市场怀疑论者仅关注受巨额投资拖累的表面盈利，便断言英特尔是价值陷阱。但深入分析就会发现，这 家企业正在以远低于重置成本的折扣进行彻底转型。相比于英伟达、AMD等芯片巨头的估值，当前英 特尔的1.8倍市销率(PS)以及约16倍的EV/EBITDA估值，加之不到20倍的预期PE估值，整体估值堪称"低 到离谱"。对于市场观察人士而言，最核心的问题不在于英特尔是否应享有接近英伟达(NVDA.US)或 AMD(AMD.US)的PS或者PE估值倍数，而在于当前估值差距是否会在最先进的晶圆代工业务、AI PC和 数据中心加速器业务规模扩大后得到修正。 核心论点 智通财经APP获悉，英特尔(INTC.US)正从长期低迷转向实质性复兴，而市场尚未充分认识到这一转 变。尽管这家芯片巨头正在实施从晶圆制造到边缘AI PC的多年重组计划，其股价仍仅略高于账面价 值，市盈率也远低于同行，但最新一季度财报显示，其核心业务趋于稳定，现金流重回正值，这对资本 密集型转型至关重要。随着制造路线图的重新规划、专为AI周期打造的新一代芯片，以及前所未有的 政府补贴，英特尔正同时把握多个长期增长机遇。 英特尔的复兴取决于全面转型而非局部调整。管理层 ...

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].

据称，这款 APU 搭载了联发科定制的 CPU 组件和基于英伟达自家 Blackwell 架构的 GPU。 Alienware Arm 笔记本电脑预计将于 2025 年第四季度（最迟 2026 年初）上市。此前有传言透露 了有关该芯片的更多细节，暗示其功率范围在 80W 至 120W 之间。 尽管功耗降低，但传闻中的 APU 预计将提供与 GeForce RTX 4070 的笔记本版本相当的性能。台 湾消息人士称，新芯片是 PC 行业的潜在突破——一种统一的计算解决方案，可以颠覆便携式系统 中 CPU 和 GPU 组件分离的传统模式。 如果您希望可以时常见面，欢迎标星收藏哦~ 来源：内容 编译自 techspot 。 曾几何时，Nvidia 曾试图凭借搭载 Arm 架构 CPU 和内置 GeForce GPU 的游戏机来革新 PC 行 业。但多年过去了，这场革命仍未到来——大多数游戏仍然依赖于 x86 CPU，并且需要专用显卡 才能达到最佳性能。 台湾媒体《联合报》最近报道了有关英伟达正在开发一款旨在撼动游戏市场的AI PC的最新传闻。 据不愿透露姓名的业内人士透露，这家GPU巨头正与戴尔旗下的Alienwa ...

如果您希望可以时常见面，欢迎标星收藏哦~ 来源：内容 编译自 appleinsider 。 高通公司资助的一项新研究声称，搭载骁龙调制解调器的安卓手机性能优于iPhone 16e C1 调制解调器，而且从设计上来说，高通公司占据优势。高通公司委托撰写的一份新报告发 现，搭载该公司最新调制解调器的安卓手机在 5G 速度测试中的表现优于苹果的 iPhone 16e。然而，这份报告也包含一些重要的背景信息，例如价格、测试条件以及这些数据在日 常使用中的表现。 虽然测试方法看似合理，但高通的巨额赞助却引发担忧。测试的两款安卓手机均为高端机型，售价 分别为 799 美元和 619 美元。这些手机都配备了高通最新的调制解调器，这使得结果对赞助商有 利。相比之下，iPhone 16e 是苹果售价 599 美元的中端机型，也是其首款配备完全定制调制解调 器的设备，该调制解调器尚未面向高端设备推出。这使得直接的价格比较变得不那么有意义。 苹果的 iPhone 16 Pro 机型仍依赖高通调制解调器，并提供先进的天线调谐、改进的热设计和 mmWave 5G 支持，但未包含在该研究中 通过排除这些型号，比较将苹果的入门级调制解调器 ...

