英特尔上调资本开支并点名蓝思科技探索玻璃基板先进封装合作

# 美股盘后催化 5/11: Intel财报强劲但上调资本开支和Foundry客户不确定导致股价反转，蓝思TGV玻璃基板合作提供供应链线索

- 美股会话: 2026-07-24
- 方向: MIXED；类型: 财报/指引；规划重大性: 8/10
- 映射模式: supply_chain
- 美股驱动（规划器初判，需独立核验）: 事实：Intel二季度AI/数据中心需求强，收入/EPS和指引多处好于预期，但把2026资本开支上调至约200亿美元以上，2027或更高，股价由涨转跌并收跌7.89%。同时Intel官方与蓝思科技宣布探索玻璃基板/TGV先进封装合作。推断：Intel基本面需求强但资本强度和外部Foundry客户验证不足压制自身估值；对测试、后端封装、玻璃基板和设备链是订单/技术选项。

## 本催化相关美股真实收盘行情

- AMD (AMD.US): 521.95 -3.29%
- 台积电ADR (TSM.US): 403.41 -2.93%
- 英特尔 (INTC.US): 92.32 -7.89%
- 应用材料 (AMAT.US): 536.25 -4.72%
- 泛林 (LRCX.US): 305.21 -4.56%
- Amkor (AMKR.US): 64.96 -0.57%
- KLA (KLAC.US): 210.52 -3.75%

## 亚太映射假设（仅候选，必须查证）

- 蓝思科技 (300433.SZ) [CN/供应商/positive]: 若Intel-Lens TGV/玻璃基板合作推进到验证和量产，蓝思可能切入AI/HPC先进封装材料和加工链。；核验问题: 核实合作是否为研发MOU还是商业供应协议、验证节点、量产时间表和收入规模。
- 台积电 (2330.TW) [TW/竞争替代/mixed]: Intel Foundry进展慢可能降低台积电竞争压力，但Intel加码先进封装也验证行业供给紧张。；核验问题: 核实Intel 18A/14A外部客户签约、先进封装外包与台积电竞争关系。
- 日月光投控 (3711.TW) [TW/供应商/竞争替代/mixed]: 先进封装需求长期正面，但Intel自建后端能力可能分流外包封测。；核验问题: 核实Intel后端扩产中外包比例及日月光相关客户订单。

## 必答问题

- Intel capex增加中前端、后端和先进封装各占多少？
- 外部Foundry客户何时可披露量产订单？
- 玻璃基板路线对OSAT和传统有机载板份额影响多大？

## 原始证据全文（13 条）

### [E0124] CNBC Top News | 2026-07-24 13:42 UTC | 盘中
Intel rides AI boom to fastest revenue growth in almost 15 years, but shares sink
URL: https://www.cnbc.com/2026/07/23/intel-intc-earnings-report-q2-2026.html
Intel reported better-than-expected second-quarter results on Thursday, notching its fastest revenue growth rate for any quarter since 2011 and issuing guidance that topped expectations.
Here's how the chipmaker did versus LSEG consensus estimates
- Earnings per share: 42 cents, adjusted, versus 21 cents expected
- Revenue: $16.1 billion, versus $14.42 billion expected
Shares of the chipmaker climbed immediately following the report, but sank during trading on Friday.
Intel shares are up over 170% so far in 2026 as of Thursday's close after soaring 84% last year, when the U.S. government took a 10% stake in the company as part of an effort to support U.S. chip manufacturing. However, the stock has been in a slump more recently, dropping 28% in July.
Despite the recent downturn, the company is getting a boost from the artificial intelligence infrastructure boom, which is helping sales of its server processors. Intel's 25% revenue growth was the fastest for any period in almost 15 years.
"AI is driving unprecedented demand for compute," CEO Lip-Bu Tan said in the statement. "As we continue to execute, Intel is well-positioned to capture sustainable growth across our CPU franchise."
For the current quarter, Intel said it expects adjusted earnings per share of 38 cents on revenue between $15.8 billion and $16.8 billion. Analysts were expecting revenue of $15.1 billion and EPS of 27 cents, according to LSEG.
Intel also said it's starting to craft long-term agreements with customers for its server CPUs, some with pricing locked in and others focused on chip volume.
It's a move that's becoming common, particularly in memory, as vendors try to preserve current high pricing and market power in case the AI market turns. Intel said it had reached 10 long-term agreements, and CFO David Zinsner said the company is supply constrained, with data center customers demanding more than it can produce.
"Customers continue to signal a strong and sustainable spending environment," Zinsner said on an earnings call with analysts.
Revenue in the company's client computing group, which makes chips for PCs, rose 13% to $8.9 billion. It's still Intel's biggest unit, but the robust growth is coming from its data center business, where revenue rose 59% to $6.3 billion. Intel said it expects flat PC sales in the third quarter because of the memory shortage.
Intel is boosting its capital expenditures, targeting a "meaningful increase" next year, as it aggressively tries to morph into a manufacturer of chips for other companies. Zinsner told CNBC's Kristina Partsinevelos that the company's latest manufacturing process, called 14A, is ahead of where older technologies were at the same point in the cycle. Intel said its foundry reported $5.8 billion in sales, up 31% on an annual basis.
"I did want to give investors at least a line of sight to expect that the number will be up," Zinsner said on the earnings call. He said most of the spending would be for factory tooling.
Still, Intel did not reveal a major customer for its foundry, as investors and potential customers keep waiting. It primarily manufactures its own chips. Intel's foundry landed Fortinet as its first named customer under Tan earlier this week, but it's using an older manufacturing technology to make security chips.
Intel's gross margin also recovered to 42%, up from 2.5% in the year-ago period, which the company attributed to benefits of scale with more revenue, as well as selling chips with higher margins and pricing.
WATCH: Bernstein's Stacy Rasgon on Intel

