当地时间周一，美国总统特朗普周一在社交平台Truth Social上夸耀政府对英特尔的入股， 并表示他决心达成更多类似的交易，即持有更多 私营企业的股份。 特朗普发文称："关于英特尔的股份交易我一分钱都没掏，它的价值约为110亿美元，所有收益都归美国。" 此外，美国政府还获得了一项权证，如果未来英特尔不再是其晶圆代工业务的控股股东，政府可以再购买英特尔额外5%的股份。 建立主权财富基金 尽管哈塞特强调政府不会干预公司运营，但他表示这一举措是正在进行的战略的一部分。 哈塞特声称："我认为这是一个非常、非常特殊的情况，因为有大量的《芯片法案》补贴即将投入。"他补充道："但总统早在竞选期间就明 确表示，他希望美国最终能够开始建立主权财富基金。因此，我相信在某个时候，无论是在这个行业还是其他行业，还会有更多交易。" 据悉，特朗普在2月份早些时候签署了一项行政命令，启动设立主权财富基金。这类基金通常由资源丰富的小国利用自然资源收益进行投 资。根据主权财富基金研究所的数据，挪威是全球此类基金的领头羊，拥有约1.8万亿美元的资产，多个中东国家也有类似的大型基金。 他补充道：" 接下来我将一直为我们的国家达成类似的交易 ，那 ...

英特尔周一在一份提及交易相关风险的文件中警告，若特朗普政府收购该公司 10% 的股份，投资 者、员工及其他相关方可能会对此产生 "负面反应"。 美国证券交易委员会的文件显示，国际销售是核心担忧领域之一。在上一财年，英特尔 76% 的营 收来自美国境外。2024 财年，该公司营收为 531 亿美元，较前一年下降 2%。 对于英特尔的国际客户而言，该公司如今与美国总统特朗普频繁变动的关税及贸易政策直接挂钩。 英特尔在文件中写道："无论即刻还是长期，投资者、员工、客户、供应商、其他业务或商业合作 伙伴、外国政府或竞争对手都可能产生负面反应。此外，还可能出现与该交易相关或其他方面的诉讼， 公司面临的公众或政治审查也可能会加剧。" 英特尔还表示，华盛顿政治格局存在发生变化的可能性，这可能会对该交易构成挑战或导致交易失 效，并给当前及未来股东带来风险。 英特尔首席执行官陈立武(Lip-Bu Tan) 随着 8 月以来达成该交易的势头逐渐增强，英特尔股价出现上涨，截至目前本月涨幅约为 25%。 该协议要求美国政府需与英特尔董事会保持一致投票。英特尔在周一的文件中指出，政府持股 "削 弱了股东的投票权及其他治理权，且可能会限 ...

Market Overview - US stock markets experienced a decline on Monday, with the Dow Jones falling by 349.27 points, a decrease of 0.77%, closing at 45282.47 points. The Nasdaq dropped by 0.22% to 21449.29 points, and the S&P 500 index fell by 0.43% to 6439.32 points. Consumer goods and healthcare sectors led the decline [1] - Notable tech stocks showed mixed results, with Tesla rising by 1.9%, Google by 1.1%, and Nvidia by 1.0%. In contrast, Apple and Meta both fell by 0.2%, while Microsoft decreased by 0.6% [1] Individual Stock Movements - Intel's stock fell by 1% following the announcement of a government investment in the chip manufacturer [2] - Keurig Dr Pepper's shares dropped by 11.5% after the company announced a cash acquisition of JDE Peet's for $18.4 billion [3] - Furniture retailers RH and Wayfair both saw declines of over 5% due to President Trump's announcement of an investigation into furniture import tariffs [4] Economic Indicators - The Dallas Fed's manufacturing index fell from 0.9 in July to -1.8 in August, indicating a return to contraction [5] - The Chicago Fed National Activity Index dropped to -0.19 in July, suggesting growth below long-term averages, with negative employment indicators highlighting labor market weaknesses [5] - New home sales in the US decreased by 0.6% last month, with an annualized rate of 652,000 units, reflecting ongoing struggles in the housing market amid high mortgage rates [4] Federal Reserve Outlook - Comments from Federal Reserve Chair Jerome Powell have led to adjustments in Wall Street's expectations, with Barclays, BNP Paribas, and Deutsche Bank predicting a 25 basis point rate cut next month. The likelihood of the Fed restarting easing measures in September is estimated at 80% [4] - The upcoming release of the Personal Consumption Expenditures (PCE) price index and non-farm payroll data is anticipated to influence market sentiment [4]

