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分析师:陈立武有望变救世主
半导体行业观察· 2025-07-28 01:32
Core Viewpoint - Intel's recent earnings report exceeded market expectations for Q2, but the announcement of a 15% workforce reduction (approximately 15,000 employees) and a slowdown in expansion plans led to a significant stock price drop of over 9% on the following trading day [2]. Group 1: Operational Strategy - Intel is focusing on consolidating production resources, halting expansion plans in Germany and Poland, and slowing down the Ohio facility expansion, with a goal to align capacity with customer orders [3]. - The company plans to reduce capital expenditures below the current year's $18 billion (approximately NT$530.93 billion) and control depreciation expenses and free cash flow [3]. Group 2: Technology Development - Intel is not abandoning the 18A process node but acknowledges that the production scale and timeline for the 18A Panther Lake SKU are significantly behind previous expectations [3]. - The investment in 18A is less than that in 14A, relying on internal customers for reasonable profitability, while 14A development includes special requirements from external customers [3]. Group 3: Market Competition - Intel faces significant challenges in competing with TSMC regarding chip speed, cost, yield, and time to market, but the new CEO appears to have a clearer understanding of TSMC's strengths [4]. - The company may choose not to invest in 14A if there are insufficient products to support acceptable revenue and profitability [4]. Group 4: Product Development Issues - The production of the 3 EUV Granite Rapids server CPUs has been delayed, with the company stating that gaining market share will take time and that there are issues with the multi-threading P-cores design that need correction [4]. - Intel's AI GPU development faces significant challenges, including a lack of system software stack and strategy, indicating that understanding AI systems is crucial before designing software and chips [4].