### [E0125] CNBC Top News | 2026-07-24 13:42 UTC | 盘中
Intel rides AI boom to fastest revenue growth in almost 15 years, but shares sink
URL: https://www.cnbc.com/2026/07/23/intel-intc-earnings-report-q2-2026.html
Intel reported better-than-expected second-quarter results on Thursday, notching its fastest revenue growth rate for any quarter since 2011 and issuing guidance that topped expectations.
Here's how the chipmaker did versus LSEG consensus estimates
- Earnings per share: 42 cents, adjusted, versus 21 cents expected
- Revenue: $16.1 billion, versus $14.42 billion expected
Shares of the chipmaker climbed immediately following the report, but sank during trading on Friday.
Intel shares are up over 170% so far in 2026 as of Thursday's close after soaring 84% last year, when the U.S. government took a 10% stake in the company as part of an effort to support U.S. chip manufacturing. However, the stock has been in a slump more recently, dropping 28% in July.
Despite the recent downturn, the company is getting a boost from the artificial intelligence infrastructure boom, which is helping sales of its server processors. Intel's 25% revenue growth was the fastest for any period in almost 15 years.
"AI is driving unprecedented demand for compute," CEO Lip-Bu Tan said in the statement. "As we continue to execute, Intel is well-positioned to capture sustainable growth across our CPU franchise."
For the current quarter, Intel said it expects adjusted earnings per share of 38 cents on revenue between $15.8 billion and $16.8 billion. Analysts were expecting revenue of $15.1 billion and EPS of 27 cents, according to LSEG.
Intel also said it's starting to craft long-term agreements with customers for its server CPUs, some with pricing locked in and others focused on chip volume.
It's a move that's becoming common, particularly in memory, as vendors try to preserve current high pricing and market power in case the AI market turns. Intel said it had reached 10 long-term agreements, and CFO David Zinsner said the company is supply constrained, with data center customers demanding more than it can produce.
"Customers continue to signal a strong and sustainable spending environment," Zinsner said on an earnings call with analysts.
Revenue in the company's client computing group, which makes chips for PCs, rose 13% to $8.9 billion. It's still Intel's biggest unit, but the robust growth is coming from its data center business, where revenue rose 59% to $6.3 billion. Intel said it expects flat PC sales in the third quarter because of the memory shortage.
Intel is boosting its capital expenditures, targeting a "meaningful increase" next year, as it aggressively tries to morph into a manufacturer of chips for other companies. Zinsner told CNBC's Kristina Partsinevelos that the company's latest manufacturing process, called 14A, is ahead of where older technologies were at the same point in the cycle. Intel said its foundry reported $5.8 billion in sales, up 31% on an annual basis.
"I did want to give investors at least a line of sight to expect that the number will be up," Zinsner said on the earnings call. He said most of the spending would be for factory tooling.
Still, Intel did not reveal a major customer for its foundry, as investors and potential customers keep waiting. It primarily manufactures its own chips. Intel's foundry landed Fortinet as its first named customer under Tan earlier this week, but it's using an older manufacturing technology to make security chips.
Intel's gross margin also recovered to 42%, up from 2.5% in the year-ago period, which the company attributed to benefits of scale with more revenue, as well as selling chips with higher margins and pricing.
WATCH: Bernstein's Stacy Rasgon on Intel

