<p>TradingKey - PC 硬件的價格上漲壓力正從存儲芯片（內存）和 RAM 擴展到處理器領域。目前，CPU 市場正在啓動一輪平均 10% 到 15% 的價格上漲，影響到服務器和消費產品。</p>
<p>據報道，英特爾（INTC）和 AMD 分別已通知客户，從四月開始將提高其整個處理器系列的價格。此外，相關產品的訂單交貨時間也將延長，從幾周延長到幾個月甚至更長。</p>
<p>CPU 價格上漲的跡象早在 2025 年就已顯現。</p>
<p><img src="https://imageproxy.pbkrs.com/https://resource.tradingkey.com/uploads/20260327/intel-CPU-0327-6f76bfa712ed49158b7ea908ab41e723.jpg?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://resource.tradingkey.com/uploads/20260327/intel-CPU-0327-6f76bfa712ed49158b7ea908ab41e723.jpg"/></p>
<p>在 2025 年，英特爾首席財務官大衞·辛斯納（David Zinsner）在接受《巴倫週刊》採訪時指出，英特爾的芯片庫存正在迅速減少，因為服務器和 PC 處理器的需求遠超預期。他表示，數據中心和客户端 CPU 的需求正在快速上升，2026 年第一季度將是滿足芯片需求的&#34;最具挑戰性&#34;時期，因為到那時其芯片庫存將耗盡。</p>
<h2>什麼是 CPU？</h2>
<p>CPU，即中央處理器，是計算機系統的核心控制單元，負責執行指令、處理數據和協調各種硬件資源。從個人計算機到雲數據中心，CPU 始終處理通用計算任務，並作為信息處理的基礎。</p>
<p>在傳統架構中，CPU 強調多功能性和穩定性，適合運行操作系統、邏輯計算和多任務調度。在人工智能時代，雖然大規模訓練任務越來越多地由 GPU 處理，但 CPU 仍然是數據調度、系統控制和推理任務的基本基礎。<strong>CPU 和內存芯片之間有什麼區別？</strong></p>
<p>在半導體產業鏈中，CPU 和內存芯片代表着兩種截然不同的基礎邏輯。</p>
<p>功能上，CPU 是&#34;計算資源&#34;，而內存是&#34;容量資源&#34;。CPU 處理指令執行和數據處理，直接體現計算能力，而內存用於存儲數據，基本上充當信息的存儲介質。</p>
<p>在操作機制上，CPU 具有高主動控制能力，其價值體現在持續的計算和調度能力上，類似於&#34;生產引擎&#34;。相比之下，內存只有在被調用時才會產生價值，更像是&#34;庫存資產&#34;。換句話説，CPU 創造計算能力輸出，而內存提供數據供應，兩者共同形成基本的&#34;計算能力 - 數據&#34;閉環。</p>
<p>關於產品屬性，CPU 是高度差異化的產品。其性能依賴於架構設計、製造工藝和生態系統（如指令集和軟件兼容性）。由於技術壁壘極高，市場長期以來由少數製造商主導，表現出明顯的寡頭特徵。因此，CPU 定價往往反映&#34;技術與供需之間的相互作用&#34;，對週期表現出強大的韌性。</p>
<p>相比之下，內存則表現出更強的標準化和同質化。無論是 DRAM 還是 NAND，產品差異化極小，競爭主要集中在成本和容量擴展上。這使得內存價格對供需動態高度敏感；任何容量收縮或需求爆發都可能導致價格劇烈波動，甚至引發&#34;超級週期&#34;。</p>
<h2>CPU 價格會繼續上漲嗎？</h2>
<p>根據當前數據，CPU 確實進入了上升週期，但其軌跡與內存芯片根本不同。</p>
<p>短期內，CPU 價格預計將繼續上漲。供需失衡可能在 2026 年第二季度進一步加劇，為價格上漲提供進一步擴張的空間。然而，從中長期來看，CPU 不太可能經歷類似於內存市場的&#34;四倍激增&#34;的極端市場條件。</p>
<h3><strong>價格飆升抑制了部分私營部門需求。</strong></h3>
<p>CPU 價格受到完整系統需求的制約。PC 和服務器市場表現出顯著的價格彈性，過高的價格直接抑制出貨量——這一趨勢已在亞馬遜 2026 年初報告的銷售下降中反映出來。</p>
<p><img src="https://imageproxy.pbkrs.com/https://resource.tradingkey.com/uploads/20260327/amzn-sales-cpu-de19a2e0f02042c58c02d6ef2e4b9268.jpg?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://resource.tradingkey.com/uploads/20260327/amzn-sales-cpu-de19a2e0f02042c58c02d6ef2e4b9268.jpg"/></p>
<p>[月度匯總銷售數據，來源：3DCenter]</p>
<p>預計亞馬遜在 2026 年 1 月售出了約 26,100 個 CPU 單元，比去年同期減少了近 40,000 個。2025 年 12 月的銷售約為 44,000 個，比 2024 年 12 月減少了近 40,000 個。統計數據顯示，亞馬遜的庫存週轉率在去年 12 月至今年 2 月之間下降了 47%。</p>
<h3><strong>與 CPU 相關的替代技術正在崛起。</strong></h3>
<p>《湯姆硬件》之前的一篇文章指出，ARM 架構和定製硅（如雲服務提供商自主開發的 CPU）正在侵蝕 x86 市場，這將限制價格上漲的空間。自從微軟在 2024 年大力推廣搭載 Snapdragon 處理器的 Copilot+ PC 以來，基於 Arm 的設備穩步進入市場。此外，高通甚至採取措施提升 Arm 上的 Windows 遊戲體驗，而 Nvidia 的 N1X 處理器預計將在今年晚些時候出現在筆記本電腦中。</p>
