Intel’s stock crashes, knocking $12B from government’s stake

Intel’s stock suffered one of its worst days ever on Friday, crashing around 28% after the chip giant reported a weaker-than-expected outlook for the fourth quarter. This rout reduced the value of Intel’s holdings by the government by $12 billion, CNBC reports.

周五，英特尔股价遭遇了史上最糟糕的一天，在芯片巨头发布第四季度预期不及预期的财报后，股价暴跌约 28%。据 CNBC 报道，此次大跌导致政府持有的英特尔股份价值缩水了 120 亿美元。

The Trump administration had the government buy 10% stake over a year ago. Nvidia, which also took a big stake in Intel in 2025, saw its stock drop a bit on Friday as well. Much of the tech industry — especially chipmakers — were caught in the sell-off.

特朗普政府在一年前让政府购入了 10% 的股份。同样在 2025 年持有英特尔大量股份的英伟达，其股价在周五也出现小幅下跌。整个科技行业，尤其是芯片制造商，大多受到了此次抛售潮的影响。

Intel’s stock is still a profitable investment for the government so far (and for Nvidia), as it’s up more than 70% for the year, even if it’s dropped significantly from the sky-high prices it commanded over the summer. The scare-off was caused when Intel warned to expect revenue of $15 billion to $16 billion in the fourth quarter when analysts were looking for around $17 billion.

尽管英特尔股价已从夏季的高位大幅回落，但对政府（以及英伟达）而言，这笔投资目前仍处于盈利状态，今年以来涨幅超过 70%。此次恐慌性抛售源于英特尔发出的预警：预计第四季度营收为 150 亿至 160 亿美元，而分析师此前的预期约为 170 亿美元。

It also warned that its gross profit margin would decline to 37% from 43%, and it was investing so heavily, it expected no positive cash flow. The main problem for Intel is that PC sales are being hurt by the AI industry gobbling memory and other components, and causing PC prices to rise.

该公司还警告称，其毛利率将从 43% 下降至 37%，且由于投资规模巨大，预计短期内不会产生正向现金流。英特尔面临的主要问题是，人工智能行业对内存和其他组件的吞噬导致个人电脑（PC）销量受损，并推高了 PC 价格。

“Our customers began signaling a PC slowdown based on the memory prices and availability. Year-to-date system endpoint prices have increased significantly, placing additional pressure on already limited IT budgets,” Intel CEO Lip-Bu Tan warned on the call.

英特尔首席执行官陈立武（Lip-Bu Tan）在电话会议上警告称：“我们的客户开始表示，受内存价格和供应情况影响，PC 市场出现放缓。今年以来，系统终端价格大幅上涨，给本已有限的 IT 预算带来了额外压力。”

The bright side is that revenue from Intel’s data center business grew 78% over the year-ago quarter. But it is hamstrung on that front until it can bring more capacity to its fabs and book more external customers for them, competing with powerhouse Taiwan Semiconductor Manufacturing Co.

好消息是，英特尔数据中心业务的营收较去年同期增长了 78%。但在该领域，英特尔仍受制于产能瓶颈，必须提升晶圆厂产能并争取更多外部客户，才能与行业巨头台积电展开竞争。

One of Intel’s new fabs in Arizona is operational but the next one isn’t expected to be online until 2028.

英特尔在亚利桑那州的一座新晶圆厂已经投入运营，但下一座预计要到 2028 年才能上线。