英特爾恐創史上最慘單日表現，引發全球晶片股重挫

安哈塔・魯普萊（Anhata Rooprai）報導By Anhata Rooprai

10 月 30 日（路透社）——英特爾週五重挫 30%，恐創下史上最大單日跌幅。由於 PC 需求轉弱，加上 AI 熱潮成本飆升動搖投資人信心，科技股賣壓進一步加深。Oct 30 (Reuters) - Intel sank 30% on Friday and was headed for its biggest one-day decline ever, deepening a selloff in tech stocks as weakening PC demand and the soaring costs of the AI boom rattled investors.

這家主要 PC 晶片供應商週四預測，季度營收將比市場預估低逾 10 億美元，並表示不預期今年會出現正向現金流，成為大規模 AI 建設造成廣泛壓力的最新跡象。The major PC chip supplier on Thursday forecast quarterly revenue that was more than $1 billion below market estimates and said it does not expect positive cash flow this year, the latest sign of the far-reaching strains caused by the massive AI buildout.

該公司的警訊也引發市場對仰賴消費性裝置銷售的廣大科技產業的疑慮，從戴爾（Dell）等 PC 賣家，到 PlayStation 製造商索尼（Sony）與智慧手機大廠三星（Samsung）都受到關注；與此同時，AI 帶動的需求正推升記憶體價格飆漲。Its warning also raised concerns over a broad swathe of the tech industry reliant on consumer device sales, from PC sellers such as Dell to PlayStation creator Sony and smartphone major Samsung, as AI-driven demand sends memory prices soaring.

在英特爾公布財報前，市場對科技股的情緒已相當脆弱；Meta（Meta）與 Alphabet（Alphabet）的財報顯示，AI 基礎建設競賽正使過去負債不高的科技巨頭，轉變為仰賴舉債的大手筆支出者。Sentiment toward tech stocks was already fragile ahead of Intel's earnings after Meta and Alphabet's results showed the AI infrastructure race was turning once lightly indebted tech giants into heavy spenders reliant on borrowing.

亞馬遜（Amazon）週四公布大量現金流出，並暗示明年資本支出將在 2026 年已極為龐大的規模上進一步增加，使這些疑慮加劇。Amazon exacerbated those concerns on Thursday by reporting a large cash outflow, while signaling higher capital expenditures next year atop an already huge amount in 2026.

哈格里夫斯蘭斯當（Hargreaves Lansdown）資深股票分析師麥特・布里茲曼（Matt Britzman）表示：「目前市場處於先賣再說的情緒，而英特爾的警訊給了投資人一個很容易的理由，從晶片股中先獲利了結一部分。」"The market is in a sell first, ask questions later mood right now, and Intel's warning has given investors an easy excuse to take some money off the table across chip stocks," said Matt Britzman, senior equity analyst, Hargreaves Lansdown.

股價先前大漲的英特爾失足HIGH-FLYING INTEL STUMBLES

週五的暴跌恐使英特爾市值蒸發逾 1,460 億美元；美國政府在去年 8 月取得 10% 股權後成為英特爾最大股東，其持股價值面臨近 120 億美元的打擊。Friday's plunge was set to wipe more than $146 billion off Intel's market value, with the US government - its largest shareholder after taking a 10% stake in August last year - facing a nearly $12 billion hit to the value of its holdings.

疑慮也蔓延至信貸市場，為英特爾債務違約投保的成本飆升至歷史新高。Markit 數據顯示，5 年期信用違約交換（CDS）利差擴大 17.5 個基點至 124.75，並朝著 2022 年 10 月以來最大單日升幅邁進。Concerns also spilled over to credit markets, with the cost of insuring Intel's debt against default surging to an all-time high. Five-year credit default swaps widened 17.5 basis points to 124.75 and were on track for the biggest one-day jump since October 2022, Markit data showed.

不過，美國政府與輝達（Nvidia）數十億美元規模的投資已強化英特爾財務。該公司截至 9 月底持有 218.4 億美元現金及約當現金，長期債務則為 463.2 億美元。Still, multibillion-dollar investments from the US government and Nvidia have bolstered Intel's finances. The company had $21.84 billion in cash and cash equivalents at the end of September, against $46.32 billion in long-term debt.

