据昨晚的新闻报道，NVIDIA将以每股 23.28 美元的价格向英特尔普通股投资 50 亿美元，双方也将合作开发多代定制数据中心和 PC 产品，以加速超大规 模、企业和消费者市场的应用程序和工作负载。 报道指出，两家公司将专注于利用 NVIDIA NVLink 无缝连接 NVIDIA 和 Intel 架构——将 NVIDIA 的 AI 和加速计算优势与 Intel 领先的 CPU 技术和 x86 生态系统相结合，为客户提供尖端解决方案。 对于数据中心，英特尔将构建 NVIDIA 定制的 x86 CPU，NVIDIA 将其集成到其 AI 基础设施平台中并提供给市场；在个人计算领域，英特尔将打造并向 市场推出集成 NVIDIA RTX GPU 芯片组的 x86 系统级芯片 (SOC)。这些全新的 x86 RTX SOC 将为各种需要集成世界一流 CPU 和 GPU 的 PC 提供支持。 在这些消息推动下，英特尔股价暴涨。 一桩合作，两方受益 从上述的介绍中可以看到，对于英伟达来说，此次合作提供了一个将其GPU帝国拓展至集成显卡领域的机会，而该领域此前一直由英特尔和AMD主导。 根据合作协议，英特尔将设计内置英伟达 ...

来源：投资界 原标题：英伟达50亿美元联姻英特尔 根据英伟达与英特尔的合作公告，英伟达将以每股23.28美元的价格向英特尔投资50亿美元，同时双方 将联合开发面向PC和数据中心的新款芯片。 英特尔的股价在盘前交易中飙升超30%——这种权力逆转在三年前英特尔主导半导体行业时几乎不可想 象。 英特尔将为英伟达的AI基础设施设计定制x86处理器，并开发"x86 RTX SoC"，将Intel CPU核心与Nvidia RTX GPU芯片相结合，面向消费级PC。 这两类产品都将采用Nvidia的NVLink技术实现CPU与GPU的通信，相比当前的PCIe设计，这种耦合更加 紧密。如果一切如预期，吞吐量和延迟将大幅改善。这就是赌注所在。 简言之：双方各取所需。 竞争影响 AMD首当其冲。在数据中心，Intel-Nvidia的NVLink CPU将巩固英伟达加速器帝国的护城河，削弱 AMD主推的CPU-GPU一体化平台优势。在PC市场，Intel的x86 RTX芯片将挤压AMD在游戏笔记本APU 领域的滩头阵地。AMD面临双线压力。 关键的是，Nvidia并未承诺将芯片制造交给Intel。共同设计？可以。共同制造？暂时没 ...

点击招商研究小程序查看PDF报告原文 事件： 英特尔（ INTC ）近日发布 2025Q1 财报， 25Q1 营收 126.7 亿美元，同比 -0.4%/ 环比 -11.2% ，毛利率 39.2% ，同比 -5.9pcts/ 环比 -2.9pcts ，指引 25Q2 营收和毛利率同环比均下滑。 综合财报及交流会议信息，总结要点如下： 评论： 1 、 25Q1 营收位于指引上限，毛利率远超指引预期。 25Q1 营收 126.7 亿美元，同比 -0.4%/ 环比 -11.2% ，位于指引上限（ 117-127 亿美元），主要系 Xeon 处理器销量超预期以及客户因潜在 关税预期提前采购；毛利率 39.2% ，同比 -5.9pcts/ 环比 -2.9pcts ，远超指引预期（ 36% ），主要系 Raptor Lake 处理器需求远超预期及 Meteor Lake 处理器成本降低； EPS 为 0.13 美元，好于指引预期（ 0.00 美元）。 2 、 CCG&DC AI 收入环比均下滑， Intel7 及先进封装需求增加 。 分部门看： 1 ） Intel Products ： 营收 117.6 亿美元，环比 - ...

