[{"data":1,"prerenderedAt":-1},["ShallowReactive",2],{"content-doc-dcio77a5ae70":3},{"user":4,"document":8,"mainDocument":27,"columnUrl":29,"subscription":30,"footer":42,"text":80},{"isAuthenticated":5,"isAdmin":5,"displayName":6,"avatarUrl":6,"nid":6,"groupLevel":7},false,"",-10,{"id":9,"fullTitle":10,"subTitle":6,"url":11,"columnId":12,"columnName":13,"columnUrl":14,"summary":6,"contentHtml":15,"mainContentHtml":6,"posterUrl":16,"createDate":17,"displayDate":18,"displayDateSlash":19,"pageviews":20,"tags":21,"hidden":5,"isSubContent":5,"replyDocOrTargetId":6,"contentType":23,"videoId":6,"liveVideoUrl":6,"duration":24,"price":24,"priceText":25,"priceBadgeText":25,"priceBadgeClass":26,"freeForMinGroupLevel":24,"redirectUrl":6,"readyToStream":5},"dcio77a5ae70","英特尔(INTC)重获定价权：CPU供不应求引发全线涨价，华尔街称“造一颗卖一颗”","\u002Fdoc\u002Fdcio77a5ae70","col18178739ee","美股资讯","\u002Fcol\u002Fcol18178739ee","\u003Cp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">美股投资网获悉，英特尔(INTC)目前面临的不是客户流失，而是芯片供不应求。这家半导体巨头在过去一年中，全力修复其中央处理器(CPU)在个人电脑与数据中心服务器核心部件市场上的声誉。然而，这场复苏故事如今遇到了新瓶颈产能无法跟上订单节奏，且短缺已开始反映在价格端。媒体消息显示，英特尔已在三季度前夕上调了至强(Xeon)服务器芯片及酷睿Ultra(Core Ultra)笔记本芯片的官方标价。华尔街认为，公司具备持续提价而不致客户流失的底气。\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">Wedbush服务器CPU缺货为英特尔提价创造空间\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">Wedbush证券分析师马特·布赖森(Matt Bryson)在客户报告中指出，服务器CPU的持续短缺使英特尔拥有提价而不伤及需求的定价弹性。\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">他表示，当前关键问题并非英特尔能否提价，而是涨价落在哪个环节——是官方标价与OEM厂商实际采购价同步上行，还是主要调整零售端及分销渠道价格。\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">鉴于服务器芯片占英特尔业务比重更大，此轮涨价将显著拉动盈利增长。若涨价普遍落地，则意味着英特尔多年来首次重获定价权，折射出供给紧张格局。\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">CFO服务器CPU收入增长主要靠均价提升\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">在6月2日美银全球技术大会上，首席财务官大卫·津斯纳(David Zinsner)透露，上季度公司服务器CPU收入同比增长约20%-25%，主要驱动力来自平均售价(ASP)上升，而非出货量增长。\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">他解释，随着单芯片核心数增加，价格自然上行;更值得关注的是，英特尔在单核同口径下也实现价格回升，而这一指标此前多年持续下滑。津斯纳还表示，公司正与客户锁定长期协议，固定价格与采购量，从而提升产能规划的可见性。\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">他补充称，当前需求足以支撑今年、明年乃至后年的增长，目前制约因素在于供给而非客户意愿——用他的话讲，“今天随便造出一颗CPU，大概都能卖得掉”。\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">AI重构需求结构CPU\u002FGPU配比逆转\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">需求本身正被人工智能深刻重塑。英特尔首席执行官陈立武(Lip-Bu Tan)在5月19日摩根大通技术会议上透露，AI系统中CPU与GPU的配比已发生巨变。\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">训练时代的工作负载高度依赖GPU，通常为1颗CPU配8颗GPU;而在代理式AI(Agentic AI)场景下——软件代理自主规划、调用工具并完成多步任务——客户反馈配比已接近1:1，部分案例甚至达到4颗CPU配1颗GPU。\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">在6月2日台北国际电脑展(Computex)主题演讲中，公司副总裁凯沃克·凯奇安(Kevork Kechichian)现场演示了传统AI推理与代理式AI工作流的对比传统模式GPU占比接近7:1，而代理式AI则转向CPU主导，因代理需频繁执行数据获取、代码运行及规则校验等CPU擅长的任务。\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">股价目标与长期展望\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">对英特尔股东而言，“涨价+供给约束”的组合远优于前些年“降价保量”侵蚀利润的格局。