但這甚至不是英特爾目前正在努力的方向。</p>
<p>在這方面，我認為理解英特爾的芯片製造雄心很重要。這個市場幾十年來一直被台積電主導，三星最近才進入大規模市場。這兩家公司都位於東南亞，方便靠近中國和台灣的科技製造中心。但這種地理集中在 2025 年可能會變成一種負擔，因為中美貿易緊張局勢不斷升級。</p>
<p>因此，英特爾可能成為美國芯片設計師的頂級供應商。公司的大部分芯片製造設施分佈在美國，亞利桑那州和俄勒岡州等地有大型製造園區。將芯片訂單發送到這些設施將幫助國內半導體公司（及其設備製造客户）避免對國外製造的處理器徵收關税和貿易限制。</p>
<p>這甚至不是一個新發展。英特爾的代工計劃是在四年前啓動的，當時正值因新冠疫情引發的芯片製造短缺和早期版本的今天加劇的貿易衝突。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjA2NTEvc2VtaWNvbmR1Y3Rvci1jaGlwLWhpZGRlbi1hbW9uZy1sYXJnZS1kZW5vbWluYXRpb24tZG9sbGFyLWJpbGxzLmpwZyZ3PTcwMA?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="700" height="466" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjA2NTEvc2VtaWNvbmR1Y3Rvci1jaGlwLWhpZGRlbi1hbW9uZy1sYXJnZS1kZW5vbWluYXRpb24tZG9sbGFyLWJpbGxzLmpwZyZ3PTcwMA"/></p>
<p>圖片來源：Getty Images。</p>
<h2>英特爾可能是 2025 年最佳的半導體交易</h2>
<p>我不能保證英特爾的代工理念在長期內會成功。然而，這家半導體老將擁有太多的長期專業知識和投資，不能在這裏走錯一步。</p>
<p>而且股票的定價已經反映了絕對的災難。英特爾的股票交易價格為銷售額的 1.7 倍和公司賬面價值的 0.9 倍。與英特爾最接近的競爭對手相比，這屬於超值區間：</p>
<table>
<thead>
<tr>
<th>半導體股票</th>
<th>市盈率（P/S）</th>
<th>市淨率（P/B）</th>
<th>市值</th>
</tr>
</thead>
<tbody>
<tr>
<td>英特爾</td>
<td>1.7</td>
<td>0.9</td>
<td>883 億美元</td>
</tr>
<tr>
<td>超微</td>
<td>6.9</td>
<td>3.3</td>
<td>1923 億美元</td>
</tr>
<tr>
<td>台積電</td>
<td>10.9</td>
<td>7.6</td>
<td>10496 億美元</td>
</tr>
<tr>
<td>英偉達</td>
<td>23.3</td>
<td>41.3</td>
<td>34629 億美元</td>
</tr>
</tbody>
</table>
<p>數據來源於 Finviz.com，日期為 2025 年 6 月 4 日。</p>
<p>我對英特爾的極低市淨率特別感興趣。低於 1.0 的數字表明，如果公司乾脆關閉運營，出售所有資產，並將現金返還給股東，投資者可能會更好。税收影響在大多數情況下會使這種退出策略無效，但你明白我的意思——許多投資者已經對英特爾失去了希望。</p>
<p>我認為這是對英特爾更新戰略的短視看法。簡而言之，英特爾的股票在這些低股價下看起來是個不錯的買入機會。</p>

英特爾

半導體 3 倍做多 - Direxion

<p>英特爾在半導體行業面臨挑戰，市場份額下降並錯失了人工智能的機會。該公司在芯片製造上的 500 億美元投資引發了投資者的擔憂，自 2021 年 4 月以來，股價已下跌 70%。儘管面臨來自台積電和英偉達等競爭對手的壓力，英特爾的戰略可能使其在貿易緊張局勢中成為美國芯片設計師的關鍵供應商。目前，英特爾的股票被低估，交易價格為銷售額的 1.7 倍和賬面價值的 0.9 倍，暗示到 2025 年有反彈的潛力</p>

