英特爾 (INTC) 2021 Q1 法說會逐字稿

Good day.

再會。

Thank you for standing by.

謝謝你的支持。

Welcome to the Intel Corp's First Quarter 2021 Earnings Conference Call.

歡迎參加英特爾公司 2021 年第一季度收益電話會議。

(Operator Instructions) Please be advised that today's conference is being recorded.

（操作員說明）請注意，今天的會議正在錄製中。

(Operator Instructions) I would now like to hand the conference over to your speaker, Head of Investor Relations, Tony Balow.

（操作員說明）我現在想將會議移交給您的演講者，投資者關係主管 Tony Balow。

Please go ahead.

請繼續。

Thank you, operator.

謝謝你，接線員。

Welcome, everyone, to Intel's first quarter earnings conference call.

歡迎大家參加英特爾第一季度財報電話會議。

By now you should have received a copy of our earnings release and the earnings presentation.

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。

If you've not received both documents, they're available on our investor website.

如果您沒有收到這兩個文件，可以在我們的投資者網站上找到它們。

The earnings presentation is also available in the webcast window for those joining us online.

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.

今天，我們的首席執行官 Pat Gelsinger 和首席財務官 George Davis 加入了我的行列。

In a moment, we'll hear brief remarks from both followed by Q&A.

稍後，我們將聽到雙方的簡短評論，然後是問答。

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, does include risks and uncertainties.

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，因此確實包含風險和不確定性。

Please refer to our press release for more information on the specific risk factors that could cause actual results to differ materially.

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。

Today, we provided both GAAP and non-GAAP financial measures.

今天，我們提供了 GAAP 和非 GAAP 財務指標。

We will be speaking to the non-GAAP financial measures when describing our consolidated results.

在描述我們的綜合結果時，我們將談到非公認會計原則的財務指標。

As a reminder, our non-GAAP results exclude our NAND memory business, which is subject to a pending divestiture, and our non-GAAP year-over-year comparisons also exclude NAND from 2020 results.

提醒一下，我們的非 GAAP 業績不包括我們的 NAND 內存業務，該業務即將剝離，我們的非 GAAP 同比比較也將 NAND 排除在 2020 年業績之外。

The earnings presentation and earnings release available on intc.com include the full GAAP and non-GAAP reconciliations.

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.

謝謝你，托尼。

Good afternoon, everyone.

大家下午好。

It's a pleasure to be with you for my first earnings call.

很高興與您一起參加我的第一次收益電話會議。

I consider it an honor to be CEO of this great company.

我認為成為這家偉大公司的首席執行官是一種榮幸。

Thanks for joining today.

感謝您今天的加入。

Intel delivered a strong Q1 that beat our January guide on both the top and bottom line, driven by exceptional demand for our products and exquisite execution by our team.

由於對我們產品的非凡需求和我們團隊的精湛執行力，英特爾在第一季度的業績表現強勁，在頂線和底線方面都超過了我們的 1 月份指南。

We shipped a record volume of notebook CPUs.

我們出貨了創紀錄數量的筆記本電腦 CPU。

We launched new competitive Intel Core and Xeon processors.

我們推出了新的具有競爭力的英特爾酷睿和至強處理器。

Mobileye had its best quarter ever.

Mobileye 迎來了有史以來最好的一個季度。

With tremendous industry support, we unveiled our IDM 2.0 strategy, setting a bold new course for technology leadership at Intel.

在巨大的行業支持下，我們公佈了 IDM 2.0 戰略，為英特爾的技術領導地位開闢了一條大膽的新路線。

The response from employees, partners and customers has been incredible.

員工、合作夥伴和客戶的反應令人難以置信。

Our teams are reinvigorated, innovating and executing.

我們的團隊正在重振活力、創新和執行。

It's amazing to be back at Intel, and Intel is back.

回到英特爾真是太棒了，英特爾又回來了。

Before George takes you through the financial details of the quarter, I'll begin with the industry trends we're seeing and why Intel is well positioned to aggressively capitalize on them.

在 George 向您介紹本季度的財務細節之前，我將首先介紹我們所看到的行業趨勢以及英特爾為何能夠積極利用這些趨勢。

Said simply, Intel is the only company with the depth and breadth of software, silicon and platforms and packaging and process with at-scale manufacturing that customers can depend on for their next-generation innovations.

簡而言之，英特爾是唯一一家擁有深度和廣度的軟件、芯片和平台以及封裝和工藝以及客戶可以依賴其進行下一代創新的大規模製造的公司。

There are 4 superpowers driving digital transformation: cloud, connectivity, artificial intelligence and the intelligent edge.

有 4 個超級大國推動數字化轉型：雲、連接、人工智能和智能邊緣。

Intel's mission, and we are uniquely positioned to do so, is to help customers harness these superpowers to improve the lives of every human on the planet.

英特爾的使命是幫助客戶利用這些超級大國來改善地球上每個人的生活，而我們在此方面處於獨特的地位。

The digitization of everything was markedly accelerated by COVID and has spurred innovation and new models of working, learning, interacting and care.

COVID顯著加速了一切的數字化，並刺激了創新和工作、學習、互動和護理的新模式。

Technology is increasingly central to every aspect of human existence, and semiconductors are the foundation.

技術在人類生存的方方面面越來越重要，而半導體是基礎。

This is creating a cycle of explosive growth in semiconductors that will result in sustained growth for a decade or more.

這正在創造一個半導體爆炸性增長的周期，這將導致十年或更長時間的持續增長。

The PC ecosystem, in particular, is experiencing a resurgence.

尤其是 PC 生態系統正在復蘇。

This remote work and learning dynamics of COVID led to more PC shipments in 2020 than at any point since 2012, and that's continuing.

COVID 的這種遠程工作和學習動態導致 2020 年的 PC 出貨量比 2012 年以來的任何時候都多，而且這種情況還在繼續。

2021 is shaping up to be the largest PC market ever.

2021 年將成為有史以來最大的個人電腦市場。

In fact, we shipped more notebook CPUs in Q1 than in any other quarter in our history.

事實上，我們在第一季度出貨的筆記本電腦 CPU 比我們歷史上任何其他季度都多。

Total platform unit volumes were up well over 30% in the first quarter.

第一季度平台總銷量增長了 30% 以上。

In many markets, 1 PC in every home is no longer enough.

在許多市場中，每家每戶 1 台 PC 已經不夠用了。

The number of PCs per household, what we call PC density, is increasing.

每個家庭的個人電腦數量，我們稱之為個人電腦密度，正在增加。

We are seeing strong growth in education where, on a global basis, the number of PCs per 100 students and teachers still remains in the single digits.

我們看到教育領域的強勁增長，在全球範圍內，每 100 名學生和教師的個人電腦數量仍保持在個位數。

Every student needs a laptop, and we have a long way to go.

每個學生都需要一台筆記本電腦，而我們還有很長的路要走。

In addition, there are over 400 million PCs running Windows 10 that are over 4 years old today, which is an enormous PC refresh opportunity.

此外，今天有超過 4 億台運行 Windows 10 的 PC 使用了 4 年以上，這是一個巨大的 PC 更新機會。

Intel is leading this rejuvenation of the PC with marketing, user experience and purpose-built innovation at the software, silicon and platform level.

英特爾正在通過營銷、用戶體驗和軟件、芯片和平台級別的專用創新引領 PC 的複興。

We shipped Tiger Lake-H for notebooks and Rocket Lake for desktops, and customer reception has been enthusiastic.

我們發貨了用於筆記本電腦的 Tiger Lake-H 和用於台式機的 Rocket Lake，客戶接待非常熱情。

As a sign of our improving execution, we qualified Tiger Lake-H ahead of schedule in 10 nanometers, and we expect 10-nanometer unit volumes to cross over 14 nanometers in the second half of the year.

作為我們改進執行力的標誌，我們提前通過了 10 納米的 Tiger Lake-H 認證，我們預計 10 納米的單位體積將在下半年跨越 14 納米。

Our Intel Evo platform gives buyers the very best mobile experience, and we're deepening our ecosystem engagement with partners, including Microsoft, Google and Samsung to advance the PC experience in new, innovative ways.

我們的英特爾 Evo 平台為買家提供最佳的移動體驗，我們正在深化與合作夥伴的生態系統合作，包括微軟、谷歌和三星，以全新的創新方式提升 PC 體驗。

We see no signs of PC demand slowing and believe the industry will return to shipping more than 1 million units a day.

我們沒有看到 PC 需求放緩的跡象，並相信該行業將恢復每天超過 100 萬台的出貨量。

With over 100 million Xeon servers in the installed base, the world runs on Intel.

擁有超過 1 億台 Xeon 服務器的安裝基礎，全世界都在英特爾上運行。

Building on that foundation, we recently launched our most advanced high-performance data center platform optimized to power the industry's broadest range of workloads from the cloud to the network to the intelligent edge.

在此基礎上，我們最近推出了最先進的高性能數據中心平台，該平台經過優化，可支持從雲到網絡再到智能邊緣的業界最廣泛的工作負載。

At the heart of this is our new third-gen Intel Xeon Scalable processor codenamed Ice Lake, which offers nearly 50% gen-over-gen performance improvements across a range of workloads.

其核心是我們新的第三代英特爾至強可擴展處理器，代號為 Ice Lake，它在一系列工作負載中提供了近 50% 的性能改進。

We are already shipping Ice Lake to more than 30 customers, including major cloud providers, communication service providers, enterprise and HPC customers.

我們已經向 30 多家客戶提供 Ice Lake，包括主要的雲提供商、通信服務提供商、企業和 HPC 客戶。

Another trend driving demand for more and more optimized computing performance is the infusion of artificial intelligence and machine learning into nearly every application.

推動對越來越優化的計算性能的需求的另一個趨勢是將人工智能和機器學習注入幾乎所有應用程序。

As the only x86 data center CPU with built-in AI acceleration, Ice Lake provides 74% gen-over-gen improvement on AI workloads.

作為唯一具有內置 AI 加速功能的 x86 數據中心 CPU，Ice Lake 對 AI 工作負載提供了 74% 的逐代改進。

And our Habana discrete solutions address the needs of those customers with extreme AI demands in areas like training.

我們的 Habana 離散解決方案可滿足在培訓等領域對 AI 有極端需求的客戶的需求。

Sometimes customers want both.

