英特爾 (INTC) 2021 Q3 法說會逐字稿

Thank you for standing by, and welcome to the Q3 2021 Intel Corporation Earnings Conference. (Operator Instructions) Please be advised that today's conference is being recorded. (Operator Instructions)

感謝您的支持，歡迎參加 2021 年第三季度英特爾公司財報大會。 （操作員說明）請注意，今天的會議正在錄製中。 （操作員說明）

I would now like to hand the conference over to your host, Vice President and Director of Investor Relations, Tony Balow. Please go ahead.

我現在想將會議移交給您的東道主、副總裁兼投資者關係總監 Tony Balow。請繼續。

Thank you, operator. Welcome to Intel's Third Quarter Earnings Conference Call.

謝謝你，接線員。歡迎參加英特爾第三季度收益電話會議。

By now, you should have received a copy of our earnings release and the earnings presentation. If you've not received both documents, they're available on our investor website, intc.com. The earnings presentation is also available in the webcast window for those joining us online.

到目前為止，您應該已經收到了我們的收益發布和收益演示文稿的副本。如果您沒有收到這兩個文件，可以在我們的投資者網站 intc.com 上找到它們。在線加入我們的人也可以在網絡廣播窗口中獲得收益演示文稿。

I'm joined today by our CEO, Pat Gelsinger; and our CFO, George Davis. In a moment, we'll have brief remarks from both followed by Q&A.

今天，我們的首席執行官 Pat Gelsinger 加入了我的行列；和我們的首席財務官喬治戴維斯。稍後，我們將聽取雙方的簡短評論，然後進行問答。

Before we begin, let me remind everyone that today's discussion contains forward-looking statements based on the environment as we currently see it, and as such, it does include risks and uncertainties. Please refer to our press release for more information on the specific risk factors that could cause actual results to differ materially.

在開始之前，讓我提醒大家，今天的討論包含基於我們目前所看到的環境的前瞻性陳述，因此它確實包含風險和不確定性。請參閱我們的新聞稿，了解有關可能導致實際結果出現重大差異的特定風險因素的更多信息。

A brief reminder that this quarter, we have provided both GAAP and non-GAAP financial measures. Today, we'll be speaking to the non-GAAP financial measures when describing our consolidated results. The earnings presentation and earnings release available on intc.com include the full GAAP and non-GAAP reconciliations.

簡要提醒一下，本季度我們提供了 GAAP 和非 GAAP 財務指標。今天，在描述我們的綜合結果時，我們將討論非公認會計原則的財務指標。 intc.com 上提供的收益介紹和收益發布包括完整的 GAAP 和非 GAAP 對賬。

With that, let me hand it over to Pat.

有了這個，讓我把它交給帕特。

Thank you, Tony, and good afternoon, everyone.

謝謝你，托尼，大家下午好。

Q3 was a solid quarter where we navigated a challenging supply environment to deliver year-over-year growth on the top line while beating expectations on gross margin and EPS. We had record third quarter revenue in DCG and Mobileye, while IOTG had an all-time record as it continued its recovery from COVID slowdowns. Our focus on execution continued as we delivered on our initial IDM 2.0 commitments. We broke ground on new fabs, shared our accelerated path to regain process performance leadership and made our most dramatic architecture announcements in a decade. We also announced major customer wins across every part of our business, including in the data center with AWS and Google, new Evo designs and client and exciting Mobileye partnerships with ZEEKR and Sixt SE.

第三季度是一個穩健的季度，我們在充滿挑戰的供應環境中度過了難關，實現了收入同比增長，同時超出了毛利率和每股收益的預期。我們在 DCG 和 Mobileye 的第三季度收入創歷史新高，而 IOTG 在繼續從 COVID 放緩中復蘇時創下歷史新高。隨著我們兌現最初的 IDM 2.0 承諾，我們繼續專注於執行。我們在新晶圓廠破土動工，分享了重新獲得工藝性能領先地位的加速路徑，並發布了十年來最引人注目的架構公告。我們還宣佈在我們業務的各個部分贏得主要客戶，包括與 AWS 和 Google 在數據中心、新 Evo 設計和客戶以及與 ZEEKR 和 Sixt SE 的令人興奮的 Mobileye 合作夥伴關係。

The demand for semiconductors remains strong, and our factories performed exceptionally well in a highly dynamic environment where match sets posed huge challenges for our customers and overall industry supply remained very constrained. The resilience of our factory network was on display, delivering considerable upside and reacting to rapid demand shifts, reinforcing the unique and strategic value of IDM 2.0.

對半導體的需求依然強勁，我們的工廠在高度動態的環境中表現異常出色，匹配組對我們的客戶構成巨大挑戰，整體行業供應仍然非常有限。我們工廠網絡的彈性得到了展示，帶來了可觀的上行空間，並對快速的需求變化做出反應，強化了 IDM 2.0 的獨特和戰略價值。

While we are still in the early stages of our journey, we are getting better every day. It is clear that we have to move even faster, be even more nimble and invest now to achieve our goals of undisputed leadership down the road. I can see the enormous potential that lies ahead, and I couldn't be prouder of the Intel team and the progress that we are making.

雖然我們仍處於旅程的早期階段，但我們每天都在變得更好。很明顯，我們必須加快步伐，更加靈活，現在就進行投資，以實現我們在未來無可爭議的領導力目標。我可以看到未來的巨大潛力，我為英特爾團隊和我們正在取得的進步感到無比自豪。

Let me begin with what we are seeing in the market. Demand remains strong across all of our segments, and I continue to believe that we're just starting a cycle of sustained growth, which we are well positioned to capture. The digitization of everything accelerated by the 4 superpowers of AI, pervasive connectivity, cloud-to-edge infrastructure and ubiquitous compute are driving the sustained need for more semiconductors, and the market is expected to double to $1 trillion by 2030. In that time frame, the market for leading-edge nodes will rise to be over 50% of the total, while the market for leading-edge foundry services will grow at twice the rate of the semi industry overall.

讓我從我們在市場上看到的情況開始。我們所有細分市場的需求仍然強勁，我仍然相信我們剛剛開始一個持續增長的周期，我們有能力抓住這個週期。人工智能、無處不在的連接、雲到邊緣基礎設施和無處不在的計算這 4 個超級大國加速了一切的數字化，推動了對更多半導體的持續需求，預計到 2030 年市場將翻一番，達到 1 萬億美元。在那個時間框架內，前沿節點市場將上升到總量的50%以上，而前沿代工服務市場的增長速度將是整個半導體行業的兩倍。

We are one of the few companies with both the technical and financial resources to win in a market that is increasingly leading edge and challenged by the extreme physics of rejuvenating and continuing Moore's law. PC demand remains very strong, and we believe the 2021 TAM will grow double digits even as ecosystem shortages constrain our customers' ability to ship finished systems. Dell, HP, Lenovo, along with other OEMs and ecosystem partners agree that PCs are now a structurally larger and sustainably growing market. As we head into 2022, we expect the ecosystem supply situation to gradually improve and the PC market will continue to grow as tailwinds from Win 11, hybrid work models, a larger installed base and compelling new platforms drive PC density, shorter replacement cycles and penetration of new markets.

我們是為數不多的擁有技術和財務資源的公司之一，能夠在一個日益領先並受到振興和延續摩爾定律的極端物理學挑戰的市場中獲勝。 PC 需求仍然非常強勁，我們相信 2021 年 TAM 將增長兩位數，即使生態系統短缺限制了我們客戶交付成品系統的能力。戴爾、惠普、聯想以及其他 OEM 和生態系統合作夥伴一致認為，個人電腦現在是一個結構上更大且可持續增長的市場。隨著我們進入 2022 年，我們預計生態系統供應情況將逐漸改善，PC 市場將繼續增長，因為 Win 11、混合工作模式、更大的安裝基礎和引人注目的新平台推動 PC 密度、更短的更換週期和滲透率的新市場。

Against this backdrop, our products have strong momentum driven by compelling platforms, including 30 new Evo Tiger Lake designs with 13 of our OEMs. Tiger Lake has shipped more than 70 million units this year, making it our fastest-ramping notebook ever.

在此背景下，我們的產品在引人注目的平台的推動下發展勢頭強勁，其中包括與 13 家 OEM 合作的 30 款全新 Evo Tiger Lake 設計。 Tiger Lake 今年的出貨量已超過 7000 萬台，是我們有史以來增長最快的筆記本電腦。

We are raising the bar again with Alder Lake, our first performance hybrid architecture product which I am pleased to say began shipping in Q3 on Intel 7 and will start to launch next week at Innovation. The Alder Lake family will offer customers significant advantages across a range of workloads, including gaming, content creation and AI acceleration. Alder Lake will scale from ultra mobile to desktop and will go to market across our range of segments, form factors and power envelopes faster than any new architecture in Intel's history.

我們再次通過 Alder Lake 提高標準，這是我們的第一個性能混合架構產品，我很高興地說，它在第三季度開始在 Intel 7 上發貨，並將於下週在 Innovation 上發布。 Alder Lake 系列將在一系列工作負載中為客戶提供顯著優勢，包括遊戲、內容創建和人工智能加速。 Alder Lake 將從超移動擴展到桌面，並將以比英特爾歷史上任何新架構更快的速度在我們的細分市場、外形尺寸和功率範圍內進入市場。

Turning to the data center. New and existing workloads continue to move to the cloud. Security and privacy requirements are driving enterprise deployments, and the 5G build-out is powering networking. I remain confident about the long term of the data center despite regulatory changes in China and short-term ecosystem supply constraints impacting some customers.

轉向數據中心。新的和現有的工作負載繼續遷移到雲端。安全和隱私要求正在推動企業部署，而 5G 的擴建正在為網絡提供動力。儘管中國的監管變化和短期的生態系統供應限制影響了一些客戶，但我仍然對數據中心的長期發展充滿信心。

Customers continue to choose Intel for their data center needs, and our third-gen scalable Xeon processor Ice Lake has shipped over 1 million units since launching in April, and we expect to ship over 1 million units again in Q4 alone. All of our OEMs are currently shipping systems, and we expect all our major cloud customers have announced instances by the end of the year. This includes Google as well as AWS who have already launched their highest-performing Xeon EC2 instances ever, a tremendous milestone resulting from our close collaboration of almost 15 years.

客戶繼續選擇英特爾來滿足他們的數據中心需求，我們的第三代可擴展至強處理器 Ice Lake 自 4 月推出以來已出貨超過 100 萬台，我們預計僅在第四季度將再次出貨超過 100 萬台。我們所有的 OEM 目前都在交付系統，我們預計我們所有的主要雲客戶都已在今年年底之前宣布了實例。這包括 Google 和 AWS，他們已經推出了有史以來性能最高的 Xeon EC2 實例，這是我們近 15 年密切合作的一個巨大里程碑。

Looking ahead, customers remain very excited by Sapphire Rapids, which we expect to have in production in Q1. Sapphire Rapids sets the standard for next-generation data center processors and was recently selected by the U.S. Department of Energy to power compute-intensive modeling supporting their stockpile stewardship program. In core and mobile networks, Intel is powering the transformation to virtualize cloud-native deployments, 50% of new core network deployments are now running on off-the-shelf servers, and we expect that to increase to over 80% by 2024.

