[{"data":1,"prerenderedAt":-1},["ShallowReactive",2],{"content-doc-dciob7b88d86":3},{"user":4,"document":8,"mainDocument":27,"columnUrl":29,"subscription":30,"footer":42,"text":80},{"isAuthenticated":5,"isAdmin":5,"displayName":6,"avatarUrl":6,"nid":6,"groupLevel":7},false,"",-10,{"id":9,"fullTitle":10,"subTitle":6,"url":11,"columnId":12,"columnName":13,"columnUrl":14,"summary":6,"contentHtml":15,"mainContentHtml":6,"posterUrl":16,"createDate":17,"displayDate":18,"displayDateSlash":19,"pageviews":20,"tags":21,"hidden":5,"isSubContent":5,"replyDocOrTargetId":6,"contentType":23,"videoId":6,"liveVideoUrl":6,"useContentVideo":5,"duration":24,"price":24,"priceText":25,"priceBadgeText":25,"priceBadgeClass":26,"freeForMinGroupLevel":24,"redirectUrl":6,"readyToStream":5},"dciob7b88d86","INTC  英特尔这份财报，真正值得关注的不是“超预期”，而是一个非常清晰的信号：","\u002Fdoc\u002Fdciob7b88d86","col18178739ee","美股资讯","\u002Fcol\u002Fcol18178739ee","\u003Cp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">AI\u003Cspan style=\"font-family: DengXian;\">需求正在把英特尔重新推回先进制程和数据中心的牌桌。\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">\u003Cspan style=\"font-family: DengXian;\">英特尔\u003C\u002Fspan>Q2\u003Cspan style=\"font-family: DengXian;\">业绩全面超预期，而且已经连续\u003C\u002Fspan> 7\u003Cspan style=\"font-family: DengXian;\">个季度\u003C\u002Fspan>\u003Cspan style=\"font-family: DengXian;\">超出公司指引。\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">\u003Cspan style=\"font-family: DengXian;\">但真正让我觉得有意思的，是下面\u003C\u002Fspan>5\u003Cspan style=\"font-family: DengXian;\">件事：\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">\u003Cspan style=\"font-family: DengXian;\">第一，\u003C\u002Fspan>AI\u003Cspan style=\"font-family: DengXian;\">业务正在加速。\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">\u003Cspan style=\"font-family: DengXian;\">英特尔表示，由\u003C\u002Fspan>AI\u003Cspan style=\"font-family: DengXian;\">驱动的业务同比增长超过\u003C\u002Fspan> 70%\u003Cspan style=\"font-family: DengXian;\">，目前已经贡献公司大约\u003C\u002Fspan> 70%\u003Cspan style=\"font-family: DengXian;\">的总收入。\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">\u003Cspan style=\"font-family: DengXian;\">换句话说，现在讨论英特尔，已经不能只把它当成一家传统\u003C\u002Fspan>PC\u003Cspan style=\"font-family: DengXian;\">芯片公司了。\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">\u003Cspan style=\"font-family: DengXian;\">第二，\u003C\u002Fspan>18A\u003Cspan style=\"font-family: DengXian;\">终于开始真正放量。\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-family: DengXian; font-size: large;\">管理层对先进制程的信心明显增强。\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">18A\u003Cspan style=\"font-family: DengXian;\">良率持续改善，产量正在快速爬坡，部分产品已经开始向客户提供工程样品。\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">\u003Cspan style=\"font-family: DengXian;\">更关键的是下一代\u003C\u002Fspan> 14A\u003Cspan style=\"font-family: DengXian;\">。\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">\u003Cspan style=\"font-family: DengXian;\">英特尔透露，\u003C\u002Fspan>14A\u003Cspan style=\"font-family: DengXian;\">的开发进度甚至快于同期的\u003C\u002Fspan>18A\u003Cspan style=\"font-family: DengXian;\">，目标是在\u003C\u002Fspan> 2028\u003Cspan style=\"font-family: DengXian;\">年实现大规模量产。\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-family: DengXian; font-size: large;\">这可能是英特尔重新证明自己制造能力的关键一战。\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-family: DengXian; font-size: large;\">第三，英特尔突然开始疯狂砸钱。\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">\u003Cspan style=\"font-family: DengXian;\">公司预计\u003C\u002Fspan>2026\u003Cspan style=\"font-family: DengXian;\">年资本开支将超过\u003C\u002Fspan> 200\u003Cspan style=\"font-family: DengXian;\">亿美元，\u003C\u002Fspan>2027\u003Cspan style=\"font-family: DengXian;\">年还会更高。