纵观2025年，混合算力集群已经成为行业追求极致性价比的必然技术选项，而去年年初时，建设混合万卡算力还是一种权 衡。 近期，英伟达H200是否能重新销往中国市场引发市场高度关注。尽管目前尚无定论，但无论如何，打造国产算力仍是中国 企业的必修课。在这一过程中，构建"异构算力调度"的技术护城河正在成为当下热议的话题。 12月16日，在一场智能体生态论坛上，之江实验室副主任、浙江大学长聘教授何水兵表示，纵观2025年，混合算力集群已 经成为行业追求极致性价比的必然技术选项。 推动软硬协同和多元异构技术 去年年初时，建设混合万卡算力还是一种权衡。"能不混就不混是当时的主流观点。"何水兵表示，"但现在混合算力已经 成为共识。" 今年，英特尔结合了自家的Gaudi 3加速器与英伟达B200 GPU，打造了高效的异构AI系统，将英伟达B200集群的推理极限 提升高达70%。 何水兵表示，软硬件协同是解决算力挑战的一大趋势。英伟达的软件平台CUDA已经成为该公司技术重要的"护城河"，开 发者对于英伟达CUDA芯片编程软件高度依赖。而中国厂商也正在构建自己的"异构算力调度"护城河。 "智能算力的发展是一场涉及技术、生态和应用的 ...

Core Viewpoint - Intel is transitioning from a long-term slump to a substantial revival, with the market not fully recognizing this shift. The company is undergoing a multi-year restructuring plan, focusing on both chip manufacturing and edge AI PCs, while its stock remains undervalued compared to peers like Nvidia and AMD [1][12]. Group 1: Transformation Strategy - The revival of Intel hinges on a comprehensive transformation rather than minor adjustments, shifting from a CPU-centric model to a diversified platform that sells both chips and manufacturing capabilities. The flagship 18A process has moved from risk trial production to early mass production, regaining market credibility [2]. - Intel is fully embracing AI computing demands, with the Core Ultra second-generation processors set to enter mass production, coinciding with a PC replacement wave driven by AI inference moving to the edge [2][4]. Group 2: Foundry Business Revival - The core of Intel's transformation is its foundry services (IFS), which operates as an independent unit. In Q1, IFS revenue reached $4.7 billion, a 7% year-over-year increase, with management aiming for breakeven by 2027 as capacity utilization improves [3]. - External confidence is growing, with major clients like Microsoft and Amazon signing contracts for 18A capacity, pushing the lifetime agreement value to over $15 billion [3]. Group 3: AI PC Wave - The PC market is entering a significant replacement cycle, driven by AI capabilities in devices. Intel's Core Ultra 200 series features dedicated neural processing units, enhancing local AI tasks and reducing reliance on cloud services [4]. - The integration of AI processors can increase average selling prices (ASP) and expand revenue per slot, particularly in the commercial laptop market, where Intel holds over 70% market share [4]. Group 4: Data Center Acceleration - Intel's Gaudi 3 accelerator is changing the competitive landscape, outperforming Nvidia's H100 in inference speed and energy efficiency, providing cloud service providers with a viable alternative [6]. - The management aims to capture a double-digit market share in the AI accelerator market by 2027, with the overall market expected to exceed $400 billion by 2030 [6]. Group 5: National Security and Policy Benefits - Intel's manufacturing expansion aligns with U.S. industrial policy, receiving $7.86 billion in direct subsidies from the U.S. Department of Commerce, which alleviates some investment risks for shareholders [7]. - The U.S. government requires reliable domestic advanced logic chip production for national defense, positioning Intel as the only company capable of scaling to meet this demand [7]. Group 6: Financial Performance - In Q1 2025, Intel's revenue stabilized at $12.7 billion, ending a streak of sequential declines. Although GAAP gross margin fell to 36.9%, operating losses significantly narrowed from -8.4% to -2.4% year-over-year [8][9]. - Despite $6.2 billion in capital expenditures, Intel generated $800 million in operating cash flow, maintaining a manageable debt structure with $21 billion in cash and short-term investments against $50 billion in debt [8].