津斯纳表示，公司已将先进制程18A的良率达标时间提前至少一个季度，这将有助于加快芯片产出，缓解当前产能瓶颈。\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">此外，英特尔设定了内部称为“45法则”的长期财务目标，即营收增长与营业利润率合计超过45%。津斯纳称此为多年期目标，虽非短期可实现，但成本优化、定价趋稳及需求上行均指向正确方向。\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">当然，一旦新增产能释放，定价权能否维持仍存变数。但至少目前，这家多年来苦于向华尔街讲好增长故事的芯片巨头，拥有了一个更简洁有力的叙事需求跑赢供给，客户宁愿加价也不离场。\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">覆盖英特尔股票的46位分析师中，11人建议“强力买入”，1人建议“买入”，32人建议“中性”，2人建议“强力卖出”。平均目标价为102.87美元，低于当前股价112美元。\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">最专业的美股资讯,推荐美股大数据 \u003Ca href=\"https:\u002F\u002FStockwe.com\u002F\">https:\u002F\u002FStockwe.com\u002F\u003C\u002Fa>\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">如何识别美股市场异常波动？美国机构主力资金买卖情况，出货和吸筹，使用美股投资网VIP会员，2008年成立于美国硅谷，由前纽约证券交易所分析师Ken创立，联合多位摩根斯坦利分析师，谷歌 Meta工程师利用AI和大数据，配合十多年美股实战经验和业内量化模型，建立了一个股市数据库 \u003Ca href=\"https:\u002F\u002FStockWe.com\u002F\">https:\u002F\u002FStockWe.com\u002F\u003C\u002Fa> 每天处理千万级股票数据：捕捉期权大单，实时主力资金流向、机构持仓变化、川普突发新闻，精准交易信号第一时间发到您手机APP！\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003C\u002Fp>","https:\u002F\u002Fwww.tradesmax.com\u002Fimages\u002Fa_Stock\u002FS\u002FSPY\u002FSPY.jpg","2026-07-15T15:24:48","2026.07.15","2026\u002F07\u002F15",31754,[22],"SPY","Article",0,"免费","success",{"id":9,"fullTitle":10,"subTitle":6,"url":11,"columnId":12,"columnName":13,"columnUrl":14,"summary":6,"contentHtml":15,"mainContentHtml":6,"posterUrl":16,"createDate":17,"displayDate":18,"displayDateSlash":19,"pageviews":20,"tags":28,"hidden":5,"isSubContent":5,"replyDocOrTargetId":6,"contentType":23,"videoId":6,"liveVideoUrl":6,"duration":24,"price":24,"priceText":25,"priceBadgeText":25,"priceBadgeClass":26,"freeForMinGroupLevel":24,"redirectUrl":6,"readyToStream":5},[22],"\u002Fcol\u002Fstocknews",{"visible":5,"marketingHtml":31,"services":32,"recentDocuments":41},"\u003Cfigure class=\"image\">\u003Ca href=\"https:\u002F\u002Fstockwe.com\u002Fdoc\u002Fdcio537efad5\" target=\"_blank\" 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buy@TradesMax.com 美国电话 626-378-3637","公司介绍","\u003Cp class=\"MsoNormal\">美股大数据 \u003Ca href=\"https:\u002F\u002Fstockwe.com\" target=\"_blank\" rel=\"noopener\">StockWe.com\u003C\u002Fa> 是一个美国领先的金融和美股信息大数据提供商，紧盯华尔街金融市场和行情，2008年成立于美国硅谷，创始人是前纽约证券交易所资深分析师Ken，联合多位摩根斯坦利分析师，谷歌 Meta工程师利用AI和大数据，配合十多年美股实战经验和业内量化交易模型，每天处理海量股票数据：挖掘潜力大牛股，捕捉期权异动大单，实时主力资金流向、机构持仓变化、川普突发新闻，美股买卖信号第一时间发到您手机APP。\u003C\u002Fp>","专业美股投资者都在这里",{"loading":81,"search":82,"searchPlaceholder":82,"hotContent":83,"draft":84,"noData":85,"searchNoData":86,"edit":87,"editVideo":88,"courseContent":89,"more":90,"buyNow":91,"subscribeNow":92,"encoding":93,"paidContent":94},"Loading...","搜索","热门内容","草稿","目前没有任何内容公布","当前检索内容没有数据","编辑","编辑视频","课程内容","更多","立即购买后观看","- 立即订阅 -","视频编码中...","付费内容"]