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The US has embarked on an ambitious and expensive project: rebooting a domestic manufacturing industry for leading-edge chips. A downturn in demand ratchets up the pressure.
美國已經啓動了一項雄心勃勃、耗資巨大的項目：重啓國內製造業，生產尖端晶片。需求下滑加劇了壓力。
Intel imagines the push will help it regain global dominance. It would not be the first time the hopes of the US chip giant have exceeded its prospects.
英特爾(Intel)認爲，這一舉措將幫助其重新獲得全球主導地位。這不是這家美國晶片巨擘第一次被賦予超出前景的期望。
The US Chips Act puts more than $52bn up for grabs via a mishmash of loans, guarantees for third parties and direct funding. Money will arrive in the coming months.
《美國晶片法》(US Chips Act)透過貸款、對第三方的擔保和直接融資等多種形式，提供了超過520億美元的資金。資金將在未來幾個月到達。
Intel is expected to be one of the biggest beneficiaries. But semiconductor companies jostling for funds are aiming at a moving target. The US government has introduced extra conditions, including childcare provision and limiting investment in Chinese entities. Funds cannot be spent on buybacks and dividends. Some projects will need to share profits.
英特爾有望成爲最大的受益者之一。但爭奪資金的半導體公司瞄準的是一個不斷變化的目標。美國政府還出臺了額外條件，包括提供兒童保育和限制對中國實體的投資。資金不能用於回購和分紅。一些項目需要分享利潤。
Intel can find ways to tick those boxes. It helps that the US wants projects that contribute to America’s national security and reduce dependence on chips made in Taiwan. Unlike rival AMD, Intel designs and makes chips.
英特爾可以找到解決這些問題的方法。美國希望獲得有助於美國國家安全的項目，並減少對臺灣製造的晶片的依賴，這是有幫助的。與競爭對手AMD不同，英特爾不僅設計、還能製造晶片。
Yet Intel’s stock is down 24 per cent since the Chips Act was signed into law last August. Falling demand for semiconductors is only one reason for this. The share price of rival AMD is down 15 per cent over the same period.
然而，自去年8月《晶片法案》簽署成爲法律以來，英特爾股價已下跌24%。半導體需求下降只是原因之一。競爭對手AMD的股價同期下跌了15%。
Intel has a large, cumbersome corporate structure, reflecting its range of legacy businesses. It does not produce leading-edge chips. Last year, revenue fell by a fifth. It is expected to drop by the same amount this year. Net income margin has halved.
英特爾的公司結構龐大而繁瑣，反映出它的傳統業務範圍廣大。它不生產尖端晶片。去年，收入下降了五分之一。預計今年也會有同樣幅度的下降。淨利潤率已經減半。
The company is, meanwhile, increasing capital spending to pay for new factories and designs. The figure is expected to climb from about 20 per cent of sales five years ago to the “low 30s” this year. Last month, Intel cut its dividend by two-thirds.
與此同時，該公司正在增加資本支出，以支付新工廠和新設計的費用。預計今年這一比例將從5年前的20%左右升至「30%左右」。上月，英特爾將股息削減了三分之二。
AMD’s net income margin has also fallen. Semiconductor demand is readjusting following high spending during the pandemic. But AMD has less onerous capex obligations. Its new Ryzen chips boast artificial intelligence capabilities. Margins are forecast to return to 21 per cent this year.
AMD的淨利潤率也有所下降。在疫情期間的高支出之後，半導體需求正在重新調整。但AMD沒有那麼繁重的資本支出義務。其新款Ryzen晶片擁有人工智慧功能。預計今年利潤率將恢復到21%。
Subsidies have a tendency to reduce competitiveness rather than increase it. They could simply reduce pressure on Intel to improve its performance. If money was essential for a turnround, it should have started 10 years ago, when Intel was sitting on more cash than its rivals.
補貼傾向於降低而不是提高競爭力。這些資金可以簡單地減輕英特爾提高業績的壓力。如果資金是扭轉局面的關鍵，那麼早在10年前就應該開始了，當時英特爾坐擁比競爭對手更多的現金。