有時客戶兩者都想要。

For example, you see San Diego will use Intel Xeon and Habana AI accelerators to power their new Voyager supercomputer.

例如，您會看到聖地亞哥將使用英特爾至強和 Habana 人工智能加速器為其新的 Voyager 超級計算機提供動力。

Mobileye set a new quarterly record.

Mobileye 創下了新的季度記錄。

Mobileye's assisted driving technology continues to win over automakers with 8 new design wins in Q1.

Mobileye 的輔助駕駛技術在第一季度以 8 項新設計贏得汽車製造商的青睞。

We have programs with 13 of the 15 top automotive OEMs.

我們與 15 家頂級汽車 OEM 中的 13 家合作。

Mobileye continues to open new categories such as delivery transport with the win at Udelv and is rapidly evolving to power L4 fully autonomous robotaxis beginning next year.

Mobileye 在 Udelv 獲勝後繼續開闢新的類別，例如交付運輸，並迅速發展為從明年開始為 L4 全自動機器人出租車提供動力。

We continue to have extraordinary success winning the next-generation 5G environments.

我們繼續在贏得下一代 5G 環境方面取得非凡的成功。

A great example from this quarter is our collaboration with Google Cloud to develop solutions that help communication service providers accelerate 5G deployment across multiple network and edge locations.

本季度的一個很好的例子是我們與穀歌云合作開發解決方案，幫助通信服務提供商加速跨多個網絡和邊緣位置的 5G 部署。

We're already seeing significant adoption of OneAPI and OneAPI-powered toolkits for high-performance computing, AI and data analytics.

我們已經看到 OneAPI 和 OneAPI 驅動的工具包在高性能計算、人工智能和數據分析方面得到了廣泛採用。

Developers and customers are embracing One API's open standards-based approach for unified programming across architectures and vendors.

開發人員和客戶正在採用 One API 的基於開放標準的方法來實現跨架構和供應商的統一編程。

This includes leading cloud service providers who are embracing OneAPI at scale.

這包括大規模採用 OneAPI 的領先雲服務提供商。

The unprecedented demand for semiconductors has stressed supply chains across the industry.

對半導體前所未有的需求給整個行業的供應鏈帶來壓力。

We've doubled our internal wafer capacity in the last few years, but the industry is now challenged by a shortage of foundry capacity, substrates and components.

在過去幾年中，我們的內部晶圓產能翻了一番，但該行業現在面臨代工產能、基板和組件短缺的挑戰。

We expect it will take a couple of years for the ecosystem to make the significant investments to address these shortages.

我們預計生態系統需要幾年時間才能進行重大投資以解決這些短缺問題。

This fundamental industry challenge underscores the importance of our unique and differentiated IDM 2.0 strategy.

這一基本的行業挑戰凸顯了我們獨特且差異化的 IDM 2.0 戰略的重要性。

IDM 2.0 utilizes our internal factory network to reliably deliver leadership products and provide the industry another source of foundry capacity through our new Intel Foundry Services.

IDM 2.0 利用我們的內部工廠網絡可靠地交付領先產品，並通過我們新的英特爾代工服務為行業提供另一個代工能力來源。

Leveraging our IDM advantage, we are working aggressively across our global supply chain to solve substrate shortages to satisfy our customers' surging demand and gain market share.

利用我們的 IDM 優勢，我們正在全球供應鏈中積極努力解決基板短缺問題，以滿足客戶激增的需求並獲得市場份額。

For example, by partnering closely with our suppliers, we are creatively utilizing our internal assembly factory network to remove a major constraint in our substrate supply.

例如，通過與我們的供應商密切合作，我們創造性地利用我們的內部組裝工廠網絡來消除我們基板供應的主要限制。

Coming online in Q2, this capability will increase the availability of millions of units in 2021.

該功能將於第二季度上線，到 2021 年將增加數百萬台設備的可用性。

It's a great example where the IDM model gives us flexibility to address the dynamic market.

這是一個很好的例子，IDM 模型為我們提供了應對動態市場的靈活性。

It's clear the industry and Intel will need more capacity to meet strong future demand, which is why we are dramatically expanding our foundry capability with Intel Foundry Services starting with a $20 billion investment for our first large-scale foundry operations in Arizona.

很明顯，該行業和英特爾將需要更多產能來滿足未來強勁的需求，這就是為什麼我們通過英特爾代工服務大幅擴展我們的代工能力，首先投資 200 億美元用於我們在亞利桑那州的第一個大規模代工業務。

We plan to expand other locations and establish Intel Foundry Services as a major provider of committed foundry capacity in the U.S. and Europe while ensuring a sustainable and secure semiconductor supply for the world.

我們計劃擴大其他地區，並將英特爾代工服務建立為美國和歐洲承諾代工能力的主要供應商，同時確保為全球提供可持續和安全的半導體供應。

Since its announcement, the industry response to Intel Foundry Services has already been incredible.

自宣布以來，業界對英特爾代工服務的反應已經令人難以置信。

We are engaged with well over 50 potential customers today.

今天，我們與超過 50 名潛在客戶合作。

We're seeing excitement from some of the top technology giants in the world across industry verticals ranging from automotive to high-performance compute and cloud service providers.

從汽車到高性能計算和雲服務提供商等垂直行業，我們看到了一些來自世界頂級技術巨頭的興奮。

We've been responding to and proactively engaging with automotive component suppliers on how we can help them with their supply chains and alleviate shortages in both the near and long term.

我們一直在回應並積極與汽車零部件供應商合作，探討我們如何幫助他們改善供應鏈並緩解近期和長期的短缺。

We're doing our part to address this global supply crisis, but we cannot do it alone.

我們正在儘自己的一份力量來解決這場全球供應危機，但我們不能單獨行動。

The investment needed at the scale required is immense, and it will require close industry and government partnership to address this need.

所需規模的投資是巨大的，需要密切的行業和政府合作來解決這一需求。

Governments around the world are recognizing the critical nature of semiconductors and the need to increase advanced chip manufacturing capacity and prepare for the future.

世界各國政府正在認識到半導體的關鍵性質以及提高先進芯片製造能力並為未來做準備的必要性。

We are encouraged by President Biden's recognition of semiconductor manufacture as a critical component of our national infrastructure and its inclusion along with key research and infrastructure investments in broadband in the American Jobs plan.

拜登總統承認半導體製造是我們國家基礎設施的關鍵組成部分，並將其與寬帶方面的關鍵研究和基礎設施投資一起納入美國就業計劃，我們感到鼓舞。

Looking ahead, we're confident our strategy will drive innovation and technology leadership for Intel.

展望未來，我們相信我們的戰略將推動英特爾的創新和技術領先地位。

7 nanometers is progressing well, and IDM 2.0 puts us on a path to restore process performance leadership and build on our industry-leading packaging technologies.

7 納米進展順利，IDM 2.0 使我們走上了恢復工藝性能領先地位並建立在我們行業領先的封裝技術之上的道路。

With IDM 2.0, we will have superior capacity and supply resilience by leveraging our internal and external capacity and a superior cost structure.

借助 IDM 2.0，我們將通過利用我們的內部和外部能力以及卓越的成本結構，擁有卓越的產能和供應彈性。

By accelerating our clock rate of innovation, we will deliver leadership products in every category.

通過加快我們的創新時鐘頻率，我們將提供每個類別的領先產品。

In the PC business, we will follow the successful launches of Tiger Lake and Rocket Lake with Alder Lake, which is currently sampling and will ship in the second half of this year.

在PC業務方面，我們將跟隨Tiger Lake和Rocket Lake的成功推出，Alder Lake目前正在打樣，將於今年下半年出貨。

Within the next couple of weeks, we'll tape in the compute tile for Meteor Lake, our first 7-nanometer CPU for 2023.

在接下來的幾週內，我們將為 Meteor Lake 錄製計算模塊，這是我們 2023 年的第一個 7 納米 CPU。

In the data center, we will follow the strong ramp of Ice Lake with Sapphire Rapids, which is scheduled to reach production around the end of this year and ramp in the first half of 2022.

在數據中心，我們將沿著Ice Lake的強勢坡道與Sapphire Rapids一起，計劃於今年年底左右投產，2022年上半年開始投產。

Overall, our 2023 road maps are firm and under execution and our 2024 and 2025 plans are well underway to provide unquestioned leadership products in every category we participate in.

總體而言，我們的 2023 年路線圖是堅定的並且正在執行中，我們的 2024 年和 2025 年計劃正在順利進行，以在我們參與的每個類別中提供無可置疑的領導力產品。

The Intel innovation machine is fired up.

英特爾的創新機器被點燃了。

Before I pass it to George for the details in the quarter, let me reiterate how excited I am to be back.

在我將本季度的細節傳遞給喬治之前，讓我重申一下我對回歸感到多麼興奮。

You can feel the energy inside of Intel, the passion to innovate and the drive that made us great.

您可以感受到英特爾內部的活力、創新的熱情以及讓我們變得偉大的動力。

We are reigniting our culture to attract, retain and motivate the best and brightest engineers in the industry.

我們正在重新點燃我們的文化，以吸引、留住和激勵業內最優秀、最聰明的工程師。

In fact, we've onboarded over 2,000 engineers so far this year, including the recent key hire of Sanjay Natarajan, who will co-lead our Logic Technology Development.

事實上，今年到目前為止，我們已經招募了 2,000 多名工程師，其中包括最近聘請的關鍵員工 Sanjay Natarajan，他將共同領導我們的邏輯技術開發。

In total, we expect to add several thousand more engineers by the end of the year.

總體而言，我們預計到今年年底將增加數千名工程師。

2021 is a pivotal year as we lay the foundation of our winning IDM 2.0 strategy and invest in our future to accelerate our trajectory and execution.

2021 年是關鍵的一年，因為我們為我們贏得 IDM 2.0 戰略奠定了基礎，並投資於我們的未來以加快我們的發展軌跡和執行。

Given the incredible demand for computing, the strength of our IDM 2.0 strategy and the technology investments we're making, I'm certain Intel's best days are in front of us.

鑑於對計算的巨大需求、我們 IDM 2.0 戰略的實力以及我們正在進行的技術投資，我確信英特爾的最佳時期即將到來。

Thanks, Pat, and good afternoon, everyone.

