英特尔则强化资料中心与用户端产品线，加速新一代服务器平台与Gaudi AI加速器布局，推进Core Ultra 处理器与Panther Lake平台节点。 业界分析，CPU与DRAM占PC物料成本比重最高，一旦同步涨价，无论是消费型笔电、商用PC，或正 快速起量的AI PC产品线，毛利结构将面临严峻考验。由于终端需求复苏仍属温和，品牌厂若自行吸收 成本，获利恐遭压缩；若转嫁售价，则须承受出货动能转弱风险，产业链气氛转趋紧绷。 尽管如此，华尔街对AMD与英特尔后市营运却转趋乐观。外资评估，服务器需求优于预期，晶片库存 水位加速消化，两大CPU厂今年服务器处理器产能几乎销售一空，显示AI服务器与云端资料中心扩建， 正为原本成熟的CPU市场注入新一轮成长动能。 法人分析，过去CPU高度仰赖PC景气循环，如今在AI服务器、高效能运算与云端基础建设带动下，定 位已从「传统运算核心」转为「资料中心算力平台关键元件」，供需结构出现实质翻转，也成为原厂重 新掌握价格话语权的关键背景。 从产品面观察，AMD今年在资料中心与PC两端同步推进新品节奏。 AI GPU由MI355接棒，下半年再推 进MI455大幅量产，服务器处理器持 ...

如果您希望可以时常见面，欢迎标星收藏哦~ 我 们 在 谈 到 AMD 的 时 候 ， 更 多 的 时 候 是 关 注 他 们 在 PC 和 数 据 中 心 市 场 的 表 现 。 诚 然 ， 凭 借 Ryzen、EPYC和Instinct系列等CPU和GPU产品的优越表现，AMD在这些市场已然获得了傲人的 成绩。 财务数据显示，AMD在2025年第三季度再次取得亮眼业绩，录得了超出华尔街预期的92亿美元 GAAP营收，这主要得益于市场对高性能计算产品的广泛需求。来到净利润方面，AMD在Q3同比 增长 61% 至 12 亿美元，毛利率因产品组合的丰富而提升至 52%。 然而，正如AMD自适应和嵌入式产品市场管理高级总监Sumit Shah所说，除了上述广为人知的产 品外，AMD的芯片还被广泛应用到多种终端。也正是得益于这些投入，催生了AMD的第三个支柱 ——嵌入式产品。 嵌入式需求变了 关于什么是嵌入式，按照维基百科的说法，所谓嵌入式系统（Embedded system），是一种嵌入机 械或电气系统内部、具有专一功能和实时计算性能的计算机系统。嵌入式系统常被用于高效控制许 多常见设备，被嵌入的系统通常是包含数字 ...

Core Insights - Intel's financial struggles were highlighted by a net loss of $2.92 billion in Q2 2025, a significant increase of 81% compared to the previous year, and a gross margin that fell to 29.7%, down nearly 10 percentage points from 38.7% the previous year [2][3] - Despite these challenges, Intel secured $16 billion in investments from the U.S. government, SoftBank, and NVIDIA within a month, leading to a 30% rebound in stock price and a market capitalization increase of $200 billion [1][6] Group 1: Intel's Financial Struggles - The Q2 2025 financial report revealed a net loss of $2.92 billion, which is an 81% increase from the $1.61 billion loss in the same quarter last year [2] - The adjusted gross margin dropped to 29.7%, significantly below the market expectation of 36.6% and down from 38.7% year-over-year [2] - Core business areas faced severe challenges, particularly in CPU and wafer foundry segments [2][3][4] Group 2: Market Position and Competition - In the CPU market, Intel still holds over 80% market share in the PC segment, but AMD has captured over 40% of the server CPU market, significantly impacting Intel's order volume [3] - Intel's wafer foundry business reported only $820 million in revenue with a loss of $1.25 billion, while its market share remains below 3%, far behind TSMC's 56% [4] - Management instability was exacerbated by public criticism from former President Trump, leading to a drop in stock price and a downgrade in ratings [5] Group 3: Capital Infusion and Strategic Moves - The U.S. government initiated a strategic investment in Intel, acquiring 9.9% of the company for $8.9 billion, making it the largest shareholder [11][12] - SoftBank invested $2 billion for a 2% stake, aiming to leverage Intel's foundry capabilities for its AI infrastructure [10][11] - NVIDIA's $5 billion investment for over 4% equity and a partnership to develop AI-focused chips marked a significant shift for Intel into the AI sector [12][14] Group 4: Underlying Strategic Logic - The government's investment strategy aims to bind Intel to U.S. interests, ensuring priority in producing military-grade chips and limiting collaborations with Chinese firms [16][18] - The collaboration with SoftBank and NVIDIA is designed to stabilize Intel's operations while enabling growth in AI and semiconductor manufacturing [18][20] - This investment model may serve as a template for future government support in other manufacturing sectors, potentially reshaping the U.S. industrial landscape [20]