英特爾 (INTC) 2022 Q1 法說會逐字稿

Good day, ladies and gentlemen, thank you for standing by, and welcome to Intel Corporation's First Quarter 2022 Earnings Conference Call. (Operator Instructions) After the speakers' presentation, there will be a question-and-answer session. (Operator Instructions) Please be advised that today's conference is being recorded.

女士們、先生們，美好的一天，感謝你們的耐心等待，歡迎參加英特爾公司 2022 年第一季財報電話會議。 （操作員說明） 演講者演講結束後，將進行問答環節。 （操作員指示）請注意，今天的會議正在錄製中。

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

現在我想將會議交給演講主持人、投資者關係副總裁 Tony Balow。請繼續。

Thank you, operator. Welcome to Intel's first 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. I'm joined today by our CEO, Pat Gelsinger; and our CFO, Dave Zinsner. In a moment, we'll have brief remarks from both of them, followed by Q&A.

謝謝你，接線生。歡迎參加英特爾第一季財報電話會議。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的副本。如果您還沒有收到這兩份文件，可以在我們的投資者網站 intc.com 上找到它們。對於那些在線加入我們的人來說，也可以在網路廣播視窗中觀看收益演示。今天我們的執行長 Pat Gelsinger 也加入了我的行列。以及我們的財務長戴夫‧津斯納 (Dave Zinsner)。稍後，我們將聽取他們兩位的簡短發言，然後進行問答。

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

在開始之前，讓我提醒大家，今天的討論包含基於我們目前所看到的環境的前瞻性陳述，因此，它確實包含風險和不確定性。請參閱我們的新聞稿，以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資​​訊。

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

簡單提醒一下，本季我們提供了公認會計原則和非公認會計原則財務指標。今天，我們在描述我們的綜合績效時將討論非公認會計原則財務指標。 intc.com 上提供的收益演示和收益發布包括完整的 GAAP 和非 GAAP 調整表。

With that, let me hand it over to Pat.

那麼，讓我把它交給帕特。

Thank you, Tony, and thank you for joining us today. Q1 was another solid quarter where we beat on the top line, exceeded our guidance on gross margin and EPS, and where we continue to execute on our long-term growth strategy to unlock a $1 trillion market opportunity. As we laid out at our recent Investor Day, our strategy is built around 4 key pillars. We will deliver leadership products anchored on open and secure platforms powered by at-scale manufacturing and supercharged by our people. In Q1, we made great progress in all of these areas, and we are continuing to hold our full year revenue outlook.

謝謝你，東尼，也謝謝你今天加入我們。第一季是另一個穩健的季度，我們的營收超出預期，超出了毛利率和每股盈餘的指導，我們繼續執行長期成長策略，以釋放 1 兆美元的市場機會。正如我們在最近的投資者日所闡述的那樣，我們的策略圍繞著 4 個關鍵支柱構建。我們將提供基於開放、安全平台的領先產品，該平台由大規模製造提供支持，並由我們的員工提供支援。第一季度，我們在所有這些領域都取得了巨大進展，我們繼續維持全年收入預期。

In our data center and AI group, we began shipping initial SKUs of Sapphire Rapids to select customers as planned. We also unveiled our expanded dual-track Xeon road map that strengthens our position in both per core performance and performance per watt for cloud and enterprise workloads. We launched our Arc A-Series GPUs for laptops, taking our first steps to give the graphics industry a much needed new addition. Mobileye demonstrated its Level 4 self-driving system in Jerusalem, a major milestone in preparation for its upcoming robotaxi services.

在我們的資料中心和人工智慧團隊中，我們開始按計劃向選定的客戶運送 Sapphire Rapids 的初始 SKU。我們也公佈了擴展的雙軌至強路線圖，加強了我們在雲端和企業工作負載的每核心效能和每瓦效能方面的地位。我們推出了適用於筆記型電腦的 Arc A 系列 GPU，邁出了為圖形行業提供急需的新產品的第一步。 Mobileye 在耶路撒冷展示了其 4 級自動駕駛系統，這是為其即將推出的機器人計程車服務做準備的一個重要里程碑。

We continue to add to our talent with strong industry leaders like Christoph Schell, who recently joined us from HP as our Chief Commercial Officer. And finally, we took another major step in creating a balanced semiconductor supply chain with the announcement of our plans for new investments in Europe. We also held the grand opening of our latest leading-edge factory in Oregon, including a new name for the campus, the Gordon Moore Park at Ronler Acres, which recognizes our founder and the site's unique contribution to driving Moore's Law.

我們不斷招募克里斯托夫·謝爾 (Christoph Schell) 等強大的行業領導者來擴充我們的人才，他最近從惠普加入我們，擔任我們的首席商務官。最後，我們宣布了在歐洲的新投資計劃，在創建平衡的半導體供應鏈方面又邁出了重要一步。我們還在俄勒岡州舉行了最新的領先工廠的盛大開幕儀式，包括為園區命名為位於 Ronler Acres 的戈登摩爾公園，以表彰我們的創始人以及該工廠對推動摩爾定律的獨特貢獻。

Q1 also marked a special moment for Intel as we announced our plans to further reduce our greenhouse gas emissions and develop more sustainable technology solutions, including using 100% renewable energy across our global operations by 2030 and achieving net zero greenhouse gas emissions in our global operations by 2040.

第一季對英特爾來說也是一個特殊的時刻，因為我們宣布了進一步減少溫室氣體排放並開發更永續技術解決方案的計劃，包括到2030 年在我們的全球營運中使用100% 可再生能源，並在我們的全球營運中實現溫室氣體淨零排放到2040年。

Overall, Q1 was a great start to the year as we continue to execute on the path to our long-term growth story. We still have a lot of work to do, but we are executing at a torrid pace, and I remain confident in our path forward.

總體而言，第一季是今年的一個良好開端，因為我們繼續執行我們的長期成長故事。我們還有很多工作要做，但我們正在以驚人的速度執行，我對我們的前進道路仍然充滿信心。

Before I get into specific updates for each of our business units, let me start with some observations of what we are seeing in the industry. I continue to believe we are just at the beginning of a long-term growth cycle across semiconductors. We continue to see some match set limitations in areas like Ethernet, some softening in low-end consumer PC and some inventory adjustments, as we discussed on our last call. But overall, the demand signals from customers continue to be robust in areas like enterprise, cloud, AI, graphics and networking.

在介紹我們每個業務部門的具體更新之前，讓我先對我們在行業中看到的情況進行一些觀察。我仍然相信我們正處於半導體長期成長週期的開始。正如我們在上次電話會議中所討論的那樣，我們繼續看到乙太網路等領域的一些匹配設定限制、低階消費 PC 的一些軟化以及一些庫存調整。但整體而言，客戶在企業、雲端、人工智慧、圖形和網路等領域的需求訊號仍然強勁。

Semiconductors are the fuel of innovation and transformation across a wide range of industries. In the supply chain, lockdowns in Shanghai and the war in Ukraine have demonstrated more than ever that the world needs more resilient and more geographically-balanced semiconductor manufacturing. The chip shortage costs the U.S. economy $240 billion last year and we expect the industry will continue to see challenges until at least 2024 in areas like foundry capacity and tool availability.

半導體是各行各業創新和轉型的動力。在供應鏈中，上海的封鎖和烏克蘭的戰爭比以往任何時候都更加表明，世界需要更具彈性和地理上更平衡的半導體製造。去年，晶片短缺對美國經濟造成了 2,400 億美元的損失，我們預計至少到 2024 年，該產業在代工產能和工具可用性等領域將繼續面臨挑戰。

As an IDM, we believe we are in a good position in the industry to manage through these constraints. In fact, Intel is rising to meet this challenge. Following our announcements in Arizona, New Mexico and Ohio, we recently announced a series of investments in Europe, spanning our existing operations as well as our new investments in France and Germany, the Silicon Junction. These investments position Intel to meet the future growth and represent a significant step toward our moonshot goal of having half the world's semiconductor manufacturing located in the U.S. and Europe.