謝謝，帕特，大家下午好。

Q1 marked a stronger-than-expected start to the year with both our PC notebook and Mobileye businesses achieving record quarters, when revenue was $18.6 billion, exceeding our guidance by $1.1 billion, led by strength in our PC business and the first signs of recovery in the enterprise and government portion of our data center business.

第一季度的開局好於預期，我們的 PC 筆記本電腦和 Mobileye 業務均實現了創紀錄的季度，收入為 186 億美元，超出我們的預期 11 億美元，這主要得益於我們的 PC 業務強勁和復甦的初步跡象在我們數據中心業務的企業和政府部分。

Our IOTG, Mobileye and PSG businesses also posted strong sequential growth as they began to emerge from an adverse macroeconomic environment driven by COVID.

我們的 IOTG、Mobileye 和 PSG 業務也實現了強勁的連續增長，因為它們開始擺脫由 COVID 驅動的不利宏觀經濟環境。

As noted in our January guidance, Q1 revenue includes an approximately $580 million onetime corporate revenue item.

正如我們在一月份的指導中所指出的，第一季度的收入包括約 5.8 億美元的一次性企業收入項目。

Gross margin for the quarter was 58.4%, exceeding guide by approximately 40 basis points, largely due to flow-through on higher revenue.

本季度毛利率為 58.4%，超過指導值約 40 個基點，主要是由於收入增加帶來的流動性。

Q1 EPS was $1.39, up $0.29 versus guide, with the majority of the beat on strong operational performance and the balance on gains related to our ICAP portfolio.

第一季度每股收益為 1.39 美元，比指導值上漲 0.29 美元，主要表現在強勁的運營業績和與我們的 ICAP 投資組合相關的收益平衡。

Note that these non-GAAP results exclude the impact of a charge related to VLSI litigation that are included in GAAP results.

請注意，這些非 GAAP 結果不包括 GAAP 結果中包含的與 VLSI 訴訟相關的費用的影響。

In Q1, we generated $5.5 billion of cash from operations and free cash flow of $1.6 billion.

在第一季度，我們從運營中產生了 55 億美元的現金和 16 億美元的自由現金流。

We repurchased $2.4 billion of shares, completing the $20 billion repurchase plan announced in October 2019.

我們回購了 24 億美元的股票，完成了 2019 年 10 月宣布的 200 億美元的回購計劃。

Going forward, we expect to have lower stock repurchases as we enter an investment phase to support strong demand growth in clients, build initial infrastructure for future foundry volumes and make necessary investments to accelerate our return to process leadership.

展望未來，隨著我們進入投資階段以支持客戶強勁的需求增長，為未來的鑄造量建立初始基礎設施，並進行必要的投資以加速我們重返工藝領先地位，我們預計庫存回購將減少。

We remain committed to growing the dividend.

我們仍然致力於增加股息。

Moving to segment performance in the quarter.

轉向本季度的細分市場表現。

CCG revenue was up 8% year-over-year, driven by all-time record notebook unit volumes, up 54% year-over-year.

CCG 收入同比增長 8%，受創紀錄的筆記本電腦銷量同比增長 54% 的推動。

Increased volume in the consumer entry and education segments resulted in platform ASPs being down 20% year-over-year.

消費者入門和教育領域的銷量增加導致平台 ASP 同比下降 20%。

Excluding this upside volume, ASPs were flat year-over-year.

剔除這一上漲量，平均售價與去年同期持平。

Combined with growth in our WiFi and Thunderbolt connectivity businesses, revenue grew overall in CCG despite the ramp down of our modem and MAX sales and the impact of exiting our connected home division.

結合我們的 WiFi 和 Thunderbolt 連接業務的增長，儘管我們的調製解調器和 MAX 銷售下降以及退出我們的連接家庭部門的影響，CCG 的收入總體增長。

Operating income was $4.1 billion, down 2% year-over-year on higher 10-nanometer mix and increased R&D investment.

營業收入為 41 億美元，由於更高的 10 納米組合和研發投資增加，同比下降 2%。

DCG delivered revenue of $5.6 billion, somewhat above our expectations, but down 20% year-over-year on a challenging compare.

DCG 實現了 56 億美元的收入，略高於我們的預期，但在具有挑戰性的比較中同比下降了 20%。

Enterprise and government saw initial recovery with sequential performance above seasonal expectations, while cloud inventory digestion persisted through the quarter as expected.

企業和政府部門看到了初步復甦，連續表現高於季節性預期，而云庫存消化持續到本季度。

Strong network SoC growth and product mix drove more than half of the 14% year-over-year ASP decline.

強勁的網絡 SoC 增長和產品組合推動了 14% 的 ASP 同比下降的一半以上。

DCG operating income in Q1 was down $2.2 billion year-over-year on lower revenue, transition to 10-nanometer, and increased R&D investment in our Xeon road map.

第一季度 DCG 營業收入同比下降 22 億美元，原因是收入下降、向 10 納米過渡以及對至強路線圖的研發投資增加。

Our intelligent edge businesses were up year-over-year and quarter-over-quarter as COVID-related demand impacts began to subside.

隨著與 COVID 相關的需求影響開始消退，我們的智能邊緣業務同比和環比增長。

Specifically, IOTG revenue was up 18% quarter-over-quarter with strength in retail and industrial segments.

具體而言，IOTG 收入環比增長 18%，零售和工業領域表現強勁。

Mobileye revenue and operating margin were both all-time records at $377 million and $147 million, respectively.

Mobileye 的收入和營業利潤率分別創下 3.77 億美元和 1.47 億美元的歷史記錄。

Mobileye continues to execute well and gain market segment share as the auto industry recovers from pandemic blows.

隨著汽車行業從大流行的打擊中復蘇，Mobileye 繼續表現良好並獲得市場份額。

PSG revenue was up 15% quarter-over-quarter with strength in its communications and embedded segments.

PSG 收入環比增長 15%，得益於其通信和嵌入式部門的實力。

Moving to our Q2 and full year outlook.

轉向我們的第二季度和全年展望。

For Q2, we are guiding revenue of $17.8 billion, down 2% year-over-year, excluding our NAND business.

對於第二季度，我們的指導收入為 178 億美元，同比下降 2%，不包括我們的 NAND 業務。

We continue to see very strong demand for PCs with fulfillment challenges on industry-wide component and substrate shortages.

我們繼續看到對 PC 的需求非常強勁，在整個行業的組件和基板短缺方面面臨著挑戰。

In data center, we believe revenue bottomed in Q1 and will increase in Q2 as cloud digestion impacts begin to subside and enterprise and government momentum continues.

在數據中心方面，我們認為隨著雲消化影響開始消退以及企業和政府勢頭持續，收入在第一季度觸底並將在第二季度增加。

Gross margin is expected to be approximately 57%, up approximately 1 point year-over-year, driven by lower inventory reserves and improved 10-nanometer cost, partially offset by factory start-up costs.

毛利率預計約為 57%，同比增長約 1 個百分點，主要受庫存儲備減少和 10 納米成本提高的推動，部分被工廠啟動成本所抵消。

We are forecasting EPS of $1.05 per share and a tax rate of 13%.

我們預測每股收益為 1.05 美元，稅率為 13%。

For full year, we are increasing our guidance provided in March, now forecasting $72.5 billion in revenue, up $500 million from our prior guidance, gross margin of 56.5% and EPS at $4.60, up $0.05 from our March 23 call.

對於全年，我們正在增加我們在 3 月份提供的指導，現在預測收入為 725 億美元，比我們之前的指導增加 5 億美元，毛利率為 56.5%，每股收益為 4.60 美元，比我們 3 月 23 日的電話會議增加 0.05 美元。

We now expect free cash flow to be $10.5 billion, up $500 million versus prior expectations.

我們現在預計自由現金流為 105 億美元，比之前的預期增加 5 億美元。

We continue to see very strong PC demand with both TAM and our internal PC supply growing double digits year-over-year.

我們繼續看到非常強勁的 PC 需求，TAM 和我們的內部 PC 供應均同比增長兩位數。

But we expect CCG revenue to be more first half weighted than normal seasonality due to industry-wide supply constraints and the continuing ramp-down of modem and Apple Mac revenue.

但由於全行業的供應限制以及調製解調器和 Apple Mac 收入的持續下降，我們預計 CCG 上半年收入的權重將高於正常季節性。

In data center, we expect increased demand in the second half as both cloud enterprise and government segments returned to growth.

在數據中心方面，隨著雲企業和政府部門恢復增長，我們預計下半年需求將增加。

Gross margin percent will be lower in the second half of the year predominantly due to increased 7-nanometer start-up costs and industry-wide supply constraints impacting client volume and mix.

下半年毛利率將下降，主要是由於 7 納米啟動成本增加和全行業供應限制影響客戶數量和組合。

We expect increased R&D throughout the year as we invest in our road map and IDM 2.0 strategy.

隨著我們投資於我們的路線圖和 IDM 2.0 戰略，我們預計全年研發會有所增加。

As stated in March, this guide is tempered by DCG-related entity list uncertainty and industry-wide supply constraints primarily impacting our client, IOTG and PSG businesses.

如 3 月所述，本指南受到 DCG 相關實體列表的不確定性和主要影響我們的客戶、IOTG 和 PSG 業務的全行業供應限制的影響。

We are working closely with our supply chain partners and leveraging our unique IDM capabilities to mitigate these supply constraints, gain market segment share and outperform this guide.

我們正在與我們的供應鏈合作夥伴密切合作，並利用我們獨特的 IDM 能力來緩解這些供應限制，獲得市場份額並超越本指南。

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.

好的。

Thank you, George.

謝謝你，喬治。

Moving on now to the Q&A.

現在繼續進行問答。

(Operator Instructions) Operator, please go ahead and introduce the first caller.

（操作員說明）接線員，請繼續介紹第一個來電者。

(Operator Instructions) Our first question will come from the line of Harlan Sur from JPMorgan.

（操作員說明）我們的第一個問題將來自摩根大通的 Harlan Sur。

A nice job on the quarterly execution.

在季度執行方面做得很好。

It was good to see the unveiling of the IDM 2.0 strategy back in March.

很高興看到 3 月份 IDM 2.0 戰略的發布。

Was also good to get the 7-nanometer update and continued execution on getting that ramped in 2023.

獲得 7 納米更新並在 2023 年繼續執行也很好。

But that's just the point milestone, right?