<p>Intel (INTC -1.46%) used to be the 800-pound gorilla of the semiconductor industry. These days, the company formerly known as Chipzilla has lost market share in its most important divisions and missed the bus to the artificial intelligence (AI) boom. At the same time, Intel is leaning into its relatively new chip manufacturing with a vengeance.</p>
<div class="lb-trans"><p>英特爾（INTC -1.46%）曾是半導體行業的巨頭。如今，這家曾被稱為 Chipzilla 的公司在其最重要的部門失去了市場份額，並錯過了人工智能（AI）熱潮的機會。同時，英特爾正全力投入其相對較新的芯片製造業務。</p>
</div><p>Can Intel's updated strategy make up for the missteps in recent years? Is the stock poised for a turnaround in the next year or two? In short, is Intel stock a good buy right now?</p>
<div class="lb-trans"><p>英特爾更新的戰略能否彌補近年來的失誤？股票在未來一兩年內是否有反彈的機會？簡而言之，英特爾的股票現在值得購買嗎？</p>
</div><p>Let's find out.</p>
<div class="lb-trans"><p>讓我們來看看。</p>
</div><h2>The $50 billion bet that scared investors away</h2>
<div class="lb-trans"><h2>500 億美元的賭注讓投資者望而卻步</h2>
</div><p>Intel's stock has been struggling for a few years. Share prices peaked at a two-decade high in April that year, before starting a long and painful downturn. The plunge began with Intel's Q1 2021 report, where the company crushed Wall Street's estimates but also revealed its brand-new chip foundry focus.</p>
<div class="lb-trans"><p>英特爾的股票在過去幾年中一直掙扎。股價在那年四月達到了二十年來的最高點，隨後開始了漫長而痛苦的下跌。下跌始於英特爾 2021 年第一季度的報告，儘管公司超出了華爾街的預期，但也揭示了其全新的芯片代工重點。</p>
</div><p>It's fair to say that the so-called foundry business has been controversial from the start. The company spent more than $50 billion on new and upgraded chip-making facilities over the last two years.</p>
<div class="lb-trans"><p>可以説，所謂的代工業務從一開始就頗具爭議。過去兩年，公司在新建和升級芯片製造設施上花費了超過 500 億美元。</p>
</div><p>Those infrastructure costs are scaring away many prospective Intel investors. The foundry division isn't even turning a profit yet, and it faces tremendous competition from firmly established rivals <strong>Taiwan Semiconductor Manufacturing</strong>(TSM 0.39%) and <strong>Samsung</strong>(SSNL.F 9.01%). What if Intel's massive strategy-shifting investment turns out to be a dead end?</p>
<div class="lb-trans"><p>這些基礎設施成本讓許多潛在的英特爾投資者卻步。代工部門甚至尚未盈利，並且面臨來自穩固競爭對手 <strong>台積電</strong>（TSM 0.39%）和 <strong>三星</strong>（SSNL.F 9.01%）的巨大競爭。如果英特爾的鉅額戰略轉型投資最終成為死衚衕怎麼辦？</p>
</div><p>That's the main reason why Intel's stock has fallen 70% from the April 2021 summit. Not even the generative AI upsurge can make up for this expensive idea in the average Intel shareholder's mind. Intel's Gaudi line of AI accelerators can compete with <strong>Nvidia</strong>'s (NVDA -1.44%) industry-standard cards by being far cheaper, allowing system builders to pack many more accelerators into each AI system. Beefy electric bills and boosted system cooling concerns can undermine Intel's cost advantage, using this approach.</p>