展望未來，客戶對 Sapphire Rapids 仍然感到非常興奮，我們預計該產品將在第一季度投入生產。 Sapphire Rapids 為下一代數據中心處理器設定了標準，最近被美國能源部選中，用於支持其庫存管理計劃的計算密集型建模。在核心和移動網絡方面，英特爾正在推動雲原生部署虛擬化轉型，50% 的新核心網絡部署現在在現成的服務器上運行，我們預計到 2024 年這一比例將增加到 80% 以上。

The next-generation transformation is the virtualization of the radio access network known as vRAN. We're working with service providers globally to enable this transition, including Verizon, Rakuten, DISH Network and others. Today, nearly all early commercial deployments are running on Xeon and our FlexRAN software reference architecture. We see tremendous opportunity in vRAN, and in Q3, we announced the collaboration with Juniper Networks to accelerate future deployments. Overall, we expect global vRAN base station deployments to move from hundreds to hundreds of thousands and eventually millions with private 5G over the next several years. Finally, edge compute needs continue to grow, and our IOTG business had an all-time quarterly record in Q3.

下一代轉型是稱為 vRAN 的無線接入網絡的虛擬化。我們正在與全球服務提供商合作以實現這一轉變，包括 Verizon、Rakuten、DISH Network 等。如今，幾乎所有早期的商業部署都在 Xeon 和我們的 FlexRAN 軟件參考架構上運行。我們看到了 vRAN 的巨大機遇，在第三季度，我們宣布與瞻博網絡合作以加速未來的部署。總體而言，我們預計未來幾年全球 vRAN 基站部署將從數百個增加到數十萬個，並最終通過私有 5G 實現數百萬個。最後，邊緣計算需求繼續增長，我們的 IOTG 業務在第三季度創下了歷史季度記錄。

In mobility, the market for automotive silicon is expected to more than double to $115 billion by the end of the decade as AVs begin to move from the garage to the streets. Mobileye is helping to lead this change, and we recently announced that we will begin offering driverless robotaxi service starting next year in collaboration with Sixt SE. From PC to data center to the network to the edge, Q3 was full of examples of the increasing need for semiconductors and where customers continue to choose Intel.

在移動領域，隨著自動駕駛汽車開始從車庫走向街道，到本世紀末，汽車矽市場預計將翻一番以上，達到 1150 億美元。 Mobileye 正在幫助引領這一變革，我們最近宣布，我們將從明年開始與 Sixt SE 合作提供無人駕駛機器人出租車服務。從 PC 到數據中心到網絡再到邊緣，第三季度充滿了對半導體需求不斷增長以及客戶繼續選擇英特爾的例子。

Since my return, we've not only laid out our road map for success, but more importantly, we've already started executing in what I like to say is a torrid pace. Back in March, when we unveiled our powerful new IDM 2.0 strategy, I outlined our course for a new era of innovation at Intel, where I committed to: one, expand our internal and external manufacturing to address unprecedented global demand for semiconductors; two, open our doors to be a world-class foundry; three, regain process leadership; four, deliver leadership products in every category in which we compete.

自從我回來後，我們不僅制定了成功的路線圖，更重要的是，我們已經開始以我喜歡說的火熱速度執行。早在 3 月，當我們推出強大的新 IDM 2.0 戰略時，我概述了我們在英特爾創新新時代的路線，我承諾：一，擴大我們的內部和外部製造，以滿足全球對半導體前所未有的需求；二、敞開大門成為世界一流的鑄造廠；三、重拾流程領導力；第四，在我們競爭的每個類別中提供領先產品。

We are driving progress in every area, so let me talk through each one starting with how we are expanding our manufacturing capacity and our foundry business. Our factories are executing superbly, and construction is on or ahead of schedule across all major sites. Last month, we broke ground on our 2 new fabs in Arizona, 3 months ahead of schedule. As we expand capacity, we're using a smart capital approach so that we can adjust quickly to opportunities in the market and to gain share while managing our margin structure and capital spending. There are 3 elements to smart capital.

我們在每一個領域都在推動進步，所以讓我從我們如何擴大製造能力和我們的代工業務開始談談每一個領域。我們的工廠運行良好，所有主要工廠的建設都按計劃進行或提前進行。上個月，我們在亞利桑那州的 2 座新工廠破土動工，比原計劃提前了 3 個月。隨著我們擴大產能，我們正在使用智能資本方法，以便我們能夠快速適應市場機會並在管理我們的利潤結構和資本支出的同時獲得份額。智慧資本有3個要素。

First, we are focused on aggressively building out shelves, which are the smaller portion of the overall cost of the fab but have the longest lead time. Having available shelf space gives us flexibility in how and when we bring additional capacity online. Second, we will make effective use of external foundries, leveraging some of their unique capabilities to ensure we are delivering leadership products. We're already one of the largest foundry customers. In this quarter, we announced that key products such as Media Lake and Ponte Vecchio will leverage third parties for some of their tiles.

首先，我們專注於積極建設貨架，這是工廠總成本的較小部分，但交貨時間最長。擁有可用的貨架空間使我們能夠靈活地選擇如何以及何時將額外的容量上線。其次，我們將有效利用外部代工廠，利用他們的一些獨特能力來確保我們提供領先的產品。我們已經是最大的代工客戶之一。在本季度，我們宣布 Media Lake 和 Ponte Vecchio 等關鍵產品將在其部分瓷磚上利用第三方。

Finally, we expect our plans to benefit from investments from governments who understand that a healthy semiconductor industry is vital to their economic well-being and national security. With bipartisan support in both houses, we are hopeful the CHIPS Act will be passed by the end of this year, allowing us to accelerate decisions for our next U.S. site. This will also enable a more level playing field with our competitors who enjoy significant support from their governments.

最後，我們希望我們的計劃能夠受益於政府的投資，這些政府明白健康的半導體行業對其經濟福祉和國家安全至關重要。在兩院的兩黨支持下，我們希望 CHIPS 法案將在今年年底通過，使我們能夠加快對下一個美國網站的決策。這也將為我們的競爭對手提供更公平的競爭環境，這些競爭對手得到了政府的大力支持。

We've also seen considerable interest in the EU with the European CHIPS Act, and the process to select our next site in Europe is proceeding rapidly. Intel remains the only global company committed to building a leading-edge foundry in the U.S. and Europe for customers around the world. Together, IDM 2.0 with smart capital uniquely positions for an enormous and unique market opportunity, including our foundry ambitions.

我們還看到歐盟對《歐洲芯片法案》的濃厚興趣，並且選擇我們在歐洲的下一個站點的過程正在迅速進行。英特爾仍然是唯一一家致力於在美國和歐洲為全球客戶建立領先代工廠的全球公司。 IDM 2.0 與 smart capital 一起為巨大而獨特的市場機會提供了獨特的定位，包括我們的代工雄心。

IFS will enable Intel to grow faster, expand monetization of our process and packaging capabilities, leverage our design IPs more broadly and provide sustainable, superior cash flows from our assets. Since March, we have shipped our first IFS packaging units for revenue, engaged with well over 100 potential customers, including several large customers who are working with us on our leading-edge Intel 18A and we have multiple customers planning test trips on Intel 16 that will be in our factories early next year.

IFS 將使英特爾能夠更快地發展，擴大我們的工藝和封裝能力的貨幣化，更廣泛地利用我們的設計 IP，並從我們的資產中提供可持續、卓越的現金流。自 3 月以來，我們已經交付了我們的第一批 IFS 封裝單元以獲取收入，與 100 多個潛在客戶進行了接觸，其中包括與我們合作開發我們領先的英特爾 18A 的幾個大客戶，並且我們有多個客戶計劃在英特爾 16 上進行測試旅行明年初將在我們的工廠。

We also had a significant win with the U.S. government, which selected Intel to provide commercial foundry services in the first ramp of its RAMP-C program. We are proud of this achievement and the confidence that U.S. government has in us to deliver them a trusted foundry capability.

我們還與美國政府取得了重大勝利，美國政府選擇英特爾在其 RAMP-C 計劃的第一階段提供商業代工服務。我們為這一成就以及美國政府對我們提供值得信賴的代工能力的信心感到自豪。

In July, at our Intel Accelerated event, the team and I shared the most detailed road map we've ever provided for process and packaging technologies, a road map that brings us to performance parity in '24 and clear leadership in '25. I am happy to share that Intel 7, Intel 4, Intel 3, Intel 20A and Intel 18A are all on or ahead of the time lines we set out in July. For example, on Intel 4, we said we had taped out our compute tile for Meteor Lake, and this quarter, it came out of the fab and powered up, and within 30 minutes with outstanding performance right where we expected it to be. All told, this is one of the best lead product start-ups we have seen in recent memory, which speaks to the health of the process. In fact, we are using a preproduction release of Intel 4 in our newest neuromorphic computing chip, Loihi 2.

7 月，在我們的英特爾加速活動中，我和團隊分享了我們為工藝和封裝技術提供的最詳細的路線圖，該路線圖使我們在 24 年實現了性能均等，並在 25 年實現了明確的領導地位。我很高興與大家分享英特爾 7、英特爾 4、英特爾 3、英特爾 20A 和英特爾 18A 都在或提前於我們在 7 月設定的時間線。例如，在英特爾 4 上，我們說我們已經為 Meteor Lake 錄製了計算模塊，本季度，它從晶圓廠出來並啟動，並在 30 分鐘內以我們預期的出色性能表現出色。總而言之，這是我們在最近的記憶中看到的最好的領先產品初創公司之一，這說明了該過程的健康狀況。事實上，我們正在我們最新的神經形態計算芯片 Loihi 2 中使用英特爾 4 的預生產版本。

Finally, on the product front, we are intent on delivering leadership products in every category in which we compete. In August, at our Architecture Day, we started delivering on that promises we made 5 major architecture announcements, our most dramatic updates in the last decade. We introduced hybrid computing with 2 new generations of x86 cores, enabling power-efficient designs that are performing for the most demanding workloads.

最後，在產品方面，我們致力於在我們競爭的每個類別中提供領先的產品。 8 月，在我們的架構日，我們開始兌現承諾，我們發布了 5 個主要架構公告，這是過去十年中最引人注目的更新。我們引入了具有 2 代新一代 x86 內核的混合計算，實現了能夠滿足最苛刻工作負載的節能設計。

We unveiled our Intel Arc brand for discrete graphics starting with our Alchemist product, which will be on shelf in Q1 of next year. We continued our central role in the evolving data center landscape with Mount Evans, our first ASIC-based infrastructure processing unit or IPU. Developed in close collaboration with a major cloud provider, our IPUs enable superior security capabilities and let our cloud customers move infrastructure tasks off the CPU, thereby allowing them to rent 100% of their CPU capacity to their customers.