但這只是一個里程碑，對吧？

So in order to sustain your technology and performance leadership with the IDM 2.0 strategy, it's going to require the team to maintain a cadence on both internal optimization but also more importantly, to maintain a cadence of continued node shrinks to 5 nanometer and then ultimately to 3 nanometer.

因此，為了在 IDM 2.0 戰略中保持您的技術和性能領先地位，需要團隊保持內部優化的節奏，更重要的是，保持節點持續縮小到 5 納米，然後最終達到3納米。

I think the Intel team had previously articulated node migrations kind of every 2, 2.5 years.

我認為英特爾團隊以前每 2、2.5 年就進行一次節點遷移。

Pat, I think you said a yearly cadence back in March, but I assume that, that was internal optimization.

帕特，我想你在三月份說過每年的節奏，但我認為那是內部優化。

But on the move to 7 to 5, can we expect the team to ramp 5 nanometers 2, 2.5 years after your 7-nanometer ramp and then 3-nanometer ramp 2, 2.5 years after 5?

但是在從 7 到 5 的過程中，我們是否可以期望團隊在 7 納米斜坡之後 2.5 年實現 5 納米斜坡，然後在 5 納米之後 2.5 年實現 3 納米斜坡 2？

Thank you for the question, Harlan.

謝謝你的問題，哈蘭。

And overall, as I said on the call, we're seeing very good progress on the 7-nanometer team.

總的來說，正如我在電話會議上所說，我們看到 7 納米糰隊取得了非常好的進展。

They're executing now.

他們現在正在執行。

We're very confident of the changes that we made on that, right, and the move to really embrace EUV.

我們對我們在這方面所做的改變非常有信心，對，以及真正擁抱 EUV 的舉措。

And since we've done that, we've just seen superb execution.

既然我們這樣做了，我們就看到了出色的執行力。

And as I said, in the Unleashed event, we expect to move to a yearly cadence or better for our process technology.

正如我所說，在 Unleashed 活動中，我們希望我們的工藝技術能夠達到每年或更好的節奏。

And we're going to be laying that path out very clearly.

我們將非常清楚地舖設這條道路。

We're excited about our team's ability to get us back to process parity and ultimately to sustain leadership yet again.

我們很高興我們的團隊有能力讓我們恢復流程平等並最終再次保持領導地位。

And I'm very happy with the team and some of the investments we're making, the hiring of Sanjay Natarajan that we talked about.

我對團隊和我們正在進行的一些投資感到非常滿意，我們談到了聘請 Sanjay Natarajan。

Team is getting fired up to execute on that.

團隊正在為此而努力。

We also see this is just one piece of our technology leadership strategy.

我們還看到，這只是我們技術領先戰略的一部分。

And as we've seen in our IDM 2.0 strategy, it's about packaging.

正如我們在 IDM 2.0 戰略中看到的那樣，它與包裝有關。

It's about the process.

這是關於過程的。

It's about the full set of IP that we're bringing to the table and at-scale manufacturing.

它是關於我們要提供的全套 IP 和大規模製造。

And I will say some of the early enthusiasm that we've seen from some of the foundry customer pipeline is really bringing together our packaging technology with the full IDM 2.0 strategy.

我要說的是，我們從一些代工廠客戶管道中看到的一些早期熱情確實將我們的封裝技術與完整的 IDM 2.0 戰略結合在一起。

So overall, getting back to the heart of your question, exactly.

所以總的來說，回到你問題的核心，確切地說。

We are going to increase the cadence of our process technology innovations.

我們將提高工藝技術創新的節奏。

We're seeing very positive signs since we made this change, and we're on track to parity and again, sustained leadership out in the future.

自從我們做出這一改變以來，我們看到了非常積極的跡象，我們正朝著平等的方向前進，並在未來再次保持領先地位。

Our team is firing on all cylinders, and I'm excited about what we're seeing as we monitor those milestones very rigorously going forward.

我們的團隊正在全力以赴，我對我們在未來非常嚴格地監控這些里程碑時所看到的感到興奮。

This team's on fire, and we're executing.

這支球隊著火了，我們正在執行。

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

我們的下一個問題將來自 Evercore 的 C.J. Muse。

Yes.

是的。

I guess a follow-on question, Pat, to your foundry strategy or IDM 2.0 strategy.

Pat，我想你的代工策略或 IDM 2.0 策略的後續問題。

I get the division of gaining scale by investing for yourselves at the leading edge and then backfilling fully depreciated capacity into '22 down to 10-nanometer nodes over time and the benefit to you guys.

我通過在領先優勢上為自己投資，然後隨著時間的推移將完全折舊的容量回填到 22 到 10 納米節點來獲得規模，並為你們帶來好處。

But what's the benefit of opening up the business at the leading edge to foundry customers?

但是，向代工客戶開放處於領先地位的業務有什麼好處呢？

And how are you going to control folks to redesign to your design?

你將如何控制人們重新設計你的設計？

And will you have to subsidize them?

你必須補貼他們嗎？

Or would that be a subsidy that comes from the U.S. government?

或者那會是來自美國政府的補貼嗎？

Would love to hear your thoughts there.

很想听聽你的想法。

Yes.

是的。

Overall, let's just paint the picture a little bit more broadly, C.J., and thanks for the question.

總的來說，C.J. 讓我們把這幅畫畫得更廣泛一點，謝謝你的提問。

On the IDM 2.0 strategy, we're all about making leading-edge capacity available for our foundry customers.

在 IDM 2.0 戰略中，我們致力於為我們的代工客戶提供領先的產能。

And the world needs more leading-edge capacity, and there's very few companies that can supply it around the world.

世界需要更多的領先產能，而全球能夠提供這種產能的公司寥寥無幾。

So we're seeing a lot of enthusiasm for that.

所以我們看到了很多人對此的熱情。

It's going to cause us to build and expand our capacity more aggressively.

這將促使我們更積極地建立和擴大我們的能力。

And as you suggest, it also means we have a better monetization on the longer life cycle of a foundry business, and we're planning on getting to foundry kind of margins with that investment.

正如您所建議的那樣，這也意味著我們在鑄造業務的較長生命週期中獲得了更好的貨幣化，並且我們計劃通過這項投資獲得鑄造類的利潤。

Now as we have already begun engaging with customers, we've seen enthusiasm, right?

現在我們已經開始與客戶互動，我們已經看到了熱情，對吧？

We've seen enthusiasm that they get to design on our leading process technology, and they have more choices for wherever that might be coming from.

我們已經看到他們對我們領先的工藝技術進行設計的熱情，並且他們對於可能來自哪裡的任何地方都有更多的選擇。

We're also seeing enthusiasm for this idea that they can bring some of their IP and bring our IP to the table.

我們也看到了對這個想法的熱情，即他們可以帶來他們的一些 IP 並將我們的 IP 帶到桌面上。

And in particular, some of the cloud customers have been very excited about that ability to say, hey, I can take some of my cool ideas and be better optimized, including things like x86 cores, to have a more optimized solution for their market requirements.

特別是，一些雲客戶對這種能力感到非常興奮，他們說，嘿，我可以採用我的一些很酷的想法並進行更好的優化，包括 x86 內核之類的東西，以便為他們的市場需求提供更優化的解決方案.

This is compelling for them.

這對他們來說很有吸引力。

And then we combine that with all the other strengths that we've talked about such as at-scale manufacturing.

然後我們將其與我們討論過的所有其他優勢（例如大規模製造）結合起來。

And in the supply-constrained environment like we're in right now, boy, that's bringing enthusiasm from customers.

在像我們現在這樣的供應受限的環境中，男孩，這帶來了客戶的熱情。

Also, we get to do that with all of the other assets that we have with packaging, our software technology.

此外，我們還可以利用包裝和軟件技術所擁有的所有其他資產來做到這一點。

Yes, we think this is a strategy that will be very powerful for the industry.

是的，我們認為這是一個對行業來說非常強大的戰略。

And we've seen that response, early customers, the EDA tool chains, the IP suppliers.

我們已經看到了這種反應，早期客戶、EDA 工具鏈、IP 供應商。

This has really hit the right time in the industry, and we are seeing the international aspects as well as the government aspect saying, "Yes, we need a more geographically dispersed, resilient supply chain for something that's critical to the future of humanity and semiconductor technology." This is the right strategy for the right time, and we're seeing great response from it.

這確實在行業中達到了正確的時機，我們看到國際方面以及政府方面都在說，“是的，我們需要一個地理上更分散、更有彈性的供應鏈，這對人類和半導體的未來至關重要。技術。”這是在正確的時間正確的策略，我們看到了很好的反應。

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

我們的下一個問題將來自摩根士丹利的喬摩爾。

I wonder if you could talk about the Data Center Group numbers, I guess, both the 20% year-on-year decline in cloud and the 14% decline in platform average selling price.

我想你能不能談談數據中心集團的數據，我猜，雲計算同比下降 20%，平台平均售價下降 14%。

How much of that is just this kind of lingering cloud digestion?

有多少只是這種揮之不去的雲消化？

And what's your visibility to that resuming?

你對那份簡歷有什麼看法？

And is there any competitive aspect, do you think, to the weakness there?

你認為那裡的弱點有任何競爭方面嗎？

Yes.

是的。

I'll start on that one and ask George to jump in a little bit.

我將從那個開始，並請喬治加入一點點。

Overall, as George said in his comments, Q1 was a little bit better than we expected for DCG in terms of revenue, and we see it improving as we go through the year.

總體而言，正如喬治在評論中所說，就收入而言，第一季度 DCG 的收入比我們預期的要好一些，而且我們看到它在這一年中有所改善。

So we saw this as the bottom.

所以我們認為這是底部。

A lot of that was driven exactly, as you asked in the question, by cloud digestion.

正如您在問題中所問的那樣，其中很多都是由雲消化驅動的。

We had an extraordinary last year, and now customers are almost through the digestion of that, and we're starting to see signs that they want to start the next build phase in their cloud.

去年我們經歷了非凡的經歷，現在客戶幾乎已經消化了這一點，我們開始看到他們希望在他們的雲中開始下一個構建階段的跡象。

But we also saw some just great successes with the enterprise business starting to pick up.

但我們也看到了一些剛剛取得的巨大成功，企業業務開始回暖。

Some of the networking business wins were very strong for our 5G area.

對於我們的 5G 領域來說，一些網絡業務的勝利非常強勁。

So overall, we believe we're on a path back to growth.