<div class="lb-trans"><p>這就是英特爾股票自 2021 年四月高峰以來下跌 70% 的主要原因。即使是生成式 AI 的激增也無法彌補普通英特爾股東心中這個昂貴想法的影響。英特爾的 Gaudi 系列 AI 加速器可以通過更低的價格與 <strong>英偉達</strong>（NVDA -1.44%）的行業標準卡競爭，使系統構建者能夠在每個 AI 系統中裝入更多的加速器。然而，鉅額的電費和增強的系統冷卻問題可能會削弱英特爾的成本優勢。</p>
</div><h2>Intel's new identity: Chipmaker for hire</h2>
<div class="lb-trans"><h2>英特爾的新身份：代工芯片製造商</h2>
</div><p>So an Intel investment in 2025 is a pretty direct long-term bet on the chip-making foundry business. Longtime challenger <strong>Advanced Micro Devices</strong>(AMD -2.57%) has stolen Intel's thunder in the central processor unit (CPU) markets for PC and server systems. Nvidia is running away with the AI accelerator market, followed by a large pack of hungry up-and-comers. A turnaround is always possible, but this isn't even what Intel is working on nowadays.</p>
<div class="lb-trans"><p>因此，2025 年投資英特爾實際上是對芯片代工業務的直接長期押注。長期競爭對手 <strong>超微</strong>（AMD -2.57%）在 PC 和服務器系統的中央處理器（CPU）市場上搶走了英特爾的風頭。英偉達在 AI 加速器市場上遙遙領先，後面跟着一大批渴望崛起的競爭者。雖然反彈總是有可能，但這甚至不是英特爾目前正在努力的方向。</p>
</div><p>On that note, I think it's important to understand Intel's chip-making ambition. This market has been dominated by Taiwan Semiconductor for decades, with Samsung entering the large-scale arena more recently. Both companies are based in Southeast Asia, conveniently close to the tech manufacturing centers in China and Taiwan. But this geographic concentration is turning into a liability in 2025, as Chinese-American trade tensions keep flaring higher.</p>
<div class="lb-trans"><p>在這方面，我認為理解英特爾的芯片製造雄心很重要。這個市場幾十年來一直被台積電主導，三星最近才進入大規模市場。這兩家公司都位於東南亞，方便靠近中國和台灣的科技製造中心。但這種地理集中在 2025 年可能會變成一種負擔，因為中美貿易緊張局勢不斷升級。</p>
</div><p>So Intel could become the top supplier for American chip designers. Most of the company's chip-making facilities are scattered around the U.S., with large manufacturing campuses in places like Arizona and Oregon. Sending chip orders to these facilities will help domestic semiconductor companies (and their device-building clients) avoid tariffs and trade restrictions on processors made abroad.</p>
<div class="lb-trans"><p>因此，英特爾可能成為美國芯片設計師的頂級供應商。公司的大部分芯片製造設施分佈在美國，亞利桑那州和俄勒岡州等地有大型製造園區。將芯片訂單發送到這些設施將幫助國內半導體公司（及其設備製造客户）避免對國外製造的處理器徵收關税和貿易限制。</p>
</div><p>This isn't even a new development. Intel's foundry plan launched four years ago, amid the coronavirus-driven chip manufacturing shortage and an earlier version of today's amplified trade conflicts.</p>
<div class="lb-trans"><p>這甚至不是一個新發展。英特爾的代工計劃是在四年前啓動的，當時正值因新冠疫情引發的芯片製造短缺和早期版本的今天加劇的貿易衝突。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjA2NTEvc2VtaWNvbmR1Y3Rvci1jaGlwLWhpZGRlbi1hbW9uZy1sYXJnZS1kZW5vbWluYXRpb24tZG9sbGFyLWJpbGxzLmpwZyZ3PTcwMA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F820651%2Fsemiconductor-chip-hidden-among-large-denomination-dollar-bills.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>Intel might be the best semiconductor deal of 2025</h2>
