当戴尔电脑在20世纪90年代实现股价269倍增长时，英特尔和微软正垄断着计算机行业的核心技术；当硅图公司（Silicon Graphics）因供应链失控从45美元 股价崩盘至13美元时，它仍是三维图形技术的全球霸主；当默克制药在生物技术革命中坚持垂直整合时，华尔街正疯狂押注新兴生物科技公司——这些看似 矛盾的商业现象背后，隐藏着当今投资世界最残酷的真相： 技术护城河正在失效，供应链已成为企业生死存亡的DNA，而决定其价值的核心指标，叫做"脉动速度"。 1.戴尔谜题：零专利企业的269倍增长奇迹 1998年，戴尔电脑的股价比90年代初暴涨了269倍，把英特尔、微软这些"技术大佬"都甩在身后。这简直是个商业奇迹——戴尔自己既不造芯片（依赖英特 尔），也不做操作系统（靠微软），还天天被懂行的消费者比价，周围全是IBM、惠普这样的巨头对手。它靠什么赢？其制胜法宝正是"供应链设计"： ·零成品库存：订单直达工厂，24小时组装发货 ·零分销层级：砍掉经销商，直连终端客户 2. 硅图惨案：技术巨头的链式崩溃 1995年的硅图公司如日中天：年赚20亿美金，股价冲上45美元，连《侏罗纪公园》的恐龙都是它"画"出来的。这家拥有顶 ...

Core Viewpoint - Intel is experiencing a potential turnaround with new developments in its 14A process technology, which may involve collaboration with Apple and interest from Nvidia [3][4]. Group 1: Intel's 14A Process Technology - Intel's upcoming 14A process will introduce the second generation of RibbonFET and PowerDirect power delivery architecture, building on the PowerVia technology from its 18A process [3]. - The 14A process is targeted at applications in AI and edge computing, with early versions of the 14A Process Development Kit (PDK) provided to key customers, including Nvidia and Apple, for testing [3]. Group 2: Market Dynamics and Competition - Intel's future in the advanced process competition is uncertain, as the company has stated it will exit if it cannot attract significant external customer orders for its 18A and 14A processes [3]. - The semiconductor supply chain is currently dominated by TSMC, leaving major tech companies with limited options regarding node pricing and capacity allocation [4]. - Apple's consideration of Intel's 14A process is significant, as it may diversify its supply chain, especially with TSMC expected to launch its A14 process around the same time [4]. Group 3: Nvidia's Interest - Nvidia has shown interest in collaborating with Intel for its foundry business, driven by the strong demand in the AI sector, indicating that Nvidia cannot rely solely on one foundry [4].

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].