所以總的來說，我們相信我們正在恢復增長。

I'd also emphasize that the Ice Lake launch, superb, right?

我還要強調 Ice Lake 的發布，非常棒，對吧？

This product, major gains in generation, the generation improvement in absolute areas of differentiation like the AI performance.

該產品在一代方面的重大收穫，在人工智能性能等絕對差異化領域的一代改進。

And as I said, this is AI infused now into the 100 million-plus Xeon sockets as we're bringing AI into every 1 of them.

正如我所說，這是現在將 AI 注入到超過 1 億個 Xeon 插槽中，因為我們正在將 AI 引入其中的每一個。

This is a powerful new capability and getting great response from our customers overall.

這是一項強大的新功能，並得到了我們客戶的整體好評。

So we feel very good about the path that we're on.

所以我們對我們所走的道路感覺很好。

And our overall outlook for the year is that we're going to continue to see that momentum build as we go through the year and expect to see the business response, the competitive position, the customers getting onboard.

我們對今年的總體展望是，我們將繼續看到這一勢頭在我們度過這一年的過程中不斷增強，並期望看到業務響應、競爭地位和客戶的加入。

It's an exciting time for our data center business.

對於我們的數據中心業務來說，這是一個激動人心的時刻。

George, anything you'd add?

喬治，你有什麼要補充的嗎？

Yes.

是的。

I would say, really, if you think about the impact year-over-year in the first quarter, more than half of it was just the fact that we're comparing the bottom, what we now believe to be the bottom of the digestion phase with a very, very strong Q1.

我想說，真的，如果您考慮第一季度的同比影響，其中一半以上只是我們正在比較底部的事實，我們現在認為這是消化的底部第一季度非常非常強勁。

The other piece is our investment is going up in this space.

另一部分是我們在這個領域的投資正在增加。

This is clearly -- we're -- as we make progress on 7 nanometer, you're starting to see 7-nanometer costs reflected that weren't there year-over-year.

這很明顯——我們是——隨著我們在 7 納米方面取得進展，你開始看到 7 納米成本反映的情況並沒有同比下降。

That's a good thing.

這是好事。

That gets much better over time.

隨著時間的推移，情況會好很多。

Also, almost on the same scale, we've increased OpEx to drive the Xeon road map even harder in line with some of the things that Pat was talking about.

此外，在幾乎相同的規模上，我們增加了 OpEx 以更加努力地推動 Xeon 路線圖，以符合 Pat 所說的一些事情。

And then finally, you also have -- this is start-up of the 10-nanometer generation for server, and so you're starting to see the initial cost impacts on that.

最後，你還有——這是 10 納米代服務器的啟動，所以你開始看到最初的成本影響。

We're already seeing very strong 10-nanometer cost improvements in the client side of the business.

我們已經在業務的客戶端看到了非常強勁的 10 納米成本改進。

Some of that's obviously helping DCG today, but it's going to -- they've got some work still to go through as they start to ramp their mix from 14 to 10.

其中一些顯然對今天的 DCG 有所幫助，但它將會——他們還有一些工作要做，因為他們開始將他們的混音從 14 增加到 10。

Great.

偉大的。

And is that -- just to make sure, the 14% decline in platform ASP, was that more mix related towards comms?

是不是——只是為了確保平台 ASP 下降 14%，這是否與通信相關的更多組合？

Or was there something -- [is it along any decline like for like]?

還是有什麼東西——[是否有類似的下降趨勢]？

It was mix.

這是混合的。

You've got a lot higher relative mix of SoCs and whatnot in there.

你有更高的 SoC 和其他東西的相對組合。

When you're down on revenue, all those mix comparisons get tougher and you're down on the strongest margin mix area.

當您的收入下降時，所有這些組合比較都會變得更加艱難，並且您處於最強的利潤率組合區域。

Stacy Rasgon from Bernstein.

來自伯恩斯坦的 Stacy Rasgon。

I want to ask that question a little more explicitly.

我想更明確地提出這個問題。

So if more than half or about half of whatever of the ASP decline year-over-year, the 14% in data center, was due to SoC mix and product mix, what would the other half coming from?

因此，如果 ASP 同比下降的一半或大約一半，即數據中心的 14%，是由於 SoC 組合和產品組合，那麼另一半將來自什麼？

How much of that is direct ASP decline?

其中有多少是直接 ASP 下降？

And what should we expect on that front as we go into the second half?

當我們進入下半場時，我們在這方面應該期待什麼？

And how does that tie into the implied gross margin guidance in the second half, which is -- for the company, which is down something like 250 bps second half versus first half?

這與下半年隱含的毛利率指引有何联系，即對於公司而言，下半年與上半年相比下降了 250 個基點？

Yes.

是的。

So I think -- let me just clarify, Stacy.

所以我想——讓我澄清一下，斯泰西。

So the lower revenue includes the ASP and volume effects compared to what we were seeing in the first quarter of last year.

因此，與我們在去年第一季度看到的相比，較低的收入包括 ASP 和銷量影響。

So that's what was over half of it.

這就是它的一半以上。

I would say the remaining was split between the factory start-up costs that I talked about, higher OpEx since we're talking about operating margin and then just the unit cost impact of ramping 10 nanometer relative to what they saw year-over-year.

我想說剩下的部分是我談到的工廠啟動成本，更高的運營支出，因為我們談論的是營業利潤率，然後只是相對於他們看到的同比增長 10 納米的單位成本影響.

And when we think about the second half of the year on the overall margin, we think you're seeing -- going to see some margin impact actually from the supply situation impacting the mix and the volume that we're going to see out of client, again, the 7-nanometer start-up costs ramp throughout the year.

當我們考慮今年下半年的整體利潤率時，我們認為你會看到——實際上會從影響組合的供應情況和我們將看到的數量中看到一些利潤率影響再次，客戶的 7 納米啟動成本全年都在上升。

So that's probably the next biggest factor and then a little bit offset by the fact that we're going to see server start to recover.

所以這可能是下一個最大的因素，然後被我們將看到服務器開始恢復的事實所抵消。

Yes.

是的。

And overall, Stacy, I'd just add, it's about building leadership products.

總的來說，Stacy，我想補充的是，它是關於建立領導力產品。

Ice Lake is a great product, and we're seeing a strong ramp for it.

Ice Lake 是一款很棒的產品，我們看到了它的強勁增長勢頭。

As the products get better, ASPs will get better, and we're going to be very aggressive in terms of market share in this area.

隨著產品變得更好，ASP 也會變得更好，我們將在該領域的市場份額方面非常積極。

So we feel like we're now very much on the front foot again in this business, and we're starting to see the market respond that way.

所以我們覺得我們現在在這項業務中再次處於領先地位，我們開始看到市場以這種方式做出反應。

And with some of the things that we've talked about with Ice Lake, in particular, and our Sapphire Rapids program following up, we're on a good competitive dynamic, and we're leaning into this area of our business, and we're seeing great response from our customers.

尤其是我們與 Ice Lake 討論過的一些事情，以及我們的 Sapphire Rapids 計劃跟進，我們處於良好的競爭動態中，我們正在向這個業務領域傾斜，我們'我們的客戶反響很好。

Can you define what you mean by aggressive on market share?

您能否定義激進的市場份額是什麼意思？

Exactly that, aggressive on market share.

正是如此，在市場份額上進取。

We're going to fight for every socket in the market.

我們將為市場上的每一個插座而戰。

This is an area that is core to our business.

這是我們業務的核心領域。

We're going to be aggressive.

我們要積極進取。

We've just delivered a great new product for it.

我們剛剛為它交付了一個很棒的新產品。

We're going to be using our system design, our validation, our software assets.

我們將使用我們的系統設計、驗證和軟件資產。

Our customer relationships, our supply chain, everything that we can to bring value to our customers, right?

我們的客戶關係，我們的供應鏈，我們可以為客戶帶來價值的一切，對吧？

They are looking for us building on that 100 million installed base of servers that we have now.

他們正在尋找我們建立在我們現在擁有的 1 億安裝的服務器基礎上。

This is a great business and one that we're going to be very aggressive in bringing the best things to our customers.

這是一項偉大的業務，我們將非常積極地為我們的客戶帶來最好的東西。

And I'd also say, Stacy, that as you think about this business, this is an area that, with our cloud partners, our IDM 2.0 strategy is powerful because now we're saying to them not only are we going to be building better and better products for you in this area, but we're also going to be co-designing, co-innovating and bringing new capabilities for them to optimize solutions for their markets as well.

我還要說，Stacy，當你考慮這項業務時，這是一個領域，與我們的雲合作夥伴一起，我們的 IDM 2.0 戰略是強大的，因為現在我們對他們說，我們不僅要建立在這一領域為您提供越來越好的產品，但我們也將共同設計、共同創新並為他們帶來新的能力，以優化他們的市場解決方案。

Yes, we're going to be aggressive in the data center and cloud business going forward.

是的，我們將在數據中心和雲業務方面積極進取。

And John Pitzer from Credit Suisse.

還有瑞士信貸的約翰·皮策。

Can you guys hear me?

你們能聽到我嗎？

Yes.

是的。

Thank you, John.

謝謝你，約翰。

Sorry about that.

對於那個很抱歉。

Pat, just sticking on the theme of data center and the cloud business.

帕特，只是堅持數據中心和雲業務的主題。

Can you help us understand why you're comfortable that this is digestion and not something more like cloud guys going to more internal solutions or solutions away from Intel?

您能否幫助我們理解為什麼您對這是消化而不是更像雲計算人員尋求更多內部解決方案或遠離英特爾的解決方案感到滿意？

And I sort of asked the question because cloud was down about 15% year-over-year in Q4.

我有點問這個問題，因為第四季度雲計算同比下降了約 15%。

It's down about 30% in Q1.

第一季度下降了約 30%。

I know you have another hard compare year-over-year on Q2, but what gives you confidence that this is digestion and not something more?

我知道您在第二季度與去年同期相比還有另一個難以比較的情況，但是是什麼讓您有信心這是消化而不是更多？

And I know in George's prepared comments, he said all of data center would be up sequentially in June.

而且我知道在喬治準備好的評論中，他說所有數據中心將在 6 月份依次啟動。

Do you expect that for the cloud portion as well?

您是否也期望雲部分也是如此？

So at the highest level, I'll just say, we work intimately with these customers, right?

所以在最高級別，我只想說，我們與這些客戶密切合作，對吧？

Our people are in their environments.

