{"id":43875,"date":"2026-04-03T18:02:00","date_gmt":"2026-04-03T18:02:00","guid":{"rendered":"https:\/\/www.vtmarketsmy.com\/cn\/uncategorized\/%e8%8b%b1%e7%89%b9%e5%b0%94%e5%9c%a8%e7%88%b1%e5%b0%94%e5%85%b0%e7%9a%84%e6%99%b6%e5%9c%86%e5%8e%82%e4%ba%a4%e6%98%93%e9%87%8d%e5%a1%91%e5%a4%8d%e8%8b%8f%e5%8f%99%e4%ba%8b\/"},"modified":"2026-04-03T18:02:00","modified_gmt":"2026-04-03T18:02:00","slug":"%e8%8b%b1%e7%89%b9%e5%b0%94%e5%9c%a8%e7%88%b1%e5%b0%94%e5%85%b0%e7%9a%84%e6%99%b6%e5%9c%86%e5%8e%82%e4%ba%a4%e6%98%93%e9%87%8d%e5%a1%91%e5%a4%8d%e8%8b%8f%e5%8f%99%e4%ba%8b","status":"publish","type":"post","link":"https:\/\/www.vtmarketsmy.com\/cn\/opinion\/%e8%8b%b1%e7%89%b9%e5%b0%94%e5%9c%a8%e7%88%b1%e5%b0%94%e5%85%b0%e7%9a%84%e6%99%b6%e5%9c%86%e5%8e%82%e4%ba%a4%e6%98%93%e9%87%8d%e5%a1%91%e5%a4%8d%e8%8b%8f%e5%8f%99%e4%ba%8b\/","title":{"rendered":"\u82f1\u7279\u5c14\u5728\u7231\u5c14\u5170\u7684\u6676\u5706\u5382\u4ea4\u6613\u91cd\u5851\u590d\u82cf\u53d9\u4e8b"},"content":{"rendered":"\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" src=\"https:\/\/www.vtmarketsmy.com\/cn\/wp-content\/uploads\/sites\/4\/2026\/04\/discover-article-2-1024x573.webp\" alt=\"\" class=\"wp-image-46365\"\/><\/figure>\n\n\n\n<p><strong>\u91cd\u70b9\u6458\u8981<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>\u82f1\u7279\u5c14\uff08Intel\uff09\u5c06\u4ee5142\u4ebf\u7f8e\u5143\u56de\u8d2d\u963f\u6ce2\u7f57\uff08Apollo\uff09\u5728Fab 34\u6301\u6709\u768449%\u80a1\u6743\uff0c\u91cd\u65b0\u53d6\u5f97\u7231\u5c14\u5170\u5382\u623f100%\u6240\u6709\u6743\u3002<\/li>\n\n\n\n<li>\u6d88\u606f\u516c\u5e03\u540e\uff0c\u82f1\u7279\u5c14\u80a1\u4ef7\u4e0a\u6da8\u8d85\u8fc79%\uff0c\u663e\u793a\u5e02\u573a\u5bf9\u8fd9\u7b14\u4ea4\u6613\u53cd\u5e94\u5f3a\u70c8\u3002<\/li>\n\n\n\n<li>Fab 34\u662f\u82f1\u7279\u5c14\u7684\u91cd\u8981\u6218\u7565\u636e\u70b9\uff0c\u5173\u8054Intel 4\u4e0eIntel 3\u5236\u7a0b\uff08\u5236\u7a0b\uff1d\u6676\u7247\u5236\u9020\u7684\u5de5\u827a\u8282\u70b9\uff09\uff0c\u751f\u4ea7\u5305\u62ecCore Ultra\u4e0eXeon\u5904\u7406\u5668\u3002<\/li>\n\n\n\n<li>\u82f1\u7279\u5c14\u6700\u65b0\u8d22\u62a5\u663e\u793a\uff1a2025\u8d22\u5e74\u7b2c\u56db\u5b63\uff08Q4 2025\uff09\u8425\u6536137\u4ebf\u7f8e\u5143\uff0c\u540c\u6bd4\u4e0b\u6ed14%\uff1b\u8c03\u6574\u540e\u6bcf\u80a1\u76c8\u5229\uff08adjusted EPS\uff1d\u5254\u9664\u4e00\u6b21\u6027\u9879\u76ee\u540e\u7684\u6bcf\u80a1\u5229\u6da6\uff09\u4e3a0.15\u7f8e\u5143\u3002<\/li>\n\n\n\n<li>\u82f1\u7279\u5c14\u5c06\u4e8e2026\u5e744\u670823\u65e5\u516c\u5e032026\u8d22\u5e74\u7b2c\u4e00\u5b63\uff08Q1 