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07-25

捡漏的机会来了

CPU频繁崩溃半年后，英特尔最终承认是“微代码算法错误” | 钛媒体焦点

2023-05-25

$英特尔(INTC)$ 老多老多

2023-02-23

能说点儿新鲜的吗？

英特尔大败局：败给台积电，也败给自己，更败给时代

2022-06-09

哪里来的广汽比亚迪？

比亚迪将为特斯拉供应电池？后者回应：没听过这个消息

2022-03-03

这篇文章不错，转发给大家看

Intel downgraded at Morgan Stanley as firm sees better opportunities elsewhere

2022-03-03

机构一直在做空英特尔啊。搞不懂啊！

Intel downgraded at Morgan Stanley as firm sees better opportunities elsewhere

2021-10-25

不喜欢赶紧走，我坚定持有，明年独立显卡出来了再在这里叽歪吧！

财华洞察|净利增6成，股价竟下跌！总“挤牙膏”的英特尔，被投资者抛弃了？

2021-10-22

$英特尔(INTC)$给大家看看Intel Q3详细的财报居然能跌10个点，真莫名其妙！！！

2021-10-22

1.71相比于1.11，你这叫略高于？？？

【异动】英特尔盘前跌近10%，财报不及预期

2021-10-22

财报感觉可以啊

【异动】英特尔盘前跌近10%，财报不及预期

2021-07-28

营收是英特尔的五分之一，市值是英特尔的一半，股价太高了。

“杀”疯了！AMD净利润暴增352％吊打英特尔

2021-07-04

我怎么就没做空它呢？

抱歉，原内容已删除

2021-06-21

要脸不，牵强附会的看空理由。担忧别人就可以看空，这太搞笑了。你做空了吧。

花旗：担忧库存过剩和需求下降，下调英特尔(INTC.US)目标价至60美元

2021-06-04

跟特金毛一样，继续对中国打压。中国不是那么好对付的，来吧，一较高低！

抱歉，原内容已删除

2021-05-26

买买买

英特尔股票可以买入吗？

2021-05-26

全都买

Intel vs. AMD -- should you buy either stock now?

2021-05-20

tsmc个大傻币

抱歉，原内容已删除

2021-05-14

回复 @mikiiii:长期看好，短期可能不行。华尔街希望英特尔拆分，他们能从中挣很多钱。但是Pat是英特尔的老人了，他的策论让英特尔更长寿。//@mikiiii:小伙子，到底能不能买呀？没有重点啊少年。