作為 IDM，我們相信我們在行業中處於有利地位，可以克服這些限制。事實上，英特爾正在努力應對這項挑戰。繼我們在亞利桑那州、新墨西哥州和俄亥俄州發佈公告之後，我們最近宣布了在歐洲的一系列投資，涵蓋我們現有的業務以及在法國和德國 Silicon Junction 的新投資。這些投資使英特爾能夠滿足未來的成長，並代表我們朝著讓全球一半的半導體製造位於美國和歐洲的登月目標邁出了重要一步。

The pace at which we can reach this goal is dependent on the actions of the U.S. and other governments. America showed leadership when Congress passed the CHIPS Act, but the global situation has grown even more serious since then. The EU has been very aggressive in moving legislation forward to meet this challenge, and I recently testified before the Senate to highlight the critical need for the U.S. to fund the CHIPS Act. I continue to encourage Congress to fund this critical legislation and enable us to move faster towards making a balanced semiconductor supply chain a reality.

我們實現這一目標的速度取決於美國和其他國家政府的行動。美國在國會通過《CHIPS法案》時展現了領導力，但此後全球局勢變得更加嚴峻。歐盟一直非常積極地推動立法來應對這項挑戰，我最近在參議院作證時強調了美國為 CHIPS 法案提供資金的迫切需求。我繼續鼓勵國會資助這項關鍵立法，使我們能夠更快實現平衡的半導體供應鏈。

Turning now to Intel. We continue to make great progress on our plans to deliver 5 process nodes in 4 years. Intel 7 is ramping extremely well with Alder Lake and on Intel 4, Meteor Lake has now successfully booted Windows 12 and Linux. The speed at which the team was able to achieve this milestone is a significant sign of the health of both Meteor Lake and our Intel 4 process technology.

現在轉向英特爾。我們在 4 年內交付 5 個製程節點的計畫繼續取得重大進展。 Intel 7 與 Alder Lake 的配合非常好，在 Intel 4 上，Meteor Lake 現在已成功啟動 Windows 12 和 Linux。該團隊實現這一里程碑的速度是 Meteor Lake 和我們的 Intel 4 處理技術健康狀況的重要指標。

We plan to deliver several additional milestones in 2022, demonstrating our process technology development remains on track. This includes early Sierra Forest preproduction wafers on Intel 3, IP test wafers on Intel 28 and foundry customer test chips and initial IP shovels on Intel 18A. Simply put, we remain on and, in some places, ahead of schedule to deliver 5 nodes in 4 years.

我們計劃在 2022 年實現幾個額外的里程碑，證明我們的製程技術開發仍在正軌上。這包括早期 Sierra Forest 基於 Intel 3 的預生產晶圓、基於 Intel 28 的 IP 測試晶圓以及基於 Intel 18A 的代工客戶測試晶片和初始 IP 鏟。簡而言之，我們仍然在 4 年內交付 5 個節點，在某些地方甚至提前了。

Our manufacturing network continues to perform well in a challenging environment. For the first time in years, Intel fabs and our substrate supply are close to meeting our customers' demand. Using our IDM advantage, the team was able to remix almost 3 million units within lead time to meet changing demand signals. For example, we were able to partner with Meta to improve their Xeon supply and meet their needs. Finally, our supply chain resilience showed as our teams work tirelessly to mitigate any significant disruptions to our factory operations from the war in Ukraine, supplier shutdowns and COVID lockdowns in China.

我們的製造網絡在充滿挑戰的環境中繼續表現良好。多年來，英特爾晶圓廠和我們的基板供應首次接近滿足客戶的需求。利用我們的 IDM 優勢，該團隊能夠在交貨時間內重新混合近 300 萬個單位，以滿足不斷變化的需求訊號。例如，我們能夠與 Meta 合作，改善他們的 Xeon 供應並滿足他們的需求。最後，我們的供應鏈復原能力得到了體現，我們的團隊孜孜不倦地努力減輕烏克蘭戰爭、供應商關閉和中國新冠疫情封鎖對我們工廠營運造成的任何重大干擾。

Turning to our business groups. At our Investor Day, we laid out our long-term growth strategy centered around 6 distinct but highly complementary business units, a structure that provides investment flexibility, increased market resilience and enhanced transparency for investors. And in fact, we will report our results in this structure for the first time today.

轉向我們的業務團隊。在投資者日，我們制定了以 6 個不同但高度互補的業務部門為中心的長期成長策略，這一結構為投資者提供了投資靈活性、增強的市場彈性和透明度。事實上，我們今天將首次以這種結構報告我們的結果。

Our client group continues to deliver world-class platforms, positioning us to win share, grow ASP and win share of market. There is broad ecosystem agreement that the long-term PC market is sustainably larger going forward driven by PC density, refresh rates and increased penetration as the PC remains the essential tool for work, learn and play. We are seeing particular strength in gaming and in commercial PCs that is somewhat tempered by a slower consumer inflationary pressure and customer inventory management, which Dave will talk more to later.

我們的客戶群繼續提供世界級的平台，使我們能夠贏得份額、提高平均售價並贏得市場份額。廣泛的生態系統一致認為，由於 PC 仍然是工作、學習和娛樂的重要工具，因此在 PC 密度、刷新率和滲透率提高的推動下，長期 PC 市場將持續擴大。我們看到遊戲和商用個人電腦的特別優勢，但由於消費者通膨壓力放緩和客戶庫存管理而減弱，戴夫稍後將詳細討論這一點。

Our 12th gen Alder Lake family continues to ramp in Q1, and we have already shipped more than 15 million units. This family now has more than 250 designs planned this year from Acer, Asus, Dell, HP, Lenovo, LG, Samsung and others. And it includes the world's fastest desktop processor, the Core i9-1200KS (sic) [Core i9-12900KS]. Alder Lake will scale across every segment, including for businesses of all sizes with the launch of our latest vPro platform. vPro offers industry-leading manageability and security for business, including the first and only hardware-based ransomware detector with Intel Threat Detection. The strength of our client road map continues with Raptor Lake, where we are shipping both desktop and mobile samples to our customers today, and we plan to follow that with Meteor Lake in 2023.

我們的第 12 代 Alder Lake 系列在第一季持續成長，我們的出貨量已超過 1500 萬台。該系列今年計劃推出超過 250 款設計，來自宏碁、華碩、戴爾、惠普、聯想、LG、三星等公司。它包括世界上最快的桌面處理器 Core i9-1200KS（原文如此）[Core i9-12900KS]。隨著我們最新 vPro 平台的推出，Alder Lake 將擴展到各個細分市場，包括各種規模的企業。博銳為企業提供業界領先的可管理性和安全性，包括第一個也是唯一一個具有英特爾威脅偵測功能的基於硬體的勒索軟體偵測器。我們的客戶路線圖的優勢繼續體現在 Raptor Lake 上，我們今天正在向客戶提供桌面和行動樣品，我們計劃在 2023 年推出 Meteor Lake。

In data center, DCAI had strong year-on-year growth as customers continue to choose Intel. And as we continue to deliver increasing value and innovation, we are seeing strength in both hyperscaler and enterprise, and we expect the market to grow double digits going forward, driven by workloads like AI and security. Here, too, we are seeing ecosystem supply constraints, particularly in Ethernet that have limited end system shipments, which we expect to be a headwind through the year. Our third-generation Intel Scalable processor Ice Lake has now shipped almost 4 million units, and Amazon Web Services recently announced general availability of its EC2 I4i Instance designed for storage and I/O intensive workloads. This is the 48th AWS Instance powered by Ice Lake.

在資料中心方面，隨著客戶繼續選擇英特爾，DCAI年成長強勁。隨著我們繼續提供不斷增加的價值和創新，我們看到了超大規模和企業的實力，我們預計在人工智慧和安全等工作負載的推動下，市場未來將實現兩位數成長。在這裡，我們也看到了生態系統供應的限制，特別是在乙太網路領域，終端系統的出貨量有限，我們預計這將成為全年的阻力。我們的第三代英特爾可擴充處理器 Ice Lake 現已出貨近 400 萬台，Amazon Web Services 最近宣布全面推出專為儲存和 I/O 密集型工作負載而設計的 EC2 I4i 執行個體。這是由 Ice Lake 支援的第 48 個 AWS 實例。

I am also pleased to say that as committed, we began shipping initial SKUs of our fourth gen Intel Xeon Scalable processor, Sapphire Rapids, to select customers in Q1. These are the first of many SKUs for Sapphire Rapids with more due to ramp throughout the remainder of the year. We also unveiled our expanded dual-track Xeon road map using performance and efficient cores delivered in a common platform, maximizing customer investments and on the cadence they prefer. Our first-generation E-core Xeon will be Sierra Forest, which is designed to maximize performance per watt, providing high-density, ultraefficient compute for the cloud.