2026\uff09\u4e1a\u7ee9\uff0c\u53ef\u80fd\u6210\u4e3a\u80a1\u4ef7\u4e0b\u4e00\u5173\u952e\u50ac\u5316\u5242\uff08\u50ac\u5316\u5242\uff1d\u63a8\u52a8\u80a1\u4ef7\u660e\u663e\u6ce2\u52a8\u7684\u4e8b\u4ef6\uff09\u3002<\/li>\n<\/ul>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<p>\u82f1\u7279\u5c14\u5ba3\u5e03\u4ee5142\u4ebf\u7f8e\u5143\u56de\u8d2d\u963f\u6ce2\u7f57\u5728Fab 34\uff08\u7231\u5c14\u5170\u5148\u8fdb\u5236\u9020\u5408\u8d44\u9879\u76ee\uff09\u6301\u6709\u768449%\u80a1\u6743\uff0c\u518d\u5ea6\u6210\u4e3a\u5e02\u573a\u7126\u70b9\u3002<\/p>\n\n\n\n<figure class=\"wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter\"><div class=\"wp-block-embed__wrapper\">\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\"><p lang=\"en\" dir=\"ltr\">Intel agreed to pay $14.2 billion to buy back half of a plant in Ireland that it had previously sold to Apollo Global Management. <a href=\"https:\/\/t.co\/usmMFsrHti\">https:\/\/t.co\/usmMFsrHti<\/a><\/p>&mdash; Bloomberg (@business) <a href=\"https:\/\/twitter.com\/business\/status\/2039329067099459803?ref_src=twsrc%5Etfw\">April 1, 2026<\/a><\/blockquote><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script>\n<\/div><\/figure>\n\n\n\n<p>\u6d88\u606f\u5e26\u52a8\u82f1\u7279\u5c14\u80a1\u4ef7\u5927\u6da8\u903e9%\u3002\u66f4\u91cd\u8981\u7684\u662f\uff0c\u5e02\u573a\u5bf9\u82f1\u7279\u5c14\u7684\u770b\u6cd5\u6b63\u5728\u6539\u53d8\uff1a\u6295\u8d44\u8005\u4e0d\u518d\u53ea\u76ef\u7740\u8fc7\u53bb\u7684\u632b\u6298\uff0c\u800c\u5f00\u59cb\u8bc4\u4f30\u8fd9\u662f\u5426\u4ee3\u8868\u590d\u82cf\u8fdb\u5165\u66f4\u53ef\u4fe1\u7684\u65b0\u9636\u6bb5\u3002<\/p>\n\n\n\n<figure class=\"wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter\"><div class=\"wp-block-embed__wrapper\">\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\"><p lang=\"en\" dir=\"ltr\">Intel shares jump 9% after buying back Ireland chip fab in sign of renewed strength <a href=\"https:\/\/t.co\/qM5mviVPq4\">https:\/\/t.co\/qM5mviVPq4<\/a><\/p>&mdash; CNBC (@CNBC) <a href=\"https:\/\/twitter.com\/CNBC\/status\/2039358004735230251?ref_src=twsrc%5Etfw\">April 1, 2026<\/a><\/blockquote><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script>\n<\/div><\/figure>\n\n\n\n<p>\u8fd9\u9879\u53d8\u5316\u4e4b\u6240\u4ee5\u5173\u952e\uff0c\u662f\u56e0\u4e3a\u82f1\u7279\u5c14\u4e0d\u518d\u53ea\u88ab\u5f53\u6210\u201c\u4f20\u7edf\u6676\u7247\u5546\u201d\uff08legacy