每经编辑｜陈鹏程 王晓波 1 中国十四届全国人大常委会第十八次会议10月 24日至28日在北京举行 2 欧元区10月综合PMI初值公布 ③美国9月核心CPI、10月密歇根大学消费者信心 指数等数据公布 4 2025世界顶尖科学家论坛将于10月24日至26 日在上海举办 ⑤日本9月CPI公布 1 党的二十届四中全会审议通过"十五五"规划建议 中国共产党第二十届中央委员会第四次全体会议，于2025年10月20日至23日在北京举行。全会由中央政治局主持。中央委员会总书记习近平作了重要讲话。 全会听取和讨论了习近平受中央政治局委托所作的工作报告，审议通过了《中共中央关于制定国民经济和社会发展第十五个五年规划的建议》。习近平就 《建议（讨论稿）》向全会作了说明。（央视新闻） 2 中共中央将于24日上午举行新闻发布会 介绍和解读党的二十届四中全会精神 中共中央将于10月24日上午10时举行新闻发布会，介绍和解读党的二十届四中全会精神。中央广播电视总台及新华网、中国网等将对新闻发布会进行直播。 （央视新闻） 3 隔夜市场 美股三大指数集体收涨，纳指涨0.89%，标普500指数涨0.58%，道指涨0.31%；大型科技股多数上 ...

Financial Data and Key Metrics Changes - In Q3, the company reported revenue of $13.7 billion, exceeding guidance and up 6% sequentially [19] - Non-GAAP gross margin was 40%, four percentage points better than guidance, driven by higher revenue and a favorable mix [20] - Earnings per share for Q3 were $0.23, compared to guidance of break-even EPS, due to higher revenue and stronger gross margin [20] - Operating cash flow was $2.5 billion, with gross CapEx of $3 billion and positive adjusted free cash flow of $900 million [21] Business Line Data and Key Metrics Changes - Intel products revenue was $12.7 billion, up 7% sequentially, driven by strong demand in both client and server segments [22] - Client Computing Group (CCG) revenue was $8.5 billion, up 8% quarter-over-quarter, supported by a stronger pricing mix and Windows 11-driven refresh [22] - Data Center and AI (DCAI) revenue was $4.1 billion, up 5% sequentially, driven by improved product mix and higher enterprise demand [23] - Intel Foundry revenue was $4.2 billion, down 4% sequentially, but operating loss improved by $847 million due to favorable comparisons [25][26] Market Data and Key Metrics Changes - The company noted that customer purchasing behavior and inventory levels are healthy, with industry supply tightening materially [18] - The client consumption total addressable market (TAM) is expected to approach 290 million units in 2025, marking two consecutive years of growth [23] - Demand for server CPUs is expected to grow due to the rapid expansion of AI infrastructure and underinvestment in traditional infrastructure [24] Company Strategy and Development Direction - The company is focused on rebuilding its market position through AI and enhancing its x86 architecture to meet new computing demands [9][10] - A new Central Engineering Group has been created to unify engineering functions and improve product development efficiency [10] - The company aims to position itself as a compute platform of choice for AI inference workloads, with plans to launch successive generations of inference-optimized GPUs [13] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism regarding macroeconomic conditions and the potential for CPU TAM growth in 2026 [18] - The company is committed to improving its competitive position and addressing supply constraints while managing customer demand effectively [18][45] - Management highlighted the importance of building long-term trust with customers in the Foundry business and ensuring reliable performance and yield [40][41] Other Important Information - The company received significant funding from the U.S. government and strategic investments from Nvidia and SoftBank Group, strengthening its cash position [21] - The company plans to prioritize deleveraging and maintain a disciplined approach to capital expenditures [51] Q&A Session Summary Question: On the Foundry side, do any of the collaborative announcements or equity investments contribute to increased confidence? - Management noted that partnerships, particularly with SoftBank, are expected to drive demand for Foundry capacity, and progress on technology nodes is encouraging [33] Question: Can you walk us through the gross margin dynamics for 2026? - Management indicated that while Altera's absence will be a headwind, improvements in Foundry gross margins are expected as the product mix shifts towards leading-edge technologies [36] Question: How are conversations with customers regarding Foundry commitments progressing? - Management emphasized the importance of demonstrating yield improvement and reliability to build customer trust and secure commitments [40] Question: Where is the shortage in server CPUs coming from? - Management stated that shortages are widespread, particularly in Intel 10 and 7, and are exacerbated by substrate shortages in the market [45] Question: Is the outlook for demand outpacing supply focused on server or client products? - Management confirmed that both segments are experiencing tight supply, with expectations of peak shortages in Q1 [48] Question: How has the improved cash position influenced investment strategies? - Management indicated that while deleveraging remains a priority, there is flexibility to increase CapEx if demand justifies it [51] Question: Can you provide an update on the Nvidia relationship and product timing? - Management highlighted the collaboration with Nvidia as a significant opportunity to expand the total addressable market without cannibalizing existing products [72]

