<p>TradingKey - <strong>英特爾</strong> <strong>的股價在週二上漲了 7.3%，達到了近兩年的最高點。</strong></p>
<p><img src="https://imageproxy.pbkrs.com/https://resource.tradingkey.com/uploads/20260114/intc-aeee71068ea04603bc10451f5045856c.jpg?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="1561" height="722" original-src="https://imageproxy.pbkrs.com/https://resource.tradingkey.com/uploads/20260114/intc-aeee71068ea04603bc10451f5045856c.jpg"/></p>
<p>此次反彈主要是受到 KeyBanc Capital Markets 在 1 月 13 日發佈的樂觀研究報告的推動，<strong>該投資銀行將英特爾的評級上調至 “增持”，並設定了 60 美元的目標價</strong>，這意味着 <strong>比發佈當天的價格上漲超過 35%</strong>。</p>
<p><strong>KeyBanc 的樂觀評估背後是對英特爾在人工智能業務進展和先進工藝大規模生產能力的全面看好。</strong></p>
<p>該公司的分析師 John Vinh 指出，英特爾 2026 年面向服務器市場的下一代 CPU 產品幾乎已經售罄，尤其是隨着 AWS、谷歌和 Meta 等超大規模科技客户不斷擴大人工智能計算基礎設施，推動對英特爾處理器的需求遠超預期。</p>
<p>強勁的下游需求也可能促使英特爾提高價格。他預計英特爾可能會將服務器處理器的價格提高 10% 到 15%，進一步擴大收入和利潤恢復的潛力。</p>
<p>值得注意的是，如果 2024-2025 年是 GPU 的時代，那麼 2026 年被許多分析師視為 CPU“復甦” 的關鍵轉折點。人工智能推理模型的普及顯著增加了對 CPU 在數據預處理和任務調度等場景中的依賴，導致 CPU 市場的重要性被 “重新定價”。</p>
<p>Vinh 特別指出，該公司最新的 18A 工藝節點（接近 2nm）的良率已提高至 60% 以上。這一水平不僅足以支持 Core Ultra 3 系列（代號 Panther Lake）處理器的穩定大規模生產，還表明英特爾在先進工藝領域逐漸接近主流水平。</p>
<p>儘管英特爾當前的良率仍低於台積電的可比節點（2nm 工藝約為 70%-80%），但已經遠高於三星電子不到 40% 的行業表現。</p>
<p>因此，<strong>KeyBanc 認為英特爾有望超越三星，躍升為全球第二大代工服務提供商。</strong></p>
<p>除了芯片製造，英特爾的先進封裝技術也獲得了行業認可。KeyBanc 指出，雲服務巨頭如 AWS、Meta 和谷歌已開始測試英特爾的嵌入式多芯片互連橋技術（EMIB-T），作為其自研 AI 芯片的封裝解決方案。</p>
<p>雖然 Vinh 也承認英特爾在人工智能領域的定位仍處於早期階段，整體生態系統仍在完善，但其在封裝技術等關鍵領域的持續進展可能成為估值重新評級的重要催化劑。</p>
<h2>英特爾的代工躍進</h2>
<p>在半導體行業激烈競爭的多年中，英特爾曾一度失去製造領先地位，市場份額逐漸被侵蝕。面對 AMD 和 Arm 在高性能和移動芯片市場的強勁崛起，英特爾的傳統領導地位受到嚴重挑戰。</p>
<p>與此同時，其代工平台英特爾代工服務（IFS）因早期工藝交付延遲和技術穩定性差而陷入信任危機，導致許多潛在的大客户最終選擇了其他代工廠。</p>
<p>儘管像 NVIDIA 和 Broadcom 這樣的公司評估了英特爾的 18A 工藝的適用性，但這些並未轉化為實際的大規模生產訂單，進一步加劇了外界對其代工業務可行性的質疑。</p>
<p><strong>然而，現在情況正在悄然改變。英特爾的代工業務正在逐漸打破 “製造落後——產能不足——難以獲得訂單” 的惡性循環。</strong></p>
<p>供應鏈消息人士確認，英特爾已成功獲得蘋果的代工訂單，用於 Mac 和 iPad 芯片，這些芯片將基於其 18A 工藝節點進行大規模生產。鑑於蘋果對工藝良率和交付質量的持續高標準，這一合作無疑被視為對英特爾先進製造能力的重大市場認可。</p>
<p>更關鍵的是，報道稱英特爾與蘋果正在就下一代 14A 工藝進行深入談判，目標是在 2029 年前實現入門級 iPhone 芯片的大規模生產。如果合作順利進行，英特爾將跨多個維度進入蘋果的核心供應鏈，進一步增強其在代工領域與台積電和三星的競爭能力。</p>
<h2>AMD 也受益</h2>
<p><strong>除了英特爾，KeyBanc 還上調了</strong> <strong>AMD</strong> <strong>的評級和目標價，將其目標價設定為 270 美元，隨後 AMD 的股價在週二上漲了 6%。</strong></p>
<p>分析師認為，AMD 正在通過其 MI355 和 MI455 系列 AI 加速器佔領 NVIDIA 以外的高端市場，其 AI 收入目標預計到 2026 年將超過 140 億到 150 億美元。</p>
<p>在服務器 CPU 方面，AMD 的下一代 Turin 平台正在被主要雲服務提供商積極部署，預計到 2026 年業務將增長多達 50%。AMD 與英特爾形成鮮明對比：前者專注於 AI 加速和產品性能迭代，而後者則通過先進工藝和代工業務實現復甦。</p>
<p>目前，兩家公司 2026 年的服務器 CPU 產能接近滿負荷利用，強勁的賣方市場信號重塑了行業原有的競爭格局。當 “產能緊張” 的現實與 “迴歸定價權” 的趨勢交匯時，我們可能看到的不僅是兩大芯片巨頭的迴歸，還有新工業格局的悄然形成。</p>
<p>瞭解更多</p>

英特爾

<p>英特爾的股票上漲了 7.3%，達到兩年來的最高點，此次上漲是由於 KeyBanc Capital Markets 發佈了樂觀報告，將該股票評級上調至 “增持”，目標價為 60 美元。報告強調了對英特爾 AI 處理器的強勁需求以及製造良率的改善。英特爾已獲得蘋果的代工訂單，這標誌着其代工業務的重大轉機。同時，AMD 也獲得了評級上調，預計其 AI 收入和服務器 CPU 將實現強勁增長。兩家公司在 2026 年的 CPU 市場中都處於競爭有利的位置</p>

<p>TradingKey - <strong>Intel</strong> <strong>Shares rose 7.3% on Tuesday, hitting a nearly two-year high.</strong></p>
<div class="lb-trans"><p>TradingKey - <strong>英特爾</strong> <strong>的股價在週二上漲了 7.3%，達到了近兩年的最高點。</strong></p>
