英特爾 (INTC) 2021 Q2 法說會逐字稿

Thank you for standing by, and welcome to the Intel Corporation Second Quarter 2021 Earnings Conference Call. (Operator Instructions) As a reminder, today's program is being recorded.

感謝您的支持，歡迎參加英特爾公司 2021 年第二季度收益電話會議。 （操作員說明）提醒一下，今天的節目正在錄製中。

And now I'd like to introduce your host for today's program, Tony Balow, Head of Investor Relations. Please go ahead, sir.

現在我想介紹一下今天節目的主持人，投資者關係主管 Tony Balow。請繼續，先生。

Thank you, operator. Welcome to Intel's second quarter earnings conference call. By now, you should have received a copy of our earnings release and the earnings presentation. If you've not received both documents, they are available on our investor website, intc.com. The earnings presentation is also available in the webcast window for those joining us online.

謝謝你，接線員。歡迎參加英特爾第二季度財報電話會議。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 will 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，我們將在描述我們的綜合結果時談到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. Good afternoon, everyone. Thanks for joining our second quarter earnings call. It's a thrilling time for both the semiconductor industry and for Intel. We're seeing unprecedented demand as the digitization of everything is accelerated by the superpowers of AI, pervasive connectivity, cloud-to-edge infrastructure and, increasingly, ubiquitous compute. Our breadth and depth of software, silicon and platforms and packaging and process, combined with our at-scale manufacturing, uniquely positions Intel to capitalize on this vast growth opportunity.

謝謝你，托尼。大家下午好。感謝您參加我們的第二季度財報電話會議。對於半導體行業和英特爾來說，這是一個激動人心的時刻。隨著人工智能的超級大國、無處不在的連接、雲到邊緣的基礎設施以及越來越普遍的計算加速了一切的數字化，我們看到了前所未有的需求。我們在軟件、芯片和平台以及封裝和工藝方面的廣度和深度，再加上我們的大規模製造，使英特爾能夠利用這一巨大的增長機會獲得獨特的優勢。

Our Q2 results, which exceeded our top and bottom line expectations, reflect the strength of the industry, the demand for our products as well as the superb execution of our factory network. As I've said before, we are only in the early innings of what is likely to be a decade of sustained growth across the industry. Our momentum is building as we once again beat expectations and raised our full year revenue and EPS guidance.

我們的第二季度業績超出了我們的頂線和底線預期，反映了行業的實力、對我們產品的需求以及我們工廠網絡的出色執行。正如我之前所說，我們只是處於整個行業可能持續十年持續增長的早期階段。隨著我們再次超出預期並提高了全年收入和每股收益預期，我們的勢頭正在增強。

Since laying out our IDM 2.0 strategy in March, we feel increasingly confident that we're moving the company forward toward our goal of delivering leadership products in every category in which we compete. While we have work to do, we are making strides to renew our execution machine. 7-nanometer is progressing very well. We've launched new innovative products, established Intel foundry services and made operational and organizational changes to lay the foundation needed to win in the next phase of our company's great history. Here at Intel, we're proud of our past, pragmatic about the work ahead but, most importantly, confident in our future.

自 3 月份制定 IDM 2.0 戰略以來，我們越來越有信心推動公司朝著在我們競爭的每個類別中提供領先產品的目標前進。雖然我們有工作要做，但我們正在大踏步地更新我們的執行機器。 7納米進展非常順利。我們推出了新的創新產品，建立了英特爾代工服務，並進行了運營和組織變革，為在公司偉大歷史的下一階段贏得勝利奠定了基礎。在英特爾，我們為我們的過去感到自豪，對未來的工作務實，但最重要的是，我們對我們的未來充滿信心。

Now let me share some more detail on what we are seeing in the market. As compute is becoming more ubiquitous, we're seeing sustained strength in client demand. The ecosystem is back to shipping over 1 million PC units a day despite grappling with component shortages. I expect PC TAM growth will continue in 2022 and beyond driven by 3 factors.

現在讓我分享一些關於我們在市場上看到的更多細節。隨著計算變得越來越普遍，我們看到客戶需求持續強勁。儘管面臨組件短缺的問題，該生態系統仍恢復了每天運送超過 100 萬台 PC 的能力。我預計 PC TAM 將在 2022 年及以後繼續增長，這將受到 3 個因素的推動。

First, PC density or PCs per household is increasing as COVID has irreversibly changed the way we work, learn, connect and care for each other. For example, even as we emerge from COVID, we're seeing many companies opt for hybrid work models versus full return to the office. Second, replacement cycles are shortening on the larger and aging installed base. The shift to notebooks, the deployment of new operating systems and new better experiences, such as our Evo platform, will continue to drive refresh on the 400 million PCs over 4 years old that are running Windows 10. Finally, new markets and users are adopting the PC as the device of choice, and penetration rates are increasing as worldwide GDP growth makes the PC more affordable to more people. In areas like education, we see huge potential as the number of PCs per 100 students and teachers remains in the single digits. These trends underpin my belief that we are still in the early stages of a sustainable cycle of PC growth, and our OEM and channel partners have resoundingly affirmed this perspective.

首先，隨著 COVID 不可逆轉地改變了我們工作、學習、聯繫和相互照顧的方式，PC 密度或每個家庭的 PC 正在增加。例如，即使我們從 COVID 中脫穎而出，我們也看到許多公司選擇混合工作模式而不是完全返回辦公室。其次，在更大和老化的安裝基礎上，更換週期正在縮短。向筆記本電腦的轉變、新操作系統的部署和新的更好體驗（例如我們的 Evo 平台）將繼續推動運行 Windows 10 的 4 億多使用 4 年以上的 PC 的更新。最後，新市場和用戶正在採用個人電腦作為首選設備，隨著全球 GDP 增長使個人電腦對更多人來說更實惠，普及率正在提高。在教育等領域，我們看到了巨大的潛力，因為每 100 名學生和教師的個人電腦數量保持在個位數。這些趨勢鞏固了我的信念，即我們仍處於 PC 可持續增長周期的早期階段，我們的 OEM 和渠道合作夥伴已經充分肯定了這一觀點。

Beyond client, we are seeing near-term recovery across traditional data center market as well as explosive long-term demand from the cloud to the intelligent edge. Our digital society is creating data at an unspeakable pace, and AI is the key to unlocking the value from this data and turning it into information. As the appetite for meaningful data grows and the cost of compute falls, AI workloads are proliferating into more areas. And as a result, we expect the AI market to grow at more than 20% a year. This is why we are infusing AI across everything we do.

除了客戶，我們看到傳統數據中心市場的近期復蘇以及從雲到智能邊緣的爆炸性長期需求。我們的數字社會正在以難以言喻的速度創造數據，而人工智能是從這些數據中釋放價值並將其轉化為信息的關鍵。隨著對有意義數據需求的增長和計算成本的下降，人工智能工作負載正在擴散到更多領域。因此，我們預計人工智能市場將以每年 20% 以上的速度增長。這就是為什麼我們在我們所做的每一件事中都注入人工智能。

Similar revolutions are occurring in the areas of connectivity where the data center will be transformed by silicon photonics and 5G, which is hitting its stride with open RAN, and in autonomous driving, all markets in which we have substantial leadership positions.

類似的革命正在發生在數據中心將被矽光子學和 5G 改造的連接領域，在開放式 RAN 方面正在大踏步前進，在自動駕駛領域，我們擁有重要的領導地位的所有市場。

On the other side of the equation, the strong demand environment continues to stress the supply chain. While I expect the shortages to bottom out in the second half, it will take another 1 to 2 years before the industry is able to completely catch up with demand. IDM 2.0, which combines our internal manufacturing capacity with the use of third-party foundries, best positions us to weather these challenges and work with our ecosystem partners to build a more resilient supply chain.

另一方面，強勁的需求環境繼續給供應鏈帶來壓力。雖然我預計短缺將在下半年觸底，但該行業還需要 1 到 2 年才能完全趕上需求。 IDM 2.0 將我們的內部製造能力與第三方代工廠的使用相結合，使我們能夠最好地應對這些挑戰，並與我們的生態系統合作夥伴合作，建立一個更具彈性的供應鏈。

With major fab construction projects underway in Oregon, Arizona, Ireland and Israel, we are investing for the future. But we are also taking action today to find innovative ways to help mitigate industry constraints. For example, on our Q1 call, I talked about using our internal assembly test network to help with portions of the substrate manufacturing process, a benefit uniquely enabled by our IDM 2.0 strategy. I am pleased to say that this effort is now online and is significantly accelerating the availability of millions of substrates for our products.

隨著俄勒岡州、亞利桑那州、愛爾蘭和以色列的大型晶圓廠建設項目正在進行中，我們正在為未來進行投資。但我們今天也在採取行動，尋找創新方法來幫助緩解行業限制。例如，在我們的第一季度電話會議上，我談到了使用我們的內部組裝測試網絡來幫助完成部分基板製造過程，這是我們的 IDM 2.0 戰略所獨有的優勢。我很高興地說，這項工作現已上線，並且正在顯著加快我們產品的數百萬基板的可用性。

We are also working to build the EUV ecosystem, which require significant support around the equipment, including photoresist, mass generation and metrology. A great example is IMS Nanofabrication, a wholly-owned subsidiary of Intel. Using a novel multi-beam technology, IMS provides the large majority of EUV mask writing tools to the industry, and we plan to accelerate investments to advance this pivotal ecosystem capability.

