????第二：研發(fā)更出色的混合芯片。不僅是蘋果計劃整合其移動和桌面兩大平臺軟件，微軟（Microsoft）也在進(jìn)行類似的行動，Windows 8就是其最新力作。如果新舊計算機(jī)平臺之間的差異持續(xù)模糊化，英特爾將有機(jī)會成為行業(yè)標(biāo)準(zhǔn)的制定者。而且，就像該公司經(jīng)常強(qiáng)調(diào)的那樣，英特爾能設(shè)計和制造芯片，能很好把握整個端到端的流程，并不是每家芯片制造商都能做到這點。

????第三：挖掘數(shù)據(jù)中心潛力。英特爾PC事業(yè)部貢獻(xiàn)了公司三分之二的營收，而數(shù)據(jù)中心事業(yè)部的份額僅為五分之一。但是后者前景良好，有望為公司帶來更多利潤。包括服務(wù)器平臺在內(nèi)的數(shù)據(jù)中心業(yè)務(wù)，營收年增長率有望達(dá)到7%，運營利潤則高達(dá)47%。相較之下，PC業(yè)務(wù)營收面臨著下滑2%的窘境，而且其利潤率只有40%。

????即便全球需求持續(xù)疲軟，數(shù)據(jù)中心業(yè)務(wù)也能取得增長。英特爾表示該領(lǐng)域競爭激烈，IBM和甲骨文（Oracle）等行業(yè)巨頭實力非常雄厚，但英特爾的品牌效應(yīng)也不容小覷。進(jìn)行戰(zhàn)略性收購或許能夠奏效，加快英特爾前進(jìn)的步伐。一些ARM芯片制造商也正在挺進(jìn)服務(wù)器市場。

????第四：如果以上幾條路都行不通的話，那就只有多給投資者派錢了。歐德寧時代，英特爾已經(jīng)支出了240億美元股息。此外，自2005年以來，英特爾已耗資460多億美元用于回購股票。平均下來，該公司每年向股東支付現(xiàn)金高達(dá)88億美元。（相比之下，英特爾去年的研發(fā)支出僅為84億美元。）

????英特爾在本周二表示，正利用自身的A+信用評級，發(fā)售60億美元債券，其中大部分收入將用于回購本公司股票。這可能是歐德寧給英特爾下任首席執(zhí)行官的臨別贈禮。假如該公司無力應(yīng)對挑戰(zhàn)，那么這些現(xiàn)金將派上用場。

????譯者：項航

????No. 2 Build a better hybrid chip.Not only is Apple likely to merge its mobile and desktop operating software, Microsoft (MSFT) is already making similar moves with Windows 8. If the lines between older and newer computers continues to blur, Intel has a chance at becoming the standard. As the company likes to point out, it can design and manufacture the chip, ensuring a smoother end-to-end process -- a claim that not all chipmakers can make.

????No. 3 Push deeper into data centers.?While Intel's PC Client division makes up two-thirds of revenue and the Data Center group makes up only a fifth, it's the latter where profit growth is coming. The Data Center unit, which includes server platforms, is seeing revenue grow at 7% a year and operating profit margin of 47%. Compare that with the 2% revenue decline and 40% profit margin of the PC group.

????This is an area where Intel can keep growing even if global demand remains soft. The company says it's facing competition from big names like IBM (IBM) and Oracle (ORCL), but its brand can carry some weight. Strategic acquisitions could speed this up, which may be helpful. Some ARM chipmakers are?moving into the server market?as well.

????N0. 4 If all else fails, pay off investors.?Under Otellini's tenure, Intel has paid out $24 billion in dividends. It's put more than?$46 billion?toward stock buybacks since 2005. That's an average of $8.8 billion a year is cash straight to shareholders. (By contrast, Intel spent $8.4 billion on R&D last year.)

????On Tuesday, Intel said it was taking advantage of its A+ credit rating to offer?$6 billion in new debt, much of going toward more stock buybacks. It could be Otellini's parting gift for Intel's next CEO. If the company doesn't meet the challenges facing it, that cash could come in handy.