作者：周源/华尔街见闻 7月2日，业界有消息称英特尔再做战略调整：英特尔CEO陈立武（Lip-Bu Tan）"正在考虑"调整晶圆代 工业务——停止将Intel 18A和后续迭代版Intel 18A-P工艺制程推向代工客户，集中精力攻坚Intel 14A制 程。 7月3日，华尔街见闻从权威渠道证实此事属实，但最终英特尔会不会真的放弃Intel 18A技术节点的推 广，预计要到今年9月才会有定论。 这不是英特尔在代工技术路线图中采用"跳蛙"战术的第一次。 2024年9月，英特尔曾宣布"跳过产品化"Intel 20A节点，转而将工程资源从Intel 20A投入到Intel 18A，以 减少资本支出，并按计划于2025年推出Intel 18A。 应当说，这不是一次孤立的战略决策考虑，而是这家半导体巨头在先进制程竞赛中遭遇现实瓶颈后的战 略收缩，其影响将反应在多个方面。 英特尔在18A制程上的投入，很可能有比较大的财务压力。但是，目前暂无公开官方报道明确英特尔在 18A制程上的具体投入资金数额，故而只能做间接推测。 据英特尔2024年财报显示，代工部门（IF）全年净亏损134亿美元，占英特尔全年总亏损188亿美元的 7 ...

英特尔新任执行长陈立武考虑对晶圆代工策略进行重大调整，以吸引大客户。外界原以为该公司接下来 要推出Intel 18A制程，现在传出可能改为集中资源发展下一代14A制程。 消息人士说，英特尔最快会于7月董事会讨论是否停止向新客户推销18A。不过，由于此事复杂且涉及 金额庞大，也有可能要到秋天才会拍板定案。市场解读，英特尔此举是要透过"跳级"方式，追赶台积电 （2330）更先进的制程。 英特尔日前宣布Intel 18A制程进入风险试产阶段，今年将达量产规模。惟外电报导，两位知情人士透 露，目前陈立武的初步想法是集中资源发展下一代14A制程，理由是英特尔看好14A制程有机会在部分 技术超越台积电，吸引目前委托台积电代工的苹果及英伟达等大咖来英特尔下单。 产业分析师评估，英特尔18A大致等于台积电早在2022年底进入量产的N3制程。接下来台积电2纳米制 程预计今下半年迈入量产，而英特尔的下一代技术14A与14A-E制程，规划2027年进入风险试产阶段， 业界认为大约是对标台积电的埃米级A16制程。 若上述构想成真，英特尔决定把开发已久的18A及18A-P制程放到一边，势必得为此提列减损。分析师 表示，这可能导致英特尔 ...

如果您希望可以时常见面，欢迎标星收藏哦~ 来 源： 内容编译自路透社。 据两位知情人士向路透社透露，英特尔新任首席执行官陈立武正在考虑对合同制造业务进行重大改 革，以赢得大客户，这与他前任的计划相比，可能会花费高昂。知情人士表示，一旦实施，英特尔 所谓的"代工"业务的新战略将不再包括向外部客户营销公司长期开发的某些芯片制造技术。 自今年3月执掌公司以来，英特尔首席执行官陈立武（Lip-Bu Tan）迅速采取行动削减成本，并寻 找重振这家境况不佳的美国芯片制造商的新途径。据不愿透露姓名的消息人士称，到6月份，他开 始表示，前任首席执行官帕特·基辛格（Pat Gelsinger）倾注巨资研发的18A制程正在失去对新客 户的吸引力。 一位知情人士表示，为了抵消18A及其变体18A-P的对外销售（这些制造工艺已耗资数十亿美元开 发），英特尔将不得不进行减记。路透社联系的行业分析师表示，这样的费用可能造成数亿美元甚 至数十亿美元的损失。 英特尔首席执行官的深思熟虑表明，要让这家历史悠久的美国芯片制造商重回正轨，需要承担巨大 的风险和成本。与基辛格一样，陈立武接手的公司也失去了制造优势，并在过去二十年的关键技术 浪潮中落 ...

在代工业务拓展层面，英特尔正面临台积电N2制程量产带来的竞争压力。消息人士指出，陈立武已将 战略重心转向更先进的14A制程，认为该技术有望超越台积电(TSM.US)当前水平，为此正筹备向苹果 (AAPL.US)、英伟达(NVDA.US)等台积电核心客户递出"橄榄枝"。不过这项激进计划面临执行挑战： 14A制程的量产时间表仍存不确定性，而英特尔内部芯片订单已排期在客户订单之前。 智通财经APP获悉，据知情人士透露，英特尔(INTC.US)新任首席执行官陈立武正酝酿对合同制造业务 实施重大战略调整，试图通过聚焦更先进制程技术争夺大客户订单。这项与前任CEO帕特·基辛格路线 形成鲜明对比的计划，可能使这家芯片巨头面临数十亿美元的资产减记风险。 自今年3月接掌帅印以来，陈立武已启动多轮成本削减措施。知情人士称，至6月其管理团队已形成新共 识：基辛格时期重金押注的18A制程工艺在市场推广中遭遇阻力。该制程开发耗资数十亿美元，若停止 向外部客户推广，英特尔或将被迫进行数亿至数十亿美元规模的资产减值处理。尽管公司方面拒绝 就"假设性场景"置评，但承认18A制程的核心客户始终是英特尔自身，采用该工艺生产的Panther La ...