### [E0179] Seeking Alpha | 2026-07-24 13:47 UTC | 盘中
Intel's capex increase positive for Foundry business, chip equipment makers
URL: https://seekingalpha.com/news/4618091-intels-capex-increase-positive-for-foundry-business-chip-equipment-makers?utm_source=feed_news_all&utm_medium=referral&feed_item_type=news
Intel (INTC) raising its capital expenditure could be a positive for its Foundry business as the company noted that CapEx, though broad-based, could be skewed towards fabs. Meanwhile, Wedbush noted that the CapEx increase was also positive for chip equipment makers.
On Thursday, Intel raised its full-year 2026 capital expenditure forecast to $20B, from up to $18B.
Answering an analyst's question during the company earnings call about what the CapEx increase of nearly $3B implies for the company's Foundry customers, CFO David Zinsner said:
"CapEx is fairly broad-based. It's going to include advanced packaging. As Lip-Bu talked about, we're pretty excited about our prospects on EMIB-T. And so we will be investing in that. That said, the cost of a fab for the front end is much more expensive than a packaging facility. So it will be skewed towards the front end. But nevertheless, both of them will be important to us."
Analysts at Melius Research, according to Reuters, said that "the capex increase not only signals confidence in cash flow upside and demand visibility from long-term agreements for products, but also confidence that Foundry customers are coming (for packaging and 14A wafers),"
Zinsner said that the company was raising 2026 CapEx due to strong customer demand signals and added that the vast majority would be spent across its U.S. network.
Earlier this week, Intel announced a partnership with Fortinet (FTNT) to develop Fortinet Security Processor 6, or SP6, to strengthen global supply chain.
"We're also aggressively locking in tool purchase orders from our vendors, accelerating our clean room build-outs and actively securing supply of substrates and memory," said Zinsner on Thursday.
He added that as the company looks back from 2021 through 2026, its total capital spending on tools and space in the U.S. is approaching $100B, significantly higher than any other semiconductor company over that time frame.
Intel Foundry profitability remained negative but improved. The company also noted that progress on its advanced semiconductor manufacturing technology 18A has been "very good."
However, Seeking Alpha analyst Louis Gerard noted that "the Foundry segment is still not really a well-working business as, yes it posted a revenue base of $5.77B, which is up 31% Y/Y but it still posted an operating loss of -$2.09B and with the intersegment eliminations were set to -$5.48B so external foundry revenue only stood at a mere $300MM. And to be fair, the whole bull thesis behind INTC is about 18A external traction which has not been reflected in the earnings."
Meanwhile, Wedbush noted that Intel's CapEx increases were positive for semiconductor capital equipment makers. Analyst Matt Bryson said that Intel, Taiwan Semiconductor Manufacturing (TSM), and Micron Technology (MU) have now all increased spending plans.
Top chip equipment makers include ASML (ASML), Applied Materials (AMAT), Lam Research (LRCX), and KLA (KLAC).
Shares of Intel fell about 2% on Friday.

### [E0226] Wall St Engine | 2026-07-24 13:54 UTC | 盘中
$INTC has erased all of its post-earnings gains and turned red amid nervousness over rising capex.
URL: https://x.com/wallstengine/status/2080652752649375993
$INTC has erased all of its post-earnings gains and turned red amid nervousness over rising capex.

