值得一提的是，本月，特朗普政府采取一系列非常规举措，令华尔街和华盛顿政策圈震惊。在华尔街金 融家支持下，白宫要求英伟达与AMD(AMD.US)将中国市场的AI芯片销售收入15%上缴国库，此举直接 冲击科技行业规则。 智通财经APP获悉，一位美国政府官员透露，特朗普政府当前无意通过入股方式参与台积电 (TSM.US)、美光科技(MU.US)等半导体企业的投资计划，尽管这些企业正持续扩大在美投资规模。这 位要求匿名的官员强调，美国政府不会强制要求在美国扩大投资的企业以股权置换《芯片法案》等政府 资金支持，这一表态与正在进行的英特尔(INTC.US)股权收购谈判形成鲜明对比。 根据公开信息，美光科技已承诺向美国本土投资2000亿美元，台积电则追加1000亿美元投资计划。与此 形成对比的是，商务部长霍华德·卢特尼克近期多次公开表示，特朗普政府倾向于通过政府拨款换取企 业股权，以实现"纳税人资金的高回报"。他特别指出："我们不仅要发放补助，更要通过股权获取长期 收益。" 目前最受关注的案例是英特尔股权谈判。据知情人士透露，白宫正与这家芯片巨头商讨收购其10%股份 的方案，涉及将《芯片法案》提供的资金部分转换为股权。尽管 ...

在以掠夺的方式，把手强行伸进其他国家口袋、侵占其他国家财富还不过瘾的情况下，特朗普又开始把手伸进美国企业的口袋，准备薅美国企业的羊毛 了。 据新华社报道，近期关于美国政府计划收购英特尔公司股份的传闻终获确认。美国商务部长卢特尼克19日表示，英特尔必须向美国政府让渡公司股权，以 换取《芯片与科学法》的拨款支持。白宫同一天也确认，该交易将允许美国政府持有英特尔10%的股份，美商务部正"敲定"相关细节。 真的收购，倒也可以让英伟达的股东们心里好受一点。毕竟，可以获得一块政府的资金投入。而特朗普政府的收购，是典型的霸王硬上弓，将英特尔获批 的《芯片与科学法》约109亿美元联邦补贴转换为英特尔股权。 这也意味着，英特尔的股权转让，既是危害非常大的问题，也是后果非常严重的问题，更是其他企业非常担心的问题。那么，英特尔能否顶得住特朗普的 压力，做出"不"的回应呢？ 可以想象，如果英特尔做出"不"的回应，将面临非常严重的后果，特朗普完全可能做出取消英特尔109亿美元政府补贴的计划。如果英特尔不做任何反抗 的将10%的股权转让给美国政府，拿下这109亿美元的政府补贴，随之而来的，就是其他企业一并躺倒，一起给美国政府一定的股权转 ...

Summary of Intel Corporation Conference Call Company Overview - **Company**: Intel Corporation - **Industry**: Semiconductors - **Market Cap**: $102.846 billion [8] - **Current Stock Price**: $23.54 [8] - **Price Target**: $23.00 [23] Key Points Microprocessor Roadmap - Intel's recovery hinges on an improved microprocessor roadmap, with no quick fixes anticipated [4][11] - The company is losing market share in its core microprocessor business, which complicates achieving the necessary scale for advanced process technology investments [4][19] - Advanced process nodes must first succeed in microprocessors for commercial viability [5] Foundry Strategy - There is skepticism regarding Intel's foundry strategy, which has been questioned over multiple decades [4] - Foundry customers are evaluating the limitations of products built on Intel's 4 node, indicating potential issues with product competitiveness [6] - Recent disclosures indicate that Intel is sold out on older nodes (Intel 7 and Intel 10), which raises concerns about the value proposition of newer products [6] Government Interaction - The U.S. government aims to bolster domestic semiconductor manufacturing through initiatives like the CHIPs Act, with current administration favoring tariffs over subsidies [14] - There are discussions about the government potentially making an equity investment in Intel, which has led to stock price fluctuations [15] - Government support could be beneficial, but any financial assistance with strategic strings attached may not be ideal for Intel [17] Financial Outlook - Intel's earnings per share (EPS) projections show a gradual recovery, with estimates of ($0.24) for FY 2024, $0.21 for FY 2025, and $1.31 for FY 2027 [8] - The company is expected to generate $3+ in earnings in the next couple of years if it can improve its processor roadmap and align its cost structure with revenue [19] Management and Strategic Direction - The CEO transition has refocused the company on its product group and brought a conservative approach to forecasting [20] - Management has delayed aspirations for growth in areas like AI and foundry until customer commitments are secured [21] - The market is looking for quicker results, but the management's cautious approach is seen as a positive step [22] Risks and Challenges - Intel faces significant competition from AMD, which continues to gain market share in both consumer and cloud segments [37] - The foundry business is currently losing over $10 billion annually, complicating the path to breakeven [18] - The company must navigate the complexities of its strategic direction while managing investor expectations for performance recovery [28] Conclusion - Intel's path forward is fraught with challenges, particularly in regaining market share and improving its product offerings. The focus on a competitive microprocessor roadmap is critical for long-term success, while government interactions and foundry strategies remain uncertain. The stock is rated as equal-weight, reflecting a cautious outlook amidst ongoing transitions and market dynamics [11][22].