chipmaker\uff1d\u4e1a\u52a1\u91cd\u5fc3\u504f\u5411\u65e7\u6709\u5e02\u573a\uff0c\u5982PC\u4e0e\u670d\u52a1\u5668\uff09\u3002\u5e02\u573a\u66f4\u5173\u6ce8\u5b83\u80fd\u5426\u91cd\u5efa\u5236\u9020\u4f18\u52bf\u3001\u63a8\u8fdb\u4ee3\u5de5\uff08foundry\uff1d\u66ff\u5176\u4ed6\u516c\u53f8\u751f\u4ea7\u6676\u7247\u7684\u4e1a\u52a1\uff09\u5e03\u5c40\uff0c\u5e76\u5728AI\u9700\u6c42\u91cd\u5851\u7684\u534a\u5bfc\u4f53\u4ea7\u4e1a\u4e2d\u63d0\u5347\u7ade\u4e89\u529b\u3002\u5728\u8fd9\u6761\u53d9\u4e8b\u91cc\uff0cFab 34\u6210\u4e86\u82f1\u7279\u5c14\u626d\u8f6c\u5c40\u9762\u7684\u6838\u5fc3\u73af\u8282\u4e4b\u4e00\u3002<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">\u534a\u5bfc\u4f53\u5e02\u573a\u53d8\u5316\u4e0b\uff0c\u82f1\u7279\u5c14\u7684\u6218\u7565\u4f4d\u7f6e<\/h2>\n\n\n\n<p>\u82f1\u7279\u5c14\u4ecd\u662f\u5168\u7403\u534a\u5bfc\u4f53\u4ea7\u4e1a\u7684\u8001\u724c\u4f01\u4e1a\uff0c\u8bbe\u8ba1\u5e76\u5236\u9020\u5904\u7406\u5668\u4e0e\u76f8\u5173\u6280\u672f\uff0c\u5e7f\u6cdb\u5e94\u7528\u4e8e\u4e2a\u4eba\u7535\u8111\u3001\u4f01\u4e1a\u7cfb\u7edf\u3001\u6570\u636e\u4e2d\u5fc3\u4e0e\u4e91\u7aef\u57fa\u7840\u8bbe\u65bd\u3002<\/p>\n\n\n\n<p>\u82f1\u7279\u5c14\u4e0e\u4e0d\u5c11\u540c\u4e1a\u4e0d\u540c\u4e4b\u5904\u5728\u4e8e\uff1a\u5b83\u7684\u6210\u8d25\u5f88\u5927\u7a0b\u5ea6\u53d6\u51b3\u4e8e\u201c\u81ea\u5df1\u638c\u63e1\u5236\u9020\u201d\uff0c\u4e0d\u53ea\u662f\u6676\u7247\u8bbe\u8ba1\u3002\u8fd9\u5728\u6267\u884c\u987a\u5229\u65f6\u662f\u4f18\u52bf\uff1b\u4f46\u5f53\u8d44\u672c\u5f00\u652f\uff08capital spending\uff1d\u5efa\u5382\u3001\u8bbe\u5907\u7b49\u5927\u989d\u957f\u671f\u6295\u5165\uff09\u5f88\u9ad8\u3001\u56de\u62a5\u9700\u8981\u65f6\u95f4\u65f6\uff0c\u4e5f\u4f1a\u8ba9\u516c\u53f8\u538b\u529b\u66f4\u5927\u3002\u8fd9\u662f\u57fa\u4e8e\u5176\u5546\u4e1a\u6a21\u5f0f\u4e0e\u5206\u6790\u5e08\u5f53\u524d\u5bf9\u8be5\u80a1\u7684\u89e3\u8bfb\u3002<\/p>\n\n\n\n<p>\u56e0\u6b64\uff0c\u56de\u8d2dFab 34\u80a1\u6743\u4e0d\u88ab\u89c6\u4e3a\u4e00\u822c\u4ea4\u6613\u3002\u5bf9\u82f1\u7279\u5c14\u800c\u8a00\uff0c\u8fd9\u4e0d\u53ea\u662f\u56de\u8d2d\u8d44\u4ea7\uff0c\u800c\u662f\u663e\u793a\u7ba1\u7406\u5c42\u5e0c\u671b\u66f4\u5b8c\u6574\u638c\u63a7\u4e00\u4e2a\u4e0e\u4ea7\u54c1\u89c4\u5212\u3001\u5236\u9020\u4fe1\u8a89\u5bc6\u5207\u76f8\u5173\u7684\u5173\u952e\u5382\u623f\u3002<\/p>\n\n\n\n<p>\u8def\u900f\u6307\u51fa\uff0c\u8be5\u5382<a href=\"https:\/\/www.reuters.com\/world\/europe\/intel-buy-back-apollo-stake-ireland-factory-142-billion-2026-04-01\/\">\u91c7\u7528Intel 4\u4e0eIntel 3\u5236\u7a0b\u751f\u4ea7\u6676\u7247<\/a>\uff1b\u5e02\u573a\u4e5f\u5c06\u56de\u8d2d\u89e3\u8bfb\u4e3a\u82f1\u7279\u5c14\u5bf9\u4ee3\u5de5\u524d\u666f\u66f4\u6709\u4fe1\u5fc3\u7684\u4fe1\u53f7\u3002<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Fab 