我們還在努力建立 EUV 生態系統，這需要圍繞設備提供大量支持，包括光刻膠、批量生產和計量。一個很好的例子是英特爾的全資子公司 IMS Nanofabrication。 IMS 使用一種新穎的多光束技術，為業界提供了絕大多數 EUV 掩模寫入工具，我們計劃加快投資以推進這一關鍵的生態系統能力。

In the second quarter, we continued to see Intel Foundry Services build momentum. We are now engaged with more than 100 potential customers on the basis of our 3 key value propositions.

在第二季度，我們繼續看到英特爾代工服務發展勢頭強勁。根據我們的 3 個關鍵價值主張，我們現在與 100 多個潛在客戶進行了接觸。

First, IFS will have the widest offering of IP ranging from x86 to ARM to RISC-V, which allows our customers the flexibility to design products using our IP catalog as well as their own. Second, we will offer our customers comprehensive access to a range of mature and leading-edge process and packaging capabilities. I am pleased to announce we recently signed our first major cloud customer to use IFS packaging solutions. I'll have even more news to share on IFS customer momentum on Monday. Third, IFS will offer scale manufacturing that gives our customers confidence we can meet their demand.

首先，IFS 將提供從 x86 到 ARM 再到 RISC-V 的最廣泛的 IP，這使我們的客戶能夠靈活地使用我們的 IP 目錄以及他們自己的 IP 目錄來設計產品。其次，我們將為客戶提供全面的成熟和領先的工藝和包裝能力。我很高興地宣布，我們最近與第一個使用 IFS 打包解決方案的主要雲客戶簽約。我將在周一分享更多關於 IFS 客戶勢頭的新聞。第三，IFS 將提供規模製造，讓我們的客戶相信我們能夠滿足他們的需求。

As part of that, we are committed to creating a more robust, geographically-balanced and secure supply chain. Along with our $20 billion fab investment in Arizona and $3.5 billion advanced packaging investment in New Mexico, we plan to build additional capacity to support both internal and IFS growth. The U.S. Innovation and Competition Act is a tremendous step forward to catalyze investments in manufacturing here in the U.S. and will serve as a tailwind to our IFS efforts. After my recent visit to Europe, we are seeing similar enthusiasm from EU governments, customers and overall ecosystem. And we expect to announce our plans for our next U.S. and European sites by the end of this year.

作為其中的一部分，我們致力於創建一個更強大、地理平衡和安全的供應鏈。除了我們在亞利桑那州的 200 億美元晶圓廠投資和在新墨西哥州的 35 億美元先進封裝投資外，我們還計劃建立額外的產能以支持內部和 IFS 的增長。 《美國創新與競爭法》是促進美國製造業投資的巨大進步，並將成為我們 IFS 努力的推動力。在我最近訪問歐洲之後，我們看到來自歐盟政府、客戶和整個生態系統的類似熱情。我們預計將在今年年底前宣布我們下一個美國和歐洲站點的計劃。

Moving to our continued focus on execution. As I said at the start of the call, we are pragmatic about the work in front of us but supremely confident of our future. Under IDM 2.0, our factory network continues to deliver, and we are now manufacturing more 10-nanometer wafers than 14-nanometer. As 10-nanometer volumes ramp, economics are improving, with 10-nanometer wafer cost 45% lower year-over-year, with more to come. We will talk more about our plans for process and packaging leadership in our Intel Accelerated event this Monday. I hope you will join me for the critical update.

轉向我們繼續關注執行。正如我在電話會議開始時所說，我們對擺在我們面前的工作很務實，但對我們的未來充滿信心。在 IDM 2.0 下，我們的工廠網絡繼續交付，我們現在製造的 10 納米晶圓多於 14 納米。隨著 10 納米產量的增加，經濟性正在改善，10 納米晶圓的成本同比下降 45%，未來還會有更多。我們將在本週一的英特爾加速活動中更多地討論我們的工藝和封裝領導計劃。我希望你能加入我的重要更新。

On our path back to unquestioned product leadership, customers continue to choose Intel. Using our broad portfolio of assets, we will continue to compete aggressively for market segment share. In Q1, we gained PC share with record notebook sales, following that with record Q2 revenue. We launched 12 new processors, and Tiger Lake is ramping even better than expected with more than 50 million units shipped to date. Finally, our future client road map remains strong, and we expect to ship several million units of Alder Lake to customers in the second half. And Meteor Lake remains on track for production in 2023.

在我們重回無可爭議的產品領先地位的道路上，客戶繼續選擇英特爾。利用我們廣泛的資產組合，我們將繼續積極競爭市場份額。在第一季度，我們以創紀錄的筆記本電腦銷量獲得了 PC 份額，緊隨其後的是創紀錄的第二季度收入。我們推出了 12 款新處理器，Tiger Lake 的出貨量甚至超過了預期，迄今為止已出貨超過 5000 萬台。最後，我們未來的客戶路線圖依然強勁，我們預計下半年將向客戶發貨數百萬台 Alder Lake。 Meteor Lake 仍有望在 2023 年投入生產。

Beyond the CPU, we reached a major milestone with our partners at Microsoft with the announcement of Windows 11. We deepened our co-engineering efforts to enable new experiences, including running Android applications seamlessly on PCs and optimized for Intel-based platforms.

除了 CPU，隨著 Windows 11 的發布，我們與 Microsoft 的合作夥伴達成了一個重要的里程碑。我們深化了我們的協同工程努力，以實現新的體驗，包括在 PC 上無縫運行 Android 應用程序並針對基於 Intel 的平台進行了優化。

We're gaining similar momentum through the year in the data center. Q1 was the low point in revenue for the year, and we exceeded our plan in Q2. We expect DCG to grow sequentially, achieving double-digit year-on-year growth in the second half as it accelerates through the year.

我們在數據中心的這一年中獲得了類似的勢頭。第一季度是全年收入的低點，我們在第二季度超出了我們的計劃。我們預計 DCG 將連續增長，隨著全年加速，下半年將實現兩位數的同比增長。

Ice Lake is ramping broadly to customers, including Microsoft, Alibaba, Baidu, Oracle and other major service providers and enterprise customers. Additionally, we continue to extend our leadership in networking by delivering a truly cloud agnostic platform using Xeon scalable processors and accelerators in partnership with Ericsson. This will allow operators like Verizon to introduce a virtualized RAN solution across all deployment scenarios, including existing footprints.

Ice Lake 正在向客戶廣泛推廣，包括微軟、阿里巴巴、百度、甲骨文和其他主要服務提供商和企業客戶。此外，我們通過與愛立信合作使用 Xeon 可擴展處理器和加速器提供真正的云無關平台，繼續擴大我們在網絡領域的領先地位。這將允許 Verizon 等運營商在所有部署場景（包括現有足跡）中引入虛擬化 RAN 解決方案。

Finally, Mobileye further solidified its position as the leading supplier of advanced driver assistance platforms. In Q2, we announced a major win with Toyota and closed 10 additional design wins for over 16 million total lifetime units. Earlier this week, we had another exciting milestone as Mobileye became the first industry player to start testing autonomous vehicles in New York City, a challenging driving environment for humans, let alone AVs. With vehicles in Israel, Germany, Detroit, Tokyo, Shanghai and coming soon to Paris, Mobileye has the largest global footprint in the AV industry, enabled by our unique REM distributed mapping technology. By year-end, we will have over 1 million vehicles providing telemetry for dynamic crowdsourced mapping, a unique and powerful advantage of Mobileye.

最後，Mobileye 進一步鞏固了其作為先進駕駛輔助平台領先供應商的地位。在第二季度，我們宣布與豐田合作取得重大勝利，並為超過 1600 萬個總生命週期單位關閉了另外 10 項設計勝利。本週早些時候，我們迎來了另一個激動人心的里程碑，Mobileye 成為第一個在紐約市開始測試自動駕駛汽車的行業參與者，這對人類來說是一個充滿挑戰的駕駛環境，更不用說自動駕駛汽車了。 Mobileye 在以色列、德國、底特律、東京、上海和巴黎擁有車輛，憑藉我們獨特的 REM 分佈式地圖技術，Mobileye 擁有全球最大的 AV 行業足跡。到年底，我們將有超過 100 萬輛汽車為動態眾包地圖提供遙測，這是 Mobileye 獨特而強大的優勢。

At Intel, we have a saying, "We begin with sand and the rest is our people." At no other point in our history have our people and culture been more important to our success. We've recently made strategic organizational changes to further strengthen our technology leadership and accelerate our execution. We have restructured our data platform group into 2 business units: the Data Center and AI Group led by Sandra Rivera, an Intel veteran with deep knowledge of data center silicon and software; and the Network and Edge Group, which will be led by Nick McKeown, a renowned leader in the networking industry. We have also created the Accelerated Computing Systems and Graphics Group led by Raja Koduri, to increase the company's focus in key growth areas of high-performance computing and graphics. We're also highly encouraged to have Shlomit Weiss rejoin to strengthen our design engineering core. Finally, Greg Lavender, who joins as Intel CTO and GM of our Software and Advanced Technology Group, will drive a unified vision for our software strategy across Intel and ensure it remains a competitive differentiator for us.