<div class="lb-trans"><h2>英特爾可能是 2025 年最佳的半導體交易</h2>
</div><p>I can't promise that Intel's foundry idea will work out in the long run. However, the semiconductor veteran has too much long-tenured expertise and too much money invested to take a wrong turn here.</p>
<div class="lb-trans"><p>我不能保證英特爾的代工理念在長期內會成功。然而，這家半導體老將擁有太多的長期專業知識和投資，不能在這裏走錯一步。</p>
</div><p>And the stock is priced for absolute disaster. Intel shares are changing hands at 1.7 times sales and 0.9 times the company's book value. That's bargain-bin territory in comparison to Intel's closest rivals:</p>
<div class="lb-trans"><p>而且股票的定價已經反映了絕對的災難。英特爾的股票交易價格為銷售額的 1.7 倍和公司賬面價值的 0.9 倍。與英特爾最接近的競爭對手相比，這屬於超值區間：</p>
</div><table>
<thead>
<tr>
<th>Semiconductor Stock</th>
<th>Price to Sales (P/S)</th>
<th>Price to Book (P/B)</th>
<th>Market Cap</th>
</tr>
</thead>
<tbody>
<tr>
<td>Intel</td>
<td>1.7</td>
<td>0.9</td>
<td>$88.3 billion</td>
</tr>
<tr>
<td>AMD</td>
<td>6.9</td>
<td>3.3</td>
<td>$192.3 billion</td>
</tr>
<tr>
<td>Taiwan Semiconductor</td>
<td>10.9</td>
<td>7.6</td>
<td>$1,049.6 billion</td>
</tr>
<tr>
<td>Nvidia</td>
<td>23.3</td>
<td>41.3</td>
<td>$3,462.9 billion</td>
</tr>
</tbody>
</table>
<div class="lb-trans"><table>
<thead>
<tr>
<th>半導體股票</th>
<th>市盈率（P/S）</th>
<th>市淨率（P/B）</th>
<th>市值</th>
</tr>
</thead>
<tbody>
<tr>
<td>英特爾</td>
<td>1.7</td>
<td>0.9</td>
<td>883 億美元</td>
</tr>
<tr>
<td>超微</td>
<td>6.9</td>
<td>3.3</td>
<td>1923 億美元</td>
</tr>
<tr>
<td>台積電</td>
<td>10.9</td>
<td>7.6</td>
<td>10496 億美元</td>
</tr>
<tr>
<td>英偉達</td>
<td>23.3</td>
<td>41.3</td>
<td>34629 億美元</td>
</tr>
</tbody>
</table>
</div><p>Data taken from Finviz.com on June 4, 2025.</p>
<div class="lb-trans"><p>數據來源於 Finviz.com，日期為 2025 年 6 月 4 日。</p>
</div><p>I'm particularly intrigued by Intel's rock-bottom price to book value. A figure below 1.0 suggests that investors might be better served if the company simply shut down its operations, sold all assets, and returned that cash to shareholders instead. Tax effects would make this an ineffective exit strategy in most cases, but you get the idea -- many investors have just given up hope for Intel.</p>
<div class="lb-trans"><p>我對英特爾的極低市淨率特別感興趣。低於 1.0 的數字表明，如果公司乾脆關閉運營，出售所有資產，並將現金返還給股東，投資者可能會更好。税收影響在大多數情況下會使這種退出策略無效，但你明白我的意思——許多投資者已經對英特爾失去了希望。</p>
</div><p>And I think that's a short-sighted view of Intel's updated strategy. In short, Intel's stock looks like a great buy at these low share prices.</p>
<div class="lb-trans"><p>我認為這是對英特爾更新戰略的短視看法。簡而言之，英特爾的股票在這些低股價下看起來是個不錯的買入機會。</p>
</div>

Should Investors Bet on Intel's Turnaround In 2025?

- 英特爾在半導體行業的市場份額下降，面臨激烈競爭。  
- 公司在芯片製造上的投資超過 500 億美元，但尚未盈利。  
- 當前股價低於賬面價值，可能是投資者的短視表現。

投資者是否應該押注英特爾在 2025 年的復甦？