34\u8ba9\u6545\u4e8b\u66f4\u5b8c\u6574\uff0c\u4f46\u4e0d\u4ee3\u8868\u201c\u901a\u5173\u201d<\/h2>\n\n\n\n<p>\u82f1\u7279\u5c14\u56de\u8d2d\u963f\u6ce2\u7f57\u80a1\u6743\u4e4b\u6240\u4ee5\u53d7\u5173\u6ce8\uff0c\u662f\u56e0\u4e3a\u53cd\u6620\u516c\u53f8\u6001\u5ea6\u8f6c\u53d8\u30022024\u5e74\uff0c\u963f\u6ce2\u7f57\u7684<a href=\"https:\/\/newsroom.intel.com\/corporate\/intel-repurchase-49-equity-interest-ireland-fab-joint-venture#:~:text=2026%20and%202027.-,Ireland%20and%20Fab%2034%20remain%20central%20to%20Intel's%20global%20manufacturing,%2Dgeneration%20AI%2Denabled%20systems.\">112\u4ebf\u7f8e\u5143\u6295\u8d44<\/a>\uff0c\u8ba9\u82f1\u7279\u5c14\u5728\u538b\u529b\u8f83\u5927\u65f6\u83b7\u5f97\u878d\u8d44\u5f39\u6027\uff08financing flexibility\uff1d\u66f4\u5bb9\u6613\u7b79\u8d44\u4e0e\u8c03\u914d\u73b0\u91d1\uff09\uff0c\u5e76\u5728\u4e0d\u8fdb\u4e00\u6b65\u524a\u5f31\u8d44\u4ea7\u8d1f\u503a\u8868\uff08balance sheet\uff1d\u516c\u53f8\u8d44\u4ea7\u3001\u8d1f\u503a\u4e0e\u80a1\u4e1c\u6743\u76ca\u7684\u8d22\u52a1\u62a5\u8868\uff09\u7684\u60c5\u51b5\u4e0b\uff0c\u652f\u6301\u9ad8\u6210\u672c\u5efa\u5382\u6269\u4ea7\u3002<\/p>\n\n\n\n<p>\u300a\u534e\u5c14\u8857\u65e5\u62a5\u300b\u62a5\u9053\uff0c\u539f\u672c\u7684\u5b89\u6392<a href=\"https:\/\/www.wsj.com\/livecoverage\/stock-market-today-dow-sp-500-nasdaq-04-01-2026\/card\/intel-chip-factory-buyback-brings-apollo-a-payday-f03nNhoSeHUJ6d7R9JIf?utm_source=chatgpt.com\">\u5e2e\u52a9\u82f1\u7279\u5c14\u907f\u514d\u66f4\u6602\u8d35\u7684\u878d\u8d44<\/a>\u3002\u5982\u4eca\u628a\u80a1\u6743\u4e70\u56de\u6765\uff0c\u7b49\u4e8e\u5728\u4f20\u9012\u4e00\u4e2a\u8baf\u606f\uff1a\u516c\u53f8\u8d22\u52a1\u5b9e\u529b\u5df2\u8db3\u4ee5\u518d\u6b21\u72ec\u81ea\u62e5\u6709\u8fd9\u5ea7\u5382\u3002<\/p>\n\n\n\n<p>\u82f1\u7279\u5c14\u8d22\u52a1\u957f\uff08CFO\uff1d\u8d1f\u8d23\u516c\u53f8\u8d22\u52a1\u7684\u9ad8\u7ba1\uff09David Zinsner\u8868\u793a\uff0c\u516c\u53f8\u76ee\u524d\u7684<a href=\"https:\/\/newsroom.intel.com\/corporate\/intel-repurchase-49-equity-interest-ireland-fab-joint-venture\">\u8d22\u52a1\u72b6\u51b5\u66f4\u5f3a<\/a>\u3002\u82f1\u7279\u5c14\u4e5f\u79f0\uff0c\u8fd9\u7b14\u4ea4\u6613\u6709\u671b\u57282027\u5e74\u524d\u6539\u5584\u76c8\u5229\uff0c\u5e76\u5f3a\u5316\u4fe1\u7528\u72b6\u51b5\uff08credit