在英特爾，我們有一句格言：“我們從沙開始，剩下的就是我們的人。”在我們的歷史上，我們的人民和文化對我們的成功來說從未像現在這樣重要。我們最近進行了戰略性組織變革，以進一步加強我們的技術領先地位並加快我們的執行速度。我們已將數據平台組重組為 2 個業務部門：數據中心和人工智能組，由對數據中心芯片和軟件有深入了解的英特爾資深人士 Sandra Rivera 領導； Network and Edge Group 將由網絡行業的知名領導者 Nick McKeown 領導。我們還創建了由 Raja Koduri 領導的加速計算系統和圖形事業部，以增加公司對高性能計算和圖形關鍵增長領域的關注。我們也非常鼓勵讓 Shlomit Weiss 重新加入以加強我們的設計工程核心。最後，加入英特爾首席技術官兼軟件和高級技術事業部總經理的 Greg Lavender 將推動英特爾軟件戰略的統一願景，並確保它仍然是我們的競爭優勢。

I have the utmost confidence in our leadership team to drive the future of Intel. Together, we will continue to sharpen our focus on execution, accelerate innovation and unleash the talent inside Intel.

我對我們的領導團隊能夠推動英特爾的未來充滿信心。我們將齊心協力，繼續加強對執行的關注，加速創新並釋放英特爾內部的人才。

While there is more work ahead, we are moving at a torrid pace, and I look forward to providing several updates in the coming months. On Monday, I invite you to attend Intel Accelerated where we will lay out our road map to regain process performance leadership and share what comes next for our world-class packaging technologies. In October, we will hold our Intel Innovation event, a geek fest for the industry to come together and explore the technology that will drive the next decade and beyond.

雖然還有更多工作要做，但我們正以驚人的速度前進，我期待在未來幾個月內提供一些更新。週一，我邀請您參加 Intel Accelerated 會議，屆時我們將製定路線圖以重新獲得工藝性能領先地位，並分享我們世界級封裝技術的下一步發展。 10 月，我們將舉辦英特爾創新活動，這是一場讓業界齊聚一堂的極客盛會，共同探索將推動下一個十年乃至更久的技術。

Finally, at our Investor Day on November 18, we'll pull it all together and present a compelling long-term business plan to drive sustained growth and shareholder value creation. As you can see, we have a lot planned for the rest of the year.

最後，在 11 月 18 日的投資者日，我們將齊心協力，提出一個引人注目的長期商業計劃，以推動持續增長和股東價值創造。正如你所看到的，我們在今年剩下的時間裡有很多計劃。

But for now, I'll turn it over to George to discuss our Q2 performance and outlook.

但現在，我將把它交給喬治來討論我們的第二季度業績和前景。

Thanks, Pat, and good afternoon, everyone. As Pat said, we had a very strong Q2 and are raising full year revenue guidance by $1 billion despite a highly constrained supply environment.

謝謝，帕特，大家下午好。正如帕特所說，儘管供應環境受到高度限制，我們的第二季度業績非常強勁，並且將全年收入指引提高了 10 億美元。

Q2 revenue was $18.5 billion, exceeding our guidance by $700 million. This upside was led by continued strength in our PC business and earlier-than-expected recovery in both our IOTG business and the enterprise portion of the Data Center segment. The PC and Mobileye businesses both achieved record Q2 revenue. Gross margin for the quarter was 59.2%, exceeding guide by 220 basis points, primarily due to improved mix and strong flow-through on higher revenue. Q2 EPS was $1.28, up $0.23 versus guide, largely on strong operational performance across the board. In Q2, we generated $8.7 billion of cash from operations, free cash flow of $5.1 billion and paid dividends of $1.4 billion.

第二季度收入為 185 億美元，超出我們的預期 7 億美元。這一上行得益於我們個人電腦業務的持續強勁以及我們的 IOTG 業務和數據中心部門的企業部分早於預期的複蘇。 PC 和 Mobileye 業務均實現了創紀錄的第二季度收入。本季度的毛利率為 59.2%，超出預期 220 個基點，主要是由於改善組合和收入增加帶來的強勁流動。第二季度每股收益為 1.28 美元，比指導值高 0.23 美元，主要是由於整體運營表現強勁。在第二季度，我們從運營中產生了 87 億美元的現金、51 億美元的自由現金流和 14 億美元的股息。

Moving to segment performance in the quarter. CCG revenue was $10.1 billion, up 6% year-over-year. The growth of our core client business is up 14% when we exclude the impact of the ramping-down Apple modem business and the exit of our Home Gateway business. This shows the strong underlying growth in our client business despite a supply-constrained environment. Platform ASPs in Client were up 4% sequentially on richer mix within notebook and increased desktop volume. On a year-over-year basis, the strength in consumer entry and education led to lower overall ASPs. Operating income was $3.8 billion, up 32% year-over-year on higher revenue, lower inventory reserves and reduced 10-nanometer cost.

轉向本季度的細分市場表現。 CCG 收入為 101 億美元，同比增長 6%。當我們排除蘋果調製解調器業務下滑和家庭網關業務退出的影響時，我們的核心客戶業務增長了 14%。這表明儘管供應受限，但我們客戶業務的強勁潛在增長。客戶端中的平台 ASP 環比增長 4%，原因是筆記本電腦中更豐富的組合和台式機數量的增加。與去年同期相比，消費者進入和教育的實力導致整體平均售價下降。由於收入增加、庫存儲備減少和 10 納米成本降低，營業收入為 38 億美元，同比增長 32%。

DCG revenue was $6.5 billion, exceeding our expectations, but down 9% year-over-year versus a challenging compare and a continued competitive environment. Sequentially, DCG grew 16%, with all segments growing quarter-over-quarter and enterprise returning to year-over-year growth. Operating income was $1.9 billion, down 37% year-over-year, primarily on lower revenue, the 10-nanometer production ramp and increased R&D investment.

DCG 收入為 65 億美元，超出了我們的預期，但與具有挑戰性的比較和持續的競爭環境相比，同比下降了 9%。隨後，DCG 增長了 16%，所有部門均環比增長，企業恢復同比增長。營業收入為 19 億美元，同比下降 37%，主要是由於收入下降、10 納米產量增加和研發投資增加。

IOTG revenue was $984 million, up 47% year-over-year on a broad-based recovery from COVID-driven lows and up 8% quarter-over-quarter led by strength in the retail segment. Operating margin was $287 million, up 310% year-over-year, returning to pre-COVID levels of profitability. Mobileye revenue was $327 million, up 124% year-over-year but down sequentially due to COVID-related slowdowns at automotive OEMs. Operating margin was $109 million. Mobileye continues to execute extremely well, and we are seeing continued design win momentum.

IOTG 收入為 9.84 億美元，同比增長 47%，原因是從 COVID 驅動的低點全面復甦，在零售領域的強勢帶動下環比增長 8%。營業利潤率為 2.87 億美元，同比增長 310%，恢復到 COVID 之前的盈利水平。 Mobileye 收入為 3.27 億美元，同比增長 124%，但由於汽車 OEM 與 COVID 相關的放緩，其收入環比下降。營業利潤率為 1.09 億美元。 Mobileye 繼續執行得非常好，我們看到了持續的設計獲胜勢頭。

PSG revenue was $486 million, down 3% year-over-year due to significant supply constraints. Demand continues to significantly exceed supply for FPGAs. Operating margin was $82 million, up 3% year-over-year.

由於嚴重的供應限制，PSG 收入為 4.86 億美元，同比下降 3%。 FPGA 的需求繼續大大超過供應。營業利潤率為 8200 萬美元，同比增長 3%。

Moving to our Q3 and full year outlook. For Q3, we are guiding revenue of $18.2 billion, up 5.4% year-over-year. We remain in a highly constrained environment where we are unable to fully supply customer demand.

轉到我們的第三季度和全年展望。對於第三季度，我們的指導收入為 182 億美元，同比增長 5.4%。我們仍處於高度受限的環境中，無法完全滿足客戶需求。

In CCG, we continue to see very strong demand for our client products and expect TAM growth to continue. However, persistent industry-wide component and substrate shortages are expected to lower CCG revenue sequentially. We expect supply shortages to continue for several quarters but appear to be particularly acute for Client in Q3.

在 CCG，我們繼續看到對我們客戶產品的強勁需求，並預計 TAM 將繼續增長。然而，持續的全行業組件和基板短缺預計將依次降低 CCG 收入。我們預計供應短缺將持續幾個季度，但在第三季度對客戶而言似乎尤為嚴重。

In Data Center, we expect enterprise and government and cloud to show further recovery in Q3. As a result, we expect to see strong year-over-year growth in the quarter. Sequentially, we are expecting modest growth that is expected to accelerate further in Q4. Gross margin is expected to be approximately 55%, down approximately 150 basis points year-over-year as 7-nanometer gains momentum and the Meteor Lake pilot line ramps. We are also seeing pre-PRQ reserves on our Alder Lake product.

在數據中心，我們預計企業和政府以及雲將在第三季度進一步復甦。因此，我們預計本季度將出現強勁的同比增長。因此，我們預計第四季度將進一步加速溫和增長。毛利率預計約為 55%，同比下降約 150 個基點，因為 7 納米獲得勢頭和 Meteor Lake 試驗線坡道。我們還看到我們 Alder Lake 產品的 PRQ 前儲備。

We are forecasting EPS of $1.10 per share and a tax rate of approximately 4%. The forecast includes approximately $0.10 of onetime tax benefit from our onshoring of certain entities as part of our long-term tax planning.