我們的員工在他們的環境中。

We're working supply chains.

我們正在處理供應鏈。

We're building forecasts with them.

我們正在與他們建立預測。

We know what their inventory levels are.

我們知道他們的庫存水平是多少。

These are very intimate relationships.

這些都是非常親密的關係。

So I'd just say, at that level, we're confident when we speak that -- what they're doing and what we're going to see in the future on how they're digesting and deploying the products that we delivered to them last year are now ramping in and becoming instances they're selling and services they're selling as well.

所以我只想說，在那個層面上，當我們說這些時，我們很有信心——他們正在做什麼以及我們將來會看到他們如何消化和部署我們交付的產品去年對他們來說，現在正在加速發展並成為他們正在銷售的實例和他們正在銷售的服務。

I'll say, because of that intimate relationship that we have, we're quite confident in those comments.

我會說，由於我們之間的親密關係，我們對這些評論很有信心。

Like we said, as we see the sequential growth, we expect that across the business.

正如我們所說，當我們看到連續增長時，我們預計整個業務都會出現這種情況。

We see that in networking.

我們在網絡中看到了這一點。

We see that in enterprise and government, and we see that in cloud as well.

我們在企業和政府中看到了這一點，我們也在雲中看到了這一點。

We do see some of the elements that we talked about with respect to some of them exploring some of their own design work.

我們確實看到了我們談到的一些元素，其中一些元素探索了他們自己的一些設計工作。

And I'll just say, with that, we're very close to that.

我只想說，我們非常接近這一點。

Those are fairly modest overall in terms of their volumes so far.

到目前為止，就數量而言，這些總體上相當適中。

And as I mentioned in the last question, this is an area that the IDM 2.0 strategy, the Intel Foundry Services is powerful.

正如我在上一個問題中提到的，這是 IDM 2.0 戰略的一個領域，英特爾代工服務非常強大。

And the response that we've seen from those customers saying, "Wow, now we can co-innovate without doing all the work of creating a new architectural point in the cloud environment," this is powerful and something that we think is uniquely going to help us to navigate them to an answer that is much more favorable for them as well as for us, and we're on -- off to a great start.

我們從這些客戶那裡看到的回應是：“哇，現在我們可以在不做所有工作來在雲環境中創建新架構點的情況下進行共同創新”，這很強大，而且我們認為這是獨一無二的幫助我們引導他們找到對他們和我們都更有利的答案，我們正在 - 一個良好的開端。

And John, one thing I would add, we're going to see growth in all 3 of the major areas in data center, but the standout grower in Q2 is going to be cloud.

約翰，我要補充的一件事是，我們將看到數據中心的所有 3 個主要領域都有增長，但第二季度的傑出增長者將是雲計算。

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

我們的下一個問題來自 BMO 的 Ambrish Srivastava。

Pat and George, I just wanted to come back to the IDM 2.0 strategy.

Pat 和 George，我只是想回到 IDM 2.0 策略。

George, you mentioned that ramping down on buyback, which makes sense, so you addressed somewhat capital allocation.

喬治，你提到減少回購，這是有道理的，所以你在某種程度上解決了資本配置問題。

But how should investors be thinking about the impact to P&L as you go through implementing IDM 2.0?

但是，當您實施 IDM 2.0 時，投資者應該如何考慮對 P&L 的影響？

And kind of related to that is free cash flow impact as you go to an elevated level of capital spend.

與此相關的是，隨著資本支出水平的提高，對自由現金流的影響。

And what really are the milestones that investors should be looking for?

投資者真正應該尋找的里程碑是什麼？

Yes.

是的。

And thanks for the question.

感謝您的提問。

We're clearly going to cover a lot of those details at our Analyst Day, which will be much more forward looking.

我們顯然將在我們的分析師日涵蓋很多這些細節，這將更具前瞻性。

And as you know, the investment cycles are -- for foundry are long.

如你所知，投資週期是——對於代工來說很長。

Not only does it take time to qualify.

不僅需要時間來獲得資格。

Customers also -- capacity additions take a certain period of time.

客戶也——容量增加需要一定的時間。

What we're doing to be nimble is investing aggressively in the build-out of shells, which will give us -- and Arizona is a very good example of that, where, first off, we've been chasing demand for -- certainly since I've been here for a number of years.

我們正在做的靈活的事情是積極投資於砲彈的建造，這將給我們——亞利桑那州就是一個很好的例子，首先，我們一直在追逐需求——當然因為我在這裡已經很多年了。

And the idea being we've got to have more optionality to respond to the market, both for foundry and also for our core market, which we cannot fulfill today.

我們的想法是我們必須有更多的選擇權來響應市場，無論是對於代工還是我們的核心市場，我們今天無法實現。

And so what you'll see from us is really building in that optionality.

因此，您將從我們那裡看到的確實是建立在這種可選性中。

So you would expect capital to be up somewhat reflecting that.

因此，您會預計資本會有所上漲，反映出這一點。

That will have some impact on free cash flow, but we also -- we have a good growth forecast and -- which helps obviously with the growth of cash from operations.

這將對自由現金流產生一些影響，但我們也 - 我們有一個良好的增長預測 - 這顯然有助於運營現金的增長。

And so overall, I think the investment cycle for this will be logical as we lay it out.

因此，總的來說，我認為這方面的投資週期將是合乎邏輯的。

The types of returns you can get will be in investment phase for sure for the next 2 to 3 years.

您可以獲得的回報類型肯定會在未來 2 到 3 年內處於投資階段。

But then you start to see customer demand starting to balance out the investment.

但隨後您開始看到客戶需求開始平衡投資。

Yes.

是的。

And I'd just add to that from some of the things building on the Unleashed announcement in March, right, this is a good market, $100 billion foundry market, huge emphasis on that for leading-edge capacity, which we're uniquely suited to give.

我只是從 3 月份 Unleashed 公告中的一些內容中補充一下，對，這是一個很好的市場，1000 億美元的代工市場，非常重視領先的產能，我們非常適合給予。

And I'll say, competitors aren't able to catch up with demand in this area and factories take a long time to build.

我會說，競爭對手無法趕上這一領域的需求，而且工廠建設需要很長時間。

And we're -- clearly, as George has laid out, this is something that the optionality helps our existing business as well as our foundry business.

而且我們 - 顯然，正如喬治所闡述的那樣，這是可選性有助於我們現有業務以及我們的代工業務的東西。

And finally, the characteristics of the foundry business for somebody like us, it's a good business.

最後，對於像我們這樣的人來說，代工業務的特點，這是一項很好的業務。

Not only is it large, but it has good margin characteristics, and we expect that we're going to be able to produce good returns over the long term.

它不僅規模大，而且具有良好的利潤率特徵，我們預計我們將能夠在長期內產生良好的回報。

And as we think about this, again, we go back.

當我們再次思考這個問題時，我們又回去了。

The world needs more semiconductor capacity.

世界需要更多的半導體產能。

It wants a more balanced supply chain.

它想要一個更加平衡的供應鏈。

We're seeing industry say that.

我們看到業界這麼說。

We're seeing government say that, and we're uniquely positioned to fulfill that.

我們看到政府這麼說，我們在實現這一目標方面處於獨特的地位。

Our next question is 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。

I had a question on the road map for gross margins, both kind of near and longer term.

我對近期和長期毛利率的路線圖有疑問。

On the near term, your implied gross margins in the back half are about 55% plus/minus.

在短期內，您在後半部分的隱含毛利率約為 55% 加/減。

Is this the trough or -- and is this kind of the starting point for calendar '22 that we should keep in mind as you start to invest more in 7 nanometer?

這是低谷還是 - 當您開始在 7 納米上進行更多投資時，我們應該記住日曆 '22 的這種起點嗎？

And then longer term, when I look at your CapEx now, it's about 25%, 27% of sales, much higher than depreciation.

然後從長遠來看，當我現在查看您的資本支出時，它大約佔銷售額的 25%、27%，遠高於折舊。

So what is the additional pressure as those things converge?

那麼，隨著這些事情的融合，額外的壓力是什麼？

And when I look at the foundry business that you're talking about, the best foundry in the world makes 50% gross margin.

當我查看您所說的代工業務時，世界上最好的代工企業的毛利率為 50%。

So how should we think about gross margin both near term and the longer term?

那麼我們應該如何考慮近期和長期的毛利率呢？

Yes.

是的。

First off, we're probably not going to be able to forecast '22 and beyond on this call.

首先，我們可能無法在這次電話會議上預測 22 年及以後的時間。

We'll certainly give you an idea of what margins will look like over time at Analyst Day.

我們一定會在分析師日讓您了解隨著時間的推移利潤率會是什麼樣子。

But for the remainder of the year, as I talked about, the first half, second half dynamics are really -- we're in a supply-constrained environment in client, and it's constrained in a way that exposes us to more small core than we would -- than our higher ASP and higher margin products.

但在今年餘下的時間裡，正如我所談到的，上半年、下半年的動態真的是——我們處於客戶端供應受限的環境中，它的限制方式使我們接觸到的核心比我們會 - 比我們更高的平均售價和更高的利潤率產品。

The other piece is the 7-nanometer start-up, which I talked about, which is a good factor.

另一部分是我談到的 7 納米啟動，這是一個很好的因素。

This is really the -- showing the readiness of both the process and products to move forward on 7 nanometer.

這真的是——表明工藝和產品都準備好向 7 納米前進。

We will get some help because we will see strong recovery from server.

我們會得到一些幫助，因為我們會看到服務器的強大恢復。

Some of that is muted a little bit because this is really where they're ramping to 10 nanometer off of 14, which was a very mature node.

其中一些被忽略了一點，因為這實際上是他們從 14 到 10 納米的地方，這是一個非常成熟的節點。

And so it won't be quite as rich as we would expect, but I feel good about where we can drive margins over the long run.

因此它不會像我們預期的那麼豐富，但我對我們可以在長期內提高利潤率的地方感到滿意。

You're not going to see material impacts this year from the IFS activities.

今年你不會看到 IFS 活動的實質性影響。

Obviously, we'll be making some investments, but those investments for the next year or 2 really are critical just to meet -- much of that investment is critical just to meet the increasing demand that we see on a client.

顯然，我們將進行一些投資，但未來一兩年的投資對於滿足這些投資確實至關重要——其中大部分投資對於滿足我們對客戶日益增長的需求至關重要。

And when do depreciation and CapEx convert, George?