從我們的 Alchemist 產品開始，我們推出了用於獨立顯卡的 Intel Arc 品牌，該產品將於明年第一季度上架。我們通過 Mount Evans 繼續在不斷發展的數據中心領域發揮核心作用，這是我們的第一個基於 ASIC 的基礎設施處理單元或 IPU。我們與主要雲提供商密切合作開發的 IPU 可提供卓越的安全功能，並讓我們的雲客戶將基礎設施任務從 CPU 移出，從而允許他們將 100% 的 CPU 容量出租給客戶。

We also gave additional detail on Sapphire Rapids and its compelling AI and accelerator capabilities. And last, but not least, we opened the curtain on Ponte Vecchio. With our highest-ever compute density, the 100 billion transistor device delivers industry-leading flaps to accelerate AI, HPC and advanced analytic workloads. Early Ponte Vecchio silicon is already demonstrating leadership performance, setting an industry record in both inference and training throughput on popular AI benchmarks.

我們還提供了有關 Sapphire Rapids 及其引人注目的 AI 和加速器功能的更多詳細信息。最後，但同樣重要的是，我們拉開了老橋的帷幕。憑藉我們有史以來最高的計算密度，1000 億個晶體管器件提供行業領先的襟翼，以加速 AI、HPC 和高級分析工作負載。早期的 Ponte Vecchio 芯片已經展示了領先的性能，在流行的 AI 基準測試中在推理和訓練吞吐量方面創造了行業記錄。

Next week at our Intel Innovation event, we will take the next step forward with the renewed commitment to developers and a host of new tools, technology and product announcements, announcements that really underscore how we are rapidly bringing the geek back.

下週在我們的英特爾創新活動中，我們將邁出下一步，對開發人員做出新的承諾，並發布一系列新工具、技術和產品，這些公告真正強調了我們如何迅速讓極客回歸。

As I have said, we are repositioning the company for long-term growth, and we are analyzing the investment plans required to achieve our goals and provide attractive long-term results for our shareholders. It is abundantly clear to us that we must invest in our future right now to accelerate past the rest of the industry and regain unquestioned leadership in what we do.

正如我所說，我們正在重新定位公司以實現長期增長，我們正在分析實現我們的目標所需的投資計劃，並為我們的股東提供有吸引力的長期結果。我們非常清楚，我們現在必須投資於我們的未來，以加速超越行業的其他部分，並在我們所做的事情中重新獲得無可置疑的領導地位。

Our investment plan is aligned with our IDM 2.0 strategy to rapidly build our manufacturing capacity in response to the expanding market, grow our share and to accelerate innovation, enabling Intel to leap ahead with new businesses and capabilities in the future. The recent reorganization around these businesses, along with the new leadership we have added is already having an impact. However, our CFO, George Davis, recently advised us that he has decided to retire in the first half of next year. We are very grateful to George for his dedicated service and the leadership with the company, and he will be working with us for a smooth transition. We are currently engaged in a search for George's successor, and he is helping us with the process.

我們的投資計劃與我們的 IDM 2.0 戰略相一致，即快速建立我們的製造能力以應對不斷擴大的市場、擴大我們的份額並加速創新，使英特爾能夠在未來的新業務和新能力方面取得飛躍。最近圍繞這些業務進行的重組以及我們增加的新領導層已經產生了影響。然而，我們的首席財務官喬治戴維斯最近告訴我們，他已決定在明年上半年退休。我們非常感謝 George 的敬業服務和對公司的領導，他將與我們一起順利過渡。我們目前正在尋找喬治的繼任者，他正在幫助我們完成這個過程。

I naturally want to give his successor an opportunity to participate in optimizing our long-range plan, and we would not want to hold a critical Investor Day without the new CFO being in place. As such, we have decided to move our event to February 17 of next year. This has the added benefit of hopefully being a more in-person event while giving us a better view of the government investments from which we expect to benefit. We have made this decision for very practical reasons of George's retirement.

我自然想讓他的繼任者有機會參與優化我們的長期計劃，我們不想在沒有新首席財務官到位的情況下舉行關鍵的投資者日。因此，我們決定將活動移至明年 2 月 17 日。這還有一個額外的好處，那就是希望成為一個更加面對面的活動，同時讓我們更好地了解我們期望從中受益的政府投資。我們做出這個決定是出於喬治退休的非常實際的原因。

The company is running well. We are confident in our process technology and product road maps. Our business is healthy, and our markets remain strong. And above all, we are executing on our plan.

公司運轉良好。我們對我們的工藝技術和產品路線圖充滿信心。我們的業務很健康，我們的市場依然強勁。最重要的是，我們正在執行我們的計劃。

Given the new timing of our Investor Day, I do want to take this opportunity to paint a general picture of what our plan looks like, and George will share a few more details in a few minutes.

鑑於我們投資者日的新時間，我確實想藉此機會描繪我們計劃的總體情況，喬治將在幾分鐘內分享更多細節。

We have a huge opportunity with new businesses in graphics, networking, foundry and mobility, all large and growing segments. When combined with the continued expansion of our current client and data center markets, we cannot and will not miss this opportunity. Investing now will enable us to reposition the company to deliver double-digit revenue growth as these investments pay off.

我們在圖形、網絡、代工和移動領域的新業務中擁有巨大的機會，所有這些都是大型且不斷增長的細分市場。結合我們當前客戶和數據中心市場的持續擴張，我們不能也不會錯過這個機會。現在投資將使我們能夠重新定位公司，在這些投資得到回報後實現兩位數的收入增長。

While these investments will pressure free cash flow in the short term, our operating cash flow will remain strong, reflecting the high quality of our business, and we remain committed to a healthy and growing dividend.

雖然這些投資將在短期內給自由現金流帶來壓力，但我們的經營現金流將保持強勁，反映出我們業務的高質量，我們將繼續致力於健康且不斷增長的股息。

As with free cash flow, our gross margins will be below current levels for the next 2 to 3 years before recovering but will remain comfortably above 50% as we continue to exercise financial prudence. We have the utmost confidence that our investment plans will ensure the company's long-term success and deliver attractive returns for our shareholders. I look forward to sharing the details with you in Q1, and I am confident you will agree.

與自由現金流一樣，我們的毛利率將在未來 2 至 3 年內低於當前水平，然後才能恢復，但隨著我們繼續審慎理財，毛利率將保持在 50% 以上。我們對我們的投資計劃將確保公司的長期成功並為我們的股東帶來可觀的回報充滿信心。我期待在第一季度與您分享細節，我相信您會同意的。

Before I turn it over to George, let me finish by saying that when I came to the company, I had 3 goals for the year: create the strategy, build the team and rebuild the culture and execution machine. We are only 8 months into the journey, but we have already achieved a lot.

在我把它交給喬治之前，讓我最後說一下，當我來到公司時，我有 3 個一年的目標：制定戰略，建立團隊，重建文化和執行機器。我們只有 8 個月的旅程，但我們已經取得了很多成就。

We now have a clear strategy. We've built the team by bringing in new leadership and adding over 6,000 new engineers to bolster our incredibly talented team. We've reorganized our business units to focus on our key markets. And starting next year, we expect to begin breaking out our results to more closely align with these changes and to drive increased visibility and accountability.

我們現在有了明確的戰略。我們通過引入新的領導層並增加了 6,000 多名新工程師來支持我們非常有才華的團隊，從而建立了團隊。我們重組了我們的業務部門，以專注於我們的主要市場。從明年開始，我們預計將開始公佈我們的結果，以更緊密地與這些變化保持一致，並提高可見度和問責制。

And finally, as I outlined today, momentum is building as we drive a path to our roots of execution and innovation. The entire Intel team understands the work we have ahead of us, but we remain confident about our future. We have the right strategy, the right team, and we are motivated to win. I remain convinced that our best days are still ahead.

最後，正如我今天所概述的，隨著我們邁向執行和創新的根源，勢頭正在形成。整個英特爾團隊都了解我們擺在我們面前的工作，但我們仍然對我們的未來充滿信心。我們有正確的戰略，正確的團隊，我們有動力去取勝。我仍然堅信，我們最好的日子還在後面。

With that, let me turn it over to George.

有了這個，讓我把它交給喬治。

Thanks, Pat, and good afternoon, everyone.

謝謝，帕特，大家下午好。

We delivered solid results with revenue up 5% and gross margin up 130 basis points year-over-year, driven by strong demand in our DCG and IOTG businesses despite the highly constrained industry-wide supply environment.

儘管全行業供應環境受到高度限制，但由於我們的 DCG 和 IOTG 業務需求強勁，我們實現了穩健的業績，收入同比增長 5%，毛利率同比增長 130 個基點。

Q3 revenue was $18.1 billion, slightly below our guide due to shipping and supply constraints that impacted our businesses. Demand remains strong in our PC business with particular strength in commercial, desktop and higher-end consumer notebooks, offset by inventory digestion in lower-end consumer and education segments.

由於航運和供應限制影響了我們的業務，第三季度收入為 181 億美元，略低於我們的指引。我們的 PC 業務需求依然強勁，尤其是商用、台式機和高端消費筆記本電腦的需求強勁，但被低端消費和教育領域的庫存消化所抵消。

Gross margin for the quarter was 57.8%, exceeding guide by 280 basis points, primarily due to an increased mix of desktop and premium notebook products.

本季度毛利率為 57.8%，超出指導水平 280 個基點，主要是由於台式機和高端筆記本產品組合的增加。

Q3 EPS was $1.71, up $0.61 versus guide. $0.47 of this beat is predominantly due to a McAfee-related special dividend associated with the divestiture of their enterprise business and a onetime tax benefit. We had a strong operating beat of approximately $0.14 per share as well, largely driven by demand for higher-end products and client and lower operating expenses relative to guide.

第三季度每股收益為 1.71 美元，比指導值上漲 0.61 美元。這一節拍中的 0.47 美元主要是由於與邁克菲相關的特殊股息與剝離其企業業務和一次性稅收優惠相關。我們的運營業績也強勁，約為每股 0.14 美元，這主要是由於對高端產品和客戶的需求以及相對於指導水平較低的運營費用。

In Q3, we generated $9.9 billion of cash from operations and free cash flow of $5.9 billion and paid dividends of $1.4 billion.

在第三季度，我們從運營中產生了 99 億美元的現金和 59 億美元的自由現金流，並支付了 14 億美元的股息。

Moving to segment performance in the quarter. CCG revenue was $9.7 billion, down 2% year-over-year on a challenging compare and continued industry-wide component shortages that are restricting lower-end system sales. Note that when excluding the impact of ramping down our Apple CPU and modem businesses, CCG revenue is up approximately 10% year-over-year. This highlights the strong execution and underlying demand in our client business.

轉向本季度的細分市場表現。 CCG 收入為 97 億美元，同比下降 2%，原因是具有挑戰性的比較以及全行業持續的組件短缺限制了低端系統的銷售。請注意，如果排除蘋果 CPU 和調製解調器業務縮減的影響，CCG 收入同比增長約 10%。這凸顯了我們客戶業務的強大執行力和潛在需求。

Platform ASPs in client were up 9% year-over-year and 16% sequentially on increased desktop volume and a richer mix of premium notebook products.