我們預測每股收益為 1.10 美元，稅率約為 4%。作為我們長期稅收計劃的一部分，該預測包括我們對某些實體的離岸外包約 0.10 美元的一次性稅收優惠。

Turning to our full year outlook. We are raising our revenue guidance by $1 billion to $73.5 billion with gross margin of 56.5% and EPS of $4.80, up $0.20 from our prior guide. Consistent with the investment mode we are in under IDM 2.0, we expect CapEx of $19 billion to $20 billion this year and free cash flow to be $11 billion, up $500 million versus prior expectations.

轉向我們的全年展望。我們將收入指引提高 10 億美元至 735 億美元，毛利率為 56.5%，每股收益為 4.80 美元，比我們之前的指引增加了 0.20 美元。與我們在 IDM 2.0 下的投資模式一致，我們預計今年資本支出為 190 億美元至 200 億美元，自由現金流為 110 億美元，比之前的預期增加 5 億美元。

In our CCG business, we expect full year revenue to be flat to slightly down year-over-year as growth from an increasing TAM is offset by supply constraints and 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 high single digits year-over-year.

在我們的 CCG 業務中，我們預計全年收入將同比持平或略有下降，因為 TAM 增加帶來的增長被供應限制以及我們的 Apple 調製解調器和 CPU 收入的下降以及我們的家庭網關的退出所抵消商業。調整所有 Apple 和 Home Gateway 業務後，CCG 將同比增長高個位數。

For DCG, we expect full year revenue to be slightly down year-over-year but with second half revenue significantly higher than first half as E&G and cloud recovers. As a result, we expect Data Center will return to year-over-year growth in both Q3 and Q4.

對於 DCG，我們預計全年收入將同比略有下降，但隨著 E&G 和雲的複蘇，下半年收入將顯著高於上半年。因此，我們預計數據中心將在第三季度和第四季度恢復同比增長。

Gross margin percent is expected to be lower in the second half of the year, predominantly due to 7-nanometer factory ramp, worsening supply constraints impacting client volume and mix and a onetime charge in Q4 related to our Intel federal business. For your models, absent this onetime charge, the implied Q4 gross margin would be approximately flat to Q3. It is good to remember that our investment in 7-nanometer represents a normal impact to introducing new process technologies. Since April, we have seen supply chain inflation happening faster than we are electing to pass-through to our customers, further impacting our second half gross margin outlook. We expect increased R&D through the year as we invest in our road map and IDM 2.0 strategy, resulting in year-over-year growth in OpEx of approximately 10%.

預計下半年毛利率將下降，主要是由於 7 納米工廠產能增加、供應限制惡化影響客戶數量和組合，以及第四季度與我們的英特爾聯邦業務相關的一次性收費。對於您的模型，如果沒有此一次性費用，隱含的第四季度毛利率將與第三季度大致持平。請記住，我們對 7 納米的投資代表了對引入新工藝技術的正常影響。自 4 月以來，我們看到供應鏈通脹的發生速度快於我們選擇傳遞給客戶的速度，進一步影響了我們下半年的毛利率前景。隨著我們對路線圖和 IDM 2.0 戰略的投資，我們預計全年研發會有所增加，從而導致運營支出同比增長約 10%。

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 our 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，請繼續介紹我們的第一個來電者。

Certainly. Our first question comes from the line of Tim Arcuri from UBS.

當然。我們的第一個問題來自瑞銀的 Tim Arcuri。

Pat, there were some headlines recently about you potentially looking at maybe building out your foundry business by M&A. And I'm wondering, can you just comment? Broadly, do you think that M&A would significantly accelerate your foundry efforts? I know, right now, you're basically offering the 22-nanometer process, and you probably have to offer more processes to sort of pull those efforts forward. So I'm wondering if you can comment on the headlines that were out there.

Pat，最近有一些頭條新聞說你可能正在考慮通過併購來建立你的代工業務。我想知道，你能評論一下嗎？從廣義上講，您認為併購會顯著加快您的代工工作嗎？我知道，現在，您基本上提供的是 22 納米工藝，您可能必須提供更多工藝來推動這些努力。所以我想知道你是否可以評論那裡的頭條新聞。

Thanks for the question, Tim, and great to be with you all today. So first, I'd say, obviously, we can't comment specifically on the speculation that you've been hearing but feel well to say we are very happy with the build-out of the IFS business. As you say, it will include mature nodes, our 22FFL. It will also include our leading-edge nodes, as well our packaging offerings. Overall, we're just seeing great momentum over 100 customers in our pipeline, and we fully expect that this is going to be a great business for us.

謝謝蒂姆的提問，很高興今天能和大家在一起。首先，我要說的是，很明顯，我們無法具體評論您所聽到的猜測，但我們很高興地說我們對 IFS 業務的擴展感到非常滿意。正如您所說，它將包括成熟的節點，即我們的 22FFL。它還將包括我們的領先節點以及我們的包裝產品。總體而言，我們剛剛看到超過 100 名客戶在我們的管道中發展勢頭強勁，我們完全希望這對我們來說將是一項偉大的業務。

At this point, we would not say that M&A is critical but nor would we rule it out. Our view is that industry consolidation is very likely. The intense R&D, the need to move to modern and leading-edge nodes, the massive capital investments required, we just simply view that smaller players simply won't be able to keep up, and foundries without leading edge capabilities will be left behind. And we're continually seeking ways to accelerate our plans with IFS. If an acquisition can help, we will certainly not rule it out. Thank you.

在這一點上，我們不會說併購很關鍵，但我們也不會排除它。我們認為行業整合的可能性很大。密集的研發、轉向現代和前沿節點的需求、所需的大量資本投資，我們只是認為較小的參與者根本無法跟上，沒有領先能力的代工廠將被拋在後面。我們一直在尋找加快 IFS 計劃的方法。如果收購有幫助，我們當然不會排除。謝謝你。

Our next question comes from the line of C.J. Muse from Evercore.

我們的下一個問題來自 Evercore 的 C.J. Muse。

I just wanted to clarify, George, the onetime charge in Q4, roughly $300 million, can you give a little more color on that? And then, I guess, Pat or George, a bigger picture question. As you're going through this transformation IDM 2.0 strategy, is there a free cash flow target that you have in your mind in the coming 1 or 2 years or no?

我只是想澄清一下，喬治，第四季度的一次性收費，大約 3 億美元，你能多說一點嗎？然後，我猜，帕特或喬治，一個更大的問題。在您進行 IDM 2.0 轉型戰略時，您是否有未來 1 年或 2 年的自由現金流目標？

Yes. Let me -- I'll start with the onetime charge. Without going into too much detail, it is related to our high-performance compute activities through our Intel federal. It's crystallized in Q4 at the time that we execute a contract. So that's the reason for the timing.

是的。讓我 - 我將從一次性收費開始。無需過多介紹，它與我們通過英特爾聯邦的高性能計算活動有關。它在我們執行合同時在第四季度具體化。所以這就是時間安排的原因。

Yes. And I would just say the HPC business for us, consistent with the reorg that we just announced, C.J., we just see a huge opportunity for us. As we start delivering our GPU, HPC specialized versions of the Xeon product, we see a great opportunity. The reorg brings more focus on this business. So even though there's a onetime charge in Q4, we see this as a great business for us for the long term and one that just will bring many, many technological market and business benefits.

是的。我只想說我們的 HPC 業務，與我們剛剛宣布的重組一致，C.J.，我們看到了巨大的機會。當我們開始交付 GPU、HPC 專用版本的 Xeon 產品時，我們看到了一個巨大的機會。重組帶來了更多的關注這一業務。因此，即使在第四季度有一次性收費，從長遠來看，我們認為這對我們來說是一項偉大的業務，並且會帶來許多技術市場和商業利益。

So George, I'll let you answer the second half.

所以喬治，我讓你回答下半場。

In terms of free cash flow, obviously, very important. We're focused on that. We raised it this year, as you saw on the call. We will go through not only free cash flow but capital and all of the normal key financial metrics for the company at the November analyst meeting. So we'll defer until that time on that question, but thanks.

就自由現金流而言，顯然非常重要。我們專注於此。正如您在電話會議上看到的那樣，我們今年提出了它。在 11 月的分析師會議上，我們不僅會檢查自由現金流，還會檢查公司的資本和所有正常的關鍵財務指標。所以我們會推遲到那個時候再討論這個問題，但是謝謝。

Our next question comes from the line of John Pitzer from Crédit Suisse.

我們的下一個問題來自 Crédit Suisse 的 John Pitzer。

Pat, I wanted to ask a bigger picture question just on pricing in the quarter and your philosophy around pricing. It sounds like within the client business, mix explains a lot of the decline in ASPs year-over-year. But when I look at the Data Center Group, especially with enterprise up and calms down year-over-year, I was a little bit surprised to see ASPs in that group down about 7% year-over-year. Can you help us understand what's mix versus like-for-like? And as you think about regaining product dominance, how do you use pricing to kind of maintain a share as you get sort of your feet back underneath you?