自2021年基辛格推出IDM 2.0战略以来，英特尔代工业务始终以"技术开放"为核心卖点，试图通过18A等先进 制程与台积电争夺市场份额。然而，尽管英特尔宣称18A工艺将于2025年底量产，但客户渗透率远低于预 期。消息人士指出，陈立武团队评估后认为，18A及其衍生版本18A-P对外部客户的吸引力持续减弱，主要因 技术成熟度、良率及成本竞争力不足。 【环球网科技综合报道】7月2日消息，据外媒路透社报道，两位匿名知情人士透露，英特尔新任首席执行官 陈立武正推动公司芯片代工业务进行根本性战略调整，计划停止向外部客户推销其长期投入的18A（1.8纳 米）制程技术，转而集中资源攻关下一代14A（1.4纳米）工艺。这一决策若落地，将标志着英特尔彻底背离 前任CEO基辛格制定的代工扩张路线，并可能引发数十亿美元的资产减计。 "陈立武认为，英特尔必须停止'用不成熟的技术推销自己'，而是转向客户真正需要的定制化解决方案。"一 位知情人士表示。新战略下，英特尔将放弃将18A作为独立代工服务对外销售，仅保留该技术用于内部产品 （如2025年晚些时候量产的"Panther Lake"笔记本电脑芯片），同时将研发重心转向14A工艺。 ...

Key Takeaways INTC and Exostellar aim to boost AI efficiency with Gaudi accelerators and Kubernetes-native orchestration. The solution supports hybrid infrastructures with dynamic scheduling, quota control and multi-vendor access. INTC sees Gaudi 3 scaling AI with high throughput, Ethernet interconnect and open software flexibility.Intel Corporation (INTC) has partnered with Exostellar to make enterprise-grade AI infrastructure accessible in a cost-effective manner. Intel’s partnership with this leading i ...

Core Viewpoint - Intel is experiencing significant stock volatility, reflecting a divided investor sentiment amid signs of strategic turnaround and ongoing competition concerns [1][2]. Group 1: Strategic Developments - Intel has secured a commitment from Microsoft to utilize its advanced 18A manufacturing process for future chips, validating its ambitions in the foundry space [2][3]. - The new Xeon 6 processors have been selected to power a supercomputer at Imperial College London, showcasing their competitiveness in scientific and AI research [4]. - Intel has expanded its ecosystem by including Draper in its Chiplet Alliance, enhancing its position in the U.S. government and aerospace sectors [5]. Group 2: Financial Focus - Intel is emphasizing financial discipline, aiming for future products to achieve gross margins above 50% before production [7][8]. - The company is implementing aggressive cost-cutting measures, targeting non-GAAP operating expenses of approximately $17 billion in 2025 and $16 billion in 2026 [9]. - This dual focus on higher-margin products and cost reduction aims to improve earnings per share (EPS) [9]. Group 3: Competitive Landscape and Risks - Intel faces fierce competition from AMD and Nvidia in the data center and AI markets, alongside execution risks related to manufacturing expansion [10]. - The end of support for Intel-based Macs by Apple marks a significant shift, emphasizing the need for Intel to succeed in its new strategic direction [11]. - Analysts maintain a cautious stance, reflected in a consensus Reduce rating, as they monitor Intel's ability to navigate these challenges [11][12]. Group 4: Market Sentiment and Future Outlook - Despite current headwinds, Intel's scale and IDM 2.0 strategy are seen as counterweights to competitive threats, supported by CHIPS Act funding [12][14]. - The recent volatility in Intel's stock may indicate the early stages of a turnaround, with upcoming catalysts such as volume manufacturing on the 18A process anticipated in 2025 [18]. - The current dividend yield of approximately 2.4% offers a modest return for long-term investors willing to wait for the company's strategy to fully materialize [19].

