北京时间1月23日，英特尔公布2025年第四季度财务数据及2026年第一季度业绩指引。 本文源自：市场资讯 作者：观察君 财报显示，英特尔2025年第四季度实现营收136.7亿美元，超出市场预期的133.7亿美元，较上年同期的 142.6亿美元同比下滑4.1%；第四季度调整后每股收益0.15美元，高于市场预估的0.09美元，上年同期该 数值为0.13美元。 此前，英特尔股价表现亮眼，2026年年内累计涨幅超47%，1月22日盘中一度触及2022年1月以来的最高 收盘价。公司近期在资本与技术层面动作频繁，已完成向英伟达出售价值50亿美元的英特尔普通股，同 时其Intel 18A制程已在亚利桑那州和俄勒冈州进入大批量制造阶段，首批基于该工艺的产品面向高性能 计算市场。 市场有风险，投资需谨慎。本文为AI基于第三方数据生成，仅供参考，不构成个人投资建议。 针对2026年第一季度，英特尔给出的业绩指引不及市场预期。公司预计该季度营收将处于117亿至127亿 美元区间，低于市场预期的126亿美元；调整后每股收益预计为0.00美元，同样未达市场预估的0.08美 元。 英特尔CEO陈立武表示，当前市场需求相当强劲，但公司正 ...

机构认为，业绩将再次成为阶段性主导市场的重要因素。 日本央行公布利率决议 2026北京国际商业航天展览会(北京，1/23-1/25) 新股申购：世盟股份 财报发布：英特尔 ►►商务部1月22日举行例行新闻发布会，商务部新闻发言人何咏前在回答有关提问时说，欧盟近日发布相关文件，强制要求成员国在能源、交通、ICT服 务管理等18个关键行业排除所谓"高风险供应商"。中方对此表示严重关切。中国企业长期在欧洲依法合规经营，为欧洲民众提供了优质的产品和服务，有力 促进了欧洲电信和数字产业发展。然而，欧盟却在毫无事实依据的情况下，将部分中国企业列为高风险供应商，限制中国企业参与5G建设。我们坚决反对 欧方对中国企业的歧视行为和将经贸问题政治化、泛安全化的错误做法。 ►►中国人民银行行长潘功胜表示，2026年，中国人民银行将继续实施好适度宽松的货币政策，把促进经济稳定增长、物价合理回升作为货币政策的重要考 量，发挥增量政策和存量政策集成效应，为经济稳定增长、高质量发展和金融市场稳定运行营造良好的货币金融环境，为实现"十五五"良好开局提供有力的 金融支撑。总量政策方面，灵活高效运用降准降息等多种货币政策工具，保持流动性充裕，使 ...

Economic Data - Markets experienced a rise, with the Dow gaining 306 points (+0.63%), S&P 500 up 37 points (+0.55%), Nasdaq increasing by 211 points (+0.91%), and Russell 2000 growing by 17 points (+0.64%) [1] - The delayed November Personal Consumption Expenditures (PCE) report indicated Personal Spending increased by 0.3%, which was 10 basis points lower than expected, following a previous drop of 30 basis points to 0.1% [2] - Year-over-year PCE rose to 2.8%, recovering from a 10 basis point dip the prior month, with core PCE also reflecting the same year-over-year increase [3] Company Earnings - Intel (INTC) reported earnings of 15 cents per share, nearly doubling the anticipated 8 cents, with revenues of $13.67 billion surpassing the Zacks consensus of $13.37 billion; however, shares fell by 6.5% due to lowered revenue guidance amid ongoing supply constraints [4] - Intel's Data Center segment grew by 9% year-over-year to $4.7 billion, despite a 7% decline in Cloud computing [5] - Capital One (COF) missed Q4 earnings estimates at $3.86 per share compared to the expected $4.12, but revenues of $15.58 billion exceeded the $15.37 billion forecast; the company also announced the acquisition of AI-based FinTech Brex for $5.15 billion [6] - CSX (CSX) saw its share price increase despite missing Q4 earnings estimates, reporting earnings of 39 cents per share, which was 3 cents below consensus, and revenues of $3.51 billion, slightly below the expected $3.55 billion, attributed to subdued industrial demand [7]

