这次真挺猛！18A 制程 + 两项技术打底，核显直接能扛 3A 大作，开起 XeSS 技术《黑神话》帧率飙到 209 帧。180 TOPS AI 算力本地处理超丝滑，99.9Wh 大电池从早用到晚还剩 56% 电量，这次英特尔AI PC性能续航全在线～ 这次真挺猛！18A 制程 + 两项技术打底，核显直接能扛 3A 大作，开起 XeSS 技术《黑神话》帧率飙到 209 帧。180 TOPS AI 算力本地处理超丝滑，99.9Wh 大电池从早用到晚还剩 56% 电量，这次英特尔AI PC性能续航全在线～ ...

（文章来源：每日经济新闻） 每经AI快讯，1月26日，英特尔美股盘前下跌1.86%，该股前一交易日大跌17%。 ...

英特尔(INTC.US)盘前续跌1.7%，报44.3美元。消息面上，英特尔上季业绩胜于预期，但由于内部供应 限制，致使今年首季指引低于市场预期，拖累该股上周五大跌超17%。花旗研报指，基于毛利率下滑， 下调英特尔2026及27财年每股盈测，目标价由50美元下调至48美元，维持"中性"评级。此外，RBC Capital将英特尔目标价从50美元下调至48美元，维持"与行业同步"评级。(格隆汇) ...

Truist将英特尔的目标价从39美元上调至49美元，维持"持有"评级。(格隆汇) ...

摩根大通发表研报，重申对英特尔"减持"评级，目标价由30美元上调至35美元。报告指出，英特尔正面 临内部晶圆产能短缺，限制其AI数据中心业务的增长动能，同时在存储器价格压力下，个人计算机需 求前景亦趋疲弱。整体而言，该行预期英特尔数据中心与人工智能业务的增长，可抵消客户端运算业务 的下滑，推动全年录得低至中个位数的按年增长。随着产量提升、18A制程良率改善及服务器处理器价 格上调，毛利率有望在2026年逐步改善，但预计年底毛利率仅能勉强达到40%水平。 ...

【环球网科技报道 记者 林梦雪】"作为人工智能领域的前沿热点，具身智能在CES之后热度持续攀升，其核心要义在于将智能能力 与实体设备深度融合，通过感知-决策-执行-反馈的完整闭环，实现对物理世界的主动改造。"近日，英特尔研究院副总裁、英特尔 中国研究院院长宋继强系统解读了具身智能技术的最新进展、核心挑战与产业落地路径。 硬件产品方面，英特尔最新发布的第三代酷睿Ultra For Edge处理器成为关键支撑。该产品专为工业级应用与物理AI设计，具备180 TOPS的AI算力，采用Intel 18A制程工艺，在能效比上实现显著提升。其核心优势在于工业级可靠性，包括宽温工作范围、10年稳 定供货周期，以及针对机器人场景优化的高实时性与确定性。配合英特尔机器人AI套件与具身智能SDK，形成从硬件到软件的完 整解决方案——前者提供模块化的参考设计与优化软件包，支持传统视觉模型与大模型（含VLA）的高效运行；后者新增LLM任 务规划、EtherCAT实时通信等关键能力，复用英特尔在工业机器人领域的成熟技术积累，大幅降低厂商开发成本。 据他解释，具身智能的核心特征在于物理闭环与主动交互，区别于单纯的信息处理类AI应用。无论 ...

花旗发表研报指，英特尔上季业绩胜于预期，但由于内部供应限制，导致毛利率下滑，致使今年首季指 引低于市场预期，触发该股股价下跌。该行认为，由于AI带动的通用服务器CPU升级需求强劲，如果英 特尔的供应不受限制，其销售额本可超越季节性表现。基于毛利率下滑，该行将其目标价由50美元下调 至48美元，维持"中性"评级。 ...

英特尔CEO陈立武 凤凰网科技讯北京时间1月26日，据《华尔街日报》报道，美国总统特朗普对英特尔的救助，一度让投 资者对这家老牌芯片公司重新燃起希望。然而，英特尔的新一季财报表明，该公司依旧身处困境。 当特朗普承诺向英特尔提供近90亿美元资金，并将其视为符合"美国优先"政策的科技公司时，一个新的 时代似乎就此开启。投资者预计这家麻烦缠身的芯片制造商会接到新的订单，推动英特尔股价在五个月 内飙升了120%。 但是，关注英特尔财报电话会议的投资者希望看到英特尔在亏损的代工业务上取得进展，或者从AI热 潮中获得提振。相反，他们却被提醒，该公司存在深度运营问题，这些问题正是导致这家曾经辉煌的芯 片制造商最初需要救助的原因。 先有鸡还是先有蛋 目前为止，英特尔仍没有为其下一代芯片制造技术14A找到客户。英特尔身处"先有鸡还是先有蛋"的困 境中：它要先找到客户，才敢投资新工厂，但是客户却要先看到14A的技术进展才敢下单。与此同时， 英特尔头号制造竞争对手台积电则在美国大举投资新建芯片制造厂。 由于AI数据中心对其CPU的需求激增，英特尔本应轻松拿下一城，却因供应不足而错失良机。 英特尔Core Ultra300芯片 英特 ...