<p>這對 x86 系統構成了重大威脅，促使英特爾和 AMD 聯手捍衞該架構的市場地位。然而，如果這兩家公司無法滿足市場對其處理器的需求，消費者可能別無選擇，只能轉向替代的 CPU 產品。</p>
<p>與此同時，埃隆·馬斯克最近披露了建設 &#34;Terafab&#34; 芯片工廠的計劃。儘管該項目仍處於規劃階段，短期內不太可能滿足市場需求，但分析師安德魯·佩爾科科估計，Terafab 的實際成本可能達到 350 億到 400 億美元；即使在樂觀的情況下，芯片也最早要到 2028 年才能投產。然而，從長遠來看，未來的芯片供應短缺預計將顯著緩解。</p>
<p>晶圓廠擴張週期現已開始。儘管短期內供應緊張，但預計到 2026 年下半年，隨着先進節點逐步釋放產能，CPU 的供需關係將會緩解。英特爾此前表示，供應壓力預計將在 3 月底達到峯值；隨着產能向服務器和中高端產品轉移，供應狀況預計將在未來幾個季度逐步改善。</p>
<p>因此，CPU 更可能表現出 &#34;適度上升趨勢&#34; 而非 &#34;指數級激增&#34;。</p>
<p>總體而言，CPU 市場的定價邏輯正在從傳統的 &#34;消費電子組件&#34; 向類似於電力和計算資源的 &#34;基礎設施資產&#34; 轉變。價格不再僅僅由 PC 需求決定，而是受到 AI 計算投資週期的主導。</p>
<p>這意味着 CPU 不會簡單地複製內存芯片的爆炸性增長路徑，但其戰略重要性正在顯著上升。在未來幾年，CPU 價格波動將越來越依賴於 AI 資本支出、數據中心建設的進度以及先進製造工藝的供應能力。</p>
<p>瞭解更多</p>

亞馬遜

04335

英特爾

<p>CPU 市場正在經歷 10% 到 15% 的價格上漲，影響到服務器和消費產品，因為英特爾和 AMD 計劃從四月開始提高價格。CPU 的需求超過了供應，英特爾的首席財務官預測在 2026 年初滿足需求將面臨挑戰。雖然短期內 CPU 價格預計會上漲，但不太可能出現像內存芯片那樣的極端波動。然而，高價格可能會抑制需求，正如亞馬遜在 2026 年初報告的 CPU 銷售大幅下降所示。替代技術，如 ARM 架構，也在不斷湧現，可能會限制價格上漲</p>

<p>TradingKey - Price hike pressures on PC hardware are spreading from storage chips (Memory) and RAM to the processor sector. The CPU market is currently initiating a round of price increases averaging 10% to 15%, affecting both server and consumer products.</p>
<div class="lb-trans"><p>TradingKey - PC 硬件的價格上漲壓力正從存儲芯片（內存）和 RAM 擴展到處理器領域。目前，CPU 市場正在啓動一輪平均 10% 到 15% 的價格上漲，影響到服務器和消費產品。</p>
</div><p>According to reports, previously Intel (INTC) and AMD have respectively notified customers that they will raise prices for their entire processor lineups starting in April. In addition, order lead times for relevant products will also be extended, stretching from several weeks to several months or even longer.</p>
<div class="lb-trans"><p>據報道，英特爾（INTC）和 AMD 分別已通知客户，從四月開始將提高其整個處理器系列的價格。此外，相關產品的訂單交貨時間也將延長，從幾周延長到幾個月甚至更長。</p>
</div><p>Signs of CPU price hikes first emerged as early as 2025.</p>
<div class="lb-trans"><p>CPU 價格上漲的跡象早在 2025 年就已顯現。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://resource.tradingkey.com/uploads/20260327/intel-CPU-0327-6f76bfa712ed49158b7ea908ab41e723.jpg" alt="" original-src="https://resource.tradingkey.com/uploads/20260327/intel-CPU-0327-6f76bfa712ed49158b7ea908ab41e723.jpg"/></p>
<p>In 2025, Intel Chief Financial Officer David Zinsner noted in an interview with Barron's that Intel's chip inventory was being rapidly depleted as demand for server and PC processors far exceeded expectations. He stated that demand for data center and client CPUs is climbing quickly, and the first quarter of 2026 will be the &#34;most challenging&#34; period to meet chip demand, as its chip inventory will be exhausted by then.</p>