\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-family: DengXian; font-size: large;\">为什么？\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">\u003Cspan style=\"font-family: DengXian;\">因为\u003C\u002Fspan>AI\u003Cspan style=\"font-family: DengXian;\">服务器需求太强，现有产能已经开始不够用了。\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">\u003Cspan style=\"font-family: DengXian;\">这些钱主要会砸向先进制程设备和先进封装，包括支持\u003C\u002Fspan>18A\u003Cspan style=\"font-family: DengXian;\">、\u003C\u002Fspan>14A\u003Cspan style=\"font-family: DengXian;\">，以及\u003C\u002Fspan>EMIB\u003Cspan style=\"font-family: DengXian;\">、\u003C\u002Fspan>Foveros\u003Cspan style=\"font-family: DengXian;\">等技术。\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-family: DengXian; font-size: large;\">这说明英特尔现在面对的问题，正在从：\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-family: DengXian; font-size: large;\">“有没有需求？”\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-family: DengXian; font-size: large;\">变成：\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-family: DengXian; font-size: large;\">“我的产能够不够满足需求？”\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-family: DengXian; font-size: large;\">第四，数据中心是整份财报最大的亮点。\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">\u003Cspan style=\"font-family: DengXian;\">数据中心与\u003C\u002Fspan>AI\u003Cspan style=\"font-family: DengXian;\">业务收入同比暴增\u003C\u002Fspan> 59%\u003Cspan style=\"font-family: DengXian;\">。\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">Xeon 6\u003Cspan style=\"font-family: DengXian;\">甚至成为英特尔历史上销售速度最快的服务器处理器之一。\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">\u003Cspan style=\"font-family: DengXian;\">与此同时，客户端计算业务虽然短期偏弱，但高端产品占比提升、\u003C\u002Fspan>ASP\u003Cspan style=\"font-family: DengXian;\">上涨，说明产品结构反而在改善。\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-family: DengXian; font-size: large;\">第五，也是最重要的一点：\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-family: DengXian; font-size: large;\">英特尔现在最大的瓶颈，居然变成了供应链。\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-family: DengXian; font-size: large;\">不仅先进制程晶圆紧张，连硅晶圆、内存、封装基板都存在供应限制。\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">\u003Cspan style=\"font-family: DengXian;\">管理层甚至表示，强劲的客户需求已经超过短期供应能力，这种情况可能持续到\u003C\u002Fspan>Q4\u003Cspan style=\"font-family: DengXian;\">甚至更久。\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-family: DengXian; font-size: large;\">所以美股投资网对这份财报的总结很简单：\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-family: DengXian; font-size: large;\">过去市场担心的是，英特尔还能不能做出先进芯片？\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-family: DengXian; font-size: large;\">现在市场开始问的是，英特尔做出来以后，产能够不够卖？\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-family: DengXian; font-size: large;\">这两个问题，性质完全不一样。\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">\u003Cspan style=\"font-family: DengXian;\">当然，\u003C\u002Fspan>18A\u003Cspan style=\"font-family: DengXian;\">能否真正稳定放量、\u003C\u002Fspan>14A\u003Cspan style=\"font-family: DengXian;\">能否按时兑现，以及巨额资本开支最终能不能转化成自由现金流，仍然是接下来必须验证的风险。\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-family: DengXian; font-size: large;\">但至少从这次电话会来看，\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-family: DengXian; font-size: large;\">英特尔最危险的阶段，可能正在过去。