@老石谈芯: 继续跌！英特尔还有救吗？| 2021第一季度财报解析

2021-05-12

垃圾文章

抱歉，原内容已删除

2021-05-10

这话说的太难听了。不会换个说法吗？加上车辆使用上的指导。太搞笑了，要教育客户吗？

抱歉，原内容已删除

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20:03","market":"us","language":"zh","title":"CPU频繁崩溃半年后，英特尔最终承认是“微代码算法错误” | 钛媒体焦点","url":"https://stock-news.laohu8.com/highlight/detail?id=2453200442","media":"钛媒体","summary":"“制程氧化，并非是此次英特尔CPU崩溃的主因。”CPU崩溃源头，微代码算法错误事实上，直到今年5月，英特尔才意识到第13、14代酷睿台式机处理器运行虚幻引擎游戏时，频繁崩溃的情况。为了解决CPU崩溃的问题，英特尔将提供一个微代码补丁，来修复过高电压导致的根本问题。股价下跌34%，英特尔新款CPU发布或受影响值得注意的是，英特尔8月份实施的微代码修复，可能会导致同期发布的新款CPU遇冷。","content":"<html><body><article><p>图片来源<a href=\"https://laohu8.com/S/INTC\">英特尔</a>官网</p><p>2024年以来，英特尔第13、14代CPU频繁崩溃的问题，正在愈演愈烈。</p><p>从2024年2月开始，大量游戏玩家反映，使用英特尔13、14代酷睿i9系列处理器玩特定游戏时，会集中出现崩溃问题。比如，有玩家在玩《铁拳8》的时候，显示视频储存空间不足，游戏被强行关闭。这种提示一般与显卡问题相关，但即使用户使用更高端的显卡时，同样的问题也会再次出现，而且出现问题的机型几乎都搭载了英特尔13、14代酷睿 i9处理器。</p><p>事实上，《铁拳8》并不是唯一出问题的游戏。据报道，《霍格沃茨之遗》、《地平线》、《最终决战》等大型3D游戏，都出现了类似的问题。而在更早之前的2022年底，第13代英特尔台式机CPU发布仅几个月后，就有用户开始报告其存在不稳定问题。此后，配备第14代英特尔台式机CPU的用户，也报告遇到了系统崩溃的情况。</p><p>“我的Alderon Games团队正在开发多人恐龙生存游戏《泰坦之路》，在开发过程中遇到了英特尔CPU稳定性方面的重大问题。”澳大利亚游戏开发工作室Alderon Games的创始人Matthew Cassells表示，这些问题（包括崩溃、不稳定和内存损坏）仅限于英特尔第13代和第14代处理器。</p><p>Cassells声称，他的工作室已经收到了数千份使用第13代和第14代英特尔酷睿CPU的游戏崩溃报告。Cassells建议玩家，无论是托管自己的服务器还是只是玩游戏，都不要使用Raptor Lake处理器。游戏开发商甚至在游戏中设置了警报，让用户知道第13代和第14代英特尔CPU不适合玩游戏。</p><p>“制程氧化缺陷”并非主因</p><p>针对于英特尔第13、14代CPU频繁崩溃的问题，此前有行业人士认为这与英特尔芯片产品的制程存在缺陷相关。</p><p>知名电竞视频博主Gamer Nexus曝料称，英特尔第13、14代CPU制程中的不当氧化造成电晶体受损，进而导致电阻过高。受影响的第13代型号包括13900K、13900KF、13900、13900F、13900T、13700K、13700KF、13700、13700T、13600K和13600KF。</p><p>Gamers Nexus视频截图</p><p>“某位大客户手中的800万个第13代CPU中，有10-25%存在这类问题。”Gamers Nexus称，英特尔实际上知道这些问题存在，但至今仍未提出解决方案。因此，他现阶段并不推荐购买英特尔的第13和14代CPU产品。</p><p>所谓芯片制程氧化，指的是英特尔CPU生产过程中的原子层沉积（ALD）工艺出现了问题，导致CPU内部的铜通孔发生了氧化。氧化之后，过高的电阻会导致电流通过时，产生热量过大，从而影响芯片性能。</p><p>“制程氧化，并非是此次英特尔CPU崩溃的主因。”有行业人士向钛媒体APP透露，英特尔芯片制程中此前确实存在氧化不当问题，但这一问题在去年已被解决。</p><p>英特尔论坛上的社区帖子也显示，之前受影响的CPU型号已更换，制造工艺也进行了更改。</p><p>CPU崩溃源头，微代码算法错误</p><p>事实上，直到今年5月，英特尔才意识到第13、14代酷睿台式机处理器运行虚幻引擎游戏时，频繁崩溃的情况。同期，英特尔联合主板制造商推出BIOS更新引入Intel Default Setting调整电压和功耗，并且还建议主板制造商不要默认启用极端功耗模式。</p><p>遗憾的是，这一措施并未起到效果。</p><p>“尽管发布了所有微代码、BIOS和固件更新，但问题仍未解决。”Cassells称，目前已经将所有服务器切换为AMD 处理器，因为“与被发现有缺陷的英特尔CPU相比，它们的崩溃次数减少了100倍。”</p><p>而随着事件的持续发酵，英特尔在近日最终公布了CPU崩溃的原因。</p><p>7月23日，英特尔通过对已退回的处理器进行广泛分析，他们确定工作电压升高是造成这些问题的原因。具体来说，微码算法（微码或机器代码是一组硬件级指令）一直在向处理器发送错误的电压请求，导致了不稳定现象的发生。</p><p>为了解决CPU崩溃的问题，英特尔将提供一个微代码补丁，来修复过高电压导致的根本问题。英特尔预计将于八月中旬完成全面验证后，向合作伙伴发布此补丁。</p><p>“这相当于通过降频、降电压的方式来解决芯片崩溃问题。”相关人士对钛媒体APP表示，这可能会导致CPU性能降低。不过，英特尔在公告中称，8月份的微代码修复不会造成任何性能下降。此外，英特尔已承诺向所有受影响的客户授予RMA（退货授权），但并没有选择全面召回产品。</p><p>股价下跌34%，英特尔新款CPU发布或受影响</p><p>值得注意的是，英特尔8月份实施的微代码修复，可能会导致同期发布的新款CPU遇冷。</p><p>PC行业的分析师认为，对于英特尔来说，这是一个棘手的时机，因为该公司将在几个月后发布Arrow Lake-S台式机处理器，并在不久的将来发布Luna Lake移动处理器。与此同时，AMD将于7月31日发布其Ryzen 9000 Zen 5处理器。</p><p>“考虑到英特尔的稳定性问题，消费者很可能会选择AMD系统。而上述修复可能会导致英特尔CPU在本月晚些时候，与Ryzen 9000型号的评测基准测试中，遭受轻微的性能损失。”</p><p>事实上，目前英特尔遭遇的问题除了CPU的频繁崩溃，还有其不断下跌的市值。根据钛媒体APP的统计，从2024年年初至今，英特尔股价下跌了超过34%，市值蒸发了超过720亿美元。如果从2021年的高点起算，英特股价已经腰斩。</p><p>根据英特尔的财务数据显示，这家公司的总营收已经从2022年的570亿美元，下滑至2023年的477亿美元。</p><p>其中，数据中心和AI部门营收从2022年的168.6亿美元下降至2023年的126.4亿美元。英特尔晶圆代工厂的营收从2022年的275亿美元，降至2023年的189亿美元。同时，该部门的运营亏损也在扩大，从2022年的52亿美元增加到70亿美元。</p><p>此外，英特尔对2024年第二季度的业绩展望也偏向负面。</p><p>英特尔在提交给美国证券交易委员会（SEC）的一份文件中指出，美国商务部向其发出通知，“要求英特尔取消向一家中国客户出口相关产品，并立即生效”。英特尔因此下调了今年二季度<span>营业收入</span>的预期，虽然营业收入的区间仍为原来的125亿美元至135亿美元，但将低于这一区间的中值。</p><p>相关证券文件还显示，2023年，中国市场占英特尔总营收的27%，相关出口限制可能影响英特尔营收的6个百分点。（本文首发于钛媒体APP，作者 | 饶翔宇 编辑 | 钟毅）</p></article></body></html>","source":"tencent","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" 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#eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nCPU频繁崩溃半年后，英特尔最终承认是“微代码算法错误” | 钛媒体焦点\n</h2>\n\n<h4 class=\"meta\">\n\n\n2024-07-24 20:03 北京时间&nbsp;&nbsp;&nbsp;<a href=http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN202407242035499ee632cf&s=b><strong>钛媒体</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>图片来源英特尔官网2024年以来，英特尔第13、14代CPU频繁崩溃的问题，正在愈演愈烈。从2024年2月开始，大量游戏玩家反映，使用英特尔13、14代酷睿i9系列处理器玩特定游戏时，会集中出现崩溃问题。比如，有玩家在玩《铁拳8》的时候，显示视频储存空间不足，游戏被强行关闭。这种提示一般与显卡问题相关，但即使用户使用更高端的显卡时，同样的问题也会再次出现，而且出现问题的机型几乎都搭载了英特尔13、...</p>\n\n<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN202407242035499ee632cf&s=b\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"LU0321505439.SGD":"Schroder ISF Global Dividend Maximiser A Acc SGD","LU0081259029.USD":"UBS (LUX) EQUITY FUND - TECH OPPORTUNITY \"P\" (USD) ACC","BK4534":"瑞士信贷持仓","BK4527":"明星科技股","BK4529":"IDC概念","BK4585":"ETF&股票定投概念","BK4579":"人工智能","BK4533":"AQR资本管理(全球第二大对冲基金)","BK4588":"碎股","LU0321505868.SGD":"Schroder ISF Global Dividend Maximiser A Dis SGD","BK4550":"红杉资本持仓","BK4141":"半导体产品","BK4575":"芯片概念","BK4512":"苹果概念","BK4515":"5G概念","BK4554":"元宇宙及AR概念","INTC":"英特尔","BK4535":"淡马锡持仓"},"source_url":"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN202407242035499ee632cf&s=b","is_english":false,"share_image_url":"https://static.laohu8.com/9a95c1376e76363c1401fee7d3717173","article_id":"2453200442","content_text":"图片来源英特尔官网2024年以来，英特尔第13、14代CPU频繁崩溃的问题，正在愈演愈烈。从2024年2月开始，大量游戏玩家反映，使用英特尔13、14代酷睿i9系列处理器玩特定游戏时，会集中出现崩溃问题。比如，有玩家在玩《铁拳8》的时候，显示视频储存空间不足，游戏被强行关闭。这种提示一般与显卡问题相关，但即使用户使用更高端的显卡时，同样的问题也会再次出现，而且出现问题的机型几乎都搭载了英特尔13、14代酷睿 i9处理器。事实上，《铁拳8》并不是唯一出问题的游戏。据报道，《霍格沃茨之遗》、《地平线》、《最终决战》等大型3D游戏，都出现了类似的问题。而在更早之前的2022年底，第13代英特尔台式机CPU发布仅几个月后，就有用户开始报告其存在不稳定问题。此后，配备第14代英特尔台式机CPU的用户，也报告遇到了系统崩溃的情况。“我的Alderon Games团队正在开发多人恐龙生存游戏《泰坦之路》，在开发过程中遇到了英特尔CPU稳定性方面的重大问题。”澳大利亚游戏开发工作室Alderon Games的创始人Matthew Cassells表示，这些问题（包括崩溃、不稳定和内存损坏）仅限于英特尔第13代和第14代处理器。Cassells声称，他的工作室已经收到了数千份使用第13代和第14代英特尔酷睿CPU的游戏崩溃报告。Cassells建议玩家，无论是托管自己的服务器还是只是玩游戏，都不要使用Raptor Lake处理器。游戏开发商甚至在游戏中设置了警报，让用户知道第13代和第14代英特尔CPU不适合玩游戏。“制程氧化缺陷”并非主因针对于英特尔第13、14代CPU频繁崩溃的问题，此前有行业人士认为这与英特尔芯片产品的制程存在缺陷相关。知名电竞视频博主Gamer Nexus曝料称，英特尔第13、14代CPU制程中的不当氧化造成电晶体受损，进而导致电阻过高。受影响的第13代型号包括13900K、13900KF、13900、13900F、13900T、13700K、13700KF、13700、13700T、13600K和13600KF。Gamers Nexus视频截图“某位大客户手中的800万个第13代CPU中，有10-25%存在这类问题。”Gamers Nexus称，英特尔实际上知道这些问题存在，但至今仍未提出解决方案。因此，他现阶段并不推荐购买英特尔的第13和14代CPU产品。所谓芯片制程氧化，指的是英特尔CPU生产过程中的原子层沉积（ALD）工艺出现了问题，导致CPU内部的铜通孔发生了氧化。氧化之后，过高的电阻会导致电流通过时，产生热量过大，从而影响芯片性能。“制程氧化，并非是此次英特尔CPU崩溃的主因。”有行业人士向钛媒体APP透露，英特尔芯片制程中此前确实存在氧化不当问题，但这一问题在去年已被解决。英特尔论坛上的社区帖子也显示，之前受影响的CPU型号已更换，制造工艺也进行了更改。CPU崩溃源头，微代码算法错误事实上，直到今年5月，英特尔才意识到第13、14代酷睿台式机处理器运行虚幻引擎游戏时，频繁崩溃的情况。同期，英特尔联合主板制造商推出BIOS更新引入Intel Default Setting调整电压和功耗，并且还建议主板制造商不要默认启用极端功耗模式。遗憾的是，这一措施并未起到效果。“尽管发布了所有微代码、BIOS和固件更新，但问题仍未解决。”Cassells称，目前已经将所有服务器切换为AMD 处理器，因为“与被发现有缺陷的英特尔CPU相比，它们的崩溃次数减少了100倍。”而随着事件的持续发酵，英特尔在近日最终公布了CPU崩溃的原因。7月23日，英特尔通过对已退回的处理器进行广泛分析，他们确定工作电压升高是造成这些问题的原因。具体来说，微码算法（微码或机器代码是一组硬件级指令）一直在向处理器发送错误的电压请求，导致了不稳定现象的发生。为了解决CPU崩溃的问题，英特尔将提供一个微代码补丁，来修复过高电压导致的根本问题。英特尔预计将于八月中旬完成全面验证后，向合作伙伴发布此补丁。“这相当于通过降频、降电压的方式来解决芯片崩溃问题。”相关人士对钛媒体APP表示，这可能会导致CPU性能降低。不过，英特尔在公告中称，8月份的微代码修复不会造成任何性能下降。此外，英特尔已承诺向所有受影响的客户授予RMA（退货授权），但并没有选择全面召回产品。股价下跌34%，英特尔新款CPU发布或受影响值得注意的是，英特尔8月份实施的微代码修复，可能会导致同期发布的新款CPU遇冷。PC行业的分析师认为，对于英特尔来说，这是一个棘手的时机，因为该公司将在几个月后发布Arrow Lake-S台式机处理器，并在不久的将来发布Luna Lake移动处理器。与此同时，AMD将于7月31日发布其Ryzen 9000 Zen 5处理器。“考虑到英特尔的稳定性问题，消费者很可能会选择AMD系统。而上述修复可能会导致英特尔CPU在本月晚些时候，与Ryzen 9000型号的评测基准测试中，遭受轻微的性能损失。”事实上，目前英特尔遭遇的问题除了CPU的频繁崩溃，还有其不断下跌的市值。根据钛媒体APP的统计，从2024年年初至今，英特尔股价下跌了超过34%，市值蒸发了超过720亿美元。如果从2021年的高点起算，英特股价已经腰斩。根据英特尔的财务数据显示，这家公司的总营收已经从2022年的570亿美元，下滑至2023年的477亿美元。其中，数据中心和AI部门营收从2022年的168.6亿美元下降至2023年的126.4亿美元。英特尔晶圆代工厂的营收从2022年的275亿美元，降至2023年的189亿美元。同时，该部门的运营亏损也在扩大，从2022年的52亿美元增加到70亿美元。此外，英特尔对2024年第二季度的业绩展望也偏向负面。英特尔在提交给美国证券交易委员会（SEC）的一份文件中指出，美国商务部向其发出通知，“要求英特尔取消向一家中国客户出口相关产品，并立即生效”。英特尔因此下调了今年二季度营业收入的预期，虽然营业收入的区间仍为原来的125亿美元至135亿美元，但将低于这一区间的中值。相关证券文件还显示，2023年，中国市场占英特尔总营收的27%，相关出口限制可能影响英特尔营收的6个百分点。（本文首发于钛媒体APP，作者 | 饶翔宇 编辑 | 钟毅）","news_type":1},"isVote":1,"tweetType":1,"viewCount":396,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":655932122,"gmtCreate":1685029339566,"gmtModify":1685029340463,"author":{"id":"3536267907686118","authorId":"3536267907686118","name":"sunxshine","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3536267907686118","authorIdStr":"3536267907686118"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/INTC\">$英特尔(INTC)$&nbsp;</a><v-v data-views=\"1\"></v-v>老多 老多","listText":"<a href=\"https://laohu8.com/S/INTC\">$英特尔(INTC)$&nbsp;</a><v-v data-views=\"1\"></v-v>老多 老多","text":"$英特尔(INTC)$ 老多 老多","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/655932122","isVote":1,"tweetType":1,"viewCount":1219,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":624322746,"gmtCreate":1677114985285,"gmtModify":1677114986742,"author":{"id":"3536267907686118","authorId":"3536267907686118","name":"sunxshine","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3536267907686118","authorIdStr":"3536267907686118"},"themes":[],"htmlText":"能说点儿新鲜的吗？","listText":"能说点儿新鲜的吗？","text":"能说点儿新鲜的吗？","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/624322746","repostId":"2313047792","repostType":2,"repost":{"id":"2313047792","kind":"highlight","weMediaInfo":{"introduction":"格上理财旗下专注私募行业的微信公众号。每天精选私募行业动态、私募大佬观点、私募研究报告与您分享，同时涵盖宏观经济、个股、投资理念方面的精华文章。了解私募行业，关注格上私募圈！","home_visible":1,"media_name":"格上私募圈","id":"1083023659","head_image":"https://static.tigerbbs.com/61a7d3b4f53e4a8b81be4c739ded31f5"},"pubTimestamp":1677063180,"share":"https://www.laohu8.com/m/news/2313047792?lang=&edition=full","pubTime":"2023-02-22 18:53","market":"hk","language":"zh","title":"英特尔大败局：败给台积电，也败给自己，更败给时代","url":"https://stock-news.laohu8.com/highlight/detail?id=2313047792","media":"格上私募圈","summary":"英特尔日前发布2022年四季度财报，财报显示，英特尔营收同比大降超3成，净亏损6.6亿美元。财报发布后，投资者们果断用脚投票，盘后英特尔股价暴跌9.7%。而就在此前半个月，台积电发布2022年四季度财报，营收同比增长42.8%，净利润同比增长78%。2020年7月，英特尔宣布其采用7nm工艺的CPU将推迟半年发布，此举再次震惊行业。最直观地对比，台积电的毛利率自2020年以来始终保持在50%以上，2022年四季度更是达到了惊人的62%。","content":"<html><body><div><p><img src=\"https://static.tigerbbs.com/95bcd42a9d6f4b38b2edeb5da67ef03b\"/></p><p><img src=\"https://static.tigerbbs.com/652e1206075a452db53db37e9b6b511c\"/></p><p arial=\"\" gb=\"\" helvetica=\"\" neue=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" sc=\"\" ui=\"\" yahei=\"\"><strong>作者：<strong><span>知勇</span></strong></strong></p><p arial=\"\" gb=\"\" helvetica=\"\" neue=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" sc=\"\" ui=\"\" yahei=\"\"><strong>来源：<strong arial=\"\" gb=\"\" helvetica=\"\" neue=\"\" normal=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" sc=\"\" ui=\"\" yahei=\"\"><strong arial=\"\" gb=\"\" helvetica=\"\" neue=\"\" normal=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" sc=\"\" ui=\"\" yahei=\"\"><strong arial=\"\" border-box=\"\" break-word=\"\" gb=\"\" helvetica=\"\" neue=\"\" normal=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" sc=\"\" ui=\"\" visible=\"\" yahei=\"\"><strong><span>锦缎（ID：jinduan006）</span></strong></strong></strong></strong></strong></p><p><span><strong>重点速览：</strong></span></p><p>1、在芯片制造上，过去<a href=\"https://laohu8.com/S/INTC\">英特尔</a>一直采用IDM模式，从设计、生产、封装、到销售全都自己操办，打遍天下无敌手。</p><p>2、半导体行业是典型烧钱又耗技术的行业，技术和资金到达一个量级后，IDM模式反而成了前进的掣肘，10nm的失败成为英特尔下坡路的关键节点。</p><p><span><strong>3、<a href=\"https://laohu8.com/S/TSM\">台积电</a>定位很明确：只做下游的制造，成功证明了半导体行业分工做得越细，在某个领域越拔尖，扎得更深，就能跑得越快。</strong></span></p><p>4、如今英特尔寄希望于IDM2.0战略复兴，但最大的挑战——客户是谁？目前<a href=\"https://laohu8.com/S/AAPL\">苹果</a>、<a href=\"https://laohu8.com/S/NVDA\">英伟达</a>、AMD们都不太可能。</p><p><strong><span>正文</span></strong></p><p>“年年挤牙膏，终于挤不动了”、“英特尔这几年真是弱”，看到英特尔史上最糟糕财报之后，很多人的感受是，英特尔时代要落幕了。</p><p>英特尔日前发布2022年四季度财报，财报显示，英特尔营收同比大降超3成，净亏损6.6亿美元。财报发布后，投资者们果断用脚投票，盘后英特尔股价暴跌9.7%。</p><p>而就在此前半个月，台积电发布2022年四季度财报，营收同比增长42.8%，净利润同比增长78%。</p><p>同样都是在芯片行业大幅收缩、退烧的大环境下，为什么台积电和英特尔，交出了截然不同的成绩单？</p><h2><strong><span>01</span></strong></h2><h2><strong><span>英特尔向下，台积电向上</span></strong></h2><h6><span><strong><span>1、IDM模式缔造英特尔时代</span></strong></span></h6><p>在很多80后、90后的印象中，蓝色的“Intel Inside”标签是一种科技的象征。</p><p>在PC时代，英特尔毫无疑问是行业霸主，坐拥个人电脑和服务器的CPU市场。与此同时，市场上还有<a href=\"https://laohu8.com/S/MSFT\">微软</a>这位强大的同盟军在操作系统上为之保驾护航，使得英特尔引以为傲的x86处理器不可替代。（注：业内称为微软–英特尔体系，即WinTel）</p><p><span><strong>在芯片制造上，过去英特尔一直以来采用IDM模式，即所有环节从设计、生产、封装、到销售全都自己一手操办。</strong></span></p><p>英特尔的商业模式是把芯片设计和制造牢牢捆绑在一起，设计部门不断研发迭代，设计出更新、更快的CPU，制造部门则投资巨额资金，生产出一代又一代的新产品。</p><p>在WinTel时期，英特尔凭借IDM模式可谓打遍天下无敌手，稳稳当当地坐着头把交椅。</p><p>时至今日，尽管英特尔已经颓势日显，但IDM模式在行业里依旧占据较高权重。</p><p>根据Knometa Researc的数据，截止至2021年底，全球IC晶圆的总产能为2160万片/月，其中<a href=\"https://laohu8.com/S/SMSN.UK\">三星</a>、台积电、美光、SK海力士、铠侠，前五大公司合计占比57%，达到1221万片/月，这当中，除了台积电，三星（部分）、镁光、SK海力士、铠侠都是IDM模式。</p><p>对IDM模式，英特尔则仍然是恋恋不舍，在现任CEO基辛格的操盘下提出了IDM2.0战略，成立代工服务事业部，争夺台积电和三星的份额。</p><h6><span><strong><span>2、10nm成为分水岭</span></strong></span></h6><p>摩尔定律成就了英特尔，也困死了英特尔。</p><p>英特尔创始人戈登·摩尔上世纪60年代提出了摩尔定律的概念，即集成电路上可以容纳的晶体管数目大约每经过18个月，便会增加一倍。</p><p>过去的二十多年，英特尔处理器紧扣“摩尔定律”，从45nm、到32nm、再到22nm，一路都是水到渠成。</p><p>在14nm工艺节点之前，英特尔一直保持领先。不论是三星还是台积电，它们都跟随着英特尔的步伐，但是到10nm，英特尔突然无法延续摩尔定律了，两年一次升级的规律被按下暂停键。</p><p><span><strong>英特尔最初的设想是在2017年实现10nm工艺，但此计划破灭，10nm工艺一直难产。</strong></span>为了对全球用户有个交代，英特尔就只能在14nm的字符后面标记字符“+”，也就是在14nm基础之上优化，最多的时候用上了3个加号——14nm+++。</p><p>有一段时间，14nm+++成为网友调侃英特尔最多的一个梗，“祖传的14纳米还能再战几年”、“英特尔14nm终极版不应该叫做14nm+++，要学下苹果手机的命名，叫14nm Pro Plus Max……”</p><p>自家的工厂造不出设计部门的芯片，IDM模式受到前所未有的考验。对英特尔而言，制造环节受限，反过来又会进一步侵蚀英特尔的设计能力，形成蝴蝶效应。10nm工艺之败，也导致7nm芯片的进度大幅度落后。</p><p>2019年，时任英特尔CEO的鲍勃·斯旺这样回应10nm的困局，“英特尔对自己超过行业标准的能力过于自信，限制了自己的思维，措施了技术转型的机会，现在承受了后果。”</p><p>鲍勃·斯旺口中的后果，就是被竞争对手们赶超，并拉开差距。</p><p>2020年7月，英特尔宣布其采用7nm工艺的CPU将推迟半年发布，此举再次震惊行业。时年台积电和三星都已经在接5nm芯片的订单了。</p><p><img src=\"https://static.tigerbbs.com/bc3f1a0b70fe4a4fb6cb43b6ddae2cde\"/></p><p><span><strong><span>图1：英特尔芯片升级过程 来源：英特尔，<a href=\"https://laohu8.com/S/600030\">中信证券</a></span></strong></span></p><p><span><strong>另一方面，长期在英特尔阴影侧生存的“千年老二”AMD成功逆袭，开始与英特尔硬碰硬竞争。</strong></span></p><p>2018年，AMD全面转向台积电，并发布了由台积电独家代工的面向计算市场的7nm显卡Radeon Instinct MI60/MI50，性能超过同级别的英特尔产品。</p><p>最近几年，AMD的销量大幅提升，市占率也逐年提高，不断蚕食英特尔的地盘，而英特尔的衰退则是肉眼可见的。</p><p>继2022年二季报首次亏损之后，英特尔四季度净亏损6.6亿美元，毛利率也从2014年的超过60%掉到40%左右。最直观地对比，台积电的毛利率自2020年以来始终保持在50%以上，2022年四季度更是达到了惊人的62%。</p><p>过去几年，AMD和英特尔的市值多次出现交叉，不久之前的1月31日，伴随着英特尔的财报暴雷，AMD再次实现了市值对英特尔的反超。</p><h6><span><strong><span>3、台积电后来者居上</span></strong></span></h6><p>在台积电创办的二十余年里，一度是以英特尔”小弟“的角色存在。</p><p>与英特尔的IDM模式不同，台积电的商业定位从一开始就很明确：只做下游的制造，不和客户在芯片设计上竞争。</p><p>但是在英特尔“统治”下，台积电的起家并不容易。2014年“斯坦福工程英雄”讲座活动上，张忠谋这样回忆台积电的创业生涯，“<span><strong>单一的代工模式这种创新，在早期类似一种‘先有解决方案，再寻找需求’的概念，</strong></span>我们提供的是代工平台，但在当时没有人需要这样的平台，因为当初几乎少有无厂半导体公司，现有的无厂半导体公司也不需要台积电，而是更愿意去找日立、东芝、英特尔，这种现象直到90年代开始才有所改变，我们的存在，也大大加速了无厂半导体公司的诞生。”</p><p>台积电的发展过程中，不得不提到苹果公司。</p><p>从2014年开始，自研芯片的苹果开始将芯片代工订单交给台积电。收获苹果这个大客户后，台积电不但获得了技术快速进步的机会，还收获了今后十年的业务增长。</p><p>更重要的是，与英特尔分手后，苹果的业务仍然推进顺利，这给其它厂商一个很好的示范效果——我们不必非要在英特尔那里“买”芯片，可以试着找台积电代工。毕竟台积电的交付周期更短，成本更低，于是，台积电的订单纷至沓来，<a href=\"https://laohu8.com/S/QCOM\">高通</a>、英伟达、AMD等几乎所有芯片设计巨头都已和台积电合作。</p><p>公开数据显示，2014年台积电全年实现1482亿元人民币的营收，这个数字到2022年，达到了5025亿人民币。</p><p>至此，台积电开始有了和英特尔分庭抗礼的实力。如今，台积电已经成为全球最大晶圆代工企业，占据晶圆代工半壁江山。</p><p>在工艺节点上面，台积电已经宣布量产3nm工艺，足足领先英特尔一个身位。得益于高端制程芯片销量快速增长，其营收和净利润屡屡创下新高。</p><p>作为后来者，台积电顺利改写了世界芯片制造的权力格局。另一边，当年芯片霸主却成了追赶者。</p><p><img height=\"312.96269835324864px\" src=\"https://static.tigerbbs.com/4fd6cc51e9fb418da2f25f3c56026a88\" width=\"633.1190075505378\"/></p><p><span><strong><span>图2：晶圆代工市场格局 资料来源：Counterpoint</span></strong></span></p><h2><strong><span>02</span></strong></h2><h2><strong><span>半导体行业的</span></strong><strong><span>更迭路径</span></strong></h2><p><img src=\"https://static.tigerbbs.com/33d2ad8ac07a40ae8f858d3bb2bdfa3e\"/></p><p>过去几年，大家总是调侃英特尔是一家牙膏厂，每次提升的那点可怜性能总是被软件用光了。但是可能很多人并不知道，英特尔其实也是无可奈何，不是他实力不够，而是芯片设计和制造的难度远比想象中的高。</p><p><span><strong>更重要的，对英特尔来说，IDM模式注定是一条越走越窄的路。</strong></span></p><h6><span><strong><span>1、“双高”现象压倒英特尔</span></strong></span></h6><p>众所周知，半导体行业是典型烧钱又耗技术的行业，可以理解为“双高”现象，这个趋势目前已经越来越明显，也是压倒英特尔的关键因素。</p><p>先看技术维度，半导体技术进步主要遵循摩尔定律，即芯片上集成的晶体管数量平均每隔18个月就会翻一番，性能也提升1倍。在这种发展速度下，电路结构越来越复杂，加工工艺的要求也越来越高。</p><p><span><strong>所以到最后行业呈现的割裂现象就是越到高端制程，行业玩家越来越少。</strong></span>在10nm工艺节点，已经只剩下台积电、三星、英特尔。</p><p>可以说，芯片制造行业注定是一条英雄寂寞的道路。</p><p><img src=\"https://static.tigerbbs.com/3dc4fa5f91c34c0ea873f16819c31eb3\"/></p><p><span><strong><span>图：随着制程工艺提高，行业玩家逐渐减少资料来源：英特尔，<a href=\"https://laohu8.com/S/06030\">中信证券</a></span></strong></span></p><p><span><strong>再看资金壁垒，随着工艺节点提高，新一代生产线所需的投资额成倍甚至数十倍地增加。</strong></span>举例来说，2020年台积电宣布在美国投建的5nm工厂投资额约合120亿美元，未来3nm产线的投资额预计将达到惊人的200亿美元。</p><p><img height=\"315.9403674540682px\" src=\"https://static.tigerbbs.com/9503a589c66f478698fceefa97805d6f\" width=\"513.9296587926509\"/></p><p><span><strong><span>图：不同制程下每5万片晶圆产能的设备投资（亿美元）资料来源：<a href=\"https://laohu8.com/S/601162\">天风证券</a></span></strong></span></p><p>为了更进一步理解半导体的资金壁垒，我们看下台积电的历年资本开支。2021年，台积电的资本支出再创新高，达到300亿美元，其中研发支出约为45亿美元。</p><p>一言以蔽之，芯片制造是一项需要大量资金维持的高难度技术动作。</p><p><img height=\"290.0000487769494px\" src=\"https://static.tigerbbs.com/3b2db27a547046cfbd3d1c925409a0a6\" width=\"527.0007693070008\"/></p><p><span><strong><span>图：台积电历年资本开支 资料来源：<a href=\"https://laohu8.com/S/601375\">中原证券</a></span></strong></span></p><h6><span><strong><span>2、分工模式成就台积电</span></strong></span></h6><p>回到英特尔身上，了解半导体“双高”现象，其实也就不难理解英特尔为什么会出现挤牙膏现象。诚然，英特尔这个巨无霸企业有大量的资金和技术人员，但是做芯片一条龙服务既要投入制造又要投入设计，还要做封测。</p><p><span><strong>相比之下，台积电只用集中精力在制造环节，两者最终的表现可想而知。</strong></span></p><p>专注制造环节的台积电，正是将代工技术做到极致，每年投入超百亿美元死磕制造环节，最终实现了制程工艺的全面领先，改变了行业规则。</p><p>专业分工这套逻辑在AMD身上也得到验证，在分拆掉格罗方德业务之后，定位变成了无厂半导体设计公司，将代工业务转交台积电，成功扭转下滑颓势。</p><p>MercuryResearch的最新调研数据表明，AMD在包括桌面处理器，移动处理器和服务器处理器的x86处理器整体市场当中，份额达到31.3%，而在2020年第一季度，AMD的份额还只有14.8%。</p><p>虽然英特尔沿用的IDM模式可以将所有核心环节掌握在自己的手中，但是当技术和资金到达一个量级后，即面临“双高”现象挑战时，反而成了技术进步的最大掣肘。类似地，在芯片设计环节，英特尔面临的高通、英伟达等顶尖对手，胜算同样不高。</p><p>实际上，半导体领域与工业领域的发展规律恰恰相反。大部分工业领域强调垂直一体化，比如光伏、动力电池行业。行业龙头先单点突破，某一个领域做大做强，再延伸补强其他产业链环节，最后打造产业链一体化，实现降本增效。</p><p><span><strong>然而半导体行业已经形成术业有专攻的典型规则，分工做得越细，在某个领域越拔尖，扎得更深，就能跑得越快，行业地位自然更稳固。</strong></span></p><p>其次，半导体行业的分工合作是更优的风险分担机制。台积电的高额资本开支由高通、英伟达、AMD等芯片设计公司共同分摊，而英特尔只能内部消化。</p><p>第三，代工模式的技术进步是最快的。台积电的客户是全球顶级芯片设计公司，可以更快更多地积累一流芯片制造能力。这也是为什么台积电可以在成本和技术上面降维打击其它晶圆厂，而IDM模式里面每个环节里只要有一个落后了，出现重大障碍，整个产品的进度都会受到拖累。</p><p>正所谓皮之不存，毛将焉附，没有制造能力，再高端的技术只是设计图纸。</p><p>不难发现，以台积电为代表的晶圆代工模式，可以更好地突破技术和资金壁垒。走IDM路线的英特尔比不上单押制造环节的台积电，有其必然性，并不是前者的研发能力不强，而是很难做到齐头并进、孤独一掷地投入，最后输出的是挤牙膏式技术创新。