profile\uff1d\u4fe1\u7528\u8bc4\u7ea7\u673a\u6784\u4e0e\u5e02\u573a\u5bf9\u5176\u507f\u503a\u80fd\u529b\u7684\u8bc4\u4ef7\uff09\u3002<\/p>\n\n\n\n<p>\u8fd9\u4e5f\u89e3\u91ca\u4e86\u5e02\u573a\u4e3a\u4f55\u504f\u5411\u6b63\u9762\u89e3\u8bfb\u3002\u4ea4\u6613\u8ba9\u82f1\u7279\u5c14\u7684\u8bf4\u6cd5\u66f4\u5177\u8bf4\u670d\u529b\uff1a<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>\u663e\u793a\u5bf9\u5236\u9020\u4e1a\u52a1\u66f4\u6709\u4fe1\u5fc3<\/li>\n\n\n\n<li>\u8ba9\u590d\u82cf\u903b\u8f91\u66f4\u6e05\u695a<\/li>\n\n\n\n<li>\u51f8\u663e\u8981\u628a\u5173\u952e\u8d44\u4ea7\u63e1\u5728\u81ea\u5df1\u624b\u91cc<\/li>\n\n\n\n<li>\u8ba9\u6295\u8d44\u8005\u66f4\u5bb9\u6613\u770b\u61c2\u5236\u9020\u4e0e\u4ee3\u5de5\u89c4\u5212<\/li>\n<\/ul>\n\n\n\n<p>\u5206\u6790\u5e08\u4e5f\u591a\u5c06\u5176\u89c6\u4e3a\u5229\u597d\u3002MarketWatch\u5f15\u8ff0\u745e\u94f6\uff08UBS\uff09\u5206\u6790\u5e08Timothy Arcuri\u8ba4\u4e3a\uff0c\u8fd9\u662f\u5bf9\u82f1\u7279\u5c14\u5236\u9020\u8ba1\u5212\u7684\u4fe1\u5fc3\u4fe1\u53f7\uff1b\u300a\u5df4\u4f26\u5468\u520a\u300b\uff08Barron\u2019s\uff09\u4e5f\u6307\u51fa\uff0c\u5728\u6574\u4f53\u79d1\u6280\u80a1\u4ecd\u627f\u538b\u4e4b\u9645\uff0c\u8fd9\u9879\u52a8\u4f5c\u6539\u5584\u4e86\u6295\u8d44\u8005\u60c5\u7eea\u3002<\/p>\n\n\n\n<p>\u4ef7\u683c\u540c\u6837\u5173\u952e\u3002\u963f\u6ce2\u7f57\u57282024\u5e74\u4ee5112\u4ebf\u7f8e\u5143\u4e70\u5165\u8be5\u80a1\u6743\uff0c\u5982\u4eca\u82f1\u7279\u5c14\u4ee5142\u4ebf\u7f8e\u5143\u4e70\u56de\uff0c\u4ee3\u8868\u82f1\u7279\u5c14\u613f\u610f\u652f\u4ed8\u660e\u663e\u6ea2\u4ef7\uff08premium\uff1d\u9ad8\u4e8e\u539f\u672c\u4ef7\u683c\u7684\u989d\u5916\u91d1\u989d\uff09\u6765\u6062\u590d100%\u6301\u6709\uff0c\u6697\u793a\u7ba1\u7406\u5c42\u8ba4\u4e3a\u8fd9\u9879\u8d44\u4ea7\u7684\u957f\u671f\u4ef7\u503c\u66f4\u9ad8\u3002<\/p>\n\n\n\n<p class=\"orange-block\">\n  \u9605\u8bfb\u6211\u4eec\u7684\u5206\u6790\uff1a<a href=\"https:\/\/www.vtmarkets.com\/opinion\/how-ai-is-reshaping-the-tech-stocks\/\">AI\u7ade\u8d5b\u5982\u4f55\u91cd\u5851\u79d1\u6280\u80a1\u683c\u5c40<\/a>\n<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">\u4e3a\u4f55Fab 34\u6bd4\u4e00\u822c\u5de5\u5382\u66f4\u5173\u952e<\/h2>\n\n\n\n<p>\u8fd9\u7b14\u4ea4\u6613\u4e4b\u6240\u4ee5\u66f4\u5177\u5206\u91cf\uff0c\u5728\u4e8eFab 34\u5728\u82f1\u7279\u5c14\u5236\u9020\u7f51\u7edc\u4e2d\u7684\u89d2\u8272\u3002Fab 34\u4f4d\u4e8e\u7231\u5c14\u5170Leixlip\uff0c\u662f\u82f1\u7279\u5c14\u7684\u5148\u8fdb\u6676\u5706\u5382\uff08fab\uff1d\u5236\u9020\u6676\u7247\u7684\u5de5\u5382\uff09\uff0c\u7528Intel 4\u4e0eIntel 3\u5236\u7a0b\u751f\u4ea7Core Ultra\u4e0eXeon\u5904\u7406\u5668\u3002\u5b83\u4e5f\u662f\u82f1\u7279\u5c14\u9996\u4e2a\u5728Intel 4\u5b9e\u73b0\u9ad8\u4ea7\u91cf\uff08high-volume\uff1d\u5927\u89c4\u6a21\u91cf\u4ea7\uff09\u7684EUV\u5149\u523b\uff08EUV