Nvidia’s purchase of a $5bn stake in Intel is not a good investment. That’s not a reflection of Intel per se. It’s perfectly possible that the US chipmaker’s shares, currently just half of their peak, could perform marvellously in the coming years. But listed businesses taking small stakes in each other is almost always a poor use of shareholders’ capital.
英偉達(Nvidia)斥資50億美元入股英特爾(Intel)并非一筆明智的投資。這并不是對英特爾本身的否定。作為一家美國芯片制造商,英特爾的股價目前只有峰值的一半,未來幾年完全可能表現亮眼。但上市公司彼此持有小額股權,幾乎總是對股東資本的低效使用。
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