华尔街新闻综述：政府从英伟达抽成15%，英特尔的糟糕一年与Yieldstreet的困境

我是妮可·拉平，唯一一个无需金融词典也能让你听懂的财经专家。现在是时候来场财务康复了。让我们盘点华尔街最重大的事件，看看它们将如何影响你和你的钱包。如你所知，我从事财经报道已有万年之久（笑）。18岁在芝加哥商品交易所开启职业生涯的我，早已习惯研读那些晦涩难懂的文档。

I'm Nicole Lapin, the only financial expert you don't need a dictionary to understand. It's time for some money rehab. It is time for a roundup of the biggest stories on Wall Street and how they're gonna affect you and your wallet. As you know, I have been a financial reporter for ten thousand years now. I started my career when I was 18 on the floor of the Chicago Merc, so I am used to having to go through dense, dense documents.

本周英伟达让我重温的不是财报，而是宪法——具体来说是第一条第九款第五项。需要温习的话，条款写道：'各州出口货物不得课税'。简而言之这就是'出口条款'，实际比字面意思直白得多：美国政府对本土设计或生产后销往海外的产品无权征税。事实上这条款明确到相关诉讼只涉及海运保险费这类超细分产品。

This week, NVIDIA has me brushing up, not on earnings reports, but on the constitution, specifically article one section nine clause five. If you need a refresher yourself on that one, it reads, no tax or duty shall be laid on articles exported from any state. Now the TLDR is that this is known as the export clause, and it's way more straightforward than it sounds. If you have a domestically designed or produced product and you sell it internationally, the United States government cannot tax it. It is so straightforward in fact that the only legal cases about it have to do with really hyper specific products like maritime insurance premiums.

我知道，精彩极了是吧？那这个早已尘埃落定的条款为何突然重回头条？又与英伟达和AMD有何关联？这两家公司生产的半导体——包括驱动人工智能的高端芯片——

I know. Very exciting stuff here. So why the heck is this long settled clause suddenly back in the headlines? And what does it have to do with NVIDIA and AMD? Both companies manufacture semiconductors, including the highly sophisticated chips that power artificial intelligence.

英伟达自不必说，AMD（超威半导体）也因AI热潮股价飙升。AMD五年涨幅99%已相当惊人，虽不及英伟达1300%的夸张涨幅——但毕竟那是英伟达。它们的芯片支撑着从抖音滤镜到潜在武器系统的所有领域。

NVIDIA is NVIDIA. AMD or advanced micro devices is a player that has also seen a serious lift from the AI boom. AMD stock is up 99% over the last five years, which is seriously impressive, although not quite as impressive as NVIDIA, which is up 1300% over the last five years. But again, NVIDIA is NVIDIA. The chips NVIDIA and AMD make power everything from TikTok filters to potential weapon systems.

把这些芯片想象成数字时代的电力。2022年拜登政府禁止美国企业在未经许可情况下向中俄出口特定半导体——高级图形处理器（GPU）。理由是放任这些公司发展AI可能引发重大安全风险：监控系统、武器研发等等。当时只是限制出口，并未涉及税收。

Think of these chips like the electricity of the digital age. In 2022, the Biden administration banned American companies from exporting a specific type of semiconductor called advanced graphic processing units or GPUs to China and Russia without specific authorization. The rationale behind this was letting those companies supercharge their AI could create massive security risks. Surveillance, weapon systems, you name it. Now there weren't taxes involved, just restrictions.

美企只能销售符合监管的阉割版芯片。这对利润堪称重击：仅英伟达在禁令生效前季度对华销售额就达4亿美元。两家公司被迫重新设计合规芯片，结果特朗普政府在四月连这类销售也全面叫停。

US firms could only sell watered down versions of their chips that passed regulatory muster. Still, that was a gut punch to the bottom line. NVIDIA alone had reported $400,000,000 in sales in China the quarter before the rule kicked in. Both NVIDIA and AMD went back to the drawing board, designing chips that complied with the law but still had a market in China. Then in April, the Trump administration slammed the brakes and blocked even those sales.

英伟达因此积压了55亿美元芯片库存。此后两家公司全力游说对华出口许可，最终通过非常规方式破局：它们以15%在华高端芯片销售额分成作为交换条件。分析师预估这些许可价值约20亿美元。

NVIDIA was left with $5,500,000,000 worth of chips just gathering dust in storage because of that. Since then, both companies have been lobbying hard for licenses to get back into China, and relief has finally come through a very un DC way. Instead of legislation, NVIDIA and AMD struck a deal. In exchange for licenses, they'll give the US government 15% of revenue from advanced chip sales in China. Analysts estimate that those licenses could be worth around $2,000,000,000.