帕特，我想就本季度的定價和你的定價理念提出一個更大的問題。聽起來在客戶業務中，混合解釋了 ASP 同比下降的很多原因。但是，當我查看數據中心集團時，尤其是隨著企業年復一年的複蘇和平靜，我有點驚訝地看到該集團的 ASP 同比下降了約 7%。你能幫助我們理解什麼是混合和同類嗎？當您考慮重新獲得產品主導地位時，您如何使用定價來保持份額，因為您的腳在您的腳下？

Yes. And broadly speaking -- my comments will be a little bit specific, to start with, on the Data Center business proper. Data Center business, good, good recovery in Q2. And with that, there was some ASP decline, some of that's competitive driven. A little bit of that is mix driven but a bit more competitive. Our outlook there is that we see fairly stable pricing and market segment share in the Data Center business for the second half of the year. And that's driven by, I'll just say, we are bringing everything we got to the table to continue to win back the market and, with that, our software resources, our deep investments with our customers, the increasing strength of our product line.

是的。從廣義上講——我的評論會有點具體，首先是關於數據中心業務本身。數據中心業務，良好，第二季度恢復良好。隨之而來的是，平均售價有所下降，其中一些是競爭驅動的。其中有一點是混合驅動的，但更具競爭力。我們的展望是，我們看到下半年數據中心業務的定價和市場份額相當穩定。這是由於，我只想說，我們正在把我們所得到的一切都擺在桌面上，以繼續贏回市場，我們的軟件資源，我們對客戶的深入投資，我們的產品線實力不斷增強.

I'd also highlight that we have a very strong ramp for the Ice Lake product, which is very competitive, a clear leadership on a number of metrics, the critical ones such as AI performance. And we're also starting to see the return to growth in cloud, as you note, but stronger growth in the enterprise portion of the market. So overall, DCG, good growth second half over first half. We'll be very competitive with that business. But it's a supply-constrained environment overall, which is the similar case for the Client business. So overall, we don't see a lot of movement on ASP first half to second half in either of those businesses. It really is about supply limitations.

我還要強調的是，我們對 Ice Lake 產品有一個非常強大的斜坡，它非常有競爭力，在許多指標上都處於領先地位，比如 AI 性能等關鍵指標。正如您所指出的，我們也開始看到雲計算恢復增長，但市場的企業部分增長更強勁。因此，總體而言，DCG 下半年比上半年增長良好。我們將與該業務非常有競爭力。但總體而言，這是一個供應受限的環境，客戶業務也是如此。因此，總體而言，我們在這兩個業務中都沒有看到上半年到下半年的 ASP 有很大變化。這確實是關於供應限制。

And as George commented, we're not passing through all of our supply constraint, price increases that we're seeing, from our supply chain. We really see as an opportunity to be investing with our customers, rebuilding their confidence and partnership for the future. And we're feeling very good about our overall strength, momentum and competitiveness as we go into the second half.

正如喬治所評論的那樣，我們並沒有從我們的供應鏈中克服我們所有的供應限制，即我們所看到的價格上漲。我們真的認為這是一個與客戶一起投資、重建他們對未來的信心和夥伴關係的機會。進入下半場，我們對自己的整體實力、動力和競爭力感覺非常好。

Yes. And C.J. (sic) [John], I would just add, the Q2 number, which looks like a double-digit ASP decrease for CCG, I would just remind you that that's a year-over-year comparison where we have a much bigger mix of the small core products, which is really driving that. You saw units were up 33%, and ASPs were down 15%. It's really the mix that is reflected there.

是的。還有 CJ（原文如此）[John]，我想補充一下，第二季度的數字，看起來 CCG 的 ASP 下降了兩位數，我只想提醒你，這是一個同比的比較，我們有更大的小型核心產品的混合，這確實推動了這一點。你看到單位增長了 33%，平均售價下降了 15%。這確實是反映在那裡的混合。

Our next question comes from the line of Stacy Rasgon from Bernstein Research.

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

I had a question on depreciation. It's been coming down sequentially for the last several quarters. It was actually down again sequentially this quarter. How is that possible given the CapEx ramp? Like, what's going on there? And how do we think about depreciation's impact on gross margin going forward given it's sort of run rating under $10 billion annually and your CapEx is now going to $20 billion annually? Like, how do I think about those?

我有一個關於折舊的問題。在過去的幾個季度中，它一直在連續下降。它實際上在本季度再次連續下降。考慮到資本支出的上升，這怎麼可能？比如，那裡發生了什麼？鑑於折舊每年的運行評級低於 100 億美元，而您的資本支出現在每年將達到 200 億美元，我們如何看待折舊對未來毛利率的影響？比如，我怎麼看待這些？

Yes, Stacy. So the absolute numbers are down -- or trending sort of counterintuitively. And really, it's NAND moving from non-GAAP into GAAP. There's no depreciation for the NAND business anymore under the accounting once it's held for sale. So it's an anomaly. Yes, we expect depreciation to increase as we're ramping CapEx over the next several years. And again, in terms of how all of that translates into everything, from gross margins to free cash flow, we'll cover all that at the Analyst Day. But you're not missing anything.

是的，斯泰西。所以絕對數字下降了——或者趨勢有點違反直覺。實際上，這是 NAND 從非 GAAP 轉變為 GAAP。 NAND業務一旦持有待售，會計核算就不再有折舊。所以這是一個反常現象。是的，隨著我們在未來幾年增加資本支出，我們預計折舊會增加。同樣，就所有這些如何轉化為一切而言，從毛利率到自由現金流，我們將在分析師日涵蓋所有這些。但你不會錯過任何東西。

Our next question comes from the line of Joe Moore from Morgan Stanley.

我們的下一個問題來自摩根士丹利的喬摩爾。

I wonder if you could address the timing on Sapphire Rapids. There were some stuff on your blog. Kind of end of June, there was a delay. It doesn't sound like, from customers, there's been that much of a change. But just maybe from your standpoint, how should we think about the timing of that product and how it affects you over the next 12 months?

我想知道你是否可以解決藍寶石急流的時間問題。你的博客上有一些東西。 6月底，有延遲。從客戶的角度來看，這聽起來並沒有太大的變化。但也許從您的角度來看，我們應該如何考慮該產品的時間安排以及它在未來 12 個月內對您的影響？

Yes. Thanks, Joe. I'll take that one. And overall, as I said, the Data Center business, strong momentum. And we really felt Q1 as the low point, Q2 gaining momentum second half, Ice Lake ramp being very strong. And obviously, customers are now very anxious and excited about Sapphire Rapids, huge performance improvements but also a huge feature capabilities as part of that. So we did add a bit more time for the validation cycle for it. We are now deep into the validation. It's in the hands of customers with volume sampling underway, and they're quite excited about not just the performance capabilities, core count increases, but a lot of the new technologies in the area of new memory capabilities, new PCI gen 5 capabilities, many of the new features that we brought in here for AI performance in particular.

是的。謝謝，喬。我會拿那個。正如我所說，總體而言，數據中心業務勢頭強勁。我們真的覺得 Q1 是低點，Q2 下半年勢頭強勁，Ice Lake 坡道非常強勁。顯然，客戶現在對 Sapphire Rapids 非常焦慮和興奮，巨大的性能改進以及作為其中一部分的巨大功能。所以我們確實為它的驗證週期增加了一點時間。我們現在深入驗證。它在批量採樣的客戶手中，他們不僅對性能能力、核心數量的增加感到非常興奮，而且對新內存能力、新 PCI gen 5 能力等領域的許多新技術感到非常興奮。尤其是我們為 AI 性能帶來的新功能。

So overall, it's going to be a great product, and we're expecting to see a very strong ramp of it in the first half of next year. And this, we think, will just continue to build the momentum of the Data Center business. As we've indicated, a strong second half as forecast, and we're going to build on that as we go into next year with Sapphire Rapids. And the overall road map execution is improving as we look for '23 and '24 to deliver unquestioned leadership products across everything that we do, including the Data Center.

所以總的來說，這將是一個很棒的產品，我們預計明年上半年它會出現非常強勁的增長。我們認為，這將繼續推動數據中心業務的發展。正如我們已經指出的那樣，下半年表現強勁，我們將在明年與 Sapphire Rapids 合作時以此為基礎。隨著我們期待 '23 和 '24 能夠在我們所做的一切（包括數據中心）中提供無可置疑的領先產品，整體路線圖的執行正在改進。

Our next question comes from the line of Vivek Arya from Bank of America.

我們的下一個問題來自美國銀行的 Vivek Arya。

Pat, one more on the foundry business. So we have heard Intel commit, I think, $20 billion to U.S. foundry over the next several years and another $20 billion to foundry operations in Europe. I'm curious when that spending is going to start. And importantly, who are the target customers? Because when I look at the fabless landscape, it's not the cloud vendors who are the large fabless customers, right? It's Apple. It's Qualcomm. It's NVIDIA, Marvell, AMD, et cetera. And many of them compete against Intel. So I'm curious who are the target customers here that can justify this nearly $40 billion of spending that Intel is committing to from a foundry perspective?

帕特，還有一位關於代工業務的。因此，我們聽說英特爾承諾在未來幾年向美國代工廠投入 200 億美元，並在歐洲投入 200 億美元。我很好奇這筆支出什麼時候開始。重要的是，目標客戶是誰？因為當我看到無晶圓廠的格局時，大型無晶圓廠客戶不是雲供應商，對吧？是蘋果。是高通。它是 NVIDIA、Marvell、AMD 等。他們中的許多人與英特爾競爭。所以我很好奇這裡的目標客戶是誰可以證明英特爾從代工廠的角度承諾的近 400 億美元支出是合理的？

Yes. Vivek, this is George. A couple of things, number one, we're short of supply. So we're the first big customer going into that expanded capacity. And we'll open up those facilities. Getting the shelves and, what I would call, the lower cost elements in place is something that, quite frankly, we've fallen behind on over the last few years. So this is -- we're playing a little catch-up just for our own requirements.

