英特爾 (INTC) 2020 Q4 法說會逐字稿

Ladies and gentlemen, thank you for standing by, and welcome to the Fourth Quarter 2020 Intel Corporation Earnings Conference. (Operator Instructions) Please be advised that today's conference may be recorded. I'd now like to hand the conference over to your host today, Mr. Trey Campbell, Vice President and Director of Investor Relations. Please go ahead.

女士們，先生們，感謝你們的支持，歡迎來到英特爾公司 2020 年第四季度財報大會。 （操作員說明）請注意，今天的會議可能會被錄製。我現在想將會議交給今天的主持人，副總裁兼投資者關係總監 Trey Campbell 先生。請繼續。

Thank you, operator, and welcome, everyone, to Intel's fourth 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're available on our investor website, intc.com. The earnings presentation is also available in the webcast window for those joining us online.

謝謝運營商，歡迎大家參加英特爾第四季度財報電話會議。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 Chairman of the Board, Omar Ishrak; our incoming CEO, Pat Gelsinger; our current CEO, Bob Swan; and our CFO, George Davis. In a moment, you'll hear brief remarks followed by Q&A.

今天，我們的董事會主席 Omar Ishrak 也加入了我的行列；我們即將上任的首席執行官 Pat Gelsinger；我們現任首席執行官鮑勃·斯旺；和我們的首席財務官喬治戴維斯。稍後，您將聽到簡短的評論，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. 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。

Given our CEO transition, I want to clarify 2 points ahead of remarks and Q&A. One, we will be providing Q1 '21 guidance on this call but will provide full year guidance for 2021 at a later date, no later than our next earnings call in April. Second, we'll be providing more commentary on our progress on 7-nanometer with specifics on our manufacturing plans for our 2023 products to follow after Pat joins us in mid-February.

鑑於我們的 CEO 過渡，我想在評論和問答之前澄清兩點。一，我們將在這次電話會議上提供 21 年第一季度的指導，但將在晚些時候提供 2021 年的全年指導，不遲於我們 4 月的下一次財報電話會議。其次，我們將就我們在 7 納米方面的進展提供更多評論，並詳細介紹我們在 2 月中旬 Pat 加入我們之後的 2023 年產品的製造計劃。

With that, let me hand it over to Omar.

有了這個，讓我把它交給奧馬爾。

Thank you, Trey, and good afternoon, everyone. Thank you for joining us. As you've heard, Intel has been in the midst of a major transformation to strengthen our CPU franchise while evolving into a multi-architecture XPU company. The business is well positioned to capitalize on key technology inflections and extend our reach into fast-growing markets.

謝謝你，Trey，大家下午好。感謝您加入我們。正如您所聽說的，英特爾一直在進行重大轉型，以加強我們的 CPU 專營權，同時發展成為一家多架構 XPU 公司。該業務已做好充分準備，可以利用關鍵技術變化並將我們的影響力擴展到快速增長的市場。

Under Bob's leadership, Intel has made significant progress on this strategy and once again delivered record results in the past year, which Bob and George will detail shortly. But before that, I'd like to say a few words about the CEO transition we announced last week. This decision came after very careful consideration and planning by the Board and in partnership with Bob. Pat Gelsinger will rejoin Intel on February 15 as our new CEO and a member of our Board. Bob will remain in his role until then and will work with Pat to ensure a seamless transition. On behalf of the entire Intel team and Board of Directors, I'd like to thank Bob for his leadership and significant contributions through this period of transformation for Intel.

在 Bob 的領導下，英特爾在這一戰略上取得了重大進展，並在過去一年中再次取得了創紀錄的成果，Bob 和 George 將很快詳細介紹這一點。但在此之前，我想對我們上周宣布的 CEO 換屆說幾句話。這一決定是在董事會和 Bob 的合作下進行了非常仔細的考慮和計劃之後做出的。 Pat Gelsinger 將於 2 月 15 日作為新任 CEO 和董事會成員重新加入英特爾。在此之前，Bob 將繼續擔任他的職務，並將與 Pat 一起確保無縫過渡。我謹代表整個英特爾團隊和董事會，感謝 Bob 在英特爾轉型期間的領導和重大貢獻。

The company faced challenging issues when Bob took over, and he has been a fantastic leader. Bob clarified Intel's growth strategy, reenergized its culture and made significant progress on improving execution. He leaves Intel in a strong strategic and financial position, and we deeply appreciate his ongoing guidance during this transition.

鮑勃接手後，公司面臨著具有挑戰性的問題，他一直是一位出色的領導者。 Bob 闡明了英特爾的增長戰略，重振了其文化，並在提高執行力方面取得了重大進展。他讓英特爾處於強大的戰略和財務地位，我們非常感謝他在這一過渡期間的持續指導。

Last week, Bob and I introduced Pat to Intel employees around the world who gave him a very warm welcome. We believe this is the right time to make this change, and we are confident Pat is the right person to lead Intel forward.

上週，我和 Bob 將 Pat 介紹給了世界各地的英特爾員工，他們對他表示了熱烈的歡迎。我們相信現在是做出這種改變的正確時機，我們相信帕特是帶領英特爾前進的合適人選。

In addition to deep technology expertise and unique insights on Intel's technology evolution based on 30 years as a leader here, Pat brings a distinguished record of driving growth and performance and shareholder returns. He lives by our values-based cultural leadership approach and has a hyper focus on talent development and operational execution. In sum, the Board is confident that Pat, together with the rest of the leadership team and our incredible dedicated 110,000 employees around the world, will ensure strong execution of Intel's strategy, build on its record of product leadership and capitalize on the significant opportunities ahead to create long-term shareholder value.

除了深厚的技術專長和對英特爾技術發展的獨特見解，基於 30 年的領導地位，Pat 還帶來了推動增長和業績以及股東回報的傑出記錄。他以我們基於價值觀的文化領導方式為生，高度關注人才發展和運營執行。總而言之，董事會相信 Pat 與領導團隊的其他成員以及我們在全球的 110,000 名敬業的員工將確保英特爾戰略的有力執行，鞏固其產品領先地位並把握未來的重大機遇為股東創造長期價值。

While he does not step into the role for another few weeks, he has kindly agreed to join us today. So you will get to hear some of his initial observations with more to come after he officially takes over on February 15.

雖然他還有幾週沒有上任，但他欣然同意今天加入我們。因此，在他於 2 月 15 日正式接任後，您將聽到他的一些初步觀察結果。

With that, I'd like to turn it over to Pat for a few words.

有了這個，我想把它交給帕特說幾句話。

Thanks, Omar, for the kind introduction. It's a pleasure to be here with you all today. I am thrilled and humbled to be coming home to my dream job as Intel's CEO. I was only 18 when I first joined Intel, and I am proud to say I spent the following 30 years learning from such industry giants as Grove, Moore and Noyce. My experience at Intel has shaped my entire career, and I am forever grateful for the opportunity to now lead this great company. I have tremendous regard for Intel's rich history of innovation and the world-changing technologies invented here that now power the world's digital foundation. I can't wait to help lead this great technology innovator during a critical time of change and disruption.

謝謝奧馬爾的親切介紹。今天很高興和大家在一起。我很高興也很榮幸能回到我夢想中的英特爾 CEO 工作崗位。我第一次加入英特爾時只有 18 歲，我可以自豪地說，在接下來的 30 年裡，我向 Grove、Moore 和 Noyce 等行業巨頭學習。我在英特爾的經歷塑造了我的整個職業生涯，我永遠感激現在有機會領導這家偉大的公司。我非常尊重英特爾豐富的創新歷史和這裡發明的改變世界的技術，這些技術現在為世界的數字基礎提供動力。我迫不及待地想在變革和顛覆的關鍵時期幫助領導這位偉大的技術創新者。

I know you're all very anxious to hear more from me on our long-term plans, and I'll be sharing my detailed perspective after I assume my new role mid-February. That said, I do want to provide my view specifically on 7-nanometer progress. I've had the opportunity to personally examine progress on Intel's 7-nanometer technology over the last week. Based on initial reviews, I am pleased with the progress made on the health and recovery of the 7-nanometer program. I am confident that the majority of our 2023 products will be manufactured internally. At the same time, given the breadth of our portfolio, it's likely that we will expand our use of external foundries for certain technologies and products. We will provide more details on this and our 2023 road map once I fully assess the analysis that has been done and the best path forward.

我知道你們都非常渴望從我那裡聽到更多關於我們長期計劃的信息，我將在 2 月中旬擔任新職務後分享我的詳細觀點。也就是說，我確實想就 7 納米的進展發表我的看法。上週，我有機會親自檢查了英特爾 7 納米技術的進展情況。根據初步審查，我對 7 納米計劃的健康和恢復所取得的進展感到滿意。我相信我們 2023 年的大部分產品將在內部生產。同時，鑑於我們產品組合的廣度，我們可能會擴大對某些技術和產品的外部代工廠的使用。一旦我充分評估了已完成的分析和最佳前進道路，我們將提供有關此內容和 2023 年路線圖的更多詳細信息。

Bob and George will walk you through the financials and provide guidance for the first quarter shortly. We are holding off on providing guidance for the full year until I join, but we will do so in a timely fashion, no later than on our next earnings call in April.

Bob 和 George 將帶您了解財務狀況，並很快為第一季度提供指導。在我加入之前，我們將推遲全年提供指導，但我們會及時提供，不遲於 4 月的下一次財報電話會議。

Looking ahead, the world is becoming more digitally connected, expanding the market in front of us. Intel is the only semiconductor company in the world that has the depth of intelligent silicon, platform vision, design and manufacturing capabilities and scale that our customers need to fuel their next-generation innovations. There is enormous opportunity ahead for Intel, but to be able to seize these opportunities, we have to deliver the best products and stay ahead of our customers' needs. We need to become more agile in a very competitive market. We need to execute flawlessly and deliver on our commitments. We need to passionately innovate with boldness and speed. Intel culture and values must be healthy and vibrant, assuring our ability to attract and retain the best engineering talent in the world.

展望未來，世界正變得更加數字化，擴大我們面前的市場。英特爾是世界上唯一一家擁有我們的客戶推動其下一代創新所需的智能芯片深度、平台願景、設計和製造能力以及規模的半導體公司。英特爾面臨著巨大的機遇，但為了能夠抓住這些機遇，我們必須提供最好的產品並始終領先於客戶的需求。我們需要在競爭激烈的市場中變得更加敏捷。我們需要完美執行並兌現我們的承諾。我們需要以大膽和快速的熱情進行創新。英特爾的文化和價值觀必須健康而充滿活力，以確保我們有能力吸引和留住世界上最優秀的工程人才。

I look forward to working with the incredibly talented global Intel team and industry partners to continue delivering the best technologies for our customers around the world. I also look forward to engaging with you, our shareholders, in the coming months to hear your perspectives and discuss our vision and strategy for Intel. We will position this company for sustained growth and leadership for our industry, our country and an increasingly digital world.