要知道美国政府日均支出180亿美元，但华盛顿现在对削减国债极其狂热，每一分钱都珍贵。不过这里存在宪法争议：这15%算税收吗？若是，则违反出口条款——因海外销售的本土产品不可征税。

For context here, the US government spends about $18,000,000,000 a day, but Washington is very, very hyped on chipping away at the national debt. So every billion helps. Anyway, there is a constitutional wrinkle here. Is this 15% a tax or a duty? If so, it's unconstitutional under the export clause because you can't tax domestic products sold overseas.

别以为芯片海外生产就能规避——只要技术源自美国就受出口管制约束。既然不是税，那这笔钱算什么？许可费？专利费？政治白条？通常该由法院裁定，但刚拿到'中国入场券'的两家公司绝不可能起诉。

And I know what you're thinking here, but no. Even if NVIDIA makes the chips overseas, US export rules still apply because the technology was designed in America. So if it's not a tax, what is it exactly? A fee, a royalty, a political IOU? Normally, the courts would hash this out, but NVIDIA and AMD aren't about to sue.

这引发更深层质疑：若先前出于安全考虑，为何金钱介入就放行？如何确保执行？要知道芯片走私已是全球性产业。

They finally got their golden ticket back into China, and they are not risking it. Still, it raises big questions. If it was a security concern before, why is it suddenly fine once money is involved? And how do you even enforce this? Chip smuggling is already a thriving global business.

顺便说一句，我完全支持美国政府增加收入的各种方式，但对这个计划持保留态度。英伟达占整个标普500指数的7%以上，这意味着它在美国股市整体中举足轻重。不过，这不仅对市场意义重大，对我国经济也至关重要。以美国GDP占比计算，英伟达4万亿美元的估值大约占13%。

I am all in, by the way, for introducing ways for the US government to make more money, but I am not sold on this plan. NVIDIA represents more than 7% of the entire S and P 500 index, which means that it carries a lot of weight within The US stock market as a whole. It's not just a big deal for the markets, though. It's a big deal for our economy. As a share of US GDP, NVIDIA's $4,000,000,000,000 valuation represents roughly 13%.

因此，如果中国能超越英伟达的竞争优势，其股价将下跌，这对美国投资者来说将是个问题。所以我们要密切关注此事。既然谈到芯片，接下来我要说说街头的另一个大新闻——英特尔。可怜啊，可怜的英特尔。

So if China can outpace NVIDIA's competitive edge, the stock price will fall, and that will be problematic for US investors. So let's keep a close eye on this one. While we're on the subject of chips, though, let's talk about my next big story on the street. Intel. Poor, poor Intel.

英特尔最近表现不佳。一方面，软银刚宣布向英特尔投资20亿美元，消息一出股价上涨6%。好耶。但与其它芯片制造商不同，英特尔在高端AI竞赛中确实举步维艰。去年其股价暴跌60%。

Intel is not doing so great. On one hand, SoftBank just announced a $2,000,000,000 investment in Intel, and the stock rose 6% on the news. Yay. But unlike its chip making counterparts, Intel has really been struggling to break into the high end AI race. Shares lost 60% of their value last year.

最近，英特尔CEO陈立武表示，引用原话'在AI竞赛中追赶为时已晚'，他认为英特尔已不在半导体公司前十之列。哎哟，这可是你自己公司啊兄弟。结果特朗普总统在Truth Social上公开抨击陈立武，称其存在严重利益冲突，并要求他辞职，指出陈在中国有大量投资，部分涉及军事项目。公司慌了神，随即安排了与总统的面对面会晤——此前我们刚获悉政府可能将给英特尔的现有拨款转换为价值100亿美元的股权，约占公司10%股份。

Recently, Intel's CEO, Lip Bu Tan, said it's, quote, too late to catch up in the AI race, and he doesn't consider Intel to be one of the top 10 semiconductor firms. Ouch. That's your own company, bro. Anyway, as a result, president Trump publicly slammed Tan on Truth Social, calling him highly conflicted and demanding that he resign, pointing to Tan's heavy investments in China, some tied to military projects. The company panicked and arranged a face to face meeting with the president shortly after we learned that the administration might convert existing grants to Intel into $10,000,000,000 worth of equity shares, which comes out to about 10% of the company.