是的。維維克，這是喬治。有幾件事，第一，我們供不應求。因此，我們是第一個進入擴大產能的大客戶。我們將開放這些設施。坦率地說，在過去的幾年裡，我們已經落後於上架，我稱之為低成本元素。所以這是 - 我們只是為了我們自己的要求而進行一些追趕。

With foundry, we'll be talking about some potential customers. We've talked about 100 customers that are talking to us about foundry opportunities. Obviously, when you bring on a new foundry customer, as you look at the lead times that are needed for that and the lead times that are needed to actually do the most expensive part of adding to your capacity, those things actually line up pretty well. So we'll manage that quite tightly. We'll go into this in more detail in November. But it's not a -- this is not intended to be we'll just keep building and hoping that somebody shows up. It's going to be tied to the demand signals that we're receiving not only for us, which are significantly in excess of our capacity today, but also for the customers we're working with, which I believe we'll be talking about more next week at our event.

對於代工廠，我們將討論一些潛在客戶。我們已經討論了 100 位與我們討論代工機會的客戶。顯然，當您引入新的代工廠客戶時，當您查看所需的交貨時間以及實際完成增加產能的最昂貴部分所需的交貨時間時，這些事情實際上排列得很好.所以我們會非常嚴格地管理它。我們將在 11 月更詳細地討論這個問題。但這不是——我們不打算繼續建設並希望有人出現。這將與我們收到的需求信號有關，這些信號不僅對我們來說已經大大超出了我們今天的產能，而且對我們正在與之合作的客戶來說也是如此，我相信我們會談論更多下週在我們的活動中。

Yes. And just to add, Vivek, we'll cover some more of this on Monday in our Intel Accelerated event. And as part of that, we'll be laying out more specifics on the road map, the process, the packaging. But I'll say -- so the core of your question was who's going to be the customers for this. We expect a broad range of customers. We're going to have a range of offerings on the menu, if you could, for modern nodes as well as leading edge nodes. We expect a range of customers across different segments of the marketplace, including some of the largest users of wafer capacity in the industry. There's a lot of excitement in the marketplace, 100-plus customers in the pipeline already, and you can expect to see great things in this area of a new and exciting business. The world needs more semiconductors. The world needs a more balanced geographic supply chain for those semiconductors. And we're finding enormous momentum and enthusiasm for that, strong support from the customers, the ecosystem as well as the governments around the world.

是的。補充一點，Vivek，我們將在周一的英特爾加速活動中介紹更多內容。作為其中的一部分，我們將在路線圖、流程和包裝上列出更多細節。但我會說——所以你的問題的核心是誰將成為這個的客戶。我們期待廣泛的客戶。如果可以的話，我們將在菜單上為現代節點和前沿節點提供一系列產品。我們預計市場的不同領域會有一系列客戶，包括業內一些最大的晶圓產能用戶。市場上有很多令人興奮的事情，已經有 100 多個客戶在籌備中，您可以期待在這個令人興奮的新業務領域看到偉大的事情。世界需要更多的半導體。對於這些半導體，世界需要一個更加平衡的地理供應鏈。我們正在為此找到巨大的動力和熱情，以及來自客戶、生態系統以及世界各地政府的大力支持。

Our next question comes from the line of Matt Ramsay from Cowen.

我們的下一個問題來自 Cowen 的 Matt Ramsay。

Pat, I was really pleased to see you guys announce that Greg was going to come join you as CTO. I don't know how many of the semiconductor folks are familiar with his background. Maybe you could just talk a little bit about what, as CTO, is going to be under Greg's remit. I know you guys have had this One API software strategy for a while that looks great in slides and on paper, but we've not seen a ton from it. So if you could expand a little bit about what's exactly going to be under Greg's remit and what he's going to be charged with, that would be really helpful.

Pat，我很高興看到你們宣布 Greg 將作為 CTO 加入你們。我不知道有多少半導體人熟悉他的背景。也許您可以稍微談談，作為首席技術官，Greg 的職責範圍是什麼。我知道你們已經有一段時間了這個 One API 軟件策略，它在幻燈片和紙上看起來都很棒，但我們還沒有看到很多。因此，如果您可以稍微擴展一下格雷格的職權範圍以及他將被指控的內容，那將非常有幫助。

Yes. Thank you, Matt. And Greg will be CTO, the company's CTO. So as part of that remit will be all of our labs, advanced research capabilities. We have a pool of hundreds of PhDs doing advanced research and some of the most leading edge work is done. And as you probably know about Greg as well, he was a UT professor and was my CTO at VMware. He will also be the leader of all of our central software activities. This is a large organization. It's BIOS, drivers, compilers, all of those core things and the One API initiative, which we're now starting to see major partners come and align with us around One API.

是的。謝謝你，馬特。 Greg 將擔任 CTO，即公司的 CTO。因此，作為該職權範圍的一部分，我們所有的實驗室都將擁有先進的研究能力。我們擁有數百名從事高級研究的博士，並且已經完成了一些最前沿的工作。您可能也知道 Greg，他是 UT 教授，也是我在 VMware 的 CTO。他還將成為我們所有核心軟件活動的領導者。這是一個龐大的組織。它是 BIOS、驅動程序、編譯器、所有這些核心內容和 One API 計劃，我們現在開始看到主要合作夥伴圍繞 One API 與我們保持一致。

The third and maybe most important area under his remit will be standardizing the upper layers of the software stack for us and, in particular, the AI software offerings for us. And this is an area that we have, I'll say, not managed well. We've had too many pieces and different portions of the organization, so he will become the AI software leader at scale for us in an area that's going to be critical to standardize, deliver and just deliver some of the world-leading research that we have in the area of our software remit for our AI product offerings overall.

他職權範圍內的第三個也是最重要的領域是為我們標準化軟件堆棧的上層，特別是為我們提供的人工智能軟件產品。我會說，這是我們管理不善的一個領域。我們有太多的組織和不同的部分，所以他將成為我們大規模人工智能軟件的領導者，這個領域對於標準化、交付和交付我們的一些世界領先的研究至關重要在我們的軟件範圍內為我們的 AI 產品提供整體服務。

Super excited to have him on the team, a world-class technologist and software leader, combining with another world-class leader like Nick McKeown, a world-class leader like Shlomit Weiss coming back on the team for our engineering. Talent flow was going out of the company. It is now coming back to the company, and we are excited about the leadership team that we are forming.

非常高興他能加入團隊，成為世界級的技術專家和軟件領導者，並與另一位世界級的領導者（如 Nick McKeown）、世界級的領導者（如 Shlomit Weiss）重新加入我們的工程團隊。人才流出公司。現在它又回到了公司，我們對我們正在組建的領導團隊感到興奮。

Our next question comes from the line of Harlan Sur from JPMorgan.

我們的下一個問題來自摩根大通的 Harlan Sur。

On your Data Center business, good to see the sequential inflection in Q2. Looking into the second half and your guidance for Q3 and Q4, it looks like DCG is going to grow double digits percentage year-over-year in the second half and then that would imply that your data center business is growing double digits second half versus first half of this year. Is the math roughly correct? And in addition to cloud and hyperscale spending reacceleration and improving enterprise, does the team continue to see strength in service provider as well as your customers continue to build out their 5G networks?

在您的數據中心業務中，很高興看到第二季度的連續拐點。展望下半年以及您對 Q3 和 Q4 的指導，看起來 DCG 在下半年將同比增長兩位數百分比，然後這意味著您的數據中心業務在下半年增長兩位數今年上半年。數學大致正確嗎？除了雲和超大規模支出重新加速和改善企業之外，團隊是否繼續看到服務提供商的實力以及您的客戶繼續構建他們的 5G 網絡？

Yes, yes and yes, to your question, Harlan, right? And we're really -- the first half, second half year-over-year, you got it, right? We're seeing the growth for it. And like we said, we saw the bottom in Q1, great Q2 momentum continuing into the second half and next year. And we saw strong growth in enterprise and government, recovery in cloud, and we're seeing growth in that area. But as you say -- I'll just say, we are so well positioned on the edge and the 5G. The open RAN, VRAN initiatives in the industry are now hitting stride. And I think I've only been on 3 major service provider calls this week on exactly that topic, right, where they're really starting to look at those deployments at scale for a standardized software-driven edge environment for their 5G networks.

是的，是的，是的，對於你的問題，哈倫，對吧？而且我們真的 - 上半年，下半年同比，你明白了，對吧？我們正在看到它的增長。就像我們說的那樣，我們看到第一季度觸底，第二季度的強勁勢頭持續到下半年和明年。我們看到了企業和政府的強勁增長，雲計算的複蘇，我們看到了該領域的增長。但正如你所說——我只想說，我們在邊緣和 5G 方面處於有利地位。業界的開放式 RAN、VRAN 計劃現在正在大踏步前進。而且我認為本週我只參加了 3 家主要服務提供商的電話會議，就這個話題，對，他們真正開始大規模地研究這些部署，以便為他們的 5G 網絡建立標準化的軟件驅動的邊緣環境。

And I'd also say this is a victory for innovation. Just a year ago, we were very -- just 3 years ago, there was grave geopolitical concerns around 5G and would there ever be flexibility for how that would get deployed nationally. Now everybody is aligning against the ORAN, VRAN initiatives as the way to do their 5G broad deployments. And the Intel platform sits in the center of those almost everywhere in the world. It really is a great success story for us and one that we think that we'll be harvesting for many, many years to come.