我期待與才華橫溢的全球英特爾團隊和行業合作夥伴合作，繼續為我們的全球客戶提供最好的技術。我也期待在未來幾個月內與我們的股東們進行交流，聽取您的觀點並討論我們對英特爾的願景和戰略。我們將把這家公司定位為我們的行業、我們的國家和日益數字化的世界的持續增長和領導地位。

I also want to extend my deepest respect and appreciation to Bob for his leadership and significant contributions to Intel through this critical period. I'm just starting to dive into the business, but already I'm confident that the strong foundation and progress achieved under his leadership put us on the right track to build on Intel's great history and to create value for our customers and shareholders in the years to come.

我還要向 Bob 表示最深切的敬意和感謝，感謝他在這個關鍵時期的領導和對英特爾的重大貢獻。我才剛剛開始涉足這項業務，但我已經相信，在他的領導下，堅實的基礎和取得的進步使我們走上了正確的道路，在英特爾的偉大歷史基礎上再接再厲，為我們的客戶和股東創造價值。未來幾年。

Thanks again. Bob, over to you.

再次感謝。鮑勃，交給你。

Thanks, Pat, and welcome back to Intel. It has been an honor to lead this incredible company and its talented team. It gives me great confidence in Intel's future knowing that I'll be passing the baton to Pat, whose technology expertise, industry knowledge, execution track record and commitment to our company is indisputable.

謝謝，帕特，歡迎回到英特爾。領導這家令人難以置信的公司及其才華橫溢的團隊是我的榮幸。知道我將把接力棒交給帕特，這讓我對英特爾的未來充滿信心，他的技術專長、行業知識、執行記錄和對我們公司的承諾是無可爭辯的。

Over the last 2 years, we made significant progress on our strategy to transform Intel into a multi-architecture XPU company to move from silicon to solutions and to contemporize our IDM model. I am proud of what we're able to achieve together as an Intel team in a relatively short period of time and echo Omar's words that Intel is in a strong strategic and financial position as we make this transition.

在過去的 2 年中，我們在將英特爾轉變為多架構 XPU 公司、從芯片轉向解決方案並實現 IDM 模型現代化的戰略上取得了重大進展。我為我們作為英特爾團隊能夠在相對較短的時間內共同取得的成就感到自豪，並贊同 Omar 的話，即英特爾在我們進行這一過渡時處於強大的戰略和財務狀況。

As demonstrated by the results we announced today, demand for Intel's innovative technologies remains very strong, and our investments to capitalize on future growth opportunities are paying off. Our Q4 results significantly exceeded our expectations, capping off our fifth consecutive year of record revenue. We generated $20 billion in revenue and $1.52 in EPS, exceeding our guidance by $2.6 billion and $0.42, respectively. For the full year, we delivered $77.9 billion in revenue, up 8%, and $5.30 in EPS, up 9%. The client, data center, memory and Mobileye businesses each set all-time revenue records.

正如我們今天宣布的結果所表明的那樣，對英特爾創新技術的需求仍然非常強勁，我們為利用未來增長機會所做的投資正在獲得回報。我們的第四季度業績大大超出了我們的預期，為我們連續第五年創紀錄的收入畫上了句號。我們創造了 200 億美元的收入和 1.52 美元的每股收益，分別超出我們的指導 26 億美元和 0.42 美元。全年，我們實現收入 779 億美元，增長 8%，每股收益 5.30 美元，增長 9%。客戶端、數據中心、內存和 Mobileye 業務均創下歷史新高。

In Q4, we continued to advance our 3 strategic priorities: improving our execution to strengthen our core business, extending our reach to accelerate growth and redefine our position in the industry, and continuing to thoughtfully deploy capital to create value for our shareholders. Let me briefly discuss some of the highlights. Starting with improving our execution to strengthen our core business, let me start with an update on process technology and our product road map. Over the last few years, we've been evolving the IDM model to ensure we can deliver a predictable cadence of leadership products, preserve our IDM advantage, continue to invest in process technology leadership and generate attractive returns on capital. This evolution includes a disaggregated design strategy, adoption of standard industry processes and common tools, flows and methods and deeper engagement with the industry ecosystem.

在第四季度，我們繼續推進我們的 3 個戰略重點：提高執行力以加強我們的核心業務，擴大我們的業務範圍以加速增長並重新定義我們在行業中的地位，以及繼續深思熟慮地部署資本為我們的股東創造價值。讓我簡要討論一些亮點。從改進我們的執行力以加強我們的核心業務開始，讓我從工藝技術和我們的產品路線圖的更新開始。在過去幾年中，我們一直在發展 IDM 模型，以確保我們能夠提供可預測的領先產品節奏，保持我們的 IDM 優勢，繼續投資於工藝技術領先地位並產生有吸引力的資本回報。這種演變包括分解設計策略、採用標準行業流程和通用工具、流程和方法，以及與行業生態系統的更深入參與。

In July, we highlighted a challenge with our 7-nanometer technology and started a process to improve it while evaluating the best approach for our 2023 product lineup. Since that time, we have made tremendous progress on our 7-nanometer technology.

7 月，我們強調了 7 納米技術面臨的挑戰，並開始了改進它的過程，同時評估了 2023 年產品陣容的最佳方法。從那時起，我們在 7 納米技術方面取得了巨大進步。

When 7-nanometer was originally defined, the flow contained a particular sequence of steps that contributed to the defect issue we discussed in July. By rearchitecting these steps, we've been able to resolve the defects. As part of this work over the last 6 months, we also streamlined and simplified our 7-nanometer process architecture to better ensure we'll be able to deliver on our 2023 product road map. The in-line data we have been collecting and our pipeline of proven yield development projects gives us confidence in our ability to deliver on our commitments going forward.

最初定義 7 納米時，流程包含導致我們在 7 月討論的缺陷問題的特定步驟序列。通過重新設計這些步驟，我們已經能夠解決這些缺陷。作為過去 6 個月工作的一部分，我們還精簡和簡化了 7 納米工藝架構，以更好地確保我們能夠實現 2023 年產品路線圖。我們一直在收集的在線數據和我們經過驗證的產量開發項目的管道使我們對我們履行未來承諾的能力充滿信心。

At the same time, as Pat mentioned, we will continue to leverage the relationships we've developed over the years with our external foundry partners and believe they can play a larger role in our product road map given our disaggregated designs. Once Pat has had a chance to join, he'll further assess our analysis and drive the final manufacturing decision for our 2023 CPU products. Therefore, we'll communicate that decision soon after he takes over but not today.

同時，正如 Pat 提到的，我們將繼續利用多年來與外部代工合作夥伴建立的關係，並相信鑑於我們的分類設計，他們可以在我們的產品路線圖中發揮更大的作用。一旦 Pat 有機會加入，他將進一步評估我們的分析並推動我們 2023 CPU 產品的最終製造決策。因此，我們將在他接任後不久傳達該決定，但不是今天。

Turning to products. We've qualified several new products in the fourth quarter, and we have an incredibly exciting lineup of CPUs for '21 and '22. Just a couple of weeks ago at CES, we introduced more than 50 processors, resulting in more than 500 new designs for laptops and desktops coming to market in 2021. We are also seeing tremendous market response for PCs based on our new 11th Gen Intel Core Tiger Lake processors. Our PC customers now have more than 150 Tiger Lake-based systems in the market, well ahead of expectations.

轉向產品。我們在第四季度對幾款新產品進行了認證，並且我們為 '21 和 '22 提供了令人難以置信的令人興奮的 CPU 陣容。就在幾週前的 CES 上，我們推出了 50 多個處理器，導致 2021 年有超過 500 款筆記本電腦和台式機新設計上市。我們還看到基於我們新的第 11 代英特爾酷睿的 PC 的巨大市場反應Tiger Lake 處理器。我們的 PC 客戶現在在市場上擁有 150 多個基於 Tiger Lake 的系統，遠遠超出預期。

We believe we gained market share as PC CPU units grew an impressive 33% in the quarter. In a market where competitors are seeing supply challenges, this is a powerful example of the incredible value and scale of our factory network as we continue to deliver greater performance and cost efficiencies for our customers.

我們相信我們獲得了市場份額，因為 PC CPU 單元在本季度增長了 33%，令人印象深刻。在競爭對手面臨供應挑戰的市場中，這是我們工廠網絡令人難以置信的價值和規模的有力例證，因為我們將繼續為客戶提供更高的性能和成本效益。

Moving to Data Center. We are now shipping our first 10-nanometer-based Xeon Scalable CPU, Ice Lake, and we'll be ramping volume through the first quarter. Customers are going to see significant value in Ice Lake across cloud, network and edge workloads with excellent performance improvement and innovations such as PCIe Express Gen4, next-generation Intel Optane Persistent Memory and security enhancements such as SGX.

遷移到數據中心。我們現在正在出貨我們的第一個基於 10 納米的 Xeon 可擴展 CPU，Ice Lake，我們將在第一季度增加產量。客戶將看到 Ice Lake 在雲、網絡和邊緣工作負載中的巨大價值，以及出色的性能改進和創新，例如 PCIe Express Gen4、下一代英特爾傲騰持久內存和 SGX 等安全增強功能。

As we look ahead, we are excited about the capabilities we are bringing to customers with Alder Lake for mobile and desktop PCs and Sapphire Rapids for the data center. These products take advantage of our enhanced SuperFin process technology and numerous architectural improvements, and both are broadly sampling to customers. We will qualify Alder Lake desktop and notebook for production and begin our volume ramp in the second half of '21, and we expect production qualification of Sapphire Rapids at the end of 2021.

展望未來，我們對通過用於移動和台式 PC 的 Alder Lake 以及用於數據中心的 Sapphire Rapids 為客戶帶來的功能感到興奮。這些產品利用了我們增強的 SuperFin 工藝技術和眾多架構改進，並且都向客戶廣泛提供樣品。我們將獲得 Alder Lake 台式機和筆記本電腦的生產資格，並在 21 年下半年開始量產，我們預計 Sapphire Rapids 的生產資格將在 2021 年底完成。

In the expanded market opportunity in front of us, CPUs are critical, but multiple architectures, or XPUs, will be required to help customers optimize for specific workloads. We had a big XPU leap in the fourth quarter as we entered the discrete graphics market with Intel Iris Xe MAX Graphics, Intel's first Xe-based discrete GPU. We are now shipping discrete graphics into thin and light notebooks from Acer, ASUS and Dell. And we introduced our first discrete GPU for the data center, which is already delivering great cloud gaming experiences for customers such as Tencent. We also announced the gold release of oneAPI, our cross-industry open standard-based unified programming model that delivers a common developer experience across architectures.

