创业邦 . 创业邦，国际创新生态服务平台。我们致力于打造全球化的创业生态，深度服务创新经济及其推动者，并为创业者提供一站式解决方案。 来源 | 创业邦 近日，软银投资20亿美金（约人民币140亿元），"救火"仍然深陷危机的英特尔。 软银的孙正义和英特尔的陈立武是数十年合作伙伴，陈立武曾在软银董事会担任独立董事多年，直至2022 年离开。 此次投资被视为软银对英特尔未来发展投出的"信任票"，完成投资后，软银将成为英特尔的第五大股东，持股比例大约2%。 通过这次投资，软银旗下公司Arm所自研的AI芯片，更有可能找英特尔来代工，英特尔则获得了一个梦寐以求的大客户。 以下文章来源于创业邦 ，作者薛皓皓 对于本次投资，Forrester首席分析师戴鲲认为，孙正义的这笔投资兼顾了财务回报和业务协同的目的。"在财务回报上，英特尔的股价处于低 位，存在估值修复空间；在业务上，英特尔的先进制程能力与软银旗下的Arm形成互补，这种协同对AI时代的竞争极为关键。" 目前，英特尔正在推进14A（1.4nm）先进工艺的研发，以追赶上台积电的最先进水平。另一方面，Arm正从芯片IP供应商向芯片设计商转变， 以推动云端AI芯片研发。业内人 ...

Core Viewpoint - Intel is uncertain about whether to spin off its foundry division into a new entity, but it can learn from AMD's past experiences, particularly regarding the impact of economic and political factors on its operations [2][8]. Summary by Sections Background on AMD - AMD faced significant economic challenges in 2008, leading to delays in product releases, particularly in the server CPU segment, which negatively impacted shareholder value [3]. - The company experienced years of operational losses, largely due to semiconductor manufacturing costs, prompting a reevaluation of its operational structure [5]. AMD's Transition to Fabless Model - AMD decided to spin off its foundry division, initially named "The Foundry Co." and later renamed GlobalFoundries, in a deal that provided $700 million in cash and $1.1 billion in debt relief [5]. - The transition allowed AMD to focus on product design and improve cash flow, ultimately enhancing its competitive position against Intel [6]. Lessons for Intel - Intel must learn from AMD's experience, as operating a foundry can lead to substantial losses and unsustainable practices, impacting the quality of retail products [8]. - Intel's foundry division is projected to incur losses of approximately $13 billion in 2024, representing nearly 10% of the company's market value [8]. Internal Debate on Spin-off - There is a complex debate within Intel regarding the potential spin-off of its foundry division, with board members and some shareholders supporting the move to enhance shareholder value and maintain domestic chip manufacturing capabilities [8][9]. - CEO Pat Gelsinger is concerned that a spin-off could disrupt the momentum of the foundry division, which has seen significant investment and development in advanced processes [9]. Future Considerations - Intel should focus on improving its 18A process technology to compete effectively with TSMC's N2 process, as this is crucial for the company's future success [11]. - The decision to spin off or retain the foundry division will significantly impact research continuity, cash flow, and competitive positioning in the semiconductor market [12].

Core Viewpoint - Intel's new CEO, Chen Liwu, is implementing significant restructuring measures, including divesting non-core businesses, large-scale layoffs, and halting or canceling factory plans, which now extends to its core chip manufacturing business [1][5][9] Group 1: Business Strategy Changes - Chen Liwu emphasizes the need to divest non-core businesses, with notable actions including the sale of 51% of its FPGA subsidiary Altera for $4.46 billion and two rounds of sales totaling $1 billion for Mobileye shares [8] - A new round of layoffs is expected to affect approximately 15% of the workforce, totaling around 15,000 employees, alongside a significant reduction of about 50% in middle management levels [8] - The company has also canceled plans for a super chip factory in Magdeburg, Germany, and halted new construction in Poland, indicating a shift towards more economically rational investments [8][9] Group 2: Advanced Manufacturing Concerns - Intel's recent earnings call indicated that if the 14A (1.4nm) process does not attract significant external customers, the company may suspend or cancel its development, which could signify a retreat from leading-edge technology competition [1][4] - The potential abandonment of the 14A process would mark a significant shift in Intel's strategy, moving away from its IDM 2.0 model and undermining its position as a leading chip manufacturer [4][10] - Analysts have expressed skepticism about the interest from key customers in adopting the 14A process, particularly regarding high-profile clients like Nvidia and Apple [4] Group 3: Market Position and Future Outlook - Intel's market capitalization has significantly declined, dropping below $100 billion and even falling to around $70 billion, which is less than 60% of AMD's market value [9] - The company faces structural challenges as its x86 architecture is increasingly threatened by ARM architecture and RISC-V, impacting its competitive edge in various markets [16] - The shift away from advanced manufacturing could lead Intel to revert to an IDM 1.0 model, facing challenges in balancing its design and manufacturing divisions [16][17]

智通财经7月25日电，英特尔首席执行官表示，工厂仍是芯片制造商至关重要的环节，需要有重要的外 部客户来承接其14A工艺的产能。 ...

Group 1 - Intel's new CEO, Pat Gelsinger, is considering significant reforms to its foundry business, focusing on the 14A process to attract major clients like Apple and Nvidia [1] - Intel's 18A process is facing challenges in attracting new customers, leading to a potential shift in resource allocation towards the more competitive 14A process [1] - A decision to halt the promotion of the 18A process could result in asset impairments ranging from hundreds of millions to tens of billions of dollars [1] Group 2 - Morgan Stanley stated that the short-term impact of Intel's potential changes is minimal, maintaining a "hold" rating on Intel's stock with a target price of $23 [1] - Analysts believe that the ambitions for the 18A process have already been scaled back, and any potential write-downs would be small [2] - Despite recent challenges, Intel still holds a significant market share in the client and server CPU markets, although the market is seeking faster solutions [2]