\u82f1\u7279\u5c14\uff08Intel\uff09\u5728\u9996\u5e2d\u6267\u884c\u5458\uff08CEO\uff0c\u516c\u53f8\u7684\u6700\u9ad8\u7ba1\u7406\u8005\uff09\u9648\u7acb\u6b66\uff08Lip-Bu Tan\uff09\u5e26\u9886\u4e0b\u63a8\u52a8\u201c\u626d\u8f6c\u5c40\u9762\u201d\uff08turnaround\uff0c\u6307\u4f01\u4e1a\u4ece\u4f4e\u8ff7\u8d70\u5411\u590d\u82cf\u7684\u5168\u9762\u91cd\u6574\uff09\u3002\u8fdb\u5c55\u4e3b\u8981\u56f4\u7ed518A\u5236\u7a0b\uff0818A process\uff0c\u5148\u8fdb\u534a\u5bfc\u4f53\u5236\u9020\u5de5\u827a\uff1b\u201cA\u201d\u662f\u57c3\u7c73\u5355\u4f4d\uff0c\u7528\u6765\u6807\u793a\u66f4\u5148\u8fdb\u7684\u5fae\u7f29\u4ee3\u9645\uff09\uff0c\u5e76\u52a0\u901f\u5e03\u5c40AI\u57fa\u7840\u8bbe\u65bd\uff08AI infrastructure\uff0c\u652f\u6491AI\u8bad\u7ec3\u4e0e\u63a8\u7406\u7684\u670d\u52a1\u5668\u3001\u7f51\u7edc\u4e0e\u6570\u636e\u4e2d\u5fc3\uff09\u4ee5\u53ca\u5236\u9020\u670d\u52a1\uff08manufacturing services\uff0c\u66ff\u5176\u4ed6\u516c\u53f8\u4ee3\u5de5\u751f\u4ea7\u82af\u7247\u7684\u4e1a\u52a1\uff09\u3002\u968f\u7740\u5e02\u573a\u4e0d\u518d\u53ea\u628a\u82f1\u7279\u5c14\u89c6\u4e3a\u4f20\u7edf\u82af\u7247\u5382\uff0c\u80a1\u4ef7\u4e0a\u5347\u3002<\/p>\n
\u77ed\u671f\u50ac\u5316\u5242\u65b9\u9762\uff0c\u91c7\u752818A\u5236\u7a0b\u7684Panther Lake\u5ba2\u6237\u7aef\u82af\u7247\uff08client chips\uff0c\u9762\u5411\u4e2a\u4eba\u7535\u8111\u7b49\u7ec8\u7aef\u7684\u5904\u7406\u5668\uff09\u5df2\u5f00\u59cb\u51fa\u8d27\u3002\u516c\u53f8\u4e5f\u79f0\uff0c\u968f\u7740AI\u5de5\u4f5c\u8d1f\u8f7d\uff08AI workloads\uff0cAI\u8bad\u7ec3\/\u63a8\u7406\u5e26\u6765\u7684\u8ba1\u7b97\u4efb\u52a1\u91cf\uff09\u6269\u5927\uff0c\u670d\u52a1\u5668CPU\uff08\u4e2d\u592e\u5904\u7406\u5668\uff0c\u6570\u636e\u4e2d\u5fc3\u4e0e\u670d\u52a1\u5668\u7684\u6838\u5fc3\u8fd0\u7b97\u82af\u7247\uff09\u9700\u6c42\u6b63\u5728\u6539\u5584\u3002\u6709\u5206\u6790\u5e08\u6307\u51fa\uff0c\u82f1\u7279\u5c142026\u5e74\u7684\u670d\u52a1\u5668CPU\u4ea7\u80fd\/\u4f9b\u7ed9\u51e0\u4e4e\u63a5\u8fd1\u201c\u5356\u5149\u201d\uff08sold out\uff0c\u6307\u8ba2\u5355\u63a5\u8fd1\u6ee1\u8f7d\uff09\u3002<\/p>\n