我還很高興地說，我們按照承諾，在第一季開始向部分客戶發貨第四代英特爾至強可擴展處理器 Sapphire Rapids 的初始 SKU。這些是 Sapphire Rapids 眾多 SKU 中的第一個，由於在今年剩餘時間內將陸續推出更多 SKU。我們還推出了擴展的雙軌至強路線圖，使用通用平台中提供的高性能和高效內核，最大限度地提高客戶投資並按照他們喜歡的節奏進行。我們的第一代 E-core Xeon 將是 Sierra Forest，它旨在最大限度地提高每瓦性能，為雲端提供高密度、超高效的運算。

For workloads that benefit from high performance per core and low latency like AI, we have our redefined Granite Rapids on Intel 3 with a new and improved P core. The strength of Intel Agilex and Stratix 10 FPGAs generated record revenue as we continue to win designs and ramp into key markets. Intel FPGA-based IPUs are deployed in volume at 5 of the top 6 cloud service providers, and we continue to win designs with comm service providers utilizing Intel's latest generation FPGAs and eASICs.

對於受益於每個核心的高效能和低延遲的工作負載（例如人工智慧），我們在 Intel 3 上重新定義了 Granite Rapids，並配備了新的和改進的 P 核心。隨著我們不斷贏得設計並進入關鍵市場，英特爾 Agilex 和 Stratix 10 FPGA 的實力創造了創紀錄的收入。基於英特爾 FPGA 的 IPU 已在 6 強雲端服務供應商中的 5 家中批量部署，並且我們繼續贏得利用英特爾最新一代 FPGA 和 eASIC 的通訊服務供應商的設計。

Our launch of the Habana Gaudi-based AWS EC2 DL1 Instance has shown end customers how they can reduce training costs by as much as 40% versus GPU-based instances. One of the early customers, Mobileye, is now using DL1 for training their object detection models. Gaudi 2 is already sampling the customers and demonstrating leadership performance versus competitive GPUs on multiple workloads. Finally, we continue to build our extensive data center software capabilities and recently announced the acquisition of Granulate. Granulate is a SaaS service that improves performance in cloud costs with its autonomous dynamic optimization service to unmodified customer workloads.

我們推出的基於 Habana Gaudi 的 AWS EC2 DL1 執行個體向最終客戶展示如何與基於 GPU 的執行個體相比將培訓成本降低多達 40%。 Mobileye 是早期客戶之一，現在正在使用 DL1 來訓練他們的物件偵測模型。 Gaudi 2 已經對客戶進行了採樣，並在多種工作負載上展示了與競爭對手 GPU 相比的領先效能。最後，我們繼續建立廣泛的資料中心軟體功能，並於最近宣布收購 Granulate。 Granulate 是一項 SaaS 服務，可透過針對未修改的客戶工作負載的自主動態最佳化服務來提高雲端成本效能。

The network and edge market continues to be strong with the transformation from proprietary fixed-function devices to fully programmable, software-defined infrastructure. Our Network and Edge Group is uniquely positioned to capitalize on this transition and had record revenue in Q1.

隨著從專有固定功能設備向完全可編程、軟體定義基礎設施的轉變，網路和邊緣市場持續強勁。我們的網路和邊緣集團處於獨特的地位，可以利用這一轉變，並在第一季創下了創紀錄的收入。

At Mobile World Congress, NEX launched our newest Xeon D processor, built specifically for software-defined infrastructure across the network and edge. Our latest Xeon D has more than 70 leading companies working on designs, including Cisco, Juniper Networks and Rakuten Symphony. We believe that in the network, O-RAN and vRAN have reached a tipping point as the preferred model of all future network deployments. Nearly all commercial deployments running today are using Xeon and our FlexRAN software. We have more than 10 engagements with major global operators that we expect to be in high-volume commercial deployment within the next 2 years.

在世界行動通訊大會上，NEX 推出了最新的 Xeon D 處理器，專為跨網路和邊緣的軟體定義基礎設施而建置。我們最新的至強 D 有 70 多家領先公司致力於設計，包括思科、瞻博網路和樂天交響樂。我們相信，在網路中，O-RAN和vRAN已經達到了一個臨界點，成為所有未來網路部署的首選模型。目前運行的幾乎所有商業部署都在使用 Xeon 和我們的 FlexRAN 軟體。我們與全球主要營運商開展了 10 多項合作，預計在未來 2 年內實現大量商業部署。

We also launched a new version of our OpenVINO software toolkit, with downloads growing 70% year-over-year. Built on the foundation of one API, OpenVINO has enabled hundreds of thousands of developers to dramatically accelerate performance on rapidly growing AI workloads at the edge, including Zeblok Computational who is using OpenVINO to deliver their Ai-MicroCloud solution to cities everywhere.

我們也推出了新版本的 OpenVINO 軟體工具包，下載量年增 70%。 OpenVINO 建立在一個 API 的基礎上，使數十萬開發人員能夠大幅提高邊緣快速增長的 AI 工作負載的效能，其中包括 Zeblok Computational，他正在使用 OpenVINO 向世界各地的城市提供 Ai-MicroCloud 解決方案。

Going forward, the scale out of 5G, the explosion of AI inferencing and the growth of low latency workloads will further drive the need for compute at the edge. They will eventually begin to shift compute from the cloud, making the edge the next wave of semiconductor growth. With a broad portfolio of hardware, software and deep ecosystem partnerships, NEX remains positioned to lead the transformation across the network and to win the edge.

展望未來，5G 的擴展、人工智慧推理的爆炸性增長以及低延遲工作負載的成長將進一步推動對邊緣運算的需求。他們最終將開始將運算從雲端轉移，使邊緣成為下一波半導體成長浪潮。憑藉廣泛的硬體、軟體組合和深厚的生態系統合作夥伴關係，NEX 仍然能夠引領整個網路的轉型並贏得優勢。

Moving to our emerging businesses. Our accelerated computing systems and graphics group builds on our installed base of CPUs, IP and software and leverages a thriving open ecosystem to disrupt a large and growing market. In Q1, AXG had strong growth and celebrated a major milestone with the official launch of the Intel Arc A-Series portfolio for laptops. Alchemist, the first of these products, has been shipping to customers since early Q1 with designs from Acer, Asus, Dell, HP, Lenovo, Samsung and others.

轉向我們的新興業務。我們的加速運算系統和圖形團隊建立在我們的 CPU、IP 和軟體安裝基礎上，並利用蓬勃發展的開放生態系統來顛覆龐大且不斷成長的市場。第一季度，AXG 實現了強勁成長，並慶祝了一個重要的里程碑，正式推出了適用於筆記型電腦的英特爾 Arc A 系列產品組合。 Alchemist 是這些產品中的首款產品，自第一季初以來一直向客戶發貨，採用宏碁、華碩、戴爾、惠普、聯想、三星等公司的設計。

The A-Series enables up to a 2x performance improvement in graphics versus integrated graphics and incorporates Intel Deep Link technology, which utilizes Intel integrated graphics to increase application performance by up to 30%. The first laptops with Intel Arc 3 GPUs are available now. These will be followed by even more powerful designs with Intel Arc 5 and Intel Arc 7, along with desktop and workstation offerings later this year.

與整合式顯示卡相比，A 系列的圖形效能提升高達 2 倍，並採用英特爾 Deep Link 技術，利用英特爾整合式顯示卡將應用程式效能提高高達 30%。首批配備 Intel Arc 3 GPU 的筆記型電腦現已上市。隨後將在今年稍後推出更強大的英特爾 Arc 5 和英特爾 Arc 7 設計，以及桌上型電腦和工作站產品。

In the data center, our flagship Ponte Vecchio GPU for high-performance computing and AI is sampling to customers. Ponte Vecchio, along with Sapphire Rapids with high-bandwidth memory, will power the 2 exaFLOP Aurora Supercomputer at Oregon National Laboratory. In addition, Arctic Sound, our general purpose data center GPU designed for industry-leading media graphics and AI inference capabilities, will be available in the second half of the year.

在資料中心，我們用於高效能運算和人工智慧的旗艦 Ponte Vecchio GPU 正在向客戶提供樣品。 Ponte Vecchio 與具有高頻寬記憶體的 Sapphire Rapids 將為俄勒岡國家實驗室的 2 exaFLOP Aurora 超級電腦提供動力。此外，Arctic Sound是我們專為業界領先的媒體圖形和AI推理能力而設計的通用資料中心GPU，將於今年下半年推出。

Finally, in Q1, we announced our intent to contribute to the development of blockchain technologies. Intel will help advance this technology in a responsible and sustainable way by developing energy-efficient computing technologies at scale. Blockscale, our first blockchain accelerator, is sampling today and will ship in production later this year. AXG remains on track to deliver over $1 billion in revenue this year.