<div class="lb-trans"><p>在 2025 年，英特爾首席財務官大衞·辛斯納（David Zinsner）在接受《巴倫週刊》採訪時指出，英特爾的芯片庫存正在迅速減少，因為服務器和 PC 處理器的需求遠超預期。他表示，數據中心和客户端 CPU 的需求正在快速上升，2026 年第一季度將是滿足芯片需求的&#34;最具挑戰性&#34;時期，因為到那時其芯片庫存將耗盡。</p>
</div><h2>What is a CPU?</h2>
<div class="lb-trans"><h2>什麼是 CPU？</h2>
</div><p>The CPU, also known as the Central Processing Unit, is the core control unit of a computer system, responsible for executing instructions, processing data, and coordinating various hardware resources. From personal computers to cloud data centers, the CPU consistently handles general-purpose computing tasks and serves as the foundation for information processing.</p>
<div class="lb-trans"><p>CPU，即中央處理器，是計算機系統的核心控制單元，負責執行指令、處理數據和協調各種硬件資源。從個人計算機到雲數據中心，CPU 始終處理通用計算任務，並作為信息處理的基礎。</p>
</div><p>In traditional architectures, the CPU emphasizes versatility and stability, making it suitable for running operating systems, logic calculations, and multi-task scheduling. In the AI era, while large-scale training tasks are increasingly handled by GPUs, the CPU remains an essential foundation for data scheduling, system control, and inference tasks. <strong>What are the differences between CPUs and memory chips?</strong></p>
<div class="lb-trans"><p>在傳統架構中，CPU 強調多功能性和穩定性，適合運行操作系統、邏輯計算和多任務調度。在人工智能時代，雖然大規模訓練任務越來越多地由 GPU 處理，但 CPU 仍然是數據調度、系統控制和推理任務的基本基礎。<strong>CPU 和內存芯片之間有什麼區別？</strong></p>
</div><p>Within the semiconductor industry chain, CPUs and memory chips represent two distinctly different underlying logics.</p>
<div class="lb-trans"><p>在半導體產業鏈中，CPU 和內存芯片代表着兩種截然不同的基礎邏輯。</p>
</div><p>Functionally, the CPU is a &#34;computing resource,&#34; whereas memory is a &#34;capacity resource.&#34; The CPU handles instruction execution and data processing, serving as the direct manifestation of computing power, while memory is used to host data, essentially acting as a storage medium for information.</p>
<div class="lb-trans"><p>功能上，CPU 是&#34;計算資源&#34;，而內存是&#34;容量資源&#34;。CPU 處理指令執行和數據處理，直接體現計算能力，而內存用於存儲數據，基本上充當信息的存儲介質。</p>
</div><p>In terms of operational mechanisms, the CPU possesses high active control capabilities, with its value reflected in its continuous calculation and scheduling abilities, similar to a &#34;production engine.&#34; In contrast, memory generates value only when invoked, behaving more like an &#34;inventory asset.&#34; In other words, the CPU creates computing power output while memory provides data supply, together forming the fundamental &#34;computing power-data&#34; closed-loop.</p>
<div class="lb-trans"><p>在操作機制上，CPU 具有高主動控制能力，其價值體現在持續的計算和調度能力上，類似於&#34;生產引擎&#34;。相比之下，內存只有在被調用時才會產生價值，更像是&#34;庫存資產&#34;。換句話説，CPU 創造計算能力輸出，而內存提供數據供應，兩者共同形成基本的&#34;計算能力 - 數據&#34;閉環。</p>