### [E0228] Seeking Alpha | 2026-07-24 13:54 UTC | 盘中
Analysts largely positive after Intel's Q2 results but mull valuation, Foundry business
URL: https://seekingalpha.com/news/4617952-intel-rises-after-q2-beat-but-sa-analysts-highlight-low-expectations-foundry-business?utm_source=feed_news_all&utm_medium=referral&feed_item_type=news
Intel's (INTC) second-quarter results and guidance beat estimates. However, Seeking Alpha analysts highlighted low expectations making the "print look like a home run," and the Foundry segment, which "is still not really a well-working business."
Meanwhile, Wall Street analysts were largely positive about the company but highlighted “rich” valuation and thoughts around data center CPU share.
Shares of Intel (INTC) fell about 3% on Friday.
"Back in early June, I downgraded Intel (INTC) to a sell following Nvidia (NVDA) penetrating the consumer PC processor market with the RTX Spark superchip. Part of what justified my sell at the time was that the stock was overvalued. What I’ve seen since then is the stock reset, dropping about 26% over the past month alone," said Seeking Alpha analyst The Techie. "I think this helped create a setup with low enough expectations that is making this print look like a home run. The results are good, but I’ve seen better results get punished this quarter. I think the market was looking for a positive to price in here, as the guide is better than expected, though the company still printed a sequential decline and soft margin expansion."
For the period ending June 27, Intel earned an adjusted $0.42 per share as revenue jumped 25% year-over-year to come in at $16.13B. The company expects third-quarter revenue to be between $15.8B and $16.8B, with the midpoint of $16.3B well above the $15.06B analysts were anticipating.
"Intel has just posted a relatively strong quarter with revenue coming in at $16.1B, up 25% Y/Y and roughly above 12% of the consensus with non-GAAP EPS of 42 cents nearly doubling the consensus thanks to a surge of 59% in DCAI [Data Center and AI Group]," said Seeking Alpha analyst Louis Gerard.
However, the analyst noted that "the Foundry segment is still not really a well-working business as, yes it posted a revenue base of $5.77B, which is up 31% Y/Y but it still posted an operating loss of -$2.09B and with the intersegment eliminations were set to -$5.48B so external foundry revenue only stood at a mere $300MM. And to be fair, the whole bull thesis behind INTC is about 18A external traction which has not been reflected in the earnings."
Gerard added that the $11B GAAP loss, which is not an impairment but an escrowed-shares derivative as the bridge is a $12.5B mark-to-market charge on shares held in escrow for the Commerce Department under the CHIPS Secure Enclave arrangement.
"Though it does not impact the overall operation it is worth noting that the higher INTC trades, the large the charge will be as the government’s claim appreciates with the equity," Gerard noted.
BofA reiterated its Buy rating and $160 price objective on Intel's stock.
"Intel’s (INTC) Q2 beat/raise earnings call reconfirms the two pillars of our Buy thesis: 1) Equity External manufacturing (foundry) customer discussions have reached a more tangible stage, leading to capex boost (positive semicaps), and 2) INTC's core server CPU business is strongly participating in the ongoing agentic cycle, with data center sales surging 59% YoY, INTC's best growth rate in the past 15 years. We reiterate Buy and continue to view INTC's US-based leading-edge capacity and strong backing by the White House as long-term competitive moats," said analysts led by Vivek Arya.
The analysts noted that risk-wise we must watch for any capital market action to fund the capex, though they noted that Intel has other levers, like non-core asset disposals, plus potential customer prepayments as alternatives.
Arya and his team added that external foundry customers will start their engagements this year and into 2027, with larger revenues more in 2028-30, leading to a few years of high capex and low free cash flow, or FCF.
Needham kept its Hold rating on Intel's stock with no price target.
"Intel reported a beat and raise, as all segments exceeded expectations, led by DCAI despite tight supply," said analysts led by N. Quinn Bolton.
However, the analysts noted that "despite the turnaround underway, we remain Hold rated as we believe Intel is losing share in DC [data center] CPUs, the company is not competitive in Al accelerators and valuation is rich."
Wedbush kept its Neutral rating but increased the price target to $98 from $60.
"Intel handily exceeded prior guidance. And the company's new forecast, despite outpacing prior consensus, also looks extremely beatable given strong underlying conditions (and in particular higher CPU PX). Net, we expect fundamentals to remain positive for the world's largest producer of compute. At the same time, we still struggle to justify Intel's valuation (particularly relative to its peers) and thus remain on the sidelines with regard to the stock," said analyst Matt Bryson.
For AMD (AMD), Intel's results were a positive. Bryson said they expect AMD to be able to better take advantage of lifting average selling prices, or ASPs, and a shift towards higher-margin server products, with the analyst's conversations indicating that over the course of the second quarter, AMD has outperformed Intel in supplying incremental product.
For Memory makers the results were positive too. The analyst noted that more server CPUs require more Registered Dual In-Line Memory Modules, or RDIMMs, and more storage, among other things.
In addition, the results were positive for semiconductor capital equipment makers. Bryson said that Intel, Taiwan Semiconductor Manufacturing (TSM), and Micron Technology (MU) have now all increased spending plans.
Top chip equipment makers include ASML (ASML), Applied Materials (AMAT), Lam Research (LRCX), and KLA (KLAC).
Update: The story was updated with stock price movement.

### [E1066] Intel Newsroom | 2026-07-24 16:46 UTC | 盘中
Intel and Lens Technology Collaborate to Enable Advanced Semiconductor Packaging for the AI Era
URL: https://newsroom.intel.com/new-technologies/intel-and-lens-technology-collaborate-to-enable-advanced-semiconductor-packaging-for-the-ai-era
SANTA CLARA, Calif. & CHANGSHA, China — Intel Corporation and Lens Technology today announced a strategic collaboration focused on enabling new technologies for advanced semiconductor packaging. Through this work, the companies intend to explore opportunities to accelerate the development of glass substrate-based packaging solutions that can help enable higher performance, increased interconnect density, and improved …

The post Intel and Lens Technology Collaborate to Enable Advanced Semiconductor Packaging for the AI Era appeared first on Newsroom .

### [E1074] 新浪财经7x24 | 2026-07-24 16:51 UTC | 盘中
英特尔：达成先进半导体封装技术合作协议，与蓝思科技达成合作协议，合作范围覆盖人工智能个人电脑及服务器相关芯片组件。
URL: https://wap.cj.sina.cn/pc/7x24/5007422
英特尔：达成先进半导体封装技术合作协议，与蓝思科技达成合作协议，合作范围覆盖人工智能个人电脑及服务器相关芯片组件。