Market Performance - The three major U.S. stock indices closed higher, with the Dow Jones Industrial Average rising by 306.78 points, or 0.63%, to 49,384.01 points; the Nasdaq increased by 211.20 points, or 0.91%, to 23,436.02 points; and the S&P 500 gained 37.73 points, or 0.55%, to 6,913.35 points [2][3]. Legal Action - Former President Trump has filed a lawsuit against JPMorgan Chase and its CEO Jamie Dimon, seeking $5 billion in damages. The lawsuit claims that JPMorgan closed multiple bank accounts belonging to Trump and his related businesses due to "political and social motives" following the January 6 Capitol riots [4][5]. Company Developments - Nvidia's CEO Jensen Huang confirmed that Nvidia has surpassed Apple to become TSMC's largest customer, accounting for approximately 13% of TSMC's total revenue [7][8]. - Intel reported fourth-quarter 2025 revenue of $13.67 billion, a year-over-year decrease of 4.1%, exceeding market expectations of $13.43 billion. However, the company provided a weak guidance for the first quarter of 2026, projecting adjusted earnings per share of $0.00, below the market estimate of $0.08, and revenue expectations between $11.7 billion and $12.7 billion, compared to the market forecast of $12.56 billion [10][12].

Market Overview - The three major U.S. stock indices closed higher, with the Dow Jones Industrial Average rising for the second consecutive day, recovering losses from earlier in the week. The Dow gained 306.78 points, or 0.63%, closing at 49,384.01 points; the Nasdaq increased by 211.20 points, or 0.91%, to 23,436.02 points; and the S&P 500 rose by 37.73 points, or 0.55%, to 6,913.35 points [2][3]. Legal Action Against JPMorgan Chase - Former President Trump has filed a lawsuit against JPMorgan Chase and its CEO Jamie Dimon, seeking $5 billion in damages. The lawsuit claims that JPMorgan Chase closed multiple bank accounts associated with Trump and his businesses due to "political and social motives" following the January 6 Capitol riots [7][8]. - The lawsuit alleges that JPMorgan Chase, under Dimon's direction, unlawfully blacklisted Trump and his affiliates, informing other financial institutions of this action. JPMorgan Chase has expressed regret over the lawsuit, asserting that account closures are typically due to legal, compliance, or regulatory risks, not political reasons [8] [9]. Intel's Earnings Report - Intel reported fourth-quarter revenue of $13.67 billion for 2025, a 4.1% year-over-year decline, but above the market expectation of $13.43 billion. The adjusted earnings per share for the fourth quarter were $0.15, compared to $0.13 in the same period last year, exceeding the forecast of $0.09 [12]. - However, Intel's guidance for the first quarter of 2026 was weak, projecting adjusted earnings per share of $0.00, below the market expectation of $0.08, and revenue estimates ranging from $11.7 billion to $12.7 billion, compared to the market forecast of $12.56 billion. Following this guidance, Intel's stock fell over 13% in after-hours trading [12]. Nvidia Becomes TSMC's Largest Customer - Nvidia's CEO Jensen Huang confirmed that Nvidia has surpassed Apple to become the largest customer of TSMC. Industry insiders estimate that Nvidia now accounts for 13% of TSMC's total revenue, placing it in the top position [10].

Group 1 - The "Year of the Horse" Moutai liquor has a printing error, leading to a surge in second-hand prices reaching up to 2800 yuan, compared to the original price of 1899 yuan [2][3] - The account of influencer Zhou Yuan, known for controversial content, has been banned after generating over 24 million yuan in revenue from paid courses [2][3] - Lamborghini announced a record delivery of 10,747 vehicles in 2025, marking a 60-unit increase from the previous year and achieving growth for the fifth consecutive year [3] Group 2 - Yonghui Supermarket expects a net loss of 2.14 billion yuan for 2025 due to significant strategic adjustments and asset write-offs [4][6] - The company has a high debt ratio of 88.96% and a low liquidity ratio of 0.63, indicating financial strain [6] - The company plans to complete its strategic adjustments by 2026 [6] Group 3 - Gold prices have reached a new high of 4950 USD per ounce, with a 0.28% increase [11] - Goldman Sachs raised its gold price target for December 2026 from 4900 USD to 5400 USD, citing increased demand for gold as a hedge against macroeconomic uncertainties [12] - Nvidia has overtaken Apple as TSMC's largest customer, accounting for 13% of TSMC's total revenue [12] Group 4 - The Chinese government has implemented a subsidy program for elderly individuals with moderate to severe disabilities, providing up to 800 yuan per month [13] - The subsidy is aimed at supporting various elderly care services, including home and institutional care [13] Group 5 - SpaceX plans to launch its second-generation Starlink system by 2027 [16] - Amazon is preparing to lay off thousands of corporate employees as part of its restructuring efforts [17] - Tesla's CEO Elon Musk indicated plans to sell the Optimus robot to the public by the end of next year [18]

Time now to dig into some earnings. Going to take a look at Intel as its fourth core results are just hitting the wire right now. Get you those reports.Q4 uh EPS uh I'm looking for 15 cents. That looks like a beat. Q4 revenue 13.67% billion versus estimate of 13.43% billion.So that's a beat. Just looking through the segments quickly here. Data center and AI revenue for Q4 looks like 4.74% billion versus estimate of 4.42% 42 billion.So that was like a beat. C uh client computing revenue 8.19% billion versus ...