</p><p>未来分工合作这个模式，大概率会演化成为行业新路径，每个环节由单独的公司负责，然后几家公司携手制造出最优的芯片。</p><p>去英特尔大包大揽的时代正在成为历史。</p><h6><span><strong><span>3、英特尔进入衰退的长夜？</span></strong></span></h6><p>如今的英特尔，与昔日的辉煌相比，早已是另一番景象。在营收、净利润双双大幅下滑的颓势之下，资本选择夺路而逃。在过去12个月中，英特尔的股票已经下跌了近40%。</p><p>英特尔的成功很大程度上得益于对于个人电脑的把握，并在摩尔时代，引导行业往自己有利的方向发展。而在后摩尔时代，业务众多的英特尔已经跟不上技术进步的速度。在新的游戏规则里，台积电们显然抢到了和英特尔竞争的制高点。</p><p><span><strong>实际上，早在2017年左右，英特尔跑不赢摩尔定律的隐患已经显现，只是财务的恶化滞后于业务已陷入泥潭这个事实，进而未在当年财报上面体现。</strong></span>从资本市场中可以看到，过去几年英特尔的股价已停滞不前，华尔街精英们对英特尔的信心已经不足，他们开始担心这颗奔腾的“芯”还能跳动多久。</p><p><img height=\"400.586px\" src=\"https://static.tigerbbs.com/1f2a9bf9aa1d414cb3501a50826a75bc\" width=\"642.467\"/></p><p><span><strong><span>图：英特尔股价图 资料来源：<a href=\"https://laohu8.com/S/GOOG\">谷歌</a></span></strong></span></p><p>如果拿当年的老对手对比，英特尔的衰落就更明显。英特尔的命运风雨飘摇，而“轻装上阵”的AMD蒸蒸日上。比如在服务器芯片领域，英特尔曾一度控制99%的市场份额。现在已经被AMD夺走了接近15%的市场份额。根据<a href=\"https://laohu8.com/S/JPM\">摩根大通</a>的分析师预计，未来AMD的市场份额将继续增至30%以上。</p><p>值得注意的是，根据财报数据，英特尔2022年第四季度的库存金额达到了132亿美元，可谓内忧外患。</p><p>难道英特尔甘愿坐以待毙吗，对自己的危机毫无察觉？实际上，即便时光可以倒流，英特尔能更早意识到IDM模式的命门，仍然无法避免今日之被动，因为它内部的问题没法解决。</p><p>归因下来，英特尔家大业大，体系臃肿，加上涉及的产品类型非常广，很难一刀切换掉IDM模式，即船大掉头难。在2018年上任的CEO鲍勃·斯旺曾经主导英特尔走AMD的路线，也就是把制造部门独立出去，但最终他没能调整这艘巨轮的行驶轨迹。</p><p><img height=\"360.00145403727583px\" src=\"https://static.tigerbbs.com/17616d4b8c39475692afe9ab81366560\" width=\"641.9972003604474\"/></p><p><span><strong><span>图：IDM2.0战略图解 资</span></strong></span><span><strong><span>料来源：英特尔</span></strong></span></p><p>3年之后，新CEO基辛格上台后，希望扭转局势，制订了IDM 2.0战略。简单概括为三部分：主要产品依旧发挥IDM模式余热，自己设计、自己制造；部分产品采用无厂半导体公司模式（Fabless），由外部代工厂代工；自身的代工厂，开放一部分产能给第三方无厂半导体公司。</p><p>为落实IDM2.0计划，英特尔继续大开大合的动作。2021年3月，英特尔宣布投资200亿美元在美国亚利桑那州新建两座工厂；一年后，英特尔宣布将投资200亿美元在美国俄亥俄州新建两座工厂。</p><p>不过，这条路并非坦途大道，英特尔最大的挑战是要解决客户来源——什么样的客户愿意将芯片图纸交给英特尔，英特尔又能为客户提供什么样的工艺？与台积电还在合同蜜月期的苹果、AMD、英伟达们，目前看起来都不太可能。</p><p><span><strong>用数据说话，2022年第四季度，英特尔代工服务收入仅为3.2亿美元，算下来还不到台积电两天的收入。</strong></span></p><p>更严重的危机已经袭来，按照英特尔第一季度财报指引，其盈利能力还将进一步恶化，预期2023年一季度营收在105至115亿美元区间，毛利率降到39%，每股亏损0.8美元。（注：当前半导体行业景气度向下，台积电也难以独善其身，虽然现在的财报很亮眼，下半年同样会有压力）</p><p>截止目前，昔日“小弟”台积电的市值已达到4900亿美元，而半导体行业缔造者英特尔却仅剩下1200亿美元，前者是后者的三倍有余。具有象征意味的是，去年三季度以来巴菲特老爷子大举买入台积电，现已成为台积电第五大股东。</p><p>不可否认，过去很长时间英特尔不断地为全世界提供越来越好的处理器，直接推动了个人电脑的普及，但英特尔已经不是当年那个叱咤风云的公司了。</p><p>时代的车轮滚滚向前，不论当初多么辉煌，抛弃你的时候可能连个招呼也没有。拥戴新王的山呼海啸之声，已然湮没了旧王渐行渐弱的扼腕之叹。</p><p arial=\"\" border-box=\"\" break-word=\"\" gb=\"\" helvetica=\"\" neue=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" sc=\"\" ui=\"\" yahei=\"\"><strong><span>版权</span></strong><strong><strong>声明：</strong><strong>部分文章推送时未能与原作者取得联系。</strong><strong>若涉及版权问题，敬请原作者联系我们。</strong></strong></p><p><img src=\"https://static.tigerbbs.com/6b969fcae5c24259a05fcecc69dabd09\"/></p></div></body></html>","source":"weixin_highlight","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>英特尔大败局：败给台积电，也败给自己，更败给时代</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; 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margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n英特尔大败局：败给台积电，也败给自己，更败给时代\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1083023659\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/61a7d3b4f53e4a8b81be4c739ded31f5);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">格上私募圈 </p>\n<p class=\"h-time\">2023-02-22 18:53</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<html><body><div><p><img src=\"https://static.tigerbbs.com/95bcd42a9d6f4b38b2edeb5da67ef03b\"/></p><p><img src=\"https://static.tigerbbs.com/652e1206075a452db53db37e9b6b511c\"/></p><p arial=\"\" gb=\"\" helvetica=\"\" neue=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" sc=\"\" ui=\"\" yahei=\"\"><strong>作者：<strong><span>知勇</span></strong></strong></p><p arial=\"\" gb=\"\" helvetica=\"\" neue=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" sc=\"\" ui=\"\" yahei=\"\"><strong>来源：<strong arial=\"\" gb=\"\" helvetica=\"\" neue=\"\" normal=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" sc=\"\" ui=\"\" yahei=\"\"><strong arial=\"\" gb=\"\" helvetica=\"\" neue=\"\" normal=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" sc=\"\" ui=\"\" yahei=\"\"><strong arial=\"\" border-box=\"\" break-word=\"\" gb=\"\" helvetica=\"\" neue=\"\" normal=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" sc=\"\" ui=\"\" visible=\"\" yahei=\"\"><strong><span>锦缎（ID：jinduan006）</span></strong></strong></strong></strong></strong></p><p><span><strong>重点速览：</strong></span></p><p>1、在芯片制造上，过去<a href=\"https://laohu8.com/S/INTC\">英特尔</a>一直采用IDM模式，从设计、生产、封装、到销售全都自己操办，打遍天下无敌手。</p><p>2、半导体行业是典型烧钱又耗技术的行业，技术和资金到达一个量级后，IDM模式反而成了前进的掣肘，10nm的失败成为英特尔下坡路的关键节点。</p><p><span><strong>3、<a href=\"https://laohu8.com/S/TSM\">台积电</a>定位很明确：只做下游的制造，成功证明了半导体行业分工做得越细，在某个领域越拔尖，扎得更深，就能跑得越快。</strong></span></p><p>4、如今英特尔寄希望于IDM2.0战略复兴，但最大的挑战——客户是谁？目前<a href=\"https://laohu8.com/S/AAPL\">苹果</a>、<a href=\"https://laohu8.com/S/NVDA\">英伟达</a>、AMD们都不太可能。</p><p><strong><span>正文</span></strong></p><p>“年年挤牙膏，终于挤不动了”、“英特尔这几年真是弱”，看到英特尔史上最糟糕财报之后，很多人的感受是，英特尔时代要落幕了。</p><p>英特尔日前发布2022年四季度财报，财报显示，英特尔营收同比大降超3成，净亏损6.6亿美元。财报发布后，投资者们果断用脚投票，盘后英特尔股价暴跌9.7%。</p><p>而就在此前半个月，台积电发布2022年四季度财报，营收同比增长42.8%，净利润同比增长78%。</p><p>同样都是在芯片行业大幅收缩、退烧的大环境下，为什么台积电和英特尔，交出了截然不同的成绩单？</p><h2><strong><span>01</span></strong></h2><h2><strong><span>英特尔向下，台积电向上</span></strong></h2><h6><span><strong><span>1、IDM模式缔造英特尔时代</span></strong></span></h6><p>在很多80后、90后的印象中，蓝色的“Intel Inside”标签是一种科技的象征。</p><p>在PC时代，英特尔毫无疑问是行业霸主，坐拥个人电脑和服务器的CPU市场。与此同时，市场上还有<a href=\"https://laohu8.com/S/MSFT\">微软</a>这位强大的同盟军在操作系统上为之保驾护航，使得英特尔引以为傲的x86处理器不可替代。（注：业内称为微软–英特尔体系，即WinTel）</p><p><span><strong>在芯片制造上，过去英特尔一直以来采用IDM模式，即所有环节从设计、生产、封装、到销售全都自己一手操办。</strong></span></p><p>英特尔的商业模式是把芯片设计和制造牢牢捆绑在一起，设计部门不断研发迭代，设计出更新、更快的CPU，制造部门则投资巨额资金，生产出一代又一代的新产品。</p><p>在WinTel时期，英特尔凭借IDM模式可谓打遍天下无敌手，稳稳当当地坐着头把交椅。</p><p>时至今日，尽管英特尔已经颓势日显，但IDM模式在行业里依旧占据较高权重。</p><p>根据Knometa Researc的数据，截止至2021年底，全球IC晶圆的总产能为2160万片/月，其中<a href=\"https://laohu8.com/S/SMSN.UK\">三星</a>、台积电、美光、SK海力士、铠侠，前五大公司合计占比57%，达到1221万片/月，这当中，除了台积电，三星（部分）、镁光、SK海力士、铠侠都是IDM模式。</p><p>对IDM模式，英特尔则仍然是恋恋不舍，在现任CEO基辛格的操盘下提出了IDM2.0战略，成立代工服务事业部，争夺台积电和三星的份额。</p><h6><span><strong><span>2、10nm成为分水岭</span></strong></span></h6><p>摩尔定律成就了英特尔，也困死了英特尔。</p><p>英特尔创始人戈登·摩尔上世纪60年代提出了摩尔定律的概念，即集成电路上可以容纳的晶体管数目大约每经过18个月，便会增加一倍。</p><p>过去的二十多年，英特尔处理器紧扣“摩尔定律”，从45nm、到32nm、再到22nm，一路都是水到渠成。</p><p>在14nm工艺节点之前，英特尔一直保持领先。不论是三星还是台积电，它们都跟随着英特尔的步伐，但是到10nm，英特尔突然无法延续摩尔定律了，两年一次升级的规律被按下暂停键。</p><p><span><strong>英特尔最初的设想是在2017年实现10nm工艺，但此计划破灭，10nm工艺一直难产。</strong></span>为了对全球用户有个交代，英特尔就只能在14nm的字符后面标记字符“+”，也就是在14nm基础之上优化，最多的时候用上了3个加号——14nm+++。</p><p>有一段时间，14nm+++成为网友调侃英特尔最多的一个梗，“祖传的14纳米还能再战几年”、“英特尔14nm终极版不应该叫做14nm+++，要学下苹果手机的命名，叫14nm Pro Plus Max……”</p><p>自家的工厂造不出设计部门的芯片，IDM模式受到前所未有的考验。对英特尔而言，制造环节受限，反过来又会进一步侵蚀英特尔的设计能力，形成蝴蝶效应。10nm工艺之败，也导致7nm芯片的进度大幅度落后。</p><p>2019年，时任英特尔CEO的鲍勃·斯旺这样回应10nm的困局，“英特尔对自己超过行业标准的能力过于自信，限制了自己的思维，措施了技术转型的机会，现在承受了后果。”</p><p>鲍勃·斯旺口中的后果，就是被竞争对手们赶超，并拉开差距。</p><p>2020年7月，英特尔宣布其采用7nm工艺的CPU将推迟半年发布，此举再次震惊行业。时年台积电和三星都已经在接5nm芯片的订单了。</p><p><img src=\"https://static.tigerbbs.com/bc3f1a0b70fe4a4fb6cb43b6ddae2cde\"/></p><p><span><strong><span>图1：英特尔芯片升级过程 来源：英特尔，<a href=\"https://laohu8.com/S/600030\">中信证券</a></span></strong></span></p><p><span><strong>另一方面，长期在英特尔阴影侧生存的“千年老二”AMD成功逆袭，开始与英特尔硬碰硬竞争。</strong></span></p><p>2018年，AMD全面转向台积电，并发布了由台积电独家代工的面向计算市场的7nm显卡Radeon Instinct MI60/MI50，性能超过同级别的英特尔产品。</p><p>最近几年，AMD的销量大幅提升，市占率也逐年提高，不断蚕食英特尔的地盘，而英特尔的衰退则是肉眼可见的。</p><p>继2022年二季报首次亏损之后，英特尔四季度净亏损6.6亿美元，毛利率也从2014年的超过60%掉到40%左右。最直观地对比，台积电的毛利率自2020年以来始终保持在50%以上，2022年四季度更是达到了惊人的62%。</p><p>过去几年，AMD和英特尔的市值多次出现交叉，不久之前的1月31日，伴随着英特尔的财报暴雷，AMD再次实现了市值对英特尔的反超。</p><h6><span><strong><span>3、台积电后来者居上</span></strong></span></h6><p>在台积电创办的二十余年里，一度是以英特尔”小弟“的角色存在。</p><p>与英特尔的IDM模式不同，台积电的商业定位从一开始就很明确：只做下游的制造，不和客户在芯片设计上竞争。</p><p>但是在英特尔“统治”下，台积电的起家并不容易。2014年“斯坦福工程英雄”讲座活动上，张忠谋这样回忆台积电的创业生涯，“<span><strong>单一的代工模式这种创新，在早期类似一种‘先有解决方案，再寻找需求’的概念，</strong></span>我们提供的是代工平台，但在当时没有人需要这样的平台，因为当初几乎少有无厂半导体公司，现有的无厂半导体公司也不需要台积电，而是更愿意去找日立、东芝、英特尔，这种现象直到90年代开始才有所改变，我们的存在，也大大加速了无厂半导体公司的诞生。”</p><p>台积电的发展过程中，不得不提到苹果公司。</p><p>从2014年开始，自研芯片的苹果开始将芯片代工订单交给台积电。收获苹果这个大客户后，台积电不但获得了技术快速进步的机会，还收获了今后十年的业务增长。</p><p>更重要的是，与英特尔分手后，苹果的业务仍然推进顺利，这给其它厂商一个很好的示范效果——我们不必非要在英特尔那里“买”芯片，可以试着找台积电代工。毕竟台积电的交付周期更短，成本更低，于是，台积电的订单纷至沓来，<a href=\"https://laohu8.com/S/QCOM\">高通</a>、英伟达、AMD等几乎所有芯片设计巨头都已和台积电合作。</p><p>公开数据显示，2014年台积电全年实现1482亿元人民币的营收，这个数字到2022年，达到了5025亿人民币。</p><p>至此，台积电开始有了和英特尔分庭抗礼的实力。如今，台积电已经成为全球最大晶圆代工企业，占据晶圆代工半壁江山。</p><p>在工艺节点上面，台积电已经宣布量产3nm工艺，足足领先英特尔一个身位。得益于高端制程芯片销量快速增长，其营收和净利润屡屡创下新高。</p><p>作为后来者，台积电顺利改写了世界芯片制造的权力格局。另一边，当年芯片霸主却成了追赶者。</p><p><img height=\"312.96269835324864px\" src=\"https://static.tigerbbs.com/4fd6cc51e9fb418da2f25f3c56026a88\" width=\"633.1190075505378\"/></p><p><span><strong><span>图2：晶圆代工市场格局 资料来源：Counterpoint</span></strong></span></p><h2><strong><span>02</span></strong></h2><h2><strong><span>半导体行业的</span></strong><strong><span>更迭路径</span></strong></h2><p><img src=\"https://static.tigerbbs.com/33d2ad8ac07a40ae8f858d3bb2bdfa3e\"/></p><p>过去几年，大家总是调侃英特尔是一家牙膏厂，每次提升的那点可怜性能总是被软件用光了。但是可能很多人并不知道，英特尔其实也是无可奈何，不是他实力不够，而是芯片设计和制造的难度远比想象中的高。</p><p><span><strong>更重要的，对英特尔来说，IDM模式注定是一条越走越窄的路。</strong></span></p><h6><span><strong><span>1、“双高”现象压倒英特尔</span></strong></span></h6><p>众所周知，半导体行业是典型烧钱又耗技术的行业，可以理解为“双高”现象，这个趋势目前已经越来越明显，也是压倒英特尔的关键因素。</p><p>先看技术维度，半导体技术进步主要遵循摩尔定律，即芯片上集成的晶体管数量平均每隔18个月就会翻一番，性能也提升1倍。在这种发展速度下，电路结构越来越复杂，加工工艺的要求也越来越高。</p><p><span><strong>所以到最后行业呈现的割裂现象就是越到高端制程，行业玩家越来越少。</strong></span>在10nm工艺节点，已经只剩下台积电、三星、英特尔。</p><p>可以说，芯片制造行业注定是一条英雄寂寞的道路。</p><p><img src=\"https://static.tigerbbs.com/3dc4fa5f91c34c0ea873f16819c31eb3\"/></p><p><span><strong><span>图：随着制程工艺提高，行业玩家逐渐减少资料来源：英特尔，<a href=\"https://laohu8.com/S/06030\">中信证券</a></span></strong></span></p><p><span><strong>再看资金壁垒，随着工艺节点提高，新一代生产线所需的投资额成倍甚至数十倍地增加。</strong></span>举例来说，2020年台积电宣布在美国投建的5nm工厂投资额约合120亿美元，未来3nm产线的投资额预计将达到惊人的200亿美元。</p><p><img height=\"315.9403674540682px\" src=\"https://static.tigerbbs.com/9503a589c66f478698fceefa97805d6f\" width=\"513.9296587926509\"/></p><p><span><strong><span>图：不同制程下每5万片晶圆产能的设备投资（亿美元）资料来源：<a href=\"https://laohu8.com/S/601162\">天风证券</a></span></strong></span></p><p>为了更进一步理解半导体的资金壁垒，我们看下台积电的历年资本开支。2021年，台积电的资本支出再创新高，达到300亿美元，其中研发支出约为45亿美元。</p><p>一言以蔽之，芯片制造是一项需要大量资金维持的高难度技术动作。</p><p><img height=\"290.0000487769494px\" src=\"https://static.tigerbbs.com/3b2db27a547046cfbd3d1c925409a0a6\" width=\"527.0007693070008\"/></p><p><span><strong><span>图：台积电历年资本开支 资料来源：<a href=\"https://laohu8.com/S/601375\">中原证券</a></span></strong></span></p><h6><span><strong><span>2、分工模式成就台积电</span></strong></span></h6><p>回到英特尔身上，了解半导体“双高”现象，其实也就不难理解英特尔为什么会出现挤牙膏现象。诚然，英特尔这个巨无霸企业有大量的资金和技术人员，但是做芯片一条龙服务既要投入制造又要投入设计，还要做封测。</p><p><span><strong>相比之下，台积电只用集中精力在制造环节，两者最终的表现可想而知。</strong></span></p><p>专注制造环节的台积电，正是将代工技术做到极致，每年投入超百亿美元死磕制造环节，最终实现了制程工艺的全面领先，改变了行业规则。</p><p>专业分工这套逻辑在AMD身上也得到验证，在分拆掉格罗方德业务之后，定位变成了无厂半导体设计公司，将代工业务转交台积电，成功扭转下滑颓势。</p><p>MercuryResearch的最新调研数据表明，AMD在包括桌面处理器，移动处理器和服务器处理器的x86处理器整体市场当中，份额达到31.3%，而在2020年第一季度，AMD的份额还只有14.8%。</p><p>虽然英特尔沿用的IDM模式可以将所有核心环节掌握在自己的手中，但是当技术和资金到达一个量级后，即面临“双高”现象挑战时，反而成了技术进步的最大掣肘。类似地，在芯片设计环节，英特尔面临的高通、英伟达等顶尖对手，胜算同样不高。</p><p>实际上，半导体领域与工业领域的发展规律恰恰相反。大部分工业领域强调垂直一体化，比如光伏、动力电池行业。行业龙头先单点突破，某一个领域做大做强，再延伸补强其他产业链环节，最后打造产业链一体化，实现降本增效。</p><p><span><strong>然而半导体行业已经形成术业有专攻的典型规则，分工做得越细，在某个领域越拔尖，扎得更深，就能跑得越快，行业地位自然更稳固。</strong></span></p><p>其次，半导体行业的分工合作是更优的风险分担机制。台积电的高额资本开支由高通、英伟达、AMD等芯片设计公司共同分摊，而英特尔只能内部消化。</p><p>第三，代工模式的技术进步是最快的。台积电的客户是全球顶级芯片设计公司，可以更快更多地积累一流芯片制造能力。这也是为什么台积电可以在成本和技术上面降维打击其它晶圆厂，而IDM模式里面每个环节里只要有一个落后了，出现重大障碍，整个产品的进度都会受到拖累。</p><p>正所谓皮之不存，毛将焉附，没有制造能力，再高端的技术只是设计图纸。</p><p>不难发现，以台积电为代表的晶圆代工模式，可以更好地突破技术和资金壁垒。走IDM路线的英特尔比不上单押制造环节的台积电，有其必然性，并不是前者的研发能力不强，而是很难做到齐头并进、孤独一掷地投入，最后输出的是挤牙膏式技术创新。</p><p>未来分工合作这个模式，大概率会演化成为行业新路径，每个环节由单独的公司负责，然后几家公司携手制造出最优的芯片。</p><p>去英特尔大包大揽的时代正在成为历史。</p><h6><span><strong><span>3、英特尔进入衰退的长夜？</span></strong></span></h6><p>如今的英特尔，与昔日的辉煌相比，早已是另一番景象。在营收、净利润双双大幅下滑的颓势之下，资本选择夺路而逃。在过去12个月中，英特尔的股票已经下跌了近40%。</p><p>英特尔的成功很大程度上得益于对于个人电脑的把握，并在摩尔时代，引导行业往自己有利的方向发展。而在后摩尔时代，业务众多的英特尔已经跟不上技术进步的速度。在新的游戏规则里，台积电们显然抢到了和英特尔竞争的制高点。</p><p><span><strong>实际上，早在2017年左右，英特尔跑不赢摩尔定律的隐患已经显现，只是财务的恶化滞后于业务已陷入泥潭这个事实，进而未在当年财报上面体现。</strong></span>从资本市场中可以看到，过去几年英特尔的股价已停滞不前，华尔街精英们对英特尔的信心已经不足，他们开始担心这颗奔腾的“芯”还能跳动多久。</p><p><img height=\"400.586px\" src=\"https://static.tigerbbs.com/1f2a9bf9aa1d414cb3501a50826a75bc\" width=\"642.467\"/></p><p><span><strong><span>图：英特尔股价图 资料来源：<a href=\"https://laohu8.com/S/GOOG\">谷歌</a></span></strong></span></p><p>如果拿当年的老对手对比，英特尔的衰落就更明显。英特尔的命运风雨飘摇，而“轻装上阵”的AMD蒸蒸日上。比如在服务器芯片领域，英特尔曾一度控制99%的市场份额。现在已经被AMD夺走了接近15%的市场份额。根据<a href=\"https://laohu8.com/S/JPM\">摩根大通</a>的分析师预计，未来AMD的市场份额将继续增至30%以上。</p><p>值得注意的是，根据财报数据，英特尔2022年第四季度的库存金额达到了132亿美元，可谓内忧外患。</p><p>难道英特尔甘愿坐以待毙吗，对自己的危机毫无察觉？实际上，即便时光可以倒流，英特尔能更早意识到IDM模式的命门，仍然无法避免今日之被动，因为它内部的问题没法解决。</p><p>归因下来，英特尔家大业大，体系臃肿，加上涉及的产品类型非常广，很难一刀切换掉IDM模式，即船大掉头难。在2018年上任的CEO鲍勃·斯旺曾经主导英特尔走AMD的路线，也就是把制造部门独立出去，但最终他没能调整这艘巨轮的行驶轨迹。</p><p><img height=\"360.00145403727583px\" src=\"https://static.tigerbbs.com/17616d4b8c39475692afe9ab81366560\" width=\"641.9972003604474\"/></p><p><span><strong><span>图：IDM2.0战略图解 资</span></strong></span><span><strong><span>料来源：英特尔</span></strong></span></p><p>3年之后，新CEO基辛格上台后，希望扭转局势，制订了IDM 2.0战略。简单概括为三部分：主要产品依旧发挥IDM模式余热，自己设计、自己制造；部分产品采用无厂半导体公司模式（Fabless），由外部代工厂代工；自身的代工厂，开放一部分产能给第三方无厂半导体公司。</p><p>为落实IDM2.0计划，英特尔继续大开大合的动作。2021年3月，英特尔宣布投资200亿美元在美国亚利桑那州新建两座工厂；一年后，英特尔宣布将投资200亿美元在美国俄亥俄州新建两座工厂。</p><p>不过，这条路并非坦途大道，英特尔最大的挑战是要解决客户来源——什么样的客户愿意将芯片图纸交给英特尔，英特尔又能为客户提供什么样的工艺？与台积电还在合同蜜月期的苹果、AMD、英伟达们，目前看起来都不太可能。</p><p><span><strong>用数据说话，2022年第四季度，英特尔代工服务收入仅为3.2亿美元，算下来还不到台积电两天的收入。</strong></span></p><p>更严重的危机已经袭来，按照英特尔第一季度财报指引，其盈利能力还将进一步恶化，预期2023年一季度营收在105至115亿美元区间，毛利率降到39%，每股亏损0.8美元。（注：当前半导体行业景气度向下，台积电也难以独善其身，虽然现在的财报很亮眼，下半年同样会有压力）</p><p>截止目前，昔日“小弟”台积电的市值已达到4900亿美元，而半导体行业缔造者英特尔却仅剩下1200亿美元，前者是后者的三倍有余。具有象征意味的是，去年三季度以来巴菲特老爷子大举买入台积电，现已成为台积电第五大股东。</p><p>不可否认，过去很长时间英特尔不断地为全世界提供越来越好的处理器，直接推动了个人电脑的普及，但英特尔已经不是当年那个叱咤风云的公司了。</p><p>时代的车轮滚滚向前，不论当初多么辉煌，抛弃你的时候可能连个招呼也没有。拥戴新王的山呼海啸之声，已然湮没了旧王渐行渐弱的扼腕之叹。</p><p arial=\"\" border-box=\"\" break-word=\"\" gb=\"\" helvetica=\"\" neue=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" sc=\"\" ui=\"\" yahei=\"\"><strong><span>版权</span></strong><strong><strong>声明：</strong><strong>部分文章推送时未能与原作者取得联系。</strong><strong>若涉及版权问题，敬请原作者联系我们。</strong></strong></p><p><img src=\"https://static.tigerbbs.com/6b969fcae5c24259a05fcecc69dabd09\"/></p></div></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"LU0321505868.SGD":"Schroder ISF Global Dividend Maximiser A Dis SGD","BK4533":"AQR资本管理(全球第二大对冲基金)","SG9999000418.SGD":"Aberdeen Standard Global Technology SGD","LU0321505439.SGD":"Schroder ISF Global Dividend Maximiser A Acc SGD","BK4575":"芯片概念","LU0572939691.SGD":"Janus Henderson Horizon Asian Dividend Income A2 SGD","03145":"华夏亚洲高息股","BK4535":"淡马锡持仓","SG9999004220.SGD":"Nikko AM Shenton Asia Dividend Equity Fund  SGD","BK4527":"明星科技股","BK4550":"红杉资本持仓","BK4579":"人工智能","BK4588":"碎股","BK4141":"半导体产品","BK4526":"热门中概股","IE00B3M56506.USD":"NEUBERGER BERMAN EMERGING MARKETS EQUITY \"A\" (USD) 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Inside”标签是一种科技的象征。在PC时代，英特尔毫无疑问是行业霸主，坐拥个人电脑和服务器的CPU市场。与此同时，市场上还有微软这位强大的同盟军在操作系统上为之保驾护航，使得英特尔引以为傲的x86处理器不可替代。（注：业内称为微软–英特尔体系，即WinTel）在芯片制造上，过去英特尔一直以来采用IDM模式，即所有环节从设计、生产、封装、到销售全都自己一手操办。英特尔的商业模式是把芯片设计和制造牢牢捆绑在一起，设计部门不断研发迭代，设计出更新、更快的CPU，制造部门则投资巨额资金，生产出一代又一代的新产品。在WinTel时期，英特尔凭借IDM模式可谓打遍天下无敌手，稳稳当当地坐着头把交椅。时至今日，尽管英特尔已经颓势日显，但IDM模式在行业里依旧占据较高权重。根据Knometa Researc的数据，截止至2021年底，全球IC晶圆的总产能为2160万片/月，其中三星、台积电、美光、SK海力士、铠侠，前五大公司合计占比57%，达到1221万片/月，这当中，除了台积电，三星（部分）、镁光、SK海力士、铠侠都是IDM模式。对IDM模式，英特尔则仍然是恋恋不舍，在现任CEO基辛格的操盘下提出了IDM2.0战略，成立代工服务事业部，争夺台积电和三星的份额。2、10nm成为分水岭摩尔定律成就了英特尔，也困死了英特尔。英特尔创始人戈登·摩尔上世纪60年代提出了摩尔定律的概念，即集成电路上可以容纳的晶体管数目大约每经过18个月，便会增加一倍。过去的二十多年，英特尔处理器紧扣“摩尔定律”，从45nm、到32nm、再到22nm，一路都是水到渠成。在14nm工艺节点之前，英特尔一直保持领先。不论是三星还是台积电，它们都跟随着英特尔的步伐，但是到10nm，英特尔突然无法延续摩尔定律了，两年一次升级的规律被按下暂停键。英特尔最初的设想是在2017年实现10nm工艺，但此计划破灭，10nm工艺一直难产。为了对全球用户有个交代，英特尔就只能在14nm的字符后面标记字符“+”，也就是在14nm基础之上优化，最多的时候用上了3个加号——14nm+++。有一段时间，14nm+++成为网友调侃英特尔最多的一个梗，“祖传的14纳米还能再战几年”、“英特尔14nm终极版不应该叫做14nm+++，要学下苹果手机的命名，叫14nm Pro Plus Max……”自家的工厂造不出设计部门的芯片，IDM模式受到前所未有的考验。对英特尔而言，制造环节受限，反过来又会进一步侵蚀英特尔的设计能力，形成蝴蝶效应。10nm工艺之败，也导致7nm芯片的进度大幅度落后。2019年，时任英特尔CEO的鲍勃·斯旺这样回应10nm的困局，“英特尔对自己超过行业标准的能力过于自信，限制了自己的思维，措施了技术转型的机会，现在承受了后果。”鲍勃·斯旺口中的后果，就是被竞争对手们赶超，并拉开差距。2020年7月，英特尔宣布其采用7nm工艺的CPU将推迟半年发布，此举再次震惊行业。时年台积电和三星都已经在接5nm芯片的订单了。图1：英特尔芯片升级过程 来源：英特尔，中信证券另一方面，长期在英特尔阴影侧生存的“千年老二”AMD成功逆袭，开始与英特尔硬碰硬竞争。2018年，AMD全面转向台积电，并发布了由台积电独家代工的面向计算市场的7nm显卡Radeon Instinct MI60/MI50，性能超过同级别的英特尔产品。最近几年，AMD的销量大幅提升，市占率也逐年提高，不断蚕食英特尔的地盘，而英特尔的衰退则是肉眼可见的。继2022年二季报首次亏损之后，英特尔四季度净亏损6.6亿美元，毛利率也从2014年的超过60%掉到40%左右。最直观地对比，台积电的毛利率自2020年以来始终保持在50%以上，2022年四季度更是达到了惊人的62%。过去几年，AMD和英特尔的市值多次出现交叉，不久之前的1月31日，伴随着英特尔的财报暴雷，AMD再次实现了市值对英特尔的反超。3、台积电后来者居上在台积电创办的二十余年里，一度是以英特尔”小弟“的角色存在。与英特尔的IDM模式不同，台积电的商业定位从一开始就很明确：只做下游的制造，不和客户在芯片设计上竞争。但是在英特尔“统治”下，台积电的起家并不容易。2014年“斯坦福工程英雄”讲座活动上，张忠谋这样回忆台积电的创业生涯，“单一的代工模式这种创新，在早期类似一种‘先有解决方案，再寻找需求’的概念，我们提供的是代工平台，但在当时没有人需要这样的平台，因为当初几乎少有无厂半导体公司，现有的无厂半导体公司也不需要台积电，而是更愿意去找日立、东芝、英特尔，这种现象直到90年代开始才有所改变，我们的存在，也大大加速了无厂半导体公司的诞生。”台积电的发展过程中，不得不提到苹果公司。从2014年开始，自研芯片的苹果开始将芯片代工订单交给台积电。收获苹果这个大客户后，台积电不但获得了技术快速进步的机会，还收获了今后十年的业务增长。更重要的是，与英特尔分手后，苹果的业务仍然推进顺利，这给其它厂商一个很好的示范效果——我们不必非要在英特尔那里“买”芯片，可以试着找台积电代工。毕竟台积电的交付周期更短，成本更低，于是，台积电的订单纷至沓来，高通、英伟达、AMD等几乎所有芯片设计巨头都已和台积电合作。公开数据显示，2014年台积电全年实现1482亿元人民币的营收，这个数字到2022年，达到了5025亿人民币。至此，台积电开始有了和英特尔分庭抗礼的实力。如今，台积电已经成为全球最大晶圆代工企业，占据晶圆代工半壁江山。在工艺节点上面，台积电已经宣布量产3nm工艺，足足领先英特尔一个身位。得益于高端制程芯片销量快速增长，其营收和净利润屡屡创下新高。作为后来者，台积电顺利改写了世界芯片制造的权力格局。另一边，当年芯片霸主却成了追赶者。图2：晶圆代工市场格局 资料来源：Counterpoint02半导体行业的更迭路径过去几年，大家总是调侃英特尔是一家牙膏厂，每次提升的那点可怜性能总是被软件用光了。但是可能很多人并不知道，英特尔其实也是无可奈何，不是他实力不够，而是芯片设计和制造的难度远比想象中的高。更重要的，对英特尔来说，IDM模式注定是一条越走越窄的路。1、“双高”现象压倒英特尔众所周知，半导体行业是典型烧钱又耗技术的行业，可以理解为“双高”现象，这个趋势目前已经越来越明显，也是压倒英特尔的关键因素。先看技术维度，半导体技术进步主要遵循摩尔定律，即芯片上集成的晶体管数量平均每隔18个月就会翻一番，性能也提升1倍。在这种发展速度下，电路结构越来越复杂，加工工艺的要求也越来越高。所以到最后行业呈现的割裂现象就是越到高端制程，行业玩家越来越少。在10nm工艺节点，已经只剩下台积电、三星、英特尔。可以说，芯片制造行业注定是一条英雄寂寞的道路。图：随着制程工艺提高，行业玩家逐渐减少资料来源：英特尔，中信证券再看资金壁垒，随着工艺节点提高，新一代生产线所需的投资额成倍甚至数十倍地增加。举例来说，2020年台积电宣布在美国投建的5nm工厂投资额约合120亿美元，未来3nm产线的投资额预计将达到惊人的200亿美元。图：不同制程下每5万片晶圆产能的设备投资（亿美元）资料来源：天风证券为了更进一步理解半导体的资金壁垒，我们看下台积电的历年资本开支。