### [E1173] Seeking Alpha | 2026-07-24 17:12 UTC | 盘中
Intel signs deal with Lens Tech for advanced semiconductor packaging
URL: https://seekingalpha.com/news/4618297-intel-signs-deal-with-lens-tech-for-advanced-semiconductor-packaging?utm_source=feed_news_all&utm_medium=referral&feed_item_type=news
Intel (INTC) announced on Friday that it has signed a deal with Chinese tech firm Lens Technology for advanced semiconductor packaging.
As part of the strategic collaboration, the two firms will explore glass substrate-based packaging, aimed at high performance, interconnect density, and power efficiency.
Intel will provide semiconductor architecture and advanced packaging, while Lens Tech is contributing the glass materials processing, laser manufacturing, and production.
Terms of the deal were not disclosed.
“Advanced packaging is becoming a critical driver of semiconductor innovation as AI systems continue to push the boundaries of performance, scale, and efficiency,” said Intel CEO Lip-Bu Tan in a statement. “Intel brings deep expertise in semiconductor architecture and advanced packaging technologies, while Lens Technology contributes world-class capabilities in precision glass processing, laser manufacturing, and large-scale production. Together, we have an opportunity to explore new approaches to advanced packaging that can help unlock the next generation of system-level innovation for the AI era.”
“Lens Technology has built its leadership on advanced materials engineering and precision manufacturing, serving some of the world's most demanding technology companies,” June Chau, founder and chairwoman of Lens Technology, added. “By combining Lens Technology's expertise in glass materials, high-precision laser processing, and advanced manufacturing with Intel's leadership in semiconductor design and packaging, we believe we can help accelerate innovation in advanced packaging technologies. This collaboration will support the rapid development of next-generation computing solutions and AI infrastructure for customers around the world.”
The two firms said there could be other future areas of collaboration, including on AI PC components, robotics, data center server thermal solutions, and edge computing.
Intel shares were modestly lower in midday trading on Friday after the semiconductor company reported second-quarter results.

### [E1583] Intel | 2026-07-24 19:30 UTC | 盘中
Intel and Lens Technology are collaborating to explore opportunities to accelerate the development of glass substrate-based packaging solutions that can help enable higher performance, increased interconnect density, and improved power effi
URL: https://x.com/intel/status/2080737471378133371
Intel and Lens Technology are collaborating to explore opportunities to accelerate the development of glass substrate-based packaging solutions that can help enable higher performance, increased interconnect density, and improved power efficiency for future computing platforms.

Learn more:

### [E1937] 华尔街日报 | 2026-07-24 21:02 UTC | 收盘后
Tech, Media & Telecom Roundup: Market Talk
URL: https://www.wsj.com/business/tech-media-telecom-roundup-market-talk-82413d91
The latest Market Talks covering Technology, Media and Telecom. Published exclusively on Dow Jones Newswires at 4:20 ET, 12:20 ET and 16:50 ET.

0814 GMT – Chinese social-media company Newborn Town could face some short-term headwinds, Citi analysts say in a research note. They highlight the company’s first-half revenue guidance, which triggered a 6% drop in the share price the following day. With revenue from social networking 3% below Citi’s estimate for 1H, the analysts think the market may demand more evidence on the monthly active user trend for key social-networking products, as well as updates on new product releases for the social-networking business. “Additional concerns over visibility for short-drama monetization and AI investment target may drive near-term stock-price volatility,” they say. Citi keeps a buy rating but lowers the target price to HK$13.00 from HK$16.00 given the sector’s derating. Shares fall an additional 5.8% to HK$8.18. (tracy.qu@wsj.com)

0658 GMT – SAP’s miss on earnings before interest and taxes and on-year margin compression are unpleasant surprises, J.P. Morgan analysts say in a research note. The German business-software company said its second-quarter margin was abnormal due to cost pressures and cost containment measures that are now in place, J.P Morgan says. However, “full-year EBIT guidance does require second-half EBIT growth to re-accelerate from the second-quarter level,” the analysts say. (nina.kienle@wsj.com)

0411 GMT – Intel’s planned capacity expansion should benefit chip tester AEM’s earnings, DBS analyst Amanda Tan says in a note. Intel raised its 2026 capex to over US$20 billion from US$18 billion after its 2Q results. Although front-end manufacturing will account for the bulk of investment given the higher cost of wafer fabs, Intel also expects to expand backend capacity, which flows through to AEM, which counts Intel as a major customer, the analyst says. Meanwhile, DBS thinks Intel’s comments is a positive signal for the broader semiconductor industry. AEM’s other customers could experience similarly robust AI-driven demand. AEM’s shares are last down 0.9% lower at S$8.79. (sherry.qin@wsj.com)

Intel joins Google parent Alphabet in lifting its capital expenditures outlook for the year, highlighting the heavy costs of the artificial-intelligence infrastructure buildout that have got Wall Street worried. The company said it now expects more than $20 billion in capital expenditures this year, “up significantly versus our expectations entering the year,” CFO David Zinsner says on a call with analysts. Intel is also expecting 2027 capital expenditures to be even higher as it rushes to meet customer demand, Zinsner says. Shares of Intel rallied shortly after the bell on a strong 2Q beat, but are now down to more modest gains, up 2.2%. (elias.schisgall@wsj.com)

