英特尔股价暴跌致政府持股缩水120亿美元

受疲软的四季度业绩指引影响，英特尔股价在周五出现大幅下挫，跌幅约为28%1。这一剧烈波动导致美国政府持有的该公司股份价值减少120亿美元1。特朗普政府曾于一年前购入英特尔10%的股份，尽管目前该笔投资仍处于浮盈状态，但此次大跌折射出市场对英特尔未来前景的担忧1。

引发股价下跌的核心原因在于公司给出的财务预期远低于市场共识。英特尔预计四季度营收将在150亿至160亿美元之间，显著低于分析师普遍预期的170亿美元左右1。同时，公司的毛利率预期从43%下调至37%，并预计现金流无法实现转正1。CEO Lip-Bu Tan指出，“客户开始基于内存价格和可用性发出PC放缓信号”，年初至今系统终端价格大幅上涨，给本已有限的IT预算带来额外压力1。

尽管整体业绩承压，英特尔的数据中心业务表现强劲，营收同比增长78%1。然而，公司在制造产能扩张方面仍滞后于台积电等竞争对手，位于亚利桑那州的新工厂中仅有一座投入运营，下一座工厂预计要到2028年才能上线1。

Intel’s share price fell by approximately 28% on Friday, causing the value of the U.S. government’s stake in the semiconductor company to drop by $12 billion 1. The sharp decline followed the release of weak fourth-quarter financial guidance, with projected revenue estimated between $150 billion and $160 billion, significantly lower than the roughly $170 billion anticipated by analysts 1. Additional concerns were raised by a forecasted decrease in gross margin expectations from 43% to 37%, alongside predictions that cash flow would not turn positive 1.

The performance outlook reflects divergent trends within Intel’s business segments, where data center revenue surged 78% year-over-year, while personal computer sales slowed due to increased memory prices and limited availability 1. Chief Executive Officer Lip-Bu Tan noted that customers are signaling PC market deceleration based on these memory constraints, stating, “Customers have started signaling a slowdown in PCs based on memory prices and availability. System end-user prices have risen dramatically year-to-date, adding pressure to already constrained IT budgets” 1. Although one new factory in Arizona is operational, production capacity expansion lags behind competitors like TSMC, with the next facility not expected to come online until 2028 1. Despite the recent crash, the government’s investment remains in an unrealized profit position, having acquired a 10% stake in Intel one year ago under the Trump administration 1.