公众号记得加星标⭐️，第一时间看推送不会错过。 过去几十年来，英特尔的 x86 架构统治着计算领域，为从最基础的笔记本电脑到最强大的数据中心 设备等各种设备提供动力。然而，一场静悄悄的革命正在幕后悄然发生：Arm。Arm 架构在智能手 机时代真正开始站稳脚跟，如今正在主流计算领域占据重要地位，而这在以前是不可想象的。如此之 多，以至于 x86 的统治地位似乎已成定局。 有很多理由可以相信这一点，而且与几年前相比，现在想想也并非难以想象。苹果公司通过其M系列 Apple Silicon SoC向Arm的重大转变无疑开启了一股潮流，而微软再次推动基于Arm的Windows操 作系统，表明微软再次看到了它的价值。而这两项行业变革仅仅是冰山一角。 Arm 的行业支持很有说服力 Arm 崛起的最明显指标之一是芯片制造商，以及这些芯片的创造者群体在过去十年中如何不断壮 大。在 x86 领域，只有两家主要生产商：英特尔和 AMD。相比之下，Arm 生态系统拥有众多芯片 设计公司。一些科技界巨头正在打造基于 Arm 的高性能处理器：苹果用其自主研发的 M 系列芯片取 代了 Mac 中的英特尔 CPU，高通正在基于 Arm 为 ...

2005年，时任英特尔（INTC.US）CEO的保罗▪欧德宁（Paul Otellini）向董事会提出以200亿美元收购当时还很弱小的英伟 达（NVDA.US），然而，董事会认为这笔交易成本过高，且对是否要巨额投资于GPU芯片领域存在分歧，最终否决了这一 提议。 二十年风水轮流转。 谁也未曾想到，两家公司的命运会发生如此显著的变化。 如今的英伟达已成为AI芯片领域的巨擘，市值达到4.28万亿美元，是全球市值最高的上市公司，而英特尔却在为生存挣 扎，市值仅千亿美元，还不到英伟达一个零头。 2025年9月18日，英伟达宣布，将以每股23.28美元的价格——较英特尔前一个交易日收市价24.90美元折让6.5%，向英特尔 投资50亿美元，或大约相当于英特尔交易公布前市值的4.6%左右。 双方合作些什么？ 根据公告，双方将联合开发多代定制化数据中心及个人电脑（PC）产品，为超大规模、企业级和消费级市场的应用与工作 负载提供加速支持。重点通过英伟达的NVLink技术实现两大架构的无缝衔接——整合英伟达于AI和加速计算领域的优势， 与英特尔领先的CPU技术和x86生态系统，为客户打造尖端解决方案。 在数据中心领域，英特尔将 ...

Core Viewpoint - NVIDIA is investing $5 billion in Intel to develop custom CPU and GPU integrated products, marking a significant collaboration between the two companies that were once rivals [2][3]. Group 1: Investment and Market Impact - If the investment passes regulatory approval, NVIDIA will become one of Intel's largest shareholders, owning approximately 4% of Intel's shares [3]. - Following the announcement, Intel's stock surged by about 28% at one point during trading, closing with a gain of approximately 22.77%, marking its best single-day performance in 38 years [3]. Group 2: Collaboration Details - The partnership aims to combine NVIDIA's AI computing and GPU technology with Intel's CPU technology and manufacturing capabilities to create a more powerful computing system [8][10]. - NVIDIA will utilize its NVLink technology to seamlessly connect its AI and GPU capabilities with Intel's CPU and x86 ecosystem, while Intel will develop custom x86 CPUs for NVIDIA's AI platform [11][13]. Group 3: Historical Context - Intel was once the dominant player in the chip industry, particularly in the PC market, while NVIDIA was primarily a GPU manufacturer [16]. - The relationship soured in the late 2000s due to disputes over patent licensing, leading to a prolonged rivalry [18][19]. - Over the years, NVIDIA has emerged as a leader in AI computing, while Intel has struggled to keep pace, particularly in the AI acceleration market [21]. Group 4: Future Prospects - The collaboration is seen as a potential turning point for Intel, providing a new direction in AI chip development and possibly redefining the AI PC landscape [22][24]. - Analysts suggest that this partnership could accelerate the development of AI infrastructure and personal computing products, benefiting both companies [22][24].