\u82f1\u7279\u5c14\u4e5f\u516c\u5e03\u591a\u9879\u5408\u4f5c\u4e0e\u5173\u7cfb\uff0c\u5305\u62ec\u82f1\u4f1f\u8fbe\uff08Nvidia\uff0950\u4ebf\u7f8e\u5143\u6295\u8d44\u3001\u8c37\u6b4c\uff08Google\uff09\u56f4\u7ed5\u81f3\u5f3a\uff08Xeon\uff0c\u82f1\u7279\u5c14\u670d\u52a1\u5668CPU\u7cfb\u5217\uff09\u4e0e\u5b9a\u5236IPU\uff08IPU\uff0c\u9762\u5411\u7279\u5b9a\u5de5\u4f5c\u8d1f\u8f7d\u7684\u4e13\u7528\u52a0\u901f\u82af\u7247\uff1b\u6b64\u5904\u6307\u4e3a\u5ba2\u6237\u91cf\u8eab\u8bbe\u8ba1\u7684\u81ea\u7814\u52a0\u901f\u5668\/\u5904\u7406\u5668\uff09\u8fdb\u884c\u591a\u5e74\u6269\u5c55\uff0c\u4ee5\u53ca\u53c2\u4e0eTerafab\u7684AI\u82af\u7247\u8ba1\u5212\u3002\u82f1\u7279\u5c14\u4e5f\u63a8\u52a8\u56de\u8d2d\u963f\u6ce2\u7f57\uff08Apollo\uff0c\u79c1\u52df\u4e0e\u8d44\u4ea7\u7ba1\u7406\u516c\u53f8\uff09\u5728\u5176\u7231\u5c14\u5170\u6676\u5706\u5382\uff08fab\uff0c\u82af\u7247\u5236\u9020\u5de5\u5382\uff09\u7684\u6301\u80a1\u3002<\/p>\n
\u98ce\u9669\u65b9\u9762\u5305\u62ec\u4f30\u503c\u4e0e\u5373\u5c06\u516c\u5e03\u7684\u4e1a\u7ee9\u3002\u82f1\u7279\u5c14\u76ee\u524d\u7ea6\u4ee52027\u5e74\u9884\u4f30\u76c8\u5229\u768463\u500d\u5e02\u76c8\u7387\uff08P\/E\uff0c\u80a1\u4ef7\u76f8\u5bf9\u6bcf\u80a1\u76c8\u5229\u7684\u500d\u6570\uff09\u4ea4\u6613\uff0c\u7ea6\u4e3a\u82f1\u4f1f\u8fbe\u9884\u4f30\u5e02\u76c8\u7387\u500d\u6570\u7684\u4e09\u500d\u3002\u82f1\u7279\u5c14\u5c06\u4e8e4\u670823\u65e5\u516c\u5e032026\u8d22\u5e74\u7b2c\u4e00\u5b63\uff08Q1 2026\uff09\u4e1a\u7ee9\uff0c\u6307\u5f15\uff08guidance\uff0c\u516c\u53f8\u5bf9\u672a\u6765\u4e00\u5b63\/\u4e00\u5e74\u5c55\u671b\uff09\u63a5\u8fd1\u8425\u6536122\u4ebf\u7f8e\u5143\u3001\u6bcf\u80a1\u76c8\u5229\uff08EPS\uff0c\u6bcf\u80a1\u8d5a\u591a\u5c11\u94b1\uff09\u5927\u81f4\u6301\u5e73\uff08breakeven\uff0c\u63a5\u8fd1\u4e0d\u8d5a\u4e0d\u4e8f\uff09\u3002<\/p>\n
\u82f1\u7279\u5c14\u4ee3\u5de5\uff08Intel Foundry\uff0c\u4e3a\u5916\u90e8\u5ba2\u6237\u4ee3\u5de5\u751f\u4ea7\u82af\u7247\u7684\u90e8\u95e8\uff09\u4ecd\u672a\u5728\u201c\u5927\u89c4\u6a21\u91cf\u4ea7\u201d\uff08scale\uff0c\u5927\u91cf\u751f\u4ea7\u5e76\u7a33\u5b9a\u4ea4\u4ed8\uff09\u5c42\u9762\u8bc1\u660e\u81ea\u5df1\uff1b\u800cAMD\u3001\u82f1\u4f1f\u8fbe\u4e0e\u53f0\u79ef\u7535\uff08TSMC\uff09\u7ade\u4e89\u6fc0\u70c8\uff0c\u4f7f\u5e02\u573a\u5bf9\u4efb\u4f55\u5ef6\u671f\u7684\u5bb9\u5fcd\u5ea6\u6709\u9650\u3002\u8be5\u80a1\u57289\u4e2a\u4ea4\u6613\u65e5\u5185\u4e0a\u6da8\u8d85\u8fc750%\uff0c\u521b\u5176\u5386\u53f2\u6700\u5feb\u6da8\u52bf\uff1b\u76f8\u5bf9\u5f3a\u5f31\u6307\u6570\uff08RSI\uff0c\u8861\u91cf\u6da8\u8dcc\u5f3a\u5f31\u7684\u6280\u672f\u6307\u6807\uff09\u663e\u793a\u5904\u4e8e\u8d85\u4e70\uff08overbought\uff0c\u77ed\u671f\u6da8\u5e45\u8fc7\u5feb\u3001\u56de\u8c03\u98ce\u9669\u4e0a\u5347\uff09\u72b6\u6001\u3002<\/p>\n