最後，在第一季度，我們宣布了為區塊鏈技術的發展做出貢獻的意圖。英特爾將透過大規模開發節能計算技術，以負責任且永續的方式幫助推進這項技術。 Blockscale 是我們的第一個區塊鏈加速器，現已提供樣品，並將於今年稍後投入生產。 AXG 今年仍有望實現超過 10 億美元的營收。

Our Intel foundry services hit a $1 billion run rate for the first time as we continue to make progress towards being the trusted provider of foundry services. Our overall customer pipeline remains robust, and we now have more than 10 qualified opportunities in advanced stages of engagement across our process and package offerings that collectively represent a deal value of greater than $5 billion. We have over 30 test chips committed to Intel 16 this year, and we expect the first Intel 3 and Intel 18A customer test chips to tape out in the second half of 2022. Our work with our 5 target anchor customers is progressing well. We expect additional updates later this year.

隨著我們在成為值得信賴的代工服務提供者方面不斷取得進展，我們的英特爾代工服務運作率首次達到 10 億美元。我們的整體客戶管道仍然強勁，現在我們在整個流程和產品組合中擁有超過 10 個處於高級參與階段的合格機會，這些機會的總交易價值超過 50 億美元。今年我們有超過 30 個致力於英特爾 16 的測試晶片，預計第一批英特爾 3 和英特爾 18A 客戶測試晶片將於 2022 年下半年流片。我們預計今年晚些時候會有更多更新。

Finally, we have seen tremendous enthusiasm from customers for our acquisition of Tower. Tower shareholders recently approved the proposed acquisition. We have completed regulatory review in 2 jurisdictions outside the U.S. and hope to close the transaction as soon as possible. Building on its market leadership in ADAS and AV solutions, Mobileye Advanced system launches have continued, including the next-generation BMW 7 Series with the leading-edge combination of iQ5 and an 8-megapixel camera as well as BMW Highway Assistant, which enables hands-free driving on separated roadways up to 80 miles per hour.

最後，我們看到了客戶對我們收購Tower 的巨大熱情。 Tower股東最近批准了這項收購提案。我們已經完成了美國以外兩個司法管轄區的監管審查，希望盡快完成交易。憑藉其在 ADAS 和 AV 解決方案方面的市場領先地位，Mobileye Advanced 系統不斷推出，包括採用 iQ5 和 8 兆像素攝像頭的領先組合的下一代 BMW 7 系，以及可讓雙手- 在分開的道路上免費行駛，時速不超過80 英哩。

We also added Miami and Stuttgart to our global AV testing program, bringing the total number of places where we have tested AVs to 10 cities in 6 countries across 3 continents. Additionally, we recently showcased Mobileye's Level 4 self-driving system in action for the first time with a robotaxi navigating the streets of Jerusalem. Mobileye expects to launch its commercial robotaxi services in Munich and Tel Aviv by the end of 2022.

我們還將邁阿密和斯圖加特添加到我們的全球自動駕駛汽車測試計劃中，使我們測試自動駕駛汽車的地點總數達到了三大洲 6 個國家的 10 個城市。此外，我們最近首次展示了 Mobileye 的 4 級自動駕駛系統，機器人計程車在耶路撒冷的街道上行駛。 Mobileye 預計於 2022 年底在慕尼黑和特拉維夫推出商業機器人計程車服務。

And finally, we remain committed to unlocking shareholder value and are working on our plans to take Mobileye public in 2022. In March, we announced that we confidentially submitted a draft registration statement with the SEC. The IPO is proceeding smoothly, and we continue to make good progress as we work with the SEC to refine our Form S-1.

最後，我們仍然致力於釋放股東價值，並正在製定在 2022 年讓 Mobileye 上市的計劃。 IPO 進展順利，我們在與 SEC 合作完善 S-1 表格的過程中繼續取得良好進展。

Before turning it over to Dave, I wanted to close with a few thoughts. First, I look forward to hosting our customers, partners and analysts at our Intel Vision event in Dallas on May 10 and 11. This will be our second Intel ON series event dedicated to the future of business and technology.

在將其交給戴夫之前，我想以一些想法作為結束。首先，我期待在5 月10 日至11 日在達拉斯舉辦的英特爾願景活動中接待我們的客戶、合作夥伴和分析師。 。

Next, as I said at our Investor Day, we believe we have a tremendous growth story over the next several years. We're investing in innovation and embracing an open approach to compute platforms and manufacturing. We continue to add to our incredible pool of technical talent. And of course, we remain intensely focused on rebuilding our execution machine.

接下來，正如我在投資者日所說，我們相信未來幾年我們將迎來巨大的成長故事。我們正在投資創新並採用開放的計算平台和製造方法。我們不斷增加我們令人難以置信的技術人才庫。當然，我們仍然高度關注重建我們的執行機器。

Finally, we'll continue to highlight our progress in key operational milestones as we manage within the financial framework we laid out in February. I know I speak for over 120,000 Intel employees when I say that while we have work to do, our best days are ahead. With that, let me turn it over to Dave.

最後，我們將繼續強調我們在 2 月制定的財務框架內進行管理時在關鍵營運里程碑方面取得的進展。我知道，當我說雖然我們還有工作要做時，但我們最好的日子就在前面，我代表了超過 120,000 名英特爾員工。接下來，讓我把它交給戴夫。

Thanks, Pat, and good afternoon, everyone. Q1 was a solid quarter, exceeding revenue, gross margin percentage and EPS guidance despite continued ecosystem supply chain constraints, inflationary pressures and macroeconomic uncertainty. 3 of our 6 newly formed business segments, NEX, Mobileye and IFS, achieved record quarterly revenue.

謝謝帕特，大家下午好。儘管生態系供應鏈持續受到限制、通膨壓力和宏觀經濟不確定性，第一季仍表現穩健，營收、毛利率和每股盈餘均超出預期。我們新成立的 6 個業務部門中的 3 個——NEX、Mobileye 和 IFS——實現了創紀錄的季度收入。

Revenue was $18.4 billion, slightly exceeding our guidance, led primarily by broad-based strength in our NEX business. Gross margin for the quarter was 53%, exceeding our guidance by 100 basis points on improved manufacturing yields and lower factory costs. EPS was $0.87, $0.07 above our guide on higher gross profit and slightly lower operating expenses. Operational cash flow for the quarter was $5.9 billion, and we received an additional $4.6 billion from the McAfee equity sale. Total cash and investments increased by $9.7 billion in the quarter to $39 billion, driven by the NAND divestiture and McAfee sale. CapEx for the quarter was $4.6 billion.

收入為 184 億美元，略高於我們的指導，這主要得益於我們 NEX 業務的廣泛實力。由於製造產量提高和工廠成本降低，本季毛利率為 53%，比我們的預期高出 100 個基點。每股收益為 0.87 美元，比我們的指導值高出 0.07 美元，原因是毛利較高且營運費用略有下降。本季的營運現金流為 59 億美元，我們從 McAfee 股權出售中額外獲得了 46 億美元。在 NAND 剝離和 McAfee 出售的推動下，本季現金和投資總額增加了 97 億美元，達到 390 億美元。本季資本支出為 46 億美元。

Now turning to our newly formed business unit results. CCG revenue was $9.3 billion, down 13% year-over-year on ramp down of the Apple CPU and modem business, the expected OEM inventory burn we cited in our Q4 call as well as lower consumer and education demand. CPU ASPs were up greater than 25% year-over-year on richer mix and strong demand for our high-end mobile and desktop products across both our commercial and consumer segments. Operating profit was down 34% year-over-year on lower revenue, increased 10-nanometer and Intel 7 mix and increased spending to further strengthen our product and platform road map.

現在轉向我們新成立的業務部門的業績。 CCG 營收為 93 億美元，年減 13%，原因是蘋果 CPU 和調變解調器業務的下滑、我們在第四季電話會議中提到的預期 OEM 庫存消耗以及消費者和教育需求的下降。由於商業和消費領域的產品組合更加豐富以及對高階行動和桌面產品的強勁需求，CPU 平均售價較去年同期成長超過 25%。由於收入下降、增加 10 奈米和英特爾 7 組合以及增加支出以進一步加強我們的產品和平台路線圖，營業利潤同比下降 34%。

DCAI revenue was $6 billion, up 22% year-over-year on strong Xeon demand from both our hyperscale and enterprise customers. DCAI operating profit was flat year-over-year as increased revenue was offset by increased 10-nanometer mix, factory start-up charges and increased investments in our technology and product road map.