英特尔(INTC.US)股价在公布最新财报后大跌，原因是该公司首席执行官陈立武给出了乏善可陈的业绩 展望，并警告称这家芯片制造商正受到制造问题的困扰。截至发稿，英特尔周四美股盘后跌逾12%。 财报显示，英特尔2025年第四季度营收同比下降4.1%至137亿美元，好于分析师预计的134亿美元;调整 后每股收益为15美分，好于分析师预计的9美分。 按业务划分，客户端计算业务第四季度营收为82亿美元，同比下降6.6%，略低于分析师平均预测的83 亿美元;数据中心业务营收为47亿美元，同比增长8.9%，高于分析师预计的44亿美元。英特尔代工业务 实现营收45亿美元，同比增长3.8%，高于分析师预计的44亿美元。目前，该部门的订单几乎全部来自 英特尔自身的产品部门，但公司正在积极寻求外部客户。 英特尔预计，2026年第一季度营收预计在117亿美元至127亿美元之间，该区间中值低于分析师预计的 126亿美元;预计调整后每股收益为零，而分析师此前预计为8美分。 去年第四季度调整后毛利率为37.9%，这一关键盈利指标预计将在今年第一季度进一步收缩至34.5%(分 析师预期为36.5%)。在英特尔最鼎盛时期，其毛利率经常高于6 ...

Core Insights - Intel reported $13.67 billion in revenue for Q4 2025, a year-over-year decline of 4.1%, with an EPS of $0.15, up from $0.13 a year ago, indicating a positive EPS surprise of +86.1% compared to the consensus estimate of $0.08 [1] Revenue Performance - Total net revenues for Intel Products Group were $12.93 billion, slightly above the estimated $12.68 billion, but reflecting a year-over-year decline of 0.7% [4] - Data Center and AI revenues reached $4.74 billion, exceeding the average estimate of $4.36 billion, with a significant year-over-year increase of +39.9% [4] - Client Computing Group revenues were reported at $8.19 billion, slightly below the estimate of $8.33 billion, showing a modest year-over-year growth of +2.2% [4] - Intel Foundry Services generated $4.51 billion, surpassing the estimate of $4.39 billion, with a year-over-year change of +0.1% [4] - Net revenues from intersegment eliminations were reported at -$4.34 billion, better than the estimate of -$4.44 billion, with a year-over-year change of +0.6% [4] Stock Performance - Intel's shares have returned +50% over the past month, significantly outperforming the Zacks S&P 500 composite, which saw a change of +0.7% [3] - The stock currently holds a Zacks Rank 3 (Hold), suggesting it may perform in line with the broader market in the near term [3]