什麼時候折舊和資本支出轉換，喬治？

They'll -- it'll depend really on what the multiyear capital picture looks like.

他們將——這將真正取決於多年資本狀況的樣子。

So we'll have to wait and discuss that when we're ready to give a multiyear picture.

因此，當我們準備好提供多年的圖片時，我們將不得不等待並討論這個問題。

Yes.

是的。

I'll just say this is a pivotal year, right?

我只想說這是關鍵的一年，對吧？

I mean this is where we're building out the IDM 2.0 strategy.

我的意思是，這是我們構建 IDM 2.0 戰略的地方。

We're getting our product road map back in shape.

我們正在恢復我們的產品路線圖。

Leadership products produce leadership margins.

領導力產品產生領導力利潤。

And as we see, as we go through the year, we have opportunities of supply, right?

正如我們所看到的，隨著這一年的過去，我們有供應機會，對吧？

As we drive revenues, if we're overachieving and as George said in his prepared remarks, we'll -- if we overachieve in supply, we will see revenue.

在我們推動收入增長的過程中，如果我們表現出色，正如喬治在他準備好的講話中所說，我們將 - 如果我們在供應方面超額完成，我們將看到收入。

We'll see gross margin improvements and leadership products as we're committing to on our road map over time will get us back to leadership margins.

隨著我們在路線圖上的承諾，隨著時間的推移，我們將看到毛利率的提高和領先的產品將使我們回到領先的利潤率。

So overall, this is pivotal, and we're well underway, right, and making that turn to have a -- I'll say Intel is back, right, with the kind of products, right, the kind of growth that you would expect, want to see from us.

所以總的來說，這是至關重要的，我們正在順利進行，正確的，並且正在轉向擁有 - 我會說英特爾回來了，正確的產品類型，正確的增長類型期待，想從我們這裡看到。

Our next question will come from the line of Timothy Arcuri from UBS.

我們的下一個問題將來自瑞銀的 Timothy Arcuri。

George, I had a two-part question.

喬治，我有一個兩部分的問題。

I guess the first thing is the $500 million in prepayments that was corporate related, where was that reported from a segment perspective?

我想第一件事是與企業相關的 5 億美元預付款，從細分市場的角度來看，這是從哪里報告的？

Or was it sort of like sprinkled throughout all the segments?

還是有點像撒在所有部分？

And I guess the second part is just on CapEx, I know you had talked before about some CapEx had pushed from last year into this year.

我想第二部分只是關於資本支出，我知道你之前曾談到過一些資本支出從去年推到今年。

I think it was about $1.5 billion, something like that.

我認為大約是 15 億美元，差不多。

So I'm sort of wondering what the right sort of new normal is as you trajectory into next year.

所以我有點想知道當你進入明年時，正確的新常態是什麼。

Is it -- is like $20 billion the right number?

是不是——200億美元是正確的數字？

Or is it a little bit less than $20 billion?

還是略低於 200 億美元？

Yes.

是的。

First off, the $500 million was not spread.

首先，這 5 億美元沒有分攤。

It was in other revenue, so all in 1 place.

這是其他收入，所以都在 1 位。

On -- in terms of the CapEx, yes, we had basically 8 weeks or more of capital pushed out just because of the pandemic.

開——就資本支出而言，是的，我們基本上有 8 週或更多的資金因為大流行而被擠出。

It really affected the construction activities.

它確實影響了建築活動。

And as you know, it continues to be challenging.

如您所知，它仍然具有挑戰性。

But that was the -- probably the biggest factor that we saw last year.

但這可能是我們去年看到的最大因素。

So maybe $1.5 billion to $2.5 billion, you could argue, is really just catching up with where we were behind from last year.

因此，您可能會爭辯說，也許 15 億到 25 億美元實際上只是在趕上我們去年落後的地方。

And so you could add both that to our free cash flow estimates for the year.

因此，您可以將這兩者都添加到我們今年的自由現金流估計中。

And also, you could bring down the CapEx requirements for this year.

此外，您可以降低今年的資本支出要求。

So I think $20 billion for this year is a good number, and we'll talk more about next year later.

所以我認為今年 200 億美元是一個不錯的數字，我們將在明年稍後再談。

Our next question will come from Pierre Ferragu from New Street.

我們的下一個問題將來自 New Street 的 Pierre Ferragu。

Pat, I'd like to come back to all what you said about your foundry initiative, and there are really 2 ways I look at it.

Pat，我想回到你所說的關於你的代工計劃的所有內容，我真的有兩種看法。

One is bringing a foundry service where your clients can integrate what they want to design with Intel's IP, and one is more like being like a mainstream general purpose foundry to compete more directly with existing players like Samsung and TSMC.

一種是提供代工服務，您的客戶可以將他們想要設計的東西與英特爾的 IP 集成，另一種更像是主流通用代工，更直接地與三星和台積電等現有玩家競爭。

And so what I -- and I think these 2 are very different in nature.

所以我 - 我認為這兩個在本質上是非常不同的。

And what I was wondering is, in the 50 conversations you've had so far, what would you say the percentage of conversations were more centered on the first one versus the second one.

我想知道的是，到目前為止，在您進行的 50 次對話中，您認為對話的百分比更集中於第一個而不是第二個。

And then in your own mind, if you think about Intel in the long run, how do you see the balance between these 2 ways of being a foundry in your business mix?

然後在您自己的腦海中，如果您從長遠來看英特爾，您如何看待這兩種在您的業務組合中成為代工廠商的方式之間的平衡？

Yes.

是的。

Thanks for the question, Pierre.

謝謝你的問題，皮埃爾。

I think it's a good question.

我認為這是一個很好的問題。

And to some degree, I say we don't know, right?

在某種程度上，我說我們不知道，對吧？

We're in this phase where we're beginning to engage with customers.

我們正處於開始與客戶互動的階段。

We have a good pipeline of customers that fit in both of those buckets, right?

我們擁有適合這兩個類別的良好客戶渠道，對吧？

And definitely, some of the cloud customers, particularly interested in where they can co-mingle or create, I'll say, hybrid design, some of their IP with some of our IP.

當然，一些雲客戶特別感興趣，他們可以混合或創建混合設計，他們的一些 IP 與我們的一些 IP。

And then we have a very rich pipeline of customers really across pretty much every segment of the industry, communications providers, automakers, et cetera, that would fit into the second bucket where it's much more about them using us as a world-class foundry for all of their designs.

然後，我們擁有非常豐富的客戶渠道，幾乎涵蓋了行業的每個領域，通信提供商、汽車製造商等，這將適合第二個桶，更多的是關於他們使用我們作為世界級代工廠他們所有的設計。

I'll say, we view this as a very, I'll say, right, broad set of customers that we're aiming at with a broad set of IP.

我會說，我們認為這是一個非常廣泛的客戶群，我們的目標是擁有廣泛的 IP。

And as we get IP for the RISC-V, the ARM ecosystem and the x86 ecosystem, our value proposition to customers is across that spectrum, where they don't need to opt priority side ours versus theirs.

當我們獲得 RISC-V、ARM 生態系統和 x86 生態系統的 IP 時，我們對客戶的價值主張就在這個範圍內，他們不需要選擇我們的優先權還是他們的優先權。

They get to design with that full spectrum.

他們可以進行全方位的設計。

The other thing I would say, Pierre is we're also seeing extreme interest in our packaging technologies.

我要說的另一件事是，Pierre 我們也看到了對我們的封裝技術的極大興趣。

And here, it might be a tile from Samsung or TSMC being combined with a tile from Intel, right?

在這裡，它可能是三星或台積電的一塊瓷磚與英特爾的一塊瓷磚相結合，對吧？

And those might be on older process technologies, newer process technologies and taking advantage of our world-class packaging and assembly test technology.

這些可能涉及較舊的工藝技術、較新的工藝技術以及利用我們世界一流的封裝和組裝測試技術。

So we really see that full spectrum coming to bear.

因此，我們真的看到了全方位的發展。

And it really is that combination of world-class foundry, world-class IP, world-class assembly package and test that we think gives us a unique proposition in the industry.

我們認為，世界一流的代工、世界一流的 IP、世界一流的組裝封裝和測試的結合確實給了我們在行業中的獨特主張。

And so far, the enthusiasm is very high for that offering.

到目前為止，人們對該產品的熱情非常高。

Yes.

是的。

And Pierre, I would add, as you talk about the 2 different alternatives, 1 of the things to remember is that if you look at our internal road map, people are used to seeing a highly differentiated and very specific to Intel set of IP capabilities.

皮埃爾，我要補充的是，當您談到 2 種不同的替代方案時，要記住的一件事是，如果您查看我們的內部路線圖，人們習慣於看到高度差異化且非常特定於英特爾的 IP 功能集.

We've said over time that it's very clear that we're going to be adopting more and more of the industry ecosystem, IPs and libraries because it makes sense to do it, and it makes sense in terms of cycle time, in terms of taking advantage of capabilities that already exist out there.

隨著時間的推移，我們已經說過，很明顯，我們將採用越來越多的行業生態系統、IP 和庫，因為這樣做是有意義的，而且在周期時間方面是有意義的，就利用已經存在的功能。

So we're closing -- we're not going to -- when we intercept on some of these [e-mails], we're not going to be as far away, I think, as people might think in terms of being able to demonstrate a lot of knowledge around many of the IP blocks that our customers depend on today.

所以我們正在關閉——我們不會——當我們攔截其中一些[電子郵件]時，我認為我們不會像人們可能認為的那樣遠離能夠展示我們客戶今天所依賴的許多 IP 塊的大量知識。

Yes.

是的。

And let me just add to that.

讓我補充一下。

I think it's a great point, George, because every IP that I generate from the industry increases the IP available to my internal design teams.

我認為這是一個很好的觀點，George，因為我從行業中生成的每一個 IP 都會增加我內部設計團隊可用的 IP。

Every piece of IP I develop internally is going to be made available to the industry, right, for their use as well.

我在內部開發的每一個 IP 都將提供給行業，對，他們也可以使用。

This becomes a powerful reinforcing cycle, right?

這變成了一個強大的強化循環，對吧？

Also, wherever we're being benchmarked against the industry for our process technology as we move to industry standard PDKs, right, we're seeing strong embrace from the EDA suppliers.