由於超大規模和企業客戶對 Xeon 的強勁需求，DCAI 營收為 60 億美元，較去年同期成長 22%。 DCAI 營業利潤與去年同期持平，因為收入的增加被 10 奈米組合的增加、工廠啟動費用以及對技術和產品路線圖的投資增加所抵消。

NEX achieved all-time record quarterly revenue of $2.2 billion, up 23% year-over-year on broad-based strength across the cloud, networking and niche product lines. Operating profit was $366 million, up 51% year-over-year on higher revenue, offset by increased investments. Mobileye achieved all-time record quarterly revenue of $394 million, up 11% sequentially and 5% in comparison to Q1 '21, which saw exceptionally strong auto production and pipeline rebuilding due to COVID-related recovery last year. Operating profit was $148 million, down 13% year-over-year on increased investment in next-generation products.

NEX 憑藉著雲端、網路和利基產品線的廣泛實力，實現了創紀錄的季度收入 22 億美元，年增 23%。營業利潤為 3.66 億美元，年增 51%，原因是收入增加，但被投資增加所抵銷。 Mobileye 實現了創紀錄的季度收入 3.94 億美元，環比增長 11%，與 21 年第一季相比增長 5%，去年由於新冠疫情相關的復甦，汽車生產和管道重建異常強勁。由於增加了對下一代產品的投資，營業利潤為 1.48 億美元，年減 13%。

AXG revenue was $219 million, up 21% year-over-year on the ramp of its supercompute and Alchemist discrete GPU products. Operating loss was $390 million versus an operating loss of $176 million in Q1 '21, with the increase driven by new product qualification reserves on our Alchemist and Arctic Sound products, production ramp charges and increased investment.

AXG 營收為 2.19 億美元，隨著其超級運算和 Alchemist 離散 GPU 產品的成長，年增 21%。營運虧損為 3.9 億美元，而 21 年第一季的營運虧損為 1.76 億美元，成長是由我們的 Alchemist 和 Arctic Sound 產品的新產品資格儲備、生產坡道費用和投資增加所推動的。

IFS revenue was $283 million, up 175% year-over-year on increased IMF tool shipments, increased automotive demand and initial revenue from Amazon and Cisco. Operating loss was $31 million, roughly flat year-over-year as revenue and gross margin increases were offset by increased investments to build out the custom foundry business.

由於 IMF 工具出貨量增加、汽車需求增加以及亞馬遜和思科的初始收入增加，IFS 收入為 2.83 億美元，年增 175%。營運虧損為 3,100 萬美元，與去年同期基本持平，因為收入和毛利率的成長被客製化代工業務的投資增加所抵消。

Moving to our full year and Q2 guidance. As Pat mentioned earlier, we continue to see strong end user demand for our products across each of our business units and we reaffirm our revenue guidance of $76 billion, as lower than previously expected PC revenue is offset by NEX growth and DCAI hyperscale customer strength. More specifically, in our PC business, we continue to see strong commercial demand, offset by low-end consumer and education softness and the impact of no longer shipping to customers in Russia and Belarus. Further, component supply constraints continue to be a challenge with the most recent COVID lockdowns in Shanghai, further increasing supply chain risks and contributing to inflationary pressures that are having a negative impact on PC TAM for the year.

轉向我們的全年和第二季度指導。正如帕特之前提到的，我們繼續看到每個業務部門的最終用戶對我們產品的強勁需求，並且我們重申760 億美元的收入指導，因為低於先前預期的PC 收入被NEX 增長和DCAI 超大規模客戶實力所抵銷。更具體地說，在我們的個人電腦業務中，我們繼續看到強勁的商業需求，但被低端消費者和教育疲軟以及不再向俄羅斯和白俄羅斯客戶發貨的影響所抵消。此外，由於上海最近因新冠肺炎疫情而實施封鎖，零件供應限制仍然是一個挑戰，進一步增加了供應鏈風險並加劇了通膨壓力，對今年的 PC TAM 產生了負面影響。

As a result, we're seeing OEMs continue to lower inventory levels to better match demand and align with other system components. We expect elements of this inventory burn to continue in Q2, subsiding in the second half of the year. Although these headwinds have reduced our CCG revenue forecast, we expect CCG revenue to increase in the second half of the year as a return to normal seasonality boost demand, OEM inventory burn subsides and the ramp of our leadership Alder Lake and Raptor Lake products position us to compete per share.

因此，我們看到 OEM 繼續降低庫存水平，以更好地滿足需求並與其他系統組件保持一致。我們預計庫存消耗將在第二季度繼續，並在下半年緩解。儘管這些不利因素降低了我們的CCG 收入預測，但我們預計，隨著正常季節性需求的恢復、OEM 庫存消耗的消退以及我們領先的Alder Lake 和Raptor Lake 產品的提升，CCG 收入將在今年下半年增加。

For DCAI, we also expect to see a stronger second half of the year as hyperscale customer demand remains robust, component supply improves and the ramp of Ice Lake and Sapphire Rapids increased competitiveness. For NEX, we expect the strength we saw in Q1 to continue with growth throughout the year, fueled by improving component supply, continued 5G ramp and transformation at the edge. For AXG, we continue to expect full year revenue greater than $1 billion, driven by the launch and ramp of the Alchemist, Arctic Sound-M, Ponte Vecchio and Blockscale products. Finally, we expect to see second half growth in each of our 2 remaining businesses, Mobileye and IFS, as they ramp new products and secure new customers.

對於 DCAI 來說，我們也預計下半年會表現強勁，因為超大規模客戶需求依然強勁、零件供應改善以及 Ice Lake 和 Sapphire Rapids 的成長增強了競爭力。對於 NEX，我們預計在組件供應改善、5G 持續提升和邊緣轉型的推動下，我們在第一季度看到的實力將在全年繼續增長。對於 AXG，我們繼續預計全年營收將超過 10 億美元，這主要得益於 Alchemist、Arctic Sound-M、Ponte Vecchio 和 Blockscale 產品的推出和升級。最後，我們預計下半年我們剩餘的兩家業務（Mobileye 和 IFS）都將實現成長，因為它們將推出新產品並爭取新客戶。

For gross margin, we're guiding 52%, in line with the 51% to 53% range previously communicated. Note that the inflationary environment creates a headwind that we are continuing to monitor, but we remain confident in our ability to mitigate the impact through continued cost reduction programs as well as increased pricing in certain segments of the business. For EPS, we're guiding $3.60, $0.10 higher than prior guide on the Q1 beat and a slightly improved tax rate of 12%. Finally, net CapEx guidance of $27 billion and moderately negative adjusted free cash flow for the year remain unchanged. We have made significant progress on our smart capital initiatives, and we'll continue to manage within the framework communicated at Investor Day.

對於毛利率，我們的指導值為 52%，與先前溝通的 51% 至 53% 範圍一致。請注意，通膨環境造成了我們正在繼續監控的逆風，但我們仍然相信我們有能力透過持續的成本削減計劃以及提高某些業務部門的定價來減輕影響。對於每股收益，我們的指導價為 3.60 美元，比之前第一季的指導價高出 0.10 美元，稅率略有提高，為 12%。最後，今年 270 億美元的淨資本支出指引和適度負調整的自由現金流保持不變。我們在智慧資本計畫方面取得了重大進展，我們將繼續在投資者日傳達的框架內進行管理。

Moving to Q2 guidance. For revenue, we're guiding $18 billion, down 2% sequentially on the short-term headwinds detailed earlier and the impact of an additional 14th week in Q1. For the lockdowns in Shanghai, we're estimating the impact to be relatively contained under the assumption that these restrictions are nearing an end. Even under a short lockdown, we anticipate it will take some time for the supply chain to normalize. And if the lockdowns persist or spread beyond Shanghai, we could see more material impacts to our outlook.

轉向第二季度指引。對於收入，我們預計收入為 180 億美元，由於先前詳述的短期不利因素以及第一季額外第 14 週的影響，環比下降 2%。對於上海的封鎖，我們估計，假設這些限制即將結束，其影響將相對受到控制。即使在短暫的封鎖下，我們預計供應鏈也需要一段時間才能正常化。如果封鎖持續或蔓延到上海以外的地區，我們可能會看到對我們的前景產生更多實質影響。

For gross margin, we're guiding 51%, down approximately 200 basis points sequentially on increased 10-nanometer and Intel 7 mix and Raptor Lake prequalification reserves. We had always expected Q2 gross margin to be at the low end of our range and with our full year guide of 52%, we expect gross margin to inflect upward in the second half of the year as revenue increases and inventory reserve sell-through. Finally, we're guiding a tax rate of 12% and EPS of $0.70, down $0.17 sequentially on lower gross profit and higher OpEx.