\u8ddd\u79bb4\u670823\u65e5\u8d22\u62a5\u4ec5\u52699\u5929\uff0c\u5f62\u52bf\u66f4\u50cf\u201c\u4e8c\u9009\u4e00\u201d\u7684\u62bc\u6ce8\uff08binary\uff0c\u7ed3\u679c\u53ef\u80fd\u5927\u6da8\u6216\u5927\u8dcc\uff09\u3002\u80a1\u4ef7\u5728\u5c11\u6570\u4ea4\u6613\u65e5\u5185\u98d9\u5347\u903e50%\uff0c\u663e\u8457\u62ac\u9ad8\u5e02\u573a\u5bf9\u672c\u6b21\u8d22\u62a5\u7684\u8981\u6c42\u3002\u8fd9\u4e0d\u518d\u662f\u7f13\u6162\u4e0a\u884c\u7684\u4ef7\u503c\u80a1\u884c\u60c5\uff08value play\uff0c\u4f9d\u9760\u4f4e\u4f30\u503c\u4e0e\u957f\u671f\u6539\u5584\uff09\uff1b\u800c\u662f\u52a8\u91cf\u884c\u60c5\uff08momentum\uff0c\u9760\u77ed\u671f\u5f3a\u52bf\u63a8\u5347\uff09\u8fce\u6765\u9996\u6b21\u5927\u8003\u3002<\/p>\n
\u671f\u6743\u5e02\u573a\uff08options market\uff0c\u7528\u671f\u6743\u5408\u7ea6\u4ea4\u6613\u672a\u6765\u4ef7\u683c\u6ce2\u52a8\uff09\u4e5f\u53cd\u6620\u8fd9\u79cd\u7d27\u5f20\uff1a\u9690\u542b\u6ce2\u52a8\u7387\uff08implied volatility\uff0c\u671f\u6743\u4ef7\u683c\u53cd\u63a8\u7684\u9884\u671f\u6ce2\u52a8\uff09\u663e\u793a\u8d22\u62a5\u540e\u80a1\u4ef7\u53ef\u80fd\u4e0a\u4e0b\u4efb\u4e00\u65b9\u5411\u6ce2\u52a8\u8d85\u8fc710%\u3002\u8fd9\u8ba9\u76f4\u63a5\u4e70\u671f\u6743\u7684\u6210\u672c\u504f\u9ad8\uff0c\u4f46\u4e5f\u8bf4\u660e\u5e02\u573a\u9884\u8ba1\u4e1a\u7ee9\u4e0e\u6307\u5f15\u4f1a\u5f15\u53d1\u663e\u8457\u53cd\u5e94\u3002\u5173\u952e\u5728\u4e8e\u4e3a\u201c\u6ce2\u52a8\u201d\u5e03\u5c40\uff0c\u800c\u975e\u53ea\u62bc\u5355\u4e00\u65b9\u5411\u3002<\/p>\n
\u770b\u591a\u8005\u53ef\u8003\u8651\u4e70\u5165\u4ef7\u5916\u770b\u6da8\u671f\u6743\uff08out-of-the-money call\uff0c\u884c\u6743\u4ef7\u9ad8\u4e8e\u73b0\u4ef7\u7684\u770b\u6da8\u671f\u6743\uff0c\u8f83\u4fbf\u5b9c\u4f46\u9700\u8981\u80a1\u4ef7\u5927\u6da8\u624d\u83b7\u5229\uff09\u6216\u4f7f\u7528\u770b\u6da8\u4ef7\u5dee\uff08call spread\uff0c\u7528\u4e70\u5165\u4e0e\u5356\u51fa\u4e24\u5f20\u770b\u6da8\u671f\u6743\u63a7\u5236\u6210\u672c\u4e0e\u6536\u76ca\u4e0a\u9650\uff09\uff0c\u4ee55\u6708\u5230\u671f\u5408\u7ea6\u4f5c\u4e3a\u5468\u671f\u3002\u591a\u5934\u903b\u8f91\u53d6\u51b3\u4e8e\uff1a\u7ba1\u7406\u5c42\u786e\u8ba4\u670d\u52a1\u5668CPU\u9700\u6c42\u5f3a\u52b2\uff0c\u5e76\u7ed9\u51fa\u4ee3\u5de5\u4e1a\u52a1\u66f4\u660e\u786e\u7684\u8425\u6536\u8282\u70b9\uff08revenue milestones\uff0c\u53ef\u91cf\u5316\u7684\u6536\u5165\u76ee\u6807\u4e0e\u65f6\u95f4\u8868\uff09\u3002\u82e5\u51fa\u73b0\u6b63\u9762\u610f\u5916\uff0c\u53ef\u80fd\u8feb\u4f7f\u9519\u8fc7\u4e0a\u6da8\u7684\u8d44\u91d1\u8ffd\u9ad8\u3002<\/p>\n