\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-family: DengXian; font-size: large;\">真正值得重新定价的，不只是这一季业绩超预期，\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-family: DengXian; font-size: large;\">而是市场可能正在重新评估：\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-family: DengXian; font-size: large;\">英特尔 INTC ，究竟还是不是那个已经掉队的英特尔。\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003C\u002Fp>","https:\u002F\u002Fwww.tradesmax.com\u002Fimages\u002Fa_Stock\u002FI\u002FINTC\u002FINTC.jpg","2026-07-24T15:37:26","2026.07.24","2026\u002F07\u002F24",44334,[22],"INTC","Article",0,"免费","success",{"id":9,"fullTitle":10,"subTitle":6,"url":11,"columnId":12,"columnName":13,"columnUrl":14,"summary":6,"contentHtml":15,"mainContentHtml":6,"posterUrl":16,"createDate":17,"displayDate":18,"displayDateSlash":19,"pageviews":20,"tags":28,"hidden":5,"isSubContent":5,"replyDocOrTargetId":6,"contentType":23,"videoId":6,"liveVideoUrl":6,"useContentVideo":5,"duration":24,"price":24,"priceText":25,"priceBadgeText":25,"priceBadgeClass":26,"freeForMinGroupLevel":24,"redirectUrl":6,"readyToStream":5},[22],"\u002Fcol\u002Fstocknews",{"visible":5,"marketingHtml":31,"services":32,"recentDocuments":41},"\u003Cfigure class=\"image\">\u003Ca href=\"https:\u002F\u002Fstockwe.com\u002Fdoc\u002Fdcio537efad5\" target=\"_blank\" rel=\"noopener noreferrer\">\u003Cimg style=\"display:block;margin-left:auto;margin-right:auto;\" src=\"\u002Fimg\u002Fstockwewebfiles\u002Fweb-202408-stk\u002F1586109431mceclip0.jpg\">\u003C\u002Fa>\u003C\u002Ffigure>\u003Cdiv class=\"text-center\">\u003Ch2 class=\"card-title mx-auto\">\u003Cbr>\u003Ca target=\"_blank\" rel=\"noopener noreferrer\" href=\"https:\u002F\u002Fstockwe.com\u002Fdoc\u002Fdcio537efad5\">案例介绍：英伟达深度研究报告\u003C\u002Fa>\u003C\u002Fh2>\u003C\u002Fdiv>",[33,37],{"productId":34,"serviceName":35,"priceText":36},"prod_PPxdDdK87QaiLv","月付","$12.95美元",{"productId":38,"serviceName":39,"priceText":40},"prod_PPxeMs3bix1da5","年付","$149.00美元",[],{"links":43,"images":71,"summaryHtml":76,"aboutTitle":77,"aboutHtml":78,"copyrightHtml":79},[44,47,50,53,56,59,62,65,68],{"label":45,"url":46},"深度报告","\u002Fcol\u002FdepthReport",{"label":48,"url":49},"VIP会员","\u002Fvip",{"label":51,"url":52},"期权推荐","\u002FOption",{"label":54,"url":55},"低价暴涨股","\u002FPenny",{"label":57,"url":58},"AI智能体","\u002FAiAgent",{"label":60,"url":61},"常见问题","https:\u002F\u002Fstockwe.com\u002FFAQ",{"label":63,"url":64},"美股课程","\u002Fcol\u002Fvideos",{"label":66,"url":67},"免责声明","\u002Fdisclaimer",{"label":69,"url":70},"联系我们","\u002FContactUs",[72,73,74,75],"\u002Fimg\u002Fstockwebsiteblob\u002Fweb-202509-stk\u002FUploaderzic2tuwsol2_2025_09_11_18_21_07.gif","\u002Fimg\u002Fstockwebsiteblob\u002Fweb-202509-stk\u002FUploadercakzdvydksw_2025_09_03_09_00_56.png","\u002Fimg\u002Fstockwebsiteblob\u002Fweb-202509-stk\u002FUploadergtjyagwvoyk_2025_09_14_08_32_05.png","\u002Fimg\u002Fstockwebsiteblob\u002Fweb-202509-stk\u002FUploader3u0tt4jhlqh_2025_09_23_22_30_48.png","邮箱: buy@TradesMax.com 美国电话 626-378-3637","公司介绍","\u003Cp class=\"MsoNormal\">美股大数据 \u003Ca href=\"https:\u002F\u002Fstockwe.com\" target=\"_blank\" rel=\"noopener\">StockWe.com\u003C\u002Fa> 是一个美国领先的金融和美股信息大数据提供商，紧盯华尔街金融市场和行情，2008年成立于美国硅谷，创始人是前纽约证券交易所资深分析师Ken，联合多位摩根斯坦利分析师，谷歌 Meta工程师利用AI和大数据，配合十多年美股实战经验和业内量化交易模型，每天处理海量股票数据：挖掘潜力大牛股，捕捉期权异动大单，实时主力资金流向、机构持仓变化、川普突发新闻，美股买卖信号第一时间发到您手机APP。\u003C\u002Fp>","专业美股投资者都在这里",{"loading":81,"search":82,"searchPlaceholder":82,"hotContent":83,"draft":84,"noData":85,"searchNoData":86,"edit":87,"editVideo":88,"courseContent":89,"more":90,"buyNow":91,"subscribeNow":92,"encoding":93,"paidContent":94},"Loading...","搜索","热门内容","草稿","目前没有任何内容公布","当前检索内容没有数据","编辑","编辑视频","课程内容","更多","立即购买后观看","- 立即订阅 -","视频编码中...","付费内容"]