Summary of Key Points from the Conference Call Industry Overview - The conference call primarily discusses the **Greater China Technology Hardware** industry, with a focus on **Intel** and its implications for related companies in the sector [1][2]. Core Insights and Arguments - **Server Demand**: Intel's comments on robust general server demand align with supply chain observations, boosting confidence in companies with high server exposure such as GCE, Wiwynn, Lotes, and Unimicron [1]. - **1Q26 Guidance**: Intel emphasized internal wafer constraints and depleted buffer inventory, leading to a shift towards more server production compared to PCs. The revenue guidance midpoint for 1Q26 is at the lower end of seasonal expectations, with a notable decline in Client Computing Group (CCG) revenue [2][3]. - **PC Shipments Forecast**: The top five notebook original design manufacturers (NB ODMs) are expected to see a 9% quarter-over-quarter decline in shipments, totaling 29.3 million units, with a year-over-year decrease of 1%. Full-year notebook volumes are projected to decline in the mid- to high-single-digit range [2]. - **Supply Constraints**: Intel highlighted increasing industry-wide constraints for DRAM, NAND, and substrates due to AI infrastructure buildout, which may limit customers' ability to procure Intel CPUs [3][8]. - **Market Dynamics**: The overall PC market is expected to experience a rise in average selling prices (ASPs) in 2026 as vendors prioritize midrange and premium systems to offset higher component costs, particularly for memory [16]. Company-Specific Insights - **Lotes**: Viewed as a potential beneficiary of strong server demand, but PC weakness may offset gains. The lack of opportunities in AI and unattractive valuation leads to an equal-weight rating [4]. - **Unimicron**: Could benefit from Intel regaining market share from AMD in both PC and server markets, as well as increased adoption of EMIB-T in AI chips [4]. - **Intel's Financial Performance**: In 4Q25, Intel reported non-GAAP revenue of $13.874 billion, exceeding estimates. CCG revenue was $8.193 billion (down 7% year-over-year), while Data Center & AI (DCAI) revenue was $4.737 billion (up 9% year-over-year) [31]. Additional Important Information - **PC Shipment Data**: IDC reported 4Q25 PC shipments of 76.4 million units, reflecting a 1% quarter-over-quarter and 10% year-over-year increase, exceeding estimates [13]. - **Market Share**: Lenovo maintained the top position in the PC market with a 25.3% share, followed by HP at 20.1% and Dell at 15.3% [33]. - **Consumer Behavior**: The severity of supply shortages may lead to smaller brands struggling to survive, with consumers potentially delaying purchases or shifting spending to other devices [15]. This summary encapsulates the key points discussed in the conference call, providing insights into the current state and future outlook of the technology hardware industry, particularly in relation to Intel and its market dynamics.

Summary of Conference Call Notes on U.S. Semiconductors: Intel and AMD Industry Overview - The semiconductor industry is experiencing mixed dynamics, with a notable focus on the server market and challenges in the PC segment. [1][2][3] Intel Key Points - **Revenue Estimates**: Intel's Q425 revenue is projected at $13.5 billion with an EPS of $0.10, slightly above consensus estimates. For 2026, revenue is expected to reach $52.2 billion, up from $51.9 billion, but still below consensus of $54.1 billion. [2][12] - **Market Sentiment**: Recent sentiment around Intel has improved due to the launch of the 18A process, positive server market dynamics, and support from the administration. However, there are ongoing concerns about share losses and supply constraints. [3][15][17] - **PC Market Challenges**: Intel has reduced its PC market assumptions by 6% YoY for 2026, citing tough comparisons after a strong 2025 and potential impacts from rising memory prices. [12][14] - **Server Market Growth**: Xeon revenues are expected to grow over 20% YoY in 2026, indicating stronger demand in the server segment. [12][14] - **Valuation Concerns**: Despite positive developments, fundamentals and valuation issues keep analysts sidelined, with a price target raised to $36. [3][8][15] AMD Key Points - **Revenue Estimates**: AMD's Q425 revenue is estimated at $9.7 billion with an EPS of $1.31, in line with consensus. For 2026, revenue is projected at $40.6 billion, up from $40.3 billion, but below consensus of $45.1 billion. [4][19] - **AI Revenue Potential**: AMD's AI initiatives are progressing, with expectations of $12 billion in AI revenues for 2026 and $25.3 billion for 2027, although these figures remain unchanged. [4][19][20] - **Customer Dependency**: AMD's narrative heavily relies on the progression of its deal with OpenAI, which is currently the only significant customer for its Helios product. [5][20][25] - **Market Performance**: AMD's stock has seen a decline of approximately 7% over the last three months, despite advancements in AI. The company is expected to benefit from server strength and share gains. [5][25] - **Price Target Adjustment**: The price target for AMD has been adjusted to $225 based on higher estimates, maintaining a Market-Perform rating. [8][25] Additional Insights - **PC Shipments**: Overall PC shipments increased by approximately 10% YoY in Q4, but were slightly below pre-COVID seasonality. Taiwanese ODM notebook shipments fell by about 7% QoQ, indicating a mixed recovery in the PC market. [11][13][34] - **Market Dynamics**: The semiconductor market is influenced by various factors, including customer preferences for older products, supply chain constraints, and the impact of rising memory prices on shipments. [3][15][17] - **Future Considerations**: Key issues to monitor include the impact of tariffs, the strength of the server recovery, and the competitive landscape in AI and semiconductor manufacturing. [16][24][32] This summary encapsulates the critical insights from the conference call regarding Intel and AMD, highlighting their financial projections, market dynamics, and strategic considerations within the semiconductor industry.