2021年，台积电的资本支出再创新高，达到300亿美元，其中研发支出约为45亿美元。一言以蔽之，芯片制造是一项需要大量资金维持的高难度技术动作。图：台积电历年资本开支 资料来源：中原证券2、分工模式成就台积电回到英特尔身上，了解半导体“双高”现象，其实也就不难理解英特尔为什么会出现挤牙膏现象。诚然，英特尔这个巨无霸企业有大量的资金和技术人员，但是做芯片一条龙服务既要投入制造又要投入设计，还要做封测。相比之下，台积电只用集中精力在制造环节，两者最终的表现可想而知。专注制造环节的台积电，正是将代工技术做到极致，每年投入超百亿美元死磕制造环节，最终实现了制程工艺的全面领先，改变了行业规则。专业分工这套逻辑在AMD身上也得到验证，在分拆掉格罗方德业务之后，定位变成了无厂半导体设计公司，将代工业务转交台积电，成功扭转下滑颓势。MercuryResearch的最新调研数据表明，AMD在包括桌面处理器，移动处理器和服务器处理器的x86处理器整体市场当中，份额达到31.3%，而在2020年第一季度，AMD的份额还只有14.8%。虽然英特尔沿用的IDM模式可以将所有核心环节掌握在自己的手中，但是当技术和资金到达一个量级后，即面临“双高”现象挑战时，反而成了技术进步的最大掣肘。类似地，在芯片设计环节，英特尔面临的高通、英伟达等顶尖对手，胜算同样不高。实际上，半导体领域与工业领域的发展规律恰恰相反。大部分工业领域强调垂直一体化，比如光伏、动力电池行业。行业龙头先单点突破，某一个领域做大做强，再延伸补强其他产业链环节，最后打造产业链一体化，实现降本增效。然而半导体行业已经形成术业有专攻的典型规则，分工做得越细，在某个领域越拔尖，扎得更深，就能跑得越快，行业地位自然更稳固。其次，半导体行业的分工合作是更优的风险分担机制。台积电的高额资本开支由高通、英伟达、AMD等芯片设计公司共同分摊，而英特尔只能内部消化。第三，代工模式的技术进步是最快的。台积电的客户是全球顶级芯片设计公司，可以更快更多地积累一流芯片制造能力。这也是为什么台积电可以在成本和技术上面降维打击其它晶圆厂，而IDM模式里面每个环节里只要有一个落后了，出现重大障碍，整个产品的进度都会受到拖累。正所谓皮之不存，毛将焉附，没有制造能力，再高端的技术只是设计图纸。不难发现，以台积电为代表的晶圆代工模式，可以更好地突破技术和资金壁垒。走IDM路线的英特尔比不上单押制造环节的台积电，有其必然性，并不是前者的研发能力不强，而是很难做到齐头并进、孤独一掷地投入，最后输出的是挤牙膏式技术创新。未来分工合作这个模式，大概率会演化成为行业新路径，每个环节由单独的公司负责，然后几家公司携手制造出最优的芯片。去英特尔大包大揽的时代正在成为历史。3、英特尔进入衰退的长夜？如今的英特尔，与昔日的辉煌相比，早已是另一番景象。在营收、净利润双双大幅下滑的颓势之下，资本选择夺路而逃。在过去12个月中，英特尔的股票已经下跌了近40%。英特尔的成功很大程度上得益于对于个人电脑的把握，并在摩尔时代，引导行业往自己有利的方向发展。而在后摩尔时代，业务众多的英特尔已经跟不上技术进步的速度。在新的游戏规则里，台积电们显然抢到了和英特尔竞争的制高点。实际上，早在2017年左右，英特尔跑不赢摩尔定律的隐患已经显现，只是财务的恶化滞后于业务已陷入泥潭这个事实，进而未在当年财报上面体现。从资本市场中可以看到，过去几年英特尔的股价已停滞不前，华尔街精英们对英特尔的信心已经不足，他们开始担心这颗奔腾的“芯”还能跳动多久。图：英特尔股价图 资料来源：谷歌如果拿当年的老对手对比，英特尔的衰落就更明显。英特尔的命运风雨飘摇，而“轻装上阵”的AMD蒸蒸日上。比如在服务器芯片领域，英特尔曾一度控制99%的市场份额。现在已经被AMD夺走了接近15%的市场份额。根据摩根大通的分析师预计，未来AMD的市场份额将继续增至30%以上。值得注意的是，根据财报数据，英特尔2022年第四季度的库存金额达到了132亿美元，可谓内忧外患。难道英特尔甘愿坐以待毙吗，对自己的危机毫无察觉？实际上，即便时光可以倒流，英特尔能更早意识到IDM模式的命门，仍然无法避免今日之被动，因为它内部的问题没法解决。归因下来，英特尔家大业大，体系臃肿，加上涉及的产品类型非常广，很难一刀切换掉IDM模式，即船大掉头难。在2018年上任的CEO鲍勃·斯旺曾经主导英特尔走AMD的路线，也就是把制造部门独立出去，但最终他没能调整这艘巨轮的行驶轨迹。图：IDM2.0战略图解 资料来源：英特尔3年之后，新CEO基辛格上台后，希望扭转局势，制订了IDM 2.0战略。简单概括为三部分：主要产品依旧发挥IDM模式余热，自己设计、自己制造；部分产品采用无厂半导体公司模式（Fabless），由外部代工厂代工；自身的代工厂，开放一部分产能给第三方无厂半导体公司。为落实IDM2.0计划，英特尔继续大开大合的动作。2021年3月，英特尔宣布投资200亿美元在美国亚利桑那州新建两座工厂；一年后，英特尔宣布将投资200亿美元在美国俄亥俄州新建两座工厂。不过，这条路并非坦途大道，英特尔最大的挑战是要解决客户来源——什么样的客户愿意将芯片图纸交给英特尔，英特尔又能为客户提供什么样的工艺？与台积电还在合同蜜月期的苹果、AMD、英伟达们，目前看起来都不太可能。用数据说话，2022年第四季度，英特尔代工服务收入仅为3.2亿美元，算下来还不到台积电两天的收入。更严重的危机已经袭来，按照英特尔第一季度财报指引，其盈利能力还将进一步恶化，预期2023年一季度营收在105至115亿美元区间，毛利率降到39%，每股亏损0.8美元。（注：当前半导体行业景气度向下，台积电也难以独善其身，虽然现在的财报很亮眼，下半年同样会有压力）截止目前，昔日“小弟”台积电的市值已达到4900亿美元，而半导体行业缔造者英特尔却仅剩下1200亿美元，前者是后者的三倍有余。具有象征意味的是，去年三季度以来巴菲特老爷子大举买入台积电，现已成为台积电第五大股东。不可否认，过去很长时间英特尔不断地为全世界提供越来越好的处理器，直接推动了个人电脑的普及，但英特尔已经不是当年那个叱咤风云的公司了。时代的车轮滚滚向前，不论当初多么辉煌，抛弃你的时候可能连个招呼也没有。拥戴新王的山呼海啸之声，已然湮没了旧王渐行渐弱的扼腕之叹。版权声明：部分文章推送时未能与原作者取得联系。若涉及版权问题，敬请原作者联系我们。","news_type":1},"isVote":1,"tweetType":1,"viewCount":1501,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":680303134,"gmtCreate":1654763041130,"gmtModify":1704860345935,"author":{"id":"3536267907686118","authorId":"3536267907686118","name":"sunxshine","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3536267907686118","authorIdStr":"3536267907686118"},"themes":[],"htmlText":"哪里来的广汽比亚迪？","listText":"哪里来的广汽比亚迪？","text":"哪里来的广汽比亚迪？","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/680303134","repostId":"1151088144","repostType":2,"repost":{"id":"1151088144","kind":"news","pubTimestamp":1654760948,"share":"https://www.laohu8.com/m/news/1151088144?lang=&edition=full","pubTime":"2022-06-09 15:49","market":"us","language":"zh","title":"比亚迪将为特斯拉供应电池？后者回应：没听过这个消息","url":"https://stock-news.laohu8.com/highlight/detail?id=1151088144","media":"IT之家","summary":"去年就有消息称比亚迪将于明年第二季度向特斯拉供应刀片电池。","content":"<html><head></head><body><p><a href=\"https://laohu8.com/S/002594\">比亚迪</a>执行副总裁廉玉波昨日在接受 CGTN 采访时表示：比亚迪将为<a href=\"https://laohu8.com/S/TSLA\">特斯拉</a>提供电池产品。</p><p>针对此事，特斯拉相关人士表示，“我们没有听到这个信息。”值得一提的是，截止发稿前，CGTN 主持人蒉莺春已将昨日发布的比亚迪采访视频删除。</p><p>昨日，比亚迪集团执行副总裁、汽车工程研究院院长廉玉波在采访中表示，比亚迪尊重特斯拉，与马斯克也是好朋友，并透露比亚迪不久后将为特斯拉提供电池产品。</p><p><img src=\"https://static.tigerbbs.com/38e17fec79dc78fe9bf3f5892e9fbf28\" tg-width=\"511\" tg-height=\"334\" referrerpolicy=\"no-referrer\"/></p><p>2020 年 3 月，比亚迪有限公司副总裁在刀片电池发布会上表示，几乎所有的汽车品牌都在和比亚迪探讨关于刀片电池技术的合作方案。</p><p>IT之家曾报道，去年就有消息称比亚迪将于明年第二季度向特斯拉供应刀片电池，配有刀片电池的特斯拉车型已经进入测试阶段。对此，比亚迪官方表示 “不予置评”，特斯拉的相关人员也向媒体表示，并未接到相关官方消息。</p><p>此外， 今年年初也曾有爆料说特斯拉已经正式给弗迪电池下刀片电池 （型号 C112F） 采购订单，量产时间是今年 3 月份。但随后由于刀片电池的快充能力不满足特斯拉的要求而没有后续。</p><p>按照特斯拉之前对 60kWh 铁锂的要求，这个快充功率峰值在 130kW 左右，由于刀片电池太长，在充电倍率 2C 下发热主要取决于 DCR，加上散热由上面的直冷来，整个温度可能不均匀。</p><p>目前特斯拉中国拥有多家电池供应商，除了韩国 LG、日本<a href=\"https://laohu8.com/S/PC\">松下</a>之外，还有中国电池巨头<a href=\"https://laohu8.com/S/300750\">宁德时代</a>。不过以上几家都是电池制造商，并未涉足汽车整车制造。</p><p>但据高工锂电统计，在 2021 年，比亚迪电池对外配套企业仅有中国一汽、金康汽车、广汽比亚迪、<a href=\"https://laohu8.com/S/600006\">东风汽车</a>、<a href=\"https://laohu8.com/S/000625\">长安汽车</a>几个品牌，外供比例仅为 5.56%。此外，去年也有消息说比亚迪要给现代提供电池，但最后现代选了 SK 和宁德时代。</p></body></html>","source":"ithome","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>比亚迪将为特斯拉供应电池？后者回应：没听过这个消息</title>\n<style 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}\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n比亚迪将为特斯拉供应电池？后者回应：没听过这个消息\n</h2>\n\n<h4 class=\"meta\">\n\n\n2022-06-09 15:49 北京时间&nbsp;&nbsp;&nbsp;<a href=https://www.ithome.com/0/623/211.htm><strong>IT之家</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>比亚迪执行副总裁廉玉波昨日在接受 CGTN 采访时表示：比亚迪将为特斯拉提供电池产品。针对此事，特斯拉相关人士表示，“我们没有听到这个信息。”值得一提的是，截止发稿前，CGTN 主持人蒉莺春已将昨日发布的比亚迪采访视频删除。昨日，比亚迪集团执行副总裁、汽车工程研究院院长廉玉波在采访中表示，比亚迪尊重特斯拉，与马斯克也是好朋友，并透露比亚迪不久后将为特斯拉提供电池产品。2020 年 3 月，比亚迪...</p>\n\n<a href=\"https://www.ithome.com/0/623/211.htm\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/ff091a8f933dba72b52cb6cb3f90b78b","relate_stocks":{"01211":"比亚迪股份","TSLA":"特斯拉","00285":"比亚迪电子","002594":"比亚迪"},"source_url":"https://www.ithome.com/0/623/211.htm","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1151088144","content_text":"比亚迪执行副总裁廉玉波昨日在接受 CGTN 采访时表示：比亚迪将为特斯拉提供电池产品。针对此事，特斯拉相关人士表示，“我们没有听到这个信息。”值得一提的是，截止发稿前，CGTN 主持人蒉莺春已将昨日发布的比亚迪采访视频删除。昨日，比亚迪集团执行副总裁、汽车工程研究院院长廉玉波在采访中表示，比亚迪尊重特斯拉，与马斯克也是好朋友，并透露比亚迪不久后将为特斯拉提供电池产品。2020 年 3 月，比亚迪有限公司副总裁在刀片电池发布会上表示，几乎所有的汽车品牌都在和比亚迪探讨关于刀片电池技术的合作方案。IT之家曾报道，去年就有消息称比亚迪将于明年第二季度向特斯拉供应刀片电池，配有刀片电池的特斯拉车型已经进入测试阶段。对此，比亚迪官方表示 “不予置评”，特斯拉的相关人员也向媒体表示，并未接到相关官方消息。此外， 今年年初也曾有爆料说特斯拉已经正式给弗迪电池下刀片电池 （型号 C112F） 采购订单，量产时间是今年 3 月份。但随后由于刀片电池的快充能力不满足特斯拉的要求而没有后续。按照特斯拉之前对 60kWh 铁锂的要求，这个快充功率峰值在 130kW 左右，由于刀片电池太长，在充电倍率 2C 下发热主要取决于 DCR，加上散热由上面的直冷来，整个温度可能不均匀。目前特斯拉中国拥有多家电池供应商，除了韩国 LG、日本松下之外，还有中国电池巨头宁德时代。不过以上几家都是电池制造商，并未涉足汽车整车制造。但据高工锂电统计，在 2021 年，比亚迪电池对外配套企业仅有中国一汽、金康汽车、广汽比亚迪、东风汽车、长安汽车几个品牌，外供比例仅为 5.56%。此外，去年也有消息说比亚迪要给现代提供电池，但最后现代选了 SK 和宁德时代。","news_type":1},"isVote":1,"tweetType":1,"viewCount":1581,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":632173902,"gmtCreate":1646316531852,"gmtModify":1646316531852,"author":{"id":"3536267907686118","authorId":"3536267907686118","name":"sunxshine","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3536267907686118","authorIdStr":"3536267907686118"},"themes":[],"htmlText":"这篇文章不错，转发给大家看","listText":"这篇文章不错，转发给大家看","text":"这篇文章不错，转发给大家看","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/632173902","repostId":"2216248442","repostType":2,"repost":{"id":"2216248442","kind":"news","pubTimestamp":1646312337,"share":"https://www.laohu8.com/m/news/2216248442?lang=&edition=full","pubTime":"2022-03-03 20:58","market":"us","language":"en","title":"Intel downgraded at Morgan Stanley as firm sees better opportunities elsewhere","url":"https://stock-news.laohu8.com/highlight/detail?id=2216248442","media":"seekingalpha","summary":"RobsonPL/iStock Editorial via Getty Images  Intel (NASDAQ:INTC) shares were lower in premarket tradi","content":"<html><body><p><figure> <picture> <img height=\"1536px\" src=\"https://static.seekingalpha.com/cdn/s3/uploads/getty_images/1344067896/image_1344067896.jpg?io=getty-c-w750\" srcset=\"https://static.seekingalpha.com/cdn/s3/uploads/getty_images/1344067896/image_1344067896.jpg?io=getty-c-w1536 1536w, https://static.seekingalpha.com/cdn/s3/uploads/getty_images/1344067896/image_1344067896.jpg?io=getty-c-w1280 1280w, https://static.seekingalpha.com/cdn/s3/uploads/getty_images/1344067896/image_1344067896.jpg?io=getty-c-w1080 1080w, https://static.seekingalpha.com/cdn/s3/uploads/getty_images/1344067896/image_1344067896.jpg?io=getty-c-w750 750w, https://static.seekingalpha.com/cdn/s3/uploads/getty_images/1344067896/image_1344067896.jpg?io=getty-c-w640 640w, https://static.seekingalpha.com/cdn/s3/uploads/getty_images/1344067896/image_1344067896.jpg?io=getty-c-w480 480w, https://static.seekingalpha.com/cdn/s3/uploads/getty_images/1344067896/image_1344067896.jpg?io=getty-c-w320 320w, https://static.seekingalpha.com/cdn/s3/uploads/getty_images/1344067896/image_1344067896.jpg?io=getty-c-w240 240w\" width=\"1536px\"/> </picture> <figcaption><p>RobsonPL/iStock Editorial via Getty Images</p></figcaption> </figure></p> <p>Intel <span>(NASDAQ:INTC)</span> shares were lower in premarket trading on Thursday after <a href=\"https://laohu8.com/S/MSTLW\">Morgan Stanley</a> downgraded the semiconductor giant, noting the next couple<span> of years are likely to see sideways action in the stock.</span></p> <p>A team of analysts, led by Joseph Moore, lowered their rating to equal weight to underweight and cut the price target to $47, down from $55. They said they like Chief Executive Pat Gelsinger and believe in the longer-term turnaround at the company, but it's not likely to happen anytime soon.</p> <p>\"We like new CEO Pat Gelsinger and believe in the longer term turnaround capability in the core business, but even with that view, the next couple of years are likely to see the stock move sideways and we see more actionable opportunities elsewhere in our coverage,\" the analysts wrote.</p> <p>\"We do not see a clear positive event path for Intel at this time.\" </p> <p>Intel shares fell more than 2% to $47.77 in premarket trading. </p> <p>In addition, the analysts noted that the \"aggressive\" investment in new areas like foundry and graphics should lower free cash flow for the next couple of years. Costs are likely to rise more than 40% over the next couple of years, while sales are expected to decline this year and only grow \"low single digits\" in 2023. </p> <p>They explained that Intel (INTC) could be a value stock and offer some \"optionality\" as the core business turns around, but the reality is that the ramp in costs is creating an \"all-or-nothing\" situation where Intel has to succeed in news businesses, such as foundry, while turning around the core business at the same time.</p> <p>Intel (INTC) is likely to keep losing share to Advanced Micro Devices <span>(NASDAQ:<a href=\"https://laohu8.com/S/AMD\">AMD</a>)</span> and ARM in servers, even if the company's Sapphire Rapids product has closed the gap in terms of competition.</p> <p>\"But generally, we buy into Intel's 5 year process roadmap, and we think that with a combination of stronger spending on capex, stronger spending on R&amp;D, and better technology execution, we do see the company righting the ship in the core business,\" they added.</p> <p>As it pertains to foundry, the firm likes Global Foundries <span>(NASDAQ:GFS)</span> more, noting this area of the business, along with Intel's move into graphics, are \"longer term stories that will take years of investment to pay off, if they do.\"</p> <p>In February, Gelsinger, along with Intel (INTC) Chairman Ishrak Omar, both purchased the chipmaker's stock for the first time in months.</p></body></html>","source":"seekingalpha","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Intel downgraded at Morgan Stanley as firm sees better opportunities elsewhere</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; 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overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nIntel downgraded at Morgan Stanley as firm sees better opportunities elsewhere\n</h2>\n\n<h4 class=\"meta\">\n\n\n2022-03-03 20:58 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://seekingalpha.com/news/3809053-intel-downgraded-at-morgan-stanley-as-firm-sees-better-opportunities-elsewhere><strong>seekingalpha</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>RobsonPL/iStock Editorial via Getty Images  Intel (NASDAQ:INTC) shares were lower in premarket trading on Thursday after Morgan Stanley downgraded the semiconductor giant, noting the next couple of ...</p>\n\n<a href=\"https://seekingalpha.com/news/3809053-intel-downgraded-at-morgan-stanley-as-firm-sees-better-opportunities-elsewhere\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"INTC":"英特尔"},"source_url":"https://seekingalpha.com/news/3809053-intel-downgraded-at-morgan-stanley-as-firm-sees-better-opportunities-elsewhere","is_english":true,"share_image_url":"https://static.laohu8.com/5a36db9d73b4222bc376d24ccc48c8a4","article_id":"2216248442","content_text":"RobsonPL/iStock Editorial via Getty Images  Intel (NASDAQ:INTC) shares were lower in premarket trading on Thursday after Morgan Stanley downgraded the semiconductor giant, noting the next couple of years are likely to see sideways action in the stock. A team of analysts, led by Joseph Moore, lowered their rating to equal weight to underweight and cut the price target to $47, down from $55. They said they like Chief Executive Pat Gelsinger and believe in the longer-term turnaround at the company, but it's not likely to happen anytime soon. \"We like new CEO Pat Gelsinger and believe in the longer term turnaround capability in the core business, but even with that view, the next couple of years are likely to see the stock move sideways and we see more actionable opportunities elsewhere in our coverage,\" the analysts wrote. \"We do not see a clear positive event path for Intel at this time.\"  Intel shares fell more than 2% to $47.77 in premarket trading.  In addition, the analysts noted that the \"aggressive\" investment in new areas like foundry and graphics should lower free cash flow for the next couple of years. Costs are likely to rise more than 40% over the next couple of years, while sales are expected to decline this year and only grow \"low single digits\" in 2023.  They explained that Intel (INTC) could be a value stock and offer some \"optionality\" as the core business turns around, but the reality is that the ramp in costs is creating an \"all-or-nothing\" situation where Intel has to succeed in news businesses, such as foundry, while turning around the core business at the same time. Intel (INTC) is likely to keep losing share to Advanced Micro Devices (NASDAQ:AMD) and ARM in servers, even if the company's Sapphire Rapids product has closed the gap in terms of competition. \"But generally, we buy into Intel's 5 year process roadmap, and we think that with a combination of stronger spending on capex, stronger spending on R&D, and better technology execution, we do see the company righting the ship in the core business,\" they added. As it pertains to foundry, the firm likes Global Foundries (NASDAQ:GFS) more, noting this area of the business, along with Intel's move into graphics, are \"longer term stories that will take years of investment to pay off, if they do.\" In February, Gelsinger, along with Intel (INTC) Chairman Ishrak Omar, both purchased the chipmaker's stock for the first time in months.","news_type":1},"isVote":1,"tweetType":1,"viewCount":1645,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":632173014,"gmtCreate":1646316525097,"gmtModify":1646316525097,"author":{"id":"3536267907686118","authorId":"3536267907686118","name":"sunxshine","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3536267907686118","authorIdStr":"3536267907686118"},"themes":[],"htmlText":"机构一直在做空英特尔啊。搞不懂啊！","listText":"机构一直在做空英特尔啊。搞不懂啊！","text":"机构一直在做空英特尔啊。搞不懂啊！","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/632173014","repostId":"2216248442","repostType":2,"repost":{"id":"2216248442","kind":"news","pubTimestamp":1646312337,"share":"https://www.laohu8.com/m/news/2216248442?lang=&edition=full","pubTime":"2022-03-03 20:58","market":"us","language":"en","title":"Intel downgraded at Morgan Stanley as firm sees better opportunities elsewhere","url":"https://stock-news.laohu8.com/highlight/detail?id=2216248442","media":"seekingalpha","summary":"RobsonPL/iStock Editorial via Getty Images  Intel (NASDAQ:INTC) shares were lower in premarket tradi","content":"<html><body><p><figure> <picture> <img height=\"1536px\" src=\"https://static.seekingalpha.com/cdn/s3/uploads/getty_images/1344067896/image_1344067896.jpg?io=getty-c-w750\" srcset=\"https://static.seekingalpha.com/cdn/s3/uploads/getty_images/1344067896/image_1344067896.jpg?io=getty-c-w1536 1536w, https://static.seekingalpha.com/cdn/s3/uploads/getty_images/1344067896/image_1344067896.jpg?io=getty-c-w1280 1280w, https://static.seekingalpha.com/cdn/s3/uploads/getty_images/1344067896/image_1344067896.jpg?io=getty-c-w1080 1080w, https://static.seekingalpha.com/cdn/s3/uploads/getty_images/1344067896/image_1344067896.jpg?io=getty-c-w750 750w, https://static.seekingalpha.com/cdn/s3/uploads/getty_images/1344067896/image_1344067896.jpg?io=getty-c-w640 640w, https://static.seekingalpha.com/cdn/s3/uploads/getty_images/1344067896/image_1344067896.jpg?io=getty-c-w480 480w, https://static.seekingalpha.com/cdn/s3/uploads/getty_images/1344067896/image_1344067896.jpg?io=getty-c-w320 320w, https://static.seekingalpha.com/cdn/s3/uploads/getty_images/1344067896/image_1344067896.jpg?io=getty-c-w240 240w\" width=\"1536px\"/> </picture> <figcaption><p>RobsonPL/iStock Editorial via Getty Images</p></figcaption> </figure></p> <p>Intel <span>(NASDAQ:INTC)</span> shares were lower in premarket trading on Thursday after <a href=\"https://laohu8.com/S/MSTLW\">Morgan Stanley</a> downgraded the semiconductor giant, noting the next couple<span> of years are likely to see sideways action in the stock.