我還要說這是創新的勝利。就在一年前，我們非常 - 就在 3 年前，圍繞 5G 存在嚴重的地緣政治問題，並且對於如何在全國范圍內進行部署是否會有靈活性。現在每個人都反對將 ORAN、VRAN 計劃作為其 5G 廣泛部署的方式。英特爾平台位於世界各地幾乎所有這些平台的中心。這對我們來說確實是一個偉大的成功故事，我們認為我們將在未來很多很多年裡收穫。

Our next question comes from the line of Toshiya Hari from Goldman Sachs.

我們的下一個問題來自高盛的 Toshiya Hari。

I had a multi-part question on gross margin. George, you talked about PRQ reserves related to Alder Lake being a headwind this quarter. If you can quantify that for us, ballpark, that would be super helpful. And then toward the end of your remarks, in terms of the second half outlook, in terms of gross margin, you talked about supply tightness driving a deterioration in CCG mix. I was a little surprised to hear that given how strong Chromebooks were in the first half. So if you can elaborate on that, that would be super helpful as well.

我有一個關於毛利率的多部分問題。喬治，您談到與 Alder Lake 相關的 PRQ 儲備是本季度的逆風。如果您可以為我們量化這一點，球場，那將非常有幫助。然後在您的講話結束時，就下半年前景而言，就毛利率而言，您談到供應緊張導致 CCG 組合惡化。鑑於 Chromebook 在上半年的表現，我有點驚訝。因此，如果您可以詳細說明這一點，那也將非常有幫助。

Yes. So in terms of -- if we're looking at the -- particularly, let's look at Q3 because that's where we discussed the Alder Lake pre-PRQ reserves. It's one of the 2 top movers. When you look at being down 400 basis points, certainly, it's not the majority, but it's a meaningful impact in the quarter. 7-nanometer start-up costs ramping is the biggest impact far and away.

是的。因此，就 - 如果我們正在研究 - 特別是，讓我們看看第三季度，因為那是我們討論 Alder Lake pre-PRQ 儲備的地方。它是 2 大推動者之一。當你看到下降 400 個基點時，當然，這不是大多數，但它在本季度產生了有意義的影響。 7 納米啟動成本的上升是最大的影響。

In terms of supply tightness, the challenge is -- part of what made Q2 so great was customers really challenged our sales teams and our factories to remix within a quarter to provide them with the components that they could then match with what their supply chain was providing them so they could get to market. And this was -- watching it was super impressive, a little bit scary at times. But the team did a fantastic job. So we did a really good job of eating up a lot of our substrates, some of which we thought we would have available to us in Q3. So the supply impact is more of a volume impact. Customers are already starting to mix upwards. So that's usually a positive for gross margin. And if there's upside in the second half, it will come from both higher substrates and the ability and a higher mix. And that could well be the case.

就供應緊張而言，挑戰在於——客戶真正挑戰我們的銷售團隊和我們的工廠，要求他們在一個季度內重新組合，為他們提供隨後可以與他們的供應鏈相匹配的組件，這使得第二季度如此出色的部分原因是提供它們，以便它們能夠進入市場。這是 - 看著它超級令人印象深刻，有時有點嚇人。但是團隊做得非常出色。因此，我們在消耗大量基板方面做得非常好，其中一些我們認為我們可以在第三季度使用。因此，供應影響更多的是數量影響。客戶已經開始向上混合。所以這通常對毛利率有利。如果下半年有上行空間，它將來自更高的基板和能力以及更高的組合。很可能就是這種情況。

We were cautious. Q3, we could see we had a real supply challenge. I mean it's acute. But Q4, we're doing everything we can to help our substrate suppliers increase supply, including finishing up some of their manufacturing in our own facilities, which is something we could do as an IDM. If we have more success than we can forecast today, maybe Q4 could be seen as conservative.

我們很謹慎。第三季度，我們可以看到我們面臨著真正的供應挑戰。我的意思是它是急性的。但是第四季度，我們正在盡一切努力幫助我們的基板供應商增加供應，包括在我們自己的設施中完成他們的一些製造，這是我們作為 IDM 可以做的事情。如果我們今天取得的成功超出了我們的預期，那麼第四季度可能會被視為保守。

Our next question comes from the line of Srini Pajjuri from SMBC Nikko.

我們的下一個問題來自 SMBC Nikko 的 Srini Pajjuri。

Just a follow-up to the previous question, George. Could you give us some idea as we head into the next year, what are some of the puts and takes on the gross margin front? I'm just curious as to how long the 7-nanometer cost will persist and when do they peak out. And as we go into first half of next year, how should we think about the gross margins?

只是對上一個問題的跟進，喬治。當我們進入明年的時候，你能給我們一些想法嗎？在毛利率方面有哪些看跌期權？我只是好奇 7 納米的成本會持續多久，何時達到頂峰。隨著我們進入明年上半年，我們應該如何考慮毛利率？

Yes. So again, I'm going to defer any kind of forecasting of '22 and beyond. But as you know, the fact that we have the 7-nanometer start-up ramping is a good sign that we're getting close to being able to get products ramping. And that's what really drives down costs over time. I think Pat was talking about Q2-over-Q2 of 47% reduction in wafer cost in 10-nanometer. That's the kind of benefit you can get as you ramp into a process. So we'll lay out more of our thinking in that regard later.

是的。因此，我將再次推遲對 22 年及以後的任何類型的預測。但如您所知，我們擁有 7 納米啟動加速這一事實是一個好兆頭，表明我們正在接近能夠讓產品加速增長。這就是隨著時間的推移真正降低成本的原因。我認為 Pat 說的是第二季度相比第二季度，10 納米的晶圓成本降低了 47%。這就是您在進入流程時可以獲得的好處。因此，稍後我們將在這方面闡述更多我們的想法。

Our next question comes from the line of Tristan Gerra from Baird.

我們的下一個問題來自 Baird 的 Tristan Gerra。

Just a quick follow-up on the substrate commentary during the Q&A. Is this something that you believe can actually help you competitively as you ramp substrate manufacturing in-house, particularly if supply constraints continue in the first half of next year?

只是在問答期間對基板評論的快速跟進。當您在內部增加基板製造時，您是否認為這實際上可以幫助您提高競爭力，特別是如果供應限制在明年上半年繼續存在？

Yes. We do think it generally moderates market share movements in the industry, period. And if anything, we're able to use it as an advantage because we're able to pull some of those substrate steps. And just to be clear, we're still relying on our substrate network, but we're pulling some of the back-end processing into our own factories, which allows us to essentially get more out of the capacity that's available in the industry. And that's what's enabling us to, I'll say, continue to overachieve on the overall market share gains that we've been seeing. This has been an important factor. We do have some factored into our second half. We do hope to continue to overachieve in that area.

是的。我們確實認為它通常會緩和該行業期間的市場份額變動。如果有的話，我們可以利用它作為一個優勢，因為我們能夠拉出一些基板步驟。需要明確的是，我們仍然依賴於我們的基板網絡，但我們正在將一些後端處理轉移到我們自己的工廠中，這使我們能夠從行業中的可用產能中獲得更多。我想說，這就是使我們能夠繼續超額實現我們所看到的整體市場份額增長的原因。這是一個重要的因素。我們確實在下半年考慮了一些因素。我們確實希望繼續在該領域取得優異成績。

And if I'd say, why did we overachieve so much in Q2, the heroes for the quarter for us were our manufacturing and operations team. They just did a superb job for us and really relying on them for the second half. And as George said, hey, if there's more opportunity for us to overachieve on the guide that we set for the second half, it's going to come at the hands of their ability to essentially create more out of nothing, find capacity in the industry, build it out. And we're doing quite well in this respect. But overall, it is a constrained environment. And as a result, we and everybody else are trying to drive our factories harder, drive yields better and be able to improve the supply chain of the industry. And we're quite excited about the enthusiasm we see in this consistent strong demand signal as the world becomes more digital, and we're going to be building our internal factories rapidly, our supply chains rapidly and working with our supply chain quite aggressively.

如果我要說，為什麼我們在第二季度取得瞭如此大的成就，那麼本季度的英雄就是我們的製造和運營團隊。他們為我們做了出色的工作，下半場真的很依賴他們。正如喬治所說，嘿，如果我們有更多的機會在我們為下半年設定的指導方針上超額完成，這將取決於他們從無到有創造更多的能力，在行業中尋找能力，建立它。我們在這方面做得很好。但總的來說，這是一個受限制的環境。因此，我們和其他所有人都在努力推動我們的工廠，更好地提高產量，並能夠改善行業的供應鏈。隨著世界變得更加數字化，我們在這種持續強勁的需求信號中看到的熱情讓我們感到非常興奮，我們將迅速建立我們的內部工廠，迅速建立我們的供應鏈，並非常積極地與我們的供應鏈合作。

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

我們的下一個問題來自德意志銀行的 Ross Seymore。

I wanted to turn to the profitability side of things and specifically on DCG and the operating margin there. It's great to see that it improved from first quarter to second quarter. And given the revenue trajectory, I would assume it would improve again in the back half of the year. But kind of from trough to trough, 2018 digestion period to this most recent one, the operating margin is about 10 points lower, mid-20s roughly versus mid-30s prior. And I really wanted to understand why is it lower this time. And perhaps even much more importantly, going forward, is there anything structurally that is going to stop that from returning back to the 40% to 50% operating margin range you guys have historically driven? Competitive dynamics need to catch up on the manufacturing side, so you have headwinds there, people customizing more cloud competition internally. Any of those dynamics that would stop you from getting back to that range?