</div><p><img src="https://imageproxy.pbkrs.com/https://resource.tradingkey.com/uploads/20260114/intc-aeee71068ea04603bc10451f5045856c.jpg" alt="" original-src="https://resource.tradingkey.com/uploads/20260114/intc-aeee71068ea04603bc10451f5045856c.jpg"/></p>
<p>The rally was primarily driven by a bullish research report released by KeyBanc Capital Markets on January 13, <strong>in which the investment bank upgraded Intel's rating to &#34;Overweight&#34; and set a $60 price target</strong>, representing an upside of <strong>more than 35% from the price on the day of publication</strong> .</p>
<div class="lb-trans"><p>此次反彈主要是受到 KeyBanc Capital Markets 在 1 月 13 日發佈的樂觀研究報告的推動，<strong>該投資銀行將英特爾的評級上調至 “增持”，並設定了 60 美元的目標價</strong>，這意味着 <strong>比發佈當天的價格上漲超過 35%</strong>。</p>
</div><p><strong>Behind KeyBanc's optimistic assessment is a comprehensive bullish outlook on Intel's AI business progress and advanced process mass production capabilities.</strong></p>
<div class="lb-trans"><p><strong>KeyBanc 的樂觀評估背後是對英特爾在人工智能業務進展和先進工藝大規模生產能力的全面看好。</strong></p>
</div><p>The firm's analyst John Vinh noted that Intel's next-generation CPU products for the server market in 2026 are already nearly sold out, particularly as hyperscale tech customers like AWS, Google, and Meta continue to ramp up AI computing infrastructure, driving demand for Intel's processors far beyond expectations.</p>
<div class="lb-trans"><p>該公司的分析師 John Vinh 指出，英特爾 2026 年面向服務器市場的下一代 CPU 產品幾乎已經售罄，尤其是隨着 AWS、谷歌和 Meta 等超大規模科技客户不斷擴大人工智能計算基礎設施，推動對英特爾處理器的需求遠超預期。</p>
</div><p>Strong downstream demand could also prompt Intel to raise prices. He expects Intel could hike server processor pricing by 10% to 15%, further expanding the potential for revenue and margin recovery.</p>
<div class="lb-trans"><p>強勁的下游需求也可能促使英特爾提高價格。他預計英特爾可能會將服務器處理器的價格提高 10% 到 15%，進一步擴大收入和利潤恢復的潛力。</p>
</div><p>Notably, if 2024-2025 is the era of the GPU, 2026 is viewed by many analysts as a key turning point for the CPU's &#34;comeback.&#34; The popularization of AI inference models has significantly increased reliance on CPUs for scenarios such as data preprocessing and task scheduling, leading to a &#34;repricing&#34; of the CPU market's importance.</p>
<div class="lb-trans"><p>值得注意的是，如果 2024-2025 年是 GPU 的時代，那麼 2026 年被許多分析師視為 CPU“復甦” 的關鍵轉折點。人工智能推理模型的普及顯著增加了對 CPU 在數據預處理和任務調度等場景中的依賴，導致 CPU 市場的重要性被 “重新定價”。</p>
</div><p>Vinh specifically pointed out that the company's yield on its latest 18A process node (near 2nm) has improved to over 60%. This level is not only sufficient to support stable mass production of the Core Ultra 3 series (codenamed Panther Lake) processors but also indicates that Intel is gradually approaching mainstream levels in the advanced process field.</p>
<div class="lb-trans"><p>Vinh 特別指出，該公司最新的 18A 工藝節點（接近 2nm）的良率已提高至 60% 以上。這一水平不僅足以支持 Core Ultra 3 系列（代號 Panther Lake）處理器的穩定大規模生產，還表明英特爾在先進工藝領域逐漸接近主流水平。</p>
</div><p>Although Intel's current yield remains lower than TSMC's comparable node (around 70%-80% for the 2nm process), it is already far higher than Samsung Electronics' industry performance of less than 40%.</p>