客戶端平台 ASP 同比增長 9%，環比增長 16%，主要得益於台式機銷量的增加和更豐富的高端筆記本產品組合。

Operating income was $3.3 billion, down $237 million year-over-year, primarily due to increased investments in our technology and product road map. DCG revenue was $6.5 billion, up 10% year-over-year on continued recovery in our enterprise and government segment and Ice Lake ramp. These results were slightly below expectations due to industry-wide component supply constraints that primarily impacted our enterprise customers and areas of softness in PRC, including cloud, as customers adapt to new regulations. Platform ASPs were up 3% year-over-year on improved mix, driven primarily by increased enterprise and government volume.

營業收入為 33 億美元，同比下降 2.37 億美元，主要是由於對我們的技術和產品路線圖的投資增加。 DCG 收入為 65 億美元，同比增長 10%，原因是我們的企業和政府部門以及 Ice Lake 斜坡的持續復甦。由於整個行業的組件供應限制主要影響我們的企業客戶和中國的疲軟領域，包括雲，這些結果略低於預期，因為客戶適應新法規。平台 ASP 同比增長 3%，主要得益於企業和政府業務量的增加。

Operating income was $2.1 billion, up 8% year-over-year on higher revenue, partially offset by increased investments in our technology and product road map.

營業收入為 21 億美元，由於收入增加，同比增長 8%，部分被我們對技術和產品路線圖的投資增加所抵消。

IOTG achieved all-time record quarterly revenue of $1 billion, up 54% year-over-year on a broad-based recovery from COVID-driven lows with particular strength in the industrial and retail segments.

IOTG 實現了創紀錄的 10 億美元季度收入，同比增長 54%，原因是從 COVID 驅動的低點全面復甦，尤其是在工業和零售領域表現強勁。

Operating margin was $276 million, up 352% year-over-year, returning to pre-COVID levels of profitability.

營業利潤率為 2.76 億美元，同比增長 352%，恢復到疫情前的盈利水平。

PSG revenue was $478 million, up 16% year-over-year. Demand continues to significantly exceed supply, impacting Q3 results and Q4 forecast.

PSG 收入為 4.78 億美元，同比增長 16%。需求繼續顯著超過供應，影響第三季度業績和第四季度預測。

Operating margin was $76 million, up 90% year-over-year.

營業利潤率為 7600 萬美元，同比增長 90%。

Mobileye revenue was $326 million, up 39% year-over-year and achieved an all-time Q3 record. Operating margin was $105 million, up 123% year-over-year. Mobileye continues to execute well, winning key designs and rapidly growing revenue and profits.

Mobileye 收入為 3.26 億美元，同比增長 39%，創下第三季度的歷史記錄。營業利潤率為 1.05 億美元，同比增長 123%。 Mobileye 繼續保持良好的執行力，贏得了關鍵設計並迅速增長了收入和利潤。

Moving to our Q4 outlook. We are forecasting $18.3 billion in revenue, up $200 million quarter-over-quarter, with DCG seeing modest -- more modest growth than previously expected, as China demand and supply challenges persist. CCG is expected to be relatively flat quarter-over-quarter as strong demand for our higher-end products, bolstered by the launch of Alder Lake, are being offset by weaker OEM demand for lower-end products as they prioritize their limited component supply to support higher-end system sales. We see our edge businesses continuing to recover year-over-year from COVID-related impacts.

轉向我們的第四季度展望。我們預計收入為 183 億美元，環比增長 2 億美元，隨著中國需求和供應挑戰的持續存在，DCG 的增長將比之前預期的溫和。 CCG 預計季度環比將相對持平，因為對我們高端產品的強勁需求（受到 Alder Lake 推出的提振）被 OEM 對低端產品的疲軟需求所抵消，因為他們將有限的組件供應優先用於支持高端系統銷售。我們看到我們的邊緣業務繼續從與 COVID 相關的影響中逐年恢復。

Gross margin is expected to be approximately 53.5%, unchanged from prior expectations and continues to include the impact of a onetime charge related to our Intel federal business. Excluding this charge, gross margin will be approximately 55%, down 3 points quarter-over-quarter on new product ramps and factory start-up charges.

毛利率預計約為 53.5%，與之前的預期持平，並繼續包括與我們的英特爾聯邦業務相關的一次性費用的影響。不計此項費用，毛利率約為 55%，由於新產品增加和工廠開工費用，環比下降 3 個百分點。

We are forecasting EPS of $0.90 per share and a tax rate of 13%. We had previously expected $0.13 of the Q3 ICAP gain to have occurred in Q4, which accounts for the change from prior Q4 expectations.

我們預測每股收益為 0.90 美元，稅率為 13%。我們之前預計第三季度 ICAP 收益的 0.13 美元將發生在第四季度，這說明了與之前第四季度預期的變化。

Turning to our full year outlook. We are holding revenue guidance at $73.5 billion with gross margin up modestly to 57% and EPS of $5.28, up $0.48 from our prior guide. Consistent with the investment mode we are in under IDM 2.0, we expect CapEx of $18 billion to $19 billion and free cash flow of approximately $12.5 billion, up $1.5 billion versus prior guidance. In our CCG business, we expect full year revenue to be approximately flat year-over-year as growth from an increasing TAM is offset by the ramp down of our Apple modem and CPU revenue and the exit of our Home Gateway business. Adjusting for all of the Apple and Home Gateway business, CCG would have been up approximately 9% year-over-year.

轉向我們的全年展望。我們將收入指引維持在 735 億美元，毛利率小幅上升至 57%，每股收益為 5.28 美元，比我們之前的指引增加 0.48 美元。與我們在 IDM 2.0 下的投資模式一致，我們預計資本支出為 180 億美元至 190 億美元，自由現金流約為 125 億美元，比之前的指引增加 15 億美元。在我們的 CCG 業務中，我們預計全年收入將與去年同期大致持平，因為 TAM 增加的增長被我們 Apple 調製解調器和 CPU 收入的下降以及我們的家庭網關業務的退出所抵消。調整所有 Apple 和 Home Gateway 業務後，CCG 將同比增長約 9%。

For DCG, we expect full year revenue to be down low to mid-single digits year-over-year due to a more competitive environment consistent with our expectations, lower demand from China and industry-wide component supply constraints.

對於 DCG，我們預計全年收入將同比下降到中個位數，原因是競爭環境符合我們的預期、中國需求下降以及全行業的零部件供應限制。

Before moving on to some comments on our longer-term performance, I want to briefly cover changes to our non-GAAP reporting beginning in 2022 to more closely align with our semiconductor peers. First, we will be removing stock-based compensation from our operating segment and non-GAAP results. Secondly, we will exclude all gains and losses from our ICAP portfolio, a change that allows better comparability between periods by eliminating large variations in performance as we saw this quarter. We also expect to align our segment reporting with our announced new business unit configuration. We will have more details on what to expect here next quarter.

在繼續對我們的長期業績發表一些評論之前，我想簡要介紹一下我們從 2022 年開始對非公認會計原則報告的更改，以便與我們的半導體同行更緊密地保持一致。首先，我們將從我們的運營部門和非公認會計原則結果中刪除基於股票的薪酬。其次，我們將從我們的 ICAP 投資組合中排除所有收益和損失，這一變化通過消除我們在本季度看到的較大的業績差異，可以提高不同時期之間的可比性。我們還希望將我們的分部報告與我們宣布的新業務部門配置保持一致。我們將詳細了解下個季度的預期。

Moving to long-term financial guidance. As Pat mentioned, with the movement of Investor Day to Q1, we want to provide some insights into the early years of our plan. First, our revenue outlook reflects fundamentally strong TAMs across our operating businesses, with growth driven by our leadership products. We see revenue in 2022 of at least $74 billion despite ongoing supply constraints. As supply normalizes and our investments add capacity and drive leadership products into the marketplace, we expect to see our revenue growth accelerate to a 10% to 12% CAGR over the next 4 to 5 years. For gross margin, with the impact of our investment in capacity and the acceleration of our process technology, we expect gross margins between 51% and 53% over the next 2 to 3 years before moving upward.

轉向長期財務指導。正如帕特所說，隨著投資者日移至第一季度，我們希望對我們計劃的早期階段提供一些見解。首先，我們的收入前景反映了我們運營業務中基本強勁的 TAM，增長由我們的領先產品推動。儘管供應持續受限，我們預計 2022 年的收入至少為 740 億美元。隨著供應正常化以及我們的投資增加產能並將領先產品推向市場，我們預計未來 4 至 5 年我們的收入增長將加速至 10% 至 12% 的複合年增長率。毛利率方面，受我們產能投資和工藝技術加速的影響，我們預計未來 2 至 3 年毛利率將在 51% 至 53% 之間，然後再上升。

We are in a time of accelerated investment in capital, process node acceleration and R&D as the foundation for changing the trajectory of the past few years. In alignment with our IDM 2.0 strategy, we are forecasting 2022 CapEx of $25 billion to $28 billion with potential for further growth in subsequent years. We believe our investments position the company for very attractive long-term returns.

我們正處於資本加速投資、工藝節點加速和研發作為改變過去幾年軌蹟的基礎的時代。根據我們的 IDM 2.0 戰略，我們預測 2022 年資本支出為 250 億美元至 280 億美元，並在隨後幾年有進一步增長的潛力。我們相信我們的投資使公司獲得非常有吸引力的長期回報。

Before I hand off to Q&A, as Pat mentioned, I plan to retire from Intel in May next year. I've been a public company CFO now for 15 years, and it is time for me to spend more time with family and friends as part of the next chapter in my life. It has been a true privilege and frankly, quite exciting, to work with Pat and the leadership team on the launch of IDM 2.0. And I look forward to following our transformation over the next several years. There is no company like Intel, and the immense talent here serves as a wonderful foundation for the transformation ahead.

正如帕特所說，在我交給 Q&A 之前，我計劃在明年 5 月從英特爾退休。我已經擔任上市公司首席財務官 15 年了，現在是我花更多時間與家人和朋友在一起的時候了，這是我人生下一章的一部分。與 Pat 和領導團隊合作推出 IDM 2.0 是一種真正的榮幸，坦率地說，非常令人興奮。我期待在接下來的幾年里關注我們的轉型。沒有像英特爾這樣的公司，這裡的巨大人才為未來的轉型奠定了良好的基礎。

With that, let me turn it back over to Tony and get to your questions.

有了這個，讓我把它轉回給托尼，然後回答你的問題。

All right. Thank you, George. Moving on now to the Q&A. (Operator Instructions) Operator, please go ahead and introduce the first caller.

好的。謝謝你，喬治。現在繼續進行問答。 （操作員說明）接線員，請繼續介紹第一個來電者。

Our first question comes from the line of Joseph Moore of Morgan Stanley.

我們的第一個問題來自摩根士丹利的約瑟夫摩爾。

Great. I wonder if you could talk about the gross margins next year. What is the -- you talked about investment in 10-nanometer, but you took those ramps this year. Is it the sort of simultaneous ramp of 10 and then start-up costs of 7 that pulls that down? And why wouldn't you recover from that in subsequent years as you mature the yields thereafter?