Core Viewpoint - The article discusses the emergence of AMD's new Arm-based Sound Wave APU, which is expected to compete in the Windows on Arm market alongside major players like Qualcomm, Intel, and NVIDIA, driven by the success of Apple's M-series chips [1][6]. Summary by Sections AMD's Sound Wave APU - AMD's upcoming Sound Wave APU will be based on Arm architecture, featuring 2 performance cores and 4 efficiency cores, with a total of 6 cores and 4MB of L3 cache [3][4]. - The APU is designed for low power consumption, targeting a TDP of 5-10W, and will include 4 RDNA 3.5 GPU cores optimized for AI workloads [3][5]. - The chip will also feature a 16MB MALL cache, which is uncommon for APU in this power range, indicating a focus on AI performance rather than gaming [4][5]. AMD's Market Position - AMD has shown strong growth in the x86 CPU market, particularly in the consumer and server segments, with a projected increase in revenue share to 24.6% by the end of 2024, up 4.5% year-over-year [8][11]. - In the desktop processor market, AMD's shipment share has risen to 27.1%, reflecting a 7.4% year-over-year increase, driven by the popularity of its Ryzen 9000 series CPUs [9][10]. - AMD's server market share has also reached a historic high of 25.1%, with revenue share increasing to 35.5%, indicating a strong foothold in high-performance server markets [11]. Rise of Arm PCs - The success of Apple's M-series chips has sparked interest in Arm-based PCs, prompting companies like Qualcomm and NVIDIA to develop their own Arm chips [14][16]. - Current market share for x86/Arm in the laptop segment is approximately 82/18, with predictions that Arm's share could reach over 40% by 2029 [14][16]. - The transition to Arm PCs faces challenges, particularly in software compatibility and ecosystem development, which are critical for widespread adoption [17][18]. Challenges Ahead - The article highlights that while Arm architecture has potential benefits, the success of Windows on Arm is contingent on resolving software compatibility issues and building a robust ecosystem [17][18]. - AMD's previous attempts in the Arm space have faced delays and challenges, but the current momentum suggests a more favorable outlook for its entry into the Arm PC market [19][20].

Core Insights - Intel plans to continue using TSMC's manufacturing services despite aiming to reduce reliance on external suppliers in the future [1][2] - The company is evaluating the optimal percentage of products to be manufactured by TSMC, with current outsourcing at approximately 30% [2] - Intel's next-generation Core 300 series "Panther Lake" CPUs will primarily utilize its own manufacturing facilities, which is expected to improve profit margins [2] Manufacturing Strategy - Intel's strategy has shifted from aiming for zero reliance on TSMC to recognizing the benefits of maintaining a portion of production with them [1] - The company acknowledges TSMC as a strong supplier, fostering healthy competition between TSMC and Intel's own foundries [1] - Intel's advanced products, such as Xeon processors, will remain in-house, while TSMC may be used for niche products and controllers that add value to Intel's platforms [2][3] Product Focus - Intel's current manufacturing capabilities are limited in certain technology nodes, making TSMC a suitable partner for producing specific controllers [3] - The company is particularly interested in internal production of high-margin products, while still leveraging TSMC for lower-cost items priced between $10 to $15 [2]

Core Viewpoint - Nvidia's stock price surge, which once made it the highest-valued company globally, has stagnated as investors become cautious about further investments, recognizing that the adoption of AI computing will not be a straightforward path and will not solely depend on Nvidia's technology [1]. Group 1: Nvidia's Growth Factors and Challenges - Nvidia's most profitable product is the Hopper H100, an enhanced version of its graphics processing unit (GPU), which is set to be replaced by the Blackwell series [3]. - The Blackwell design is reported to be 2.5 times more effective in training AI compared to Hopper, featuring a high number of transistors that cannot be produced as a single unit using traditional methods [4]. - Nvidia has historically invested in the market since its founding in 1993, betting on the capability of its chips to be valuable beyond gaming applications [3][4]. Group 2: Nvidia's Market Position - Nvidia currently controls approximately 90% of the data center GPU market, with competitors like Amazon, Google Cloud, and Microsoft attempting to develop their own chips [7]. - Despite efforts from competitors, such as AMD and Intel, to develop their own chips, these attempts have not significantly weakened Nvidia's dominance [8]. - AMD's new chip is expected to improve sales by 35 times compared to its previous generation, but Nvidia's annual sales in this category exceed $100 billion, highlighting its market strength [12]. Group 3: AI Chip Demand and Future Outlook - Nvidia's CEO has indicated that the company's order volume exceeds its production capacity, with major companies like Microsoft, Amazon, Meta, and Google planning to invest billions in AI and AI-supporting data centers [10]. - Concerns have arisen regarding the sustainability of the AI data center boom, with reports suggesting that Microsoft has canceled some data center capacity leases, raising questions about whether it has overestimated its AI computing needs [10]. - Nvidia's chips are expected to remain crucial even as AI model construction methods evolve, as they require substantial Nvidia GPUs and high-performance networks [12]. Group 4: Competitive Landscape - Intel has struggled to gain traction in the cloud-based AI data center market, with its Falcon Shores chip failing to receive positive feedback from potential customers [13]. - Nvidia's competitive advantage lies not only in hardware performance but also in its CUDA programming language, which allows for efficient programming of GPUs for AI applications [13].