文 / 王不留（微信公众号：考研英语笔记）
2021年10月21号的清晨，来杯“经济学人浓香咖啡”，提神解困。
When the chips are down: ASML and Intel results
The semiconductor industry is in the midst of what one analyst calls the “mother of all cycles”. On Wednesday, ASML reported a strong set of results. The Dutch firm is the world’s sole supplier of high-tech “extreme ultraviolet” lithography machines, which are vital for advanced chipmaking. That is an enviable position at the best of times. But the firm’s shares have soared since the start of the pandemic, fuelled in part by promises by TSMC, Samsung and Intel, its customers, to spend hundreds of billions of dollars on new chip factories to ease shortages.
On Thursday Intel reports its results. The American chipmaker, which for decades defined the state of the art, has lost pace in recent years amid uncharacteristic delays and technological hiccups. Pat Gelsinger, its new boss, has announced an ambitious turnaround plan. But despite soaring demand for semiconductors, the company’s shares have lagged behind both the market and its peers.
When the chips are down: ASML and Intel results
芯片发展停滞时：阿斯麦（ASML）和英特尔（Intel）的结果
荷兰ASML公司 (公司的注册标识为ASML Holding N.V，中文名称为阿斯麦。这是一家总部设在荷兰埃因霍芬（Eindhoven）的全球最大的半导体设备制造商之一，向全球复杂集成电路生产企业提供领先的综合性关键设备。
英特尔（Intel）是半导体行业和计算创新领域的全球领先厂商，创始于1968年。如今，英特尔正转型为一家以数据为中心的公司。
The semiconductor industry is in the midst of what one analyst calls the “mother of all cycles”. On Wednesday, ASML reported a strong set of results. The Dutch firm is the world’s sole supplier of high-tech “extreme ultraviolet” lithography machines, which are vital for advanced chipmaking. That is an enviable position at the best of times. But the firm’s shares have soared since the start of the pandemic, fuelled in part by promises by TSMC, Samsung and Intel, its customers, to spend hundreds of billions of dollars on new chip factories to ease shortages.
半导体行业正处于一位分析家称为“所有周期之母”的过程中。周三，ASML公布了一系列强有力的结果。这家荷兰公司是世界上唯一的高科技“极紫外”光刻机供应商，“极紫外”光刻机对先进的芯片制造至关重要。在最好的情况下，这已是一个令人羡慕的成就。但自疫情爆发以来，该公司股价飙升。部分原因是其客户台积电（TSMC），三星（Samsung）和英特尔（Intel）承诺斥资数千亿美元新建芯片工厂，以缓解芯片短缺。
in the midst of 在…当中，在…中间 ; 意思是在某一进程之中 ; 正当…的时候
extreme ultraviolet 极紫外
Enviable 令人羡慕的
at the best of times 即使在最好的情况下
in part 在某种程度上
极紫外光刻，它以波长为10-14纳米的极紫外光作为光源的光刻技术。具体为采用波长为13.5nm 的紫外线，是一种集成电路晶圆加工技术的升级。
上一代和它的主要区别是升级了用来“雕刻”的光，把193nm波长的短波紫外线替换成了13.5nm的“极紫外线”。
之所以称之为“极”是因为这个波长已经是紫外线的极限了，再短一点点低于10nm的话就会进入“X射线”的领域了，因此有些场合人们也会称其为“软X射线”。
光刻是平面型晶体管和集成电路生产中的一个主要工艺。是对半导体晶片表面的掩蔽物(如二氧化硅)进行开孔，以便进行杂质的定域扩散的一种加工技术。这是现代集成电路生产的主要工艺。
On Thursday Intel reports its results. The American chipmaker, which for decades defined the state of the art, has lost pace in recent years amid uncharacteristic delays and technological hiccups. Pat Gelsinger, its new boss, has announced an ambitious turnaround plan. But despite soaring demand for semiconductors, the company’s shares have lagged behind both the market and its peers.
周四，英特尔将公布其结果。几十年来，这家美国芯片制造商一直在定义最先进的技术，但近年来，由于异常的延迟和技术故障，它已经失去了发展的步伐。其新老板帕特·盖辛格（Pat Gelsinger）宣布了一项雄心勃勃的转型计划。但尽管半导体需求激增，该公司的股价仍然落后于市场和同行。
state of the art 最先进的；应用最先进技术的
pace in 在…走在前列
uncharacteristic 非典型的 ; 非通常的 ; 表现奇怪的
Hiccup 打嗝；中断；小问题
demand for 要求