lithography\uff1d\u7528\u6781\u7d2b\u5916\u5149\u8fdb\u884c\u66f4\u7cbe\u7ec6\u7684\u66dd\u5149\uff0c\u662f\u5148\u8fdb\u5236\u7a0b\u5173\u952e\u8bbe\u5907\u4e0e\u5de5\u827a\uff09\u3002<\/p>\n\n\n\n<p>\u5b83\u7684\u610f\u4e49\u4e0d\u53ea\u5728\u4ea7\u80fd\u3002\u82f1\u7279\u5c14\u80fd\u5426\u590d\u82cf\uff0c\u4e0d\u4ec5\u53d6\u51b3\u4e8e\u4ea7\u54c1\u9700\u6c42\uff0c\u4e5f\u53d6\u51b3\u4e8e\u5e02\u573a\u5bf9\u5176\u201c\u5236\u9020\u6267\u884c\u529b\u201d\u7684\u4fe1\u5fc3\u3002\u5728\u8fd9\u70b9\u4e0a\uff0cFab 34\u76f4\u63a5\u5173\u7cfb\u5230\u82f1\u7279\u5c14\u80fd\u5426\u91cd\u5efa\u5148\u8fdb\u5236\u7a0b\u6280\u672f\u7684\u53ef\u4fe1\u5ea6\u3002<\/p>\n\n\n\n<p>\u8def\u900f\u4e5f\u63d0\u5230\uff0c\u82f1\u7279\u5c14\u6b63\u52a0\u5927\u5bf918A\u7684\u6295\u5165\u300218A\u53ef\u7406\u89e3\u4e3a\u82f1\u7279\u5c14\u4e0b\u4e00\u4ee3\u66f4\u5148\u8fdb\u7684\u5236\u7a0b\u8282\u70b9\uff08\u7528\u6765\u63d0\u5347\u6027\u80fd\u4e0e\u80fd\u6548\uff09\u3002\u5728\u8fd9\u79cd\u80cc\u666f\u4e0b\uff0c\u5b8c\u5168\u6301\u6709Fab 34\u610f\u5473\u82f1\u7279\u5c14\u5e0c\u671b\u66f4\u7d27\u5bc6\u638c\u63a7\u4e0b\u4e00\u9636\u6bb5\u590d\u82cf\u6240\u4f9d\u8d56\u7684\u5236\u9020\u57fa\u7840\u3002<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">\u53d9\u4e8b\u66f4\u5f3a\uff0c\u4f46\u590d\u82cf\u4ecd\u672a\u88ab\u9a8c\u8bc1<\/h2>\n\n\n\n<p>\u504f\u591a\uff08bullish\uff1d\u770b\u6da8\uff09\u7684\u89e3\u8bfb\u5f88\u76f4\u63a5\uff1a\u82f1\u7279\u5c14\u4f3c\u4e4e\u4ece\u201c\u4fdd\u5b88\u9632\u5b88\u201d\u8f6c\u5411\u201c\u66f4\u4e3b\u52a8\u638c\u63a7\u5173\u952e\u8d44\u6e90\u201d\u3002\u8fc7\u53bb\u4e3a\u4fdd\u7559\u5f39\u6027\u800c\u5356\u51fa\u90e8\u5206\u5382\u623f\u80a1\u6743\uff0c\u5982\u4eca\u518d\u4e70\u56de\uff0c\u901a\u5e38\u4f1a\u88ab\u89c6\u4e3a\u4fe1\u5fc3\u63d0\u5347\u3002\u300a\u5df4\u4f26\u5468\u520a\u300b\u5f15\u8ff0Melius Research\u7684Ben Reitzes\u8ba4\u4e3a\uff0c\u8fd9\u662f\u82f1\u7279\u5c14\u5904\u5883\u6539\u5584\u7684\u5f3a\u4fe1\u53f7\uff0c\u5c24\u5176\u5f53\u6295\u8d44\u8005\u66f4\u5173\u6ce8AI\u5e26\u52a8\u7684\u670d\u52a1\u5668\u9700\u6c42\u4e0e\u57fa\u7840\u8bbe\u65bd\u5e03\u5c40\u65f6\u3002<\/p>\n\n\n\n<p>\u4e0d\u8fc7\uff0c\u8425\u8fd0\u6570\u636e\u4ecd\u9700\u8c28\u614e\u770b\u5f85\u3002\u82f1\u7279\u5c14\u6700\u65b0\u516c\u5e03\u7684\u8d22\u5b63\u663e\u793a\uff1aQ4 2025\u8425\u6536137\u4ebf\u7f8e\u5143\uff0c\u540c\u6bd4\u4e0b\u6ed14%\uff1b\u8c03\u6574\u540e\u6bcf\u80a1\u76c8\u5229\u4e3a0.15\u7f8e\u5143\u30022025\u5168\u5e74\u8425\u6536529\u4ebf\u7f8e\u5143\uff0c\u4e0e\u4e0a\u5e74\u6301\u5e73\u3002\u8fd9\u4e9b\u6570\u5b57\u663e\u793a\u8d8b\u7a33\uff0c\u4f46\u5c1a\u672a\u56de\u5230\u5f3a\u52b2\u589e\u957f\u3002<\/p>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/www.vtmarketsmy.com\/cn\/wp-content\/uploads\/sites\/4\/2026\/04\/codeNTM5MjMzZDc5ZjM2ZDRlMjQ1ZmYxY2IyNTBhMjVkZDVfeW9nZHBNcjVVaVVabzgxUVZTdlhNREZkaXplcUZ5ZnJfVG9rZW46SGVkNWJEVVV6bzlqdXB4eVJEWGxXeVNXZzdnXzE3NzUyMDI3OTQ6MTc3NTIwNjM5NF9WNA.png\" alt=\"\"\/><\/figure>\n\n\n\n<p