</span></p> <p>A team of analysts, led by Joseph Moore, lowered their rating to equal weight to underweight and cut the price target to $47, down from $55. They said they like Chief Executive Pat Gelsinger and believe in the longer-term turnaround at the company, but it's not likely to happen anytime soon.</p> <p>\"We like new CEO Pat Gelsinger and believe in the longer term turnaround capability in the core business, but even with that view, the next couple of years are likely to see the stock move sideways and we see more actionable opportunities elsewhere in our coverage,\" the analysts wrote.</p> <p>\"We do not see a clear positive event path for Intel at this time.\" </p> <p>Intel shares fell more than 2% to $47.77 in premarket trading. </p> <p>In addition, the analysts noted that the \"aggressive\" investment in new areas like foundry and graphics should lower free cash flow for the next couple of years. Costs are likely to rise more than 40% over the next couple of years, while sales are expected to decline this year and only grow \"low single digits\" in 2023. </p> <p>They explained that Intel (INTC) could be a value stock and offer some \"optionality\" as the core business turns around, but the reality is that the ramp in costs is creating an \"all-or-nothing\" situation where Intel has to succeed in news businesses, such as foundry, while turning around the core business at the same time.</p> <p>Intel (INTC) is likely to keep losing share to Advanced Micro Devices <span>(NASDAQ:<a href=\"https://laohu8.com/S/AMD\">AMD</a>)</span> and ARM in servers, even if the company's Sapphire Rapids product has closed the gap in terms of competition.</p> <p>\"But generally, we buy into Intel's 5 year process roadmap, and we think that with a combination of stronger spending on capex, stronger spending on R&amp;D, and better technology execution, we do see the company righting the ship in the core business,\" they added.</p> <p>As it pertains to foundry, the firm likes Global Foundries <span>(NASDAQ:GFS)</span> more, noting this area of the business, along with Intel's move into graphics, are \"longer term stories that will take years of investment to pay off, if they do.\"</p> <p>In February, Gelsinger, along with Intel (INTC) Chairman Ishrak Omar, both purchased the chipmaker's stock for the first time in months.</p></body></html>","source":"seekingalpha","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Intel downgraded at Morgan Stanley as firm sees better opportunities elsewhere</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; 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overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nIntel downgraded at Morgan Stanley as firm sees better opportunities elsewhere\n</h2>\n\n<h4 class=\"meta\">\n\n\n2022-03-03 20:58 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://seekingalpha.com/news/3809053-intel-downgraded-at-morgan-stanley-as-firm-sees-better-opportunities-elsewhere><strong>seekingalpha</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>RobsonPL/iStock Editorial via Getty Images  Intel (NASDAQ:INTC) shares were lower in premarket trading on Thursday after Morgan Stanley downgraded the semiconductor giant, noting the next couple of ...</p>\n\n<a href=\"https://seekingalpha.com/news/3809053-intel-downgraded-at-morgan-stanley-as-firm-sees-better-opportunities-elsewhere\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"INTC":"英特尔"},"source_url":"https://seekingalpha.com/news/3809053-intel-downgraded-at-morgan-stanley-as-firm-sees-better-opportunities-elsewhere","is_english":true,"share_image_url":"https://static.laohu8.com/5a36db9d73b4222bc376d24ccc48c8a4","article_id":"2216248442","content_text":"RobsonPL/iStock Editorial via Getty Images  Intel (NASDAQ:INTC) shares were lower in premarket trading on Thursday after Morgan Stanley downgraded the semiconductor giant, noting the next couple of years are likely to see sideways action in the stock. A team of analysts, led by Joseph Moore, lowered their rating to equal weight to underweight and cut the price target to $47, down from $55. They said they like Chief Executive Pat Gelsinger and believe in the longer-term turnaround at the company, but it's not likely to happen anytime soon. \"We like new CEO Pat Gelsinger and believe in the longer term turnaround capability in the core business, but even with that view, the next couple of years are likely to see the stock move sideways and we see more actionable opportunities elsewhere in our coverage,\" the analysts wrote. \"We do not see a clear positive event path for Intel at this time.\"  Intel shares fell more than 2% to $47.77 in premarket trading.  In addition, the analysts noted that the \"aggressive\" investment in new areas like foundry and graphics should lower free cash flow for the next couple of years. Costs are likely to rise more than 40% over the next couple of years, while sales are expected to decline this year and only grow \"low single digits\" in 2023.  They explained that Intel (INTC) could be a value stock and offer some \"optionality\" as the core business turns around, but the reality is that the ramp in costs is creating an \"all-or-nothing\" situation where Intel has to succeed in news businesses, such as foundry, while turning around the core business at the same time. Intel (INTC) is likely to keep losing share to Advanced Micro Devices (NASDAQ:AMD) and ARM in servers, even if the company's Sapphire Rapids product has closed the gap in terms of competition. \"But generally, we buy into Intel's 5 year process roadmap, and we think that with a combination of stronger spending on capex, stronger spending on R&D, and better technology execution, we do see the company righting the ship in the core business,\" they added. As it pertains to foundry, the firm likes Global Foundries (NASDAQ:GFS) more, noting this area of the business, along with Intel's move into graphics, are \"longer term stories that will take years of investment to pay off, if they do.\" In February, Gelsinger, along with Intel (INTC) Chairman Ishrak Omar, both purchased the chipmaker's stock for the first time in months.","news_type":1},"isVote":1,"tweetType":1,"viewCount":3007,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":856887464,"gmtCreate":1635169148408,"gmtModify":1635169148408,"author":{"id":"3536267907686118","authorId":"3536267907686118","name":"sunxshine","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3536267907686118","authorIdStr":"3536267907686118"},"themes":[],"htmlText":"不喜欢赶紧走，我坚定持有，明年独立显卡出来了再在这里叽歪吧！","listText":"不喜欢赶紧走，我坚定持有，明年独立显卡出来了再在这里叽歪吧！","text":"不喜欢赶紧走，我坚定持有，明年独立显卡出来了再在这里叽歪吧！","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/856887464","repostId":"2178766429","repostType":2,"repost":{"id":"2178766429","kind":"highlight","pubTimestamp":1635161958,"share":"https://www.laohu8.com/m/news/2178766429?lang=&edition=full","pubTime":"2021-10-25 19:39","market":"hk","language":"zh","title":"财华洞察|净利增6成，股价竟下跌！总“挤牙膏”的英特尔，被投资者抛弃了？","url":"https://stock-news.laohu8.com/highlight/detail?id=2178766429","media":"www.finet.hk","summary":"英特尔(INTC.O)于美东时间10月21日盘后发布2021年第三季度财报。今年公司股价表现不佳，英特尔股价在4月创下67.63美元的历史高位后一路走低，自7月以来持续窄幅震荡，目前股价水平与去年同期（2020年10月）相差无几。不幸的是，上周五（10月22日）还赶上了美股科技板块大跌，英特尔股价当日跳空收跌11.68%，可谓惨烈。","content":"<html><body><p><a href=\"https://laohu8.com/S/INTC\">英特尔</a>(INTC.O)于美东时间10月21日盘后发布2021年第三季度财报。今年公司股价表现不佳，英特尔股价在4月创下67.63美元的历史高位后一路走低，自7月以来持续窄幅震荡，目前股价水平与去年同期（2020年10月）相差无几。不幸的是，上周五（10月22日）还赶上了美股科技板块大跌，英特尔股价当日跳空收跌11.68%，可谓惨烈。</p></body></html>","source":"finet_stock","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>财华洞察|净利增6成，股价竟下跌！总“挤牙膏”的英特尔，被投资者抛弃了？</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ 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href=https://www.finet.hk/newscenter/news_content/61769766bde0b305f9687bf4><strong>www.finet.hk</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>英特尔(INTC.O)于美东时间10月21日盘后发布2021年第三季度财报。今年公司股价表现不佳，英特尔股价在4月创下67.63美元的历史高位后一路走低，自7月以来持续窄幅震荡，目前股价水平与去年同期（2020年10月）相差无几。不幸的是，上周五（10月22日）还赶上了美股科技板块大跌，英特尔股价当日跳空收跌11.68%，可谓惨烈。</p>\n\n<a href=\"https://www.finet.hk/newscenter/news_content/61769766bde0b305f9687bf4\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/c318bcd91a109139b7d70c76c30bb154","relate_stocks":{"INTC":"英特尔"},"source_url":"https://www.finet.hk/newscenter/news_content/61769766bde0b305f9687bf4","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2178766429","content_text":"英特尔(INTC.O)于美东时间10月21日盘后发布2021年第三季度财报。今年公司股价表现不佳，英特尔股价在4月创下67.63美元的历史高位后一路走低，自7月以来持续窄幅震荡，目前股价水平与去年同期（2020年10月）相差无几。不幸的是，上周五（10月22日）还赶上了美股科技板块大跌，英特尔股价当日跳空收跌11.68%，可谓惨烈。","news_type":1},"isVote":1,"tweetType":1,"viewCount":2038,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":851851069,"gmtCreate":1634894812366,"gmtModify":1634894812366,"author":{"id":"3536267907686118","authorId":"3536267907686118","name":"sunxshine","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3536267907686118","authorIdStr":"3536267907686118"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/INTC\">$英特尔(INTC)$</a>给大家看看Intel Q3详细的财报居然能跌10个点，真莫名其妙！！！","listText":"<a href=\"https://laohu8.com/S/INTC\">$英特尔(INTC)$</a>给大家看看Intel Q3详细的财报居然能跌10个点，真莫名其妙！！！","text":"$英特尔(INTC)$给大家看看Intel Q3详细的财报居然能跌10个点，真莫名其妙！！！","images":[{"img":"https://static.tigerbbs.com/fe6e0389a2521921b8505d7d770d30f5","width":"1065","height":"1731"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/851851069","isVote":1,"tweetType":1,"viewCount":2310,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"CN","totalScore":0},{"id":851884030,"gmtCreate":1634892516980,"gmtModify":1634892516980,"author":{"id":"3536267907686118","authorId":"3536267907686118","name":"sunxshine","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3536267907686118","authorIdStr":"3536267907686118"},"themes":[],"htmlText":"1.71相比于1.11，你这叫略高于？？？","listText":"1.71相比于1.11，你这叫略高于？？？","text":"1.71相比于1.11，你这叫略高于？？？","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/851884030","repostId":"1195025373","repostType":2,"repost":{"id":"1195025373","kind":"news","weMediaInfo":{"introduction":"为用户提供金融资讯、行情、数据，旨在帮助投资者理解世界，做投资决策。","home_visible":1,"media_name":"老虎资讯综合","id":"102","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1634890283,"share":"https://www.laohu8.com/m/news/1195025373?lang=&edition=full","pubTime":"2021-10-22 16:11","market":"other","language":"zh","title":"【异动】英特尔盘前跌近10%，财报不及预期","url":"https://stock-news.laohu8.com/highlight/detail?id=1195025373","media":"老虎资讯综合","summary":"10月22日，英特尔盘前跌近10%，财报显示：英特尔三季度营收192亿美元，同比增长4.9%，低于市场预期；三季度调整后EPS为1.71美元，略高于分析师预期 1.11 美元。\n公司高管表示，由于公司","content":"<p>10月22日，英特尔盘前跌近10%，财报显示：英特尔三季度营收192亿美元，同比增长4.9%，低于市场预期；三季度调整后EPS为1.71美元，略高于分析师预期 1.11 美元。</p>\n<p>公司高管表示，由于公司在制造技术上的支出增加，未来几年的盈利能力将受到影响。</p>\n<p><img src=\"https://static.tigerbbs.com/096444c53edc2f544d17f67b3df4f3fc\" tg-width=\"850\" tg-height=\"628\" width=\"100%\" height=\"auto\"></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>【异动】英特尔盘前跌近10%，财报不及预期</title>\n<style 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16:11</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<p>10月22日，英特尔盘前跌近10%，财报显示：英特尔三季度营收192亿美元，同比增长4.9%，低于市场预期；三季度调整后EPS为1.71美元，略高于分析师预期 1.11 美元。</p>\n<p>公司高管表示，由于公司在制造技术上的支出增加，未来几年的盈利能力将受到影响。</p>\n<p><img src=\"https://static.tigerbbs.com/096444c53edc2f544d17f67b3df4f3fc\" tg-width=\"850\" tg-height=\"628\" width=\"100%\" height=\"auto\"></p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/c74be4c2a08964ef2daf32217f693b44","relate_stocks":{"INTC":"英特尔"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1195025373","content_text":"10月22日，英特尔盘前跌近10%，财报显示：英特尔三季度营收192亿美元，同比增长4.9%，低于市场预期；三季度调整后EPS为1.71美元，略高于分析师预期 1.11 美元。\n公司高管表示，由于公司在制造技术上的支出增加，未来几年的盈利能力将受到影响。","news_type":1},"isVote":1,"tweetType":1,"viewCount":2340,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":851882137,"gmtCreate":1634892428889,"gmtModify":1634892428889,"author":{"id":"3536267907686118","authorId":"3536267907686118","name":"sunxshine","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3536267907686118","authorIdStr":"3536267907686118"},"themes":[],"htmlText":"财报感觉可以啊","listText":"财报感觉可以啊","text":"财报感觉可以啊","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/851882137","repostId":"1195025373","repostType":2,"repost":{"id":"1195025373","kind":"news","weMediaInfo":{"introduction":"为用户提供金融资讯、行情、数据，旨在帮助投资者理解世界，做投资决策。","home_visible":1,"media_name":"老虎资讯综合","id":"102","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1634890283,"share":"https://www.laohu8.com/m/news/1195025373?lang=&edition=full","pubTime":"2021-10-22 16:11","market":"other","language":"zh","title":"【异动】英特尔盘前跌近10%，财报不及预期","url":"https://stock-news.laohu8.com/highlight/detail?id=1195025373","media":"老虎资讯综合","summary":"10月22日，英特尔盘前跌近10%，财报显示：英特尔三季度营收192亿美元，同比增长4.9%，低于市场预期；三季度调整后EPS为1.71美元，略高于分析师预期 1.11 美元。\n公司高管表示，由于公司","content":"<p>10月22日，英特尔盘前跌近10%，财报显示：英特尔三季度营收192亿美元，同比增长4.9%，低于市场预期；三季度调整后EPS为1.71美元，略高于分析师预期 1.11 美元。</p>\n<p>公司高管表示，由于公司在制造技术上的支出增加，未来几年的盈利能力将受到影响。</p>\n<p><img src=\"https://static.tigerbbs.com/096444c53edc2f544d17f67b3df4f3fc\" tg-width=\"850\" tg-height=\"628\" width=\"100%\" height=\"auto\"></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>【异动】英特尔盘前跌近10%，财报不及预期</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n【异动】英特尔盘前跌近10%，财报不及预期\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">老虎资讯综合 </p>\n<p class=\"h-time\">2021-10-22 16:11</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<p>10月22日，英特尔盘前跌近10%，财报显示：英特尔三季度营收192亿美元，同比增长4.9%，低于市场预期；三季度调整后EPS为1.71美元，略高于分析师预期 1.11 美元。</p>\n<p>公司高管表示，由于公司在制造技术上的支出增加，未来几年的盈利能力将受到影响。</p>\n<p><img src=\"https://static.tigerbbs.com/096444c53edc2f544d17f67b3df4f3fc\" tg-width=\"850\" tg-height=\"628\" width=\"100%\" height=\"auto\"></p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/c74be4c2a08964ef2daf32217f693b44","relate_stocks":{"INTC":"英特尔"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1195025373","content_text":"10月22日，英特尔盘前跌近10%，财报显示：英特尔三季度营收192亿美元，同比增长4.9%，低于市场预期；三季度调整后EPS为1.71美元，略高于分析师预期 1.11 美元。\n公司高管表示，由于公司在制造技术上的支出增加，未来几年的盈利能力将受到影响。","news_type":1},"isVote":1,"tweetType":1,"viewCount":2045,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":803472605,"gmtCreate":1627460689007,"gmtModify":1627460689007,"author":{"id":"3536267907686118","authorId":"3536267907686118","name":"sunxshine","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3536267907686118","authorIdStr":"3536267907686118"},"themes":[],"htmlText":"营收是英特尔的五分之一，市值是英特尔的一半，股价太高了。","listText":"营收是英特尔的五分之一，市值是英特尔的一半，股价太高了。","text":"营收是英特尔的五分之一，市值是英特尔的一半，股价太高了。","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/803472605","repostId":"2154947886","repostType":2,"repost":{"id":"2154947886","kind":"news","pubTimestamp":1627458703,"share":"https://www.laohu8.com/m/news/2154947886?lang=&edition=full","pubTime":"2021-07-28 15:51","market":"us","language":"zh","title":"“杀”疯了！AMD净利润暴增352％吊打英特尔","url":"https://stock-news.laohu8.com/highlight/detail?id=2154947886","media":"老虎证券","summary":"芯片巨头AMD昨夜发布了二季度财报。截图来自老虎证券净利润暴增352%，AMD继续上调盈利预期在二季报发布之前，AMD给出的指引是营收36亿美元，上下浮动1亿美元，毛利率在47%。成绩单揭晓之后，AMD二季度实际营收38.5亿美元，同比增长99.3%，毛利率48%，双双超出预期。量价齐升同时带来了盈利能力的爆发，二季度AMD净利润7.1亿美元，同比暴增352%，净利率达到18.4%。将全部精力聚焦于技术而非生产，AMD的产品开始蚕食英特尔的市场份额。","content":"<html><body><article><p>【编者按】</p><p><a href=\"https://laohu8.com/S/AMD\">AMD</a>再交出一份亮眼的财报成绩单。在谈及和老对手<a href=\"https://laohu8.com/S/INTC\">英特尔</a>的竞争时，AMD首席执行官苏姿丰放言，要“为每一个CPU插槽而战”！强劲的业绩、先进的产品组合，AMD昂首挺胸地上调了2021年全年营收增速，由之前预期的50%上调至60%。市场认为AMD处在50多年来最有利的发展阶段，如果说2021年之前的AMD是走在复兴的路上，那之后的AMD将开始咄咄逼人，老对手英特尔恐遭左右夹击。</p><p>芯片巨头AMD昨夜发布了二季度财报。一如往常，业绩超出市场预期。在利好财报加持之下，AMD盘后股价微涨1%，幅度似乎对不住大超预期的财报，但实际上并不难理解，毕竟财报超预期已经成为AMD的传统。</p><img src=\"http://inews.gtimg.com/newsapp_match/0/13822901672/0\"/><p>截图来自<a href=\"https://laohu8.com/S/TIGR\">老虎证券</a></p><p><strong><span>净利润</span>暴增</strong><strong>352%</strong><strong>，</strong><strong>AMD</strong><strong>继续上调盈利预期</strong></p><p>在二季报发布之前，AMD给出的指引是营收36亿美元，上下浮动1亿美元，毛利率在47%。彭博分析师一致预期的收入在36.13亿。成绩单揭晓之后，AMD二季度实际营收38.5亿美元，同比增长99.3%，毛利率48%，双双超出预期。</p><p>在AMD的营收结构中，分为两类来源，一个是计算与图形业务，包括台式机和笔记本电脑的CPU及GPU销售；另外一个是企业、嵌入式和半定制业务，包括数据中心和游戏机收入。</p><p>计算与图形业务二季度实现22.5亿美元营收，同比增长64.6%，远超过往4个季度的增速。</p><p>推动营收增长的原因是<span>量价齐升</span>，由于锐龙桌面及笔记本处理器的丰富组合，客户端处理器ASP（平均销售价格）同比、环比都在上涨，高端Radeon显卡均价同样都在增长。</p><p>企业、嵌入式和半定制业务二季度实现营收16亿美元，同比大增183%，环比增长19%，增长是由EPYC处理器收入和半定制产品销售增加推动的。</p><img src=\"http://inews.gtimg.com/newsapp_match/0/13822901673/0\"/><p>量价齐升同时带来了盈利能力的爆发，二季度AMD净利润7.1亿美元，同比暴增352%，净<span>利率</span>达到18.4%。</p><img src=\"http://inews.gtimg.com/newsapp_match/0/13822901677/0\"/><p>对于二季度业绩，AMD首席执行官苏姿丰表示：“我们的业务在第二季度表现异常出色，收入和营业利润率翻了一番，盈利能力（非GAAP下的净利润）同比增长了两倍多。由于我们所有业务的需求强劲，我们的增长速度明显快于市场。我们现在预计，在强大的执行力和客户对我们领先产品的偏好的推动下，我们2021年的年收入将同比增长约60%。”</p><p><strong>AMD</strong><strong>外包</strong><strong>vs.</strong><strong>英特尔自产：得技术者得份额</strong></p><p>AMD的复兴建立在技术实力迭代上，不同于竞争对手英特尔执迷于自己生产芯片，AMD则外包给<a href=\"https://laohu8.com/S/TSM\">台积电</a>。将全部精力聚焦于技术而非生产，AMD的产品开始蚕食英特尔的市场份额。</p><p>苏姿丰在采访中表示，“一代又一代，我们必须提高技术标准，如果这样做了，我们就可以不断提升份额。”</p><p>去年，AMD的产品在全球500强超级计算机中的应用同比增长了5倍；<a href=\"https://laohu8.com/S/GOOG\">谷歌</a>云率先采用第三代AMDEPYC 处理器，性能提升了56%；<a href=\"https://laohu8.com/S/TSLA\">特斯拉</a>正在使用AMD Ryzen 嵌入式处理器和基于AMD RDNA 2的GPU为新特斯拉Model S 和Model X汽车的信息娱乐系统提供动力。</p><p>根据PassMark的数据，二季度AMD在所有CPU中的市场份额占比达到44.1%，英特尔则由巅峰时的82.5%下降至55.8%。</p><img src=\"http://inews.gtimg.com/newsapp_match/0/13822901675/0\"/><p>不同于AMD专注于提升技术实力，英特尔新CEO上任之后，则大肆宣布加码芯片代工业务，今年3月，英特尔宣布将斥资200亿美元，在美国亚利桑那州建设两座芯片工厂。今年7月，有消息称英特尔正与专业芯片生产商GlobalFoundries（格芯）展开收购谈判，收购金额或将达到300亿美元，而GlobalFoundries 是2008年从AMD拆分而来的。</p><p>战略选择上的不同，或有利于AMD保持技术领先。苏姿丰在财报会上放言，即使2022年市场对个人电脑的需求有所下降，AMD依然可以继续增长。她预计公司的竞争状况将非常好，同时AMD也需要做得更好。</p><p>先进的产品技术不止带来营收和净利润的暴增，无论是AMD手中的现金，还是正在展开的40亿美元<span>回购</span>计划，强劲的财务数据都让AMD在未来的日子里可以咄咄逼人。</p><p><strong>三季度业绩增速将放缓但仍超预期，收购<a href=\"https://laohu8.com/S/XLNX\">赛灵思</a>引发市场关注</strong></p><p>对三季度业绩，AMD给出的指引如下：</p><p>1.预计第三季度的收入约为41亿美元，上下浮动1亿美元，同比增长约46%，环比增长约6%。