原文标题： Nvidia bets big on Intel with $5 billion stake and chip partnership 原文连结：https://tinyurl.com/42uefatb 发布时间：September 18, 2025 7:52 PM GMT+8 记者署名： Reporting by Stephen Nellis, Jeffery Dastin and Max Cherney in San Francisco; Editing by Sam Holmes 原文内容： SAN FRANCISCO, Sept 18 (Reuters) - Nvidia (NVDA.O) on Thursday said it will invest $5 billion in Intel (INTC.O), throwing its heft behind the struggling U .S. chipmaker just weeks after the White House engineered an extraordinary deal for the U.S. government to take a massive stake in the company. 旧金山，9 月 18 日（路透社）——辉达（Nvidia, NVDA.O）周四表示，将投资 50 亿美 元於英特尔（Intel, INTC.O），在这家陷入困境的美国晶片制造商背後下注。这距离白 宫策划美国政府取得该公司大量股权的特殊交易仅几周时间。 The stake instantly will make Nvidia one of Intel's largest shareholders, giving it roughly 4% or more of the company after new shares are issued to complete the deal. Nvidia's support represents a new opening for Intel after years of turnaround efforts at the famed U.S. manufacturer failed to pay off, and it sent shares soaring 30% in premarket action. 此举将立即使辉达成为英特尔最大股东之一，交易完成并发行新股後，辉达将持有约 4% 以上股份。辉达的支持为英特尔带来新的转机，此前多年重整努力未见成效，而该消息也 使英特尔盘前股价飙升 30%。 The company – once the chip industry’s flagbearer that claimed to put the " silicon" in Silicon Valley – appointed a new CEO, Lip-Bu Tan, in March. He came under fire from U.S. elected officials including U.S. President Trump, who called for him to resign due to concerns about his connections with China. That led to a swiftly arranged meeting in Washington that ended with Intel's unusual arrangement to give the United States a 10% stake in the company. 这家曾被誉为「把矽带进矽谷」的晶片业旗手，今年 3 月任命新执行长陈立武（Lip-Bu Tan）。他因与中国的关系而受到美国政界（包括总统川普）的批评，川普甚至呼吁他下 台。这导致华府紧急召开会议，最终促成英特尔将 10% 股权交给美国政府的特殊安排。 The pact includes a plan for Intel and Nvidia to jointly develop PC and data center chips, but crucially will not involve Intel’s contract manufacturing business, known as a "foundry" in the chip industry, making chips for Nvidia. Most analysts believe that for Intel’s foundry to survive, it would need to eventually win a large customer such as Nvidia, Apple, Qualcomm or Broadcom. 协议包括英特尔与辉达共同开发 PC 与资料中心晶片，但关键在於，不涉及英特尔的代工 业务（业界称为 foundry）为辉达制造晶片。大多数分析师认为，若英特尔的代工业务要 存活，终将需要赢得像辉达、苹果、高通或博通这样的大客户。 Nvidia, whose must-have chips are powering a global artificial intelligence boom, said in a statement it will pay $23.28 per share for Intel common stock, a price slightly below the $24.90 at which Intel shares closed on Wednesday. 辉达表示，其 AI 晶片正推动全球人工智慧浪潮，公司将以每股 23.28 美元收购英特尔 普通股，略低於周三英特尔收盘价 24.90 美元。 However, that is higher than the $20.47 price per share that the United States government paid for an extraordinary 10% stake it took in Intel last month. 然而，这一价格高於美国政府上个月为取得 10% 股权所支付的每股 20.47 美元。 "It's a reflection of Nvidia looking to diversify to an extent its investment within the US and as well to gain some brownie points with the U.S. government ," said Chris Beauchamp, chief market analyst at IG Group in London. 伦敦 IG 集团首席市场分析师 Chris Beauchamp 表示：「这反映了辉达希望在美国多元 化其投资，同时也藉此在美国政府面前加分。」 The pact represents a potential risk to Taiwan’s TSMC (2330.TW). TSMC currently manufactures Nvidia’s flagship processors, business that the world ’s most valuable company could one day extend to Intel. AMD (AMD.O), which competes with Intel for supplying chips to data centers, also stands to lose thanks to Nvidia’s backing. 这项协议对台湾的台积电（TSMC, 2330.TW）构成潜在风险。台积电目前为辉达制造旗舰 处理器，而这门生意未来可能部分转移至英特尔。与英特尔竞争资料中心晶片的 AMD（ AMD.O）也因辉达的支持而可能受损。 Shares of Nvidia rose more than 3%. AMD slipped nearly 4%, while U.S.-listed shares of TSMC slid 2%. TSMC and AMD didn’t immediately respond to a comment request. 辉达股价上涨逾 3%。AMD 下跌近 4%，台积电美国挂牌股票下跌 2%。台积电与 AMD 尚未 回应评论请求。 Tan has vowed to make Intel’s operation lean and build factory capacity only when there’s demand to match it. 陈立武承诺将精简英特尔营运，并只在需求匹配时才扩建产能。 