</div><p>Regarding product attributes, CPUs are highly differentiated products. Their performance depends on architectural design, manufacturing processes, and ecosystems (such as instruction sets and software compatibility). Due to extremely high technical barriers, the market has long been dominated by a few manufacturers, exhibiting clear oligopolistic characteristics. Therefore, CPU pricing tends to reflect the &#34;interplay between technology and supply-demand,&#34; demonstrating strong resilience to cycles.</p>
<div class="lb-trans"><p>關於產品屬性，CPU 是高度差異化的產品。其性能依賴於架構設計、製造工藝和生態系統（如指令集和軟件兼容性）。由於技術壁壘極高，市場長期以來由少數製造商主導，表現出明顯的寡頭特徵。因此，CPU 定價往往反映&#34;技術與供需之間的相互作用&#34;，對週期表現出強大的韌性。</p>
</div><p>In contrast, memory displays stronger standardization and homogenization. Whether it is DRAM or NAND, product differentiation is minimal, with competition centered on cost and capacity expansion. This makes memory prices highly sensitive to supply-demand dynamics; any capacity contraction or demand explosion can lead to sharp cyclical price swings, or even trigger a &#34;super-cycle&#34;.</p>
<div class="lb-trans"><p>相比之下，內存則表現出更強的標準化和同質化。無論是 DRAM 還是 NAND，產品差異化極小，競爭主要集中在成本和容量擴展上。這使得內存價格對供需動態高度敏感；任何容量收縮或需求爆發都可能導致價格劇烈波動，甚至引發&#34;超級週期&#34;。</p>
</div><h2>Will CPU prices continue to rise?</h2>
<div class="lb-trans"><h2>CPU 價格會繼續上漲嗎？</h2>
</div><p>Based on current data, CPUs have indeed entered an upward cycle, but their trajectory differs fundamentally from that of memory chips.</p>
<div class="lb-trans"><p>根據當前數據，CPU 確實進入了上升週期，但其軌跡與內存芯片根本不同。</p>
</div><p>In the short term, CPU prices are expected to continue their upward trend. The supply-demand imbalance may intensify further in the second quarter of 2026, leaving room for further expansion in price increases. However, from a medium-to-long-term perspective, CPUs are unlikely to experience extreme market conditions similar to the &#34;fourfold surge&#34; seen in the memory market.</p>
<div class="lb-trans"><p>短期內，CPU 價格預計將繼續上漲。供需失衡可能在 2026 年第二季度進一步加劇，為價格上漲提供進一步擴張的空間。然而，從中長期來看，CPU 不太可能經歷類似於內存市場的&#34;四倍激增&#34;的極端市場條件。</p>
</div><h3><strong>Surging prices have suppressed a portion of private-sector demand.</strong></h3>
<div class="lb-trans"><h3><strong>價格飆升抑制了部分私營部門需求。</strong></h3>
</div><p>CPU prices are constrained by demand for complete systems. The PC and server markets exhibit significant price elasticity, where excessively high prices directly suppress shipment volumes—a trend already reflected in the sales decline reported by Amazon in early 2026.</p>