在我們面前不斷擴大的市場機會中，CPU 至關重要，但需要多種架構或 XPU 來幫助客戶針對特定工作負載進行優化。隨著我們憑藉英特爾首款基於 Xe 的獨立 GPU 英特爾 Iris Xe MAX Graphics 進入獨立顯卡市場，我們在第四季度實現了 XPU 飛躍。我們現在正在向宏碁、華碩和戴爾的輕薄筆記本電腦提供獨立顯卡。我們為數據中心推出了我們的第一款獨立 GPU，它已經為騰訊等客戶提供了出色的雲遊戲體驗。我們還宣布了 oneAPI 的黃金版本，這是我們跨行業的基於開放標準的統一編程模型，可提供跨架構的通用開發人員體驗。

Second, we've made strong progress extending our reach to accelerate our growth. Over the past several years, we have been making investments that have positioned us to lead key technology inflections such as AI, 5G network transformation and the intelligent autonomous edge. We infuse AI capabilities into everything we make from the cloud to PCs, and we see tremendous growth prospects as we build our position in data center training to complement the strength of our Intel Xeon for inference.

其次，我們在擴大業務範圍以加速增長方面取得了重大進展。在過去的幾年裡，我們一直在進行投資，使我們能夠引領人工智能、5G 網絡轉型和智能自主邊緣等關鍵技術的轉變。我們將 AI 功能注入從雲到 PC 的所有產品中，我們看到了巨大的增長前景，因為我們在數據中心訓練中建立了自己的地位，以補充我們的英特爾至強推理能力。

We made a significant step in AI this quarter when Amazon announced EC2 instances that will leverage up to 8 of our Habana Gaudi AI training accelerators and deliver up to 40% better price performance than current GPU-based EC2 instances for machine learning workloads.

本季度我們在人工智能方面邁出了重要的一步，亞馬遜宣布了 EC2 實例，該實例將利用我們多達 8 個 Habana Gaudi AI 訓練加速器，並提供比當前基於 GPU 的 EC2 實例用於機器學習工作負載高達 40% 的性價比。

We've also invested to drive networking workload convergence on Intel silicon. In 2020, we expanded our footprint into the radio access network, delivering Xeon, SoCs, FPGAs and custom solutions for 5G base station designs and reaching our goal of 40% share 2 years ahead of our original target. Today, we are the leading network silicon provider winning in wireless, enterprise and cloud networks and delivering $6 billion in revenue this year, up approximately 20% versus 2019.

我們還投資推動英特爾芯片上的網絡工作負載融合。 2020 年，我們將足跡擴展到無線接入網絡，為 5G 基站設計提供 Xeon、SoC、FPGA 和定制解決方案，並提前 2 年實現了 40% 份額的目標。今天，我們是在無線、企業和云網絡領域領先的網絡芯片供應商，今年實現了 60 億美元的收入，與 2019 年相比增長了約 20%。

Finally, we have enviable assets to lead the explosive growth of intelligent and autonomous edge computing. Our IOTG and Mobileye businesses have a combined annual revenue of $4 billion. Mobileye delivered a record fourth quarter and had an explosive start to 2021 with a number of exciting CES announcements.

最後，我們擁有令人羨慕的資產來引領智能和自主邊緣計算的爆炸式增長。我們的 IOTG 和 Mobileye 業務的年收入合計為 40 億美元。 Mobileye 在第四季度創下了創紀錄的業績，並在 2021 年迎來了爆炸性的開局，發布了許多激動人心的 CES 公告。

Third, we maintained our discipline in thoughtfully allocating our shareholders' capital. Since 2015, we have grown revenue by more than $22 billion and more than doubled EPS. We've driven spending from 36% of revenue to 25% of revenue while investing in manufacturing capacity expansion, adding more than $1 billion of R&D targeted to higher growth initiatives and focusing our product portfolio.

第三，我們在審慎分配股東資本方面保持紀律。自 2015 年以來，我們的收入增長了超過 220 億美元，每股收益增加了一倍以上。我們將支出從占收入的 36% 提高到佔收入的 25%，同時投資於製造能力擴張，增加了超過 10 億美元的研發資金，以實現更高的增長計劃並專注於我們的產品組合。

As a result, we anticipate approximately $12 billion in proceeds from our NAND and McAfee exits over time. At the same time, we've been delivering substantial capital returns to shareholders, including $19.8 billion in 2020 alone through dividends and share buybacks, the latter of which included a $10 billion accelerated share repurchase announced in August.

因此，隨著時間的推移，我們預計 NAND 和邁克菲退出的收益約為 120 億美元。與此同時，我們一直在為股東帶來可觀的資本回報，僅 2020 年就通過股息和股票回購實現 198 億美元，其中包括 8 月宣布的 100 億美元加速股票回購。

Building on this, today, we announced that we are increasing our annual dividend by $0.07 or 5% from $1.32 to $1.39 per share.

在此基礎上，今天，我們宣布將年度股息從每股 1.32 美元提高 0.07 美元或 5% 至 1.39 美元。

Before I pass it to George for more details on our fourth quarter results, I want to reiterate that I couldn't be more proud of the team at Intel, and I cherish the time I've spent here. I look forward to watching Pat and the team's continued progress as they build on Intel's purpose to deliver breakthrough technology that enriches the lives of everyone on the planet. I also thank our investors and analysts on the line today for their continued support of Intel and for our valued engagements over the years.

在我將其傳遞給喬治以了解有關我們第四季度業績的更多詳細信息之前，我想重申，我為英特爾的團隊感到無比自豪，我很珍惜在這裡度過的時光。我期待著看到 Pat 和團隊繼續進步，因為他們以英特爾的目標為基礎，提供突破性技術，豐富地球上每個人的生活。我還要感謝我們今天在線的投資者和分析師，感謝他們對英特爾的持續支持以及我們多年來的寶貴參與。

Thanks, Bob, and good afternoon, everyone. Q4 marked a much stronger-than-expected finish to a record year. Both Mobileye and our PC-centric segment achieved record quarters. Q4 revenue was $20 billion, exceeding our guidance by $2.6 billion. The revenue beat was broad-based, led by stronger-than-expected notebook and cloud demand, along with contributions from desktop and enterprise and government. Data center-related demand also led to stronger revenues in NAND.

謝謝，鮑勃，大家下午好。第四季度的收官比預期的要強得多，創下了創紀錄的一年。 Mobileye 和我們以 PC 為中心的部門都取得了創紀錄的季度業績。第四季度收入為 200 億美元，超出我們的預期 26 億美元。由於筆記本電腦和雲需求強於預期，以及台式機、企業和政府的貢獻，收入增長基礎廣泛。與數據中心相關的需求也導致 NAND 收入增加。

Gross margin for the quarter was 58.4%, exceeding guide by 3 points due to flow-through on higher revenue and the benefit of Ice Lake server achieving production qualification prior to year-end. Q4 EPS was $1.52, $0.42 above our guide due to strong operational performance and further boosted by gains from our ICAP portfolio. Excluding a onetime tax adjustment, about 2/3 of our EPS beat was operational and 1/3 was below the line.

本季度毛利率為 58.4%，超過指導水平 3 個百分點，原因是收入增加以及 Ice Lake 服務器在年底前獲得生產資格的好處。第四季度每股收益為 1.52 美元，比我們的指導高 0.42 美元，原因是運營業績強勁，並且受到我們 ICAP 投資組合收益的進一步推動。不包括一次性稅收調整，我們的每股收益大約有 2/3 是可操作的，而 1/3 低於該線。

For full year 2020, we achieved record revenue of $77.9 billion, $4.4 billion higher than our January guide, which reflects a 1 year acceleration relative to our 2019 Investor Day target. EPS was $5.30, up $0.43 year-over-year and $0.30 higher than our January guide.

2020 年全年，我們實現了創紀錄的 779 億美元收入，比我們 1 月份的指南高 44 億美元，這反映了相對於我們 2019 年投資者日目標的 1 年加速。每股收益為 5.30 美元，同比增長 0.43 美元，比我們的 1 月份指南高 0.30 美元。

We generated $21.1 billion of free cash flow, up 25% year-on-year, and returned 94% of free cash flow to shareholders. In total, we have repurchased approximately 17.6 billion shares as part of our planned $20 billion share repurchases announced in October 2019. We intend to complete the remaining $2.4 billion balance in Q1 '21.

我們產生了 211 億美元的自由現金流，同比增長 25%，並將 94% 的自由現金流返還給了股東。作為我們在 2019 年 10 月宣布的 200 億美元股票回購計劃的一部分，我們總共回購了大約 176 億股股票。我們打算在 21 年第一季度完成剩餘的 24 億美元餘額。

Moving briefly to segment performance. Our Data Center Group generated record revenue in 2020, up 11% year-over-year. In Q4, DCG delivered revenue of $6.1 billion, down 16% year-over-year driven by enterprise and government weakness and cloud digestion, albeit lower than expected.

簡要介紹一下性能細分。我們的數據中心集團在 2020 年創造了創紀錄的收入，同比增長 11%。第四季度，在企業和政府疲軟以及雲消化的推動下，DCG 實現收入 61 億美元，同比下降 16%，儘管低於預期。

As a reminder, Q4 '19 was a tough compare with an all-time record for revenue with strength across all segments. DCG operating margin in Q4 was down $1.4 billion year-on-year on lower revenue and increased investment.

提醒一下，19 年第 4 季度與所有細分市場的收入歷史記錄相比是一個艱難的比較。由於收入下降和投資增加，第四季度 DCG 營業利潤率同比下降 14 億美元。

Our other data-centric businesses were up 1% year-over-year in 2020. In Q4, these businesses were down 5% year-over-year driven largely by COVID-related demand impacts, partially offset by Mobileye growth. IOTG revenue was down 16% year-over-year due to COVID effects on demand. We expect recovery in IOTG in 2021 and saw sequential growth of $100 million in the quarter on stabilizing industrial and video segments. Mobileye revenue was up 39% year-over-year in the quarter, and operating margin was $110 million, both records as IQ SoC demand continues to be strong.