Financial Data and Key Metrics Changes - In Q3, the company reported revenue of $13.7 billion, exceeding guidance and up 6% sequentially [22][23] - Non-GAAP gross margin was 40%, four percentage points better than guidance, driven by higher revenue and a favorable mix [23] - Earnings per share for Q3 were $0.23, compared to guidance of breakeven EPS, attributed to stronger gross margin and cost discipline [23] - Operating cash flow was $2.5 billion, with gross CapEx of $3 billion and positive adjusted free cash flow of $900 million [23] Business Line Data and Key Metrics Changes - Intel products revenue was $12.7 billion, up 7% sequentially, supported by strong demand in both client and server segments [25] - Client Computing Group (CCG) revenue was $8.5 billion, up 8% quarter over quarter, driven by a stronger TAM and Windows 11 refresh [25][26] - Data Center and AI (DCAI) revenue was $4.1 billion, up 5% sequentially, driven by improved product mix and higher enterprise demand [26][27] - Intel Foundry revenue was $4.2 billion, down 4% sequentially, but operating loss improved by $847 million due to favorable comparisons [29][30] Market Data and Key Metrics Changes - The company noted healthy customer purchasing behavior and inventory levels, with industry supply tightening materially [21] - The demand for server CPUs is expected to grow due to the accelerating build-out of AI infrastructure [21][27] - The client consumption total addressable market (TAM) is projected to approach 290 million units in 2025, marking two consecutive years of growth [26] Company Strategy and Development Direction - The company is focused on rebuilding its market position through AI and enhancing its x86 architecture to support hybrid compute environments [10][19] - Strategic partnerships, particularly with NVIDIA, are aimed at creating new classes of products that accelerate AI adoption [10][11] - The company is committed to improving its engineering and design execution, including the establishment of a central engineering group to unify functions [11][12] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism regarding macroeconomic volatility but noted strong demand driven by AI and traditional compute [21] - The company is focused on shoring up its balance sheet and has secured approximately $20 billion in cash through strategic partnerships [23][24] - Management emphasized the importance of building long-term trust with customers in the foundry business and the need for improved yield and reliability [48][50] Other Important Information - The company is on track to launch its first Pentelic SKU by year-end, with additional SKUs expected in the first half of next year [12] - The company is prioritizing wafer capacity for server shipments over entry-level client parts due to tight supply conditions [33] - The company plans to maintain disciplined capital expenditures while being flexible to respond to demand [62] Q&A Session Summary Question: Foundry collaborations and increased confidence - Management indicated that collaborations, particularly with SoftBank, are enhancing confidence in the foundry business due to increased demand for AI infrastructure [38] Question: Gross margin outlook for 2026 - Management noted that while Altera's absence will be a headwind, they expect improvements in foundry gross margins driven by scale and leading-edge mix [42][44] Question: Customer commitments for foundry investments - Management emphasized the importance of building trust with customers and demonstrating yield improvements to secure commitments for foundry investments [48][50] Question: Supply constraints in server CPUs - Management acknowledged that shortages are widespread, particularly in Intel 10 and 7, and are working to manage demand and inventory [54][55] Question: Demand outlook for 2026 - Management indicated that demand is expected to outpace supply in both server and client markets, with potential improvements anticipated later in the year [60] Question: Investments in CapEx and product businesses - Management stated that the focus remains on deleveraging, but they are open to increasing CapEx if customer demand justifies it [62] Question: Update on NVIDIA relationship - Management highlighted the importance of the collaboration with NVIDIA, which is expected to create new product opportunities in the AI space [91][94]