<div class="lb-trans"><p>CPU 價格受到完整系統需求的制約。PC 和服務器市場表現出顯著的價格彈性，過高的價格直接抑制出貨量——這一趨勢已在亞馬遜 2026 年初報告的銷售下降中反映出來。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://resource.tradingkey.com/uploads/20260327/amzn-sales-cpu-de19a2e0f02042c58c02d6ef2e4b9268.jpg" alt="" original-src="https://resource.tradingkey.com/uploads/20260327/amzn-sales-cpu-de19a2e0f02042c58c02d6ef2e4b9268.jpg"/></p>
<p>[Monthly Aggregate Sales Data, Source: 3DCenter]</p>
<div class="lb-trans"><p>[月度匯總銷售數據，來源：3DCenter]</p>
</div><p>It is estimated that Amazon sold approximately 26,100 CPU units in January 2026, a decrease of nearly 40,000 units compared to the same period last year. Sales in December 2025 were approximately 44,000 units, nearly 40,000 fewer than in December 2024. Statistics show that Amazon's inventory-to-sales ratio fell by 47% between December last year and February this year compared to the same period a year ago.</p>
<div class="lb-trans"><p>預計亞馬遜在 2026 年 1 月售出了約 26,100 個 CPU 單元，比去年同期減少了近 40,000 個。2025 年 12 月的銷售約為 44,000 個，比 2024 年 12 月減少了近 40,000 個。統計數據顯示，亞馬遜的庫存週轉率在去年 12 月至今年 2 月之間下降了 47%。</p>
</div><h3><strong>Alternative technologies related to CPUs are on the rise.</strong></h3>
<div class="lb-trans"><h3><strong>與 CPU 相關的替代技術正在崛起。</strong></h3>
</div><p>A previous article from Tom's Hardware pointed out that the ARM architecture and custom silicon (such as CPUs developed in-house by cloud providers) are eroding the x86 market, which will limit the upside for price increases. Since Microsoft aggressively promoted Copilot+ PCs powered by Snapdragon processors in 2024, Arm-based devices have been steadily entering the market. Furthermore, Qualcomm is even taking steps to enhance the Windows gaming experience on Arm, while Nvidia's N1X processor is expected to be featured in laptops later this year.</p>
<div class="lb-trans"><p>《湯姆硬件》之前的一篇文章指出，ARM 架構和定製硅（如雲服務提供商自主開發的 CPU）正在侵蝕 x86 市場，這將限制價格上漲的空間。自從微軟在 2024 年大力推廣搭載 Snapdragon 處理器的 Copilot+ PC 以來，基於 Arm 的設備穩步進入市場。此外，高通甚至採取措施提升 Arm 上的 Windows 遊戲體驗，而 Nvidia 的 N1X 處理器預計將在今年晚些時候出現在筆記本電腦中。</p>
</div><p>This poses a major threat to x86 systems, prompting Intel and AMD to join forces to defend the architecture's market position. However, if these two companies cannot meet the market demand for their processors, consumers may have no choice but to turn to alternative CPU products.</p>
<div class="lb-trans"><p>這對 x86 系統構成了重大威脅，促使英特爾和 AMD 聯手捍衞該架構的市場地位。然而，如果這兩家公司無法滿足市場對其處理器的需求，消費者可能別無選擇，只能轉向替代的 CPU 產品。</p>
