英特尔下任CEO必须走好4步棋

    第二：研发更出色的混合芯片。不仅是苹果计划整合其移动和桌面两大平台软件，微软（Microsoft）也在进行类似的行动，Windows 8就是其最新力作。如果新旧计算机平台之间的差异持续模糊化，英特尔将有机会成为行业标准的制定者。而且，就像该公司经常强调的那样，英特尔能设计和制造芯片，能很好把握整个端到端的流程，并不是每家芯片制造商都能做到这点。

    第三：挖掘数据中心潜力。英特尔PC事业部贡献了公司三分之二的营收，而数据中心事业部的份额仅为五分之一。但是后者前景良好，有望为公司带来更多利润。包括服务器平台在内的数据中心业务，营收年增长率有望达到7%，运营利润则高达47%。相较之下，PC业务营收面临着下滑2%的窘境，而且其利润率只有40%。

    即便全球需求持续疲软，数据中心业务也能取得增长。英特尔表示该领域竞争激烈，IBM和甲骨文（Oracle）等行业巨头实力非常雄厚，但英特尔的品牌效应也不容小觑。进行战略性收购或许能够奏效，加快英特尔前进的步伐。一些ARM芯片制造商也正在挺进服务器市场。

    第四：如果以上几条路都行不通的话，那就只有多给投资者派钱了。欧德宁时代，英特尔已经支出了240亿美元股息。此外，自2005年以来，英特尔已耗资460多亿美元用于回购股票。平均下来，该公司每年向股东支付现金高达88亿美元。（相比之下，英特尔去年的研发支出仅为84亿美元。）

    英特尔在本周二表示，正利用自身的A+信用评级，发售60亿美元债券，其中大部分收入将用于回购本公司股票。这可能是欧德宁给英特尔下任首席执行官的临别赠礼。假如该公司无力应对挑战，那么这些现金将派上用场。

    译者：项航

    No. 2 Build a better hybrid chip.Not only is Apple likely to merge its mobile and desktop operating software, Microsoft (MSFT) is already making similar moves with Windows 8. If the lines between older and newer computers continues to blur, Intel has a chance at becoming the standard. As the company likes to point out, it can design and manufacture the chip, ensuring a smoother end-to-end process -- a claim that not all chipmakers can make.

    No. 3 Push deeper into data centers. While Intel's PC Client division makes up two-thirds of revenue and the Data Center group makes up only a fifth, it's the latter where profit growth is coming. The Data Center unit, which includes server platforms, is seeing revenue grow at 7% a year and operating profit margin of 47%. Compare that with the 2% revenue decline and 40% profit margin of the PC group.

    This is an area where Intel can keep growing even if global demand remains soft. The company says it's facing competition from big names like IBM (IBM) and Oracle (ORCL), but its brand can carry some weight. Strategic acquisitions could speed this up, which may be helpful. Some ARM chipmakers are moving into the server market as well.

    N0. 4 If all else fails, pay off investors. Under Otellini's tenure, Intel has paid out $24 billion in dividends. It's put more than $46 billion toward stock buybacks since 2005. That's an average of $8.8 billion a year is cash straight to shareholders. (By contrast, Intel spent $8.4 billion on R&D last year.)

    On Tuesday, Intel said it was taking advantage of its A+ credit rating to offer $6 billion in new debt, much of going toward more stock buybacks. It could be Otellini's parting gift for Intel's next CEO. If the company doesn't meet the challenges facing it, that cash could come in handy.