我們的其他以數據為中心的業務在 2020 年同比增長 1%。在第四季度，這些業務同比下降 5%，主要是由於與 COVID 相關的需求影響，部分被 Mobileye 的增長所抵消。由於 COVID 對需求的影響，IOTG 收入同比下降 16%。我們預計 2021 年 IOTG 將復蘇，並在穩定工業和視頻領域的情況下，本季度環比增長 1 億美元。 Mobileye 本季度收入同比增長 39%，營業利潤率為 1.1 億美元，這兩項記錄均因 IQ SoC 需求持續強勁而創下。

NSG revenue was $1.2 billion, down 1% year-on-year on lower ASPs, partially offset by higher volume growth. Operating margin was $76 million. PSG revenue was down 16% year-over-year due mostly to 5G ASIC transitions at key accounts in the communications segment.

NSG 收入為 12 億美元，由於平均售價下降，同比下降 1%，部分被銷量增長的提高所抵消。營業利潤率為 7600 萬美元。 PSG 收入同比下降 16%，主要是由於通信領域主要客戶的 5G ASIC 過渡。

CCG delivered a 5th straight year of record revenue, up 8% year-over-year. For the quarter, revenue was up 9% year-over-year driven by record notebook unit volume. ASPs were down 11% due to increased volume in consumer entry and education segments. Adjacency revenue was down 31%, driven by modem ramp down and the divestiture of our Home Gateway business. Operating income was $4.5 billion, up $420 million year-over-year on higher volume, partially offset by the ramp of 10-nanometer products.

CCG 連續第五年實現創紀錄的收入，同比增長 8%。本季度，在創紀錄的筆記本電腦銷量的推動下，收入同比增長 9%。由於消費者進入和教育領域的數量增加，平均售價下降了 11%。受調製解調器下降和我們的家庭網關業務剝離的推動，鄰接收入下降了 31%。營業收入為 45 億美元，由於銷量增加，同比增長 4.2 億美元，部分被 10 納米產品的增長所抵消。

Moving to our outlook. As Bob and Trey said, we believe it is important to give Pat time to assume his new role and dig into the business before announcing our full year 2021 guidance and longer-term plans. However, I will provide our Q1 outlook, and then, for the year, discuss high-level headwinds and tailwinds we expect.

轉向我們的展望。正如 Bob 和 Trey 所說，我們認為在宣布我們的 2021 年全年指導和長期計劃之前，讓 Pat 有時間承擔他的新角色並深入研究業務非常重要。但是，我將提供我們的第一季度展望，然後討論今年我們預期的高水平逆風和順風。

As a reminder, our outlook for 2021 excludes the NAND business. We expect Q1 revenue of $17.5 billion, down 12% year-over-year or down 6%, excluding NAND. We see continuing strong demand for notebook PCs in Q1, up significantly year-over-year, and expect desktop volumes to be down year-over-year. We anticipate further cloud digestion and continued COVID demand impacts on IOTG. The Q1 revenue estimate also includes approximately $500 million in corporate revenue that is onetime in nature and relates to a prepaid revenue arrangement.

提醒一下，我們對 2021 年的展望不包括 NAND 業務。我們預計第一季度收入為 175 億美元，同比下降 12% 或下降 6%，不包括 NAND。我們看到第一季度對筆記本電腦的需求持續強勁，同比大幅增長，預計台式機銷量將同比下降。我們預計雲的進一步消化和 COVID 需求對 IOTG 的持續影響。第一季度的收入估計還包括大約 5 億美元的企業收入，這些收入是一次性的，與預付收入安排有關。

As we look at the remainder of the year, we see solid TAM growth in our core markets in 2021. We expect PC demand to be more first half weighted than normal seasonality and expect data-centric demand to be more concentrated in the second half as cloud digestion eases and COVID-impacted markets such as enterprise, data center and IoT improve. We have strong product road maps but have anticipated a more competitive market and a continued mix shift to entry consumer PCs in our revenue plans this year. Finally, we will see lower modem revenue this year from our exit of that business.

展望今年剩餘時間，我們看到 2021 年核心市場的 TAM 穩健增長。我們預計 PC 需求在上半年的權重將高於正常的季節性，並預計以數據為中心的需求將在下半年更加集中，因為雲消化得到緩解，企業、數據中心和物聯網等受 COVID 影響的市場得到改善。我們擁有強大的產品路線圖，但預計今年的收入計劃將出現更具競爭性的市場以及向入門級消費 PC 的持續混合轉變。最後，我們將看到今年由於我們退出該業務而導致的調製解調器收入下降。

Gross margin in Q1 is expected to be approximately 58%, down year-over-year by approximately 4 points on mix-related ASPs from lower Xeon XCC volume and higher small core PC units, partially offset by lower margin impact from divested businesses and some improvements from our DCG adjacencies. Q1 operating margin is expected to be approximately 30%. We are forecasting EPS of approximately $1.10 per share and a tax rate of 14.5%.

預計第一季度毛利率約為 58%，同比下降約 4 個百分點，原因是 Xeon XCC 銷量下降和小型核心 PC 單元增加導致的混合相關 ASP，部分被剝離業務和一些業務的利潤率下降影響所抵消我們的 DCG 鄰接的改進。第一季度的營業利潤率預計約為 30%。我們預測每股收益約為 1.10 美元，稅率為 14.5%。

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

有了這個，讓我把它轉回給 Trey 並回答你的問題。

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。

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

我們的第一個問題來自與 Evercore 的 C.J. Muse。

Bob, it's been a pleasure working with you, and Pat, congrats and best of luck. I guess first question is around the fact -- clearly, the final decision hasn't been made yet, but it certainly sounds pretty clear that you're pursuing a dual path strategy of manufacturing at the leading edge, both internally and externally. So how should we think about the impact to CapEx? Will you need to make investments with your foundry partner to secure capacity? And porting certain products to very different foundry design rules, what impact will that have on OpEx? And is that what is driving higher OpEx intensity in Q1?

Bob，很高興與您和 Pat 一起工作，恭喜您，祝您好運。我想第一個問題是圍繞著這個事實——顯然，最終決定還沒有做出，但聽起來很明顯，你正在追求一種雙路徑戰略，即在內部和外部都處於領先地位。那麼我們應該如何看待對資本支出的影響呢？您是否需要與代工合作夥伴進行投資以確保產能？並且將某些產品移植到非常不同的代工設計規則中，這會對 OpEx 產生什麼影響？那是什麼推動了第一季度更高的運營支出強度？

Yes. Thanks, C.J. Maybe I'll start, and George, you can finish up. First, yes, we've been through an exhaustive effort over the course of the last 6 months. And as we highlighted, we've made tremendous progress on our 7-nanometer process technology, and that gives us a lot of comfort that the #1 priority that we set in the middle of the year, which was a predictable cadence of leadership products that we would be able to deliver our 2023 road map using i7 or for our next-gen technology. So the progress that the team has made has given us the confidence that we'll continue to leverage the IDM advantage and invest in technology development leadership in the future.

是的。謝謝，C.J. 也許我會開始，喬治，你可以結束。首先，是的，在過去的 6 個月裡，我們付出了巨大的努力。正如我們強調的那樣，我們在 7 納米工藝技術上取得了巨大進步，這讓我們感到非常欣慰的是，我們在年中設定的第一要務是領先產品的可預測節奏我們將能夠使用 i7 或我們的下一代技術交付我們的 2023 年路線圖。因此，團隊取得的進展讓我們有信心在未來繼續利用 IDM 優勢並投資於技術開發領導力。

At the same time, we also realize that with our disaggregated designs that we launched a few years back that we have enhanced flexibility to see if, when and what technologies or tiles will make inside, which will be the majority of our '23 road map, but it gives us the flexibility to look at things outside. And the trade-offs that we make in doing that are: one, performance of product in a predictable manner; two, economics; and three, ensuring that we have the capacity and the control of the supply chain so that we can -- our customers can count on our deliveries. So over the course of time, preserving the IDM advantage while being more and more flexible in our architectures and our designs.

同時，我們也意識到，通過幾年前推出的分類設計，我們提高了靈活性，以查看是否、何時以及將在內部製造什麼技術或瓷磚，這將是我們 '23 路線圖的大部分內容，但它使我們能夠靈活地看待外部事物。我們在此過程中做出的權衡是：一，產品性能以可預測的方式；二、經濟學；第三，確保我們有能力和對供應鏈的控制，以便我們能夠——我們的客戶可以依靠我們的交付。因此，隨著時間的推移，在保持 IDM 優勢的同時，我們的架構和設計也越來越靈活。

Yes. And C.J., in terms of spending, I would say, yes, we're increasing spending on 7-nanometer inside the company in preparation for the next generation of tools. I wouldn't tie it explicitly in any way to the trade-off between manufacturing internally or externally. That's really going to be decided as Pat looks at the product road map. Most of our spending increase in the year compared to what we thought is tied to more spending on AI and on our Xeon road map, which pretty much was a redirection of the savings that we got from the divestitures.

是的。 C.J.，就支出而言，我想說，是的，我們正在公司內部增加 7 納米的支出，為下一代工具做準備。我不會以任何方式明確地將其與內部或外部製造之間的權衡聯繫起來。當帕特查看產品路線圖時，這真的要決定了。與我們認為與人工智能和至強路線圖相關的更多支出相比，我們今年的大部分支出增加，這幾乎是我們從資產剝離中獲得的儲蓄的重新定向。

And if I might, C.J. This is Pat. Pleasure to join all of the investors on this call today. I just want to affirm, as I said in my formal statements, that I was very pleased to see the great progress on 7 nanometers, and the TD team has really done a great job over the last 6 months. That gives me the confidence, as I said in my formal comments, that the majority will be internally, but we will be increasing the use of our foundry capabilities as well, and we'll be more specific on this after I finally dig deeper with the team shortly after joining the company in the middle of next month. But overall, I think we're on a very good path now.

如果可以的話，C.J. 這是帕特。很高興今天加入所有投資者的電話會議。我只想確認，正如我在正式聲明中所說，我很高興看到 7 納米的巨大進展，而 TD 團隊在過去 6 個月中確實做得很好。正如我在正式評論中所說，這讓我有信心，大多數將在內部進行，但我們也將增加對我們代工能力的使用，在我最終深入挖掘之後，我們將更加具體該團隊在下個月中旬加入公司後不久。但總的來說，我認為我們現在走在一條非常好的道路上。

Our next question comes from John Pitzer, Crédit Suisse.

