<p>大多數覆蓋 <strong>英特爾</strong>（INTC 2.34%）的華爾街分析師對該股票並不太樂觀，原因也不難理解。英特爾多年來一直面臨多重挑戰。在製造方面，延誤和失誤導致 <strong>台積電</strong> 領先，並給予了英特爾的競爭對手製造優勢。在個人電腦和服務器 CPU 業務中，<strong>AMD</strong> 一直在持續獲得市場份額。</p>
<p>過去一年，投資者對英特爾變得 更加樂觀。與美國政府和 <strong>英偉達</strong> 的高調交易為英特爾注入了資金，傳聞稱 <strong>蘋果</strong> 可能會使用英特爾的代工服務來生產其部分芯片。華爾街終於開始追趕。就在本週早些時候，KeyBanc 的一位分析師將該股票評級上調至 “買入”，並 將目標價格提高至 60 美元。週四，另一位分析師也加入了這一行列。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84NTE3NjMvaW50ZWwtY3ViZS1zdGF0dWUtd2l0aC1pbnRlbC1sb2dvX2ludGVsLTEuanBnJnc9Mzg0MA?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" width="2000" height="1200" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84NTE3NjMvaW50ZWwtY3ViZS1zdGF0dWUtd2l0aC1pbnRlbC1sb2dvX2ludGVsLTEuanBnJnc9Mzg0MA"/></p>
<p>圖片來源：英特爾。</p>
<h2>代工機會</h2>
<p><strong>花旗集團</strong> 分析師 Atif Malik 將對英特爾股票的 “賣出” 評級上調至 “持有”。Malik 還設定了 50 美元的 目標價格，略高於當前股價。</p>
<p>與 KeyBanc 的分析師相比，Malik 對英特爾前景並不那麼樂觀，但他認為公司在代工業務上有顯著機會。Malik 的整體論點有三個組成部分。首先，英特爾應該受益於台積電先進封裝能力的短缺。其次，美國政府的投資為公司考慮英特爾製造提供了激勵。第三，無法在台積電獲得製造能力的定製 AI 芯片設計公司將選擇英特爾。</p>
<p>英特爾的 18A 製程已經投入生產，英特爾自己的 Panther Lake 芯片 將在本月晚些時候的筆記本電腦中首次亮相。KeyBanc 的分析師認為，英特爾的 18A 製程的良率已達到約 60%，公司也指出良率現在正在以行業標準的速度改善。這表明該製程節點成功，應該對那些在獲得製造能力方面苦苦掙扎的芯片設計師具有吸引力。</p>
<p>廣告</p>
<p>具體而言，Malik 預計 AI ASIC（為 AI 工作負載在硬件層面設計的專用芯片）將進入英特爾代工。許多公司，包括 <strong>字母表</strong>、<strong>亞馬遜</strong> 和 <strong>微軟</strong>，都在設計自己的定製 AI 芯片。隨着 AI 找到更多的應用場景，對 AI 推理能力的需求可能會為英特爾代工帶來可觀的 AI 芯片業務。</p>
<h2>仍然存在風險</h2>
<p>阻止 Malik 將評級上調至 “買入” 的一個原因是對英特爾 CPU 業務的某些悲觀情緒。儘管英特爾的 Panther Lake 在 CES 上引起了關注，但這些芯片不會進入台式電腦。英特爾的 Arrow Lake 及其即將推出的 Arrow Lake 刷新將試圖在下一代 Nova Lake 發佈之前保持台式 CPU 市場，預計將在 2026 年底推出。</p>
<p>展開</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vYXJ0L2NvbXBhbnlsb2dvcy9tYXJrL0lOVEMucG5nJnc9MTI4?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="英特爾股票報價" width="80" height="80" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vYXJ0L2NvbXBhbnlsb2dvcy9tYXJrL0lOVEMucG5nJnc9MTI4"/></p>
<h2>NASDAQ: INTC</h2>
<p>英特爾</p>
<p>今日變動</p>
<p>(-2.34%) $-1.13</p>
<p>當前價格</p>
<p>$47.19</p>
<h3>關鍵數據點</h3>
<p>市值</p>
<p>$2340 億</p>
<p>日內區間</p>
<p>$46.71 - $50.20</p>
<p>52 周區間</p>
<p>$17.66 - $50.39</p>
<p>成交量</p>
<p>430 萬</p>
<p>平均成交量</p>
<p>9300 萬</p>
<p>毛利率</p>
<p>35.58%</p>
<p>Arrow Lake 存在一些問題，即 表現平平的遊戲性能，而刷新並不會解決這些問題。Malik 擔心英特爾將繼續失去 CPU 市場份額給 <strong>AMD</strong> 和基於 <strong>Arm</strong> 的設備。<strong>高通</strong> 正在通過基於 Arm 的芯片進軍 PC CPU 市場，儘管兼容性問題減緩了採用速度。</p>
<p>除了潛在的市場份額損失，Malik 還指出，內存芯片價格上漲可能會影響整體 PC 需求。AI 數據中心 消耗大量內存芯片，而內存芯片製造商已將產能轉向用於 AI 加速器的 HBM。更高的 PC 價格可能會暫時縮小 PC 銷售，使得英特爾在 PC 業務中的復甦在今年變得更加困難。</p>
<p>儘管 Malik 的觀點相比 KeyBanc 的分析師更加平衡，但英特爾及其復甦故事顯然開始贏得華爾街的青睞，經過多年的失望業績。今年一些積極的代工消息可能會推動英特爾股票遠超花旗的 50 美元目標價格，從長遠來看，公司有潛力成為代工行業的主要參與者。</p>

英特爾

<p>華爾街分析師開始對英特爾（INTC）股票表現出樂觀情緒，KeyBanc 將其評級上調至 “買入”，並設定目標價為 60 美元。花旗集團也將英特爾的評級從 “賣出” 上調至 “持有”，目標價為 50 美元，理由是由於台積電的產能短缺和美國政府的投資，鑄造業務存在機會。然而，關於英特爾的 CPU 市場份額以及上漲的內存芯片價格對 PC 需求的影響仍然存在擔憂。儘管面臨這些挑戰，英特爾在鑄造行業的潛力正受到關注</p>