偉大的。我想知道你是否可以談談明年的毛利率。什麼是 - 你談到了對 10 納米的投資，但你今年採取了這些措施。是不是同時增加 10 倍，然後是 7 倍的啟動成本會降低它的成本？當你之後的產量成熟時，你為什麼不能在隨後的幾年中從中恢復過來呢？

And I also wanted to ask just as a follow-up to that, does the accounting change? Would the numbers have been lower if not for the change to take stock compensation out of the numbers?

我還想問一下，會計是否會發生變化？如果沒有從數字中扣除股票補償的變化，數字會更低嗎？

Let me start with the margin question, and then I'll ask George to step in and help. First, I'd just say, this is a pivot point for the company. We are repositioning Intel for growth to be a long-term growth company. We see the massive opportunity that we have. Near term, we could have chosen a more conservative route with modestly better financials. But instead, the Board, the management team, and this is why I came back to the company, choosing to invest to maximize the long-range business that we have. Overall, these are great markets that we're going to be leaning into with very unique positions that we have with our technologies and products.

讓我從邊距問題開始，然後我會請喬治介入並提供幫助。首先，我只想說，這是公司的一個支點。我們正在將英特爾重新定位為一家長期增長的公司。我們看到了我們擁有的巨大機會。短期內，我們本可以選擇一條更保守的路線，財務狀況稍好一些。但取而代之的是董事會、管理團隊，這就是我回到公司的原因，選擇投資以最大化我們擁有的長期業務。總體而言，這些都是我們將憑藉我們在技術和產品方面擁有的非常獨特的地位而傾心的偉大市場。

As you look specifically to next year's margins, we see that the decline is driven really by 2 factors. One is the new manufacturing nodes. And as you've heard us say, we're going to rapidly move through our 5 nodes in 4 years, and this will have pressure on the margins near term as we ramp those up but will quickly at an accelerated pace give us leadership capabilities that will improve margins over the horizon.

當您特別關註明年的利潤率時，我們看到下降實際上是由兩個因素推動的。一是新的製造節點。正如您聽到我們所說，我們將在 4 年內快速通過我們的 5 個節點，這將在短期內對利潤率造成壓力，因為我們會增加這些節點，但會以更快的速度為我們提供領導能力這將提高未來的利潤率。

We're also investing in our future. These investments that we're making now in our road map will pay off as those products return to leadership -- leadership products begets leadership pricing, which begets leadership margins. So as we said in our prepared remarks, comfortably above 50%, and we're confident in the multiyear recovery of the margins that result from, again, competitive process, competitive products, will produce great results for us long term.

我們也在投資我們的未來。我們現在在路線圖中進行的這些投資將隨著這些產品重返領先地位而獲得回報——領先產品帶來領先定價，從而產生領先優勢。因此，正如我們在準備好的評論中所說，輕鬆超過 50%，並且我們相信，競爭性流程和競爭性產品所帶來的利潤率的多年復蘇將為我們帶來長期的巨大成果。

So overall, a couple of years of pressure returning over that horizon as we see these growth areas in our data center, our client business and these 4 new growth markets, the networking, graphics, mobility, autonomy, foundry. And we've made a strong choice. We're going to be decisive and we're very transparent, right?

因此，總體而言，隨著我們在數據中心、客戶業務和這 4 個新的增長市場（網絡、圖形、移動性、自主性、代工）中看到這些增長領域，幾年的壓力再次出現。我們做出了強有力的選擇。我們要果斷，而且我們非常透明，對吧？

And upfront, we're laying out an understanding of where we're going. And we elected to give that guidance earlier than we might have otherwise, not just for next year, but over the horizon as well. So now is the time, and we're making that decision boldly and aggressively.

並且在前期，我們正在闡明我們要去的地方。我們選擇比其他方式更早地提供指導，不僅是在明年，而且在未來也是如此。所以現在是時候了，我們正在大膽而積極地做出這個決定。

George, do you want to help on the last part of the question?

喬治，你想幫助解決問題的最後一部分嗎？

Sure. Yes, happy to. Joe, the -- we're announcing the accounting change in 2022, just to give people a heads up. It's -- we think it's a pretty modest impact on gross margin. So it works within the range that we've given for the next couple of years. Obviously, we guided the next 2 to 3 years, not 2022. And so Pat did a good job of laying out what are the key drivers there.

當然。是的，很高興。喬，我們宣布 2022 年的會計變更，只是為了讓人們注意。這是 - 我們認為這對毛利率的影響非常溫和。所以它在我們為未來幾年給出的範圍內工作。顯然，我們指導的是未來 2 到 3 年，而不是 2022 年。所以帕特很好地說明了那裡的關鍵驅動因素。

And the changes that we're doing on the accounting side are really -- we're out of alignment with the industry on stock-based comp. And we're also -- I think like you, probably -- we just assume not to see these large adjustments in a quarter that are for ICAP-related activities, and so we're taking that out of non-GAAP as well. Quite frankly, it -- with those 2 combined, it was net accretive with those 2 together over the last couple of years. But we think it's the time to make these changes, and we think it's consistent with what the industry has done.

我們在會計方面所做的改變真的是——我們在基於股票的薪酬方面與行業脫節。而且我們也 - 我想可能像你一樣 - 我們只是假設不會在一個季度看到這些與 ICAP 相關的活動的大幅調整，因此我們也將其從非 GAAP 中剔除。坦率地說，這兩個結合在一起，在過去幾年中與這兩個結合在一起是淨增值的。但我們認為是時候做出這些改變了，我們認為這與行業所做的事情是一致的。

Yes. And the other factor that we did talk about is also starting to give accountable units against our new business unit structures as well, which will give increased transparency to the marketplace and will also give increased accountability internally to drive the execution that we're laying out.

是的。我們確實談到的另一個因素也開始針對我們的新業務部門結構賦予問責單位，這將提高市場的透明度，還將增加內部問責制以推動我們正在製定的執行.

So with that, Tony, next question?

那麼，托尼，下一個問題？

Our next question comes from the line of Ross Seymore of Deutsche Bank.

我們的下一個問題來自德意志銀行的 Ross Seymore。

And George, congratulations on your retirement.

還有喬治，祝賀你退休。

Kind of a similar question on the longer-term side of things, Pat. If I look back over the last decade, Intel has grown double digits, I think, once in a single year. So talk a little bit about what gives you the confidence in the company being able to be a double-digit grower a couple of years out from now.

帕特，從長遠來看，有點類似的問題。如果我回顧過去十年，我認為英特爾在一年內實現了兩位數的增長。因此，請談談是什麼讓您對公司能夠在幾年後成為兩位數的增長者充滿信心。

Well, thank you. And as we look at these markets, we see clearly the client business with CCG, we don't expect that to be a double-digit grower. We do expect growth coming from the client business, and even IDC now is agreeing with us on growth next year. We do see the opportunity for us to be a share gainer as well as gaining more of the bill of materials of the clients as well, but our expectations there are modest in the growth of the client business.

嗯，謝謝。當我們審視這些市場時，我們清楚地看到了 CCG 的客戶業務，我們不希望它成為兩位數的增長者。我們確實預計來自客戶業務的增長，甚至 IDC 現在也同意我們明年的增長。我們確實看到了成為股票贏家的機會，同時也獲得了更多客戶的材料清單，但我們對客戶業務增長的期望並不高。

Clearly, the data center business, we do expect to see stronger growth. And as our products get stronger and as we've noted with Sapphire Rapids next year and the road map over '23, '24 and '25 that we do see ourselves in a position that we'll be gaining leadership, which allows us to have pricing, margin improvements in that product line, and data center is growing. But it isn't just the data center, it's also at least 4 new business areas that we've laid out.

顯然，我們確實預計數據中心業務將出現更強勁的增長。隨著我們的產品變得更強大，正如我們在明年的 Sapphire Rapids 以及 '23、'24 和 '25 的路線圖上所指出的那樣，我們確實認為自己處於獲得領導地位的位置，這使我們能夠該產品線的定價，利潤率提高，數據中心正在增長。但這不僅僅是數據中心，我們已經佈局了至少 4 個新的業務領域。

And next to data center, the networking business, we have a very strong position already but also the ability to reach into the network. And the large growth that we see in the edge where Intel is very uniquely positioned. And the edge market as the 5G becomes an open RAN platform. Also, the edge deployment, smart factories, smart cities, we are very well positioned, and we expect to see substantial growth there.

除了數據中心，網絡業務，我們已經擁有非常強大的地位，而且有能力進入網絡。以及我們在英特爾非常獨特定位的邊緣看到的巨大增長。而隨著 5G 成為開放 RAN 平台的邊緣市場。此外，在邊緣部署、智能工廠、智能城市，我們處於非常有利的位置，我們希望在那裡看到大幅增長。

In the graphics area, we have a good business today in the integrated graphics, but the opportunity for us to reach into this large and rapidly growing GPU business, discrete graphics business, high-performance computing, we are extraordinarily well positioned to be able to satisfy what we see almost as insatiable demand in that area. And then, of course, the mobility business, we're already well underway with our Mobileye business, very unique technology position. Another great quarter from that team. And then finally, the great synergies we get from leveraging our core manufacturing assets as well as our process technology innovations.

在圖形領域，我們今天在集成顯卡方面有很好的業務，但我們有機會涉足這個龐大且快速增長的 GPU 業務、獨立顯卡業務、高性能計算，我們非常有能力能夠滿足我們在該領域幾乎無法滿足的需求。然後，當然，移動業務，我們的 Mobileye 業務已經在進行中，非常獨特的技術地位。那支球隊的另一個偉大的季度。最後，我們從利用我們的核心製造資產以及我們的工藝技術創新中獲得了巨大的協同效應。

And as we noted in the formal comments, over half of the technology industry is going to be leading edge, right, in the second half of this decade. Very few companies can do that, and we're finding great interest for our foundry business to be able to satisfy those.

正如我們在正式評論中指出的那樣，超過一半的科技行業將在本十年的下半葉處於領先地位。很少有公司能做到這一點，我們發現我們的代工業務能夠滿足這些需求。

So if you think about the growth in the core business, plus these major new business areas, and we've done a lot of modeling against this and really built a very robust plan to go execute it, we feel very confident in the double-digit CAGR that we described. We're excited about it. The teams are leaning into it. And even better than that, our customers are excited about it. And with that customer enthusiasm, I'm very confident in what we've described here. We are leaning in. Now is the time to make it happen, and we're making the investments to realize that today.

因此，如果您考慮核心業務的增長，再加上這些主要的新業務領域，我們已經針對此做了很多建模，並確實制定了一個非常強大的計劃來執行它，我們對雙倍充滿信心我們描述的數字複合年增長率。我們對此感到興奮。團隊正在努力。甚至更好的是，我們的客戶對此感到興奮。憑藉客戶的熱情，我對我們在這裡描述的內容非常有信心。我們正在努力。現在是實現它的時候了，我們正在投資以實現這一點。

Our next question comes from John Pitzer of Credit Suisse.

我們的下一個問題來自瑞士信貸的約翰·皮策。

Congratulations. I'll echo Ross' comments for George, congratulations on the retirement.

