错过智能手机，下一代芯片“难产”，英特尔如何重新赢得投资者的信心？

英特尔的新首席执行官司睿博继续开展宣传活动，以期重燃外界对这位芯片制造巨头的信心，但成效十分有限。

这是英特尔两年多以来第一次举行“投资者日”活动，公司邀请了华尔街分析师和基金经理前往加州圣克拉拉总部，参加了三个小时的宣讲活动。该活动的目标是让投资者们相信，英特尔有着良好的长期计划，能够与英伟达、AMD以及其他开始抢夺公司主导地位的公司进行竞争。

司睿博第一个上台。在他结束演讲时，英特尔股票下跌了2.5%，至49.24美元。即便如此，公司股价自年初以来依然增长了6%，但落后于标普500指数15%的增幅，与AMD 47%和英伟达30%的大幅增长更是相距甚远。

英特尔在过去几年中发展的一直都不是很顺畅，它不仅错过了智能手机革命，而且迟迟拿不出新一代芯片的制造技术。司睿博的前任科再奇因业绩疲软以及与另一名英特尔员工的“自愿亲密关系”，于去年被英特尔炒了鱿鱼。然后司睿博在4月披露，英特尔难以实现其2019年25亿美元的营收预测。

这位善于言辞的首席执行官在周三的开场宣讲中说：“如今，我确实要承认，我们让各位失望了，也为自己感到失望……我们是一个立足于信任的团队，我们深知必须赢得并维持你们的信任。”

司睿博是英特尔前任首席财务官，英特尔在经过7个月的搜索之后才决定提拔其担任首席执行官。他表示，自己一直在密切关注英特尔在过去几年中为推动公司发展而开始采取的举措。英特尔已经关闭了其智能手机基带业务，而该业务是2018年苹果iPhone手机系列的独家芯片提供方。司睿博指出，他还在评估是否继续支持存储芯片项目，它的盈利能力可能和英特尔的设想相距甚远。

在苹果与竞争对手基带芯片制造商高通达成和解并同意购买其芯片之后，英特尔便关闭了其智能手机基带部门。司睿博在宣讲结束时说，自己“还没有找到生财之道”。

司睿博说，存储芯片业务采用的是最先进的3D NAND技术，该业务在2018年实现了盈利，但在今年会出现亏损。他指出：“我们正在认真评估NAND的持续进展”，同时还表示，公司今年不会投入更多的钱来扩大其存储芯片产能。

做出这类艰难的决策可能会让华尔街感到高兴，在司睿博表示可能会砍掉存储业务之后，英特尔股价在周三实际上有短暂的回升。然而，司睿博在随后的演讲中提到了最令人失望的几点内容。

司睿博表示，在今后三年，英特尔的营收将呈现出单位数的年增速，而其毛利可能会下跌。每股收益的增速将与营收相当。

此预测一出，英特尔股价应声下跌。

司睿博和其他英特尔高管还努力宣传了公司即将推出的一些创新，但谈到使用新制程的个人电脑和服务器芯片时却依然援引了此前披露的路线图。新芯片将在今年年底登陆消费设备，并在2020年上半年与云服务提供商见面。（财富中文网）

译者：冯丰

审校：夏林

Intel’s new CEO Bob Swan continued his campaign to reset expectations about the chipmaking giant, but with limited success.

Hosting its first investor day in more than two years, Intel invited Wall Street analysts and fund managers to its Santa Clara, Calif. headquarters for three hours of presentations and speeches. The aim was to convince investors that Intel has a sound long-term plan to compete with Nvidia, Advanced Micro Devices, and others that have started to steal away the chipmaker’s dominant position.

Swan spoke first, and by the time he was done, Intel’s shares had fallen 2.5% to $49.24. The stock is still up 6% for the year, but that lags the 15% gain in the S&P 500 Index, not to mention the 47% rise at AMD (amd, +1.65%) and 30% jump for Nvidia (nvda, +0.42%).

Intel has been struggling for the past few years, as it largely missed out on the smartphone revolution and has struggled to finalize a new generation of chip manufacturing technology. Swan’s predecessor, Brian Krzanich, was pushed out last year amid the sagging performance and a “consensual relationship” with another Intel employee. Then in April, Swan disclosed that Intel would miss its previous revenue forecast by $2.5 billion in 2019.

“I do want to acknowledge the present,” the soft-spoken CEO said in his opening presentation on Wednesday. “We let you down and we let ourselves down…we’re a team built on credibility and we know we have to earn and maintain your credibility.”

Swan, Intel’s former CFO who was named to the top job after a seven-month search, said he’s taking a hard look at some of Intel’s efforts started over the past few years to boost growth. Already, Intel has shut its smartphone modem program, the sole source of chips for Apple’s (aapl, +0.00%) iPhone line up in 2018. Swan said he’s also evaluating whether to keep funding a memory chip effort that may never be as profitable as Intel wants.

Intel ended its smartphone modem effort after Apple settled with rival modem chipmaker Qualcomm (qcom, -0.72%) and agreed to buy its chips. In the end, Swan said he “didn’t see a path to make money.”

The memory chip effort, which relies on a cutting-edge technology known as 3D NAND, will sink back into the red this year after attaining profitability in 2018, he said. “We’re really evaluating the continued progress in NAND,” he said, adding that the company won’t spend any more money to expand its memory chip making capacity this year.

Making such tough decisions may please Wall Street, and Intel’s stock actually crept up briefly on Wednesday after Swan said he may chop the memory business. But then came likely the most disappointing element in Swan’s talk.

Over the next three years, Intel will increase its revenue by a “low single digit” percentage points per year while its gross profit margins may decline, Swan said. earnings per share would grow at about the same rate as revenue.

Immediately after the forecast, Intel’s stock slipped.

Swan and other Intel (intc, -2.54%) executives also tried to promote some upcoming innovations, but repeated previously disclosed schedules for PC and server chips that will use a new manufacturing technology. The new chips will arrive in consumer devices by the end of the year and for servers and cloud providers in the first half of 2020.