Core Viewpoint - Intel Corporation is pursuing a dual strategy focused on rapid innovation in AI products and establishing itself as a leading contract chip manufacturer through its Foundry business, which is critical for its market revitalization and financial health [1][2]. Group 1: AI Product Strategy - Intel aims to integrate artificial intelligence across its product lines to achieve quicker financial returns and market leadership [3]. - The Client Computing Group (CCG) is targeting the AI PC market with a goal of shipping over 100 million AI PCs by the end of 2025, which could enhance average selling prices and profit margins [4]. - The Data Center and AI (DCAI) segment reported $4.1 billion in revenue for Q1 2025, reflecting an 8% year-over-year increase, indicating positive momentum in AI-centric products [4]. Group 2: Foundry Business Strategy - Intel's long-term goal is to establish Intel Foundry as a world-leading contract manufacturer, which is a key component of its IDM 2.0 strategy [6]. - The foundry segment is currently operating at a loss, with a reported $2.3 billion operating deficit in Q1 2025, and Intel aims to achieve break-even status by 2027 [8]. - Significant financial commitments are required for the foundry development, with a gross capital expenditure target of $18 billion for 2025 [8]. Group 3: Market Sentiment and Stock Forecast - Intel's stock is currently trading near its 52-week low, with a 12-month price forecast of $21.57, indicating a potential upside of 7.53% [7]. - The dual strategy presents a compelling risk/reward scenario for investors, with upcoming product launches like the Panther Lake CPU in late 2025 serving as potential catalysts [8]. - Positive market adoption of AI products and new foundry customer wins are crucial for shifting market sentiment and enhancing shareholder value [10][12].

Summary of Intel (INTC) 2025 Conference Call Company Overview - **Company**: Intel Corporation (INTC) - **Date of Conference**: June 03, 2025 - **Key Speaker**: Michelle Johnston Porthouse (MJ) Key Points Industry and Market Demand - The demand environment has shown resilience despite macroeconomic uncertainties, particularly around tariffs [3][5] - Customers are engaging in buying cycles, with enterprise and small to medium businesses showing positive trends, while consumer segments remain sensitive to pricing [3][5] - Scenario planning is being conducted to prepare for potential tariff impacts, with a focus on understanding customer needs and manufacturing capabilities [5][6] Leadership Changes - Lip Bu joined as CEO, focusing on four key areas: reinvigorating the product roadmap, enhancing AI relevance, improving foundry operations, and addressing the balance sheet [7][8] - The organization has been flattened to improve communication and responsiveness to customer needs [8][9] Product Strategy and Manufacturing - The focus has shifted towards ensuring product profitability and gross margins, aiming to exceed 50% [12][13] - A flexible manufacturing strategy is in place, utilizing both internal and external foundries (TSMC, Samsung) to optimize product delivery [14][15] - The product mix is being adjusted to ensure competitiveness, particularly in the face of rising average selling prices (ASPs) from competitors [19][22] Competitive Landscape - Competitors have gained an advantage in ASPs due to a shift in product mix towards higher-end offerings [22][23] - Intel is committed to maintaining its strength in enterprise PCs, emphasizing the importance of manageability and security features [26][27] AI and Future Opportunities - The AI market is viewed as a significant growth opportunity, with Intel's server head nodes for AI performing well [34][35] - There is optimism about the potential for new AI products and partnerships to enhance market presence [36][37] Financial Discipline and Operational Efficiency - A focus on reducing capital expenditures and operational expenses is underway to align with industry best practices [9][10] - Future product approvals will require a demonstrated ability to achieve gross margins above 50% [48][50] Challenges and Outlook - The company is navigating challenges related to tariffs and competitive pressures but remains optimistic about market opportunities, particularly in AI and enterprise solutions [55][56] - The second half of 2025 is expected to bring significant opportunities driven by AI advancements and a Windows 11 refresh [55][56] Additional Insights - The importance of customer relationships and understanding their needs is emphasized as a core strength for Intel [26][27] - The company is exploring both organic and inorganic growth strategies to enhance its AI capabilities [39][40] - ARM competition is acknowledged, particularly in the data center space, but Intel believes in the strength of its x86 architecture and software ecosystem [40][44] This summary encapsulates the key insights and strategic directions discussed during the Intel conference call, highlighting the company's focus on resilience, innovation, and operational efficiency in a competitive landscape.

Core Viewpoint - The ongoing trade tensions between the United States and China, particularly regarding rare earths, pose significant risks to companies like Intel, which heavily rely on these materials for production [1][2][4]. Group 1: Trade Tensions and Rare Earths - The recent announcement of a 90-day pause in heightened tariffs between the U.S. and China does not resolve the underlying trade strife [1]. - Intel's growth plans could be severely impacted if trade tensions escalate again, particularly due to its reliance on rare earths sourced from China [2][4]. Group 2: Intel's Business and Financials - Intel reported a 2% year-over-year decline in revenue for 2024 and has initiated a restructuring plan to reduce expenses, including staff downsizing [6]. - The company anticipates high-volume production of its Intel 18A process node in 2025, supported by approximately $8 billion in funding from the CHIPS Act [7]. - In 2024, Intel's data center and AI (DCAI) business generated $16.1 billion, accounting for 30.4% of consolidated sales, which could also be adversely affected by a constrained supply of rare earths [10]. Group 3: Risks and Market Sentiment - Intel identifies geopolitical tensions and supply chain risks related to rare earths as significant factors that could adversely impact its business [4]. - Despite potential risks, Intel's shares are currently trading at a premium, with a cash flow multiple of 14 compared to a five-year average of 7, leading to cautious sentiment among investors [11].