class=\"has-text-align-center\"><strong>\u6765\u6e90\uff1a<\/strong><strong><a href=\"https:\/\/www.intc.com\/news-events\/press-releases\/detail\/1759\/intel-reports-fourth-quarter-and-full-year-2025-financial#:~:text=Fourth%2Dquarter%20revenue%20was%20$13.7,attributable%20to%20Intel%20of%20$0.00.\">Intel<\/a><\/strong><\/p>\n\n\n\n<p>\u6295\u8d44\u8005\u4ecd\u5e0c\u671b\u770b\u5230\uff1a<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>\u6bdb\u5229\u7387\/\u5229\u6da6\u7387\uff08margin\uff1d\u8d5a\u94b1\u80fd\u529b\uff09\u66f4\u660e\u663e\u6539\u5584<\/li>\n\n\n\n<li>\u5236\u9020\u8d44\u4ea7\u5229\u7528\u7387\uff08utilisation\uff1d\u5de5\u5382\u4ea7\u80fd\u4f7f\u7528\u7a0b\u5ea6\uff09\u66f4\u9ad8<\/li>\n\n\n\n<li>\u76c8\u5229\u8868\u73b0\u66f4\u7a33\u5b9a\uff08earnings momentum\uff1d\u76c8\u5229\u8fde\u7eed\u6539\u5584\u7684\u8d8b\u52bf\uff09<\/li>\n\n\n\n<li>\u6218\u7565\u52a8\u4f5c\u80fd\u8f6c\u5316\u4e3a\u5b9e\u9645\u8425\u8fd0\u8fdb\u5c55<\/li>\n<\/ul>\n\n\n\n<p>\u5728\u8fd9\u79cd\u60c5\u51b5\u4e0b\uff0cFab 34\u56de\u8d2d\u4e00\u65b9\u9762\u5f3a\u5316\u4e86\u82f1\u7279\u5c14\u7684\u8bf4\u6cd5\uff0c\u4e5f\u540c\u65f6\u62c9\u9ad8\u671f\u5f85\u3002\u77ed\u671f\u5e02\u573a\u53ef\u80fd\u5956\u52b1\u8fd9\u9879\u4fe1\u53f7\uff0c\u4f46\u80fd\u5426\u7ef4\u6301\u4fe1\u5fc3\uff0c\u5c06\u53d6\u51b3\u4e8e\u7ba1\u7406\u5c42\u80fd\u5426\u628a\u201c\u66f4\u5927\u63a7\u5236\u6743\u201d\u53d8\u6210\u66f4\u597d\u7684\u4e1a\u7ee9\u3002<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">\u7ade\u4e89\u538b\u529b\u4ecd\u5728<\/h2>\n\n\n\n<p>\u82f1\u7279\u5c14\u80a1\u4ef7\u7684\u5174\u594b\u60c5\u7eea\u4e5f\u9700\u8981\u51b7\u9759\u770b\u5f85\u3002\u82f1\u4f1f\u8fbe\uff08NVIDIA\uff09\u4ecd\u4e3b\u5bfcAI\u5e02\u573a\u5173\u6ce8\u5ea6\uff1b\u8d85\u5a01\uff08AMD\uff09\u5728CPU\u4e0e\u6570\u636e\u4e2d\u5fc3\u540c\u6837\u5177\u7ade\u4e89\u529b\u3002\u56de\u8d2dFab 34\u53ef\u5f3a\u5316\u82f1\u7279\u5c14\u7684\u5236\u9020\u53d9\u4e8b\uff0c\u4f46\u5e76\u4e0d\u4f1a\u81ea\u52a8\u7f29\u5c0f\u4e0e\u5bf9\u624b\u7684\u5dee\u8ddd\u3002<\/p>\n\n\n\n<p>\u8fd9\u90e8\u5206\u5c5e\u4e8e\u5206\u6790\u89c2\u70b9\uff0c\u4f46\u4e5f\u5927\u81f4\u53cd\u6620\u5f53\u524d\u5a92\u4f53\u7684\u4e3b\u6d41\u6846\u67b6\uff1a\u82f1\u7279\u5c14\u867d\u5728\u8fdb\u6b65\uff0c\u4f46\u4ecd\u843d\u540e\u4e8eAI\u9886\u5934\u4f01\u4e1a\u3002\u6211\u4eec\u5728<a