Intel should be a beneficiary of the supply crunch in components used to power artificial-intelligence infrastructure, CEO Lip-Bu Tan tells analysts on a Thursday call. The industry “is facing one of the most severe supply constraints in its history across leading edge logic, silicon wafers, memory, and subscripts. These shortages will persist for the foreseeable future,” he says. “Intel is well positioned to benefit from this strong sustained demand.” Intel plans to ramp its investments to support what looks to be an improving demand outlook, Tan says. Intel shares are up 1.7%, paring back gains from an after-hours rally after the company posted second-quarter results well above Wall Street expectations. (elias.schisgall@wsj.com)

2033 GMT – Intel shares are rallying more than 10% after-hours, driven by a blowout beat in the second quarter. Adjusted per-share earnings were 42 cents, nearly double Wall Street’s expectations of 22 cents, according to FactSet. Revenue rose 25% to $16.1 billion vs. a consensus estimate of $14.43 billion. The strength from Intel, which it attributed to robust AI compute demand, follows a tough day for Wall Street’s tech investors: the Nasdaq closed Thursday down 2.2%, driven by worries about AI spending projections from Tesla and Google parent Alphabet. (elias.schisgall@wsj.com)

1907 GMT – IBM’s full-year guidance was better than expected even after the company’s troubling profit warning last week, JPMorgan analysts say in a note. Bright spots included Big Blue maintaining its FY26 free cash flow growth outlook of $1 billion and management’s conviction that missed deals in 2Q were slipped deals rather than lost deals, the analysts say. But the numbers and conviction may not be enough—IBM needs to execute to build investor confidence in the outlook, the analysts say. “We remain overweight rated as we think the current stock price reflects a more dire outlook many likely assumed after the preannouncement, but expect investors will need to see evidence of better execution before underwriting a meaningful recovery.” IBM is up 0.2%.(elias.schisgall@wsj.com)

1746 GMT – ServiceNow’s 2Q print builds confidence in the company’s ability to differentiate itself from legacy software peers seen at risk of artificial-intelligence displacement, Stifel analysts say in a note. “Net/net, after two pedestrian quarters, NOW appears positioned to distance itself from the incumbent application pack, although it likely takes few more strong quarters to drive a meaningful re-rate,” the analysts say. ServiceNow reported AI demand ahead of Stifel’s expectations, as well as a beat on subscription revenue growth. ServiceNow slips 1.8%. (elias.schisgall@wsj.com)

1728 GMT – Tesla’s heavy investments likely won’t bear fruit until further down the road than UBS previously forecast, analysts say in a note. Tesla’s management struck a “somewhat cautious” tone on its robotaxi business and Optimus robot during the call, likely trying to dampen investors’ near-term expectations while still talking up the long-term opportunity, the analysts say. Tesla has ambitious goals with robotaxi, but it needs to be careful with scaling it up given concerns over safety, while Optimus will be tough to scale since it has no existing supply chain, the analysts say. “For the stock to meaningfully accelerate to the upside, the company will likely need to begin to show more tangible progress on these initiatives,” they say, reiterating their neutral rating and lowering their price target to $385 from $442. Tesla sinks 14% to $322.37. (kelly.cloonan@wsj.com)

1714 GMT – Gen Z investors still see cryptocurrency as an important ingredient for building their portfolios, according to research from Cex.io. Despite AI stocks taking the role that cryptocurrency has occupied in recent years—a high-risk source for exponential growth— cryptocurrency hasn’t been forgotten. Respondents to a survey conducted by Cex.io says that 44% expect crypto to be “one of the main ways they build wealth over the next five years,” while another 46% believe it will at least play a role. “The results suggest Gen Z sees crypto less as a short-term speculation and more as part of a broader effort to gain financial autonomy,” says Cex.io in its note. The firm also says that 54% of respondents said that “feeling financially behind” drives their crypto investment choices. (kirk.maltais@wsj.com)

1551 GMT – Investors have fewer reasons to celebrate Alphabet’s 2Q earnings, UBS analysts say in a research note. The Google parent’s search and cloud businesses performed roughly in line with Wall Street estimates this quarter, compared with better-than-expected results in 1Q. And the company stepped up its annual CapEx outlook, and showed no signs of slowing spending in the year to come. “In fact, we worry that CapEx for 2027 might climb further from here out, as input costs rise and Google continues to invest in frontier model training,” the analysts say, noting that continually higher spending could weigh on earnings growth. Given the higher likelihood of a downward EPS revision, UBS says it now favors Amazon over Alphabet.(connor.hart@wsj.com)

