Intel拥有强劲的看多逻辑，受CPU供应受限与定价权驱动。
逐段跳播
让我们更深入地探讨像 AMD 和 Intel 这样的公司，
Let's delve deeper into companies like AMD and Intel,
AMD 专注于 x86 技术，与 Intel 相同的技术，Intel 的股价今天上涨了 14%，到收盘时又上涨了 12%。
AMD is focusing on x86 technology, the same technology as Intel, whose stock rose 14% today and then 12% by the end of the day.
所以，我们有 AMD、Intel、ARM、Apple，当然还有 Meta，它今天正引领着这场巨大的变革。当然，Intel。我们谈过他们，但我们为什么还要关注？
So, we have AMD, Intel, ARM, Apple, and of course, Meta, which is leading this massive evolution today. Of course, Intel. We've talked about them , but why are we even paying attention ?
因为 Intel 预计在 2026 年至 2027 年间将其 CPU 销售额翻倍，而且可能两年都会如此。他们在2026年第二季度的数据中心和AI收入同比增长了59%。而这还是在产量仅增长9%的情况下实现的，这令人惊叹。
Because Intel is projected to double its CPU sales between 2026 and 2027, and possibly in both years. Their data center and AI revenues in the second quarter of 2026 were up 59% year-over-year .
And that's despite production increasing by only 9%, which is astonishing.
你交付的CPU数量增加了9%，但你的价格却上涨了48%来弥补这一差距。这就是定价权。所以Intel也拥有定价权。
You delivered 9% more CPUs , but your prices went up 48% to make up for that difference. That's pricing power. So Intel has pricing power too.
他们不仅仅是制造商，他们还是设计并生产自家CPU的芯片设计商。所以这对Intel来说也是一大胜利。
They're not just a manufacturer; they're also a chip designer that makes their own CPUs. So that's a big win for Intel as well.
Intel的CEO指出服务器CPU严重短缺，Intel目前的产能仅能满足实际客户需求的50%。据报道，Intel将把PC CPU的价格上调约10%，并预计数据中心CPU的涨幅会更大。
Intel's CEO points to a severe shortage of server CPUs , with Intel's current capacity covering only 50% of actual customer demand . According to reports, Intel will raise PC CPU prices by about 10% and anticipates an even larger increase for data center CPUs.
因此，Intel对消费级处理器提价令人意外，但这恰恰说明了短缺的严重程度。
Therefore, Intel's price hike for consumer processors is surprising, but it demonstrates the severity of the shortage.
我们再说回Intel一会儿，因为我们正在几家公司之间来回切换。数据中心客户正在抢购CPU，部分原因是AI。我们知道Intel的资本支出正在大幅增加，就像大多数基础设施公司一样。
Let's go back to Intel for a moment, since we're switching between several companies. Data center customers are snapping up CPUs, partly due to AI. We know that Intel's capital expenditure is increasing significantly, just like most infrastructure companies'.
但Intel依赖的是建设昂贵的制造业务，它把全部利润都投入到其中。开发制造工艺至关重要。这样做的好处是，AMD的利润率很可能始终高于Intel。这一点值得考虑。
But Intel relies on building expensive manufacturing operations, where it invests all its profits in Developing the manufacturing process is crucial. The advantage of this is that AMD will likely always have a higher profit margin than Intel. This is something worth considering.
目前，真正的竞争是在AMD和Intel之间，我认为这正是它们取得显著成功的原因。
Currently, the real competition is between AMD and Intel, and I believe this is the reason for their remarkable success.
我们谈过Intel。我们谈过ARM。我们谈过Nvidia 200亿美元的CPU预测，这是一个积极因素。
We've talked about Intel. We've talked about ARM. We've talked about Nvidia's $20 billion CPU forecast, which is a positive.
这意味着对Intel来说仍处于早期阶段，
which means it's still early days for Intel,
观察点
这个频道对 $INTC 的历次判断
Meet Kevin 在这只股票上共 2 条判断，这里只列相邻的几条。