<p>Most Wall Street analysts who cover <strong>Intel</strong>( INTC 2.34%) aren't all that optimistic about the stock, and it's not hard to see why. Intel has been struggling against multiple challenges for years. In manufacturing, delays and missteps contributed to <strong>TSMC</strong> pulling ahead and giving Intel's competitors a manufacturing advantage. In the PC and server CPU business, <strong>AMD</strong> has been consistently gaining market share.</p>
<div class="lb-trans"><p>大多數覆蓋 <strong>英特爾</strong>（INTC 2.34%）的華爾街分析師對該股票並不太樂觀，原因也不難理解。英特爾多年來一直面臨多重挑戰。在製造方面，延誤和失誤導致 <strong>台積電</strong> 領先，並給予了英特爾的競爭對手製造優勢。在個人電腦和服務器 CPU 業務中，<strong>AMD</strong> 一直在持續獲得市場份額。</p>
</div><p>Investors became much more optimistic about Intel over the past year. High-profile deals with the U.S. government and <strong>Nvidia</strong> injected Intel with capital, and rumors point to <strong>Apple</strong> potentially using Intel Foundry for some of its chips. Wall Street is finally starting to catch up. Earlier this week, an analyst at KeyBanc upgraded the stock to &#34;buy&#34; and increased his price target to $60. On Thursday, another analyst jumped on the bandwagon.</p>
<div class="lb-trans"><p>過去一年，投資者對英特爾變得 更加樂觀。與美國政府和 <strong>英偉達</strong> 的高調交易為英特爾注入了資金，傳聞稱 <strong>蘋果</strong> 可能會使用英特爾的代工服務來生產其部分芯片。華爾街終於開始追趕。就在本週早些時候，KeyBanc 的一位分析師將該股票評級上調至 “買入”，並 將目標價格提高至 60 美元。週四，另一位分析師也加入了這一行列。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84NTE3NjMvaW50ZWwtY3ViZS1zdGF0dWUtd2l0aC1pbnRlbC1sb2dvX2ludGVsLTEuanBnJnc9Mzg0MA" alt="The Intel logo on a cube in front of a building." original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F851763%2Fintel-cube-statue-with-intel-logo_intel-1.jpg&amp;w=3840&amp;op=resize"/></p>
<p>Image source: Intel.</p>
<div class="lb-trans"><p>圖片來源：英特爾。</p>
</div><h2>The foundry opportunity</h2>
<div class="lb-trans"><h2>代工機會</h2>
</div><p><strong>Citigroup</strong> analyst Atif Malik dropped his &#34;sell&#34; rating on Intel stock by upgrading it to &#34;hold.&#34; Malik also set a $50 price target, which is slightly above the current stock price.</p>
<div class="lb-trans"><p><strong>花旗集團</strong> 分析師 Atif Malik 將對英特爾股票的 “賣出” 評級上調至 “持有”。Malik 還設定了 50 美元的 目標價格，略高於當前股價。</p>
</div><p>Malik isn't as optimistic about Intel's prospects compared to the KeyBanc analyst, but he sees a significant opportunity for the company to win business for its foundry segment. There are three components to Malik's overall thesis. First, Intel should benefit from a shortage of advanced packaging capacity at TSMC. Second, the U.S. government's investment creates an incentive for companies to consider Intel for manufacturing. And third, companies designing custom AI chips unable to secure manufacturing capacity at TSMC will opt for Intel instead.</p>
