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原文標題：
Nvidia bets big on Intel with $5 billion stake and chip partnership
原文連結：https://tinyurl.com/42uefatb
發布時間：September 18, 2025 7:52 PM GMT+8
記者署名：
Reporting by Stephen Nellis, Jeffery Dastin and Max Cherney in San Francisco;
Editing by Sam Holmes
原文內容：

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.


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.


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.

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.


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.
輝達表示，其 AI 晶片正推動全球人工智慧浪潮，公司將以每股 23.28 美元收購英特爾
普通股，略低於週三英特爾收盤價 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，這一價格高於美國政府上個月為取得 10% 股權所支付的每股 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.
倫敦 IG 集團首席市場分析師 Chris Beauchamp 表示：「這反映了輝達希望在美國多元
化其投資，同時也藉此在美國政府面前加分。」

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.


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.
輝達股價上漲逾 3%。AMD 下跌近 4%，台積電美國掛牌股票下跌 2%。台積電與 AMD 尚未
回應評論請求。

Tan has vowed to make Intel’s operation lean and build factory capacity only
when there’s demand to match it.
陳立武承諾將精簡英特爾營運，並只在需求匹配時才擴建產能。

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.


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.
根據週四宣布的協議，英特爾計劃設計客製化資料中心 CPU，並由輝達將其與 GPU（AI
晶片）進行封裝。輝達的專有技術將讓英特爾與輝達晶片之間的通訊速度更快。

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.
這些高速連結是 AI 市場的關鍵差異點，因為大量晶片必須串聯運作，才能處理龐大數據
。

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.


"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.
波士頓 Andersen 資本管理公司創辦人 Peter Andersen 表示：「只要輝達選擇支持的對
象，就會使該公司股票看起來具吸引力，因為這意味著輝達認為它有價值。」

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.
在消費市場方面，輝達將提供英特爾客製化的顯示晶片，英特爾可將其與 PC CPU 一起封
裝，並具備相同的高速連結，可能讓英特爾在與 AMD 的競爭中取得優勢。

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.
雖然英特爾的 x86 架構在資料中心與 PC 市場逐漸輸給 Arm 技術的晶片，但仍保持多數
市場份額。

"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."


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.


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.
雙方未透露第一款聯合產品上市日期，但表示此前的產品計畫未受影響。

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.
近年來，輝達已進軍 PC 與資料中心 CPU 市場；同時，英特爾也嘗試銷售多款與輝達競
爭的 AI 晶片，並表示計劃開發可與輝達競爭的 AI 資料中心伺服器。


心得/評論：


Nvidia 投資Intel是 政治 + 技術 + 商業的三重策略：

政治上取悅美國政府，減少政策風險；
技術上培養第二供應鏈，避免台積電單點風險；
商業上與 Intel 綁定，鞏固 AI 平台優勢，壓縮 AMD 與 Broadcom 的生存空間。

--
※ 發信站: 批踢踢實業坊(ptt.cc), 來自: 150.117.197.145 (臺灣)
※ 作者: TyuzuChou 2025-09-18 20:14:33
※ 文章代碼(AID): #1eo_UmAn (Stock)
※ 文章網址: https://www.ptt.cc/bbs/Stock/M.1758197680.A.2B1.html

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