郭明錤透露，苹果此前与英特尔签署了保密协议（NDA），并成功获取先进制程 18AP 的 PDK 0.9.1GA。目前，双方在关键模拟与研究项目 （如 PPA 等）上的进展符合预期，正等待英特尔预计在 2026 年一季度释出的 PDK 1.0/1.1。按照苹果的规划，英特尔最快会在 2026 年二季度 到三季度开始出货采用 18AP 先进制程的最低端 M 处理器，不过实际出货时间还需依据取得 PDK 1.0/1.1 后的开发进展来确定。 郭明錤还进一步指出，目前苹果的最低端 M 芯片主要应用于 MacBook Air 与 iPad Pro，这两款产品在 2025 年的出货量预计共计约 2000 万 部。考虑到 MacBook Air 在 2026 年的出货可能会受到新款配备 iPhone 处理器的低端版 MacBook 的影响，预计 2026 与 2027 年最低端 M 处理 器的出货量将处于 1500 - 2000 万颗的区间。（青山） 【环球网科技综合报道】11月29日消息，知名分析师郭明錤爆料，英特尔预计最快将于 2027 年开始为苹果出货 M 系列中最低端的处理器。 ...

郭明錤称，据其调查，英特尔成为苹果先进制程供应商的可能性"近期显著提高"；苹果计划，最早2027年第二至第三季度采用英特 尔18A先进制程生产其最低端M系列处理器，这些芯片主要用于MacBook Air和iPad Pro；此消息意味着，英特尔代工业务的最 坏时期可能即将结束，其14A制程及后续节点可能获得苹果等一线客户的更多订单。 对于英特尔而言，拿下苹果这一顶级客户的先进制程订单，其意义远超直接营收和利润贡献。郭明錤指出，尽管未来几年英特尔 仍无法与台积电正面竞争，但这表明其代工业务"最艰难的时期可能即将过去"。对苹果而言，此举既展现对特朗普政府"美国制 造"政策的支持，也满足供应链多元化管理需求。 此前有关英特尔可能成为苹果代工商的市场传闻长期存在，但可见度一直较低。据今年9月的报道，英特尔在寻求苹果的投资，作 为其复兴计划的一部分。如今郭明錤的预测为这一合作提供了最具体的时间表和技术细节。 英特尔与苹果合作取得实质进展 郭明錤在周五的帖文中详细披露了双方合作的最新进展。他表示，苹果此前已与英特尔签署保密协议（NDA），并获得了先进制 程18AP PDK 0.9.1GA版本。目前，关键的模拟和研究项目（如 ...

美股在感恩节后首个交易日全线收涨，市场对美联储12月降息的预期依然强烈。截至收盘，道琼斯工业平均指数上涨289.30点， 涨幅0.61%，收于47716.42点，纳斯达克指数上涨0.65%，收于23365.69点，标准普尔500指数上涨0.54%，收于6849.09点。 本月，由于市场对人工智能（AI）企业未来盈利能力的疑虑升温，科技股出现回调，拖累了主要股指的月度表现。纳斯达克综 合指数11月累计下跌近2%，终结了此前连续七个月的上涨势头；得益于本周的上涨，标准普尔500指数和道琼斯工业平均指数 月度小幅走高，实现了连续七个月收涨。 从周度表现来看，道指本周累计上涨逾3%，纳指和标普500指数上涨近4%。 市场概述 扎克斯投资管理公司（Zacks Investment Management）客户投资组合经理马尔伯里（Brian Mulberry）表示："市场情绪已回归至 偏向风险偏好的状态，目前市场有80%至 85%的把握认为，再过短短几周，美联储就会实施降息。" 若美联储在12月将利率下调25个基点，这将是继9月和10月会议后，该央行连续第三次降息。自纽约联储主席威廉姆斯（John Williams）上周 ...

英特尔大涨超10%。 周五（11月28日），美国股市三大指数连续第五个交易日上涨。 截至收盘，道琼斯工业指数涨0.61%，报47716.42点；标普500指数涨0.54%，报6849.09点；纳斯达克综合指数涨0.65%，报 23365.69点。本周，道琼斯工业指数涨3.18%，标普500指数涨3.73%，纳斯达克综合指数涨4.91%。11月，道琼斯工业指数涨 0.32%，标普500指数涨0.13%，纳斯达克综合指数跌1.51%。 | 序号 | 代码 | 名称 | 现价 | 涨跌 | 涨跌幅 | 年初至今 | | --- | --- | --- | --- | --- | --- | --- | | 1 | DJI | 道琼斯工业平均 | 47716.42 | 289.30 | 0.61% | 12.16% | | 2 | IXIC | 纳斯达克指数 | 23365.69 | 151.00 | 0.65% | 21.00% | | 3 | SPX | 标普500 | 6849.09 | 36.48 | 0.54% | 16.45% | 欧洲三大股指收盘小幅上涨，德国DAX指数涨0.29%报23836.79点， ...