</div><p>Meanwhile, Elon Musk recently disclosed plans to build a &#34;Terafab&#34; chip factory. Although the project is still in the planning stages and is unlikely to meet market demand in the short term, analyst Andrew Percoco estimates that the actual cost of Terafab could reach $35 billion to $40 billion; even in an optimistic scenario, chips would not roll off the line until 2028 at the earliest. Nevertheless, in the long run, future chip supply shortages are expected to be significantly alleviated.</p>
<div class="lb-trans"><p>與此同時，埃隆·馬斯克最近披露了建設 &#34;Terafab&#34; 芯片工廠的計劃。儘管該項目仍處於規劃階段，短期內不太可能滿足市場需求，但分析師安德魯·佩爾科科估計，Terafab 的實際成本可能達到 350 億到 400 億美元；即使在樂觀的情況下，芯片也最早要到 2028 年才能投產。然而，從長遠來看，未來的芯片供應短缺預計將顯著緩解。</p>
</div><p>The fab expansion cycle is now underway. Despite short-term supply tightness, the supply-demand relationship for CPUs is expected to ease in the second half of 2026 as advanced nodes gradually release capacity. Intel previously stated that supply pressure is expected to peak at the end of March; as capacity shifts toward servers and mid-to-high-end products, supply conditions are expected to improve gradually over the coming quarters.</p>
<div class="lb-trans"><p>晶圓廠擴張週期現已開始。儘管短期內供應緊張，但預計到 2026 年下半年，隨着先進節點逐步釋放產能，CPU 的供需關係將會緩解。英特爾此前表示，供應壓力預計將在 3 月底達到峯值；隨着產能向服務器和中高端產品轉移，供應狀況預計將在未來幾個季度逐步改善。</p>
</div><p>Therefore, CPUs are more likely to exhibit a &#34;moderate uptrend&#34; rather than an &#34;exponential surge.&#34;</p>
<div class="lb-trans"><p>因此，CPU 更可能表現出 &#34;適度上升趨勢&#34; 而非 &#34;指數級激增&#34;。</p>
</div><p>Overall, the pricing logic of the CPU market is shifting from traditional &#34;consumer electronics components&#34; toward &#34;infrastructure assets&#34; similar to electricity and computing resources. Prices are no longer determined solely by PC demand but are instead dominated by the AI computing investment cycle.</p>
<div class="lb-trans"><p>總體而言，CPU 市場的定價邏輯正在從傳統的 &#34;消費電子組件&#34; 向類似於電力和計算資源的 &#34;基礎設施資產&#34; 轉變。價格不再僅僅由 PC 需求決定，而是受到 AI 計算投資週期的主導。</p>
</div><p>This means that CPUs will not simply replicate the explosive growth path of memory chips, yet their strategic importance is rising significantly. In the coming years, CPU price fluctuations will increasingly depend on AI capital expenditures, the pace of data center construction, and the supply capacity of advanced manufacturing processes.</p>
<div class="lb-trans"><p>這意味着 CPU 不會簡單地複製內存芯片的爆炸性增長路徑，但其戰略重要性正在顯著上升。在未來幾年，CPU 價格波動將越來越依賴於 AI 資本支出、數據中心建設的進度以及先進製造工藝的供應能力。</p>
</div><p>Find out more</p>
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Will CPUs Become the Next Memory Chip to See Prices Skyrocket in 2026?

- CPU 市場將迎來 10% 至 15% 的漲價，影響服務器與消費產品。  
- 英特爾與 AMD 已通知客户從 4 月起將提高整體處理器價格。  
- 預計 2026 年第二季度供需失衡將加劇，未來漲價空間仍存。

CPU 會在 2026 年成為下一個價格飆升的內存芯片嗎？