1550 GMT – Google-parent Alphabet is working through a near-term margin drag, as capital expenditures remain high and certain parts of the business remain undermonetized, Oppenheimer analysts say in a research note. Established parts of the enterprise are offsetting most of the trouble, with YouTube, search and advertising all performing in line with expectations, or better than expected, the analysts write. Meanwhile, those currently undermonetized areas, such as artificial-intelligence queries, create a future margin opportunity, they add. Alphabet’s AI platform, Gemini enterprise, is used by about 90% of Fortune 500 companies, the analysts note, making the company one of the best long-term AI plays.(connor.hart@wsj.com)

### [E1938] 华尔街日报 | 2026-07-24 21:02 UTC | 收盘后
Tech, Media & Telecom Roundup: Market Talk
URL: https://www.wsj.com/business/tech-media-telecom-roundup-market-talk-82413d91
The latest Market Talks covering Technology, Media and Telecom. Published exclusively on Dow Jones Newswires at 4:20 ET, 12:20 ET and 16:50 ET.

0814 GMT – Chinese social-media company Newborn Town could face some short-term headwinds, Citi analysts say in a research note. They highlight the company’s first-half revenue guidance, which triggered a 6% drop in the share price the following day. With revenue from social networking 3% below Citi’s estimate for 1H, the analysts think the market may demand more evidence on the monthly active user trend for key social-networking products, as well as updates on new product releases for the social-networking business. “Additional concerns over visibility for short-drama monetization and AI investment target may drive near-term stock-price volatility,” they say. Citi keeps a buy rating but lowers the target price to HK$13.00 from HK$16.00 given the sector’s derating. Shares fall an additional 5.8% to HK$8.18. (tracy.qu@wsj.com)

0658 GMT – SAP’s miss on earnings before interest and taxes and on-year margin compression are unpleasant surprises, J.P. Morgan analysts say in a research note. The German business-software company said its second-quarter margin was abnormal due to cost pressures and cost containment measures that are now in place, J.P Morgan says. However, “full-year EBIT guidance does require second-half EBIT growth to re-accelerate from the second-quarter level,” the analysts say. (nina.kienle@wsj.com)

0411 GMT – Intel’s planned capacity expansion should benefit chip tester AEM’s earnings, DBS analyst Amanda Tan says in a note. Intel raised its 2026 capex to over US$20 billion from US$18 billion after its 2Q results. Although front-end manufacturing will account for the bulk of investment given the higher cost of wafer fabs, Intel also expects to expand backend capacity, which flows through to AEM, which counts Intel as a major customer, the analyst says. Meanwhile, DBS thinks Intel’s comments is a positive signal for the broader semiconductor industry. AEM’s other customers could experience similarly robust AI-driven demand. AEM’s shares are last down 0.9% lower at S$8.79. (sherry.qin@wsj.com)

Intel joins Google parent Alphabet in lifting its capital expenditures outlook for the year, highlighting the heavy costs of the artificial-intelligence infrastructure buildout that have got Wall Street worried. The company said it now expects more than $20 billion in capital expenditures this year, “up significantly versus our expectations entering the year,” CFO David Zinsner says on a call with analysts. Intel is also expecting 2027 capital expenditures to be even higher as it rushes to meet customer demand, Zinsner says. Shares of Intel rallied shortly after the bell on a strong 2Q beat, but are now down to more modest gains, up 2.2%. (elias.schisgall@wsj.com)

Intel should be a beneficiary of the supply crunch in components used to power artificial-intelligence infrastructure, CEO Lip-Bu Tan tells analysts on a Thursday call. The industry “is facing one of the most severe supply constraints in its history across leading edge logic, silicon wafers, memory, and subscripts. These shortages will persist for the foreseeable future,” he says. “Intel is well positioned to benefit from this strong sustained demand.” Intel plans to ramp its investments to support what looks to be an improving demand outlook, Tan says. Intel shares are up 1.7%, paring back gains from an after-hours rally after the company posted second-quarter results well above Wall Street expectations. (elias.schisgall@wsj.com)

2033 GMT – Intel shares are rallying more than 10% after-hours, driven by a blowout beat in the second quarter. Adjusted per-share earnings were 42 cents, nearly double Wall Street’s expectations of 22 cents, according to FactSet. Revenue rose 25% to $16.1 billion vs. a consensus estimate of $14.43 billion. The strength from Intel, which it attributed to robust AI compute demand, follows a tough day for Wall Street’s tech investors: the Nasdaq closed Thursday down 2.2%, driven by worries about AI spending projections from Tesla and Google parent Alphabet. (elias.schisgall@wsj.com)

1907 GMT – IBM’s full-year guidance was better than expected even after the company’s troubling profit warning last week, JPMorgan analysts say in a note. Bright spots included Big Blue maintaining its FY26 free cash flow growth outlook of $1 billion and management’s conviction that missed deals in 2Q were slipped deals rather than lost deals, the analysts say. But the numbers and conviction may not be enough—IBM needs to execute to build investor confidence in the outlook, the analysts say. “We remain overweight rated as we think the current stock price reflects a more dire outlook many likely assumed after the preannouncement, but expect investors will need to see evidence of better execution before underwriting a meaningful recovery.” IBM is up 0.2%.(elias.schisgall@wsj.com)