这些拨款来自《芯片与科学法案》，这项旨在让半导体制造业回流美国的大规模支出法案于2022年拜登任内通过。该法案源于美国对过度依赖亚洲（特别是台湾和韩国）获取先进芯片的担忧。根据《芯片法案》，政府预留了390亿美元拨款给芯片制造商。这些不是贷款，政府也不指望偿还，而是用于补贴在美国建厂所需的巨额前期成本。

These grants came from the Chips and Science Act, a big spending bill designed to bring more semiconductor manufacturing back to The US, which passed in 2022 under Biden. This act sprung from The US's concern about relying too heavily on Asia, especially Taiwan and South Korea for advanced chips. In the CHIPS Act, the government set aside $39,000,000,000 in grants for chipmakers. These were not loans, and the government did not expect to get paid back. Instead, they were subsidies meant to cover the huge upfront cost of building factories in America.

英特尔、台积电、三星、美光、英伟达和格芯等巨头都分得了一杯羹。但英特尔是最大赢家，总计获得约109亿美元——其中79亿用于美国工厂建设，30亿用于国防相关制造。拜登政府最初将其设计为无偿拨款，而特朗普政府通过商务部长霍华德·卢特尼克表示：既然纳税人买单，纳税人就该获得回报。因此政府可能要求英特尔向华盛顿提供公司股票，而非直接拿走109亿美元补贴。

Big players like Intel, TSMC, Samsung, Micron, NVIDIA, and GlobalFoundries all got a slice. Intel was the single largest recipient, though, about $10,900,000,000 total, 7,900,000,000.0 for US plants, and 3,000,000,000 for defense related manufacturing. The Biden administration originally structured this as free money, aka grants. The Trump administration, through commerce secretary Howard Lutnick, is now saying if taxpayers are footing the bill, taxpayers should get something back. So instead of Intel just pocketing $10,900,000,000 as a subsidy, the government may require Intel to give Washington stock in the company.

这将使政府成为有权获得分红、股价上涨收益的股东，根据股份类型可能还有投票权（尽管特朗普官员目前表示不设投票权）。此举会影响投资者，因为几乎必然稀释现有股东权益。具体来说：若英特尔需向华盛顿交付价值100亿美元的股票，除非从市场回购（可能性较低），否则必须增发新股移交政府。

That makes the government a shareholder entitled to dividends, gains if the stock price rises, and potentially voting rights depending on the share type. Although so far, Trump officials are saying that they wouldn't have voting rights. This would impact investors because it almost certainly would dilute existing shareholders. Here's what I mean. If Intel has to give Washington $10,000,000,000 worth of stock, it would need to create and then hand over the shares to the government unless it buys back shares from the market, which is less likely.

这不会直接剥夺投资者的股票，但会略微降低其持股价值。用最简单的方式理解：假设你我共同创业，公司只发行两股，各持一股即各占50%股权。

It won't mean that investors will get stock taken away from them, but it would mean that their stock would become slightly less valuable. Here's the simplest way to think about this concept. Say you and I start a company together and our company issues just two shares. We each get one, and therefore, we own 50% of the company. Right?

若引入第三位联合创始人并增发新股，你我持股数不变，但股权比例降至33%（总股本从2股增至3股）。这就是英特尔增发会稀释现有股东权益的原理——只不过英特尔当前流通股约43亿股。即便如此，按数据测算预计将造成约7%的股权稀释。部分投资者可能乐见政府兜底，

If we hire a third cofounder and issue a new share for them, you and I both still have one share, but now we only have 33% of the company because now the total shares outstanding have gone from two to three. This is why adding shares to Intel would dilute ownership for existing shareholders. But instead of my made up example where there are only three shares, Intel has about 4,300,000,000.0 shares outstanding. But even so, when you look at Intel's numbers, that's an expected drop of about 7%. Some investors might like the government backstop.

也有人担忧政治资本渗入私营企业。需指出的是：当竞争对手（如英伟达）因蛋糕足够大而主动让渡利润时，你只能拿挣扎求存的公司股权来交易，这实在不太体面。最后关注Yieldstreet——这家概念很酷的公司主打"投资民主化"，让普通人也能参与房地产、艺术品、私募股权等原属超级富豪的资产类别，理念看似很棒。

Others worry about political ownership creeping into private companies. I will say it's not a good look, though, when your competitors, aka Nvidia, are offering the government a slice of their profits because the pie is just so, so large, and all you can do is put some ownership of your struggling company on the table. Finally, let's check-in with Yieldstreet, a company that conceptually was very cool. Yieldstreet's big pitch was democratizing access to asset classes once reserved for the ultra rich, like real estate, art, private equity. Sounds like a great idea.