對於毛利率，我們的指導值為 51%，由於 10 奈米和 Intel 7 混合以及 Raptor Lake 預審儲備的增加，環比下降了約 200 個基點。我們一直預計第二季的毛利率將處於我們範圍的低端，而我們的全年指導值為 52%，我們預計隨著收入的增加和庫存儲備的銷售，毛利率將在下半年出現上升。最後，我們指導稅率為 12%，每股收益為 0.70 美元，由於毛利下降和營運支出增加，環比下降 0.17 美元。

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

接下來，讓我把它轉回托尼並回答你的問題。

All right. Thank you, Dave. Moving on now to the Q&A. (Operator Instructions)

好的。謝謝你，戴夫。現在進入問答環節。 （操作員說明）

Operator, please go ahead and introduce our first caller.

接線員，請介紹我們的第一個來電者。

And our first question coming from the line of Ross Seymore with Deutsche Bank.

我們的第一個問題來自德意志銀行的 Ross Seymore。

Pat, I just wanted to get a little bit more color on the inventory dynamic you're talking about. Your inventory is up internally, but you're talking about some of the inabilities to ship with match sets, et cetera, going forward. So can you guys just give a little more color on where the specific Intel inventory is versus a more generic inventory and shortage problem, specifically in the PC side of your business, it seems?

帕特，我只是想對你所說的庫存動態有更多了解。您的庫存在內部增加，但您正在談論一些無法與比賽套件一起發貨的問題，等等。那麼，你們能否就具體的英特爾庫存與更一般的庫存和短缺問題（特別是在你們業務的 PC 方面）相比，提供更多的資訊？

Yes. Thank you, Ross. And I'll just start out by saying, again, I'm really pleased with the execution of our team and what had plenty of turbulence in Q1, and to meet and beat in Q1 was really spectacular. Now on the inventory piece, we did talk about that we are building 10-nanometer inventory. We have new products that we're ramping into the marketplace. And we do see some of those will be reversals as we go into the latter part of the year as that inventory will start flowing through the product area. So we would say this is very typical management of new product ramps and specifically around Sapphire Rapids, Alder Lake. We'll start seeing Raptor Lake as well. So those will be the key areas that you'll see that inventory shift occurring.

是的。謝謝你，羅斯。首先我要再說一遍，我對我們團隊的執行力以及第一季的動盪感到非常滿意，在第一季的相遇和擊敗真的很壯觀。現在在庫存部分，我們確實談到了我們正在建立 10 奈米庫存。我們正在將新產品推向市場。當我們進入今年下半年時，我們確實看到其中一些將出現逆轉，因為庫存將開始流經產品領域。所以我們可以說，這是非常典型的新產品坡道管理，特別是在 Sapphire Rapids、Alder Lake 周圍。我們也將開始看到猛禽湖。因此，這些將是您將看到庫存轉移發生的關鍵領域。

Also, as we've indicated, we did see our customers' inventory burn down in Q1. We expect some of that to be in Q2 as well. But by the second half, we expect those adjustments and obviously the strength of second half outlook, we do expect much of that inventory burn to have finished in the first half and a strong second half as we're ramping our new products that will have much better performance feature, some of that with higher costs, but also coming with higher ASPs.

此外，正如我們所指出的，我們確實看到客戶的庫存在第一季被消耗。我們預計其中一些也會在第二季出現。但到了下半年，我們預計這些調整以及下半年前景的強勁，我們確實預計大部分庫存消耗將在上半年完成，下半年將強勁，因為我們正在推出新產品，這些產品將更好的性能特性，其中一些成本更高，但也帶來更高的ASP。

And our next question coming from the line of C.J. Muse with Evercore ISI.

我們的下一個問題來自 C.J. Muse 和 Evercore ISI。

Operator, why don't you go to the next caller? We'll come back to C.J. later.

接線生，為什麼不轉接下一個來電者？我們稍後再回到 C.J.。

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

我們的下一個問題來自伯恩斯坦研究中心的史黛西‧拉斯貢 (Stacy Rasgon)。

I know you held the full year, but I mean the first half is kind of coming in lower, so it does kind of imply that you're taking the second half probably up versus the prior expectations. But in that light, obviously, we've got PCs that maybe look like they're at risk. You talked about China shutdowns that if they last longer, that could bring risk. You talked about issues, I guess, with server builds that your customers that you said would persist.

我知道你持有全年業績，但我的意思是上半年的業績有所下降，所以這確實意味著你下半年的業績可能會高於之前的預期。但從這個角度來看，顯然我們的個人電腦看起來可能面臨風險。您談到中國的停工，如果持續時間更長，可能會帶來風險。我想，您談到了您所說的客戶將持續存在的伺服器建置問題。

I guess what gives you the confidence that things actually will be inflecting? And it looks like you're looking for kind of a hockey stick across all of your businesses in the second half to first? Like how do investors get confidence that that's after the way things are going to be playing out and that you've built enough conservatism in the guide? I guess, long story short, I'm asking why hold the annual guide back in the wake of all that?

我想是什麼讓你有信心事情實際上會改變？看起來您正在為下半年到上半年的所有業務尋找一種曲棍球棒？例如投資人如何獲得信心，相信這就是事態發展之後的結果，以及你在指南中建立了足夠的保守主義？我想，長話短說，我想問為什麼在這一切之後要推遲年度指南的發布呢？

Yes. Thank you, Stacy. And clearly, we overachieved in Q1, right? Q2, we were -- it's a little bit lighter, right? Given some of those, we've taken it down a bit, given some of those factors, but not substantially. This is very in line with what we expected. We were always forecasting a stronger second half of the year. And that's what gives us confidence. We have built into our year guide some room, right, for things to happen. Like any good company would we built some expectations that not everything goes right. And that's why we're very confident in reaffirming our overall yearly revenue guidance.

是的。謝謝你，史黛西。顯然，我們在第一季取得了超額的成績，對吧？ Q2，我們—它有點輕，對吧？考慮到其中一些因素，我們已經將其降低了一點，但幅度不大。這非常符合我們的預期。我們一直預測下半年會更強勁。這就是給我們信心的原因。我們在年度指南中建立了一些空間，對吧，讓事情發生。就像任何優秀的公司一樣，我們會建立一些期望，但並非一切都會順利。這就是為什麼我們非常有信心重申我們的整體年度收入指引。

Now let's tease apart some of the factors that give us that confidence. First, we'd say, hey, we see strong growth in our DCAI business. We see strong growth in our NEX business. And particularly those areas, those are long lead time businesses with our customers. We have strong views of the business expectations that we have. We do see strength in the enterprise and governance business. First half to second half, you always see the normal cyclicality of the client business. And particularly in the second half, we're going into a much stronger product line with Alder Lake and Raptor Lake and the reversal of inventories for Raptor Lake and Sapphire Rapids starting to hit there as well, which will be very nice to improve both operating -- gross margins as well as the revenue outlook.

現在讓我們來整理一下給予我們信心的一些因素。首先，我們會說，嘿，我們看到 DCAI 業務強勁成長。我們看到 NEX 業務強勁成長。尤其是那些領域，我們與客戶的業務交付週期較長。我們對我們的業務期望有強烈的看法。我們確實看到了企業和治理業務的實力。上半年到下半年，你總是看到客戶業務的正常週期性。特別是在下半年，我們將推出更強大的 Alder Lake 和 Raptor Lake 產品線，並且 Raptor Lake 和 Sapphire Rapids 的庫存逆轉也開始出現，這對於改善兩者的運營來說非常好——毛利率以及收入前景。

And then, right, we have an extraordinary set of products that were coming in the second half of the year. When you think about AXG, we have all of the discrete products ramping in addition to the mobile ones that we launched in Q1. We have our new GPU products with Arctic Sound. We have Ponte Vecchio ramping. We also have our blockchain products ramping. We have the new Xeon and NEX ramping. IFS is ramping. We see strength in our Mobileye business. So all of these give us confidence in the second half.

