ab 18 August 2025 Global Research Intel Corp. Thoughts on Recent US Government Headlines What happened Earlier today, Bloomberg reported the potential for the Trump Administration to convert some or all of the committed CHIPS Act funding (originally ~$8B in grants) into a 10% equity stake in the company. Clarity around the structure and financial mechanics of the deal is still limited because the CHIPS Act and associated milestones was already codified and current shareholders may not appreciate being dilut ...

图片说明： 19日，白宫新闻秘书莱维特表示，美国商务部正在推进美政府收购英特尔公司10%股份一事。 "我们投入了资金，就应该获得股权。"卢特尼克19日在美国消费者新闻与商业频道（CNBC）的节目中 批评美国前总统拜登签署生效的《芯片与科学法》"简直是在免费给英特尔送钱"，并表示本届政府的态 度是："如果我们要给你这笔钱，就要参与其中。"他还称，美国政府不想控制这家公司，任何潜在的安 排都不会赋予政府在英特尔的投票权或治理权。 白宫新闻秘书莱维特同一天确认，美国商务部正推进这笔政府持有10%股权的交易，卢特尼克部长正在 敲定相关细节，"总统希望从国家安全和经济两个角度出发，将美国的需求放在首位"。 英特尔未就该计划置评。但上周该公司发言人表示，"坚决支持特朗普总统为强化美国科技和制造业领 先地位所做的努力"。 美国彭博社18日援引消息人士的话报道称，联邦政府考虑将英特尔从《芯片与科学法》中获得的部分或 全部拨款转换为股权。该公司原本计划通过这类拨款获得总计109亿美元的资金，与持股10%所需的金 额大致相当。 英国广播公司（BBC）认为，将现有的政府拨款换成股份"极不寻常"，可能有助于英特尔与英伟达、三 星和台 ...

Core Viewpoint - The threat posed by Intel's foundry business revival to TSMC is overstated, and it may actually benefit TSMC by alleviating regulatory pressures due to its monopoly status [1][3]. Group 1: Intel's Foundry Business - Intel's foundry revival is not purely negative for TSMC, as it may create a competitive environment that reduces regulatory scrutiny [1][5]. - The fundamental challenges facing Intel's foundry business extend beyond financial issues, including the need for a cultural shift towards customer-centric innovation and cost efficiency [1][6]. - Analysts believe that Intel must successfully execute on multiple advanced process nodes to gain credibility in the foundry market, which remains a significant challenge [5][6]. Group 2: TSMC's Market Position - TSMC is expected to maintain over 90% market share in advanced process technology, regardless of Intel's foundry efforts [1][5]. - The perception of TSMC as a potential monopolist has not significantly boosted its price-to-earnings ratio, and may instead attract more scrutiny from government agencies [3][5]. - A slightly weaker competitor in the advanced process space could create a perception of choice for customers, which may ultimately benefit TSMC by reducing regulatory pressures [3][5].

Investment Dynamics - SoftBank has signed a final securities purchase agreement to invest $2 billion in Intel, making SoftBank the fifth-largest shareholder of Intel, with a share price of $23 per share [3] - Cereal Partners Worldwide (CPW), a joint venture between Nestlé and General Mills, plans to sell two factories in France and the UK, with Ecco Group considering the acquisition, as CPW shifts focus to organic, high-protein, and gluten-free products [5] - a2 Milk Company announced the acquisition of Yashili New Zealand Dairy Company for approximately NZD 282 million (around CNY 1.2 billion), enhancing its supply chain control and market diversification in China [8] Brand Dynamics - Metro's first "fat reform store" has opened in Beijing, optimizing product structure with a reduced SKU count of about 8,000 and increasing the number of baked and prepared food items by nearly six times [13] - Haidilao has launched its first innovative concept store in Beijing, featuring a dessert station and interactive entertainment area, aiming to attract consumers with a diverse dining experience [16] - LANCY has released a new brand campaign featuring global ambassador Song Jia, emphasizing a blend of strength and elegance in its autumn/winter collection [19] - Swatch faced controversy over an advertisement perceived as discriminatory towards Asians, leading to a swift public apology and removal of the related materials [20] - Luzhou Laojiao has established a cultural tourism development company to diversify its revenue streams amid intense competition in the liquor industry [22] Personnel Dynamics - The Body Shop appointed Alia Sirina Hawa as Chief Business and Brand Officer, indicating a strategic shift towards growth after a period of restructuring [25]

每经AI快讯，8月20日，英特尔股价跌幅超过6%，为7月25日以来最大日内跌幅。 ...