我想轉向盈利方面，特別是 DCG 和那裡的營業利潤率。很高興看到它從第一季度到第二季度有所改善。鑑於收入軌跡，我認為它會在今年下半年再次改善。但是從低谷到低谷，從 2018 年的消化期到最近的一個，營業利潤率大約低 10 個百分點，大約在 20 年代中期，而之前的 30 年代中期。我真的很想了解為什麼這次它會更低。或許更重要的是，展望未來，是否有任何結構性因素可以阻止其回到你們歷來推動的 40% 到 50% 的營業利潤率範圍？競爭動態需要趕上製造方面，所以你有逆風，人們在內部定制更多的雲競爭。有哪些動態會阻止你回到那個範圍？

Yes. Maybe starting at the latter part of your question, there's no long-term reason why you could not see DCG return to more historical margins. What you're seeing today is a reflection of a couple of things. First off, year-over-year, you've got significant factory start-up costs embedded for them as you look at their operating margin. I would say another thing that people maybe are overlooking is our OpEx investments. We have significantly increased the OpEx in key areas of the company, even as we've taken down about $2 billion of OpEx since 2018 on various portfolio actions. And the DCG and the Xeon product line is absolutely critical to the company. And so we have substantially increased OpEx within that as well. So that's the second largest impact, and we're going to continue to do that for as long as it's needed.

是的。也許從您問題的後半部分開始，您沒有長期理由看不到 DCG 恢復到更多的歷史利潤率。你今天所看到的反映了幾件事。首先，與去年同期相比，當您查看他們的營業利潤率時，您已經為他們嵌入了大量的工廠啟動成本。我想說的是人們可能忽略的另一件事是我們的運營支出投資。儘管自 2018 年以來我們已通過各種投資組合行動減少了約 20 億美元的運營支出，但我們已顯著增加了公司關鍵領域的運營支出。 DCG 和 Xeon 產品線對公司來說絕對是至關重要的。因此，我們也大幅增加了運營支出。所以這是第二大影響，只要需要，我們將繼續這樣做。

And as you know, ultimately, it is your product competitiveness that gives you more flexibility to drive up ASPs further from today and drive higher gross margins. But I think the early comparisons this year were just off of such a strong compare. I mean the first half of last year was just super strong, high XCC count quarters in the first half of this year, although Q2, quite frankly, was a lot better than we thought, coming into it for DCG on strength in enterprise. But the comparisons year-over-year were quite tough. As you noted, it's coming up. And yes, 7-nanometer startup's got to be absorbed and higher OpEx. But I think as you see, our product portfolio continue to get stronger and stronger with Ice Lake and Sapphire Rapids and then for the generations after that. There's no reason why, over time, we don't get back to historic levels.

如您所知，最終，正是您的產品競爭力為您提供了更大的靈活性，從而進一步提高 ASP 並推動更高的毛利率。但我認為今年的早期比較只是來自如此強烈的比較。我的意思是去年上半年只是超級強勁，今年上半年 XCC 數量很高的季度，儘管坦率地說，第二季度比我們想像的要好得多，因為 DCG 在企業方面的實力。但是逐年比較是相當困難的。正如你所指出的，它即將到來。是的，必須吸收 7 納米初創公司並提高運營支出。但我認為，正如您所見，我們的產品組合在 Ice Lake 和 Sapphire Rapids 以及之後的幾代人中繼續變得越來越強大。沒有理由隨著時間的推移，我們不會回到歷史水平。

And I'd also just add one small point that the IFS gives us the opportunity to co-engineer with our largest customers. And this, in fact, creates a unique competitive differentiation where our IP with their IP is creating products that are very uniquely beneficial to their TCO and very co-engineered, so very sticky for both of us. And the example customer that we said, very large cloud customers, one of our IFS early customers, is an example of that kind of co-engineering that we expect that we'll be doing at scale for that portion of the marketplace pretty uniquely.

我還想補充一點，IFS 讓我們有機會與我們最大的客戶共同設計。事實上，這創造了一種獨特的競爭優勢，我們的 IP 與他們的 IP 正在創造對他們的 TCO 非常有利且非常共同設計的產品，因此對我們雙方都非常有粘性。我們所說的示例客戶，非常大的雲客戶，我們的 IFS 早期客戶之一，是我們期望我們將在市場的那部分非常獨特地大規模進行的那種協同工程的一個例子。

Our next question comes from the line of Ambrish Srivastava from BMO Capital Markets.

我們的下一個問題來自 BMO Capital Markets 的 Ambrish Srivastava。

Pat, I just wanted to get back to the competitive environment and just trying to connect all the dots. So in your slide deck for second quarter, you said that the ASPs were down and you referred to an increasingly competitive environment in servers. But in response to one of the questions earlier on, you said you expect a more stable share and pricing environment in DCG. And then the final thing that caught my attention was on the substrate side, you said you were kind of leveraging that back end to moderate market share. So is that true for the -- did I get that correct that the competitive environment will be stable versus what it was in the second quarter? And then is the substrate also enabling -- your captive footprint in the back end is allowing you to probably stabilize share losses in the Data Center side as well.

帕特，我只是想回到競爭環境中，只是想把所有的點聯繫起來。所以在你第二季度的幻燈片中，你說 ASP 下降了，你提到了服務器競爭日益激烈的環境。但在回答早些時候的一個問題時，您說您希望 DCG 的份額和定價環境更加穩定。然後引起我注意的最後一件事是在基板方面，您說您正在利用後端來調節市場份額。那麼，與第二季度相比，競爭環境將穩定，這對我是否正確？然後是基板也可以實現 - 您在後端的專屬足跡也可以讓您穩定數據中心方面的份額損失。

The comment on fairly stable market segment share and ASP for DCG for the second half of the year is what our expectations are. So I'd just say, I think that the substrate and the overall supply limitations keeps, I'll say, a bound on market share movements in that area of the business overall. We do think incrementally, our IDM capabilities give us a bit more capacity, and we saw market share gains, for instance, in the first half of the year in the Client business as a result of that. And we do think that gives us some ability to hopefully do a bit better than we've even guided with if it occurs. But overall, yes, your question is in the right domain, fairly stable ASPs, fairly stable market segment share in the data center in the second half of the year, which, as we've already said, has substantially improved from last year as well as from the first half of this year.

對 DCG 下半年相當穩定的細分市場份額和 ASP 的評論是我們的預期。所以我只想說，我認為基材和整體供應限制會限制整個業務領域的市場份額變動。我們確實逐漸認為，我們的 IDM 功能為我們提供了更多的容量，並且我們看到了市場份額的增長，例如，在今年上半年，客戶業務的市場份額因此而增加。而且我們確實認為這使我們有能力希望在發生這種情況時做得比我們甚至指導的更好。但總的來說，是的，你的問題是在正確的領域，相當穩定的 ASP，今年下半年在數據中心的市場份額相當穩定，正如我們已經說過的那樣，與去年相比有了很大的改善以及從今年上半年開始。

Products are getting more competitive. Stronger products give us more ASP capabilities as they become more competitive. So overall, we're feeling like the bottom was Q1, Q2 showed that to be the case, even a bit above our expectations, and we're in a great trajectory for the second half and into next year. Thank you.

產品越來越有競爭力。隨著產品變得更具競爭力，更強大的產品為我們提供了更多的 ASP 能力。所以總的來說，我們感覺底部是第一季度，第二季度表明情況確實如此，甚至有點超出我們的預期，我們在下半年和明年都處於良好的軌道上。謝謝你。

Well, I think we'll wrap up at this point. And before we sign off, one last opportunity to say that it is an honor to be back for my dream job, to run this iconic company at this pivotal time in the history of the semiconductor industry. We're rebuilding our heritage of execution, innovation and growth. Along with the 110,000 talented, passionate Intel employees, I am just absolutely confident that the best days for this company are ahead of us.

好吧，我想我們會在這一點上結束。在我們簽字之前，最後一次機會說，很榮幸能回到我夢想的工作，在半導體行業歷史上的關鍵時刻經營這家標誌性的公司。我們正在重建執行、創新和增長的傳統。與 110,000 名才華橫溢、充滿激情的英特爾員工一起，我完全相信，這家公司最好的日子即將到來。

Thanks for the call today. And I do look forward to talking to you all at our Intel Accelerated event on Monday. Talk to you then. Thank you so much.

感謝您今天的來電。我很期待在周一的英特爾加速活動上與大家交流。那就和你談談吧。太感謝了。

Thanks, Pat. Thank you all for joining today. Operator, can you please close the call?

謝謝，帕特。感謝大家今天的加入。接線員，你能掛斷電話嗎？

Certainly. Thank you. And thank you, ladies and gentlemen, for your participation in today's conference. This does conclude the program. You may now disconnect. Good day.

當然。謝謝你。女士們，先生們，感謝你們參加今天的會議。這確實結束了程序。您現在可以斷開連接。再會。