本月，由于市场对人工智能（AI）企业未来盈利能力的疑虑升温，科技股出现回调，拖累了主要股指 的月度表现。纳斯达克综合指数11月累计下跌近2%，终结了此前连续七个月的上涨势头；得益于本周 的上涨，标准普尔500指数和道琼斯工业平均指数月度小幅走高，实现了连续七个月收涨。 *三大股指收高，道指涨近300点； *中长期美债收益率回升，10年期美债重回4%； *假日购物季开始，赛富时预计周四线上销售额或达86亿美元。 美股在感恩节后首个交易日全线收涨，市场对美联储12月降息的预期依然强烈。截至收盘，道琼斯工业 平均指数上涨289.30点，涨幅0.61%，收于47716.42点，纳斯达克指数上涨0.65%，收于23365.69点，标 准普尔500指数上涨0.54%，收于6849.09点。 扎克斯投资管理公司（Zacks Investment Management）客户投资组合经理马尔伯里（Brian Mulberry）表 示："市场情绪已回归至偏向风险偏好的状态，目前市场有80%至 85%的把握认为，再过短短几周，美 联储就会实施降息。" 若美联储在12月将利率下调25个基点，这将是继9月和10月会议后，该央行连续第三 ...

Market Overview - The three major U.S. stock indices closed higher, with the Dow Jones Industrial Average rising nearly 300 points, reflecting strong market sentiment towards a potential interest rate cut by the Federal Reserve in December [1][4] - The 10-year U.S. Treasury yield has rebounded, returning to 4%, indicating a shift in investor sentiment towards riskier assets [1][4] - The holiday shopping season has commenced, with Salesforce estimating online sales on Thursday to reach $8.6 billion, a 6% increase from the previous year [5] Weekly Performance - The Dow Jones increased by over 3% this week, while the Nasdaq and S&P 500 indices rose nearly 4% [2] Stock Performance - Notable tech stocks showed mixed results, with Meta up 2.2%, Amazon up 1.8%, and Microsoft up 1.3%, while Nvidia fell by 1.8% [3] - Intel surged over 10% following analyst predictions of upcoming shipments of Apple's entry-level M-series processors [3] - Oracle declined by 1.5% amid reports of plans to raise $38 billion in loans for OpenAI-related agreements [3] Commodity Performance - International oil prices experienced slight fluctuations, with WTI crude oil down 0.17% at $58.55 per barrel and Brent crude down 0.22% at $63.20 per barrel [6] - Precious metals performed well, with COMEX gold futures rising 3.40% to $4,218.30 per ounce, marking a monthly increase of 28.09%, the highest since February 2009 [6]

Core Viewpoint - Intel's stock surged over 10% following reports that it may become a key advanced process foundry supplier for Apple's M-series processors, indicating a significant potential benefit for the chip giant [1][2] Group 1: Intel's Role and Prospects - Analyst Ming-Chi Kuo stated that Intel's chances of becoming Apple's advanced process supplier have significantly increased, with Apple having signed a non-disclosure agreement and obtained Intel's advanced process design kit (PDK) [1] - Apple is expected to begin using Intel for its lowest-end M-series processors by Q2 to Q3 of 2027, contingent on the timely release of PDK 1.0/1.1 [1][2] - Kuo noted that while Intel may struggle to compete with TSMC in advanced processes in the coming years, securing Apple's advanced process orders could mark the end of the most challenging period for Intel's foundry business [2] Group 2: Strategic Significance - The potential collaboration is strategically significant for both Apple and Intel; for Apple, it demonstrates strong support for the "American manufacturing" policy, while for Intel, winning Apple's advanced process orders would have implications beyond direct revenue and profit contributions [2] - The lowest-end M-series chips are primarily used in MacBook Air and iPad Pro, with an estimated total shipment of around 20 million units this year [2] - Looking ahead, Intel's 14A and more advanced processes are expected to attract more orders from Apple and other leading manufacturers, leading to a more positive long-term outlook for the company [2]

来源：环球市场播报 他还补充说，对于英特尔而言，"赢得苹果先进节点订单的意义远远超过这项业务带来的直接收入和利 润贡献"。 苹果股价周五上涨0.5%。 英特尔股价周五大涨10%，此前天风国际分析师郭明錤表示，预计英特尔将开始出货苹果公司最低端的 M系列处理器。 他在X平台上的帖子中写道，这最早可能在2027年开始。 他写道，他的行业调查"表明，英特尔成为苹果先进节点供应商的可见性近期显著提升"。 ...

