Intel’s comeback story is even wilder than it seems

英特尔的复兴故事比看起来更加疯狂

Bloomberg has a deep dive this week into how Intel CEO Lip-Bu Tan is trying to rescue one of Silicon Valley’s most storied, and stumbling, chipmakers. It’s worth a read, but it actually undersells the most jaw-dropping part of the story: Intel’s stock has risen a stunning 490% over the past year, a bet by Wall Street that may be running well ahead of the company’s actual turnaround.

彭博社本周深入报道了英特尔首席执行官陈立武（Lip-Bu Tan）如何试图拯救这家硅谷最具传奇色彩却又陷入困境的芯片制造商。这篇报道值得一读，但它实际上低估了整个故事中最令人瞠目结舌的部分：英特尔的股价在过去一年中惊人地上涨了 490%，华尔街的这一押注可能远远超前于公司实际的转型进度。

Tan, who took over in March of last year, has spent much of his first year schmoozing rather than restructuring — locking in a sweetheart deal with the U.S. government (now Intel’s third-largest shareholder), cozying up to Elon Musk on a factory partnership, and reportedly landing preliminary manufacturing agreements with both Apple and Tesla.

去年三月接任的陈立武，在任职的第一年里，大部分时间都在进行社交斡旋而非重组——他与美国政府（目前是英特尔的第三大股东）达成了一项优惠协议，与埃隆·马斯克（Elon Musk）在工厂合作方面打得火热，据报道还与苹果和特斯拉达成了初步的制造协议。

The fundamentals are still messy. Intel’s chip yields lag well behind industry leader TSMC, and employees tell Bloomberg that Tan has been light on specifics internally, with some teams adjusting missed deadlines rather than recovering from them.

基本面依然混乱。英特尔的芯片良率远远落后于行业领头羊台积电（TSMC），员工向彭博社透露，陈立武在内部管理上缺乏具体细节，一些团队只是在调整错过的截止日期，而非真正从延误中恢复过来。

But investors are betting big on the bigger picture. Whether the execution follows is the multibillion-dollar question.

但投资者们正在押注更大的蓝图。执行力能否跟上，是价值数十亿美元的关键问题。