然後，我們在今年下半年推出了一系列非凡的產品。當您想到 AXG 時，除了我們在第一季推出的行動產品之外，我們還擁有所有離散產品。我們推出了具有 Arctic Sound 的新 GPU 產品。我們有老橋坡道。我們的區塊鏈產品也在不斷增加。我們有新的 Xeon 和 NEX 升級。 IFS 正在加速發展。我們看到了 Mobileye 業務的實力。這一切都讓我們對下半年充滿信心。

And this is very consistent with the outlook that we gave in our Investor Day. We were always expecting this to be the characteristic of first half and second half. And obviously, a small beat in Q1, a little bit of weakness in Q2 that we've accounted for these disruptions and strength in the second half. We are on track to do exactly what we said at the Investor Day, and we're building momentum to accomplish exactly that, with the great execution that we saw in the first quarter around products, around manufacturing, around dealing with supply chain challenges. This machine is building momentum. We're confident in our second half outlook.

這與我們在投資者日給出的前景非常一致。我們一直期待這成為上半場和下半場的特徵。顯然，第一季的小幅成長，第二季的一點疲軟，我們已經考慮到了下半年的這些幹擾和優勢。我們正在按照投資者日所說的去做，我們正在積蓄動力來實現這一目標，我們在第一季看到了圍繞產品、製造和應對供應鏈挑戰的出色執行力。這台機器正在蓄勢待發。我們對下半年的前景充滿信心。

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

我們的下一個問題來自 C.J. Muse 和 Evercore。

Apologies for the confusion earlier. I guess given the change in segments, would love to try to set the stage here for what expectations should look like for the big 3, CCG, DCAI and NEX into Q2. And then for all of 2022, if there's any way you can kind of help plus or minus to the relative growth rates that you're guiding to for both June and the full year.

對於之前造成的混亂表示歉意。我想考慮到細分市場的變化，我很樂意嘗試在這裡為 3 巨頭（CCG、DCAI 和 NEX）進入第二季度的預期奠定基礎。然後，對於 2022 年全年，是否有任何方法可以幫助增加或減少您為 6 月和全年制定的相對成長率。

Yes. Thanks, C.J. And overall, this is the first quarter we're giving clear updates against the 6 business units. Clearly, that means things like DCAI, we're pulling out the NEX business from what might have been counted for before as part of data center. And we're giving clear views of how those businesses are performing, respectively.

是的。謝謝 C.J. 總體而言，這是我們針對 6 個業務部門提供明確更新的第一季。顯然，這意味著像 DCAI 這樣的事情，我們正在將 NEX 業務從之前可能被視為資料中心一部分的業務中撤出。我們分別對這些業務的表現給出了清晰的看法。

Overall, what we said in the client business, we'll see the seasonality plus a bit in the client business because of the strength of the product line. In DCAI, we see growth through the second half of the year. And we had strong year-on-year growth in the data center and AI business in Q1. And NEX, we expect that we're growing faster than the market. This is a good business for us. We're uniquely well positioned, and we see the strength of the network and edge being an area of particular growth. We were well over 20% growth rate in that business in Q1. So -- well, I don't think we'll see those kind of growth rates for the rest of the year, but a very strong growth business.

總的來說，正如我們在客戶業務中所說的那樣，由於產品線的實力，我們將在客戶業務中看到季節性因素。在 DCAI 中，我們看到下半年的成長。第一季我們的資料中心和人工智慧業務較去年同期成長強勁。至於 NEX，我們預計我們的成長速度將快於市場。這對我們來說是一筆好生意。我們處於獨特的有利位置，我們看到網路和邊緣的優勢是一個特別增長的領域。第一季我們該業務的成長率遠超過 20%。所以，我認為今年剩餘時間我們不會看到這樣的成長率，但業務成長非常強勁。

But I'd also highlight that we are seeing the growth businesses, IFS, AXG and Mobileye being very strong growers for us, and they'll start more meaningfully as we go into the second half of the year, which is a little bit of the answer to Stacy's question before, solid growth across all of the business areas of the company, and we're starting to start seeing these new areas contribute in meaningful ways. So overall, affirming the second half of the year, seeing strength in all of the business areas, the product, the execution, all of them getting stronger.

但我還要強調的是，我們看到成長型業務，IFS、AXG 和 Mobileye 對我們來說都是非常強勁的成長者，當我們進入今年下半年時，它們將更有意義地開始，這有點史黛西之前提出的問題的答案是，公司所有業務領域都實現了穩健成長，我們開始看到這些新領域以有意義的方式做出了貢獻。總的來說，下半年是肯定的，看到所有業務領域、產品、執行力都變得更強。

Our next question coming from the line of Pierre Ferragu with New Street Research.

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

I'd like to focus on the 10-nanometer node and Intel 7. And maybe for you, Dave, first, you mentioned 100 basis points driven by improved yields. It's like really music to my ears, as you can imagine. And I'd love to see a bit more. Visibly, this came as a surprise. So what's happening there? And could we hope for like continued improved yields on Intel 7 driving some positive surprise on the gross margin? Or should we assume that this node has a very little room to improve?

我想專注於 10 奈米節點和 Intel 7。正如你可以想像的那樣，這對我來說就像真正的音樂。我很想看到更多。顯然，這讓人感到意外。那麼那裡發生了什麼事？我們能否希望英特爾 7 的產量持續提高，從而推動毛利率出現一些正面的驚喜？或者我們應該假設這個節點改進的空間很小？

And maybe for Pat on the same topic, Intel 7. I don't know if it reflects reality, but there is a lot of noise in the market about products ramping slowly, which is a cadence at which Sapphire Rapids is ramping. It seems a bit slow, a bit difficult. So my question in all candor is do these nodes, 10-nanometer and Intel 7, make it difficult to get to the market with products? Is that slowing the pace at which Intel can execute on the velocity of the road map? And should we expect things to go much, much faster when you move to Intel 4 and Intel 3?

也許對 Pat 來說，英特爾 7 是同一主題。看起來有點慢，有點困難。因此，我坦白地問，這些節點（10 奈米和 Intel 7）是否會導致產品難以進入市場？這是否會減慢英特爾執行路線圖的速度？當您轉向英特爾 4 和英特爾 3 時，我們是否應該期望事情會更快？

So I'll start, and then I'll ask Dave to jump in. So overall, as we said, our 5 nodes in 4 years, we're performing well. Intel 7 is ramping more rapidly than we would have expected. Intel 4, we updated that we have a Meteor Lake now powered on, which is our first product on Intel 4. Intel 3, we'll see the test wafers on that with our leadership products with Sierra Forest. In fact, just today, we taped out our first Granite Rapids compute die as well. We'll have the test wafers on 20A and 18A, which we expect to be a big foundry node as well. So I'll say, overall, the technology pipeline is doing tremendously well and really proud of our teams there.

所以我會開始，然後我會請戴夫介入。 Intel 7 的成長速度比我們預期的還要快。 Intel 4，我們更新說我們已經啟動了 Meteor Lake，這是我們在 Intel 4 上的第一個產品。事實上，就在今天，我們也流片出了我們的第一個 Granite Rapids 運算晶片。我們將在 20A 和 18A 上進行測試晶圓，我們預計這也將成為一個大型代工節點。所以我想說，總的來說，技術管道做得非常好，我們為我們的團隊感到非常自豪。

Intel 10, it's ramping very well. We're seeing good yields on that, as Dave reflected, which overall gives us good momentum. In terms of products, Alder Lake has been a star, and it's ramping comfortably ahead of our expectations there, which has reaffirmed the health of Intel 7. Sapphire Rapids that you called out, it was first PRQ this quarter, and many of the additional SKUs, PRQ in Q2 and the second half of the year, and that's why you might be getting some of that views of the more muted ramp there. But we delivered on exactly what we said. First quarter PRQs of Sapphire Rapids, and we'll see strength in that as we go through the rest of the year. Also, Ice Lake has ramped very nicely now for our 10-nanometer server part. So overall, the technology and the manufacturing machine are performing quite well and really bode well for our outlook for this year and the years to come.

Intel 10，它的效能提升非常好。正如戴夫所反映的那樣，我們看到了良好的收益，這總體上為我們帶來了良好的動力。在產品方面，Alder Lake 一直是一顆明星，它的成長遠遠超出了我們的預期，這再次證實了英特爾7 的健康狀況。還有許多其他產品第二季和下半年的 SKU、PRQ，這就是為什麼您可能會看到一些關於那裡的成長更加平靜的觀點。但我們確實兌現了我們所說的話。 Sapphire Rapids 第一季的 PRQ，我們將在今年剩餘的時間裡看到它的實力。此外，Ice Lake 現在對於我們的 10 奈米伺服器部分來說已經有了很好的提升。總的來說，科技和製造機器表現得相當好，這對我們今年和未來幾年的前景來說確實是個好兆頭。

So Dave, if you might add?

