IT之家 1 月 23 日消息，在英特尔 2025 年第四季度财报电话会上，英特尔 CEO 陈立武表示，尽管 AI 时 代带来了前所未有的半导体需求，但短期内，"我对未能完全满足市场需求感到遗憾"。他表示，当前英 特尔产品良率虽符合英特尔的内部计划，但仍未达到自己期望的水平。"2026 年，加快良率提升将是我 们的重要工作重点，以更好地支持客户需求。" 陈立武透露，英特尔在第四季度已消耗了大量库存。"我们的良率与生产制造表现未达我的标准，必须 改善。" 英特尔 CFO 大卫 · 津斯纳则表示，尽管面临全行业供应短缺的挑战，公司第四季度的营收、毛利率和 每股收益方面仍然超出预期。公司预计，可用供应量将在（2026 年）第一季度降至最低水平，随后从 第二季度起逐步改善。随着 AI 的快速普及，x86 生态系统作为全球广泛部署的高性能计算架构的重要 性日益凸显，核心市场的基本面需求依然稳健。 英特尔预计第一季度营收区间为 117 亿美元至 127 亿美元（IT之家注：现汇率约合 816.65 亿元至 886.45 亿元人民币），反映出一个相对疲软的季节性季度。同时，公司预计第一季度经调整后每股收益 将接近盈亏平衡， ...

摩根大通将英特尔目标价从30美元上调至35美元。 ...

1 月 23 日，在市场对业绩抱有较高预期的背景下，英特尔公布的 2025 财年第四季度业绩略高于分析师 预测，但公司同时警告，其自身产能限制正成为短期增长的主要约束因素。 据 Investing.com 与路透社披露的财报电话会议记录，英特尔目前难以完全满足 AI 数据中心对服务器处 理器的强劲需求。英特尔 CDO 大卫 · 津斯纳（David Zinsner）表示，公司内部供应瓶颈在 2026 财年第 一季度尤为突出。 英特尔预计第一季度营收区间为 117 亿美元至 127 亿美元，反映出一个相对疲软的季节性季度。同时， 公司预计第一季度经调整后每股收益将接近盈亏平衡，而分析师此前预计为 0.05 美元。 库存回落与内存短缺影响前景 津斯纳在会议上表示，2025 年下半年，英特尔通过额外的晶圆产出和动用库存来满足强劲的产品需 求。但进入 2026 年，这一库存缓冲已被消耗殆尽。 此外，自 2025 年第三季度起向服务器晶圆的产能切换，预计要到第一季度末才能完全体现在成品交付 中，这也是公司在本季度给出相对保守指引的重要原因之一。 津斯纳还表示，英特尔代工业务在 2025 年第四季度实现营收 45 亿美元， ...

Market Overview - The U.S. stock market experienced mixed trading, with the S&P 500 remaining flat, up less than 0.1%, marking a second consecutive week of modest losses [1] - The Dow Jones Industrial Average fell by 285 points, or 0.6%, while the Nasdaq composite increased by 0.3% [1] Company Performance - Intel's stock dropped 17% after reporting better-than-expected results for the end of 2025, but its forecast for Q1 2026 fell short of Wall Street expectations [2] - Chief Financial Officer David Zinsner indicated that supply shortages are impacting the entire chip industry, with expectations for supply to bottom out early this year before improving in the spring [3] - Capital One Financial's stock declined by 7.6% after reporting weaker profits for the end of 2025 than anticipated, despite announcing a $5.15 billion acquisition of Brex [6] - CSX's stock rose by 2.4% despite reporting weaker profits than expected, with analysts noting a positive forecast for operating profit retention from revenue in 2026 [7] - Clorox's stock increased by 1.1% following the announcement of its acquisition of GOJO Industries for $2.25 billion in cash [7] Market Trends - Gold prices reached a record high, nearing $5,000 per ounce, indicating a shift towards safer investments, with a nearly 15% increase year-to-date [6] - The U.S. dollar depreciated against the Japanese yen and Swiss franc, influenced by President Trump's tariff threats on European countries [4] - Following Trump's announcement of a potential deal regarding Greenland and the cancellation of tariffs, there was some relief in the market, although details remain scarce [5]

Intel’s “Made in America” mission remains a work in progress. In the storied American chipmaker’s earnings call on Thursday, it delivered an unexpectedly dour outlook for the current quarter as supply shortages prevent it from meeting customer demand. Shares of the company cooled 4% Thursday ahead of the after-the-bell report, and as much as 6% in after-hours trading. Ouch. SUBSCRIBE:  Receive more of our free The Daily Upside newsletter. READ ALSO: Procter & Gamble Lathers Up a Turnaround and Huntington ...