在Computex 2025的首日能看出，全球计算领域的势力格局正开始发生转变。 NVIDIA与超大规模云服务商开放合作，Qualcomm重返数据中心，Arm巩固了在AI领域的地位，这 些动向清晰地表明，这些公司正在突破产品思维的局限，将目光投向更长远的战略布局。 NVIDIA与超大规模云服务商开放合作 NVIDIA在首日发布的最重要的公告聚焦于NVLink Fusion平台。这家芯片巨头宣布将开放其行业领 先的NVLink网络技术知识产权，让超大规模云服务商将他们的半定制芯片整合到NVIDIA的合作伙 伴生态系统中。 分析师观点 "这一举措解决了超大规模云服务商面临的核心挑战——如何在NVIDIA系统的基础上，通过半定制 的基础设施实现纵向扩展与横向扩展，" Counterpoint研究副总裁Neil Shah 指出，"同时也让 NVIDIA实现NVLink技术的商业化变现与规模化应用，巩固其行业黄金标准的地位。" 该公司还宣布在台湾建成规模更大的"NVIDIA Constellation"园区，并将其定位为第二总部。这样的 战略布局旨在靠近核心合作伙伴（TSMC、Foxconn等）并获取更多人才，反映出N ...

Core Insights - Qualcomm's Snapdragon X series platform is positioned as a transformative force in redefining PC industry standards and driving AI-powered intelligent experiences [3][4][5] Group 1: Snapdragon X Series Impact - The Snapdragon X series is highlighted as one of Qualcomm's most influential innovations in its 40-year history, quickly becoming a performance leader in the Windows ecosystem since its launch [3] - Over 85 PC products utilizing the Snapdragon X series are either in mass production or development, with expectations to exceed 100 by 2026 [3] Group 2: AI Ecosystem Development - AI is being redefined as a new user interface, with the Snapdragon X series enabling a new paradigm of intelligent experiences for both consumers and enterprise users [4] - The platform supports over 750 native applications and more than 1,400 games, including the anticipated launch of "Fortnite" on Snapdragon X Elite devices in late 2025 [4] Group 3: Battery Life and Performance - Devices powered by the Snapdragon X series are noted for achieving "multi-day battery life," setting industry benchmarks for performance and energy efficiency [4] Group 4: Hybrid AI Strategy - Qualcomm's hybrid AI strategy integrates cloud and edge capabilities, ensuring reliable AI performance even in unstable network conditions, while emphasizing personalized user experiences [6] Group 5: Strategic Partnerships - Qualcomm announced a strategic partnership with NVIDIA to develop efficient intelligent infrastructure for data centers, leveraging Qualcomm's custom CPU technology and NVIDIA's AI platform [8]

Computex 2025 追踪： 高通 AIPC 生态加速 Computex 2025 Tracker: Qualcomm Accelerates AIPC Ecosystem 姚书桥 Barney Yao barney.sq.yao@htisec.com [Table_yemei1] 热点速评 Flash Analysis [(Table_summary] Please see APPENDIX 1 for English summary) 事件 [Table_Title] 研究报告 Research Report 20 May 2025 美国电子 US Technology 高通公司总裁兼 CEO 克里斯蒂亚诺·安蒙（Cristiano Amon）举行了一场主题演讲，重点展示了高通在 AI PC、边缘 AI 计算、游戏生态和全球市场布局等方面的最新进展与战略方向。 点评 AI PC 生态加速落地，Arm 架构挑战 x86 格局。高通基于骁龙 X Elite/Plus 平台（45 TOPS NPU 算力），已有超过 85 款 Windows 11 AI+ PC 量产或在开发中，覆盖宏碁、戴尔、联想等主流品 ...