具体来看，面向个人计算领域，英特尔将制造并销售集成英伟达RTX GPU小芯片的x86系统芯片（SOC），这款SOC将用于驱动需要先进CPU与GPU集成解 决方案的各类PC产品。 经济观察报 记者 钱玉娟 北京时间9月19日凌晨，美国两大芯片巨头英伟达与英特尔的首席执行官黄仁勋与陈立武现身网络直播，共同宣布双方达成战略合作，英伟达以50亿美元入 股英特尔，交易完成后，英伟达将持有英特尔这家老牌芯片制造商约4%或更高的股份。 "与英特尔的战略合作不会影响英伟达的现有业务。"黄仁勋称，投资合作动作背后，英伟达既不会将芯片制造合作伙伴从台积电转向英特尔，也不存在战略 转移，英伟达始终坚持Arm的发展路线，芯片架构不会转向x86架构。 经济观察报记者从英伟达方面获悉，双方计划基于英伟达NVLink技术实现架构间的无缝连接，将英伟达在AI与加速计算领域的能力，与英特尔的CPU技术 及x86生态进行整合，从而为超大规模计算、企业级及消费级市场的客户提供解决方案。 素有"蓝色巨人"之称的英特尔，曾凭借x86架构统治全球计算机市场40余年，却在2024年迎来自成立以来的最惨烈寒冬，2024年全年净亏损188亿美元，除了 受全球 ...

Core Viewpoint - The domestic CPU chip market is experiencing significant activity, with Shanghai Zhaoxin Integrated Circuit Co., Ltd. preparing for an IPO on the Sci-Tech Innovation Board, aiming to raise 4.169 billion yuan for new processor development and R&D projects [1][2]. Group 1: Company Overview - Zhaoxin Integrated was established in 2013 and is headquartered in Shanghai, with Shanghai United Investment holding a 50.07% stake [4]. - The company focuses on x86 architecture, which is crucial for compatibility with mainstream software ecosystems, positioning it favorably in the domestic CPU market [4][7]. - Zhaoxin has developed several microarchitecture generations, achieving significant domestic performance milestones, such as the KX-6000 series processor reaching a frequency of 3.0GHz [8]. Group 2: Financial Performance - Zhaoxin's revenue projections show a compound annual growth rate (CAGR) of 61.71%, with expected revenues of 3.4 billion yuan in 2022, 5.55 billion yuan in 2023, and 8.89 billion yuan in 2024 [1]. - Despite revenue growth, the company has reported net losses of 7.27 billion yuan, 6.76 billion yuan, and 9.51 billion yuan for the years 2022 to 2024, totaling approximately 23.54 billion yuan in losses [1][18]. - R&D expenses have been substantial, reaching 289.5% of revenue in 2022, and totaling 2.785 billion yuan over three years [16]. Group 3: Market Position and Competition - Zhaoxin's valuation is estimated at 18.5 billion yuan, significantly lower than competitors like Haiguang Information and Longxin Zhongke, which have market values of 328.4 billion yuan and 53.489 billion yuan, respectively [2]. - The x86 server market in China is projected to grow, with shipments expected to reach 4.47 million units by 2027, indicating a growing opportunity for Zhaoxin [14]. - The company faces intense competition from both domestic and international players, including Intel and AMD, who dominate over 90% of the global market share [15]. Group 4: Client Base and Revenue Sources - Zhaoxin's primary clients include major manufacturers like Lenovo, contributing significantly to its revenue, with the top five clients accounting for over 96% of total sales in recent years [12][13]. - The "Kaixian" series of processors, aimed at desktop and embedded devices, accounted for 86.32% of revenue in 2024, highlighting its importance to the company's growth [9]. Group 5: Industry Trends and Future Outlook - The recent policy changes in China, including the introduction of the "1+6" policy measures, aim to support tech companies like Zhaoxin, potentially easing the path for IPOs and funding [20]. - The ongoing push for domestic chip development aligns with national strategies, creating a favorable environment for companies like Zhaoxin to thrive [20].