</p><p>2.营收同比增长将受到所有业务增长的推动，预计环比增长将主要受到数据中心和游戏业务增长的推动。</p><p>3.AMD预计第三季度的非GAAP毛利率约为48%。</p><p>在所有业务强劲增长的推动下，AMD现在预计2021年全年收入增长约60%，高于之前预测的50%。AMD现在预计2021年全年的非GAAP毛利率约为48%，高于之前预测的47%。</p><p>上半年AMD高速增长的势头不可能长久保持，即使三季度业绩增速将放缓，但依然超出了市场的预期。</p><p>除了业绩预告之外，市场也很关心AMD对赛灵思的收购，目前该项收购已经得到英国监管机构和欧盟的批准。目前正在接受中国的审批，AMD仍预计今年年底将完成收购。</p><p><strong>总结：</strong></p><p>AMD二季度财报再次超出市场预期，虽然股价表现不够火爆，但依然不能妨碍AMD每项财务数据都透露出咄咄逼人的气势。</p><p>AMD的成功一方面是自身的努力，另一方面，竞争对手英特尔死守芯片制造，坚持IDM模式不撒手，一定程度上阻碍了先进技术的应用。</p><p>展望未来，AMD在苏姿丰的带领下，有望迎来更加辉煌的时刻。</p><p>本文发布于老虎证券社区，老虎社区是老虎证券旗下的股票交易软件Tiger Trade的社区板块，致力于打造“离交易更近的美股港股英股社区”，有温度的股票交流社区。</p><p>本文不构成且不应被视为任何购买证券或其他金融产品的协议、要约、要约邀请、意见或建议。本文中的任何内容均不构成老虎证券在投资、法律、会计或税务方面的意见，也不构成某种投资或策略是否适合于您个人情况的陈述，或其他任何针对您个人的推荐。</p></article></body></html>","source":"tencent","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>“杀”疯了！AMD净利润暴增352％吊打英特尔</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; 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display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n“杀”疯了！AMD净利润暴增352％吊打英特尔\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-07-28 15:51 北京时间&nbsp;&nbsp;&nbsp;<a href=http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN2021072815524679d8fefc&s=b><strong>老虎证券</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>【编者按】AMD再交出一份亮眼的财报成绩单。在谈及和老对手英特尔的竞争时，AMD首席执行官苏姿丰放言，要“为每一个CPU插槽而战”！强劲的业绩、先进的产品组合，AMD昂首挺胸地上调了2021年全年营收增速，由之前预期的50%上调至60%。市场认为AMD处在50多年来最有利的发展阶段，如果说2021年之前的AMD是走在复兴的路上，那之后的AMD将开始咄咄逼人，老对手英特尔恐遭左右夹击。芯片巨头AMD...</p>\n\n<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN2021072815524679d8fefc&s=b\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/c7da52addfd52fb216bcf87283f43750","relate_stocks":{"AMD":"美国超微公司","INTC":"英特尔"},"source_url":"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN2021072815524679d8fefc&s=b","is_english":false,"share_image_url":"https://static.laohu8.com/9a95c1376e76363c1401fee7d3717173","article_id":"2154947886","content_text":"【编者按】AMD再交出一份亮眼的财报成绩单。在谈及和老对手英特尔的竞争时，AMD首席执行官苏姿丰放言，要“为每一个CPU插槽而战”！强劲的业绩、先进的产品组合，AMD昂首挺胸地上调了2021年全年营收增速，由之前预期的50%上调至60%。市场认为AMD处在50多年来最有利的发展阶段，如果说2021年之前的AMD是走在复兴的路上，那之后的AMD将开始咄咄逼人，老对手英特尔恐遭左右夹击。芯片巨头AMD昨夜发布了二季度财报。一如往常，业绩超出市场预期。在利好财报加持之下，AMD盘后股价微涨1%，幅度似乎对不住大超预期的财报，但实际上并不难理解，毕竟财报超预期已经成为AMD的传统。截图来自老虎证券净利润暴增352%，AMD继续上调盈利预期在二季报发布之前，AMD给出的指引是营收36亿美元，上下浮动1亿美元，毛利率在47%。彭博分析师一致预期的收入在36.13亿。成绩单揭晓之后，AMD二季度实际营收38.5亿美元，同比增长99.3%，毛利率48%，双双超出预期。在AMD的营收结构中，分为两类来源，一个是计算与图形业务，包括台式机和笔记本电脑的CPU及GPU销售；另外一个是企业、嵌入式和半定制业务，包括数据中心和游戏机收入。计算与图形业务二季度实现22.5亿美元营收，同比增长64.6%，远超过往4个季度的增速。推动营收增长的原因是量价齐升，由于锐龙桌面及笔记本处理器的丰富组合，客户端处理器ASP（平均销售价格）同比、环比都在上涨，高端Radeon显卡均价同样都在增长。企业、嵌入式和半定制业务二季度实现营收16亿美元，同比大增183%，环比增长19%，增长是由EPYC处理器收入和半定制产品销售增加推动的。量价齐升同时带来了盈利能力的爆发，二季度AMD净利润7.1亿美元，同比暴增352%，净利率达到18.4%。对于二季度业绩，AMD首席执行官苏姿丰表示：“我们的业务在第二季度表现异常出色，收入和营业利润率翻了一番，盈利能力（非GAAP下的净利润）同比增长了两倍多。由于我们所有业务的需求强劲，我们的增长速度明显快于市场。我们现在预计，在强大的执行力和客户对我们领先产品的偏好的推动下，我们2021年的年收入将同比增长约60%。”AMD外包vs.英特尔自产：得技术者得份额AMD的复兴建立在技术实力迭代上，不同于竞争对手英特尔执迷于自己生产芯片，AMD则外包给台积电。将全部精力聚焦于技术而非生产，AMD的产品开始蚕食英特尔的市场份额。苏姿丰在采访中表示，“一代又一代，我们必须提高技术标准，如果这样做了，我们就可以不断提升份额。”去年，AMD的产品在全球500强超级计算机中的应用同比增长了5倍；谷歌云率先采用第三代AMDEPYC 处理器，性能提升了56%；特斯拉正在使用AMD Ryzen 嵌入式处理器和基于AMD RDNA 2的GPU为新特斯拉Model S 和Model X汽车的信息娱乐系统提供动力。根据PassMark的数据，二季度AMD在所有CPU中的市场份额占比达到44.1%，英特尔则由巅峰时的82.5%下降至55.8%。不同于AMD专注于提升技术实力，英特尔新CEO上任之后，则大肆宣布加码芯片代工业务，今年3月，英特尔宣布将斥资200亿美元，在美国亚利桑那州建设两座芯片工厂。今年7月，有消息称英特尔正与专业芯片生产商GlobalFoundries（格芯）展开收购谈判，收购金额或将达到300亿美元，而GlobalFoundries 是2008年从AMD拆分而来的。战略选择上的不同，或有利于AMD保持技术领先。苏姿丰在财报会上放言，即使2022年市场对个人电脑的需求有所下降，AMD依然可以继续增长。她预计公司的竞争状况将非常好，同时AMD也需要做得更好。先进的产品技术不止带来营收和净利润的暴增，无论是AMD手中的现金，还是正在展开的40亿美元回购计划，强劲的财务数据都让AMD在未来的日子里可以咄咄逼人。三季度业绩增速将放缓但仍超预期，收购赛灵思引发市场关注对三季度业绩，AMD给出的指引如下：1.预计第三季度的收入约为41亿美元，上下浮动1亿美元，同比增长约46%，环比增长约6%。2.营收同比增长将受到所有业务增长的推动，预计环比增长将主要受到数据中心和游戏业务增长的推动。3.AMD预计第三季度的非GAAP毛利率约为48%。在所有业务强劲增长的推动下，AMD现在预计2021年全年收入增长约60%，高于之前预测的50%。AMD现在预计2021年全年的非GAAP毛利率约为48%，高于之前预测的47%。上半年AMD高速增长的势头不可能长久保持，即使三季度业绩增速将放缓，但依然超出了市场的预期。除了业绩预告之外，市场也很关心AMD对赛灵思的收购，目前该项收购已经得到英国监管机构和欧盟的批准。目前正在接受中国的审批，AMD仍预计今年年底将完成收购。总结：AMD二季度财报再次超出市场预期，虽然股价表现不够火爆，但依然不能妨碍AMD每项财务数据都透露出咄咄逼人的气势。AMD的成功一方面是自身的努力，另一方面，竞争对手英特尔死守芯片制造，坚持IDM模式不撒手，一定程度上阻碍了先进技术的应用。展望未来，AMD在苏姿丰的带领下，有望迎来更加辉煌的时刻。本文发布于老虎证券社区，老虎社区是老虎证券旗下的股票交易软件Tiger Trade的社区板块，致力于打造“离交易更近的美股港股英股社区”，有温度的股票交流社区。本文不构成且不应被视为任何购买证券或其他金融产品的协议、要约、要约邀请、意见或建议。本文中的任何内容均不构成老虎证券在投资、法律、会计或税务方面的意见，也不构成某种投资或策略是否适合于您个人情况的陈述，或其他任何针对您个人的推荐。","news_type":1},"isVote":1,"tweetType":1,"viewCount":3103,"authorTweetTopStatus":1,"verified":2,"comments":[{"author":{"id":"3571296149644502","authorId":"3571296149644502","name":"fanbi","avatar":"https://static.tigerbbs.com/33878aa20c67c5e770d53bd12b6949c7","crmLevel":1,"crmLevelSwitch":1,"idStr":"3571296149644502","authorIdStr":"3571296149644502"},"content":"不能忽略amd的成长性","text":"不能忽略amd的成长性","html":"不能忽略amd的成长性"}],"imageCount":0,"langContent":"CN","totalScore":0},{"id":155811790,"gmtCreate":1625400291010,"gmtModify":1625400291010,"author":{"id":"3536267907686118","authorId":"3536267907686118","name":"sunxshine","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3536267907686118","authorIdStr":"3536267907686118"},"themes":[],"htmlText":"我怎么就没做空它呢？","listText":"我怎么就没做空它呢？","text":"我怎么就没做空它呢？","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/155811790","repostId":"1155046075","repostType":4,"isVote":1,"tweetType":1,"viewCount":1588,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":167711077,"gmtCreate":1624284543999,"gmtModify":1624284543999,"author":{"id":"3536267907686118","authorId":"3536267907686118","name":"sunxshine","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3536267907686118","authorIdStr":"3536267907686118"},"themes":[],"htmlText":"要脸不，牵强附会的看空理由。担忧别人就可以看空，这太搞笑了。你做空了吧。","listText":"要脸不，牵强附会的看空理由。担忧别人就可以看空，这太搞笑了。你做空了吧。","text":"要脸不，牵强附会的看空理由。担忧别人就可以看空，这太搞笑了。你做空了吧。","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/167711077","repostId":"2145082169","repostType":2,"repost":{"id":"2145082169","kind":"news","pubTimestamp":1624274125,"share":"https://www.laohu8.com/m/news/2145082169?lang=&edition=full","pubTime":"2021-06-21 19:15","market":"hk","language":"zh","title":"花旗：担忧库存过剩和需求下降，下调英特尔(INTC.US)目标价至60美元","url":"https://stock-news.laohu8.com/highlight/detail?id=2145082169","media":"智通财经","summary":"智通财经APP获悉，花旗分析师Christopher Danely将英特尔(INTC.US)目标价从65美元下调至60美元，并维持“中性”评级。Danely调查指出，个人电脑供应链发出的订单在半导体供应链中运转，这与笔记本电脑市场发生的情况类似。尽管零部件短缺被认为是影响因素，但Danely仍然担心库存过剩和需求预测下降。因此，Danely下调了对英特尔的预期，认为“该行业的其他部分也面临风险。”","content":"<html><body><p>智通财经APP获悉，<a href=\"https://laohu8.com/S/C\">花旗</a>分析师Christopher Danely将<a href=\"https://laohu8.com/S/INTC\">英特尔</a>(INTC.US)目标价从65美元下调至60美元，并维持“中性”评级。Danely调查指出，个人电脑供应链发出的订单在半导体供应链中运转，这与笔记本电脑市场发生的情况类似。尽管零部件短缺被认为是影响因素，但Danely仍然担心库存过剩和需求预测下降。因此，Danely下调了对英特尔的预期，认为“该行业的其他部分也面临风险。”</p></body></html>","source":"stock_zhitongcaijing","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" 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width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n花旗：担忧库存过剩和需求下降，下调英特尔(INTC.US)目标价至60美元\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-06-21 19:15 北京时间&nbsp;&nbsp;&nbsp;<a href=http://www.zhitongcaijing.com/content/detail/498073.html><strong>智通财经</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>智通财经APP获悉，花旗分析师Christopher Danely将英特尔(INTC.US)目标价从65美元下调至60美元，并维持“中性”评级。Danely调查指出，个人电脑供应链发出的订单在半导体供应链中运转，这与笔记本电脑市场发生的情况类似。尽管零部件短缺被认为是影响因素，但Danely仍然担心库存过剩和需求预测下降。因此，Danely下调了对英特尔的预期，认为“该行业的其他部分也面临风险。”</p>\n\n<a href=\"http://www.zhitongcaijing.com/content/detail/498073.html\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/db9d40affd7144ecdfdd62b9c8b3aed5","relate_stocks":{"INTC":"英特尔"},"source_url":"http://www.zhitongcaijing.com/content/detail/498073.html","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2145082169","content_text":"智通财经APP获悉，花旗分析师Christopher Danely将英特尔(INTC.US)目标价从65美元下调至60美元，并维持“中性”评级。Danely调查指出，个人电脑供应链发出的订单在半导体供应链中运转，这与笔记本电脑市场发生的情况类似。尽管零部件短缺被认为是影响因素，但Danely仍然担心库存过剩和需求预测下降。因此，Danely下调了对英特尔的预期，认为“该行业的其他部分也面临风险。”","news_type":1},"isVote":1,"tweetType":1,"viewCount":1088,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":118769734,"gmtCreate":1622762627528,"gmtModify":1622762627528,"author":{"id":"3536267907686118","authorId":"3536267907686118","name":"sunxshine","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3536267907686118","authorIdStr":"3536267907686118"},"themes":[],"htmlText":"跟特金毛一样，继续对中国打压。中国不是那么好对付的，来吧，一较高低！","listText":"跟特金毛一样，继续对中国打压。中国不是那么好对付的，来吧，一较高低！","text":"跟特金毛一样，继续对中国打压。中国不是那么好对付的，来吧，一较高低！","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/118769734","repostId":"1189729866","repostType":4,"isVote":1,"tweetType":1,"viewCount":1434,"authorTweetTopStatus":1,"verified":2,"comments":[{"author":{"id":"3561179594899210","authorId":"3561179594899210","name":"欢乐大宝贝","avatar":"https://static.tigerbbs.com/9b63f817a392e02ffc3e02d963b65b86","crmLevel":2,"crmLevelSwitch":0,"idStr":"3561179594899210","authorIdStr":"3561179594899210"},"content":"你不该出现在这里，大A才是你的家。","text":"你不该出现在这里，大A才是你的家。","html":"你不该出现在这里，大A才是你的家。"}],"imageCount":0,"langContent":"CN","totalScore":0},{"id":136453596,"gmtCreate":1622036981615,"gmtModify":1622036981615,"author":{"id":"3536267907686118","authorId":"3536267907686118","name":"sunxshine","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3536267907686118","authorIdStr":"3536267907686118"},"themes":[],"htmlText":"买买买","listText":"买买买","text":"买买买","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/136453596","repostId":"2138089196","repostType":2,"repost":{"id":"2138089196","kind":"news","pubTimestamp":1621972179,"share":"https://www.laohu8.com/m/news/2138089196?lang=&edition=full","pubTime":"2021-05-26 03:49","market":"us","language":"zh","title":"英特尔股票可以买入吗？","url":"https://stock-news.laohu8.com/highlight/detail?id=2138089196","media":"金融界网","summary":"英特尔自2020年初以来几乎没有收支平衡，是过去52周表现最差的大盘股。英特尔发生什么事？新发展英特尔近来可能开始扭转局面。换句话说，英特尔将其可使一流的晶片制造服务出售给其他公司。金钱的力量当然，200亿美元不是琐碎事情，但英特尔可以负担得起这个庞大的基础设施投资。不少市场参与者等待英特尔做到这些，使其股价仅以市盈率约12.6倍和自由现金流16倍交易。当一切都说完了，我们会记得英特尔今天的价格为一个极佳的买入点。","content":"<html><body><article><p>以科技股为主的纳斯达克100指数，和晶片行业的费城半导体指数，在过去一年带来了征服市场的回报，但行业巨头<a href=\"https://laohu8.com/S/INTC\">英特尔</a>（Intel）却远远落后。</p><p>英特尔自2020年初以来几乎没有收支平衡，是过去52周表现最差的大盘股。同时，大多数同行股价翻了一番，几只大型晶片股更上涨逾3倍。</p><p><strong>图：英特尔、费城半导体指数、纳指100指数股价变动</strong></p><img src=\"https://fid-75186.picgzc.qpic.cn/20210526034942539d173xv883pxodkq\"/><p>资料来源: YCHARTS</p><p>英特尔是属于硅谷的廉价商品处理箱，还是是时候以平价折扣买入一些股票？让我们寻找答案。</p><p><strong>英特尔发生什么事？</strong></p><p>英特尔近几个月令人失望的表现，主因是该公司的制造工艺升级并不顺利。从历史看，英特尔的内部生产线通常领先于竞争对手和第三方晶片制造商，这优势使其能够在主要竞争对手之前，交付下一代产品，对手包括Advanced Micro Devices、 NVIDIA、Qualcomm和<a href=\"https://laohu8.com/S/SMSN.UK\">三星</a>。更先进的晶片制造工艺可以产生更强大的处理器和显著的成本节省。</p><p>英特尔最近两次制造升级都困难且延迟，这让上述竞争对手有机会在近几个月中扭转形势，从更强势的位置竞争。批评人士认为，<a href=\"https://laohu8.com/S/AMD\">AMD</a>窃取了英特尔在数据中心的生意，Nvidia和Qualcomm则进军了英特尔的其他据点，如高速网络解决方案和汽车计算。</p><p><strong>新发展</strong></p><p>英特尔近来可能开始扭转局面。巨变不会马上到来，但这家晶片巨头肯定是播下了新的种子。</p><p>当然，任何人都可以称2021年为过渡年，并承诺未来的日子会更好，就好像英特尔首席执行官Pat Gelsinger所作的，提高公司于本财年的财务指导也是一件容易的事，调整后收益可能会被含糊其辞。</p><p>不过，英特尔正把资金投到Gelsinger提到的地方。该公司不仅正在享受对数据中心和PC处理器比预期强劲的需求，而且投入200亿美元于在亚利桑那沙漠建设更多的制造设施。Gelsinger和他的管理团队充满信心，相信英特尔能重返制造技术竞赛的顶端，因此新厂房将部分用于晶片制造厂产能。换句话说，英特尔将其可使一流的晶片制造服务出售给其他公司。</p><p><strong>金钱的力量</strong></p><p>当然，200亿美元不是琐碎事情，但英特尔可以负担得起这个庞大的基础设施投资。该公司在2020年创造210亿美元的<span>自由现金流</span>，并在年底手上有180亿美元的<span>现金等价物</span>。现在正是投入额外资源，为英特尔的技术基础设施提供动力的合适时机，即使需要大量资本投资才能完成。</p><p>不少市场参与者等待英特尔做到这些，使其股价仅以市盈率约12.6倍和自由现金流16倍交易。我预计英特尔将充分利用其在亚利桑那州晶片厂的200亿美元资本投资。</p><p>当一切都说完了，我们会记得英特尔今天的价格为一个极佳的买入点。我认为你应该利用这个大幅打折的股价。</p></article></body></html>","source":"tencent","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>英特尔股票可以买入吗？</title>\n<style 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margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n英特尔股票可以买入吗？\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-05-26 03:49 北京时间&nbsp;&nbsp;&nbsp;<a href=http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN202105260349437e702198&s=b><strong>金融界网</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>以科技股为主的纳斯达克100指数，和晶片行业的费城半导体指数，在过去一年带来了征服市场的回报，但行业巨头英特尔（Intel）却远远落后。英特尔自2020年初以来几乎没有收支平衡，是过去52周表现最差的大盘股。同时，大多数同行股价翻了一番，几只大型晶片股更上涨逾3倍。图：英特尔、费城半导体指数、纳指100指数股价变动资料来源: YCHARTS英特尔是属于硅谷的廉价商品处理箱，还是是时候以平价折扣买入...</p>\n\n<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN202105260349437e702198&s=b\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/dad74e350b9b09d45929989f896aaa9d","relate_stocks":{"INTC":"英特尔","03086":"华夏纳指","09086":"华夏纳指-U"},"source_url":"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN202105260349437e702198&s=b","is_english":false,"share_image_url":"https://static.laohu8.com/9a95c1376e76363c1401fee7d3717173","article_id":"2138089196","content_text":"以科技股为主的纳斯达克100指数，和晶片行业的费城半导体指数，在过去一年带来了征服市场的回报，但行业巨头英特尔（Intel）却远远落后。英特尔自2020年初以来几乎没有收支平衡，是过去52周表现最差的大盘股。同时，大多数同行股价翻了一番，几只大型晶片股更上涨逾3倍。图：英特尔、费城半导体指数、纳指100指数股价变动资料来源: YCHARTS英特尔是属于硅谷的廉价商品处理箱，还是是时候以平价折扣买入一些股票？让我们寻找答案。英特尔发生什么事？英特尔近几个月令人失望的表现，主因是该公司的制造工艺升级并不顺利。从历史看，英特尔的内部生产线通常领先于竞争对手和第三方晶片制造商，这优势使其能够在主要竞争对手之前，交付下一代产品，对手包括Advanced Micro Devices、 NVIDIA、Qualcomm和三星。更先进的晶片制造工艺可以产生更强大的处理器和显著的成本节省。英特尔最近两次制造升级都困难且延迟，这让上述竞争对手有机会在近几个月中扭转形势，从更强势的位置竞争。批评人士认为，AMD窃取了英特尔在数据中心的生意，Nvidia和Qualcomm则进军了英特尔的其他据点，如高速网络解决方案和汽车计算。新发展英特尔近来可能开始扭转局面。巨变不会马上到来，但这家晶片巨头肯定是播下了新的种子。当然，任何人都可以称2021年为过渡年，并承诺未来的日子会更好，就好像英特尔首席执行官Pat Gelsinger所作的，提高公司于本财年的财务指导也是一件容易的事，调整后收益可能会被含糊其辞。不过，英特尔正把资金投到Gelsinger提到的地方。该公司不仅正在享受对数据中心和PC处理器比预期强劲的需求，而且投入200亿美元于在亚利桑那沙漠建设更多的制造设施。Gelsinger和他的管理团队充满信心，相信英特尔能重返制造技术竞赛的顶端，因此新厂房将部分用于晶片制造厂产能。换句话说，英特尔将其可使一流的晶片制造服务出售给其他公司。金钱的力量当然，200亿美元不是琐碎事情，但英特尔可以负担得起这个庞大的基础设施投资。该公司在2020年创造210亿美元的自由现金流，并在年底手上有180亿美元的现金等价物。现在正是投入额外资源，为英特尔的技术基础设施提供动力的合适时机，即使需要大量资本投资才能完成。不少市场参与者等待英特尔做到这些，使其股价仅以市盈率约12.6倍和自由现金流16倍交易。我预计英特尔将充分利用其在亚利桑那州晶片厂的200亿美元资本投资。当一切都说完了，我们会记得英特尔今天的价格为一个极佳的买入点。我认为你应该利用这个大幅打折的股价。","news_type":1},"isVote":1,"tweetType":1,"viewCount":1549,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":136422516,"gmtCreate":1622036716535,"gmtModify":1622036716535,"author":{"id":"3536267907686118","authorId":"3536267907686118","name":"sunxshine","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3536267907686118","authorIdStr":"3536267907686118"},"themes":[],"htmlText":"全都买","listText":"全都买","text":"全都买","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/136422516","repostId":"2138174701","repostType":2,"repost":{"id":"2138174701","kind":"highlight","weMediaInfo":{"introduction":"Dow Jones publishes the world’s most trusted business news and financial information in a variety of media.","home_visible":0,"media_name":"Dow Jones","id":"106","head_image":"https://static.tigerbbs.com/150f88aa4d182df19190059f4a365e99"},"pubTimestamp":1622032920,"share":"https://www.laohu8.com/m/news/2138174701?lang=&edition=full","pubTime":"2021-05-26 20:42","market":"us","language":"en","title":"Intel vs. AMD -- should you buy either stock now?","url":"https://stock-news.laohu8.com/highlight/detail?id=2138174701","media":"Dow Jones","summary":"MW Intel vs. AMD -- should you buy either stock now?By Philip van DoornAMD has been an outperformer ","content":"<p>MW Intel vs. AMD -- should you buy either stock now?</p><p>By Philip van Doorn</p><p>AMD has been an outperformer for years, but Intel is still a dominant presence.</p><p>Despite its woes, Intel Corp. remains the largest provider of core processors for \"x86\" PCs and servers. Its smaller rival for decades has been Advanced Micro Devices Inc. , which has made big strides in the past few years under CEO Lisa Su.</p><p>PC manufacturers and users have their preferences. For investors, Advanced Micro Devices <a href=\"https://laohu8.com/S/AMD\">$(AMD)$</a> has been the clear winner. But Intel <a href=\"https://laohu8.com/S/INTC\">$(INTC)$</a> has a tremendous R&amp;D budget, has been an excellent cash-flow grower and has enjoyed decades of dominance in its main area of business.</p><p>Where Intel and AMD fit in</p><p>\"Intel is the main supplier of x86 processors and the dominant supplier of x86 server CPUs for data center applications,\" according to Dean McCarron, president of Mercury Research, a provider of PC industry data. Most PCs using x86 processors run Microsoft Corp.'s <a href=\"https://laohu8.com/S/MSFT\">$(MSFT)$</a> Windows operating system.</p><p>Mercury Research provides market-share data based on unit shipments. Here is its worldwide breakdown for overall x86 CPU market share for the first quarter, with comparisons to the previous and year-earlier quarters:</p><p>Intel remains the leader, but you can see that for the first quarter, AMD's market share increased tremendously from a year earlier. Then again, AMD's first-quarter share was down a bit from the previous quarter.</p><p>For graphics processing units (GPUs), AMD competes with Nvidia Corp. <a href=\"https://laohu8.com/S/NVDA\">$(NVDA)$</a>.</p><p>\"In the conventional graphics market, Nvidia is dominant, but AMD is also respectably large,\" McCarron said.</p><p>According to Mercury Research, Nvidia's share in the conventional GPU market was 81%, with a 19% market share for AMD in the fourth quarter (the most recent for which unit sales data is available).</p><p>Competition for data-center GPUs is expected to heat up. Again, Nvidia dominates, as AMD's market share is less than 10%, according to McCarron. But Intel is expected to begin shipping its own data-center GPUs, code-named Ponte Vecchio, in the fourth quarter or early in 2022.</p><p>Key metrics</p><p>Size and sales</p><p>Here are the companies' sizes by market capitalization and sales, with all figures in millions:</p><p>These numbers are fascinating, as they show how much more the stock market values AMD relative to sales. If we divide AMD's current market cap by first-quarter sales (annualized), we have a price-to-sales ratio of 6.9, against 2.9 for Intel.</p><p>The next chart will help explain why.</p><p>Sales growth and profitability</p><p>Here's a look at both companies' sales growth for the first quarter from the year-earlier quarter, along with gross margins and operating margins.