在 Lip-Bu Tan 于三月就任 Intel 首席执行官后，这家 57 岁历史的公司在人工智能热潮蔓延的同时，股价在七个月内几乎原地踏步。随后出现的新合作与政治修复使市场情绪逆转：与 Apple、Tesla 及 Donald Trump 的关系改善，再加上较乐观的前景，将 Intel 推升到创下新高。Tan 说 Intel 处理器需求正在回升，但不少现任与前员工指出他仍未向员工清楚阐明完整的执行蓝图。此前他长时间待在公司外，目前仍在重建可信的管理班底，并把主要补位计划目标定于六月底。

Tan 借助其产业关系来建立可信度。据称，8 月在白宫的会面把他与 Donald Trump 的对立转为支持，促使美国政府成为 Intel 的第三大股东。之后他争取到 Michael Dell 的背书，并与 Elon Musk 达成大型晶圆厂计划合作；同时 Apple 进行初步磋商，考虑与 Intel 及 Samsung 合作在美国制造核心装置晶片。这些消息引发另一轮股价上涨，也显示客户情绪回升，但并未单凭此解决 Intel 在制造与产品上的根本缺口。

营运问题仍然严重：因使用旧制程技术且错失推出可与 Nvidia 竞争的 AI 加速器机会，Intel 的市占竞争力受损，部分关键产品仍外包给 TSMC。New Street Research 估计 Intel 的晶片成本可能高达 TSMC 的三倍，其中超过 40% 的差异来自良率；Intel 良率约 65%，而 TSMC 超过 80%；仅有 8% 的差距源自美国较高的人工成本。在连续三年亏损且营收较 2021 年高点下滑 33% 之后，18A 产量虽在改善但仍未达同业水准，内部高层指出约有 80% 员工必须真正认同“紧迫感”，转型成果才可能出现。

After Lip-Bu Tan became Intel’s CEO in March, the 57-year-old company’s shares were flat for seven months even as AI sentiment surged across the industry. Recent partnerships and political repair then reversed sentiment: ties with Apple, Tesla, and Donald Trump improved, and stronger outlooks pushed Intel to new highs. Tan says demand for Intel processors is recovering, but many current and former staff say he has still not clearly explained a complete execution plan to employees. He has spent substantial time outside Intel, is still rebuilding a trusted management layer, and has set a late-June target for a key hiring drive.

Tan used industry relationships to build credibility. An August White House meeting reportedly turned his conflict with Donald Trump into support, helping the U.S. government become Intel’s third-largest shareholder. He later won backing from Michael Dell and struck a major manufacturing deal with Elon Musk; at the same time, Apple opened preliminary talks to use Intel and Samsung for core device chips made in the U.S. These announcements lifted shares again and signaled improving customer sentiment, but they do not by themselves repair Intel’s underlying product and manufacturing gaps. (Key numbers: 8)

Operational strain remains severe: older process technology and the missed opportunity to launch an AI accelerator competitive with Nvidia weakened Intel’s position, and some critical products are still outsourced to TSMC. New Street Research estimates Intel’s chip costs can be up to three times TSMC’s, with more than 40% of the gap coming from yield; Intel yield is about 65% versus over 80% at TSMC, and only 8% of the gap is due to higher U.S. labor costs. After three years of losses and revenue down 33% from its 2021 peak, 18A output is improving but still below peers, and executives say that about 80% of employees must embrace urgency before results can emerge.