我們的下一個問題來自瑞士信貸的 John Pitzer。

I'll echo C.J. in thanking Bob for all his help and welcoming Pat to the team. I guess my question, Bob, probably just around gross margins. Clearly, you significantly upsided in the December quarter. I would have thought that, going into March, given the divestiture of NAND and that being gross margin accretive, that maybe you'd get some better leverage on gross margin. So maybe you can address that. And I guess, more importantly, from the March quarter, Bob or George, can you talk about how we should think about the puts and takes to the cost sides on gross margins as 10-nanometer begins to ramp?

我會回應 C.J. 感謝 Bob 的所有幫助並歡迎 Pat 加入團隊。我想我的問題，鮑勃，可能只是毛利率。顯然，您在 12 月季度大幅上漲。我會認為，進入 3 月份，考慮到 NAND 的剝離以及毛利率的增長，也許你會在毛利率上獲得更好的槓桿作用。所以也許你可以解決這個問題。而且我想，更重要的是，從 3 月季度開始，Bob 或 George，你能談談隨著 10 納米開始增長，我們應該如何考慮毛利率的看跌期權和成本方面嗎？

John, I'll take it. This is George. In Q1, what we're really seeing is, again, a typical seasonality. So when you look at the fact that we're in a digestion phase, and we're actually in the third quarter of it, that has a significant impact on mix that's affecting our ASPs. You're also seeing tremendous demand in PCs well above our expectations, obviously, contributing to the beat in Q4 continuing into Q1 and actually, we think continuingly strongly into the first half. And that's largely small core type devices, so we have an ASP effect there as well.

約翰，我會接受的。這是喬治。在第一季度，我們真正看到的是典型的季節性。因此，當您看到我們處於消化階段的事實時，實際上我們處於第三季度，這對影響我們 ASP 的組合產生了重大影響。您還看到 PC 的巨大需求遠高於我們的預期，顯然，這導致第四季度的節拍持續到第一季度，實際上，我們認為上半年持續強勁。這主要是小型核心類型的設備，所以我們在那裡也有 ASP 效應。

We are seeing some higher 7-nanometer costs impacting the -- our outlook for gross margin. And we are getting the benefit from NAND, as you talk about and -- but we're also seeing more savings in 10-nanometer costs as we're making more progress there than we've -- than actually we were even expecting. It's accelerating. So we're pleased with that.

我們看到一些更高的 7 納米成本影響了我們的毛利率前景。正如您所說，我們從 NAND 中受益，而且我們也看到 10 納米成本節省更多，因為我們在這方面取得的進展比我們實際預期的要多。它正在加速。所以我們對此很滿意。

As you think about the full year, I think trying to take a compare off of Q1 when we're impacted on ASPs, both from DCG and from CCG, makes for a difficult full year extrapolation. We're going to come back to you with a full year outlook, and we can go more into it. But in terms of headwinds and tailwinds that we see as we go into the year, obviously, we're going to have higher 10-nanometer volume, which is going to impact gross margins overall. The client mix is going to continue to be heavily weighted, particularly in the first half on small core.

當您考慮全年時，我認為當我們受到來自 DCG 和 CCG 的 ASP 的影響時，試圖對第一季度進行比較，這使得全年推斷困難。我們將帶著全年的展望回到你身邊，我們可以更深入地了解它。但就我們今年看到的逆風和順風而言，顯然，我們將擁有更高的 10 納米產量，這將影響整體毛利率。客戶組合將繼續佔很大比重，尤其是上半年的小核心。

I think on data center, we think there'll continue to be competitive pressures on ASPs, but I think DCG is really going to be more of a cost story with 10-nanometer coming in, although we're much further along in the maturity of 10-nanometer, so it won't be as impactful as we saw with CCG last year. And then, of course, for DCG, you can expect the inclusion of Optane will have a little bit of impact on margin as well.

我認為在數據中心方面，我們認為 ASP 將繼續面臨競爭壓力，但我認為隨著 10 納米的到來，DCG 確實將更多地成為成本故事，儘管我們在成熟度上要走得更遠10納米，所以它不會像我們去年在CCG看到的那樣有影響力。然後，當然，對於 DCG，您可以預期加入 Optane 也會對利潤率產生一些影響。

So the tailwinds still look very strong. Obviously, the ramp down on modem, our divestiture of the Gateway business, the sale of NAND and improvements in 10-nanometer, all tailwinds that should help us in gross margin. But we'll go into more detail on that when we guide the full year.

所以順風看起來仍然很強勁。顯然，調製解調器的減少、我們對網關業務的剝離、NAND 的銷售和 10 納米的改進，所有這些都應該有助於我們提高毛利率。但是，當我們指導全年時，我們將對此進行更詳細的介紹。

Yes. And I would -- I'd put maybe, John, just, I think, history here as a reasonably good indicator of the commentary that George provided for '21. And if you go back a year, we said gross margins would be 59% for 2020, and we ended up at 57.5%, so down 1.5 points. And if you look at the fundamental drivers of that 1.5 points versus what we thought at the beginning of the year, first, we generated $4 billion more revenue than we thought. So volume was much higher. And then when you look at the makeup of that volume, it was -- in my mind, it was all good things that foreshadow important things for '21 and beyond. First, the demand for our 10-nanometer products was much -- was higher or greater than we expected, and that was a very positive in terms of income but slight degradation in gross margin.

是的。而且我會——我可能會把歷史放在這裡，作為喬治為 21 年提供的評論的一個相當好的指標。如果你回到一年前，我們說 2020 年的毛利率為 59%，我們最終為 57.5%，因此下降了 1.5 個百分點。如果您將這 1.5 個百分點的基本驅動因素與我們年初的想法進行比較，首先，我們產生的收入比我們想像的多 40 億美元。所以音量要高得多。然後，當您查看該卷的構成時，它是-在我看來，所有好事都預示著 21 年及以後的重要事情。首先，對我們 10 納米產品的需求遠遠高於或高於我們的預期，這在收入方面是非常積極的，但毛利率略有下降。

Second, the PC demand that we experienced during the course of the year, which, relative to where we were at the beginning of the year, was off the charts, including what we believe were share gains in the fourth quarter, came predominantly with consumer entry and education. So those 2 segments tend to be lower margin but real strong demand. And that was the gap that we didn't fill when we were capacity constrained last year.

其次，我們在這一年中經歷的個人電腦需求，相對於我們年初的情況，超出了圖表，包括我們認為第四季度的份額增長，主要來自消費者入學和教育。因此，這兩個細分市場的利潤率往往較低，但需求確實強勁。這就是我們去年產能受限時沒有填補的空白。

So I think in terms of the mix of more 10-nanometer, much more PC demand at the lower end, those were things that drove down less margin percent but a lot more income than we expected a year ago. And those things, as George mentioned going into '21 are going to be -- you're going to have a much better mix because of the exit of modem and NAND, number one. Number two, 10-nanometer product cost, as George mentioned, is going to get much better during the course of the year. Number three, 14-nanometer is going to be more fully depreciated equipment. Those 3 things are very positive as of end of the year.

因此，我認為，就更多 10 納米、更多低端 PC 需求的組合而言，這些因素導致利潤率下降幅度較小，但收入比我們一年前的預期高得多。這些事情，正如 George 提到的進入 21 年將是 - 由於調製解調器和 NAND 的退出，你將擁有更好的組合，排名第一。第二，正如 George 提到的，10 納米產品的成本將在今年內變得更好。第三，14 納米將是更全面折舊的設備。截至年底，這三件事是非常積極的。

At the same time, George flagged 2 issues. One of it is mixed dynamics of PC TAM, we think, is going to be relatively strong, but it's -- we do believe it's going to be at the lower end. Education will be a big part of that demand. That has lower margin. And we renewed our commitment to 7-nanometer process technology, and that, in fact, will have a degradation. So in so many ways, we generated a lot more income and revenue in 2020 as the adoption of our better -- of our 10-nanometer products and lower end in consumer were very positive impacts for earnings. And those trends you'll see as we go in the first quarter and throughout 2021.

同時，喬治標記了 2 個問題。我們認為，其中之一是 PC TAM 的混合動力將相對強勁，但它 - 我們確實相信它會處於低端。教育將是這一需求的重要組成部分。那有較低的利潤。我們重申了對 7 納米工藝技術的承諾，而這實際上會有所下降。因此，在很多方面，我們在 2020 年創造了更多的收入和收入，因為採用我們更好的 10 納米產品和低端消費者對收益產生了非常積極的影響。隨著我們在第一季度和整個 2021 年的發展，您將看到這些趨勢。

Our next question comes from Joe Moore with Morgan Stanley.

我們的下一個問題來自摩根士丹利的喬摩爾。

Great. I wonder if we could drill down on the progress on 7-nanometer. If I look back at the comments from July, you had talked about having your first client product first half of '23. Is that still the right -- I know -- I don't want to be too granular about time frame, but it seems like early '23 versus late '23 would make a big difference. Are you still kind of on the track that you talked about in July for the first 7-nanometer output?

偉大的。我想知道我們是否可以深入了解 7 納米的進展。如果我回顧一下 7 月的評論，您曾談到在 23 年上半年擁有您的第一個客戶產品。這仍然是正確的嗎——我知道——我不想對時間框架過於細化，但似乎 23 年初與 23 年底會有很大的不同。您是否仍然在您在 7 月份談到的第一個 7 納米輸出的軌道上？

Yes. I think at the time, we said that, in effect, given the process challenges we are doing with the product road map, we expected to shift a couple of quarters into '23. And as normal, client will likely go first, and server will go after that. So the expectation is and our focus in improving 7 so that we can hit that predictable cadence of leadership products in '23, we have dramatically improved our confidence in our ability to hit that product road map schedule that we talked about at the time.

是的。我認為當時，我們說過，實際上，考慮到我們在產品路線圖上面臨的流程挑戰，我們預計將幾個季度轉移到 23 年。和往常一樣，客戶端可能會先走，然後服務器會再走。因此，期望和我們的重點是改進 7，以便我們能夠在 23 年達到可預測的領導產品節奏，我們極大地提高了我們對實現我們當時談到的產品路線圖時間表的能力的信心。

That's very helpful. Congratulations and thanks for all your help the last few years.

這很有幫助。祝賀並感謝您在過去幾年中提供的所有幫助。

Thank you.

謝謝你。

Our next question comes from Vivek Arya with Bank of America.