康冠科技：公司主营显示器茶品，参与了包括CES展、中国台湾的Computex展。 春秋电子：公司在AIPC产品的研发和生产上加大投入，开发并生产适用于各类AIPC的结构件产品。 *免责声明：文章内容仅供参考，不构成投资建议 *风险提示：股市有风险，入市需谨慎 据媒体此前报道，以"AINext"为主题的COMPUTEX2025将于5月20-23日在台北南港展览中心举行。此 次活动将吸引近1400家参展商，展示人工智能与机器人、新一代技术、未来移动三大主题。 据悉，英伟达与联发科合作开发的Arm架构PC处理器有望正式亮相，预计将正式宣布N1X与N1系列处 理器，这些新品将结合联发科的Arm架构CPU与Nvidia的Blackwell架构GPU，面向高性能AI桌面与笔电 设备，构建代号为GB10的新平台。 另外，高通公司总裁兼CEO安蒙也将在COMPUTEX2025上发表演讲，分享骁龙X系列平台在AI时代取 得的显著进展与未来规划，并展示终端侧AI将如何显著提升生产力、创造力等。作为面向AIPC时代的 处理器，骁龙X系列均有着45TOPS算力的NPU，能很好地应对在端侧运行的各类AI运算，减少对云端 的依赖，提升响 ...

如果您希望可以时常见面，欢迎标星收藏哦~ 来源：内容来自综合。 AMD 在服务器领域的收⼊份额创下了历史新⾼，同时在桌⾯领域也实现了⼤幅增⻓。 鉴于AMD⾃⾸款Zen系列发布以来所建⽴的势头，红队势不可挡。该公司已在开发Zen 6，软件⽀ 持也已准备就绪，正如之前报道的那样。预计AMD将继续凭借其未来的Zen系列在x领域发起全 ⾯进攻。 Mercury Research公布了其 2025 年第⼀季度的最新收⼊和出货量份额数据，红队似乎再次取得 了⼀些重⼤进展。最⼤的增⻓来⾃服务器领域，该领域在上⼀季度（2024 年第四季度）已经创下 了最⾼收⼊份额。 从服务器端来看，AMD 的出货量份额增⾄ 27.2%，⽽其收⼊份额则⼤幅增⻓⾄ 39.4%，环⽐分 别增⻓ 1.5 和 3.1 个百分点，同⽐分别增⻓ 3.6 和 6.5 个百分点。强劲的收⼊增⻓主要得益于 AMD 现有的基于 Zen 4 架构的 Genoa 和 Bergamo 系列产品，⽽ Turin 架构的"Zen 5"系列 产品也持续热销，为数据中⼼市场带来更⾼性能和更⾼效的性能。 服务器收⼊份额同⽐增⻓ 6.5%，环⽐增⻓ 3.1%，达到创纪录的 39. ...

Group 1 - The annual COMPUTEX TAIPEI will focus on the latest advancements and applications in artificial intelligence, with Qualcomm's CEO Cristiano Amon set to discuss the significant progress of the Snapdragon X series platform in the AI era [1] - Qualcomm has developed the Snapdragon X series platform specifically for the next generation of PCs, which includes 12-core Snapdragon X Elite, 10-core, and 8-core Snapdragon X Plus, catering to various market segments from high-end to entry-level [3] - The Snapdragon X series processors feature 45 TOPS of NPU computing power, enabling efficient AI operations on the device side, reducing reliance on cloud computing, and enhancing response speed and data privacy [3] Group 2 - AI is transforming the PC user experience across consumer, enterprise, and industrial sectors, enhancing productivity and lowering creative barriers through automation and intelligent solutions [4] - The trend of AI capabilities moving from the cloud to endpoint devices is irreversible, with the Snapdragon X series chips emerging as a key player in this shift, integrating CPU, GPU, and NPU for improved AI performance and power efficiency [4] - The transition from cloud-based AI to endpoint AI is redefining traditional PCs, shifting human-computer interaction from application-centered to user-centered, with the Snapdragon X series acting as a significant accelerator in this transformation [5]