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2025Q2财报，25Q2营收129亿美元，同比+0.2%/环比+2%，毛利率 29.7%，同比-9.0pcts/环比-9.5pcts。综合财报及交流会议信息，总结要点如下： 评论： 1、25Q2营收超指引上限，毛利率受减值及一次性费用影响。 25Q2营收129亿美元，同比+0.2%/环比+2%，超指引上限（112-124亿美元），主要系客户端 和数据中心业务的强劲需求；毛利率29.7%，同比-9.0pcts/环比-9.5pcts，剔除非现金减值及一 次性费用后毛利率37.5%。 2、AI服务器CPU需求强劲，AIPC占比持续提升。 1）分部门看：①Intel Products： 营收118亿美元，环比+0.3%，其中CCG营收环比+3.9%，推 出多款AI PC、扩展Arc显卡应用场景，聚焦AI推理向边缘延伸机遇；DC AI营收环比-4.9%，受超 大规模客户需求波动影响，AI服务器主机CPU需求强劲，Granite Rapids至强6处理器持续量产， 新款产品获英伟达DGX B300。 ②Intel Foundry： 营收44亿美元， ...

International Business Machines (IBM -7.62%) reported 2Q 2025 earnings on July 23, 2025, delivering $17 billion in revenue and $4.8 billion in first-half free cash flow, driven by standout software and infrastructure gains. The company raised its full-year free cash flow outlook to above $13.5 billion and affirmed revenue growth guidance above 5%, supported by double-digit Red Hat growth, robust automation, and surging AI-related bookings. Key insights below highlight IBM's accelerating software momentum, t ...

下 文 转 自 ： 芯 视 点 英特尔周四表示，计划到今年年底将全球员工人数从 2024 年底的 99,500 人削减至 75,000 人。 这家总部位于加州圣克拉拉的芯片制造商公布了新的裁员目标，同时预计第三季度亏损将超过华尔 街预期，尽管其预计销售额高于分析师预期。新任首席执行官陈立武（Lip-Bu Tan）正带领公司实 现历史性转型。此前，英特尔多年来一直存在战略失误，导致其在如今由英伟达主导的人工智能热 潮中被边缘化。 英特尔于7月初进行了裁员，截至6月底，裁员人数约占其员工总数的15%。该公司表示，剩余裁员将通 过自然减员和"其他方式"进行，使员工总数达到7.5万人。在4月份的一次全体员工视频会议上，首席财 务官David Zinsner告诉员工，有关英特尔将裁员超过2万人的报道是不准确的。他当时表示，公司尚未 最终确定裁员人数。 但根据陈立武 在周四发给员工的备忘录中确认，英特尔计划到年底将员工人数从 2024 年底的 99,500 人 减少到约 75,000 人。这个数字 比 2024 年底减少 22%。 此次裁员包括第二季度已经离职的员工。据介 绍英特尔还裁减了约50%的管理层，并计入了 19 ...

Intel (INTC) Q2 2025 Earnings Call July 24, 2025 05:00 PM ET Speaker0Thank you for standing by and welcome to Intel Corporation's Second Quarter twenty twenty five Earnings Conference Call. At this time, all participants are in listen only mode. After the speakers' presentation, there will be a question and answer session. As a reminder, today's program is being recorded. And now I'd like to introduce your host for today's program, Mr.John Pitzer, Vice President, Investor Relations. Please go ahead, sir.Spe ...

In today's article we are going to have a look at an eclectic ETF with a high distribution rate of 10% coming from GraniteShares. We are specifically talking about the GraniteShares HIPS US High Income ETF (With an investment banking cash and derivatives trading background, Binary Tree Analytics ('BTA') aims to provide transparency and analytics in respect to capital markets instruments and trades. BTA focuses on CEFs, ETFs and Special Situations, and aims to deliver high annualized returns with a low volat ...

Core Viewpoint - Morien Resources Corp has entered into a strategic partnership with a large U.S.-based regional crushed stone operator to explore long-life crushed stone opportunities in Atlantic Canada [1][3]. Group 1: Strategic Partnership - The partnership aims to leverage Morien's regional expertise and relationships to unlock the potential of high-quality mineral resources in Atlantic Canada for domestic and export infrastructure markets [2][3]. - The collaboration is expected to capitalize on Atlantic Canada's strategic location, deep-water access, and high-quality stone resources to meet rising infrastructure demands in Canada and the eastern U.S. [3]. Group 2: Project Development - A granite project in Nova Scotia has advanced to formal technical and stakeholder engagement, with environmental and permitting groundwork underway [4]. - A limestone project in Newfoundland is progressing through due diligence, including early-stage technical and commercial assessment [4]. Group 3: Financial Terms - Under the strategic partnership agreement, Morien will receive milestone payments upon successful permitting of designated projects and is entitled to a competitive production royalty on future sales [5]. - The partner will reimburse Morien's time and expenses associated with each project, aligning with Morien's focus on disciplined project selection and a partner-driven business model [5]. Group 4: Future Updates - The company expects to provide further updates as milestones are achieved within this new aggregate initiative [6].