此外，當我們轉向行業標準 PDK 時，無論我們在工藝技術方面是否以行業為基準，都可以看到 EDA 供應商的強烈支持。

So we see all of this as it makes our process better.

因此，我們看到所有這一切，因為它使我們的流程變得更好。

It makes our products better.

它使我們的產品更好。

It increases our efficiency and takes our clock rate of innovation up with the industry.

它提高了我們的效率，並使我們的創新時鐘頻率與行業同步。

It's a powerful strategy.

這是一個強大的策略。

Our next question will come from the line of Chris Danely from Citigroup.

我們的下一個問題將來自花旗集團的 Chris Danely。

So it seems like we're in the middle of this never-ending [fuselage] of ARM products out there, both from a merchant and a captive perspective.

因此，無論從商家還是從俘虜的角度來看，我們似乎都處於這個永無止境的 ARM 產品[機身] 中間。

So Pat, I just appreciate your thoughts on, I guess, where you see things shaking out on an x86 versus ARM, both in the PC and the data center space.

所以 Pat，我想我很欣賞你對 x86 和 ARM 在 PC 和數據中心領域的看法。

And would you guys ever consider maybe licensing the x86 technology to some of your hyperscale customers and having them design their own products with the foundry?

你們是否考慮過將 x86 技術授權給一些超大規模客戶，讓他們與代工廠一起設計自己的產品？

The simple answer to the last part of the question is, yes, that's what we just announced, right?

問題最後一部分的簡單答案是，是的，這就是我們剛剛宣布的，對吧？

x86 cores will be available on our foundry services and available for people to design with them.

x86 內核將在我們的代工服務中提供，供人們使用它們進行設計。

So that will include the cloud service providers to take advantage of that.

因此，這將包括雲服務提供商來利用這一點。

So the simple answer is yes.

所以簡單的答案是肯定的。

And we do believe that the ability for our customers to take advantage of x86 this way will be a meaningful shift in how people think about ARM versus x86 because part of it was we weren't giving them the flexibility to design, to co-mingle IP as I've described it.

而且我們確實相信，我們的客戶能夠以這種方式利用 x86 將是人們對 ARM 與 x86 的看法的一個有意義的轉變，因為部分原因是我們沒有給他們設計和混合的靈活性正如我所描述的那樣，IP。

So they really -- if they were trying to do unique design work, they didn't have a good x86 choice.

所以他們真的——如果他們試圖做獨特的設計工作，他們沒有一個好的 x86 選擇。

We gave them our standard products, which have lots of capabilities.

我們給了他們我們的標準產品，這些產品有很多功能。

But in some of -- particularly for the cloud guy, I'd say, "Boy, I don't use those particular features.

但在某些方面——尤其是對於雲計算的人，我會說，“男孩，我不使用那些特定的功能。

I really could optimize with a few of these other things in the network and the memory hierarchy." And now we're saying, "Absolutely, come on in." And we're opening the doors of our IP, the doors of our leading process and packaging technology to be able to say let's do this together or let them do their own designs in our foundry as well.

我真的可以用網絡和內存層次結構中的一些其他東西來優化。”現在我們說，“當然，進來吧。”我們正在打開我們 IP 的大門，我們的大門領先的工藝和封裝技術能夠說讓我們一起做，或者讓他們在我們的代工廠做他們自己的設計。

It's a very powerful strategy that I think will be a meaningful shift in the exact question that you asked.

這是一個非常強大的策略，我認為這將是對您提出的確切問題的有意義的轉變。

Overall, we do think that making the x86 available this way is powerful.

總的來說，我們確實認為以這種方式提供 x86 是非常強大的。

There are trillion lines of code that have been optimized for the x86.

有數万億行代碼已針對 x86 進行了優化。

This is a powerful ecosystem that continues to have very great innovation and capabilities associated with it.

這是一個強大的生態系統，它繼續擁有非常強大的創新和與之相關的能力。

And we're enhancing that with new capabilities like AI being integrated into the core instruction set of the new products, as you saw with Ice Lake.

正如您在 Ice Lake 中看到的那樣，我們正在通過將 AI 等新功能集成到新產品的核心指令集中來增強這一點。

These are powerful differentiators.

這些是強大的差異化因素。

We're continuing to innovate, and the ecosystem is excited about what we're doing in our standard products as well as what we're making available through IDM 2.0.

我們正在繼續創新，生態系統對我們在標準產品中所做的事情以及我們通過 IDM 2.0 提供的內容感到興奮。

And our last question will come from the line of Matt Ramsay from Cowen.

我們的最後一個問題將來自 Cowen 的 Matt Ramsay。

Pat, I wanted to ask a couple of questions on the data center in terms of architecture.

Pat，我想就架構方面的數據中心提出幾個問題。

And I think on the strategy event, I asked a similar one, and maybe we can dig into it a little bit more here.

我認為在戰略事件上，我問了一個類似的問題，也許我們可以在這裡再深入一點。

I know you guys just launched Ice Lake and a lot of new features and capabilities as you lay out, but it is a platform transition from Cascade Lake and then another platform transition on to Sapphire.

我知道你們剛剛發布了 Ice Lake 和許多新特性和功能，但這是從 Cascade Lake 的平台過渡，然後是向 Sapphire 的另一個平台過渡。

And I just wonder, first, what's been the feedback from Ice Lake as you guys have sampled it and now launched it in terms of platform compatibility issues that customers might be facing?

我只是想知道，首先，當你們對 Ice Lake 進行採樣並現在就客戶可能面臨的平台兼容性問題推出它時，它的反饋是什麼？

And I guess the second part of the question is what has been the feedback from customers that you've sampled Sapphire Rapids to, particularly around the change from a single die to a tiled architecture and what that does to the memory system.

我想問題的第二部分是您對 Sapphire Rapids 進行採樣的客戶的反饋，特別是關於從單芯片到平鋪架構的變化以及這對內存系統的影響。

Yes.

是的。

I think we could spend an hour on that question.

我想我們可以在這個問題上花一個小時。

So let me try to be quick here for it.

因此，讓我在這裡盡量快點。

The response from Ice Lake has been very strong.

冰湖的反應非常強烈。

Early ramp is very strong.

早期的斜坡非常強大。

Obviously, with the platform change, that does put a bit more work on the part of the customers, but we've been working through that with them.

顯然，隨著平台的變化，這確實給客戶帶來了更多的工作，但我們一直在與他們一起努力。

Good response to that as well.

對此也有很好的回應。

And as your question suggests, I mean, clearly, it would be better if we weren't bringing a new platform transition with Sapphire Rapids as well.

正如你的問題所暗示的那樣，我的意思是，很明顯，如果我們不為 Sapphire Rapids 帶來新的平台過渡會更好。

But there's so many good things in that platform that the customers are excited about, new PCI, new DDR and probably most seminally is the new CXL launch, right, as part of that.

但是該平台中有很多讓客戶興奮的好東西，新的 PCI，新的 DDR，可能最重要的是新的 CXL 發布，對，作為其中的一部分。

And I'll tell you, opening up, right, that additional interface on the platform has gotten tremendous support from the industry, new capabilities, co-processor capabilities, memory pooling capabilities.

我會告訴你，開放，對，平台上的附加接口已經得到了行業的巨大支持，新功能、協處理器功能、內存池功能。

It really has been maybe the most exciting new platform capability since the PCI gen when we introduced that quite a number of years ago.

自我們多年前推出 PCI 一代以來，它確實可能是最令人興奮的新平台功能。

So a lot of excitement about that.

所以對此非常興奮。

And particularly for cloud customers, who have seen their memory portion of their TCO costs rise quite rapidly, there's a lot of enthusiasm in that area of the platform.

尤其是對於雲客戶，他們看到他們的 TCO 成本中的內存部分迅速上升，對平台的這一領域有很大的熱情。

So I'd say, overall, yes, we would have probably liked to have less platform transitions than this has induced, but so far, the response from customers is they're going through those transitions with us.

所以我想說，總體而言，是的，我們可能希望平台轉換比這引起的要少，但到目前為止，客戶的反應是他們正在與我們一起經歷這些轉換。

They're seeing value in those transitions.

他們在這些轉變中看到了價值。

And particularly, as I say, as we look out to the Sapphire Rapids generation, there's a lot of value in there with some of the major, major enhancements that are part of that.

特別是，正如我所說，當我們關注 Sapphire Rapids 一代時，其中的一些主要、主要增強功能具有很多價值。

Obviously, as we look further out in time, having more platform stability in the architecture, I think, is something we're striving for.

顯然，隨著時間的推移，我認為在架構中具有更高的平台穩定性是我們正在努力的目標。

And I think as we lay out the '23, '24, '25 road map directions to the industry, you'll start to see that theme much more seminally, right, centered in the road map.

而且我認為，當我們為行業製定 '23、'24、'25 路線圖方向時，您將開始看到該主題更具開創性，正確的，以路線圖為中心。

Also, I think as we get all aspects of our core leadership, our vector AI leadership, process leadership, all of those start to come into play, I think we'll see a very nice view of how that platform architecture lays out over time.

此外，我認為隨著我們獲得核心領導力、矢量 AI 領導力、流程領導力的各個方面，所有這些都開始發揮作用，我認為隨著時間的推移，我們會看到平台架構如何佈局的一個非常好的視圖.

Pat, you have closing thoughts for the call?

帕特，你對這個電話有結束的想法嗎？

Well, hey, first, I just want to again say thank you to everybody for joining my first call back as the CEO of VMware.

好吧，嘿，首先，我想再次感謝大家加入我作為 VMware 首席執行官的第一次回電。

One opportunity, last opportunity to say Intel is back.

一次機會，最後一次機會說英特爾回來了。

We're firing on all cylinders.

我們正在全力以赴。

Our best days are ahead of us.

我們最好的日子就在眼前。

We're investing for the future.

我們正在為未來投資。

We're executing, and we're just getting started.

我們正在執行，我們才剛剛開始。

Look forward to our next quarterly call with you.

期待我們與您的下一個季度電話會議。

Thanks, Pat.

謝謝，帕特。

Thank you all for joining today.

感謝大家今天的加入。

Operator, could you please close the call?

接線員，你能掛斷電話嗎？

This concludes today's conference call.

今天的電話會議到此結束。

Thank you for participating.

感謝您的參與。

You may now disconnect.

您現在可以斷開連接。