Core Insights - Intel's Q4 performance exceeded expectations, but weak Q1 guidance led to a significant stock drop, with CEO expressing disappointment over unmet market demand [1][6][8] - Despite strong AI demand, Intel faces severe supply bottlenecks, with depleted buffer inventory and manufacturing yields not meeting internal standards [1][3][8] Financial Performance - Q4 revenue reached $13.7 billion, with a non-GAAP gross margin of 37.9% and non-GAAP EPS of $0.15; Q1 revenue guidance is set at $11.7 to $12.7 billion, with a midpoint of $12.2 billion [16][34][41] - DCAI (Data Center and AI) revenue grew 15% quarter-over-quarter, but supply constraints prevented capturing higher potential revenue [4][12][38] Supply Chain and Inventory Issues - The company acknowledged that buffer inventory has been exhausted, leading to a "hand to mouth" operational state, particularly in Q1 [8][9][12] - Manufacturing yield improvements of 7%-8% per month are ongoing, but still below industry-leading levels, with a focus on optimizing yields by 2026 [3][9][19] Strategic Focus and Business Development - Intel is prioritizing high-margin data center business over client computing, with DCAI revenue showing the fastest growth in a decade [12][38] - The company is committed to enhancing its foundry business, with expectations for customer orders for the 14A process to materialize in late 2026 or early 2027 [14][15][40] AI and CPU Role - Management emphasized the underestimated role of CPUs in the AI era, highlighting their critical function in workload orchestration and control [11][12][29] - The shift towards "mixed AI" architectures necessitates robust CPU capabilities, driving demand for traditional server upgrades [11][12][29] Capital Expenditure and Future Outlook - Capital expenditures for 2026 are expected to remain flat or slightly decrease, with a shift towards spending on manufacturing tools rather than facility construction [15][44] - The company anticipates gradual supply improvements starting in Q2 2026, with a focus on meeting the strong demand in the data center and AI sectors [22][42]

而这背后的罪魁祸首，可能还是公司芯片制造良率惹的祸。 国芯网[原:中国半导体论坛] 振兴国产半导体产业！ 不拘中国、 放眼世界 ！ 关注 世界半导体论坛 ↓ ↓ ↓ 1月23日消息，美东时间周四盘后，英特尔公司布了第四季度财报及今年第一季度指引。 尽管其Q4业绩超出华尔街的预期，但对今年第一季度的预期却较为保守，导致该公司股价在盘后交易中竟一度大跌 13%。 产的芯片类型方面仍面临滞后，公司在当初管理工厂时并未预料到数据中心需求会发生变化。 英特尔表示，预计第一季度营收在117亿美元至127亿美元之间，调整后每股收益0美元，即处于盈亏平衡水平。而 LSEG预期第一季将实现每股5美分收益以及125.1亿美元营收。 英特尔CFO大卫·辛斯纳在接受采访时表示，公司第一季度的指引预测较为谨慎，部分原因是由于 公司无法满足季 节性需求所需的供应 ，而供应情况在今年第二季度将会有所改善。 英特尔高管表示，公司对AI芯片所配套的服务器中央处理器需求激增措手不及。尽管工厂已满负荷运转，英特尔仍无法满足这 类芯片的需求，导致利润丰厚的数据中心销售订单流失，而新款PC芯片也挤压了其利润率。"短期内，我对我们无法完全满足 市场需求 ...

Core Viewpoint - Intel's recent earnings report showed solid demand for its products, particularly in AI, but supply challenges are expected to hinder near-term performance, leading to a decline in stock value despite previous gains [1][2][6]. Financial Performance - Intel reported fourth-quarter revenue of $13.7 billion, a 4% decrease year over year, with non-GAAP earnings per share of $0.15, reflecting a 15% increase year over year [3]. - For the full year, revenue was $52.9 billion, remaining essentially flat year over year [3]. - The company anticipates first-quarter revenue between $11.7 billion and $12.7 billion, which is approximately 11% lower than fourth-quarter revenue, with expected non-GAAP earnings per share of $0.00 [4]. Supply and Demand Dynamics - Supply constraints are identified as the primary issue affecting Intel's outlook, with management indicating that available supply will be at its lowest in Q1 before improving in Q2 and beyond [4][10]. - Demand fundamentals across Intel's core markets remain strong, particularly for AI-related products, which saw a 9% year-over-year revenue increase to $4.7 billion in the fourth quarter [5][6]. Valuation Concerns - Intel's market capitalization is around $230 billion, and the stock is considered expensive given the lack of profitability on a GAAP basis and the anticipated decline in sales for Q1 [7][8]. - The current price-to-sales ratio exceeds 4, which is significantly lower than that of competitors like Nvidia and Broadcom, but still high enough to suggest that investors expect future profitability [9]. Future Outlook - The market is pricing in expectations for improved supply and continued demand growth, but there are concerns about execution issues that have historically affected the company [10][11]. - Management has expressed optimism about supply improvements starting in Q2, and demand visibility remains positive [10].

本文源自：金融界AI电报 英特尔首席财务官David Zinsner表示："尽管面临全行业供应短缺的挑战，公司第四季度的营收、毛利 率和每股收益方面均超出预期。公司预计，可用供应量将在第一季度降至最低水平，随后从第二季度起 逐步改善。随着AI的快速普及，x86生态系统作为全球广泛部署的高性能计算架构的重要性日益凸显， 核心市场的基本面需求依然稳健。" ...

Core Viewpoint - Intel's CEO expressed regret over the company's inability to fully meet market demand for semiconductors despite unprecedented demand driven by the AI era [1] Group 1: Company Performance - Intel's product yield is currently in line with internal plans but has not reached the CEO's expectations [1] - The company aims to accelerate yield improvement as a key focus in 2026 to better support customer demand [1]