Intel (INTC -1.59%) has already pulled back on its effort to directly compete with Nvidia in the AI accelerator market. The company's Gaudi line of AI chips held promise, but immature software and an unfamiliar architecture ultimately doomed Intel's flagship AI offerings. The company later axed Falcon Shores, which was meant to succeed Gaudi 3 as a more traditional GPU, instead shifting its focus to rack-level solutions. Reporting from The Oregonian suggests that Intel may now be pulling back further. In a ...

Summary of Conference Call Company Overview - The conference call involved Intel, with CEO Lipu Tan and CFO David Finzner presenting the first quarter results and future strategies [1][2]. Key Industry Insights - The semiconductor industry is facing macroeconomic uncertainties, impacting demand and pricing strategies [2][9]. - The company is focusing on AI workloads and redefining its product portfolio to meet emerging demands in the computing landscape [4][5]. Financial Performance - Q1 revenue was reported at $12.7 billion, exceeding guidance, driven by strong Xeon sales [7]. - Non-GAAP gross margin was 39.2%, approximately three percentage points above guidance, attributed to better-than-expected demand for Raptor Lake [7]. - Earnings per share (EPS) for Q1 was $0.13, surpassing the breakeven guidance due to higher revenue and lower operating expenses [7]. - Operating cash flow was $800 million, with capital expenditures (CapEx) of $6.2 billion [7]. Cost Management and Operational Efficiency - The company plans to reduce operating expenses (OPEX) to $17 billion in 2025 and $16 billion in 2026, reflecting a $500 million reduction from previous expectations [10]. - A target of $18 billion for gross CapEx in 2025 was set, down from $20 billion, focusing on operational efficiencies [10]. - The leadership structure has been flattened to enhance decision-making speed and reduce bureaucratic hurdles [2][3]. Product Strategy and Innovation - Intel aims to refocus on building best-in-class products, particularly in client and data center computing, with a strong emphasis on AI capabilities [4][5]. - The company is prioritizing the launch of Panther Lake and Clearwater Forest products, with the first SKU expected by year-end 2025 [16][17]. - A shift towards a customer service mindset in the foundry business is emphasized, recognizing the diverse needs of different customers [5][12]. Market Outlook and Guidance - The forecast for Q2 revenue is between $11.2 billion and $12.4 billion, reflecting a potential decline due to macroeconomic pressures [9]. - The company anticipates a contraction in the total addressable market (TAM) and is preparing for potential impacts from tariffs [9][27]. - Long-term growth is expected to be driven by AI products, with a focus on edge AI and reasoning models [19][28]. Risks and Challenges - The company acknowledges risks related to macroeconomic conditions, including potential pullbacks in investment and spending [9][21]. - There is a noted challenge in maintaining market share amidst increasing competition, particularly from ARM in the data center segment [25]. Additional Considerations - The company is exploring partnerships to enhance its AI strategy and is committed to a balanced approach in manufacturing, leveraging both internal and external foundry capabilities [30][32]. - The divestiture of a 51% stake in Altera is expected to close in the second half of 2025, which will impact future operating expense calculations [8][31]. This summary encapsulates the key points discussed during the conference call, highlighting Intel's current performance, strategic direction, and the challenges it faces in the semiconductor industry.

While many high-flying tech stocks don't pay dividends at all, investors can still find attractive dividends within the tech sector. International Business Machines (IBM -1.31%) and AT&T (T -1.97%) are two great examples. On top of solid dividends, both IBM and AT&T have been delivering impressive gains to investors over the past few years. While the past doesn't predict the future, these two dividend stocks look attractive for long-term investors. IBMShares of IBM have more than doubled over the past three ...

Group 1 - SoftBank Group is facing a deep review by the U.S. Federal Trade Commission (FTC) regarding its $6.5 billion acquisition of Ampere Computing LLC, indicating significant competition concerns [1][3] - The FTC has issued a Second Request, which typically extends the review process for over a year and may lead to legal challenges to block the transaction [1][3] - Ampere Computing, founded in 2014, specializes in ARM architecture server processors and has notable clients including Google, Microsoft, and Oracle [3] Group 2 - The acquisition is seen as a crucial step for SoftBank in building an "AI + semiconductor" ecosystem, aiming to challenge NVIDIA's CUDA ecosystem by integrating Arm's IP licensing, Ampere's CPU designs, and Graphcore's AI accelerators [3] - Ampere's financial struggles are highlighted, with projected 2024 revenue of only $16 million, a dramatic 89% drop from 2022, compared to Intel's data center revenue of $18.9 billion and AMD's $7.3 billion during the same period [3] - If approved, the acquisition could lead to a structural change in the global data center chip market, where ARM architecture currently holds only a 10% market share compared to x86's 90% [4] Group 3 - The FTC's scrutiny reflects a broader trend under Chair Lina Khan, who has emphasized rigorous reviews of vertical mergers, similar to past cases like Microsoft's attempted acquisition of Activision Blizzard [4] - SoftBank's entry into the market could accelerate the adoption of ARM chips among cloud service providers, with Google Cloud's new computing power in 2024 already having 35% based on ARM architecture [4] - The x86 camp is responding with competitive advancements, including Intel's upcoming 128-core Granite Rapids processor and AMD's 192-core Bergamo series targeting high-density computing [4][5]