我們的下一個問題來自美國銀行的 Vivek Arya。

Congratulations and best wishes to Bob and Pat. Bob, my question is if you're saying Intel will get to 7-nanometer by 2023, the competitive foundry products will still be one node ahead. TSMC is planning to ramp their 3-nanometer node next year, right, and will probably have a much bigger ramp by 2023. So I'm curious, what does Intel need to do to kind of match or leapfrog foundry capability? Because in the 2 or 3 years that you're trying to get to your 7-nanometer, competition, several with ARM-based capabilities, is still making progress. So I'm just trying to think to what is kind of the conceptual state of competitive play when we get to 2023.

祝賀 Bob 和 Pat 並致以最良好的祝愿。 Bob，我的問題是，如果你說英特爾將在 2023 年達到 7 納米，那麼具有競爭力的代工產品仍將領先一個節點。台積電計劃明年推出他們的 3 納米節點，對，到 2023 年可能會有更大的增長。所以我很好奇，英特爾需要做些什麼來匹配或跨越代工能力？因為在您嘗試實現 7 納米的 2 或 3 年中，競爭仍在取得進展，其中一些具有基於 ARM 的功能。所以我只是想想想當我們到 2023 年時，競技比賽的概念狀態是什麼。

Yes. Vivek, 2 things and we've talked about this a bit over the last couple of years that, first, our belief on delivering leadership products over time is going to be dependent on a multitude of factors. Process technology is very important. Packaging technologies become increasingly important in our mind, a multitude of architectures, CPU to XPU or including graphics and AI capabilities, memory, security, and last and not least, software. And you'll remember that we talked about those as the 6 pillars of technology required to deliver product leadership where process is very important, but it's not the only thing. So that's kind of the strategy we've been on for the last couple of years.

是的。 Vivek，有兩件事，我們在過去幾年中已經談到了這一點，首先，我們對隨著時間的推移交付領導產品的信念將取決於多種因素。工藝技術非常重要。封裝技術在我們的腦海中變得越來越重要，多種架構、CPU 到 XPU 或包括圖形和 AI 功能、內存、安全性，以及最後也是最重要的軟件。您會記得，我們曾將這些視為交付產品領導力所需的 6 大技術支柱，其中流程非常重要，但並非唯一。這就是我們過去幾年一直採用的策略。

But secondly, we're going to continue to invest in process technology. So some of the progress we made on 7 over the last couple of quarters is important for the next generation of process technology. So as we leverage our 6 pillars of technology to deliver leadership product, we will also continue to invest in next-generation process technology beyond 7-nanometer.

但其次，我們將繼續投資於工藝技術。因此，我們在過去幾個季度中在 7 上取得的一些進展對於下一代工藝技術非常重要。因此，在我們利用我們的 6 大技術支柱來提供領先產品的同時，我們還將繼續投資於 7 納米以外的下一代工藝技術。

Let me just add a couple of points to that. This is Pat again. As we said, we believe the majority will be on our 7-nanometers, but we will be increasing the use of foundry capabilities in that time frame as well. Overall, it is about building, as Bob said, a competitive product that is leadership in the marketplace. And that's what our intent is to do. And as we broaden the use of our technologies across packaging, software, internal and external, we are confident that we can deliver a leadership product family in the marketplace across all of our major product categories.

讓我再補充幾點。這又是帕特。正如我們所說，我們相信大部分將在我們的 7 納米上，但我們也將在那個時間框架內增加對代工能力的使用。總體而言，正如 Bob 所說，它是關於建立一種具有競爭力的產品，在市場上處於領先地位。這就是我們的意圖。隨著我們將我們的技術在包裝、軟件、內部和外部的使用範圍擴大，我們相信我們可以在所有主要產品類別中提供市場領先的產品系列。

Additionally, I was also very pleased to see some of the long-term innovations coming out of TD, right, as we work to close any gaps with external foundries as well as leap ahead. And clearly, we're not interested in just closing gaps. We're interested in resuming that position of the unquestioned leader in process technology, and that's our commitment.

此外，我也很高興看到 TD 的一些長期創新，對，因為我們正在努力縮小與外部代工廠的任何差距並實現飛躍。顯然，我們對縮小差距不感興趣。我們有興趣恢復工藝技術領域無可爭議的領導者的地位，這是我們的承諾。

Also, with the IDM model, we believe we have the right combination of being able to deliver supply to meet our customers' requirements by leveraging internal and external capabilities, which our competition doesn't have. And between all of these capabilities, we believe, we're striking the right balance of internal and external to deliver an unquestioned leadership product in the marketplace that meets our customers' requirements for the long term.

此外，通過 IDM 模型，我們相信我們擁有正確的組合，能夠通過利用我們的競爭對手所沒有的內部和外部能力來提供滿足客戶需求的供應。在所有這些能力之間，我們相信，我們正在實現內部和外部的適當平衡，以在市場上提供無可置疑的領先產品，滿足我們客戶的長期需求。

Our next question comes from Ambrish Srivastava with BMO.

我們的下一個問題來自 BMO 的 Ambrish Srivastava。

Bob, I really enjoyed my interactions with you. I had a question for you, Pat, and I don't believe everything I read in the press, but -- and even if you did look at the opportunity earlier, I just wanted to get a feel from you what really appealed to you when you looked at this opportunity versus a very successful stint at VMware, especially in light of the challenges Intel has had, which we could argue Bob inherited from before. So can you just help us understand kind of what are the challenges and the opportunities that you saw, which got you to this job again? And welcome back by the way.

鮑勃，我真的很享受與你的互動。我有一個問題要問你，帕特，我不相信我在媒體上讀到的所有內容，但是——即使你之前確實看到了這個機會，我只是想從你那裡感受一下真正吸引你的是什麼當您將這個機會與在 VMware 的非常成功的工作相比較時，尤其是考慮到英特爾所面臨的挑戰，我們可以說 Bob 從之前繼承了這些挑戰。那麼，您能否幫助我們了解您所看到的挑戰和機遇是什麼，是哪些讓您再次獲得這份工作的？順便歡迎回來。

Well, thank you very much. And a few general comments would be, one, is this is a great company and one that I have just great history with. As I said, 30 years as part of this company, Grove, Moore, Noyce, these are the people that I grew up, right, at their feet of learning. And to me, it really is a privilege and an honor to come back to this company. As I said, my dream job.

好的，謝謝。一些一般性的評論是，一個，這是一家偉大的公司，而且我與它有著悠久的歷史。正如我所說，在這家公司工作了 30 年，Grove、Moore、Noyce，這些都是我從小在他們的學習下長大的人。對我來說，回到這家公司真的是一種榮幸和榮幸。正如我所說，我夢想的工作。

Second, this is a national asset. This company needs to be healthy for the technology industry for technology in America. And to me, it's an opportunity to help and to unquestionably put Intel and the United States in the technology leadership position. So I'm excited by that opportunity to do that.

其次，這是一項國家資產。這家公司需要為美國的技術行業保持健康。對我來說，這是一個幫助並毫無疑問地將英特爾和美國置於技術領先地位的機會。所以我很高興有機會這樣做。

It was also very exciting to see the unity of the Board in calling me to the role and with that, working closely with the Board and their enthusiasm to bring me into the company as well as the alignment on the look-forward strategy that we're laying out. And those together, and I would say the timing wasn't necessarily. I was enjoying my time at VMware, but the opportunity to come back now, be part of this great company -- and Intel has gone through cycles before, right? and clearly, as I was here, economic cycles, we've had periods where we were ahead and periods where we were behind others. Personally, I was very involved in the period where we were very, right, diminished in the marketplace and late to the multi-core. And in that period of time in 2005 through 2009, we turned around the company and unquestionably established the leadership position after a period where many were questioning the ability of the company to be successful yet again.

很高興看到董事會團結一致地召喚我擔任這個職位，並與董事會密切合作，他們熱情地將我帶入公司，以及我們在前瞻性戰略上的一致性。重新佈局。和那些在一起，我會說時間不一定。我很享受在 VMware 的時光，但現在有機會回來，成為這家偉大公司的一員——英特爾之前也經歷過週期，對吧？很明顯，就像我在這裡一樣，經濟周期，我們有過我們領先的時期和落後於其他人的時期。就個人而言，我非常參與了我們在市場上非常、對、被削弱並且遲到多核的時期。在 2005 年到 2009 年的這段時間裡，在許多人質疑公司再次成功的能力之後，我們扭轉了公司的局面，毫無疑問地確立了領導地位。

Great companies are able to come back from periods of difficulty and challenge, and they come back stronger, better and more capable than ever. And that, I believe, is the opportunity at Intel. And I'm confident that this company has its best days in front of it, and I am looking forward to the opportunity to be part of that.

偉大的公司能夠從困難和挑戰中恢復過來，並且他們比以往任何時候都更強大、更好、更有能力。我相信，這就是英特爾的機會。我相信這家公司將迎來最好的日子，我期待有機會成為其中的一員。

Our next question comes from Stacy Rasgon with Bernstein Research.

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

And Pat, welcome to Intel. Glad to see you here. I'm going to address the elephant in the room a little bit. And Pat, I understand your initial perspective on 7-nanometers looking at it for a short period of time. But at the same time, what I got to say, the company was telling us for a year that 7 nanometers is on track that it looked great, and then all of a sudden, it wasn't to the point of considering potentially massive strategic shifts. So now I mean, I guess how can we, as investors, have confidence that after a brief look that you've given at this point that things really are on track? What are you seeing that gives you that confidence? And how should we think about the current process and I guess how they feed into the risks potentially the future nodes since it sounds like you're sticking around on internal manufacturing essentially just given what we've seen at both 7 nanometers but also 10 and 14, the last several nodes before we've had problems? Like how do we get that confidence?

帕特，歡迎來到英特爾。很高興在這裡見到你。我要對房間裡的大像說幾句。帕特，我理解你對 7 納米的初步看法，並在短時間內觀察它。但與此同時，我要說的是，該公司一年來一直告訴我們 7 納米正在走上正軌，它看起來很棒，然後突然之間，它還沒有到考慮潛在的大規模戰略的地步轉移。所以現在我的意思是，我想作為投資者，我們怎麼能有信心，在您簡要了解一下您在這一點上給出的情況後，事情真的走上了正軌？你看到了什麼讓你有信心？以及我們應該如何考慮當前的過程，我猜它們是如何影響潛在風險的14、我們之前的最後幾個節點有問題嗎？比如我們如何獲得這種信心？

Well, I would also say that Bob and the team have been working on this for the last 6 months diligently. So even though my investigation was really just a few days, I'm looking at data that's been thoroughly analyzed trends over the last 6 months that clearly is bringing them to a point of greater confidence for it. I looked at that data. I came to the same decisions that they were.