Core Viewpoint - The article emphasizes the importance of unifying instruction set architecture (ISA) for the development of China's computing chips, suggesting that RISC-V should be adopted as a standard to enhance innovation and resource efficiency in the semiconductor industry [5][30]. Group 1: Evolution of Computing Architecture - Over the past 40 years, the development of processor chips has followed a "negation of negation" spiral, oscillating between self-research and abandonment [4]. - The last five years have seen a resurgence of machine and platform manufacturers entering the "chip war," shifting from CPU-centric homogeneous computing systems to heterogeneous computing involving CPUs and xPUs [5]. - The computing evolution has transitioned from centralized processing to distributed systems, with the current core CPUs dominated by x86 and ARM architectures [9][10]. Group 2: Challenges in Architecture Innovation - The article discusses the difficulty of architecture innovation and the greater challenge of building an ecosystem, highlighting that software and collaboration barriers are significant [14]. - The dominance of x86 architecture is attributed to its ability to adapt and expand its instruction set to meet new application demands, while RISC architectures have struggled due to high costs and inability to disrupt existing ecosystems [11][13]. - The article notes that the software development costs significantly exceed hardware costs, making it challenging for new architectures to gain traction in the market [19]. Group 3: Future of RISC-V and ARM - RISC-V faces commercialization challenges despite its potential, with successful applications primarily in simple software scenarios like embedded systems [21]. - The article predicts that x86 CPUs will continue to dominate the server market for the foreseeable future, while ARM's success will depend on its ability to penetrate the x86-dominated landscape [20]. - The article suggests that the future of RISC-V in general-purpose computing will require overcoming significant hurdles, particularly in software and ecosystem development [24]. Group 4: Unified Instruction Set as a Key Pathway - The article advocates for a unified instruction set as a critical pathway for scaling China's computing chips, with cloud service providers being more successful in self-developing chips due to their control over the entire stack [25][26]. - It highlights that successful self-developed chips, like those from Apple, are not just about hardware but also about the integration of software and ecosystem capabilities [27][28]. - The call for RISC-V as a unified instruction system aims to avoid redundant efforts and resource wastage in chip development, promoting a more efficient innovation landscape [30].

Core Viewpoint - The semiconductor industry is engaged in a continuous and evolving competition, particularly focused on the advancement of process nodes, with the 2nm node being the latest battleground that will reshape the industry's landscape [2][19]. Foundry Competition - The competition among foundries is characterized by the need to secure advanced process orders by being the first to achieve mass production, with the risk of falling back to price wars for those lagging behind [2][3]. - TSMC is recognized as the leader in advanced processes, having established a stronghold since the 7nm node and is now focusing on the 2nm node, which is expected to significantly enhance performance and reduce power consumption [3][4]. - Samsung aims to reclaim its position by introducing its 2nm process earlier than TSMC, despite facing challenges with yield issues in previous nodes [6][8]. - Intel is attempting to regain its competitive edge with its IDM 2.0 strategy, planning to launch its 2nm process by the end of 2025, leveraging new technologies like RibbonFET and PowerVia [8][9]. Emerging Players - Rapidus, a new entrant backed by the Japanese government, aims to focus on advanced processes rather than competing on scale, with plans to start 2nm trial production in 2025 [10][11]. Fabless Companies Dynamics - Fabless companies are cautious about adopting new technologies due to high costs, but many are shifting towards more aggressive strategies to maintain competitiveness in the rapidly evolving market [11][12]. - Apple is positioned as a key player, securing early access to TSMC's 2nm capacity for its upcoming products, which is crucial for its AI strategy [12][13]. - Qualcomm is aligning with TSMC for its 2nm process to maintain competitiveness in the Android ecosystem, while AMD plans to utilize TSMC's 2nm for its high-performance computing products [14][15]. - NVIDIA is strategically waiting for stable yields before committing to 2nm, focusing on maximizing performance and efficiency for AI applications [16][17]. - MediaTek is also planning to adopt 2nm technology for its flagship products, aiming to enhance its market position against competitors [17][18]. Industry Outlook - The 2nm node is seen as a critical juncture that will determine the future landscape of the semiconductor industry, with companies racing to achieve stable production to secure their market positions [19][20].