1746 GMT – ServiceNow’s 2Q print builds confidence in the company’s ability to differentiate itself from legacy software peers seen at risk of artificial-intelligence displacement, Stifel analysts say in a note. “Net/net, after two pedestrian quarters, NOW appears positioned to distance itself from the incumbent application pack, although it likely takes few more strong quarters to drive a meaningful re-rate,” the analysts say. ServiceNow reported AI demand ahead of Stifel’s expectations, as well as a beat on subscription revenue growth. ServiceNow slips 1.8%. (elias.schisgall@wsj.com)

1728 GMT – Tesla’s heavy investments likely won’t bear fruit until further down the road than UBS previously forecast, analysts say in a note. Tesla’s management struck a “somewhat cautious” tone on its robotaxi business and Optimus robot during the call, likely trying to dampen investors’ near-term expectations while still talking up the long-term opportunity, the analysts say. Tesla has ambitious goals with robotaxi, but it needs to be careful with scaling it up given concerns over safety, while Optimus will be tough to scale since it has no existing supply chain, the analysts say. “For the stock to meaningfully accelerate to the upside, the company will likely need to begin to show more tangible progress on these initiatives,” they say, reiterating their neutral rating and lowering their price target to $385 from $442. Tesla sinks 14% to $322.37. (kelly.cloonan@wsj.com)

1714 GMT – Gen Z investors still see cryptocurrency as an important ingredient for building their portfolios, according to research from Cex.io. Despite AI stocks taking the role that cryptocurrency has occupied in recent years—a high-risk source for exponential growth— cryptocurrency hasn’t been forgotten. Respondents to a survey conducted by Cex.io says that 44% expect crypto to be “one of the main ways they build wealth over the next five years,” while another 46% believe it will at least play a role. “The results suggest Gen Z sees crypto less as a short-term speculation and more as part of a broader effort to gain financial autonomy,” says Cex.io in its note. The firm also says that 54% of respondents said that “feeling financially behind” drives their crypto investment choices. (kirk.maltais@wsj.com)

1551 GMT – Investors have fewer reasons to celebrate Alphabet’s 2Q earnings, UBS analysts say in a research note. The Google parent’s search and cloud businesses performed roughly in line with Wall Street estimates this quarter, compared with better-than-expected results in 1Q. And the company stepped up its annual CapEx outlook, and showed no signs of slowing spending in the year to come. “In fact, we worry that CapEx for 2027 might climb further from here out, as input costs rise and Google continues to invest in frontier model training,” the analysts say, noting that continually higher spending could weigh on earnings growth. Given the higher likelihood of a downward EPS revision, UBS says it now favors Amazon over Alphabet.(connor.hart@wsj.com)

1550 GMT – Google-parent Alphabet is working through a near-term margin drag, as capital expenditures remain high and certain parts of the business remain undermonetized, Oppenheimer analysts say in a research note. Established parts of the enterprise are offsetting most of the trouble, with YouTube, search and advertising all performing in line with expectations, or better than expected, the analysts write. Meanwhile, those currently undermonetized areas, such as artificial-intelligence queries, create a future margin opportunity, they add. Alphabet’s AI platform, Gemini enterprise, is used by about 90% of Fortune 500 companies, the analysts note, making the company one of the best long-term AI plays.(connor.hart@wsj.com)

### [E1538] 财联社电报 | 2026-07-24 19:11 UTC | 盘中
费城半导体指数跌5%
URL: https://www.cls.cn/detail/2436848
【费城半导体指数跌5%】财联社7月25日电，费城半导体指数跌5%，报11727.15点。英伟达股价下跌1.75%，台积电股价下跌3.29%，博通股价下跌3.44%，美光科技股价下跌8.44%，超威半导体股价下跌3.58%，英特尔股价下跌7.64%，ARM股价下跌7.86%，闪迪股价下跌12.19%。

### [E1547] 华尔街见闻快讯 | 2026-07-24 19:14 UTC | 盘中
费城半导体指数跌5%，美光科技跌超8%，英特尔跌超7%，高通跌超3%。
URL: https://wallstreetcn.com/livenews/3139620
费城半导体指数跌5%，美光科技跌超8%，英特尔跌超7%，高通跌超3%。

## 研究交付要求

这是一条已经从整场材料语义拆出的独立催化，不要重新把它压回大盘总评。核实美股异动原因和传播时序；用结构化供应链、内部 KB 与公司披露坐实每个亚洲候选；逐腿查真实行情和本地市场 price-in；候选不成立也要逐条给出有证据的 AVOID。