Financial Data and Key Metrics Changes - The company reported Q3 revenue of $13.7 billion, exceeding guidance and up 6% sequentially [19] - Non-GAAP gross margin was 40%, four percentage points better than guidance, driven by higher revenue and a favorable mix [19] - Earnings per share for Q3 were $0.23, compared to guidance of break-even EPS, attributed to higher revenue and stronger gross margin [19] - Operating cash flow was $2.5 billion, with gross CapEx of $3 billion and positive adjusted free cash flow of $900 million [20] Business Line Data and Key Metrics Changes - Intel products revenue was $12.7 billion, up 7% sequentially, supported by strong demand in both client and server segments [21] - Client Computing Group (CCG) revenue was $8.5 billion, up 8% quarter over quarter, driven by a stronger TAM and Windows 11 refresh [22] - Data Center and AI (DCAI) revenue was $4.1 billion, up 5% sequentially, driven by improved product mix and higher enterprise demand [23] - Intel Foundry revenue was $4.2 billion, down 4% sequentially, but operating loss improved by $847 million due to favorable comparisons [25][26] Market Data and Key Metrics Changes - The company noted healthy customer purchasing behavior and inventory levels, with industry supply tightening materially [18] - The client consumption total addressable market (TAM) is expected to approach 290 million units in 2025, marking two consecutive years of growth [23] - Demand for server CPUs is expected to grow due to the rapid expansion of AI infrastructure and underinvestment in traditional infrastructure [24] Company Strategy and Development Direction - The company is focused on rebuilding its market position through strategic partnerships, particularly with Nvidia, to enhance AI capabilities [8][25] - A new Central Engineering Group has been created to unify engineering functions and improve product development efficiency [9] - The company aims to position itself as a compute platform of choice for AI inference workloads, emphasizing partnerships with various incumbents and emerging companies [12] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism regarding macroeconomic conditions and the potential for CPU TAM growth in 2026 [18] - The company is committed to improving its competitive position while navigating supply constraints, particularly in Intel 10 and Intel 7 [19] - Management highlighted the importance of building long-term trust with customers in the Foundry business and emphasized the need for yield improvement and reliability [41] Other Important Information - The company received significant funding from the U.S. government and strategic investments from Nvidia and SoftBank, enhancing its cash position [20] - The company plans to maintain disciplined CapEx while focusing on deleveraging and ensuring that investments align with customer demand [51] Q&A Session Summary Question: Foundry collaborations and increased confidence - Management noted that collaborations, particularly with SoftBank, are expected to drive demand for Foundry services, and progress on 18A and 14A has been promising [32][33] Question: Gross margin outlook for 2026 - Management indicated that while Altera's absence will be a headwind, they expect gross margins to improve due to a better product mix and leading-edge technology [35][36] Question: Demand and supply constraints - Management acknowledged that supply constraints are affecting both client and server products, with a focus on managing inventory and demand shaping [46][47] Question: Transition from older products to AI products - Management emphasized the importance of driving application development for AI PCs and noted that the Windows refresh is contributing to demand for older products [61][62] Question: Update on Nvidia relationship - Management expressed excitement about the collaboration with Nvidia, which is expected to create new product opportunities without cannibalizing existing markets [71][73]

Well, Intel's third quarter earnings are just now hitting the wire. Uh stocks popping more earning than about 4% here. Let's get you the numbers.Uh so, Intel reported 13.7% billion in revenue for the third uh quarter here. That is higher than the 13.15% billion expected by analysts. I'm just looking for the adjusted earnings per share.There it is. 23 cents. That's above what was projected.Uh turning ahead, uh fourth quarter adjusted EPS of 8 cents. that looks like it's less uh than what was estimated. Uh th ...

Core Insights - Intel's third quarter earnings exceeded expectations with reported revenue of $13.7 billion, surpassing the $13.15 billion forecasted by analysts, and adjusted earnings per share (EPS) of 23 cents, which was also above projections [1][2] Financial Performance - The fourth quarter adjusted EPS is projected at 8 cents, which is lower than estimates, and revenue guidance for the fourth quarter is set at $13.3 billion, below the expected $13.4 billion [2] - The manufacturing arm, foundry, reported an operating loss of $2.3 billion for the third quarter, which was wider than expected but showed improvement from the previous year [3] Market Outlook - The CEO of Intel highlighted that AI is driving demand for computing, creating opportunities across the company's portfolio [4] - There is cautious optimism regarding Intel's recovery, with a focus on steady progress and product launches for the upcoming year [6][7] Strategic Initiatives - Intel's future growth is tied to its foundry business, with expectations for customer engagement and successful product roadmaps for upcoming manufacturing processes [15][17] - The company is focusing on high-end chips and is not yet pursuing low-end markets, which may lead to better wafer economics compared to previous production at TSMC [10] AI Strategy - Intel's strategy in the AI sector involves leveraging its CPU capabilities in both desktop and server markets, with potential collaboration with Nvidia to enhance its competitive position [12][13] - The company aims to maintain relevance in the AI era by ensuring that its CPUs remain integral to data center growth opportunities [12][13] Leadership and Future Plans - The new leadership under Lip Bhutan is seen as positive, with a focus on customer-centric strategies and cost control, although more customer commitments to the foundry are needed for future success [19][20]

The question going in here is the stocks run and the valuation of the stock. >> Yeah, I mean the AI business was like up a couple percent or something like that. And though when you think about the demand um that they're talking about when it comes to PCs and refresh, I mean half their sales almost is HP, Dell um and Lenovo.So if you're talking about like laptops and PCs that need on the dem like on the device like AI, Apple doesn't have on the device AI like they're just going through this upgrade. So So w ...

