Intel 受益于严重供应短缺带来的定价权（数据中心营收增长 59%，出货量仅增长 9%），预计 2026-2027 年 CPU 销售额将翻倍。
逐段跳播
我们要讲的内容很多。显然，我们会讲到 AMD 和 Intel 这两块。我们马上就会覆盖这些。
Uh, we've got there's there's a lot to cover. Obviously, we're going to cover this uh with AMD and uh Intel. We'll be covering those in just a moment.
Intel 涨了 14%。哇。
Uh Intel was 14% on Intel. Wow.
它依赖大量由算力驱动的应用。真正的算力供应商其实只有两家：Intel 和 AMD。
Relies on a lot of compute driven applications. There are really two compute vendors. You've got Intel and AMD.
AMD 做的是 x86，也就是 Intel 那种路线，Intel Corporation 今天涨了大约 14%，最终收涨 12%。所以 AMD，就想到 x86 和 Intel。
So AMD is doing x86, that's your Intel style, Intel Corporation was up like 14% today, ended up 12%. So AMD, think x86 and Intel.
所以，你有 AMD、Intel，你有 ARM、Apple，显然还有 Meta，正是它推动了今天的这波疯狂行情。
So, you've got AMD, Intel, you've got ARM, Apple, obviously Meta, which is driving this insanity today.
显然，还有 Intel。我们谈过它们，但我们为什么要在意 Intel？因为 Intel 预计在 26 到 27 年间将其 CPU 销量翻倍，坦白说，这两年都有可能。
Obviously, Intel. We talked about them, but why do we care about Intel? Because Intel is projected to double their CPU sales between 26 to 27, potentially frankly both years.
他们在 2026 年第二季度的数据中心和 AI 收入已经同比增长 59%。而这仅仅建立在出货量增长 9% 的基础上，这太疯狂了。也就是说，你多交付了 9% 的 CPU，但你的定价上涨补上了 48% 的差额。这就是定价权。
Their data center and AI revenue in the second quarter of 2026 was already up 59% from a year ago. And that was only on 9% more units, which is crazy. So you delivered 9% more CPUs, but your pricing is up to make up the difference 48%. That's pricing power.
所以，Intel 也展现出了定价权。因此，他们不仅是制造商，同时也是芯片设计商，自己生产自己的 CPU。所以，这对 Intel 来说也是一大胜利。
So, Intel is seeing pricing power as well. So, not only are they a manufacturer, but they're also a chip designer manufacturing their own CPUs. So, it's a big win for Intel as well.
Intel 的 CEO 强调服务器 CPU 存在严重的供应短缺，Intel 现有产能只能满足实际客户需求的 50%。
Intel CEO CEO highlights a severe supply shortage in server CPUs with Intel's existing capacity fulfilling only 50% of actual customer demand.
据报道，Intel 将把 PC CPU 价格上调约 10%，并预计数据中心用的产品价格涨幅会更大。但真正在飙升的是数据中心。所以 Intel 上调消费级 CPU 价格这件事其实令人意外。但这恰恰说明短缺有多严重。
According to reports, Intel will raise PC CPU prices by about 10%. and expect even more of a price increase for data center run ones. But what's rocketing are data centers. So the fact that Intel is raising pricing on consumer CPUs is actually surprising.
But it just shows you how severe the shortage is.
好，我们继续。既然我们在这里跳来跳去，那就再回到 Intel 一会儿。数据中心客户对 CPU 趋之若鹜，部分原因是 agentic AI。我们知道 Intel 的资本开支正在爆发式增长，就像几乎所有基础设施领域的公司一样。
Okay, let's keep going here. So, uh, going back to Intel for a moment since we're jumping around here. Data center customers are going nuts for CPUs in part because of Aentic AI.
We know that Capex is exploding at Intel just like it is at almost all of the infrastructure plays.
但 Intel 就像是你那种昂贵的制造产能建设，你把赚到的所有钱都投进去，用来建设这套制造工艺。AMD 不必这么做，因为 AMD 可以找 Intel 或台积电代工。
Uh, but Intel is like your expensive manufacturing buildout where you're taking all the money you're making and you're throwing it into building out this manufacturing process.
AMD doesn't have to do that because AMD can manufacture with Intel or Taiwan Semi.
这样做的好处是，AMD 几乎肯定始终会是比 Intel 利润率更高的标的。这一点值得思考。这不是在贬低 Intel，只是一个比较。
And the benefit of this is AMD is almost certainly always going to be a higher margin play than Intel. Something to think about. It's not bagging on Intel. That's just a comparison.
大家都知道 CPU 领域能赚的钱太多了，所以竞争正在到来。公平地说，目前最纯粹的标的只有 AMD 和 Intel，我认为这就是它们眼下表现如此惊人的原因。
Everybody knows there's so much money to be made in CPUs, so the competition is coming. The pure play in fairness right now, AMD and Intel, and I think that's why they've done so freaking well right now.
谈到了 Intel。
Talked about Intel.
这意味着对 Intel 来说还早，
which means it's early for Intel,
这个频道对 $INTC 的历次判断
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