Core Viewpoint - Intel is facing significant challenges as it plans to shut down its automotive business and lay off employees, marking a difficult period in its transformation journey. Meanwhile, Apple is transitioning away from Intel chips, with macOS 26 Tahoe being the last version to support Intel architecture, indicating a shift towards Apple Silicon chips [1][22]. Group 1: Intel's Historical Context and Current Challenges - Intel has historically dominated the PC processor market with its x86 architecture, achieving significant milestones since the launch of its first microprocessor in 1971. The partnership with IBM in 1981 solidified its position in the market [4][6]. - The rise of AMD as a competitor has been notable, especially with AMD's Zen architecture significantly improving performance and market share, indicating a shift in competitive dynamics [5][6]. - Intel's recent struggles are attributed to delays in technology innovation, particularly with its 10nm and 7nm processes, allowing competitors like Apple to gain an advantage with their ARM-based M series chips [32][33]. Group 2: Apple's Rise and Impact on the Market - Apple's transition to ARM architecture began with the introduction of the M1 chip in 2020, which demonstrated performance comparable to high-end x86 processors while maintaining lower power consumption [18][19]. - The success of Apple's M series chips has led to a significant increase in ARM's market share in the PC segment, rising from 2% in Q3 2020 to 11.3% by Q1 2022 [22]. - Apple's dominance in the PC market is evident, with a 10.2% overall market share and 45% in AI-enabled PCs by Q4 2024, surpassing Intel's share [23]. Group 3: Competitive Landscape and Future Outlook - The success of Apple's M series has inspired other companies like Qualcomm and NVIDIA to enter the PC CPU market, with Qualcomm's Snapdragon X Elite showing significant performance improvements [24][28]. - NVIDIA is also re-entering the PC processor space with its upcoming ARM-based N1X chip, aiming to leverage its expertise in AI and GPU technology [30][31]. - The shift towards ARM architecture in the PC market is indicative of a broader trend, with domestic companies in China also developing ARM and RISC-V based processors, signaling a move towards a multi-architecture competitive landscape [34][36].

Core Viewpoint - The domestic CPU manufacturer Zhaoxin Integrated Circuit Co., Ltd. is planning to go public on the Sci-Tech Innovation Board, following other companies like Haiguang Information and Loongson Technology [1][3]. Company Overview - Zhaoxin Integrated is one of the six major domestic CPU manufacturers, with a cumulative loss of 2.354 billion yuan over the past three years. The company aims to raise 4.169 billion yuan through its IPO [3]. - The projected operating revenues for Zhaoxin Integrated from 2022 to 2024 are 340 million yuan, 555 million yuan, and 889 million yuan, respectively. The net profits attributable to shareholders for the same period are projected to be -727 million yuan, -676 million yuan, and -951 million yuan, indicating ongoing losses [3]. - The company is primarily focused on R&D investments to maintain technological advancement, which has led to significant financial losses. It is currently in a rapid development phase and faces risks related to sales expansion and market demand [3]. Shareholding Structure - Shanghai Lianhe Investment Co., Ltd., wholly owned by the Shanghai State-owned Assets Supervision and Administration Commission, holds 50.07% of Zhaoxin Integrated, making it the controlling shareholder. Via a partnership agreement, VIA Technologies holds 7.89% of the shares [3][4]. Competitive Landscape - Zhaoxin Integrated operates within a competitive environment dominated by global giants Intel and AMD, which maintain a duopoly in the x86 architecture processor market. Domestically, it faces competition from other CPU manufacturers like Huawei HiSilicon, Haiguang Information, and Loongson Technology [5][6]. - The company’s gross margin is projected to be 15.4% in 2024, significantly lower than the industry average of 50.49% and below Loongson Technology's 31.03% [5][6]. Financial Performance Comparison - In 2024, Haiguang Information is expected to generate revenues of 9.162 billion yuan with a net profit of 1.931 billion yuan, while Loongson Technology is projected to have revenues of 504 million yuan and a net loss of 625 million yuan. Zhaoxin Integrated's revenues are expected to be 889 million yuan with a net loss of 951 million yuan, indicating weaker performance compared to its competitors [6].