这番言论几乎明确了政府将继续扩大其在私营部门的股权版图，问题不再是"是否还会有"，而是"下一 个是谁"。 "隐形"主权财富基金已具雏形 在入股英特尔之前，政府的投资触角早已伸向其他战略领域。上个月，美国国防部斥资4亿美元收购了 美国唯一的稀土磁铁国内供应商MP Materials公司15%的股份。 此外，美国政府还要求英伟达和AMD将其在中国芯片销售额的15%上交，并获得了对美国钢铁公司 的"黄金股"，使其在收购方日本制铁的某些决策上拥有一票否决权。 媒体报道称，这一标志性事件并非孤例，而是美国政府一系列股权投资计划的开端，白宫官员已明确表 示未来将有更多类似交易，一个非传统形式的美国主权财富基金或许正在构建。 8月25日周一，特朗普国家经济委员会主任凯文·哈塞特对媒体表示："我确信在某个时候会有更多的交 易，无论是在这个行业，还是在其他行业。" 美国总统特朗普正在"接管"美国企业，其政府的一系列股权投资行动使美国主权财富基金"悄然成型"。 8月22日上周五，特朗普政府确认将获取芯片巨头英特尔公司9.9%的股份，作为交换，其政府将加速发 放根据2022年《芯片法案》（CHIPS and Science Act ...

Core Viewpoint - The acquisition of a 10% stake in Intel by the U.S. government highlights the strategic importance of the company and its significance to the government, but it raises concerns about potential issues for shareholders, employees, business partners, and international sales [2][3]. Group 1: Government Stake and Market Concerns - Intel's revenue for fiscal year 2024 is projected to be $53.1 billion, with 76% coming from international markets, indicating a heavy reliance on overseas sales despite a slight decrease from the previous year [2]. - Sales in mainland China account for 29% of Intel's total revenue, followed by the U.S. at 24.5%, Singapore at 19.2%, and Taiwan at 14.7% [2]. - The U.S. government's status as Intel's largest shareholder may lead to additional regulations or obligations from other countries, potentially unsettling overseas clients and governments [2][3]. Group 2: Financial Implications of the Deal - The agreement signed on August 22, 2025, involves two financing steps: an initial payment of approximately $5.7 billion and a second payment of about $3.2 billion related to the Secure Enclave program for critical chips in aerospace and defense [3]. - In return for the funding, Intel will issue up to 433 million shares to the U.S. government, with 275 million shares released after the first payment and the remaining shares contingent on future funding [3]. Group 3: Market Reactions and Political Context - Following the announcement of the deal, Intel's stock price increased by 28%, reflecting positive market sentiment towards the agreement aimed at revitalizing the struggling semiconductor manufacturer [6]. - Former President Trump expressed support for the transaction, emphasizing its value to the U.S. and suggesting that similar deals could be pursued in the future [6][7]. - Some lawmakers have raised concerns about the implications of government involvement in private companies, arguing that it could lead to conflicts of interest and regulatory favoritism [7].