好吧，我還要說 Bob 和團隊在過去 6 個月裡一直在努力解決這個問題。因此，儘管我的調查實際上只有幾天，但我正在查看過去 6 個月中對趨勢進行徹底分析的數據，這些數據顯然使他們對它更有信心。我看了那個數據。我做出了和他們一樣的決定。

At the same time, we're pausing, right, to say that everything is resolved to give me a little bit more time with the team to understand the road map and to dig deeper into those decisions. And like we said, we'll be giving more clarity on that in the near future after I've had time to analyze it more carefully.

與此同時，我們停下來，對，說一切都已解決，讓我有更多的時間與團隊一起了解路線圖並更深入地研究這些決定。就像我們說的那樣，在我有時間更仔細地分析之後，我們將在不久的將來更清楚地說明這一點。

Also, the team has been making adjustments of leadership. Ann has been doing a great job as we move her into that role. You'll be seeing we're making adjustments in the leadership of our product development teams as well, where talent is going to come into the company, are excited about the road map that we're on. You might have seen, we just announced a new fellow coming back, one of my absolute favorites while I was here, and Glenn Hinton coming back to the company. And you'll be seeing other announcements of key leaders coming back in.

此外，團隊一直在調整領導層。當我們讓她擔任這個角色時，Ann 一直做得很好。您會看到我們也在調整產品開發團隊的領導層，人才將進入公司，對我們正在製定的路線圖感到興奮。您可能已經看到，我們剛剛宣布了一位新人回歸，這是我在這裡時最喜歡的人之一，而格倫·辛頓 (Glenn Hinton) 又回到了公司。你會看到其他重要領導人的公告回來了。

So I think the team has been doing a great job getting us to this point. I expect, with the leadership, the road map and a few more weeks of analysis, we'll be making very solid decisions that allow us to put the company on a path that is merited to the great foundation that Intel has had in the past.

所以我認為團隊在讓我們達到這一點方面做得很好。我預計，憑藉領導層、路線圖和幾週的分析，我們將做出非常可靠的決定，使我們能夠讓公司走上一條值得英特爾過去擁有的偉大基礎的道路.

Our next question comes from Harlan Sur with JPMorgan.

我們的下一個問題來自摩根大通的 Harlan Sur。

Want to welcome back Pat to the team; and Bob, thank you for all the contributions and support over the past few years. Underlying the strong performance of the Data Center Group, last year was the continued penetration of Xeon, ASICs and networking connectivity solutions into your large 5G service provider customers as they continue to virtualize the core and radio access parts of their networks. I think this helped to drive the 50% growth in data center adjacencies. Last year, your networking compute segment was $6 billion and up 20% as you mentioned. So just given the continued build-out of 5G this year, does the team continue to see double-digit type of growth profile for the networking compute segment this year? And compute networking has been a segment where Intel, I think, still owns 100% share in the x86 server CPU market. Are you guys starting to see competition stepping it up in this fast-growing segment?

想歡迎帕特回到團隊；和 Bob，感謝您在過去幾年中的所有貢獻和支持。去年，在數據中心集團強勁表現的基礎上，至強、ASIC 和網絡連接解決方案繼續滲透到您的大型 5G 服務提供商客戶中，因為他們繼續虛擬化其網絡的核心和無線電接入部分。我認為這有助於推動數據中心鄰接的 50% 的增長。正如您所提到的，去年，您的網絡計算部門為 60 億美元，增長了 20%。那麼，鑑於今年 5G 的持續發展，該團隊是否會繼續看到今年網絡計算領域的兩位數增長？我認為，計算網絡一直是英特爾在 x86 服務器 CPU 市場上仍擁有 100% 份額的細分市場。你們是否開始看到在這個快速增長的細分市場中競爭加劇？

Thanks for the question. You gave most of my answer on your inquisition. I mean, first, as we've been saying for the last couple of years that we view 5G and network transformation as a significant opportunity for us to expand the role we play as more and more compute moves from the data center to the cloud, to the network, and those dumb pipes become smarter and smarter pipes. So this has been a pretty large thrust for us for the last several years.

謝謝你的問題。你在調查中給出了我的大部分答案。我的意思是，首先，正如我們過去幾年一直在說的那樣，隨著越來越多的計算從數據中心轉移到雲，我們將 5G 和網絡轉型視為擴大我們所扮演角色的重要機會，到網絡，那些愚蠢的管道變得越來越聰明。所以在過去的幾年裡，這對我們來說是一個相當大的推動力。

We've made tremendous progress in migrating a custom-oriented environment to general purpose compute, and that has been a big source of growth from $1 billion business probably 5 or 6 years ago to $5 billion last year. That came primarily by leveraging the core GPU in the network environment.

我們在將面向定制的環境遷移到通用計算方面取得了巨大進展，這也是從 5 或 6 年前的 10 億美元業務增長到去年的 50 億美元的重要來源。這主要是通過在網絡環境中利用核心 GPU 來實現的。

But a couple of years ago, to your question, we expanded the role that we thought we could play as more and more compute happen at the network. And that included moving into the radio access space with more -- with general purpose compute but also custom architectures, including FPGAs and ASICs. And that allowed us to play a much bigger role in our customers' success in a key emerging technology that we've been focused on for a while.

但是幾年前，對於您的問題，我們擴展了我們認為我們可以扮演的角色，因為越來越多的計算發生在網絡上。這包括進入無線電接入領域——具有通用計算以及定制架構，包括 FPGA 和 ASIC。這使我們能夠在我們一直專注於一項關鍵新興技術的客戶成功中發揮更大的作用。

So I think that maybe the one other point that I would make that we've gone -- we targeted about 20% share in that radio access space by 2022, and we hit that 40% share in 2020. So we're well ahead of where we expected. The role we play at 5G and the network is much bigger. We've developed partnerships along the way in this space, including with VMware. So I can only imagine those partnerships and complementary capabilities will allow us to play a bigger and bigger role as more and more compute moves to the network and to the edge.

所以我認為也許我要提出的另一點是我們已經走了——我們的目標是到 2022 年在該無線電接入領域佔據 20% 左右的份額，到 2020 年達到 40% 的份額。所以我們遙遙領先我們預期的地方。我們在 5G 和網絡中扮演的角色要大得多。我們一直在這個領域建立合作夥伴關係，包括與 VMware。所以我只能想像，隨著越來越多的計算轉移到網絡和邊緣，這些合作夥伴關係和互補能力將使我們發揮越來越大的作用。

And if I might pile on to this one, as Bob had said, Bob and I had struck a partnership when I was in my VMware role when I've been driving the 5G strategy at VMware. So this is one I'm actually quite intimate with. And the opportunity at 5G as it becomes a horizontal versus a vertically controlled industry is absolutely enormous. But it's even more important than that because 5G is going to represent a platform that is redefining edge computing. It will open up smart cities, smart factories. It will displace WiFi. This is a powerful technology. It will also be deployed in private 5G environments as well.

如果我能像 Bob 所說的那樣繼續這一點，那麼當我在 VMware 擔任 VMware 職位時，我一直在 VMware 推動 5G 戰略，Bob 和我已經建立了合作夥伴關係。所以這是我實際上非常親密的一個。隨著 5G 成為一個橫向與縱向控制的行業，5G 的機會絕對是巨大的。但它甚至比這更重要，因為 5G 將代表一個正在重新定義邊緣計算的平台。它將開闢智慧城市、智慧工廠。它將取代 WiFi。這是一項強大的技術。它也將部署在私有 5G 環境中。

So not only is Intel establishing a beachhead in a very important market that was never a major source of revenue for it in the past, but it is redefining all aspects of distributed computing in the future. So this leadership position that is established today is one that we'll be harvesting for the next decade. And 5G isn't just faster LTE. It is a new network with increased security, connectivity, bandwidth, better than wired capabilities and truly will open up markets as we've never seen before. This one is exciting, and the leadership position that's already been established here will be harvested for many, many years to come.

因此，英特爾不僅在一個非常重要的市場上建立了灘頭陣地，而該市場過去從來不是它的主要收入來源，而且它正在重新定義未來分佈式計算的各個方面。因此，今天確立的這一領導地位是我們將在未來十年收穫的領導地位。 5G 不僅僅是更快的 LTE。這是一個新的網絡，具有更高的安全性、連接性、帶寬，比有線功能更好，並且將真正開闢我們以前從未見過的市場。這是令人興奮的，在這裡已經確立的領導地位將在未來很多很多年裡得到收穫。

Our next question comes from Matt Ramsay with Cowen.

我們的下一個問題來自 Matt Ramsay 和 Cowen。

Pat, Welcome home. I guess my question is a bigger picture one. And Pat, you had mentioned a little bit about this in one of your previous answers. And I guess the question is to Omar, yourself and to Bob. No secret that Intel's success is hugely critical to U.S. competitiveness in the long term on several pillars of technology. I wonder, Pat, your decision to come back, Omar, your decision and the Board's decision to take -- make the CEO change and go in that direction, how much that influenced that and what the interactions with governments, U.S. government, the Israeli government, et cetera, what those conversations have been like in support of Intel.

帕特，歡迎回家。我想我的問題是一個更大的問題。帕特，你在之前的一個答案中提到了一點。我想問題是奧馬爾、你自己和鮑勃。從長遠來看，英特爾的成功對美國在幾個技術支柱上的競爭力至關重要，這已經不是什麼秘密了。我想知道，帕特，你回來的決定，奧馬爾，你的決定和董事會的決定——讓 CEO 改變並朝著那個方向前進，這有多大影響，以及與政府、美國政府、以色列的互動政府等等，這些對話是如何支持英特爾的。

Well, let me take that one. First of all, the Board has a succession planning process, which we are looking at, and we felt that this was the right time to make the move in partnership with Bob, and there was no real government influence or anything like that in this decision. So this was part of our regular process, and we're just delighted to have Pat join us at this time. And we're confident he can take this company to the next level, as he's been saying, and thanks to Bob for what he's done. So there's no other motive other than the regular succession planning process that the Board does have.

好吧，讓我拿那個。首先，董事會有一個繼任計劃流程，我們正在研究，我們認為現在是與 Bob 合作採取行動的正確時機，在這個決定中沒有真正的政府影響或類似的東西.所以這是我們常規流程的一部分，我們很高興 Pat 在這個時候加入我們。正如他一直在說的那樣，我們相信他可以將這家公司提升到一個新的水平，並感謝 Bob 所做的一切。因此，除了董事會擁有的常規繼任計劃流程之外，沒有其他動機。

And then on the specific question about the dynamics and discussion with kind of the U.S. government on -- or maybe just our foundry capabilities, I would just -- we've been talking about this for a couple of years, and I think the implications of -- a couple of years ago, increased trade tariffs, now more increasing trade restrictions, at the time, we saw that as a challenge because China is a large market for us but also as a big opportunity. And the big opportunity, we're on 2 fronts. In the event of an increasingly east versus west world, we saw an opportunity for us to play a bigger role in 5G. So we talked about that. And I think as a result of the incremental investments we've made, the team has made tremendous progress on our 5G space.