Core Viewpoint - The article discusses the IPO application of Shanghai Zhaoxin Integrated Circuit Co., Ltd. on the Sci-Tech Innovation Board, highlighting its financial struggles and competitive landscape in the CPU industry. Company Overview - Zhaoxin Integrated is one of the six major domestic CPU manufacturers in China, with a cumulative loss of 2.354 billion yuan over the past three years and plans to raise 4.169 billion yuan through the IPO [3][4]. Financial Performance - Projected revenues for Zhaoxin Integrated from 2022 to 2024 are 340 million yuan, 555 million yuan, and 889 million yuan, respectively. The net profits attributable to shareholders are projected to be -727 million yuan, -676 million yuan, and -951 million yuan for the same years [5]. - The company has not yet achieved profitability and has significant cumulative losses due to high R&D costs associated with CPU chip development [5]. Shareholding Structure - Shanghai Lianhe Investment Co., Ltd., wholly owned by the Shanghai State-owned Assets Supervision and Administration Commission, holds 50.07% of Zhaoxin Integrated's shares, making it the controlling shareholder [5]. - VIA Technologies holds 7.89% of Zhaoxin Integrated's shares, with various subsidiaries and related parties being considered as acting in concert [6][7]. Competitive Landscape - The global x86 architecture processor market is dominated by Intel and AMD, creating a duopoly. Domestically, Zhaoxin Integrated faces competition from other CPU manufacturers like Huawei HiSilicon, Hygon Information, and Loongson Technology [10]. - Zhaoxin Integrated's products are compatible with the x86 instruction set, while competitors like Huawei and Feiteng Information use ARM instruction sets, and Loongson Technology employs its own LoongArch instruction set [10]. Market Position and Challenges - Zhaoxin Integrated's projected gross margin for 2024 is 15.4%, significantly lower than the industry average of 50.49% and below Loongson Technology's 31.03% [10]. - In terms of operational performance, Zhaoxin Integrated's projected revenue for 2024 is 889 million yuan, with a net loss of 951 million yuan, indicating a weaker performance compared to Hygon Information, which is expected to generate 9.162 billion yuan in revenue and 1.931 billion yuan in net profit [11].

Core Viewpoint - Shanghai Zhaoxin Integrated Circuit Co., Ltd. has been accepted for an IPO on the Sci-Tech Innovation Board, aiming to raise 4.169 billion yuan [1] Company Overview - Zhaoxin Integrated specializes in the research, design, and sales of high-end general-purpose processors and supporting chips, focusing on x86 architecture CPUs, which are crucial for information security and the information industry in China [3][4] - The company is a leading domestic CPU design firm capable of serving multiple fields including desktop PCs, servers, workstations, and embedded systems, while maintaining compatibility with the x86 instruction set [3] Market Position - The x86 architecture processors dominate the desktop PC and server markets globally, primarily led by Intel and AMD, creating a duopoly [4] - Zhaoxin Integrated, along with other domestic firms like Haiguang Information and Loongson Technology, represents a growing segment of the CPU market, with Zhaoxin's products being compatible with the x86 instruction set [4] Performance and Financials - From 2022 to 2024, Zhaoxin Integrated's revenue is projected to grow from 340 million yuan to 889 million yuan, while net losses are expected to increase from 727 million yuan to 951 million yuan [5] - The company attributes its ongoing losses to significant R&D investments necessary for maintaining technological advancement in CPU development [5] IPO Utilization - The funds raised from the IPO will be allocated to projects including next-generation server processors, desktop processors, advanced process technology, and the establishment of a research and development center [5]

Core Insights - Intel's market share in the processor segment has dropped to its lowest level since 2002, leading to a 4% decline in its stock price [1] - Arm's global shipment share increased from 10.8% to 13.6%, while AMD's share decreased from 22.1% to 21.1% [1] - The semiconductor industry has seen a rebound due to the US-China tariff truce and the growth of AI collaborations [1] Group 1: Market Dynamics - Intel's market share fell from 67.1% to 65.3%, indicating a gradual shift in the competitive landscape [1] - AMD's stock rose by approximately 6% following a $6 billion stock buyback plan despite a decline in market share [1] - The stock prices of AMD and Arm have increased by 19% and 13% respectively in May, while Intel's stock has seen a slight increase of 12% year-to-date [1] Group 2: Product Developments - AMD is developing an Arm-based SoC, codenamed "Sound Wave," for Microsoft's Surface laptops, moving away from traditional x86 designs [3] - Microsoft is advancing towards the Windows on Arm (WoA) platform, influenced by its collaboration with Qualcomm [3] - The potential introduction of Arm-based SoCs could enhance AMD's efficiency compared to existing x86 designs [4] Group 3: Arm's Ambitions - Arm aims to increase its share in the global data center CPU market from 15% to 50% by the end of 2025, focusing on AI servers [8] - Major cloud service providers like Google and Microsoft are beginning to adopt Arm's technology for their data center processors [9] - Arm is also developing its own CPUs for large cloud providers like Meta, which could significantly impact the server CPU market [10]