其他美國半導體股也下跌，包括超微（Advanced Micro Devices，AMD）、Arm（Arm）、高通（Qualcomm）、輝達、博通（Broadcom）與美光（Micron），跌幅介於 4% 至 12%。Other US semiconductor stocks such as Advanced Micro Devices, Arm, Qualcomm, Nvidia, Broadcom and Micron fell between 4% and 12%.

歐洲的艾司摩爾（ASML）與台灣的台積電（TSMC）分別下跌逾 6% 與近 2%；中國科技股比重較高的科創 50 指數則觸及逾兩個月低點。Europe's ASML and Taiwan's TSMC fell more than 6% and nearly 2%, respectively, while China's tech-heavy STAR50 index hit a more than two-month low.

對 AI 題材敏感的韓國綜合股價指數（KOSPI）下滑 3.5%，晶片巨頭三星電子（Samsung Electronics）下跌 3%，朝著 7 月以來首度月線下跌邁進。South Korea's AI-sensitive KOSPI slid 3.5%, and chip giant Samsung Electronics lost 3%, heading for its first monthly decline since July.

這波重挫也席捲美國伺服器製造商，使戴爾科技（Dell Technologies）、慧與科技（Hewlett Packard Enterprise）與美超微電腦（Super Micro Computer）股價下跌 6% 至 11%。The rout also swept through US server makers, sending shares of Dell Technologies, Hewlett Packard Enterprise and Super Micro Computer down between 6% and 11%.

記憶體短缺衝擊浮現MEMORY CRUNCH BITES

週五的跌勢發生前，英特爾股價曾出現驚人漲勢，今年以來已上漲逾一倍，讓該股成為華爾街寵兒，並延續去年逾 80% 的漲幅。Friday's slump follows a remarkable rally in Intel shares that had more than doubled their value this year, making the stock a Wall Street darling and building on gains of over 80% last year.

協助驅動 AI 代理與聊天機器人回應的中央處理器需求激增，使多年來被排除在熱潮之外的英特爾成為受惠者；同時，該公司推動成為主要晶片代工製造商的計畫也正取得動能。Surging demand for central processors that help power AI agent and chatbot responses has turned Intel into a winner of the boom after years on the sidelines, while its push to become a major contract chip manufacturer is also gaining momentum.

但打造製造業務所需支出正在侵蝕其現金流，而供應中斷也限制了該公司掌握資料中心晶片需求成長的能力。But the spending needed to build its manufacturing business is sapping its cash flows, and supply disruptions have capped its ability to tap growing demand for data-center chips.

英特爾的 PC 晶片業務約占其第三季營收一半，也因記憶體價格飆升而承壓；供應商正將產能轉向 AI 系統使用的高頻寬晶片。Intel's PC chip business, which accounted for roughly half its third-quarter revenue, has also come under pressure from soaring memory prices as suppliers shift production towards high-bandwidth chips used in AI systems.

Seaport Research Partners 分析師傑伊・戈德堡（Jay Goldberg）表示，週五的賣壓反映出「市場對管理層可信度失去信心」。Seaport Research Partners analyst Jay Goldberg said Friday's selloff reflected "a loss of faith in management's credibility."

他說：「在 15 年來最糟的 PC 市場中，英特爾為消費性 PC 生產太多晶片；但在半導體史上最大成長週期中，卻沒有為 AI 伺服器生產足夠晶片。原因在於規劃不當。」"Intel is producing too many chips for consumer PCs in the worst PC market in 15 years, while it is not making enough chips for AI servers in the biggest growth cycle ever for semis. Bad planning is the cause."

（班加羅爾安哈塔・魯普萊報導；班加羅爾蘇德什娜・戈沙爾（Sudeshna Ghoshal）與尼克特・尼尚特（Niket Nishant）補充報導；Shinjini Ganguli 與 Aditya Soni 編輯）(Reporting by Anhata Rooprai in Bengaluru, additional reporting by Sudeshna Ghoshal and Niket Nishant in Bengaluru; Editing by Shinjini Ganguli and Aditya Soni)