Group 1: Stock Valuation and Performance - The AI business has seen a slight increase, but overall demand for PCs and laptops remains uncertain, particularly for companies like Apple that lack on-device AI capabilities [1][2] - Revenue growth for the company is only 3% year-over-year, which is considered modest, and the full-year guidance is not particularly strong [4] - Current stock valuation is high, with price-to-earnings ratios approaching 45-50, raising concerns about sustainability [5][7] Group 2: Market Dynamics and Competitors - Dell's stock performance has been lackluster despite expectations that it would benefit from current market trends [6][7] - Major chip manufacturers, Samsung and SKH, are expected to raise DRAM and NAND Flash prices by about 30% in Q4, indicating strong demand in the semiconductor sector [12][13] - The cyclical nature of the memory chip market is highlighted, with companies like Micron and Western Digital showing strong trading performance [14][15]

Market Overview - Stocks are climbing, primarily driven by a rebound in the tech sector and a jump in oil prices, with the Dow up about 170 points and the S&P 500 up approximately 0.7% [1][3] - The NASDAQ composite is up 1%, and small-cap stocks, represented by the Russell 2000, are up 1.5% [3][4] Sector Performance - Energy is leading the market today, with tech following closely behind, both sectors outperforming the S&P 500 [6][59] - Notable tech stocks include Nvidia, which is up 1.3%, and Tesla, which is up 2% [7][60] - The volatility index (VIX) has decreased, indicating reduced market fear [4] Oil Market Dynamics - Oil prices surged over 5% due to sanctions imposed on two Russian energy companies, with WTI settling above $61 per barrel and Brent above $65 per barrel [9][11] - Despite the recent increase, year-to-date, WTI is down 15% and Brent is down 13% [11] Earnings Reports - Intel reported third-quarter revenue of $13.7 billion, exceeding expectations, but provided a lower fourth-quarter guidance of $13.3 billion [64][65] - Ford's third-quarter results topped estimates, but the company adjusted its full-year guidance lower due to an aluminum plant fire impacting F-150 production, projecting a $1.5 to $2 billion EBIT headwind [83][84] Company Insights - Intel's CEO highlighted that AI is accelerating demand for compute, creating opportunities across their portfolio [66] - Ford plans to increase F-150 production by over 50,000 trucks in 2026 to meet demand despite production disruptions [86] Consumer Trends - Tractor Supply reported a 7% increase in comparable sales for Q3 but noted a decline in discretionary big-ticket items, reflecting current consumer spending challenges [36][39] - Windham Hotels slashed its full-year outlook and missed revenue estimates, indicating a pullback in travel demand [41][42] Geopolitical Considerations - The upcoming meeting between U.S. and Chinese leaders is being closely monitored, particularly regarding the Taiwan situation and its potential impact on the semiconductor ecosystem [30][31]

Market Overview - The trading day is nearing its end with stocks attempting to reach record highs, although some factors may hinder this progress [1][2] - The earnings season has been performing well so far, with more significant names set to report [2] - The Dow Jones Industrial Average increased by 146 points (0.3%), while the S&P 500 rose by 39 points (0.6%) [6] Company Earnings Intel - Intel reported an adjusted EPS of $0.23, beating the expected $0.12, with revenue up 3% year-over-year at $13.65 billion [10][11] - The forecast for Q4 revenue is projected between $12.8 billion and $13.8 billion, with a notable increase in data center and AI revenue, which reached $4.12 billion [12][19] - The company noted stronger-than-anticipated demand in the data center segment, particularly for server build-outs [13][20] - Intel's shares rose by 6% in after-hours trading following the earnings report [19][35] Ford - Ford anticipates an adjusted EBIT hit of $1.5 to $2 billion in 2025 due to a fire incident affecting aluminum production [23] - The company revised its full-year adjusted EBIT guidance down to $6 billion to $6.5 billion, missing analyst estimates [27] - Ford's shares fell by approximately 3.3% in after-hours trading, reflecting concerns over long-term strategy and EV build-out [24][27] Deckers - Deckers, the maker of Uggs and Hoka shoes, reported net sales of $0.43 billion, with full-year sales guidance of $5.35 billion, slightly below market expectations [30][31] Western Union - Western Union reported revenue growth of 1.03%, with adjusted EPS of $0.47, exceeding the estimate of $0.43, leading to a 4.4% increase in shares [33] Newmont Corporation - Newmont Corporation's adjusted EPS for Q3 was $0.71, with sales of $5.52 billion, surpassing estimates of $5.29 billion, resulting in a slight increase in shares [34]