</p><p>Here AMD is the big winner, with first-quarter sales nearly doubling from a year earlier. The overall market is growing and both companies' sales are increasing, but AMD is giving investors what they want.</p><p>A company's gross margin is its net sales, less the cost of goods or services sold, divided by sales. Net sales exclude returns and discounts. The cost of goods or services sold includes the actual costs for making the items sold or providing the services sold. It doesn't reflect other overhead expenses. It is a useful measurement of pricing power, and a combination of high sales growth and improved gross margin is a good sign.</p><p>Intel's first-quarter gross margin narrowed, while AMD's widened.</p><p>A company's operating margin is its earnings before interest, taxes and depreciation divided by net sales. It can be considered \"return on sales.\"</p><p>When comparing the first quarter of 2021 with the year-earlier quarter, you can see a significant narrowing of Intel's operating margin and improvement for AMD's operating margin.</p><p>One advantage of Intel under CEO Pat Gelsinger, who took up his new position in February, is that Intel can spend so much more on research and development. During the first quarter, Intel spent $3.62 billion on R&amp;D, while AMD spent $610 million.</p><p>You can read more about Gelsinger's strategy and challenges here .</p><p>Free cash flow</p><p>A company's free cash flow <a href=\"https://laohu8.com/S/FCF\">$(FCF)$</a> is its remaining cash flow after planned capital expenditures. A company's free cash flow yield can be calculated by dividing the past 12 months' free cash flow per share by the current share price.</p><p>This chart shows both companies have grown free cash flow over the past three full years, and that Intel has a much higher FCF yield than AMD:</p><p>Intel's FCF yield of 8.11% shows the company has plenty of \"headroom\" above its current dividend yield, which is 2.44%. (AMD doesn't pay a dividend.) So Intel is better-positioned than AMD to deploy more cash through expansion, share buybacks or dividend increases.</p><p>Intel made both the three- and five-year lists of free-cash-flow compounders, which you can see here .</p><p>Stock valuation and performance</p><p>Here are forward price-to-earnings ratios based on consensus earnings estimates for the next 12 months among analysts polled by FactSet, along with total return figures:</p><p>Intel has shined this year, as AMD has pulled back. Intel is also far cheaper when you look at forward price-to-earnings ratios. Those are based on current share prices and consensus earnings estimates for the next 12 months among analysts polled by FactSet. In comparison, forward P/Es are 21.5 for the S&amp;P 500 Index , 27 for the Invesco QQQ Trust <a href=\"https://laohu8.com/S/QQQ\">$(QQQ)$</a> (which tracks the Nasdaq-100 Index) and 20.3 for the <a href=\"https://laohu8.com/S/EEME\">iShares</a> PHLX Semiconductor ETF <a href=\"https://laohu8.com/S/SOXX\">$(SOXX)$</a>.</p><p>If you review longer periods, AMD has been the clear outperformer, until you look at the 15-year figures.</p><p>These companies have been competing for the PC CPU market for decades. Here's a 20-year total-return chart:</p><p>And 30 years:</p><p>You can see from the 20- and 30-year charts that these rivals and swung back and forth in the eyes of investors repeatedly.</p><p>Wall Street's opinion</p><p>AMD is the favorite among analysts at brokerage firms, who expect great things for the stock over the next 12 months:</p><p>So there you have a clear contrast -- AMD is the up-and-comer, and it has been that way for decades. Intel's stock is cheaply priced to expected earnings, the company has a new CEO with a new strategy and is trying to move into new areas. Competition for Intel and AMD with Nvidia in the data-center space will be hot -- it is a story that will take years to unfold.</p><p>Intel has been a tremendous free-cash-flow grower over the long term, as you can see here . AMD is growing very quickly.</p><p>So maybe each stock is for a different type of investor. Or maybe investors should consider holding both.</p><p>-Philip van Doorn; 415-439-6400; AskNewswires@dowjones.com</p><p><a href=\"https://laohu8.com/S/END\">$(END)$</a> Dow Jones Newswires</p><p>May 26, 2021 08:42 ET (12:42 GMT)</p><p>Copyright (c) 2021 Dow Jones &amp; Company, Inc.</p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Intel vs. AMD -- should you buy either stock now?</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nIntel vs. AMD -- should you buy either stock now?\n</h2>\n\n<h4 class=\"meta\">\n\n\n<div class=\"head\" \">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/150f88aa4d182df19190059f4a365e99);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Dow Jones </p>\n<p class=\"h-time\">2021-05-26 20:42</p>\n</div>\n\n</div>\n\n\n</h4>\n\n</header>\n<article>\n<p>MW Intel vs. AMD -- should you buy either stock now?</p><p>By Philip van Doorn</p><p>AMD has been an outperformer for years, but Intel is still a dominant presence.</p><p>Despite its woes, Intel Corp. remains the largest provider of core processors for \"x86\" PCs and servers. Its smaller rival for decades has been Advanced Micro Devices Inc. , which has made big strides in the past few years under CEO Lisa Su.</p><p>PC manufacturers and users have their preferences. For investors, Advanced Micro Devices <a href=\"https://laohu8.com/S/AMD\">$(AMD)$</a> has been the clear winner. But Intel <a href=\"https://laohu8.com/S/INTC\">$(INTC)$</a> has a tremendous R&amp;D budget, has been an excellent cash-flow grower and has enjoyed decades of dominance in its main area of business.</p><p>Where Intel and AMD fit in</p><p>\"Intel is the main supplier of x86 processors and the dominant supplier of x86 server CPUs for data center applications,\" according to Dean McCarron, president of Mercury Research, a provider of PC industry data. Most PCs using x86 processors run Microsoft Corp.'s <a href=\"https://laohu8.com/S/MSFT\">$(MSFT)$</a> Windows operating system.</p><p>Mercury Research provides market-share data based on unit shipments. Here is its worldwide breakdown for overall x86 CPU market share for the first quarter, with comparisons to the previous and year-earlier quarters:</p><p>Intel remains the leader, but you can see that for the first quarter, AMD's market share increased tremendously from a year earlier. Then again, AMD's first-quarter share was down a bit from the previous quarter.</p><p>For graphics processing units (GPUs), AMD competes with Nvidia Corp. <a href=\"https://laohu8.com/S/NVDA\">$(NVDA)$</a>.</p><p>\"In the conventional graphics market, Nvidia is dominant, but AMD is also respectably large,\" McCarron said.</p><p>According to Mercury Research, Nvidia's share in the conventional GPU market was 81%, with a 19% market share for AMD in the fourth quarter (the most recent for which unit sales data is available).</p><p>Competition for data-center GPUs is expected to heat up. Again, Nvidia dominates, as AMD's market share is less than 10%, according to McCarron. But Intel is expected to begin shipping its own data-center GPUs, code-named Ponte Vecchio, in the fourth quarter or early in 2022.</p><p>Key metrics</p><p>Size and sales</p><p>Here are the companies' sizes by market capitalization and sales, with all figures in millions:</p><p>These numbers are fascinating, as they show how much more the stock market values AMD relative to sales. If we divide AMD's current market cap by first-quarter sales (annualized), we have a price-to-sales ratio of 6.9, against 2.9 for Intel.</p><p>The next chart will help explain why.</p><p>Sales growth and profitability</p><p>Here's a look at both companies' sales growth for the first quarter from the year-earlier quarter, along with gross margins and operating margins.</p><p>Here AMD is the big winner, with first-quarter sales nearly doubling from a year earlier. The overall market is growing and both companies' sales are increasing, but AMD is giving investors what they want.</p><p>A company's gross margin is its net sales, less the cost of goods or services sold, divided by sales. Net sales exclude returns and discounts. The cost of goods or services sold includes the actual costs for making the items sold or providing the services sold. It doesn't reflect other overhead expenses. It is a useful measurement of pricing power, and a combination of high sales growth and improved gross margin is a good sign.</p><p>Intel's first-quarter gross margin narrowed, while AMD's widened.</p><p>A company's operating margin is its earnings before interest, taxes and depreciation divided by net sales. It can be considered \"return on sales.\"</p><p>When comparing the first quarter of 2021 with the year-earlier quarter, you can see a significant narrowing of Intel's operating margin and improvement for AMD's operating margin.</p><p>One advantage of Intel under CEO Pat Gelsinger, who took up his new position in February, is that Intel can spend so much more on research and development. During the first quarter, Intel spent $3.62 billion on R&amp;D, while AMD spent $610 million.</p><p>You can read more about Gelsinger's strategy and challenges here .</p><p>Free cash flow</p><p>A company's free cash flow <a href=\"https://laohu8.com/S/FCF\">$(FCF)$</a> is its remaining cash flow after planned capital expenditures. A company's free cash flow yield can be calculated by dividing the past 12 months' free cash flow per share by the current share price.</p><p>This chart shows both companies have grown free cash flow over the past three full years, and that Intel has a much higher FCF yield than AMD:</p><p>Intel's FCF yield of 8.11% shows the company has plenty of \"headroom\" above its current dividend yield, which is 2.44%. (AMD doesn't pay a dividend.) So Intel is better-positioned than AMD to deploy more cash through expansion, share buybacks or dividend increases.</p><p>Intel made both the three- and five-year lists of free-cash-flow compounders, which you can see here .</p><p>Stock valuation and performance</p><p>Here are forward price-to-earnings ratios based on consensus earnings estimates for the next 12 months among analysts polled by FactSet, along with total return figures:</p><p>Intel has shined this year, as AMD has pulled back. Intel is also far cheaper when you look at forward price-to-earnings ratios. Those are based on current share prices and consensus earnings estimates for the next 12 months among analysts polled by FactSet. In comparison, forward P/Es are 21.5 for the S&amp;P 500 Index , 27 for the Invesco QQQ Trust <a href=\"https://laohu8.com/S/QQQ\">$(QQQ)$</a> (which tracks the Nasdaq-100 Index) and 20.3 for the <a href=\"https://laohu8.com/S/EEME\">iShares</a> PHLX Semiconductor ETF <a href=\"https://laohu8.com/S/SOXX\">$(SOXX)$</a>.</p><p>If you review longer periods, AMD has been the clear outperformer, until you look at the 15-year figures.</p><p>These companies have been competing for the PC CPU market for decades. Here's a 20-year total-return chart:</p><p>And 30 years:</p><p>You can see from the 20- and 30-year charts that these rivals and swung back and forth in the eyes of investors repeatedly.</p><p>Wall Street's opinion</p><p>AMD is the favorite among analysts at brokerage firms, who expect great things for the stock over the next 12 months:</p><p>So there you have a clear contrast -- AMD is the up-and-comer, and it has been that way for decades. Intel's stock is cheaply priced to expected earnings, the company has a new CEO with a new strategy and is trying to move into new areas. Competition for Intel and AMD with Nvidia in the data-center space will be hot -- it is a story that will take years to unfold.</p><p>Intel has been a tremendous free-cash-flow grower over the long term, as you can see here . AMD is growing very quickly.</p><p>So maybe each stock is for a different type of investor. Or maybe investors should consider holding both.</p><p>-Philip van Doorn; 415-439-6400; AskNewswires@dowjones.com</p><p><a href=\"https://laohu8.com/S/END\">$(END)$</a> Dow Jones Newswires</p><p>May 26, 2021 08:42 ET (12:42 GMT)</p><p>Copyright (c) 2021 Dow Jones &amp; Company, Inc.</p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"NVDA":"英伟达","INTC":"英特尔","MSFT":"微软","09086":"华夏纳指-U","03086":"华夏纳指","SOXX":"iShares费城交易所半导体ETF","AMD":"美国超微公司"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2138174701","content_text":"MW Intel vs. AMD -- should you buy either stock now?By Philip van DoornAMD has been an outperformer for years, but Intel is still a dominant presence.Despite its woes, Intel Corp. remains the largest provider of core processors for \"x86\" PCs and servers. Its smaller rival for decades has been Advanced Micro Devices Inc. , which has made big strides in the past few years under CEO Lisa Su.PC manufacturers and users have their preferences. For investors, Advanced Micro Devices $(AMD)$ has been the clear winner. But Intel $(INTC)$ has a tremendous R&D budget, has been an excellent cash-flow grower and has enjoyed decades of dominance in its main area of business.Where Intel and AMD fit in\"Intel is the main supplier of x86 processors and the dominant supplier of x86 server CPUs for data center applications,\" according to Dean McCarron, president of Mercury Research, a provider of PC industry data. Most PCs using x86 processors run Microsoft Corp.'s $(MSFT)$ Windows operating system.Mercury Research provides market-share data based on unit shipments. Here is its worldwide breakdown for overall x86 CPU market share for the first quarter, with comparisons to the previous and year-earlier quarters:Intel remains the leader, but you can see that for the first quarter, AMD's market share increased tremendously from a year earlier. Then again, AMD's first-quarter share was down a bit from the previous quarter.For graphics processing units (GPUs), AMD competes with Nvidia Corp. $(NVDA)$.\"In the conventional graphics market, Nvidia is dominant, but AMD is also respectably large,\" McCarron said.According to Mercury Research, Nvidia's share in the conventional GPU market was 81%, with a 19% market share for AMD in the fourth quarter (the most recent for which unit sales data is available).Competition for data-center GPUs is expected to heat up. Again, Nvidia dominates, as AMD's market share is less than 10%, according to McCarron. But Intel is expected to begin shipping its own data-center GPUs, code-named Ponte Vecchio, in the fourth quarter or early in 2022.Key metricsSize and salesHere are the companies' sizes by market capitalization and sales, with all figures in millions:These numbers are fascinating, as they show how much more the stock market values AMD relative to sales. If we divide AMD's current market cap by first-quarter sales (annualized), we have a price-to-sales ratio of 6.9, against 2.9 for Intel.The next chart will help explain why.Sales growth and profitabilityHere's a look at both companies' sales growth for the first quarter from the year-earlier quarter, along with gross margins and operating margins.Here AMD is the big winner, with first-quarter sales nearly doubling from a year earlier. The overall market is growing and both companies' sales are increasing, but AMD is giving investors what they want.A company's gross margin is its net sales, less the cost of goods or services sold, divided by sales. Net sales exclude returns and discounts. The cost of goods or services sold includes the actual costs for making the items sold or providing the services sold. It doesn't reflect other overhead expenses. It is a useful measurement of pricing power, and a combination of high sales growth and improved gross margin is a good sign.Intel's first-quarter gross margin narrowed, while AMD's widened.A company's operating margin is its earnings before interest, taxes and depreciation divided by net sales. It can be considered \"return on sales.\"When comparing the first quarter of 2021 with the year-earlier quarter, you can see a significant narrowing of Intel's operating margin and improvement for AMD's operating margin.One advantage of Intel under CEO Pat Gelsinger, who took up his new position in February, is that Intel can spend so much more on research and development. During the first quarter, Intel spent $3.62 billion on R&D, while AMD spent $610 million.You can read more about Gelsinger's strategy and challenges here .Free cash flowA company's free cash flow $(FCF)$ is its remaining cash flow after planned capital expenditures. A company's free cash flow yield can be calculated by dividing the past 12 months' free cash flow per share by the current share price.This chart shows both companies have grown free cash flow over the past three full years, and that Intel has a much higher FCF yield than AMD:Intel's FCF yield of 8.11% shows the company has plenty of \"headroom\" above its current dividend yield, which is 2.44%. (AMD doesn't pay a dividend.) So Intel is better-positioned than AMD to deploy more cash through expansion, share buybacks or dividend increases.Intel made both the three- and five-year lists of free-cash-flow compounders, which you can see here .Stock valuation and performanceHere are forward price-to-earnings ratios based on consensus earnings estimates for the next 12 months among analysts polled by FactSet, along with total return figures:Intel has shined this year, as AMD has pulled back. Intel is also far cheaper when you look at forward price-to-earnings ratios. Those are based on current share prices and consensus earnings estimates for the next 12 months among analysts polled by FactSet. In comparison, forward P/Es are 21.5 for the S&P 500 Index , 27 for the Invesco QQQ Trust $(QQQ)$ (which tracks the Nasdaq-100 Index) and 20.3 for the iShares PHLX Semiconductor ETF $(SOXX)$.If you review longer periods, AMD has been the clear outperformer, until you look at the 15-year figures.These companies have been competing for the PC CPU market for decades. Here's a 20-year total-return chart:And 30 years:You can see from the 20- and 30-year charts that these rivals and swung back and forth in the eyes of investors repeatedly.Wall Street's opinionAMD is the favorite among analysts at brokerage firms, who expect great things for the stock over the next 12 months:So there you have a clear contrast -- AMD is the up-and-comer, and it has been that way for decades. Intel's stock is cheaply priced to expected earnings, the company has a new CEO with a new strategy and is trying to move into new areas. Competition for Intel and AMD with Nvidia in the data-center space will be hot -- it is a story that will take years to unfold.Intel has been a tremendous free-cash-flow grower over the long term, as you can see here . AMD is growing very quickly.So maybe each stock is for a different type of investor. Or maybe investors should consider holding both.