英特尔股价周五遭遇史上最糟糕的交易日之一，暴跌约28%，此前这家芯片巨头公布的第四季度业绩展望弱于预期。
Intel’s stock suffered one of its worst days ever on Friday, crashing around 28% after the chip giant reported a weaker-than-expected outlook for the fourth quarter.
据CNBC报道，这一走势使政府持有的英特尔股份价值缩水120亿美元。特朗普政府一年多前让政府购入了10%的股份。英伟达也曾在2025年大举入股英特尔，其股价周五同样小幅下跌。科技行业的大部分——尤其是芯片制造商——都被卷入这轮抛售。
This route reduced the value of Intel’s holdings by the government by $12 billion, CNBC reports. The Trump administration had the government buy 10% stake over a year ago. Nvidia, which also took a big stake in Intel in 2025, saw its stock drop a bit on Friday as well. Much of the tech industry — especially chipmakers — were caught in the selloff.
对政府（以及英伟达）而言，英特尔股票迄今仍是一笔有利可图的投资，尽管已较夏季时的天价大幅回落，但年内涨幅仍超过70%。
Intel’s stock is still a profitable investment for the government so far (and for Nvidia), as it’s up more than 70% for the year, even if its dropped significantly from the sky high prices it commanded over the summer.
这轮恐慌源于英特尔警告称，预计第四季度营收为150亿至160亿美元，而分析师此前预期约为170亿美元。该公司还警告称，毛利率将从43%降至37%，并且由于投资力度如此之大，预计不会产生正现金流。
The scare-off was caused when Intel warned to expect revenue of $15 billion to $16 billion in the fourth quarter when analysts were looking for around $17 billion. It also warned that its gross profit margin would decline to 37% from the 43%, and it was investing so heavily, it expected no positive cash flow.
英特尔的主要问题在于，AI行业大量吞噬内存和其他组件，推高了PC价格，从而损害了PC销售。
The main problem for Intel is that PC sales are being hurt by the AI industry gobbling memory and other components, and causing PC prices to rise.
“我们的客户开始基于内存价格和供应情况发出PC放缓的信号。年初至今，系统终端价格已大幅上涨，给本已有限的IT预算带来额外压力，”英特尔CEO陈立武在电话会议上警告称。
“Our customers began signaling a PC slowdown based on the memory prices and availability. Year-to-date system endpoint prices have increased significantly, placing additional pressure on already limited IT budgets,” Intel CEO Lip-Bu Tan warned on the call.
好的一面是，英特尔数据中心业务营收同比增长78%。但在这方面，该公司在为其晶圆厂增加产能并为这些工厂争取更多外部客户之前仍受制约，还要与实力雄厚的台积电竞争。英特尔在亚利桑那州的一家新晶圆厂已投入运营，但下一家预计要到2028年才能上线。
The bright side is that revenue from Intel’s data center business grew 78% over the year-ago quarter. But it is hamstrung on that front until it can bring more capacity to its fabs and book more external customers for them, competing with powerhouse Taiwan Semiconductor Manufacturing Co. One of Intel’s new fabs in Arizona is operational but the next one isn’t expected to be online until 2028.