国内新闻 中国汽车流通协会：8月1-17日全国乘用车市场零售86.6万辆 8月20日，中国汽车流通协会发布数据称，8月1-17日，全国乘用车市场零售86.6万辆，较去年8月同期增长2%，较上月同期 增长8%；今年以来累计零售1361.1万辆，同比增长10%。 河南7月新能源汽车产量激增近4倍，锂电池产量翻倍 8月19日，河南省统计局、国家统计局河南调查总队联合发布7月份全省经济运行情况。其中，7月份全省汽车制造业增加值 增长25.8%，锂离子电池产量增长99.3%。根据国家统计局数据，7月份河南汽车产量10.15万辆，同比增长76.83%；新能源汽车 产量4.21万辆，同比增长389.53%。 广东：推动卫星应用助力航空航海、网联汽车、石油电力等商业领域发展 8月19日，广东省人民政府办公厅发布《广东省推动商业航天高质量发展若干政策措施（2025—2028年）》。其中提出，扩 大重点行业应用规模。鼓励各行业采购国产卫星相关数据及产品，推动卫星应用助力航空航海、网联汽车、石油电力等商业领 域发展。 国际新闻 福特与SK On合资电池工厂投产 当地时间8月19日，福特汽车和韩国电池制造商SK On的合资企业Blu ...

Market Overview - The U.S. stock market exhibited a mixed performance, with the Dow Jones Industrial Average slightly up by 0.04% to 44,938.31 points, while the S&P 500 index fell for the fourth consecutive day, down 0.24% to 6,395.78 points, and the Nasdaq Composite index dropped 0.67% to 21,172.86 points [1] - In the commodities market, gold futures rose by 1% to $3,392.2 per ounce due to increased risk aversion, and oil prices increased by 1.73% to $62.84 per barrel following a decline in oil inventories [1] Technology Sector Performance - The technology sector faced significant sell-offs, with the U.S. Technology Seven Giants Index declining by 1.07%. Major companies like Apple, Amazon, Tesla, Google, and Microsoft all experienced losses, with Apple down 1.97% and Amazon down 1.84% [2][3] - Nvidia's stock decreased by 0.14% but has seen a year-to-date increase of 30.63%, while Meta Platforms fell by 0.50% with a year-to-date increase of 27.92% [3] Factors Influencing Market Sentiment - Multiple factors contributed to the sell-off in technology stocks, including high valuations prompting a rotation into more attractive sectors like energy and consumer staples. Concerns over potential government intervention in private enterprises, particularly regarding Intel, and warnings from OpenAI's CEO about a bubble in AI stocks further dampened market sentiment [4][5] - The energy sector led gains in the S&P 500, rising by 0.86%, while consumer staples increased by 0.80%. Non-essential consumer goods and technology sectors fell by 1.18% and 0.77%, respectively [5] Company-Specific Developments - Google launched its Pixel 10 series smartphones, integrating AI assistant Gemini to compete with Apple, with prices starting at $799 for the Pixel 10 and $999 for the Pixel 10 Pro [5] - OpenAI reported a revenue exceeding $1 billion for July but faces long-term challenges related to computing power shortages [6] Federal Reserve and Economic Outlook - The Federal Reserve's recent meeting minutes indicated a decision to maintain the benchmark interest rate between 4.25% and 4.5%, with some dissenting votes advocating for a 25 basis point cut to prevent further labor market weakness [7] - Market expectations for a potential rate cut in September are high, with a nearly 85% probability according to CME's Fed Watch tool, although analysts suggest that Fed Chair Powell may adopt a cautious tone regarding inflation risks and economic uncertainty [7] Political Uncertainty - Political events have added to market uncertainty, with former President Trump calling for the resignation of Fed Governor Lisa Cook, accusing her of mortgage fraud, which she has denied [8]

