增量CPU需求主要利好Intel，推动营收加速和利润率改善；尽管其基本面强劲到足以支撑万亿美元估值，说话者仍将其排除在自己的投资组合之外。
逐段跳播
这正是 CPU 将要发挥作用的地方，也是 Intel 以及 AMD 的机会。
That's where CPUs are going to come in, and this is the opportunity for Intel as well as AMD.
Intel 和 AMD 也在左边那里参与 GPU 和加速器，但主要是在 CPU 领域。所以这个故事也已经部分兑现了。我们在 CPU 上受到供应约束，尤其是 Intel。多年来其制造水平一直不达标，产能不足以满足需求。
因此，来自超大规模云厂商的所有这些增量需求对他们的财务是大利好。
Intel and AMD also participate on the left there in GPUs and accelerators, but primarily in the CPU space. So this story has also partially played out as well. We are supply constrained in CPUs, especially Intel.
Manufacturing has not been up to snuff for years now, and they do not have enough capacity to meet demand. So all that incremental demand from the hyperscalers is great for their financials.
不过，这份名单上获益最多的可能是 Intel。因为他们的利润率远远落后。他们至少达到了40%的毛利率。我们在上次财报中已经讲过这一点。但营业利润率为11%，自由现金流确实受益于一些一次性因素。
公司已经大幅清理了资产负债表。这方面仍有改善空间，但任何增量的 CPU 需求都将主要利好 Intel，不仅体现在营收增速加快到25%，而如果看过去12个月，只有7.5%。这一营收增速应该会加快，而每一笔增量的 CPU 销售都将帮助他们爬出多年来自己挖下的这个大坑。
如果他们能稳固制造产能，这里还有很大的改善空间。我们仍然认为，Intel 可能是继 AMD 之后下一个市值达万亿美元的企业。
Who has the most to gain from this list, though, is probably Intel. Because their profit margins are just way behind. They have at least hit the gross margin of 40%. We covered that already, at the last earnings report.
But operating margin at 11%, free cash flow did benefit from some one-time effects. Company has cleaned up its balance sheet quite a bit. Still room for improvement there, but any incremental CPU demand is going to primarily benefit Intel, not just in the revenue growth rate accelerating to twenty-five percent versus just seven and a half percent if you go back to a trailing 12-month basis.
This revenue growth rate should accelerate, and every incremental CPU sale is going to help dig them out of this really large hole they got themselves in over the course of many years.
And if they firm up their manufacturing capacity, there is a lot of room for improvement here. We continue to think Intel could be that next trillion-dollar market cap business after AMD.
这个问题大概率还会不断被提起。我们为什么不干脆持有 Intel 呢？也许将来某个时候会，但就我个人而言，我不确定它能为我们的投资组合带来多大帮助。这就是我们不买入它的主要原因。
但也许你因为过去的决策和投资组合配置决策，并没有超配半导体股票和上游硬件供应商，那么也许你需要它。Intel 现在的情况大概率相当不错，因为他们近期做了很多扎实的工作来修复问题。
This question will probably continue to keep coming up. Why don't we just own Intel? Maybe we will at some point, but I'm not sure it does a whole lot for our portfolio personally.
That's the primary reason why we're not adding it. But maybe you're not overweight semiconductor stocks, and upstream hardware providers due to past decisions, portfolio allocation decisions, and so maybe you need it.
Intel is probably in pretty good shape right now after putting a lot of good work in as of late to fix things.
观察点
这个频道对 $INTC 的历次判断
Chip Stock Investor 在这只股票上只有这一条判断。