恭喜。我會回應羅斯對喬治的評論，祝賀他退休。

Pat, I wanted to dig a little bit deeper into the long-term growth rate question that Ross just asked, but specifically towards the foundry business. I'm kind of curious when you think about the gross margin guidance next year and the long-term CAGR of 10% to 12%. What's the impact of foundry?

Pat，我想更深入地研究一下羅斯剛剛提出的長期增長率問題，特別是針對代工業務。當你想到明年的毛利率指導和 10% 到 12% 的長期復合年增長率時，我有點好奇。代工有什麼影響？

I'm assuming foundry is still going to be relatively small next year in the business. But I'm just trying to get a sense as foundry grows, how big of a contributor is it to that 10% to 12% long-term CAGR? And how do we think about the margin profile there as it unfolds?

我假設代工在明年的業務中仍然相對較小。但我只是想了解一下，隨著代工廠的發展，對 10% 到 12% 的長期 CAGR 的貢獻有多大？當它展開時，我們如何看待那裡的利潤概況？

Yes. Thank you. Great question, John. And there's a -- first will be that the revenue impacts and the investment impacts of foundry are fairly modest in the next couple of years. They don't add that much to the top line. They don't detract that much from the bottom line as we're really building that business now. It's really in the later years where you're going to start to see the revenue impact really start to matter. And this is very typical of the foundry business. It takes a couple of years for a customer to pick a foundry, move a design, start to ramp it into the industry. So it really has minimal impact for the next couple of years, and then it will start to really deliver in years 4 and 5 and in the second half of the decade more significantly.

是的。謝謝你。好問題，約翰。首先是代工的收入影響和投資影響在未來幾年相當溫和。他們並沒有給收入增加那麼多。他們並沒有減少太多的底線，因為我們現在正在真正建立這項業務。真的是在晚年，你會開始看到收入影響真正開始變得重要。這是非常典型的代工業務。客戶需要幾年的時間來挑選代工廠、移動設計、開始將其推向行業。因此，它對未來幾年的影響確實很小，然後它將在第 4 年和第 5 年開始真正發揮作用，並在本世紀的後半段更顯著。

With respect to margin, we expect that we are in our foundry business having very similar margin structures to the leader in this business today. And we see that as a good business, maybe a little bit lower margin than our best product margins today, but still would allow us to comfortably be above 50%, as I said, in the long-term guidance that we laid out. This is a great market for us to be reaching into. It allows us to leverage the R&D investments that we have in process technology to more markets. Many of our AFP blocks, as we open up the x86 architecture for increasing innovation, we get to leverage enormous amounts of R&D for new monetization opportunities.

關於利潤率，我們預計我們在代工業務中的利潤率結構與當今該業務的領導者非常相似。我們認為這是一項不錯的業務，利潤率可能比我們今天最好的產品利潤率低一點，但正如我所說，在我們制定的長期指導中，我們仍然可以輕鬆地超過 50%。這對我們來說是一個很大的市場。它使我們能夠將我們在工藝技術方面的研發投資用於更多市場。我們的許多 AFP 塊，隨著我們開放 x86 架構以增加創新，我們可以利用大量的研發來獲得新的貨幣化機會。

Also, we're leveraging our smart capital strategy where we build shells, and we start that process early that allows us to get those investments in the ground to start building some of that IFS capacity. But it also allows us to have capacity for increased market share gains and leveraging the balance between our internal and our foundry customers as well. And to leverage government investments, we expect, will be driven substantially to benefit the IFS business.

此外，我們正在利用我們構建外殼的智能資本戰略，並且我們儘早開始該過程，這使我們能夠獲得這些投資以開始構建一些 IFS 容量。但它也使我們有能力增加市場份額，並利用我們內部和代工客戶之間的平衡。我們預計，為了利用政府投資，將極大地推動 IFS 業務受益。

So when we take all of that together, unique technology position, more flexible and leveraged capital positions, unique IP benefits that we bring to it, we're seeing great interest from our foundry customers already. We're seeing that on mature nodes like our Intel 16, but very much from some of the largest customers in the industry with our leading-edge technologies, where we're getting a lot of excitement to be on the best transistors that are available on the planet with the manufacturing capacity that we can bring. We see this as a great complement to our business. And so far, things are going even better than I would have thought when I announced this business early in the year.

因此，當我們將所有這些結合在一起時，獨特的技術地位、更靈活和槓桿化的資本地位、我們為其帶來的獨特知識產權優勢，我們已經看到了我們的代工客戶的極大興趣。我們在英特爾 16 等成熟節點上看到了這一點，但非常多來自行業中一些最大的客戶，我們擁有領先的技術，在這些節點上，我們很高興能夠使用最好的晶體管在地球上擁有我們可以帶來的製造能力。我們認為這是對我們業務的一個很好的補充。到目前為止，事情進展得比我年初宣布這項業務時的預想還要好。

Our next question comes from Stacy Rasgon of Bernstein Research.

我們的下一個問題來自 Bernstein Research 的 Stacy Rasgon。

I wanted to ask a question on the current quarter results, specifically data center ASPs. So cloud was down 20% year-over-year. Enterprise was up 70% year-over-year, and yet your ASPs were down pretty materially sequentially. Like how do I reconcile that given the mix there, especially with the Ice Lake ramp and everything should have gotten much better. What happened with data center ASPs in the quarter?

我想問一個關於當前季度業績的問題，特別是數據中心 ASP。因此，雲計算同比下降了 20%。 Enterprise 同比增長 70%，但您的 ASP 卻連續大幅下降。就像我如何協調那裡的混合，特別是在冰湖坡道上，一切都應該變得更好。本季度數據中心 ASP 發生了什麼？

Yes. A couple of things, Stacy. First, the mix of products in the quarter were more weighted towards what I would call our HCC products down from an ASP standpoint from our XCC. And that -- part of that is coming out of the lower cloud than we expected.

是的。有幾件事，斯泰西。首先，從我們 XCC 的 ASP 角度來看，本季度的產品組合更偏向於我所說的 HCC 產品。這 - 其中一部分來自低於我們預期的雲層。

The -- I would say the other piece is we saw a bounce up in our network SoCs. And as you know, those have much lower ASPs and tend to be dilutive to ASP. And that was relative to Q2.

- 我想說的另一部分是我們看到我們的網絡 SoC 出現反彈。如您所知，這些產品的平均售價要低得多，而且往往會稀釋平均售價。這與第二季度有關。

But enterprise was up 70%. Like shouldn't the mix have gotten much better? Like what impact was competition or anything else here? It seems like there has to be something else going on. It can't just be mix.

但企業增長了 70%。就像混合不應該變得更好嗎？比如這裡的競爭或其他什麼影響是什麼？似乎必須有其他事情發生。它不能只是混合。

Yes. One is the SoC. The enterprise piece is -- as I said, is a mix of products that we saw. It was skewed down from our XCC in the quarter with the enterprise as well.

是的。一是SoC。正如我所說，企業部分是我們看到的產品的組合。它在本季度與企業的 XCC 相比也有所下降。

But the ASPs of any individual product line were still very in line with our normal ASPs for those individual products, Stacy. So overall, we just say it was a mix discussion this quarter. It wasn't an ASP discussion at that level, even though, right, you average those together, you get different effects.

但是任何單個產品線的 ASP 仍然非常符合我們對這些單個產品 Stacy 的正常 ASP。所以總的來說，我們只是說本季度是混合討論。這不是那個級別的 ASP 討論，儘管，對，你把它們平均起來，你會得到不同的效果。

Also, as we said for the data center business, we did have some unique issues in China this quarter, which led to some different behavior in that business, some of the regulatory issues there. So overall, not where we would have expected the data center to be for the quarter, but still a very strong performance. And we're happy with the growth that we're seeing in that business.

此外，正如我們對數據中心業務所說的那樣，本季度我們在中國確實遇到了一些獨特的問題，這導致該業務出現了一些不同的行為，以及那裡的一些監管問題。因此，總體而言，不是我們預期的數據中心在本季度的表現，但仍然表現非常強勁。我們對我們在該業務中看到的增長感到滿意。

And as we've indicated, the momentum of Ice Lake is growing. Sapphire Rapids, great interest in that product. So we're seeing that the overall competitiveness and the growth of that business area is looking very good for us for the future. We're excited about it, and everything is going as we would have hoped for that business.

正如我們所指出的，冰湖的勢頭正在增長。 Sapphire Rapids，對那個產品很感興趣。因此，我們看到該業務領域的整體競爭力和增長對我們未來非常有利。我們對此感到興奮，一切都如我們所希望的那樣進行。

Are those China regulatory issues permanent?

這些中國監管問題是永久性的嗎？

As you might have seen, there's been some regulatory questions around gaming in China, right? And all of the cloud vendors are adjusting their offerings to meet that new regulatory environment. So we expect there's a quarter or 2 for them to digest what they would look like. We do expect that market to recover going forward.

您可能已經看到，中國的遊戲存在一些監管問題，對吧？所有云供應商都在調整他們的產品以滿足新的監管環境。所以我們預計他們會有一到兩個季度來消化他們的樣子。我們確實預計該市場將在未來復甦。

And as you're probably aware, we have uniquely high market share in the Chinese cloud market. So as it recovers, we expect a nice recovery in that business area for us, and we expect that there will be a return to normalcy next year in that area of our business.

正如您可能知道的那樣，我們在中國雲市場擁有獨一無二的高市場份額。因此，隨著它的恢復，我們預計該業務領域將出現良好的複蘇，我們預計明年我們的業務領域將恢復正常。

And just for added clarity, we're -- we expect it to continue in Q4.

只是為了更加清楚，我們 - 我們預計它會在第四季度繼續。

Yes. Next question.

是的。下一個問題。

Our next question comes from Timothy Arcuri of UBS.

我們的下一個問題來自瑞銀的蒂莫西·阿庫裡。

George, I wanted to ask about gross margin puts and takes more over the longer term. So you're saying 51% to 53% over the next couple of years and then kind of moving higher after the next few years. But at the same time, CapEx is also going to 25 to 28 next year, and it sounds like it might be higher than that. And the depreciation is still only $11 billion right now. So that's going to obviously go up a lot, too.

喬治，我想問一下毛利率看跌期權和長期看跌期權的情況。所以你說在接下來的幾年裡是 51% 到 53%，然後在接下來的幾年裡會走高。但與此同時，明年的資本支出也將達到 25 至 28 倍，聽起來可能會更高。而折舊現在仍然只有110億美元。所以這顯然也會上升很多。

So I think that the obvious question is going to be how believable it is that gross margin can ultimately come back given that -- I would think that the depreciation is going to really be ramping in those out years. So can you just sort of hold our hand there in terms of how believable it is that gross margin can come back when there's just such a gap between depreciation and CapEx?

因此，我認為顯而易見的問題是，毛利率最終能夠恢復的可信度有多大——我認為在接下來的幾年裡，貶值真的會加劇。那麼，當折舊和資本支出之間存在如此大的差距時，毛利率可以恢復的可信度有多大，你能不能稍微握住我們的手？

Yes. Yes, for sure. First off, I think part of the reason for spending this amount of CapEx is to catch up with the capacity shortfalls that we've had and also to build in more flexibility. These things all support higher revenue over time, which helps absorb, as you know, some of the depreciation. That being said, it will be growing. No question, our depreciation impact will be growing over the next couple of years.