对吧？遗憾的是，执行情况并不理想。据CNBC报道，投资者向30个不同的房地产项目投入了超过3.7亿美元。其中四个已经破产，还有23个摇摇欲坠地挂在观察名单上。仅过去一年，投资者就确认了7800万美元的违约。

Right? Unfortunately, the execution has not been ideal. According to CNBC, investors put over $370,000,000 into 30 different real estate deals. Of those, four have already gone bust, and 23 more are teetering on a watch list. Over the past year alone, investors recognized $78,000,000 in defaults.

Yieldstreet还关闭了其房地产投资信托基金，该领域的年回报率从2023年的9.4%暴跌至如今的仅2%。公司将原因归咎于利率和不利的市场反应，这确实有一定道理。但我也必须实话实说，这些资产类别之所以与富人挂钩，很大程度上是因为富人承担得起亏损——这类投资本就风险极高。

Yield street has also shut down its real estate investment trust, and returns in that sector have cratered from 9.4% annually in 2023 to just 2% today. The company blames interest rates and adverse market reactions, and there is some truth to that. Also, I have to call it like it is. One big reason these asset classes are associated with rich people is because rich people can afford to lose money. These asset classes are risky.

30个房地产项目中有4个失败并不罕见，这本应是Yieldstreet需要明确强调的风险。但他们没有做到。公司对亏损情况也始终含糊其辞，在减少向现有投资者发送更新简报的同时，却不断向他们募集新一轮资金。

Four out of 30 real estate deals going belly up is not unheard of. And that's what Yieldstreet should have made abundantly clear. But they haven't. The company has also not been upfront about the losses. They've sent out fewer updates to current investors while simultaneously hitting them up for new funding rounds.

某些文件甚至刻意淡化了问题的严重性——这才是最令人痛心的。另类投资本就风险重重，但当信任崩塌时，伤害会加倍深刻。Yieldstreet事件提醒我们：非常规投资往往伴随着非常规风险。而在金钱问题上，透明度从来都不是可选项——

Some documents even downplayed how bad things really were. And that's the heartbreak here. Alternative investing is always risky, but when trust erodes, it stings twice as much. For now, Yieldstreet saga is a reminder that exotic investments can come with exotic risks. And when it comes to your money, transparency isn't optional.

它是一切的前提。今日的实用建议请务必牢记：如果你正在考虑私募股权、房地产联合投资或艺术基金等另类投资，务必在投资前索要基金的增资缴款时间表。这份文件会揭示基金何时及如何要求追加资金。Yieldstreet的投资者不仅因亏损受损，更遭遇了突如其来的增资要求和失联沉默。

It's everything. For today's tip, you can take straight to the bank. If you're exploring alternative investments like private equity, real estate syndications, or art funds, ask for the fund's capital call schedule before you invest. This tells you when and how often the fund might ask for additional money. Yieldstreet's investors got burned not just by losses, but by surprise capital calls and radio silence.

如果机构无法或不愿提供追加资金的时程表及应急预案，请立即退出。超级富豪们通过事前审慎提问来守护财富，你也应当如此。《财富重塑》是Money News Network出品。我是主持人妮可·拉平，执行制片摩根·拉沃伊，

If a firm can't or won't share a timeline or contingency plan for additional contributions, walk away. The ultra wealthy protect their money by asking better questions on the front end, and you should too. Money Rehab is a production of Money News Network. I'm your host, Nicole Lapin. Money Rehab's executive producer is Morgan Lavoie.

研究员艾米丽·霍姆斯。你需要财务重塑吗？说实话，我们都需要。欢迎将财务问题发送至moneyrehab@moneynewsnetwork.com，你的疑问可能获得节目解答甚至得到我的亲自指导。关注Instagram账号@MoneyNews和TikTok账号@MoneyNewsNetwork获取独家视频内容。

Our researcher is Emily Holmes. Do you need some money rehab? And let's be honest, we all do. So email us your money questions, moneyrehab@moneynewsnetwork.com to potentially have your questions answered on the show or even have a one on one intervention with me. And follow us on Instagram at Money News and TikTok at Money News Network for exclusive video content.

最后——谢谢。不，我是认真的。感谢你们的收听，感谢你们投资自己，这才是最值得的投资。

And lastly, thank you. No. Seriously. Thank you. Thank you for listening and for investing in yourself, which is the most investment you can make.