The deal adds to a growing reserve of capital that Intel has accumulated weeks after it announced a $2 billion investment from Softbank and received $5.7 billion from the U.S. government. David Zinsner, Intel’s chief financial officer, told investors at a Deutsche Bank conference last month that the company was in a "good cash position" and would not require much more capital until it saw significant demand for 14A, a next-generation manufacturing process that it expects to invest heavily in building. 该交易为英特尔不断累积的资本再添一笔。几周前，英特尔已获得软银 20 亿美元投资， 以及美国政府 57 亿美元资金。英特尔 CFO David Zinsner 上月在德银会议上对投资者 表示，公司目前「现金状况良好」，在看到对下一代制程 14A 的重大需求之前，不需要 更多资本。 Under the deal announced Thursday, Intel is planning to design custom data center central processors that Nvidia will package with its AI chips, known as GPUs. A proprietary Nvidia technology will let the Intel and Nvidia chips communicate at higher speeds than before. 根据周四宣布的协议，英特尔计划设计客制化资料中心 CPU，并由辉达将其与 GPU（AI 晶片）进行封装。辉达的专有技术将让英特尔与辉达晶片之间的通讯速度更快。 Those speedy links are a key differentiator in the AI market because many chips must be strung together to act as one to chew through massive amounts of data. 这些高速连结是 AI 市场的关键差异点，因为大量晶片必须串联运作，才能处理庞大数据 。 At present, Nvidia's best-selling AI servers with those speedy links are only available using Nvidia’s own chips, but the deal would now put Intel on equal footing, giving it a chance to make money off each Nvidia server. The combined Nvidia-Intel chips could provide a major competitive challenge to AMD , which is developing its own AI servers, and Broadcom (AVGO.O), which also has chip-to-chip connection technology and helps companies such as Google develop AI chips. 目前，辉达最畅销、配备这些高速连结的 AI 伺服器仅使用自家晶片。但此协议将使英特 尔站上同一起跑线，并有机会从每台辉达伺服器中获利。这些 Nvidia-Intel 联合晶片将 对 AMD（正在开发自家 AI 伺服器）与 Broadcom（拥有晶片互连技术并协助 Google 等 公司开发 AI 晶片）构成重大挑战。 "Anything that NVIDIA decides to endorse just by association will make that stock of Intel appear attractive because it implies that Nvidia sees value in Intel," said Peter Andersen, founder of Andersen Capital Management in Boston. 波士顿 Andersen 资本管理公司创办人 Peter Andersen 表示：「只要辉达选择支持的对 象，就会使该公司股票看起来具吸引力，因为这意味着辉达认为它有价值。」 For consumer markets, Nvidia will provide Intel with a custom graphics chip that Intel can package with its PC central processors with the same speedy links, potentially giving it an edge against rivals such as AMD. 在消费市场方面，辉达将提供英特尔客制化的显示晶片，英特尔可将其与 PC CPU 一起封 装，并具备相同的高速连结，可能让英特尔在与 AMD 的竞争中取得优势。 While Intel’s x86 computing architecture has lost ground in both data centers and PCs to chips with technology from Arm Ltd, it still has majority market share. 虽然英特尔的 x86 架构在资料中心与 PC 市场逐渐输给 Arm 技术的晶片，但仍保持多数 市场份额。 "This historic collaboration tightly couples Nvidia's AI and accelerated computing stack with Intel’s CPUs and the vast x86 ecosystem—a fusion of two world-class platforms," Nvidia CEO Jensen Huang said in a press release. " Together, we will expand our ecosystems and lay the foundation for the next era of computing." 辉达执行长黄仁勳在新闻稿中表示：「这项历史性合作将辉达的 AI 与加速运算堆叠，与 英特尔 CPU 及庞大的 x86 生态系紧密结合——这是两大世界级平台的融合。我们将共同 扩展生态系，为下一个运算时代奠基。」 The two companies did not disclose financial terms of their technical collaboration but said they would make "multiple generations" of future products. Nvidia and Intel officials described the collaboration as a commercial arrangement under which they will provide chips to one another to create products and said there was no licensing component to the deal. 两家公司未披露技术合作的财务条款，但表示将推出「多代」未来产品。辉达与英特尔官 员将此合作描述为一种商业安排，双方将互相提供晶片来共同创建产品，并表示协议中不 涉及授权。 The companies declined to give a date for when the first joint products will come to market but said that their product plans prior to the joint deal have not changed. 双方未透露第一款联合产品上市日期，但表示此前的产品计画未受影响。 Nvidia in recent years has entered both the PC central processor market and the data center central processor market. Intel meanwhile has tried to sell several AI chips that compete with Nvidia and has said it plans to develop an AI data center server that would compete with Nvidia. 近年来，辉达已进军 PC 与资料中心 CPU 市场；同时，英特尔也尝试销售多款与辉达竞 争的 AI 晶片，并表示计划开发可与辉达竞争的 AI 资料中心伺服器。 心得/评论： Nvidia 投资Intel是 政治 + 技术 + 商业的三重策略： 政治上取悦美国政府，减少政策风险； 技术上培养第二供应链，避免台积电单点风险； 商业上与 Intel 绑定，巩固 AI 平台优势，压缩 AMD 与 Broadcom 的生存空间。 --

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