本报（chinatimes.net.cn）记者石飞月 北京报道 英特尔终于等来了它的"超级外援"。当地时间9月18日，全球半导体行业见证了一场历史性的"结盟"： 昔日的竞争对手英伟达与英特尔宣布达成合作，英伟达将以50亿美元注资入股英特尔，双方还将共同开 发多代定制化的数据中心及个人计算产品，以加速超大规模计算、企业级及消费级市场的各类应用与工 作负载的处理。 "两英合璧"，从竞争对手到合作对象，自然各有所需。更值得关注的是，巨头合围之下，全球半导体市 场可能产生进一步分化：一方面，AMD、ARM等企业面临市场挤压，亟需构建新的差异化壁垒；另一 方面，中国半导体产业在外部压力下加速自主创新，超节点路径正成为破局关键之一。一场围绕算力主 权的长期竞赛，将进入全新赛道。 从竞争对手到合作对象 9月18日晚间，英特尔CEO陈立武在社交平台上晒出自己与英伟达创始人黄仁勋的合照，两人脸上都挂 着大大的笑容，与此同时，陈立武带来了与英伟达合作的消息。 双方将通过NVIDIA NVLink技术实现架构无缝互连——融合英伟达在AI与加速计算领域的优势，以及 英特尔先进的CPU技术与x86生态，为客户提供前沿解决方案。 在数据 ...

Core Insights - Nvidia is investing $5 billion in Intel at a price of $23.28 per share, with plans to co-develop new chips for PCs and data centers [1] - Intel's stock surged over 30% in pre-market trading, marking a significant shift in power dynamics within the semiconductor industry [1] - The collaboration will involve Intel designing custom x86 processors for Nvidia's AI infrastructure, integrating Intel CPU cores with Nvidia RTX GPU chips [1][4] Financial Implications - The investment from Nvidia, along with previous investments from the U.S. government and SoftBank, provides Intel with approximately $16 billion in new funding, alleviating debt concerns [3] - Nvidia's $5 billion investment represents only about 2% of its market value, allowing it to gain strategic options without manufacturing risks [3] Competitive Landscape - The partnership is expected to strengthen Nvidia's position against competitors like AMD, particularly in the data center and gaming laptop markets [8] - Intel's x86 RTX chips could challenge AMD's foothold in the gaming laptop APU sector, creating dual pressure on AMD [8] Historical Context - This collaboration is not the first attempt to merge chips; previous efforts, such as Intel's Kaby Lake-G, faced execution challenges [9] - The current partnership benefits from clearer architecture and incentives, with Nvidia controlling GPU drivers and utilizing NVLink for tighter integration [9] Geopolitical Considerations - The U.S. government's stake in Intel (9.9%) reflects a strategic interest in bolstering domestic semiconductor capabilities, aligning with Nvidia's partnership [9] Execution Challenges - Successful integration of tightly coupled CPU-GPU systems requires custom silicon, coherent memory semantics, and effective thermal management, with many potential failure points [10] - Nvidia's own CPU roadmap complicates the situation, as it promotes ARM architecture for specific workloads, indicating a heterogeneous approach [10] Industry Trends - The transaction signifies a shift towards tightly integrated accelerator-first systems, moving away from traditional PCIe-based architectures [11] - The collaboration highlights the increasing importance of companies that control the entire stack, from silicon to software [11] Final Summary - Nvidia has solidified its dominant position in the industry, with Intel now relying on Nvidia's ecosystem to remain competitive in AI-related markets [13] - The partnership marks a permanent shift in system architecture towards tightly coupled designs centered around NVLink [13]

Core Insights - NVIDIA and Intel have announced a partnership to invest $5 billion in Intel to jointly develop AI infrastructure and personal computing products [1][2] - NVIDIA will purchase Intel common stock at $23.28 per share, leveraging NVIDIA NVLink technology to integrate NVIDIA's AI capabilities with Intel's advanced CPU technology [1][2] - The collaboration aims to create customized data center and client CPUs, enhancing applications for large-scale, enterprise, and consumer markets [1][2] Company Performance - Intel reported Q2 2025 revenue of $12.9 billion, slightly up from $12.8 billion year-over-year, with client computing group revenue down 3% to $7.9 billion, while Data Center and AI revenue increased by 4% to $3.9 billion [2] - NVIDIA's market capitalization has surpassed $4 trillion, with Q2 revenue reaching $46.7 billion, a 6% increase quarter-over-quarter and a 56% increase year-over-year [3]

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 ...

9月18日，英伟达入股英特尔、双方达成合作的消息受到市场广泛关注。当日英伟达涨3.49%，英特尔大涨22.77%。英特尔在x86 CPU领域的竞争对手 AMD跌0.78%，AI芯片领域与英伟达属于不同阵营的博通跌0.24% 英伟达表示，将以每股23.28美元的价格认购英特尔普通股，共投资50亿美元，此项投资需获得必要的监管批准。 英伟达是当前最主要的GPU（图形处理器）厂商，英特尔则是主要的CPU（中央处理器）厂商之一，也是x86架构CPU的主要玩家。GPU和CPU是当前计 算机最常见的两种处理器芯片。双方的合作涉及数据中心产品和个人计算产品，一方面，两种最主要处理器的"联姻"可能影响这两大市场的竞争格局，另 一方面，英伟达对英特尔的入股使双方的联结更加紧密。 "改变游戏规则的机会" 根据合作内容，在数据中心领域，英特尔将为英伟达定制x86处理器，这些处理器将被集成到英伟达AI基础设施平台中。在个人计算领域，英特尔将面向 市场推出集成英伟达RTX GPU芯粒（chiplet）的x86系统级芯片（SoC），这款x86 RTX SoC将驱动PC产品。 英特尔CEO陈立武说，英伟达和英特尔的合作是一个重要里程碑，也 ...