Group 1: RISC-V Developments - Condor Computing, a subsidiary of Andes Technology, focuses on high-performance RISC-V core development with its first design, Cuzco, completed by a small team of 50 engineers [4][6]. - Cuzco aims to provide the highest performance within a similar power range compared to other RISC-V vendors, indicating a competitive landscape that may lead to a consolidation of players in the future [6][9]. - The Cuzco design features a wide front end, a deep 256-entry reorder buffer, and an 8-way execution pipeline, emphasizing optimization rather than reinventing existing technologies [9][11]. Group 2: Cuzco CPU Core Features - Cuzco is a complete IP design that includes not only the CPU core but also cache and coherence management functions, highlighting its comprehensive architecture [11]. - Key features of Cuzco include support for various precision floating-point operations, new bit manipulation instructions, cryptographic functions, and vector instructions, all crucial for high-performance computing [12][14]. - The innovative time-based microarchitecture of Cuzco aims to improve out-of-order execution efficiency while reducing power consumption by utilizing hardware compilation for instruction scheduling [16][19]. Group 3: Performance Metrics - Cuzco's architecture is designed to outperform Andes AX65 cores, achieving nearly double the performance in SPECint2006 benchmarks, showcasing its competitive edge [30][31]. - The design supports up to 8 CPU cores with private L2 and shared L3 caches, connected via a wide CHI bus, enhancing its scalability and performance [33]. Group 4: IBM Power11 Architecture - IBM introduced its Power11 architecture, building on the success of Power10, with a focus on system integration rather than just CPU sales [93][97]. - Power11 features enhancements in memory architecture, supporting up to 32 DDR5 memory ports with speeds up to 38.4 Gbps, aiming for high bandwidth and capacity [117][118]. - The architecture emphasizes fewer, larger cores and integrates AI capabilities directly into the processor, reflecting industry trends towards AI integration [102][114]. Group 5: Intel Clearwater Forest - Intel announced its next-generation 288-core processor, Clearwater Forest, utilizing the 18A process and 3D packaging technology, marking a significant advancement over the previous Sierra Forest generation [124][125]. - Clearwater Forest focuses on energy efficiency and multi-threaded workloads, leveraging smaller, efficient cores instead of traditional large cores [126][130]. - The architecture includes improvements in decoding width, out-of-order execution, and memory bandwidth, with claims of a 17% increase in IPC compared to Sierra [134][142]. Group 6: AMD RDNA 4 Architecture - AMD showcased its RDNA 4 architecture, emphasizing significant updates for graphics and machine learning workloads, with a focus on ray tracing and AI hardware [186][192]. - The architecture features improvements in shader engines, memory bandwidth, and media engines, enhancing performance for real-time workloads [203][205]. - RDNA 4 aims to optimize performance for next-generation gaming, integrating advanced features for ray tracing and AI/ML capabilities [242]. Group 7: NVIDIA Blackwell Architecture - NVIDIA's Blackwell architecture focuses on enhancing machine learning performance and efficiency, with a strong emphasis on FP4 ML computing [244][249]. - The architecture supports advanced features for neural rendering and dynamic scheduling, improving performance across various workloads [253][275]. - Blackwell introduces GDDR7 memory support, significantly increasing overall memory bandwidth and optimizing power consumption for mixed workloads [266][279].

8月25日，AI玩具企业"跃然创新（Haivivi）"宣布完成2亿元A轮系列融资。本轮融资由中金资本旗下基 金、红杉中国、华山资本、愉悦资本领投，招银国际等共同参投，Brizan Ventures等老股东持续加注。 质变资本担任独家财务顾问。募集资金将用于公司系列新品的研发、人才梯队建设以及市场渠道拓展。 （36氪） 英特尔公司：特朗普的美国持股计划带来商业风险 当地时间8月25日获悉，美国芯片制造商英特尔公司称特朗普的美国持股计划带来了商业风险。因经营 不善，英特尔今年7月宣布将裁员并取消部分海外项目。据美国媒体报道，美国联邦政府提出将英特尔 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，以支持美国半导体制造业并重振这 家陷入困境的芯片制造商。彭博社评论称，这是美国总统特朗普对关键行业的又一次直接干预。（央视 新闻） 3499美元！英伟达"机器人大脑"芯片开售 北京时间8月25日晚间，英伟达宣布推出其Jetson AGX Thor机器人芯片模块。这款被称为"机器人大 脑"的芯片将于下个月发货，客户将能够用它来制作机器人原型。据悉，新的Jetson AGX Thor 开发者套 件起售价为349 ...

Market Overview - On August 25, US stock indices collectively declined, with the Dow Jones down by 349.27 points to 45282.47, a drop of 0.77%; the Nasdaq fell by 47.24 points to 21449.29, a decrease of 0.22%; and the S&P 500 dropped by 27.59 points to 6439.32, a decline of 0.43% [1] Technology Sector - Major tech stocks showed mixed performance, with Tesla rising by 1.94%, Google increasing by over 1%, and Nvidia also up by over 1%. In contrast, Microsoft fell by 0.59%, Amazon by 0.39%, Apple by 0.26%, and Facebook by 0.2% [3] - Nvidia announced the launch of the Drive AGX Thor development kit, available for pre-order starting immediately, with shipments beginning in September. This kit is designed to accelerate the design, testing, and deployment of autonomous vehicles and smart transportation solutions [3] - Nvidia also launched the Jetson AGX Thor developer kit and production module for robotics applications, with a starting price of $3499, now available for global customers including those in China [3] - Intel stated that Trump's US stockholding plan poses business risks. On August 22, Intel announced an agreement with the US federal government for an $8.9 billion investment, acquiring 433.3 million shares of Intel common stock at $20.47 per share, representing 9.9% of the company [3] Banking Sector - Most bank stocks declined, with JPMorgan down by 0.49%, Goldman Sachs by 0.45%, Citigroup by 0.31%, and Morgan Stanley by 0.25%. However, Bank of America rose by 0.04%, and Wells Fargo increased by over 1% [3] Chinese Stocks - Chinese stocks showed mixed results, with the Nasdaq Golden Dragon China Index up by 0.11%. Notable gainers included Daqo New Energy up by over 4%, Melco Resorts up by over 3%, and NetEase up by over 2%. Conversely, Newegg fell by over 15%, DaJiang Cloud Warehouse dropped by over 9%, and SMIC declined by over 5% [4] Economic Indicators - According to the CME Group's FedWatch tool, traders currently estimate an 84% probability of a Federal Reserve rate cut in September [5] - The London Stock Exchange was closed, while other major European indices reported declines, with the CAC40 index in Paris down by 126.65 points to 7843.04, a drop of 1.59%, and the DAX index in Frankfurt down by 89.97 points to 24273.12, a decrease of 0.37% [5]