然後是關於動態和與美國政府討論的具體問題 - 或者只是我們的代工能力，我會 - 我們已經討論了幾年，我認為這意味著的 - 幾年前，提高貿易關稅，現在增加貿易限制，當時，我們認為這是一個挑戰，因為中國對我們來說是一個大市場，但也是一個巨大的機遇。巨大的機會，我們在兩條戰線上。在東西方世界日益激烈的情況下，我們看到了在 5G 中發揮更大作用的機會。所以我們談到了這一點。我認為，由於我們所做的增量投資，團隊在我們的 5G 空間上取得了巨大進展。

At the same time, we also talked about addressing a growing need in an east versus west world where supply -- where there are dual supply chains and increased anxiety about having all your technology dependencies more in the east. So for us, what that meant was engaging both with the U.S. government and with commercial players who just were increasingly anxious about their exposures. And what we've heard from the U.S. government is, one, we need advanced access to advanced microelectronics, technology and manufacturing here in the U.S.

與此同時，我們還談到了解決東西方世界日益增長的需求——那裡有雙重供應鏈，並且越來越擔心你的所有技術依賴更多地在東方。所以對我們來說，這意味著與美國政府和商業參與者接觸，他們越來越擔心自己的曝光。我們從美國政府那裡聽到的是，第一，我們需要在美國獲得先進的微電子、技術和製造業。

We need greater industrial manufacturing base here in the U.S., and we need a safe and secure supply chain increasingly here in the U.S. And with those 3 things, and this is both U.S. government and commercial customers, we're the only company that can really check all 3 boxes. So along the way, as you know, Matt, we told the U.S. government that we would be in a position, too, for the good of the industry, frankly, for the good of the country, for the good of Intel, we would leverage our competencies, our capabilities to provide foundry services to the U.S. government; and then been working very closely because foundry services require scale, how do we make sure that we have the technology that can meet both USG needs and commercial players' needs. And that's a dialogue that has been back and forth for a while. And we think we played a role both with ourselves and the Semiconductor Industry Association in trying to shape some of the incentives coming out of Washington, in effect, do a more effective job in leveling the playing field to invest in foundry services here in the U.S.

我們在美國需要更大的工業製造基地，我們在美國越來越需要一個安全可靠的供應鏈。有了這三件事，這是美國政府和商業客戶，我們是唯一能夠真正做到的公司檢查所有 3 個框。所以一路走來，正如你所知，馬特，我們告訴美國政府，我們也將處於有利位置，為了行業的利益，坦率地說，為了國家的利益，為了英特爾的利益，我們會利用我們的能力和能力為美國政府提供代工服務；然後一直密切合作，因為代工服務需要規模，我們如何確保我們擁有能夠同時滿足 USG 需求和商業參與者需求的技術。那是一段來來回回的對話。我們認為，我們自己和半導體行業協會都在試圖塑造華盛頓的一些激勵措施方面發揮了作用，實際上，在為美國鑄造服務投資提供公平競爭環境方面做得更有效。

Our next question comes from Timothy Arcuri with UBS.

我們的下一個問題來自瑞銀的 Timothy Arcuri。

I guess I had a broader question on just captive versus foundry as well. And Bob, you had an interview. I think maybe it was a month ago, maybe it was 6 weeks ago, where you talked about licensing or the possibility to basically license a process from a foundry rather than just strictly outsourcing to a foundry. And you said that, yes, that is actually possible that you could do that. I mean that would be quite a tectonic shift. And I guess since Pat's also on the phone, I just wanted to ask you, is this something that's remotely on the table as you sort of think about this?

我想我也有一個更廣泛的問題，即俘虜與代工廠。鮑勃，你接受了採訪。我想可能是一個月前，也可能是 6 週前，當時你談到了許可或基本上從代工廠獲得工藝許可的可能性，而不僅僅是嚴格外包給代工廠。你說，是的，這實際上是有可能做到的。我的意思是這將是一個相當大的構造轉變。而且我想既然帕特也在電話中，我只是想問你，在你考慮這個問題時，這是否是遠程桌面上的事情？

Well, I'll be a little more generic. I think what I said is that our focus is on how do you deliver a predictable cadence of leadership products, preserve IDM advantages and invest in technology development and along the way, as a company, be much more open and engaging with the ecosystem to make sure we understand the inherent technologies that are out there and embrace technologies to the extent they might be better than what we have or not as critical in the determination of product performance differentiation. So that's a -- what we've characterized is just engaging with the ecosystem in a much more holistic way; and broadly speaking, that may mean sharing technologies that we have that they could use or leveraging technologies that others have developed that we can use as well.

好吧，我會更籠統一點。我認為我所說的是，我們的重點是如何提供可預測的領先產品節奏，保持 IDM 優勢並投資於技術開發，並且在此過程中，作為一家公司，要更加開放並與生態系統互動以使確保我們了解現有的固有技術，並在一定程度上接受技術，這些技術可能比我們擁有的技術更好或在確定產品性能差異方面不那麼重要。所以這就是我們所描述的只是以更全面的方式與生態系統互動；從廣義上講，這可能意味著共享我們擁有的他們可以使用的技術，或者利用其他人開發的我們也可以使用的技術。

So that's -- I just think it goes back to how do we take this wonderful business model called IDM where we co-optimize, design and manufacturing. We make all the money, and we control the supply chain. How do we evolve that very powerful business model in industry and an ecosystem that's made dramatic advancements over the last 10 years where we think we can be more open minded in engaging and leveraging those?

所以這就是 - 我只是認為這可以追溯到我們如何採用這種稱為 IDM 的出色商業模式，我們共同優化、設計和製造。我們賺了所有的錢，我們控制著供應鏈。我們如何發展在過去 10 年中取得巨大進步的行業中非常強大的商業模式和生態系統，我們認為我們可以更加開放地參與和利用這些模式？

And I would just add to that, that this will certainly be a topic that we'll discuss as I go forward with the company, also that, clearly, this ability to work more closely with the equipment suppliers, right, the CAD tool suppliers, other technology sources in the industry. We're committed to the IDM model. We're committed to leadership products but also innovation that fundamentally has us leading the industry on a consistent basis. And sometimes that may happen outside of the company. Sometimes it will be inside of the company, but we're committed to leading innovation and delivering the best products for our customers in every category that we participate in.

我想補充一點，這肯定是我們在與公司合作時將討論的話題，而且，很明顯，這種與設備供應商更密切合作的能力，對，CAD 工具供應商，業內其他技術來源。我們致力於 IDM 模型。我們致力於領先的產品，但也致力於從根本上使我們始終如一地引領行業的創新。有時這可能發生在公司之外。有時它會在公司內部，但我們致力於引領創新，為我們參與的每個類別的客戶提供最好的產品。

And Pat, I was going to give maybe a few minutes here at the end for you to frame out your priorities as we leave the call and just give you a few seconds to do that.

帕特，我打算在最後給你幾分鐘的時間，讓你在我們離開電話時確定你的優先事項，然後給你幾秒鐘的時間來做這件事。

Great. Thank you, Trey. And thanks again to Bob, and it really is incredible to come back home and have my dream job. And thank you, Bob, for being the vehicle to deliver that up to me.

偉大的。謝謝你，特雷。再次感謝鮑勃，回到家並擁有我夢寐以求的工作真是令人難以置信。謝謝你，鮑勃，把它交給我的工具。

Four areas that I touched on briefly in my formal comments that you'll see me focus on as I come into the company: One is great products, right, where we simply will be the leader in every category that we participate. You'll see me dive into details. We'll build out the partnerships with our customers, but we're going to deliver leadership products and have a development machine that consistently does that.

我在正式評論中簡要談到了四個領域，當我進入公司時，你會看到我關注的重點：一個是偉大的產品，對，我們將成為我們參與的每個類別的領導者。你會看到我深入細節。我們將與客戶建立合作夥伴關係，但我們將提供領先的產品並擁有始終如一的開發機器。

Then execution. Obviously, we have to regain the confidence of our customers that our supply chain is the best, that our road map is the best and that they can rely on us for their products and their strategies for the future.

然後執行。顯然，我們必須讓客戶重新相信我們的供應鍊是最好的，我們的路線圖是最好的，他們可以依靠我們的產品和未來的戰略。

Innovation. We're going to continue to be a source, a fountain, a continual delivery vehicle for the greatest innovations of the industry. We'll be doing that with the IDM model, 7 nanometers beyond, but continuing to find radical areas to innovate because the world is looking for more digital technology as more and more of every aspect of humanity is coming online and coming to the digital foundation that we uniquely build and deliver.

革新。我們將繼續成為行業最偉大創新的源泉、源泉和持續交付工具。我們將使用 7 納米以上的 IDM 模型來做到這一點，但繼續尋找激進的創新領域，因為隨著越來越多的人類各個方面上線並進入數字基礎，世界正在尋找更多的數字技術我們獨特地構建和交付。

And finally, culture. I was trained at the feet of Grove, and we will have the Grove-ian maniac execution, transparent, data-driven culture and rebuilding that as part of this company. And as we look across these areas, as I said, I'm convinced the best days for this company are in front of us, and this is a priority for Intel, a priority for the technology industry and our nation. And it is a sovereign duty, responsibility and opportunity for me to be taking on that role. Thank you all for joining us today.

最後，文化。我在格羅夫的腳下接受過培訓，我們將擁有格羅夫式的瘋狂執行力、透明、數據驅動的文化，並將其作為這家公司的一部分進行重建。正如我所說，當我們審視這些領域時，我相信這家公司最好的日子就在我們面前，這是英特爾的優先事項，也是科技行業和我們國家的優先事項。對我來說，擔任這個角色是一項主權義務、責任和機會。感謝大家今天加入我們。

Thanks, Pat, and thank you all for joining us. Operator, could you please go ahead and wrap up the call?

謝謝，帕特，謝謝大家加入我們。接線員，請您繼續結束通話好嗎？

Ladies and gentlemen, this concludes today's conference call. Thank you for participating. You may now disconnect.

女士們，先生們，今天的電話會議到此結束。感謝您的參與。您現在可以斷開連接。