<div class="lb-trans"><p>儘管英特爾當前的良率仍低於台積電的可比節點（2nm 工藝約為 70%-80%），但已經遠高於三星電子不到 40% 的行業表現。</p>
</div><p>Consequently, <strong>KeyBanc believes Intel is poised to surpass Samsung and leapfrog to become the world's second-largest foundry service provider.</strong></p>
<div class="lb-trans"><p>因此，<strong>KeyBanc 認為英特爾有望超越三星，躍升為全球第二大代工服務提供商。</strong></p>
</div><p>Beyond chip manufacturing, Intel's advanced packaging technology is also gaining industry recognition. KeyBanc noted that cloud service giants such as AWS, Meta, and Google have begun testing Intel's Embedded Multi-die Interconnect Bridge technology (EMIB-T) as a packaging solution for their self-developed AI chips.</p>
<div class="lb-trans"><p>除了芯片製造，英特爾的先進封裝技術也獲得了行業認可。KeyBanc 指出，雲服務巨頭如 AWS、Meta 和谷歌已開始測試英特爾的嵌入式多芯片互連橋技術（EMIB-T），作為其自研 AI 芯片的封裝解決方案。</p>
</div><p>While Vinh also admitted that Intel's AI positioning is still in its early stages and the overall ecosystem is still being refined, its continued progress in critical areas like packaging technology could serve as a significant catalyst for a valuation rerating.</p>
<div class="lb-trans"><p>雖然 Vinh 也承認英特爾在人工智能領域的定位仍處於早期階段，整體生態系統仍在完善，但其在封裝技術等關鍵領域的持續進展可能成為估值重新評級的重要催化劑。</p>
</div><h2>Intel's Foundry Leap</h2>
<div class="lb-trans"><h2>英特爾的代工躍進</h2>
</div><p>In years of intense competition within the semiconductor industry, Intel once lost its manufacturing lead, seeing its market share gradually eroded. Facing the strong rise of AMD and Arm in the high-performance and mobile chip markets, Intel's traditional leadership was severely challenged.</p>
<div class="lb-trans"><p>在半導體行業激烈競爭的多年中，英特爾曾一度失去製造領先地位，市場份額逐漸被侵蝕。面對 AMD 和 Arm 在高性能和移動芯片市場的強勁崛起，英特爾的傳統領導地位受到嚴重挑戰。</p>
</div><p>At the same time, its foundry platform, Intel Foundry Services (IFS), fell into a trust crisis due to early process delivery delays and poor technical stability, leading many potential large customers to eventually choose other foundries.</p>
<div class="lb-trans"><p>與此同時，其代工平台英特爾代工服務（IFS）因早期工藝交付延遲和技術穩定性差而陷入信任危機，導致許多潛在的大客户最終選擇了其他代工廠。</p>
</div><p>Although companies like NVIDIA and Broadcom have evaluated the suitability of Intel's 18A process, these did not translate into actual mass-production orders, further heightening external doubts about the viability of its foundry business.</p>
<div class="lb-trans"><p>儘管像 NVIDIA 和 Broadcom 這樣的公司評估了英特爾的 18A 工藝的適用性，但這些並未轉化為實際的大規模生產訂單，進一步加劇了外界對其代工業務可行性的質疑。</p>
</div><p><strong>Now, however, the situation is quietly changing. Intel's foundry business is gradually breaking the vicious cycle of &#34;falling behind in manufacturing — insufficient capacity — difficulty securing orders.&#34;</strong></p>
<div class="lb-trans"><p><strong>然而，現在情況正在悄然改變。英特爾的代工業務正在逐漸打破 “製造落後——產能不足——難以獲得訂單” 的惡性循環。</strong></p>
</div><p>Supply chain sources have confirmed that Intel has successfully secured Apple's foundry orders for Mac and iPad chips, which will be mass-produced based on its 18A process node. Given Apple's consistently high standards for process yield and delivery quality, this partnership is undoubtedly seen as a major market endorsement of Intel's advanced manufacturing capabilities.</p>