<div class="lb-trans"><p>與 KeyBanc 的分析師相比，Malik 對英特爾前景並不那麼樂觀，但他認為公司在代工業務上有顯著機會。Malik 的整體論點有三個組成部分。首先，英特爾應該受益於台積電先進封裝能力的短缺。其次，美國政府的投資為公司考慮英特爾製造提供了激勵。第三，無法在台積電獲得製造能力的定製 AI 芯片設計公司將選擇英特爾。</p>
</div><p>The Intel 18A process is in production, with Intel's own Panther Lake chips set to debut in laptops shipping later this month. The KeyBanc analyst believes that Intel has reached yields of around 60% for Intel 18A, and the company has noted that yields are now improving at industry-standard rates. This points to a successful process node that should be compelling for chip designers struggling to secure manufacturing capacity.</p>
<div class="lb-trans"><p>英特爾的 18A 製程已經投入生產，英特爾自己的 Panther Lake 芯片 將在本月晚些時候的筆記本電腦中首次亮相。KeyBanc 的分析師認為，英特爾的 18A 製程的良率已達到約 60%，公司也指出良率現在正在以行業標準的速度改善。這表明該製程節點成功，應該對那些在獲得製造能力方面苦苦掙扎的芯片設計師具有吸引力。</p>
</div><p>Advertisement</p>
<div class="lb-trans"><p>廣告</p>
</div><p>Specifically, Malik expects AI ASICs, which are specialized chips designed at the hardware level for AI workloads, to find their way to Intel Foundry. Many companies, including <strong>Alphabet</strong>, <strong>Amazon</strong>, and <strong>Microsoft</strong>, design their own custom AI chips. As AI finds more use cases, demand for AI inference capacity could drive significant AI chip business to Intel Foundry.</p>
<div class="lb-trans"><p>具體而言，Malik 預計 AI ASIC（為 AI 工作負載在硬件層面設計的專用芯片）將進入英特爾代工。許多公司，包括 <strong>字母表</strong>、<strong>亞馬遜</strong> 和 <strong>微軟</strong>，都在設計自己的定製 AI 芯片。隨着 AI 找到更多的應用場景，對 AI 推理能力的需求可能會為英特爾代工帶來可觀的 AI 芯片業務。</p>
</div><h2>There are still risks</h2>
<div class="lb-trans"><h2>仍然存在風險</h2>
</div><p>One thing preventing Malik from jumping to a &#34;buy&#34; rating is some pessimism around Intel's CPU business. While Intel's Panther Lake turned heads at CES, the chips won't find their way into desktop PCs. Intel's Arrow Lake and its upcoming Arrow Lake refresh will attempt to hold down the desktop CPU market until the next-generation Nova Lake launches, likely in late 2026.</p>
<div class="lb-trans"><p>阻止 Malik 將評級上調至 “買入” 的一個原因是對英特爾 CPU 業務的某些悲觀情緒。儘管英特爾的 Panther Lake 在 CES 上引起了關注，但這些芯片不會進入台式電腦。英特爾的 Arrow Lake 及其即將推出的 Arrow Lake 刷新將試圖在下一代 Nova Lake 發佈之前保持台式 CPU 市場，預計將在 2026 年底推出。</p>
</div><p>Expand</p>
<div class="lb-trans"><p>展開</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vYXJ0L2NvbXBhbnlsb2dvcy9tYXJrL0lOVEMucG5nJnc9MTI4" alt="Intel Stock Quote" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Fart%2Fcompanylogos%2Fmark%2FINTC.png&amp;w=128&amp;op=resize"/></p>
<h2>NASDAQ: INTC</h2>
<div class="lb-trans"><h2>NASDAQ: INTC</h2>
</div><p>Intel</p>
<div class="lb-trans"><p>英特爾</p>
</div><p>Today's Change</p>
<div class="lb-trans"><p>今日變動</p>
</div><p>(-2.34%) $-1.13</p>
<div class="lb-trans"><p>(-2.34%) $-1.13</p>
