Summary of Conference Call on NVIDIA and Intel Partnership Industry Overview - **Industry**: Greater China Technology Semiconductors - **Region**: Asia Pacific Key Company Insights - **NVIDIA** plans to invest **US$5 billion** in **Intel** common stock, indicating a strong partnership between the two companies [2][6] - **Intel** will continue its CPU foundry outsourcing to **TSMC**, which may negatively impact ARM-based AI PCs and AMD's laptop CPUs initially, with potential future effects on **ASMedia** in desktop PC chipsets [1][6] Core Partnership Developments 1. **Product Development**: The partnership aims to jointly develop multiple generations of custom data center and PC products, focusing on integrating NVIDIA and Intel architectures using **NVIDIA NVLink** [6][10] 2. **Market Impact**: - Intel will produce NVIDIA-custom x86 CPUs for data centers, which will be integrated into NVIDIA's AI infrastructure platforms [6][10] - Intel will also offer x86 SoCs that integrate NVIDIA RTX GPU chiplets, expanding their market reach [6][10] 3. **Market Addressability**: NVIDIA highlighted an addressable market of **150 million** notebook units, indicating significant potential for the new x86 SoC that combines Intel CPU and NVIDIA GPU [6][10] Implications for Competitors - **MediaTek**: Slightly negative outlook for MediaTek's WoA in the gaming/AI PC market due to the new x86 SoC fusing Intel CPU and NVIDIA GPU [6][10] - **ASMedia**: The direct impact on AMD's desktop CPU share is expected to be limited, but overall sentiment may be negative for ASMedia due to potential future collaborations between Intel and NVIDIA [6][10] Strategic Insights - **TSMC's Role**: The partnership does not change NVIDIA's ARM roadmap, but emphasizes TSMC's strong foundry capabilities and Intel's advanced packaging capabilities, which could enhance the integration of NVIDIA GPU chiplets with Intel CPUs [6][10] - **Market Expansion**: The partnership is expected to expand the total addressable market (TAM) for both companies, with Intel gaining exposure to NVLink-based AI infrastructure and premium laptop CPUs, while NVIDIA gains access to the laptop graphics segment and x86 rack-scale solutions [6][10] Risks and Considerations - **Market Dynamics**: Potential risks include increased competition from AMD, supply chain diversification, and the impact of US-China tensions on semiconductor supply chains [15][19] - **Financial Outlook**: Intel's 2026 EPS is projected at **~29x** with a focus on regaining market share in desktop and server segments following CPU shortages [17][19] Conclusion The partnership between NVIDIA and Intel represents a significant strategic move in the semiconductor industry, with implications for various players in the market. The collaboration aims to leverage both companies' strengths to create innovative products while navigating potential competitive and market risks.

AI芯片英伟达正在向陷入困境的竞争对手英特尔提供援助，同意向该公司投资50亿美元，并合作开发 数据中心和个人电脑芯片。 英伟达和英特尔达成一项重磅交易，宣布将向英特尔投资50亿美元，两家公司将合作开发专注于消费者 和人工智能计算领域的芯片。英特尔将打造搭载英伟达RTX GPU的全新定制x86芯片。 英特尔将利用英伟达NVLink设计和制造定制数据中心和客户端CPU 两家公司将专注于利用NVIDIA NVLink无缝连接英伟达和英特尔架构——将英伟达在AI与加速计算方 面的优势，与英特尔领先的CPU技术及庞大的x86生态系统相结合，为客户带来前沿解决方案。 在数据中心领域，英特尔将打造为英伟达定制的x86 CPU，英伟达会将其集成进自家的AI基础设施平 台，并推向市场。 在个人计算领域，英特尔将生产并向市场推出集成英伟达RTX GPU的x86系统级芯片（SoC）。这些全 新的x86 RTX SoC将为需要顶级CPU与GPU整合能力的各类PC提供动力支持。 英伟达将以每股23.28美元的价格，向英特尔普通股投资50亿美元。该项投资需满足常规交割条件，包 括获得相关监管机构的批准。 "几十年来，英特尔的x86架构一 ...