Market Performance - The three major U.S. stock indices closed mixed on August 20, with the Dow Jones up 0.04%, the S&P 500 down 0.24%, and the Nasdaq down 0.67% [2] - The S&P 500 index has declined for four consecutive trading days, driven by concerns over the high valuations of large tech stocks, leading investors to sell tech shares and seek returns in other sectors [1] Technology Sector - Major tech stocks experienced a broad decline, with the index of the seven largest U.S. tech companies falling by 1.07%. Notable individual stock movements included Apple down nearly 2%, and Amazon, Tesla, and Google each down over 1% [4] - Semiconductor stocks also faced downward pressure, with the Philadelphia Semiconductor Index dropping 0.72%. Intel saw a significant decline of 6.99%, while Micron Technology fell nearly 4% [4] Federal Reserve Insights - The Federal Reserve's FOMC meeting minutes from July 29-30 revealed a consensus to maintain the federal funds rate target range at 4.25%-4.5%. However, two members voted against this decision, advocating for a 25 basis point cut to prevent further weakening in the labor market [9] - The minutes indicated that while there were fluctuations in net exports, recent indicators suggested a slowdown in economic activity during the first half of the year, with inflation remaining slightly elevated and economic uncertainty persisting [9] Commodity Market - On August 20, international precious metal futures generally rose, with COMEX gold futures increasing by 1% to $3392.2 per ounce, and COMEX silver futures rising by 1.51% [6] - Oil prices also saw an increase, with U.S. crude oil main contract rising by 1.73% to $62.84 per barrel, and Brent crude oil main contract up by 1.76% to $66.95 per barrel, driven by a significant decrease in U.S. crude oil inventories [7]

政府的介入进一步加剧了市场对英特尔未来的关注。近期，美国政府正考虑通过《芯片法案》补贴换取 英特尔的股份。据悉，此举可能使美国政府成为英特尔的最大股东，然而，这种持股计划在业界引发了 关于自由市场根基的担忧。政府表示，入股不会涉及投票权，但这一策略却被认为可能为美国的半导体 生产带来更多政策支持。 与此同时，英特尔内部的动荡也不容忽视。据报道，由于公司裁员和项目取消，许多核心人才流失至三 星等竞争对手。面对这些挑战，英特尔需要调整策略，以维护其在全球芯片制造中的重要地位，并防止 更多的人员流失。 来源：市场资讯 （来源：美股情报站） 随着8月20日英特尔的股价下跌6.99%，投资者们感受到了这家芯片巨头正面临的巨大挑战。消息源透 露，英特尔正在与潜在的大投资者进行磋商，以通过折价方式获取更多的股权注入。此前，英特尔已经 从软银集团获得了20亿美元的资本注入。 尽管获得了新的财务支持，英特尔在扩展合同制造业务的过程中，仍然持续承受着竞争对手的压力，特 别是在与中国台湾地区台积电的竞争中显得步履维艰。此外，英特尔在技术变革的过程中，逐渐被竞争 对手超威半导体和英伟达甩在身后，尤其是在人工智能芯片领域。 对于投资者 ...

美联储最新公布的7月货币政策会议纪要显示，大多数委员认为通胀风险大于就业风险，几位委员称当 前利率可能并不远高于中性利率。美股三大指数收盘涨跌不一，纳指跌0.67%，标普500指数跌0.24%为 连续第四日下跌，道指涨0.04%。 大型科技股多数普跌，英特尔跌约7%，谷歌、亚马逊、苹果、特斯 拉跌超1%，微软、英伟达、奈飞、Meta、AMD小幅下跌。建筑材料供应商James Hardie Industries Plc. （JHX）跌超34%。 纳斯达克中国金龙指数收涨0.33%。向上融科涨逾4%，晶科能源、贝壳涨超2%， 搜狐、网易涨近2%。迅雷跌逾7%，极氪、小马智行跌超4%，百度跌逾2%，小鹏汽车跌近2%。 本文源自：金融界AI电报 ...