href=\"https:\/\/www.vtmarkets.com\/opinion\/big-tech-earnings-and-the-ai-cycle-from-hype-to-heavy-investment\/\">\u5927\u578b\u79d1\u6280\u80a1\u8d22\u62a5\u4e0eAI\u5468\u671f<\/a>\u4e00\u6587\u4e5f\u8c08\u5230\u7c7b\u4f3c\u80cc\u666f\u3002<\/p>\n\n\n\n<p>\u56e0\u6b64\uff0c\u6295\u8d44\u8005\u4ecd\u504f\u8c28\u614e\u3002\u4f9d\u8d56\u9ad8\u8d44\u672c\u5f00\u652f\u7684\u8f6c\u578b\u6545\u4e8b\uff0c\u60c5\u7eea\u597d\u8f6c\u65f6\u4f1a\u5438\u5f15\u4e70\u76d8\uff0c\u4f46\u82e5\u4e1a\u7ee9\u4e0d\u5982\u9884\u671f\uff0c\u4e5f\u53ef\u80fd\u5f88\u5feb\u88ab\u8d28\u7591\u3002\u5e02\u573a\u8bc4\u4f30\u82f1\u7279\u5c14\u7684\u91cd\u70b9\uff0c\u5df2\u4ece\u201c\u80fd\u5426\u6b62\u8dcc\u201d\u8f6c\u4e3a\u201c\u80fd\u5426\u5728AI\u57fa\u7840\u8bbe\u65bd\u3001\u5236\u9020\u6267\u884c\u4e0e\u8d44\u672c\u7eaa\u5f8b\uff08capital discipline\uff1d\u63a7\u5236\u6295\u8d44\u4e0e\u6210\u672c\u3001\u907f\u514d\u8fc7\u5ea6\u6269\u5f20\uff09\u4e3b\u5bfc\u7684\u534a\u5bfc\u4f53\u5e02\u573a\u4e2d\u91cd\u65b0\u53d6\u5f97\u6218\u7565\u5730\u4f4d\u201d\u3002<\/p>\n\n\n\n<p>\u5728<a href=\"https:\/\/www.vtmarkets.com\/trade-now\/?utmsource=Opinion\">VT Markets app<\/a>\u67e5\u770b\u66f4\u591a\u5f71\u54cdAI\u4e0e\u534a\u5bfc\u4f53\u7248\u56fe\u7684\u80a1\u7968\u3002<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">\u4e0b\u4e00\u4efd\u8d22\u62a5\u6700\u5173\u952e<\/h2>\n\n\n\n<p>\u4e0b\u4e00\u4e2a\u91cd\u8981\u5173\u5361\uff0c\u662f\u82f1\u7279\u5c14\u5c06\u4e8e2026\u5e744\u670823\u65e5\u516c\u5e03\u76842026\u8d22\u5e74\u7b2c\u4e00\u5b63\u8d22\u62a5\u3002\u8fd9\u4efd\u66f4\u65b0\u53ef\u80fd\u6bd4Fab 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class=\"wp-block-heading\">\u7ed3\u8bba<\/h2>\n\n\n\n<p>\u82f1\u7279\u5c14\u56de\u8d2d\u963f\u6ce2\u7f57\u5728Fab 34\u7684\u80a1\u6743\uff0c\u6062\u590d\u5bf9\u5173\u952e\u5236\u9020\u8d44\u4ea7\u7684\u5b8c\u5168\u6301\u6709\uff0c\u5f3a\u5316\u4e86\u516c\u53f8\u590d\u82cf\u53d9\u4e8b\uff0c\u4e5f\u8ba9\u6295\u8d44\u8005\u66f4\u6e05\u695a\u5176\u957f\u671f\u5236\u9020\u6218\u7565\u65b9\u5411\u3002<\/p>\n\n\n\n<p>\u4f46\u8fd9\u7b14\u4ea4\u6613\u4e0d\u7b49\u4e8e\u5df2\u7ecf\u6210\u529f\u8f6c\u578b\u3002\u5e02\u573a\u4ecd\u5c06\u5173\u6ce8\u5229\u6da6\u7387\u6539\u5584\u3001\u4ea7\u80fd\u5229\u7528\u7387\u63d0\u5347\uff0c\u4ee5\u53ca\u66f4\u7a33\u5b9a\u7684\u8425\u8fd0\u8fdb\u5c55\uff0c\u624d\u4f1a\u628a\u5b83\u89c6\u4e3a\u771f\u6b63\u7684\u8f6c\u6298\u70b9\u3002<\/p>\n\n\n\n<details class=\"wp-block-details is-layout-flow wp-block-details-is-layout-flow\"><summary>\u5e38\u89c1\u95ee\u9898\uff08FAQ\uff09<\/summary>\n<p><\/p>\n\n\n\n<p>1. 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