<div class="lb-trans"><p>供應鏈消息人士確認，英特爾已成功獲得蘋果的代工訂單，用於 Mac 和 iPad 芯片，這些芯片將基於其 18A 工藝節點進行大規模生產。鑑於蘋果對工藝良率和交付質量的持續高標準，這一合作無疑被視為對英特爾先進製造能力的重大市場認可。</p>
</div><p>More critically, reports suggest Intel and Apple are in deep negotiations regarding the next-generation 14A process, aiming for mass production of entry-level iPhone chips by 2029. If the collaboration proceeds smoothly, Intel will enter Apple's core supply chain across multiple dimensions, further enhancing its ability to compete with TSMC and Samsung in the foundry sector.</p>
<div class="lb-trans"><p>更關鍵的是，報道稱英特爾與蘋果正在就下一代 14A 工藝進行深入談判，目標是在 2029 年前實現入門級 iPhone 芯片的大規模生產。如果合作順利進行，英特爾將跨多個維度進入蘋果的核心供應鏈，進一步增強其在代工領域與台積電和三星的競爭能力。</p>
</div><h2>AMD Also Benefits</h2>
<div class="lb-trans"><h2>AMD 也受益</h2>
</div><p><strong>In addition to Intel, KeyBanc also upgraded</strong> <strong>AMD</strong> <strong>'s rating and price target, setting its target price at $270, after which AMD's stock rose 6% on Tuesday.</strong></p>
<div class="lb-trans"><p><strong>除了英特爾，KeyBanc 還上調了</strong> <strong>AMD</strong> <strong>的評級和目標價，將其目標價設定為 270 美元，隨後 AMD 的股價在週二上漲了 6%。</strong></p>
</div><p>Analysts believe AMD is capturing the high-end market outside of NVIDIA with its MI355 and MI455 series AI accelerators, with its AI revenue target expected to exceed $14 billion to $15 billion by 2026.</p>
<div class="lb-trans"><p>分析師認為，AMD 正在通過其 MI355 和 MI455 系列 AI 加速器佔領 NVIDIA 以外的高端市場，其 AI 收入目標預計到 2026 年將超過 140 億到 150 億美元。</p>
</div><p>In terms of server CPUs, AMD's next-generation Turin platform is being actively deployed by major cloud service providers, with the business expected to grow by as much as 50% in 2026. AMD stands in sharp contrast to Intel: the former focuses on AI acceleration and product performance iteration, while the latter is mounting a comeback through advanced processes and its foundry business.</p>
<div class="lb-trans"><p>在服務器 CPU 方面，AMD 的下一代 Turin 平台正在被主要雲服務提供商積極部署，預計到 2026 年業務將增長多達 50%。AMD 與英特爾形成鮮明對比：前者專注於 AI 加速和產品性能迭代，而後者則通過先進工藝和代工業務實現復甦。</p>
</div><p>Currently, both companies' server CPU capacity for 2026 is nearing full utilization, and strong seller's market signals have reshaped the industry's original competitive landscape. When the reality of &#34;tight capacity&#34; intersects with the trend of &#34;returning pricing power,&#34; we may be seeing more than just the return of two chip giants, but the quiet formation of a new industrial landscape.</p>
<div class="lb-trans"><p>目前，兩家公司 2026 年的服務器 CPU 產能接近滿負荷利用，強勁的賣方市場信號重塑了行業原有的競爭格局。當 “產能緊張” 的現實與 “迴歸定價權” 的趨勢交匯時，我們可能看到的不僅是兩大芯片巨頭的迴歸，還有新工業格局的悄然形成。</p>
</div><p>Find out more</p>
<div class="lb-trans"><p>瞭解更多</p>
</div>

Intel Finally Reaps AI Dividend? Stock Hits 2-Year High as Analysts Raise Target to $60

- 英特爾股價上漲 7.3%，創近兩年新高，受 KeyBanc 報告推動。  
- 報告預測英特爾服務器處理器價格將上漲 10%-15%。  
- 英特爾與蘋果合作獲得芯片代工訂單，逐步恢復市場信心。

英特爾終於獲得 AI 紅利？股價達到兩年來的最高點，分析師將目標價上調至 60 美元