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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.
美国已经启动了一项雄心勃勃、耗资巨大的项目：重启国内制造业，生产尖端芯片。需求下滑加剧了压力。
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.
英特尔(Intel)认为，这一举措将帮助其重新获得全球主导地位。这不是这家美国芯片巨头第一次被赋予超出前景的期望。
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.
《美国芯片法》(US Chips Act)通过贷款、对第三方的担保和直接融资等多种形式，提供了超过520亿美元的资金。资金将在未来几个月到达。
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.
英特尔有望成为最大的受益者之一。但争夺资金的半导体公司瞄准的是一个不断变化的目标。美国政府还出台了额外条件，包括提供儿童保育和限制对中国实体的投资。资金不能用于回购和分红。一些项目需要分享利润。
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.
英特尔可以找到解决这些问题的方法。美国希望获得有助于美国国家安全的项目，并减少对台湾制造的芯片的依赖，这是有帮助的。与竞争对手AMD不同，英特尔不仅设计、还能制造芯片。
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《芯片法案》签署成为法律以来，英特尔股价已下跌24%。半导体需求下降只是原因之一。竞争对手AMD的股价同期下跌了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.
英特尔的公司结构庞大而繁琐，反映出它的传统业务范围广大。它不生产尖端芯片。去年，收入下降了五分之一。预计今年也会有同样幅度的下降。净利润率已经减半。
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.
与此同时，该公司正在增加资本支出，以支付新工厂和新设计的费用。预计今年这一比例将从5年前的20%左右升至“30%左右”。上月，英特尔将股息削减了三分之二。
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的净利润率也有所下降。在疫情期间的高支出之后，半导体需求正在重新调整。但AMD没有那么繁重的资本支出义务。其新款Ryzen芯片拥有人工智能功能。预计今年利润率将恢复到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.
补贴倾向于降低而不是提高竞争力。这些资金可以简单地减轻英特尔提高业绩的压力。如果资金是扭转局面的关键，那么早在10年前就应该开始了，当时英特尔坐拥比竞争对手更多的现金。