</div><p>Current Price</p>
<div class="lb-trans"><p>當前價格</p>
</div><p>$47.19</p>
<div class="lb-trans"><p>$47.19</p>
</div><h3>Key Data Points</h3>
<div class="lb-trans"><h3>關鍵數據點</h3>
</div><p>Market Cap</p>
<div class="lb-trans"><p>市值</p>
</div><p>$234B</p>
<div class="lb-trans"><p>$2340 億</p>
</div><p>Day's Range</p>
<div class="lb-trans"><p>日內區間</p>
</div><p>$46.71 - $50.20</p>
<div class="lb-trans"><p>$46.71 - $50.20</p>
</div><p>52wk Range</p>
<div class="lb-trans"><p>52 周區間</p>
</div><p>$17.66 - $50.39</p>
<div class="lb-trans"><p>$17.66 - $50.39</p>
</div><p>Volume</p>
<div class="lb-trans"><p>成交量</p>
</div><p>4.3M</p>
<div class="lb-trans"><p>430 萬</p>
</div><p>Avg Vol</p>
<div class="lb-trans"><p>平均成交量</p>
</div><p>93M</p>
<div class="lb-trans"><p>9300 萬</p>
</div><p>Gross Margin</p>
<div class="lb-trans"><p>毛利率</p>
</div><p>35.58%</p>
<div class="lb-trans"><p>35.58%</p>
</div><p>Arrow Lake has some issues, namely lackluster gaming performance, and the refresh isn't going to solve them. Malik worries that Intel will continue to lose CPU market share to both AMD and <strong>Arm</strong>-based devices. <strong>Qualcomm</strong> has been making a push into the PC CPU market with Arm-based chips, although compatibility issues have slowed adoption.</p>
<div class="lb-trans"><p>Arrow Lake 存在一些問題，即 表現平平的遊戲性能，而刷新並不會解決這些問題。Malik 擔心英特爾將繼續失去 CPU 市場份額給 <strong>AMD</strong> 和基於 <strong>Arm</strong> 的設備。<strong>高通</strong> 正在通過基於 Arm 的芯片進軍 PC CPU 市場，儘管兼容性問題減緩了採用速度。</p>
</div><p>On top of potential market-share losses, Malik notes that rising memory chip prices could hurt overall PC demand. AI data centers consume incredible amounts of memory chips, and memory chip manufacturers have been shifting capacity to HBM used in AI accelerators. Higher PC prices could shrink PC sales temporarily, making Intel's comeback in the PC business more difficult this year.</p>
<div class="lb-trans"><p>除了潛在的市場份額損失，Malik 還指出，內存芯片價格上漲可能會影響整體 PC 需求。AI 數據中心 消耗大量內存芯片，而內存芯片製造商已將產能轉向用於 AI 加速器的 HBM。更高的 PC 價格可能會暫時縮小 PC 銷售，使得英特爾在 PC 業務中的復甦在今年變得更加困難。</p>
</div><p>While Malik is more balanced in his view compared to the KeyBanc analyst, Intel and its comeback story are clearly starting to win over Wall Street after years of disappointing results. Some positive foundry news this year could propel Intel stock well past Citi's $50 price target, and in the long run, the company has the potential to become a major player in the foundry industry.</p>
<div class="lb-trans"><p>儘管 Malik 的觀點相比 KeyBanc 的分析師更加平衡，但英特爾及其復甦故事顯然開始贏得華爾街的青睞，經過多年的失望業績。今年一些積極的代工消息可能會推動英特爾股票遠超花旗的 50 美元目標價格，從長遠來看，公司有潛力成為代工行業的主要參與者。</p>
</div>

Wall Street Is Starting to Like Intel Stock Again

- 大部分華爾街分析師對英特爾的股票持謹慎態度，原因在於公司面臨多重挑戰。  
- 投資者對英特爾的樂觀情緒回升，高盛分析師提升了其股票評級並上調價格目標。  
- 分析師提到，英特爾在代工業務上存在顯著機會，儘管 CPU 市場份額可能面臨壓力。

華爾街對英特爾股票的興趣再次上升