是的。是肯定的。首先，我認為花費這麼多資本支出的部分原因是為了彌補我們所面臨的產能不足，並建立更大的靈活性。隨著時間的推移，這些東西都支持更高的收入，如您所知，這有助於吸收一些折舊。話雖如此，它將不斷增長。毫無疑問，我們的折舊影響將在未來幾年內增加。

The impact of OCOS, which is the -- all the investment that is going on outside of depreciation and the node acceleration that Pat has been talking to, that has a big impact, particularly over the next few years because of the number of nodes that are being worked in parallel. So we think that gets better coming out of this period. And we've had a pretty reasonable assumption inside of our gross margin estimates for how much unit costs are going up and then how much of that you can recover in ASP. So there's no big missing element. I think it's -- we expect to -- as we've said, we expect to grow into our investment, and we expect the investment in node compression takes less of a toll as we come out of this period.

OCOS 的影響，即在折舊和 Pat 一直在談論的節點加速之外正在進行的所有投資，具有很大的影響，特別是在未來幾年，因為節點數量正在並行工作。因此，我們認為這段時期會變得更好。在我們的毛利率估計中，我們有一個非常合理的假設，即單位成本上升了多少，然後你可以在 ASP 中收回多少。所以沒有大的缺失元素。我認為這是 - 我們希望 - 正如我們所說，我們希望增長到我們的投資中，並且我們預計隨著我們走出這段時期，對節點壓縮的投資所帶來的損失會減少。

Yes. And ultimately, we're making those investments in node compression to get more competitive products and more capabilities. And as the products get more competitive, better pricing, better margins, which enable us to have not only better gross margins, but obviously, we'll have the flow-through benefits into cash flows as we're impacting our CapEx investments. So all of these things start to generate positively as we get back on top of our competitive position.

是的。最終，我們將在節點壓縮方面進行投資，以獲得更具競爭力的產品和更多功能。隨著產品變得更具競爭力、更好的定價、更高的利潤率，這不僅使我們能夠獲得更好的毛利率，而且顯然，我們將在影響我們的資本支出投資時獲得現金流的流通收益。因此，隨著我們重新佔據競爭優勢，所有這些事情都開始產生積極的影響。

And as we said, we've had an extraordinary quarter since we've last met. Every one of our process nodes that we described. Some said when we described 5 nodes in 4 years, it has never been done in history. And we said, "That's right and we're going to do it."

正如我們所說，自上次見面以來，我們度過了一個非凡的季度。我們描述的每一個流程節點。有人說，我們在 4 年內描述了 5 個節點，這在歷史上是從未有過的。我們說，“這是對的，我們會這樣做。”

And as I updated in the formal comments, all of those nodes, Intel 7, Intel 4, Intel 3, Intel 20A, Intel 18A on or ahead of schedule Relatively speaking, we're closing the gap in the industry, probably even more rapidly than I would have expected just a quarter ago. And as a result of that, these investments will be producing superior products with superior pricing and margins more rapidly than we would have forecast even a quarter ago.

正如我在正式評論中更新的那樣，所有這些節點，英特爾 7、英特爾 4、英特爾 3、英特爾 20A、英特爾 18A 都按計劃或提前進行了相對而言，我們正在縮小行業差距，可能更快比我四分之一前的預期。因此，這些投資將比我們甚至在一個季度前的預測更快地生產出價格和利潤率更高的優質產品。

So overall, we think all of these things are now starting to play together. Obviously, we have a couple of years to work through. But this is going to be a great outcome, and we think all of our aggressive lean-ins right now are going to be handsomely rewarded in the marketplace to our customers and to our shareholders over time.

所以總的來說，我們認為所有這些事情現在開始一起發揮作用。顯然，我們還有幾年的工作時間。但這將是一個很好的結果，我們認為，隨著時間的推移，我們現在所有積極的傾向都將在市場上為我們的客戶和股東帶來豐厚的回報。

Our next question comes from C.J. Muse of Evercore ISI.

我們的下一個問題來自 Evercore ISI 的 C.J. Muse。

Yes. I guess a question on CapEx. So you've outlined a higher number for calendar '22. But as I think about and contemplate higher intensity at the leading edge nodes, it would appear that, that would really be for Intel only. So should we be thinking about a step-up above and beyond that level as you build out capacity for IFS over time?

是的。我想是關於資本支出的一個問題。因此，您為日曆 '22 列出了更高的數字。但當我考慮並考慮在前沿節點上更高的強度時，似乎這真的只適用於英特爾。那麼，隨著時間的推移，隨著 IFS 容量的增加，我們是否應該考慮在該水平之上和更高水平進行升級？

And then second quick question around that. Are you making any changes to how you're accounting for depreciation, lifetime on equipment or buildings or anything like that as part of the accounting changes that you've outlined tonight?

然後是關於這個的第二個快速問題。作為您今晚概述的會計變更的一部分，您是否對折舊、設備或建築物的使用壽命或類似事項進行會計處理？

Yes. So the initial CapEx of use, obviously, as you said, building out shell capacity, building flexibility into it. As George indicated, in subsequent years, might be going up a bit more. But as we've also said, we do expect to see the opportunity for government's investments to enable us to go bigger and faster on our CapEx investments.

是的。因此，顯然，正如您所說，最初使用的資本支出是建立外殼容量，並在其中建立靈活性。正如喬治所指出的那樣，在隨後的幾年裡，可能會上漲一點。但正如我們也說過的，我們確實希望看到政府投資的機會，使我們能夠更大更快地進行資本支出投資。

So the numbers that we've given reflect the initial build-out of our foundry business. So we feel comfortable in that. And we've also described our smart capital strategy that gives us more flexibility for what we do internally, what we do in our foundries, the ability to benefit from government investments, the flexible build-out of shelves.

因此，我們給出的數字反映了我們代工業務的初步發展。所以我們對此感到很自在。我們還描述了我們的智能資本戰略，它為我們在內部所做的事情、在代工廠所做的事情、從政府投資中受益的能力以及貨架的靈活擴建提供了更大的靈活性。

And overall, we see these investments allow us to grow right, and grow share, right, gain foundry customers, where as those get committed, right, we will build out the specific capacity. And then balancing a foundry, which enables us to leverage industry capacity as well as our own and everything we bring internally, we have better margins associated with it. So overall, we think it's a very uniquely powerful, resilient and favorable strategy for us to execute over time.

總體而言，我們看到這些投資使我們能夠正確地成長，並增加份額，正確地，獲得代工客戶，當這些客戶承諾時，我們將建立特定的能力。然後平衡代工廠，這使我們能夠利用行業能力以及我們自己的和我們內部帶來的一切，我們有更好的利潤與之相關。所以總的來說，我們認為這是一個非常獨特的強大、有彈性和有利的策略，我們可以隨著時間的推移執行。

Yes. And C.J., the accounting changes that we're talking about, number one, are to increase transparency into the business by breaking out the segments the way Pat has been describing the segments of the markets that we're going to be addressing. The other changes are really just to align with the industry. So when people look at our non-GAAP numbers, they're going to see the same basis for that as most of our peers. And so no accounting changes that we're talking about that relate to how we treat depreciation of assets.

是的。 C.J.，我們正在談論的第一大會計變更是通過按照 Pat 描述我們將要解決的市場細分的方式劃分細分市場來提高業務的透明度。其他變化實際上只是為了與行業保持一致。因此，當人們查看我們的非 GAAP 數據時，他們會看到與我們大多數同行相同的基礎。因此，我們談論的會計變更與我們如何處理資產折舊無關。

Our next question comes from Blayne Curtis of Barclays.

我們的下一個問題來自巴克萊銀行的 Blayne Curtis。

Two on gross margin. One, just near term, the federal impact in Q4, just remind us if that continues into the first half. And then you're starting at 55%, now you're guiding long term kind of 51% to 53%. And it seems pretty clear as you ramp more Intel 7 products, the margin has been going down substantially.

二是毛利率。一，就在短期內，第四季度的聯邦影響，只是提醒我們這是否會持續到上半年。然後你從 55% 開始，現在你正在指導長期的 51% 到 53%。很明顯，隨著您推出更多英特爾 7 產品，利潤率一直在大幅下降。

So I'm just trying to think about it. I know you probably don't want to guide next year, but trying to figure out, within that range are you going to be closer to the bottom of it as you ramp more of the client and you cross their majority in Q4 and then you obviously have servers on the way as well. So just trying to understand the impact in the near term here on gross margin and then kind of just long term as well.

所以我只是在努力思考。我知道你可能不想在明年指導，但試圖弄清楚，在這個範圍內，隨著你增加更多客戶並且你在第四季度超過他們的多數，你會更接近它的底部，然後你顯然也有服務器在路上。所以只是想了解短期內對毛利率的影響，然後也是長期的。

It does seem like -- listening to your comments, Pat, that it does require that double-digit top line. So I just want to understand, I think a lot of people may think the CAGR is maybe half that on this call. So just kind of trying to understand how flexible you can be as it relates to the gross margin line with your spending with the smart capital plan.

看起來——聽你的評論，帕特，它確實需要兩位數的頂線。所以我只想了解，我想很多人可能認為 CAGR 可能是這次電話會議的一半。所以只是想了解你的靈活性，因為它與你在智能資本計劃中的支出相關的毛利率線。

Yes. Look, on Q4, gross margin is pretty much the way we saw it when we talked about it last quarter when we were guiding for the rest of the year. The Intel Federal impact is a one-quarter impact, and so it does not carry forward.

是的。看，在第四季度，毛利率幾乎與我們在上個季度談論它時所看到的方式，當時我們指導今年剩餘時間。英特爾聯邦影響是四分之一的影響，因此不會結轉。

We're -- to the extent that we want to think about '22 gross margin, I think, again, 51% to 53% for the next 2 to 3 years and really the biggest hitters being the impact of higher capital, which you see accelerating in Q4 this year going into next year and then the effect of the multiple node compression. Those are the key dynamics that we see. So that's all we can guide at this point.

我們 - 就我們想要考慮 22 年毛利率的程度而言，我認為未來 2 到 3 年的毛利率為 51% 到 53%，真正最大的打擊是更高資本的影響，你看到今年第四季度加速進入明年，然後是多節點壓縮的影響。這些是我們看到的關鍵動態。這就是我們目前可以指導的全部內容。

Yes. And overall, as we said, we feel confident in these numbers. We're giving a lot more transparency. We're taking the opportunity to give you more understanding of our business. We're electing to do that earlier in the process than we might otherwise because we're making these decisions. We're choosing to give you a lot more understanding of the business.

是的。總的來說，正如我們所說，我們對這些數字充滿信心。我們提供了更多的透明度。我們藉此機會讓您對我們的業務有更多的了解。我們選擇在流程中更早地這樣做，因為我們正在做出這些決定。我們選擇讓您對業務有更多的了解。

We're confident in these growth outlooks as well. These are exciting new market categories, right, that we are leaning into. They are large market categories. And it's not just that they're large categories, right? They reinforce each other. The stronger I am in networking, the stronger I am in data center. The stronger I am in client, the stronger I am in graphics. The stronger I am in my process technology, the stronger I am in my foundry business. Every one of these is building on each other and creating synergy value.