Market Overview - On August 25, US stock indices collectively declined, with the Dow Jones falling by 349.27 points to close at 45,282.47, a decrease of 0.77% [1] - The Nasdaq dropped by 47.24 points to 21,449.29, down 0.22%, while the S&P 500 fell by 27.59 points to 6,439.32, a decline of 0.43% [1] Technology Sector - Major tech stocks showed mixed performance; Tesla rose by 1.94%, Google increased by over 1%, and Nvidia also gained over 1%. In contrast, Microsoft fell by 0.59%, Amazon by 0.39%, Apple by 0.26%, and Facebook by 0.2% [3] - Nvidia announced the launch of the Drive AGX Thor development kit, available for pre-order immediately and set to ship in September, aimed at accelerating the design, testing, and deployment of autonomous vehicles and smart transportation solutions [3] - Nvidia also launched the Jetson AGX Thor developer kit, specifically designed for robotics applications, with a starting price of $3,499, now available for global customers including those in China [3] - Intel stated that Trump's US stockholding plan poses business risks, and on August 22, Intel announced an agreement with the US federal government for an $8.9 billion investment to acquire 433.3 million shares of Intel common stock at $20.47 per share, representing 9.9% of the company [3] Banking Sector - Most bank stocks declined, with JPMorgan down 0.49%, Goldman Sachs down 0.45%, Citigroup down 0.31%, and Morgan Stanley down 0.25%. However, Bank of America rose by 0.04%, and Wells Fargo increased by over 1% [4] Chinese Stocks - The Nasdaq Golden Dragon China Index saw a slight increase of 0.11%. Among popular Chinese stocks, Daqo New Energy rose by over 4%, Melco Resorts increased by over 3%, and NetEase gained over 2%. Conversely, Newegg fell by over 15%, DaJiang Cloud Warehouse dropped by over 9%, and Semtech declined by over 5% [4] Economic Indicators - According to the CME Group's FedWatch tool, traders currently estimate an 84% probability of a Federal Reserve interest rate cut in September [5] - The London Stock Exchange was closed, while the other two major European indices reported declines, with the CAC40 index in Paris closing at 7,843.04, down 126.65 points or 1.59%, and the DAX index in Frankfurt closing at 24,273.12, down 89.97 points or 0.37% [5]

美国政府的潜在入股对象，远远超过了芯片制造这一个板块。美国国家经济委员会主任哈赛特表示，联 邦政府可能仿效入股英特尔的模式，入股更多企业，包括芯片之外的领域，为建立"美国主权财富基 金"做好准备。今年2月，白宫已经签发了关于建立主权财富基金的计划，要求财政部长对此进行探索。 如果上述愿景真能实现，那真是前所未有的。在"美式资本主义"的蓝图中，国家对市场竞争性行业的企 业进行大规模入股，从来不是一个现实选项。美国联邦政府当然也持有乃至控制一些公司，但多半是普 惠性的，例如房利美、房地美等。事实上，在2008年金融危机当中，美国政府非常不希望成为主流华尔 街金融机构的股东；就算被迫成为，也要及早安排退出计划。 对英特尔的入股是为了确保其继续在美国建设芯片代工厂，那么对其他企业的入股又是为了什么呢？目 前白宫的解释是，联邦政府经常给予企业大量补贴，但美国纳税人没有从中获得财务回报；如果政府能 8月25日，英特尔正式公告：美国政府以89亿美元的代价，获得了英特尔9.9%的股权，从而成为其第一 大股东。关于这一交易的细节如下： 这就是懂王宣称"我入股英特尔没有花一分钱"的原因——那些钱本来就承诺给英特尔了，不过以前是直 ...