Financial Performance - Intel's total revenue for Intel Products in 2025 was $49.1 billion, a decrease of $324 million from 2024[123]. - Operating income for Intel Products in 2025 was $12.7 billion, down $269 million from 2024, with a total operating margin of 26%[125]. - Client revenue in 2025 was $27.6 billion, down $1.1 billion from 2024, primarily due to lower client volume and inventory reductions[126]. - DCAI revenue increased by $794 million in 2025, driven by a 9% increase in server volume due to higher hyperscale customer demand[126]. - Consolidated revenue for Intel was $52.9 billion in 2025, a decrease of $248 million from 2024, with CCG revenue down 3% due to lower client volumes[142]. - Gross profit increased by $1.0 billion, or 6%, in 2025 compared to 2024, driven by reduced asset impairments and accelerated depreciation charges[146]. - Operating loss for Intel Foundry was $10.3 billion in 2025, an improvement from a $13.3 billion loss in 2024, primarily due to reduced asset impairments and lower operating expenses[132]. - Mobileye revenue in the "all other" category was $1.9 billion in 2025, up $240 million from 2024, due to improved customer inventory levels[137]. - Operating income for the "all other" category was $264 million in 2025, compared to an operating loss of $57 million in 2024, driven by higher Mobileye revenue[139]. Research and Development - R&D expenses were $13.8 billion in 2025, down from $16.5 billion in 2024 and $16.0 billion in 2023, focusing on AI integration and next-generation process technologies like Intel 18A and Intel 14A[84]. - Total R&D and MG&A expenses for 2025 were $18.4 billion, down 17% from 2024, representing 34.8% of revenue[148]. - R&D expenses for 2025 decreased by $2.8 billion, or 17%, from 2024, primarily due to lower payroll-related expenditures and $610 million of lower share-based compensation[150]. Capital Expenditures and Investments - The company plans significant long-term investments in manufacturing expansion, including a new facility in Ohio[176]. - As of December 27, 2025, the company had commitments for capital expenditures of $9.1 billion for 2026 and $3.7 billion in long-term capital expenditures[177]. - The company initiated the consolidation of assembly and test operations in Costa Rica into larger sites in Vietnam and Malaysia to align capital spending with market demand[118]. - The transition to a disciplined capital deployment strategy in 2025 includes consolidating assembly operations in Costa Rica into larger sites in Vietnam and Malaysia, expected to complete by the end of 2026[72]. Strategic Partnerships and Market Position - A strategic partnership with NVIDIA was announced to co-develop custom client and data center products, leveraging both companies' technologies[28]. - The company aims to revitalize the x86 ecosystem to support evolving market needs, including those driven by various AI applications[28]. - The competitive landscape in the data center CPU market remains intense, with significant competition from AMD, NVIDIA, and custom silicon developers among others[45]. Supply Chain and Manufacturing - The focus on a secure and geographically diversified supply chain is emphasized in light of increased geopolitical tensions[25]. - The company expects supply constraints to persist into 2026, potentially limiting the ability to meet customer demand for CCG and DCAI products[142]. - The semiconductor supply chain remains volatile, with reliance on sole-source providers for critical tools and materials, necessitating close relationships with suppliers to mitigate risks[73]. - The company plans to continue manufacturing the majority of its products in its own factories to optimize performance and meet customer demand, while also streamlining operations by consolidating its Costa Rican assembly and test operations by the end of 2026[31]. Workforce and Organizational Changes - The company had an undesired turnover rate of 7.9% in 2025, compared to 5.9% in 2024[91]. - The company employed 85,100 people as of December 27, 2025, focusing on attracting and retaining top talent[89]. - The 2025 Restructuring Plan led to a 15% reduction in the core Intel workforce, with restructuring charges totaling $2.2 billion, primarily from employee severance and asset impairment[113]. - The company has streamlined organizational structures to enhance agility and accountability, emphasizing technical excellence and customer impact[90]. Environmental Initiatives - The company aims for 95% global renewable electricity use by December 31, 2025, tying executive bonuses to this target[102]. - The company has invested in environmental projects to cut greenhouse gas emissions, energy, and water use[97]. Financial Transactions and Gains - The company divested 51% of Altera for net purchase consideration of $4.3 billion, including $4.8 billion in cash proceeds received in Q3 2025[109]. - The company recorded a $163 million benefit from the reduction of a previously accrued fine of $401 million from 2023, with a guarantee funded by a $340 million deposit[178]. - The company received $5.7 billion in accelerated disbursements under the commercial CHIPS Act agreement[110]. - The company issued 275 million shares to the U.S. Department of Commerce at a price of $20.00 per share as part of the CHIPS Act agreement[110]. - The company completed a share sale to SoftBank Group for 87 million shares at $23.00 per share, totaling $2.0 billion[111]. - The company sold 215 million shares to NVIDIA at $23.28 per share for an aggregate cash purchase price of $5.0 billion[111]. Impairments and Financial Adjustments - The company recognized $3.3 billion in non-cash impairments and accelerated depreciation charges related to manufacturing assets[117]. - Intel incurred $950 million in asset impairments in 2025, significantly lower than the $3.3 billion recognized in 2024[132]. - The company recorded accelerated depreciation charges of $456 million in 2025 due to adjustments in the useful lives of certain manufacturing assets[204]. - The company recognized non-cash impairment charges of $494 million for property, plant, and equipment, while in 2024, the charges amounted to $2.3 billion[206]. Future Outlook - The company anticipates continued momentum in the semiconductor industry, driven by the rapid adoption of AI technologies across multiple sectors[23]. - The company expects a significant decrease in the percentage contribution of Intel Core products to CCG sales in 2026, as sales of Intel Core Ultra processors are anticipated to increase[56]. - Intel expects a hypothetical increase in interest rates of 1% would result in an increase in annual interest expense of approximately $97 million from debt outstanding as of December 27, 2025[196].