Group 1 - Former Vice President Mike Pence expressed concerns over the Trump administration's potential investment in Intel and the revenue-sharing agreement with Nvidia regarding Chinese chip sales [1] - Pence criticized the government's strategy of acquiring stakes in private companies, stating it was not a practice during the Trump-Pence administration [1] - Trump supports increased government intervention in businesses to boost manufacturing jobs and protect key industries [1] Group 2 - Pence highlighted that the agreement with Nvidia, which involves the U.S. government taking 15% of the company's revenue from China, poses greater issues [1] - He emphasized that existing export control measures are sufficient for national security and that simply extracting revenue does not align with national interests [1] - Pence advised the Trump administration to reconsider its approach and suggested that he would recommend caution if given the opportunity to speak with the president [1]

Summary of Intel Corp. Conference Call Company Overview - **Company**: Intel Corporation - **Industry**: Semiconductors - **Market Cap**: $103 billion as of August 18, 2025 [5] Key Points and Arguments Recent Developments - The Trump Administration is considering converting approximately $8 billion in CHIPS Act funding into a 10% equity stake in Intel, which may lead to shareholder dilution [2][3] - Intel's foundry team has been facing challenges, but there is interest from external customers like AVGO and NVDA for Intel's foundry services, particularly the 14A process [3][4] Financial Performance and Projections - **Revenue Projections**: Expected revenues are projected to decline from $63.1 billion in 2022 to $51.8 billion in 2025, with a slight recovery to $59.2 billion by 2029 [21] - **Earnings**: Net earnings are expected to recover from a loss of $566 million in 2024 to $2.2 billion by 2029 [21] - **EPS Forecast**: EPS is projected to be $0.13 in 2025, with a gradual increase to $0.55 by 2028 [6][21] Valuation Insights - The price target remains unchanged at $25, based on a sum-of-the-parts (SOTP) analysis of Intel's segments [9][25] - An upside case for the stock could reach approximately $40 per share if the market begins to value Intel's manufacturing assets more favorably [4][8] Segment Analysis - **Intel Products**: Valued at $27 per share based on revenue and EBIT margins [10][11] - **Intel Foundry**: Valued at $20 per share, with a focus on capacity and peer comparisons [10][11] - **Mobileye**: Valued at $2 per share, reflecting Intel's 82% ownership stake [10][18] Risks and Challenges - The potential dilution from government equity stakes could impact current shareholders negatively [2] - Competition from AMD and NVDA poses a significant threat to Intel's market position, particularly in data centers [25] Additional Insights - The company is focusing on cost-cutting measures to achieve cash flow breakeven, with tangible capital expenditures expected to decrease significantly [4][21] - The dividend yield is projected to drop to 0% by 2025, indicating a shift in capital allocation priorities [22] Conclusion Intel Corporation is navigating a challenging landscape with potential government involvement and competitive pressures. While there are opportunities for growth through foundry services and product innovations, the company must address financial performance and shareholder concerns to enhance its market position.

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。 ...

Group 1: Domestic News - In the first 17 days of August, the national retail sales of passenger cars reached 866,000 units, representing a 2% increase year-on-year and an 8% increase compared to the previous month. Cumulative retail sales for the year reached 13.611 million units, up 10% year-on-year [2] - In July, Henan province saw a significant increase in new energy vehicle production, with a year-on-year growth of 389.53%, totaling 42,100 units. The overall automotive production in Henan reached 101,500 units, a 76.83% increase year-on-year [3] - Guangdong province announced policies to promote the application of satellite technology in various commercial sectors, including aviation, maritime, connected vehicles, and energy [4] Group 2: International News - Ford and SK On's joint venture, BlueOval SK, has commenced production at its battery factory in Kentucky, USA, initially supplying batteries for the Ford F-150 Lightning while seeking additional customers [5] - SoftBank has agreed to invest $2 billion in Intel, acquiring shares at $23 each, making it Intel's fifth-largest shareholder. This investment has led to a significant increase in Intel's stock price [6] - Japan's exports to the US fell by 10.1% in July, with automotive exports declining by 28.4% due to tariff policies [7] - The US Department of Commerce announced a 50% tariff on 407 categories of steel and aluminum products, including electric vehicle components, amid calls from domestic steel manufacturers to expand the tariff scope [8] Group 3: Corporate News - FAW Group responded to reports of acquiring a 10% stake in Leap Motor, stating that relevant departments are not aware of such plans, while Leap Motor declined to comment [10] - BYD has formed a strategic partnership with Finnish automotive dealer Veho Group to enhance its sales and service network in Finland [11] - Deep Blue Automotive and Star Semiconductor have launched a joint venture in Chongqing focused on developing automotive-grade power semiconductors [12] - China Automotive Research's chairman visited the Changchun Automotive Testing Center to discuss technical cooperation [13] - Guojin Securities maintained a "buy" rating for XPeng Motors, citing its strong fundamentals and leading technology layout [14] - TaiLan New Energy signed an agreement for a solid-state battery production base in Hubei, marking a significant expansion in its manufacturing network [15]