我們也對這些增長前景充滿信心。這些都是令人興奮的新市場類別，沒錯，我們正在努力。它們是大市場類別。這不僅僅是因為它們是大類別，對吧？他們互相加強。我在網絡方面的實力越強，我在數據中心的實力就越強。我在客戶端越強，我在圖形方面就越強。我的工藝技術越強，我的代工業務就越強。每一個都在相互建立並創造協同價值。

And overall, right, as we move to leadership in these areas, and we are well on track on doing that, we feel quite confident in the growth rate, the margin profiles. It will, of course, take the opportunity at our Analyst Day to dig into the business areas quite a bit more. And we're going to help you understand those. We're going to give you segment reporting that helps you see those and be able to get transparency and accountability through it. But overall, we believe we're laying out a pretty exciting path that the management team, Board of Directors and our customers are really leaning back into us to say, "Yes, this is Intel." We're excited for the future. Now is the time.

總體而言，是的，隨著我們在這些領域取得領先地位，並且我們在這方面進展順利，我們對增長率和利潤率狀況充滿信心。當然，它會利用我們的分析師日的機會深入挖掘業務領域。我們將幫助您理解這些。我們將為您提供細分報告，幫助您了解這些並能夠通過它獲得透明度和問責制。但總的來說，我們相信我們正在製定一條非常令人興奮的道路，管理團隊、董事會和我們的客戶真的會向我們靠攏，說：“是的，這就是英特爾。”我們對未來感到興奮。現在是時候了。

Our next question comes from Pierre Ferragu of New Street Research.

我們的下一個問題來自 New Street Research 的 Pierre Ferragu。

George, for your next step, I wonder what your life is going to look like not answering every day questions about Intel's gross margin. It might be weird.

喬治，對於你的下一步，我想知道如果你不每天回答有關英特爾毛利率的問題，你的生活會是什麼樣子。這可能很奇怪。

And so maybe I'm dying to ask you another question on gross margin, but I won't, just to make sure I give you a bit of fresh air. I was actually wondering, it's not necessarily a question just for you, George, also for Pat.

所以也許我很想問你另一個關於毛利率的問題，但我不會，只是為了確保我給你一些新鮮空氣。我實際上在想，這不一定是你的問題，喬治，帕特也是。

You haven't talked about market shares over the transition period. For the next 2, 3 years, okay, your gross margins will take a big step down, you're going to invest a lot. How do you see your market share evolving and why?

您還沒有談到過渡期間的市場份額。在接下來的 2、3 年，好吧，你的毛利率會大幅下降，你會投入很多。您如何看待您的市場份額的演變以及為什麼？

And then I can't help relating that to gross margin. In your gross margin guide, is there an element of taking prices down to protect gross margin during the transition? Or is that purely driven by investments?

然後我不禁將其與毛利率聯繫起來。在您的毛利率指南中，是否存在降低價格以在過渡期間保護毛利率的因素？還是純粹由投資驅動？

Overall, we expect that we'll be in a position to gain market share in our existing markets as we're making these capital investments. We've been woefully short of capacity for a number of years. There's just great opportunity in the industry. And as everybody in every industry, anywhere in the world realizes, semiconductors are hot. We need more of these, so we're building the capacity to satisfy that. In the near term, capacity is destiny. Building more capacity enables us to gain more market share. And we think we can do that as our products get stronger with very favorable pricing conditions as well.

總體而言，我們預計在進行這些資本投資時，我們將能夠在現有市場中獲得市場份額。多年來，我們的產能嚴重不足。這個行業有很大的機會。正如世界各地每個行業的每個人都意識到的那樣，半導體很熱門。我們需要更多這些，所以我們正在建設滿足這一點的能力。在短期內，能力就是命運。建設更多的能力使我們能夠獲得更多的市場份額。我們認為我們可以做到這一點，因為我們的產品在非常有利的定價條件下變得更強大。

And for instance, in the client business, Alder Lake is in production. We'll be talking more about that next week, a tremendous product that will be a great market share gainer as well as a pricing leader, right, as well as structured across the segments that allow us to gain share across multiple segments of the client marketplace.

例如，在客戶業務中，Alder Lake 正在生產中。下週我們將更多地討論這一點，這是一個巨大的產品，它將成為巨大的市場份額獲得者和定價領導者，對，以及跨細分市場的結構，使我們能夠在客戶的多個細分市場中獲得份額市場。

Also, I'd point out that these 4 areas, these 4 new growth businesses, we're very small in those businesses today. These have massive growth potential for us, large, favorable markets that are looking for leadership, logic capabilities that Intel is just uniquely positioned to supply into the industry.

另外，我要指出的是，這四個領域，這四個新的增長業務，我們今天在這些業務中非常小。這些對我們來說具有巨大的增長潛力，大型、有利的市場正在尋找領導力、英特爾在該行業中具有獨特定位的邏輯能力。

And overall, clearly, the near term, as we've laid out with great transparency, some of the margin impacts in the near term, that these are great investments, great investments in large, growing, favorable markets that very few companies have even the opportunity to participate in. And we bring such massive assets to them that we believe that we're going to be well positioned to gain leadership positions across networking, accelerated computing and graphics, in the autonomous vehicle category, in the foundry business. And you combine that with share gaining positions and client and data center, this is a tremendous period of time. We're seizing the opportunity. Carpe diem.

總的來說，很明顯，在短期內，正如我們以高度透明的方式闡述的那樣，短期內的一些利潤影響，這些都是巨大的投資，對大型、不斷增長的有利市場的巨大投資，甚至很少有公司擁有參與的機會。我們為他們帶來瞭如此龐大的資產，我們相信我們將處於有利位置，在網絡、加速計算和圖形、自動駕駛汽車類別和代工業務中獲得領導地位。而你將其與獲得份額的職位以及客戶和數據中心結合起來，這是一個巨大的時期。我們正在抓住機會。及時行樂。

The last question comes from Matt Ramsay of Cowen.

最後一個問題來自 Cowen 的 Matt Ramsay。

I wanted to ask a couple of questions on the data center business, one on product and one on the results. On the product, I think you guys reiterated that Sapphire would be shipping in Q1. Pat, I wonder if you might give some commentary on when you expect to see some legit volume ramps at Sapphire? And has that timing moved?

我想問幾個關於數據中心業務的問題，一個是關於產品的，一個是關於結果的。關於產品，我認為你們重申藍寶石將在第一季度發貨。帕特，我想知道您是否可以就您預計何時會在 Sapphire 看到一些合法的交易量增長發表一些評論？那個時機已經改變了嗎？

The second part of the question is on the results. It looks like the cloud segment was down 20% year-over-year off of a plus 15% last year. So I don't know, by my math, we're down, say, mid- to high singles from Q3 cloud levels 2 years ago pre-COVID, and CapEx has been pretty strong since. So you guys called out China, but there's some other things going on with market share. Maybe you could address those and talk about how we reverse some of that share loss.

問題的第二部分是關於結果的。看起來雲部分同比下降了 20%，而去年則增加了 15%。所以我不知道，根據我的數學，我們從 2 年前 COVID 之前的第三季度雲水平下降到中高水平，並且自那以後資本支出一直非常強勁。所以你們喊出了中國，但市場份額還有其他一些問題。也許您可以解決這些問題並討論我們如何扭轉部分份額損失。

Yes. On Sapphire Rapids, it's exactly what we said back in June of this year that it's going to be in production in Q1, ramp in Q2. So no change in its timing. We're working through the latter stages of the production process with the design, getting all of the elements of it worked out as we're ready to begin that volume ramp in Q2 of next year and on track for our Q1 launch.

是的。在 Sapphire Rapids 上，這正是我們在今年 6 月所說的，它將在第一季度投入生產，在第二季度開始生產。所以它的時間沒有變化。我們正在通過設計完成生產過程的後期階段，在我們準備在明年第二季度開始量產並為我們的第一季度發布做好準備時，它的所有元素都得到了解決。

With respect to the data center cloud business in Q3, and we'll see some of this in Q4 as well, largely is exactly what we said. Unique exposure to China, where we have uniquely high market share, nothing else significant going on in that business. That really is the story.

關於第三季度的數據中心雲業務，我們也會在第四季度看到其中的一些，這在很大程度上正是我們所說的。對中國的獨特接觸，我們在中國擁有獨特的高市場份額，在該業務中沒有其他重要的事情發生。這真的是故事。

Overall, the server business is constrained by supply, right? And this would be things like ethernet controllers and power supply devices that are holding us back from achieving. And trust me, we would be shipping a lot more units, right, if we weren't constrained by the supply chain of these other components in the industry. Our customers, both cloud customers and OEMs, very strong backlogs that they're pressing us aggressively to satisfy, but really limited by these match sets, as we call it in the industry. So other than those 2 factors, China and match sets, everything else is going as expected for the data center business.

總的來說，服務器業務受到供應的限制，對吧？這將是阻礙我們實現目標的以太網控制器和電源設備之類的東西。相信我，如果我們不受行業中這些其他組件的供應鏈的限制，我們會運送更多的產品。我們的客戶，包括雲客戶和原始設備製造商，非常強大的積壓訂單，他們正在積極地敦促我們滿足，但實際上受到這些匹配集的限制，正如我們在行業中所說的那樣。因此，除了這兩個因素，中國和匹配組之外，數據中心業務的其他一切都按預期進行。

So maybe then let me just wrap up our call today by saying, I am so proud of the talented, committed team here at Intel. Despite all of the challenges of working through the supply constraints, our teams, our factories, our product designers, the software developers are performing so well. The execution machine that we have is restoring very rapidly and a deep sense a desire that we can, and we will win.

所以也許讓我在結束今天的電話會議後說，我為英特爾的才華橫溢、敬業的團隊感到驕傲。儘管在克服供應限制方面面臨所有挑戰，但我們的團隊、我們的工廠、我們的產品設計師和軟件開發人員都表現得非常好。我們擁有的執行機器正在非常迅速地恢復一種我們可以並且我們會贏的渴望。

I also want to take the chance to personally thank George for his leadership, all the things that he's done for our company and just his commitment to seeing through a smooth transition to his successor.

我還想藉此機會親自感謝喬治的領導，感謝他為我們公司所做的一切，以及他對順利過渡到繼任者的承諾。

We've taken the first steps of our journey, and I can't wait to share more of our successes in the future. Thanks for joining us today.

我們已經邁出了旅程的第一步，我迫不及待地想在未來分享我們更多的成功。感謝您今天加入我們。

All right. Thank you, Pat, and thank you all for joining us today. Operator, could you please close the call?

好的。謝謝你，帕特，謝謝大家今天加入我們。接線員，你能掛斷電話嗎？

Yes, sir. This concludes today's conference call. Thank you for participating. You may now disconnect.

是的先生。今天的電話會議到此結束。感謝您的參與。您現在可以斷開連接。