-Philip van Doorn; 415-439-6400; AskNewswires@dowjones.com$(END)$ Dow Jones NewswiresMay 26, 2021 08:42 ET (12:42 GMT)Copyright (c) 2021 Dow Jones & Company, 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<a href=\"https://laohu8.com/U/3576743864671418\">@mikiiii</a>:长期看好，短期可能不行。 华尔街希望英特尔拆分，他们能从中挣很多钱。 但是Pat是英特尔的老人了，他的策论让英特尔更长寿。//<a href=\"https://laohu8.com/U/3576743864671418\">@mikiiii</a>:小伙子，到底能不能买呀？没有重点啊少年。","listText":"回复 <a href=\"https://laohu8.com/U/3576743864671418\">@mikiiii</a>:长期看好，短期可能不行。 华尔街希望英特尔拆分，他们能从中挣很多钱。 但是Pat是英特尔的老人了，他的策论让英特尔更长寿。//<a href=\"https://laohu8.com/U/3576743864671418\">@mikiiii</a>:小伙子，到底能不能买呀？没有重点啊少年。","text":"回复 @mikiiii:长期看好，短期可能不行。 华尔街希望英特尔拆分，他们能从中挣很多钱。 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height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n特斯拉副总裁陶琳：在车辆使用环节要加强消费者教育\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-05-10 17:50 北京时间&nbsp;&nbsp;&nbsp;<a href=https://news.mydrivers.com/1/755/755686.htm><strong>快科技</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>毫无疑问，因为女车主维权，众多车主曝光相继曝光“失控”事故，特斯拉近段时间成为了汽车圈的热搜话题。不过，在特斯拉自己眼中，作为智能汽车的代表品牌，在安全性方面，也要比传统汽车更为安全。但是，网上频繁曝出的事故，或许也与消费者不熟悉车辆操作有关。近日， 特斯拉全球副总裁陶琳在接受媒体采访时表示，“我们每个季度发布的安全报告，都可以显示，特斯拉的车尤其是用了自动驾驶的系统之后，有效地提升了车辆安全。”...</p>\n\n<a href=\"https://news.mydrivers.com/1/755/755686.htm\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/5e4e72d418506251735b331de99643eb","relate_stocks":{"TSLA":"特斯拉"},"source_url":"https://news.mydrivers.com/1/755/755686.htm","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1102968657","content_text":"毫无疑问，因为女车主维权，众多车主曝光相继曝光“失控”事故，特斯拉近段时间成为了汽车圈的热搜话题。不过，在特斯拉自己眼中，作为智能汽车的代表品牌，在安全性方面，也要比传统汽车更为安全。但是，网上频繁曝出的事故，或许也与消费者不熟悉车辆操作有关。近日， 特斯拉全球副总裁陶琳在接受媒体采访时表示，“我们每个季度发布的安全报告，都可以显示，特斯拉的车尤其是用了自动驾驶的系统之后，有效地提升了车辆安全。”下一步出了要进一步提升整车的研发，在车辆的使用环节，还需要加强消费者的教育，比方说我们现在其实需要去跟驾校、交通部门去合作，让大家了解新型汽车的使用方法，避免在使用环节当中的误操作，或者说因为功能上不太了解而带来的一些其他的问题。同时，她还补充道：“总体来讲，智能汽车肯定是会比以前的传统汽车更加安全。”值得一提的是，前段时间，网络上曝出一系列特斯拉事故，同时，还有不少车主质疑“刹车失灵”，但是特斯拉回应往往都是“车辆无问题，车主误操作所致”。对于这样的说法，你又有什么看法呢？","news_type":1},"isVote":1,"tweetType":1,"viewCount":838,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":378954971,"gmtCreate":1618994285993,"gmtModify":1618994285993,"author":{"id":"3536267907686118","authorId":"3536267907686118","name":"sunxshine","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3536267907686118","authorIdStr":"3536267907686118"},"themes":[],"htmlText":"很正常，英特尔要抢台积电饭碗，台积电当然早说难听话了，哈哈哈哈","listText":"很正常，英特尔要抢台积电饭碗，台积电当然早说难听话了，哈哈哈哈","text":"很正常，英特尔要抢台积电饭碗，台积电当然早说难听话了，哈哈哈哈","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/378954971","repostId":"2129820007","repostType":2,"repost":{"id":"2129820007","kind":"news","pubTimestamp":1618988527,"share":"https://www.laohu8.com/m/news/2129820007?lang=&edition=full","pubTime":"2021-04-21 15:02","market":"hk","language":"zh","title":"张忠谋：英特尔要做晶圆代工很讽刺，当初还拒绝投资台积电","url":"https://stock-news.laohu8.com/highlight/detail?id=2129820007","media":"新浪科技-自媒体综合","summary":"先讲重点，近期英特尔新任首席执行官Pat Gelsinger宣布要大张旗鼓进军晶圆代工领域，并斥资200亿美元新建晶圆厂扩大产能，这样的政策大转弯明显是冲着台积电而来。张忠谋在今日的演讲中回应，英特尔要做晶圆代工业务相当讽刺。","content":"<html><body><p>\n<span>\n<img src=\"http://p.ivideo.sina.com.cn/video/388/613/743/388613743.jpg\"/>\n<em><span></span></em>\n</span>\n<font>芯片大事件：<a href=\"https://laohu8.com/S/ASML\">阿斯麦</a>英特尔发布新财报，<a href=\"https://laohu8.com/S/AAPL\">苹果</a>春季发布会来袭</font>\n</p><p>来源：问芯Voice（semiconvoice）　</p>\n<p>       作者：<span> </span><span>连于慧</span></p>\n<p><a href=\"https://laohu8.com/S/TSM\">台积电</a>创办人张忠谋今日出席经济日报主办的“ 2021 大师智库论坛：新经济、新机遇、新挑战”时，分享 1950 ～ 2000 年全球半导体产业那一段风云际会、豪杰辈出的精彩年代，我们只在教课书上看得到的那一群改变人类生活的大人物，张忠谋却分享了不少他们的小秘辛。</p>\n<figure>\n<img h=\"472\" src=\"http://n.sinaimg.cn/tech/transform/302/w630h472/20210421/73e9-kpamyih9490894.jpg\" w=\"630\"/>\n<h2></h2>\n</figure>\n<p>先讲重点，近期<a href=\"https://laohu8.com/S/INTC\">英特尔</a>新任首席执行官 Pat Gelsinger 宣布要大张旗鼓进军晶圆代工领域，并斥资 200 亿美元新建晶圆厂扩大产能，这样的政策大转弯明显是冲着台积电而来。</p>\n<p>张忠谋在今日的演讲中回应，英特尔要做晶圆代工业务相当讽刺。台积电 1986 年成立，在 1985 年筹资期间就找英特尔投资，但是英特尔拒绝，虽然当年度的景气状况没有太好，但仍是有一点看不起的意味。</p>\n<p>不过他也强调，台积电成立后，当时英特尔创办人暨首席执行官 Andrew Grove 还是帮了台积电大忙（台积电刚成立之初锁定国际客户，但没有国外公司敢下单投产，英特尔给了第一笔订单），但他一定没想到晶圆代工模式有一天会如此重要，且今日英特尔也要开始做晶圆代工。</p>\n<p>张忠谋演讲的主题是：“珍惜台湾半导体晶圆制造优势”，但他考虑到现场很多听众是金融业人士，都并非来自资讯业，因此花了很多时间把半导体简史帮大家复习一遍，结果光是把半导体简史和巨头的小趣闻讲完，演讲时间已经过了五分之四。</p>\n<figure>\n<img h=\"472\" src=\"http://n.sinaimg.cn/tech/transform/302/w630h472/20210421/82eb-kpamyih9491141.jpg\" w=\"630\"/>\n<h2></h2>\n</figure>\n<figure>\n<img h=\"412\" src=\"http://n.sinaimg.cn/tech/transform/162/w550h412/20210421/8a01-kpamyih9491364.jpg\" w=\"550\"/>\n<h2></h2>\n</figure>\n<p>张忠谋描述，一直到 1948 年左右，半导体的概念仅被科学家所了解。那一年，世界一流的贝尔实验室中，有三位物理学家肖克莱 Shockley、巴丁 Bardeen、布拉顿 Brattain 发明了晶体管，该项发明更在 1956 年获得诺贝尔奖。</p>\n<p>在晶体管被发明之前，电脑都是用真空管做的，因此那时美国用的电脑体积非常巨大，电脑大到占据整个房间。</p>\n<p>张忠谋和肖克莱也颇有渊源。他指出，肖克莱和他妈妈是同一年生，他在史坦福求学时当过肖克莱的学生。</p>\n<p>不过，他当肖克莱的学生时印象不太好。他以“难以忘怀他的傲慢”来形容肖克莱。张忠谋说，许多学生包括他自己都不太敢问肖克莱问题，因为一开口会先被奚落一番。</p>\n<p>晶体管在 1948 年被发明后，AT&amp;T 知道晶体管的重要性，不能自己霸占晶体管的发明，因此从 1952 年起授权给很多公司使用，包括 <a href=\"https://laohu8.com/S/IBM\">IBM</a>、<a href=\"https://laohu8.com/S/TXN\">德州仪器</a>、GE、RCA 等十几家公司。当时电脑和半导体两个行业是平行发展的，因为电脑是需要晶体管的。</p>\n<p>张忠谋在 1955 年加入半导体行业，1958 年加入德州仪器。当时，他有一位新同事叫杰克·基尔比 Jack Kilby，只有 Master 学历，没有读到博士学位，常常说“我不是科学家，我是工程师”，最后他发明了集成电路。 2000 年集成电路更获得了诺贝尔物理学奖。</p>\n<p>张忠谋回忆，1950 年代的半导体圈子非常小，有次他与<a href=\"https://laohu8.com/S/FCS\">仙童半导体</a>和英特尔的联合创办人Robert Noyce，以及英特尔的<a href=\"https://laohu8.com/S/C41.SI\">高登</a>摩尔 Gordon Moore 在华盛顿喝啤酒。</p>\n<p>那一年，张忠谋才 27 岁，Noyce 才 31 岁、Moore 才 29 岁，他们对于加入半导体行业都感到非常兴奋，那天晚上，三个人喝完啤酒在雪花飘摇中，回旅馆的路上还兴奋地一边唱歌。</p>\n<p>这些改变人类生活的全世界半导体巨头们，在张忠谋的口述历史中，就像是走入时光隧道般，他们年轻时期的英姿飒爽、充满朝气活力的样貌，仿佛被他的回忆带到读者的眼前，大家都亲临那个豪杰辈出且风云际会的闪耀年代。</p>\n<div sax-type=\"proxy\"></div><p>在这些人当中，Robert Noyce 在 1990 年就心脏病发过世了，那年他才 63 岁。</p>\n<p>张忠谋透露，“ Noyce 可是完完整整活了一个 whole life（完整人生），因为他的女朋友一大推，还常常自己开飞机、潜水，人生历程非常丰富有趣。”</p>\n<p>现年 92 岁的的 Gordon Moore 现在长年住在夏威夷的大岛 Big island; 英特尔的 Grove 则是在 2016 年逝世。</p>\n<p>张忠谋谈到那些早年一起谈论著世人还不太了解什么是半导体的老朋友们，那些充满豪情壮志、满腹理想的改变世界的那一群人。从人生的灿烂绽放到年老凋零，他的语气也格外感慨。</p>\n<figure>\n<img h=\"412\" src=\"http://n.sinaimg.cn/tech/transform/162/w550h412/20210421/8a01-kpamyih9491364.jpg\" w=\"550\"/>\n<h2></h2>\n</figure>\n<p><strong>半导体世界的几项大发明</strong></p>\n<p>全球半导体产业有几项重要发明：晶体管、摩尔定律、MOSFET、集成电路。台积电在 1987 年发明晶圆代工模式也是其一。</p>\n<p>台湾半导体产业起源于 1975 年从美国无线电公司RCA做技术转移。</p>\n<p>张忠谋表示，当时 RCA 技术已经落后，经过十年后台积电创立时，该技术更是落后了两、三代。</p>\n<p>他笑言，台积电创立晶圆代工模式时，当时最大的优点是没有竞争对手，但缺点是完全没有客户。</p>\n<p><strong>美国、大陆、南韩，如何看待三大对手？</strong></p>\n<p>讲到美国积极复兴半导体制造产业，张忠谋认为，美国做事永远是“胡萝卜与棒子”一起，所谓的胡萝卜指的当然是州政府的补贴政策。不过，补贴只不过短期几年而已，是不能弥补长期的竞争劣势，过了补贴政策的那几年，还是要看实力。</p>\n<p>他也强调，美国晶圆制造的条件与台湾相较具有绝对优势，包括水电等资源，但是美国的人才的敬业程度和台湾不能比，台湾有大量优秀的工程师、技师、作业员比较愿意投入制造业。</p>\n<p>谈到与大陆半导体制造的竞争，张忠谋表示，大陆半导体制造业落后台湾 5 年以上。</p>\n<p>谈到南韩，在张忠谋眼中，<a href=\"https://laohu8.com/S/SMSN.UK\">三星</a>才是台积电真正强劲的对手，或许是因为南韩与台湾在很多优势上有着高度的共同性。</p>\n<p>张忠谋表示，南韩在制造上的优势和台湾太相似，包括人才特性等。南韩和台湾的经理人都有个相似处，这些人在台湾都是一流人才，但到了国外则未必。再者，三星要调动人也非常方便，也与台湾相似。</p>\n<div>\n<img src=\"http://n.sinaimg.cn/default/2fb77759/20151125/320X320.png\"/>\n</div>\n</body></html>","source":"sina_tech","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>张忠谋：英特尔要做晶圆代工很讽刺，当初还拒绝投资台积电</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ 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}\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n张忠谋：英特尔要做晶圆代工很讽刺，当初还拒绝投资台积电\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-04-21 15:02 北京时间&nbsp;&nbsp;&nbsp;<a href=https://tech.sina.cn/it/2021-04-21/detail-ikmyaawc0988245.d.html?vt=4><strong>新浪科技-自媒体综合</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>芯片大事件：阿斯麦英特尔发布新财报，苹果春季发布会来袭\n来源：问芯Voice（semiconvoice）　\n       作者： 连于慧\n台积电创办人张忠谋今日出席经济日报主办的“ 2021 大师智库论坛：新经济、新机遇、新挑战”时，分享 1950 ～ 2000 年全球半导体产业那一段风云际会、豪杰辈出的精彩年代，我们只在教课书上看得到的那一群改变人类生活的大人物，张忠谋却分享了不少他们的小秘辛。...</p>\n\n<a href=\"https://tech.sina.cn/it/2021-04-21/detail-ikmyaawc0988245.d.html?vt=4\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://k.sinaimg.cn/n/tech/transform/302/w630h472/20210421/73e9-kpamyih9490894.jpg/w120h90l50t1f8d.jpg","relate_stocks":{"03145":"华夏亚洲高息股","TSM":"台积电","09086":"华夏纳指-U","INTC":"英特尔","03086":"华夏纳指","EWT":"台湾ETF-iShares MSCI"},"source_url":"https://tech.sina.cn/it/2021-04-21/detail-ikmyaawc0988245.d.html?vt=4","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2129820007","content_text":"芯片大事件：阿斯麦英特尔发布新财报，苹果春季发布会来袭\n来源：问芯Voice（semiconvoice）　\n       作者： 连于慧\n台积电创办人张忠谋今日出席经济日报主办的“ 2021 大师智库论坛：新经济、新机遇、新挑战”时，分享 1950 ～ 2000 年全球半导体产业那一段风云际会、豪杰辈出的精彩年代，我们只在教课书上看得到的那一群改变人类生活的大人物，张忠谋却分享了不少他们的小秘辛。\n\n\n\n\n先讲重点，近期英特尔新任首席执行官 Pat Gelsinger 宣布要大张旗鼓进军晶圆代工领域，并斥资 200 亿美元新建晶圆厂扩大产能，这样的政策大转弯明显是冲着台积电而来。\n张忠谋在今日的演讲中回应，英特尔要做晶圆代工业务相当讽刺。台积电 1986 年成立，在 1985 年筹资期间就找英特尔投资，但是英特尔拒绝，虽然当年度的景气状况没有太好，但仍是有一点看不起的意味。\n不过他也强调，台积电成立后，当时英特尔创办人暨首席执行官 Andrew Grove 还是帮了台积电大忙（台积电刚成立之初锁定国际客户，但没有国外公司敢下单投产，英特尔给了第一笔订单），但他一定没想到晶圆代工模式有一天会如此重要，且今日英特尔也要开始做晶圆代工。\n张忠谋演讲的主题是：“珍惜台湾半导体晶圆制造优势”，但他考虑到现场很多听众是金融业人士，都并非来自资讯业，因此花了很多时间把半导体简史帮大家复习一遍，结果光是把半导体简史和巨头的小趣闻讲完，演讲时间已经过了五分之四。\n\n\n\n\n\n\n\n\n张忠谋描述，一直到 1948 年左右，半导体的概念仅被科学家所了解。那一年，世界一流的贝尔实验室中，有三位物理学家肖克莱 Shockley、巴丁 Bardeen、布拉顿 Brattain 发明了晶体管，该项发明更在 1956 年获得诺贝尔奖。\n在晶体管被发明之前，电脑都是用真空管做的，因此那时美国用的电脑体积非常巨大，电脑大到占据整个房间。\n张忠谋和肖克莱也颇有渊源。他指出，肖克莱和他妈妈是同一年生，他在史坦福求学时当过肖克莱的学生。\n不过，他当肖克莱的学生时印象不太好。他以“难以忘怀他的傲慢”来形容肖克莱。张忠谋说，许多学生包括他自己都不太敢问肖克莱问题，因为一开口会先被奚落一番。\n晶体管在 1948 年被发明后，AT&T 知道晶体管的重要性，不能自己霸占晶体管的发明，因此从 1952 年起授权给很多公司使用，包括 IBM、德州仪器、GE、RCA 等十几家公司。当时电脑和半导体两个行业是平行发展的，因为电脑是需要晶体管的。\n张忠谋在 1955 年加入半导体行业，1958 年加入德州仪器。当时，他有一位新同事叫杰克·基尔比 Jack Kilby，只有 Master 学历，没有读到博士学位，常常说“我不是科学家，我是工程师”，最后他发明了集成电路。 2000 年集成电路更获得了诺贝尔物理学奖。\n张忠谋回忆，1950 年代的半导体圈子非常小，有次他与仙童半导体和英特尔的联合创办人Robert Noyce，以及英特尔的高登摩尔 Gordon Moore 在华盛顿喝啤酒。\n那一年，张忠谋才 27 岁，Noyce 才 31 岁、Moore 才 29 岁，他们对于加入半导体行业都感到非常兴奋，那天晚上，三个人喝完啤酒在雪花飘摇中，回旅馆的路上还兴奋地一边唱歌。\n这些改变人类生活的全世界半导体巨头们，在张忠谋的口述历史中，就像是走入时光隧道般，他们年轻时期的英姿飒爽、充满朝气活力的样貌，仿佛被他的回忆带到读者的眼前，大家都亲临那个豪杰辈出且风云际会的闪耀年代。\n在这些人当中，Robert Noyce 在 1990 年就心脏病发过世了，那年他才 63 岁。\n张忠谋透露，“ Noyce 可是完完整整活了一个 whole life（完整人生），因为他的女朋友一大推，还常常自己开飞机、潜水，人生历程非常丰富有趣。”\n现年 92 岁的的 Gordon Moore 现在长年住在夏威夷的大岛 Big island; 英特尔的 Grove 则是在 2016 年逝世。\n张忠谋谈到那些早年一起谈论著世人还不太了解什么是半导体的老朋友们，那些充满豪情壮志、满腹理想的改变世界的那一群人。从人生的灿烂绽放到年老凋零，他的语气也格外感慨。\n\n\n\n\n半导体世界的几项大发明\n全球半导体产业有几项重要发明：晶体管、摩尔定律、MOSFET、集成电路。台积电在 1987 年发明晶圆代工模式也是其一。\n台湾半导体产业起源于 1975 年从美国无线电公司RCA做技术转移。\n张忠谋表示，当时 RCA 技术已经落后，经过十年后台积电创立时，该技术更是落后了两、三代。\n他笑言，台积电创立晶圆代工模式时，当时最大的优点是没有竞争对手，但缺点是完全没有客户。\n美国、大陆、南韩，如何看待三大对手？\n讲到美国积极复兴半导体制造产业，张忠谋认为，美国做事永远是“胡萝卜与棒子”一起，所谓的胡萝卜指的当然是州政府的补贴政策。不过，补贴只不过短期几年而已，是不能弥补长期的竞争劣势，过了补贴政策的那几年，还是要看实力。\n他也强调，美国晶圆制造的条件与台湾相较具有绝对优势，包括水电等资源，但是美国的人才的敬业程度和台湾不能比，台湾有大量优秀的工程师、技师、作业员比较愿意投入制造业。\n谈到与大陆半导体制造的竞争，张忠谋表示，大陆半导体制造业落后台湾 5 年以上。\n谈到南韩，在张忠谋眼中，三星才是台积电真正强劲的对手，或许是因为南韩与台湾在很多优势上有着高度的共同性。\n张忠谋表示，南韩在制造上的优势和台湾太相似，包括人才特性等。南韩和台湾的经理人都有个相似处，这些人在台湾都是一流人才，但到了国外则未必。再者，三星要调动人也非常方便，也与台湾相似。","news_type":1},"isVote":1,"tweetType":1,"viewCount":2705,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":851851069,"gmtCreate":1634894812366,"gmtModify":1634894812366,"author":{"id":"3536267907686118","authorId":"3536267907686118","name":"sunxshine","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3536267907686118","authorIdStr":"3536267907686118"},"themes":[],"htmlText":"<a 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01:13","market":"us","language":"zh","title":"苹果推出新版紫色iPhone 12和iPhone 12 mini","url":"https://stock-news.laohu8.com/highlight/detail?id=1189009184","media":"老虎资讯综合","summary":"苹果公司举行春季发布会。苹果首席执行官蒂姆·库克：推出全新紫色iPhone 12和iPhone 12 mini。Apple Card将允许配偶和伴侣共享信用额度。苹果推出新款Apple TV 4K，将具备更快的A12仿生学处理器。苹果新款iMac电脑起售价1299美元。苹果推出2021年新款iPad Pro，同样搭载苹果自研芯片“M1”。11英寸版本iPad Pro可于4月30日起接受预订，5月下旬上市。苹果发布会并未提及苹果汽车相关事项。苹果盘中低位震荡，跌幅在1%左右。","content":"<p>苹果公司举行春季发布会。苹果首席执行官蒂姆·库克：推出全新紫色iPhone 12和iPhone 12 mini。</p><p><img src=\"https://static.tigerbbs.com/7bb650f5b0d3104a2f50031166c654dc\" tg-width=\"2048\" tg-height=\"1152\" referrerpolicy=\"no-referrer\"></p><p>苹果首席执行官蒂姆·库克表示Apple Card是有史以来最成功的信用卡产品。<img src=\"https://static.tigerbbs.com/971da0d7e444804fc3b8ae87deac9b1d\" tg-width=\"1526\" tg-height=\"851\" referrerpolicy=\"no-referrer\"></p><p>Apple Card将允许配偶和伴侣共享信用额度。库克介绍Apple播客app，推出播客订阅服务。</p><p>苹果推出追踪器配件AirTag，AirTag将于本周五开始订购，AirTag将在APPLE.COM出售，一套和四套的售价分别为29美元（美国地区售价）和99美元（美国地区售价）。</p><p><img src=\"https://static.tigerbbs.com/49de8d6362ac5cea990b248f37bc7398\" tg-width=\"1522\" tg-height=\"835\" referrerpolicy=\"no-referrer\"></p><p>苹果推出新款Apple TV 4K，将具备更快的A12仿生学处理器。可以按更高的帧率播放HDR。新款TV产品新增若干按钮，具备远程操作功能。32GB售价179美元，64GB售价199美元。</p><p><img src=\"https://static.tigerbbs.com/80299365d94ead288ef8026cb9584d4c\" tg-width=\"1167\" tg-height=\"685\" referrerpolicy=\"no-referrer\"></p><p>苹果推出新款iMac，搭载自研芯片M1，将提供多种颜色可供选择。苹果新款iMac电脑起售价1299美元。</p><p><img src=\"https://static.tigerbbs.com/3fd6a7c6769349362dc95160c3f815b0\" tg-width=\"1554\" tg-height=\"891\" referrerpolicy=\"no-referrer\"></p><p>苹果推出2021年新款iPad Pro，同样搭载苹果自研芯片“M1”。新款iPad Pro将提供2TB存储版本，增加了5G支持，增加雷霆接口、USB-4端口支持，将配置前置新款超广角摄像头。新的11英寸和12.9英寸的iPad Pro将有银色和太空灰两种颜色可供选择。11英寸版本起售价799美元，12.9英寸版本售价1099美元。11英寸版本iPad Pro可于4月30日起接受预订，5月下旬上市。</p><p>苹果发布会并未提及苹果汽车相关事项。</p><p>苹果盘中低位震荡，跌幅在1%左右。</p><p><img src=\"https://static.tigerbbs.com/fe31bfcd30da3138ab5382beb5577c94\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>苹果推出新版紫色iPhone 12和iPhone 12 mini</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; 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8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n苹果推出新版紫色iPhone 12和iPhone 12 mini\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">老虎资讯综合 </p>\n<p class=\"h-time\">2021-04-21 01:13</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<p>苹果公司举行春季发布会。苹果首席执行官蒂姆·库克：推出全新紫色iPhone 12和iPhone 12 mini。</p><p><img src=\"https://static.tigerbbs.com/7bb650f5b0d3104a2f50031166c654dc\" tg-width=\"2048\" tg-height=\"1152\" referrerpolicy=\"no-referrer\"></p><p>苹果首席执行官蒂姆·库克表示Apple Card是有史以来最成功的信用卡产品。<img src=\"https://static.tigerbbs.com/971da0d7e444804fc3b8ae87deac9b1d\" tg-width=\"1526\" tg-height=\"851\" referrerpolicy=\"no-referrer\"></p><p>Apple Card将允许配偶和伴侣共享信用额度。库克介绍Apple播客app，推出播客订阅服务。</p><p>苹果推出追踪器配件AirTag，AirTag将于本周五开始订购，AirTag将在APPLE.COM出售，一套和四套的售价分别为29美元（美国地区售价）和99美元（美国地区售价）。</p><p><img src=\"https://static.tigerbbs.com/49de8d6362ac5cea990b248f37bc7398\" tg-width=\"1522\" tg-height=\"835\" referrerpolicy=\"no-referrer\"></p><p>苹果推出新款Apple TV 4K，将具备更快的A12仿生学处理器。可以按更高的帧率播放HDR。新款TV产品新增若干按钮，具备远程操作功能。32GB售价179美元，64GB售价199美元。</p><p><img src=\"https://static.tigerbbs.com/80299365d94ead288ef8026cb9584d4c\" tg-width=\"1167\" tg-height=\"685\" referrerpolicy=\"no-referrer\"></p><p>苹果推出新款iMac，搭载自研芯片M1，将提供多种颜色可供选择。苹果新款iMac电脑起售价1299美元。</p><p><img src=\"https://static.tigerbbs.com/3fd6a7c6769349362dc95160c3f815b0\" tg-width=\"1554\" tg-height=\"891\" referrerpolicy=\"no-referrer\"></p><p>苹果推出2021年新款iPad Pro，同样搭载苹果自研芯片“M1”。新款iPad Pro将提供2TB存储版本，增加了5G支持，增加雷霆接口、USB-4端口支持，将配置前置新款超广角摄像头。新的11英寸和12.9英寸的iPad Pro将有银色和太空灰两种颜色可供选择。11英寸版本起售价799美元，12.9英寸版本售价1099美元。11英寸版本iPad Pro可于4月30日起接受预订，5月下旬上市。</p><p>苹果发布会并未提及苹果汽车相关事项。</p><p>苹果盘中低位震荡，跌幅在1%左右。</p><p><img src=\"https://static.tigerbbs.com/fe31bfcd30da3138ab5382beb5577c94\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"></p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/7bb650f5b0d3104a2f50031166c654dc","relate_stocks":{"AAPL":"苹果"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1189009184","content_text":"苹果公司举行春季发布会。苹果首席执行官蒂姆·库克：推出全新紫色iPhone 12和iPhone 12 mini。苹果首席执行官蒂姆·库克表示Apple Card是有史以来最成功的信用卡产品。Apple Card将允许配偶和伴侣共享信用额度。库克介绍Apple播客app，推出播客订阅服务。苹果推出追踪器配件AirTag，AirTag将于本周五开始订购，AirTag将在APPLE.COM出售，一套和四套的售价分别为29美元（美国地区售价）和99美元（美国地区售价）。苹果推出新款Apple TV 4K，将具备更快的A12仿生学处理器。可以按更高的帧率播放HDR。新款TV产品新增若干按钮，具备远程操作功能。32GB售价179美元，64GB售价199美元。苹果推出新款iMac，搭载自研芯片M1，将提供多种颜色可供选择。苹果新款iMac电脑起售价1299美元。苹果推出2021年新款iPad Pro，同样搭载苹果自研芯片“M1”。新款iPad Pro将提供2TB存储版本，增加了5G支持，增加雷霆接口、USB-4端口支持，将配置前置新款超广角摄像头。新的11英寸和12.9英寸的iPad Pro将有银色和太空灰两种颜色可供选择。11英寸版本起售价799美元，12.9英寸版本售价1099美元。11英寸版本iPad Pro可于4月30日起接受预订，5月下旬上市。苹果发布会并未提及苹果汽车相关事项。苹果盘中低位震荡，跌幅在1%左右。","news_type":1},"isVote":1,"tweetType":1,"viewCount":643,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":310564289,"gmtCreate":1611333631041,"gmtModify":1703750022153,"author":{"id":"3536267907686118","authorId":"3536267907686118","name":"sunxshine","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3536267907686118","authorIdStr":"3536267907686118"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/INTC\">$英特尔(INTC)$</a>美股很奇怪，有时候财报好也要大跌，之前赌过zoom财报，一个德行。还是价值投资吧。英特尔早早的就转型了，又有新CEO加持，王者会归来的。加油吧。","listText":"<a href=\"https://laohu8.com/S/INTC\">$英特尔(INTC)$</a>美股很奇怪，有时候财报好也要大跌，之前赌过zoom财报，一个德行。还是价值投资吧。英特尔早早的就转型了，又有新CEO加持，王者会归来的。加油吧。","text":"$英特尔(INTC)$美股很奇怪，有时候财报好也要大跌，之前赌过zoom财报，一个德行。还是价值投资吧。英特尔早早的就转型了，又有新CEO加持，王者会归来的。加油吧。","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/310564289","isVote":1,"tweetType":1,"viewCount":1537,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0}],"lives":[]}