\u53cd\u8fc7\u6765\uff0c\u201c\u89c1\u5149\u6b7b\u201d\uff08sell the news\uff0c\u5229\u597d\u5151\u73b0\u540e\u53cd\u800c\u4e0b\u8dcc\uff09\u7684\u98ce\u9669\u5f88\u73b0\u5b9e\uff0c\u5c24\u5176\u5728\u8fdc\u671f\u5e02\u76c8\u7387\u63a5\u8fd163\u500d\u7684\u60c5\u51b5\u4e0b\u30022025\u5e74\u7b2c\u4e09\u5b63\uff08Q3 2025\uff09\u4e5f\u51fa\u73b0\u8fc7\u7c7b\u4f3c\u60c5\u51b5\uff1a\u8d22\u62a5\u524d\u5f3a\u52bf\u4e0a\u884c\uff0c\u8d22\u62a5\u7ed3\u679c\u867d\u7a33\u5065\u4f46\u4e0d\u591f\u60ca\u8273\uff0c\u80a1\u4ef7\u56de\u64a4\u7ea610%\u3002\u9884\u671f\u91cd\u6f14\u7684\u4ea4\u6613\u8005\u53ef\u8003\u8651\u4e70\u5165\u770b\u8dcc\u671f\u6743\uff08put\uff0c\u80a1\u4ef7\u4e0b\u8dcc\u65f6\u83b7\u5229\uff09\u6216\u4f7f\u7528\u770b\u8dcc\u4ef7\u5dee\uff08put spread\uff0c\u7528\u7ec4\u5408\u65b9\u5f0f\u964d\u4f4e\u6210\u672c\uff09\uff0c\u4ee5\u9632\u6307\u5f15\u4e0d\u53ca\u9884\u671f\u5f15\u53d1\u4f30\u503c\u4e0b\u4fee\uff08de-rating\uff0c\u5e02\u573a\u613f\u610f\u7ed9\u7684\u4f30\u503c\u500d\u6570\u4e0b\u964d\uff09\u3002<\/p>\n
\u7531\u4e8e\u671f\u6743\u6210\u672c\u9ad8\uff0c\u66f4\u4e2d\u6027\u7684\u201c\u62bc\u6ce2\u52a8\u201d\u7b56\u7565\u5982\u4e70\u5165\u8de8\u5f0f\uff08long straddle\uff0c\u540c\u4e00\u5230\u671f\u65e5\u3001\u540c\u4e00\u884c\u6743\u4ef7\u540c\u65f6\u4e70\u5165\u770b\u6da8\u4e0e\u770b\u8dcc\uff09\u6216\u5bbd\u8de8\u5f0f\uff08long strangle\uff0c\u540c\u5230\u671f\u65e5\u3001\u4e0d\u540c\u4ef7\u4f4d\u4e70\u5165\u770b\u6da8\u4e0e\u770b\u8dcc\uff09\u53ef\u80fd\u66f4\u5408\u9002\u3002\u8fd9\u7c7b\u505a\u6cd5\u5728\u4efb\u4e00\u65b9\u5411\u51fa\u73b0\u5927\u5e45\u6ce2\u52a8\u65f6\u90fd\u80fd\u53d7\u76ca\uff0c\u672c\u8d28\u662f\u5728\u62bc\u5e02\u573a\u5b9a\u4ef7\u768410%\u6ce2\u52a8\u88ab\u4f4e\u4f30\u3002\u8fd9\u4e5f\u7b26\u54084\u670823\u65e5\u8d22\u62a5\u5bf9\u201c\u626d\u8f6c\u5c40\u9762\u53d9\u4e8b\u201d\uff08turnaround narrative\uff0c\u5e02\u573a\u5bf9\u516c\u53f8\u590d\u82cf\u6545\u4e8b\u7684\u4fe1\u5ff5\uff09\u7684\u5173\u952e\u6027\u3002<\/p>\n
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