戴夫，你可以補充一下嗎？

Yes. So we had a good quarter in the first quarter in terms of yields. We are going to see a little bit of pressure on 10-nanometer in the second quarter. That's part of the reason we're seeing margins down to the low end of our stated range of 51%. But we do expect 10-nanometer to become a tailwind for us as costs improve through the back half of the year. And although Intel 7 is behind that, we're expecting the same from Intel 7.

是的。因此，就收益率而言，我們第一季的表現不錯。第二季我們將看到 10 奈米製程面臨一些壓力。這就是我們看到利潤率降至我們規定範圍 51% 的下限的部分原因。但我們確實預計，隨著今年下半年成本的改善，10 納米將成為我們的推動力。儘管英特爾 7 落後於此，但我們對英特爾 7 的期望也是如此。

Our next question coming from the line of Joseph Moore with Morgan Stanley.

我們的下一個問題來自摩根士丹利的約瑟夫摩爾。

Dave, I think I heard you say CPU ASPs and client were up 25% year-over-year. It's a pretty big number. Is that -- how much of that is -- if I heard that right, how much of that is mix shift away from things like Chromebooks? How much of that is success with new products like Alder Lake? Can you just give us a little bit more color on the delta there?

Dave，我想我聽你說過 CPU ASP 和客戶端比去年同期成長了 25%。這是一個相當大的數字。如果我沒聽錯的話，其中有多少是從 Chromebook 等產品中混合轉變的？其中有多少是 Alder Lake 這樣的新產品的成功？你能為我們提供更多有關三角洲的顏色嗎？

I mean a lot of it is obviously mix, either shifting away from consumer education and newer product ramps. But as I said in the prepared remarks, given the inflationary environment, we are looking for targeted price increases in certain segments. So that really hasn't shown up that much yet, but will be part of the story going forward through the year.

我的意思是，其中許多顯然是混合的，要么偏離消費者教育，要么轉向更新產品。但正如我在準備好的發言中所說，考慮到通膨環境，我們正在尋求某些細分市場的有針對性的價格上漲。所以這確實還沒有出現太多，但將成為今年故事的一部分。

Yes. And I'll just say, overall, the product line is healthy. We're seeing the mix shifts as you move to Alder Lake, Raptor Lake being very strong, Ice lake as well. We'll start to see Sapphire Rapids factor into that in the second half of the year. So overall, we're coming into a stronger product cycle, Joe, right, which just gives us more opportunity to, right, to deliver higher value to customers, remix the products to higher price points. But overall, just have a more competitive product line as we go compete for market share as well.

是的。我只想說，總的來說，產品線是健康的。當你搬到阿爾德湖時，我們看到混合變化，猛禽湖非常強大，冰湖也是如此。我們將在今年下半年開始看到藍寶石急流的影響。因此，總的來說，我們正在進入一個更強大的產品週期，喬，對，這給了我們更多的機會，對，為客戶提供更高的價值，將產品重新混合到更高的價格點。但總的來說，在我們爭奪市場份額的同時，也需要擁有更具競爭力的產品線。

Your next question coming from the line of Harlan Sur with JPMorgan.

你的下一個問題來自哈蘭·蘇爾與摩根大通的電話。

On Accelerated Computing and Graphics, client discrete GPU market is a pretty big market opportunity for Intel, right, $12 billion, $13 billion per year. So it looks like you guys started ramping your GPU into notebooks now. Your first gen product, the reviews look quite constructive. Is the team still on track to roll out desktop versions this quarter and still on track to ship 4 million-plus discrete GPUs this year? And then any feedback from customers or gaming developers will be helpful as well.

在加速運算和圖形方面，客戶端獨立GPU市場對英特爾來說是一個相當大的市場機會，對吧，每年120億美元、130億美元。所以看來你們現在已經開始將 GPU 擴展到筆記型電腦了。您的第一代產品，評論看起來很有建設性。該團隊是否仍有望在本季推出桌面版本，並預計今年出貨超過 400 萬顆獨立 GPU？來自客戶或遊戲開發商的任何反饋也會有所幫助。

Yes. Thank you, Harlan. And overall, AXG is on track. And we launched the mobile SKUs. We'll have the desktop SKUs coming in Q2. And we'll have more SKUs as we go through the year as well. We'll be filling out the product line. A lot of work, right, in qualifying games. And if you're a gamer, you know that there's just a lot of individual optimization work on some of the key titles. So that work is underway, working with our OEMs to populate their portfolios of products as well. So I'll say you're going to see more and more of that hitting the market, and we'll be filling out -- we have the 3 versions. We'll have the 5, 7 and 9 versions of the products coming out as we go build up that portfolio this year.

是的。謝謝你，哈倫。總體而言，AXG 正在步入正軌。我們還推出了行動 SKU。我們將在第二季推出桌面 SKU。隨著這一年的推移，我們也會有更多的 SKU。我們將充實產品線。在排位賽中，有很多工作要做，對吧。如果您是遊戲玩家，您就會知道一些關鍵遊戲需要進行大量的單獨優化工作。因此，這項工作正在進行中，與我們的原始設備製造商合作，以充實他們的產品組合。所以我想說，你會看到越來越多的產品進入市場，我們將不斷改進——我們有 3 個版本。今年我們將在建立該產品組合時推出產品的 5、7 和 9 版本。

And also, as I alluded to, AXG just has a boatload of products that is coming out across different segments, our high-performance computing products, our GPU products for data center, our blockchain of products. So in addition to the discrete graphics products, we have just a lot of products coming out of it. So overall, it's on track for the volume goals as well as for hitting the $1 billion revenue goal that we said at Investor Day as we go build, as we said, over the 5-year horizon to a $10-plus billion business.

而且，正如我所提到的，AXG 擁有大量跨不同領域的產品，我們的高效能運算產品、我們的資料中心 GPU 產品、我們的區塊鏈產品。因此，除了獨立顯示卡產品之外，我們還有很多產品。因此，總體而言，它正在實現銷售目標以及我們在投資者日上所說的 10 億美元收入目標，正如我們所說，我們將在 5 年內打造超過 10 億美元的業務。

We see this as a great opportunity for us. And we have some unfair advantages with technologies like Deep Link, where we really get to build on the strong robust installed base that we have, the many years of software work that we've built into the foundations of the PC platform. So these are reasons that we do think that we have a great opportunity to build a major new business for us and one that's -- we're coming from a very small place into a very large market, a great growth opportunity for Intel that we're executing on aggressively.

我們認為這對我們來說是一個很好的機會。我們在 Deep Link 等技術方面擁有一些不公平的優勢，在這些技術中，我們真正能夠建立在我們擁有的強大的安裝基礎上，我們在 PC 平台的基礎上建立了多年的軟體工作。因此，我們確實認為我們有一個很好的機會為我們建立一項重要的新業務，而且我們正在從一個非常小的地方進入一個非常大的市場，這對英特爾來說是一個巨大的成長機會。正在積極執行。

Your next question coming from the line of Vivek Arya with Bank of America.

你的下一個問題來自美國銀行的 Vivek Arya。

So the Q1 CapEx was about $4.6 billion, suggests a very big ramp in the back half to get to your $27 billion net CapEx target. We are hearing of a lot of constraints on equipment supply. I was hoping, Pat or Dave, if you could give us some color on the availability of tools and if there are any implications on your full year sales outlook because of the availability of tools?

因此，第一季的資本支出約為 46 億美元，這表明下半年將有很大的成長，以達到 270 億美元的淨資本支出目標。我們聽說設備供應受到許多限制。帕特或戴夫，我希望您能給我們一些有關工具可用性的信息，以及工具的可用性是否會對您的全年銷售前景產生任何影響？

Yes, I'll start with that one, and then Dave, you can add. Overall, CapEx is lumpy as we go through the year. And as such, we think overall that we'll still be on track to the overall CapEx target that we laid out. We are working very aggressively with the equipment companies. And we have deep, strong, long-term relationships there. And clearly, some of the '23 and '24 equipment goals are ones that we're working on aggressively right now, but we do feel comfortable that we have the supply chain lined up to meet our equipment objectives and really importantly, to meet the factory ramp cycles that we've laid out for the marketplace as we're opening up the new factories like we just announced. Our Oregon fab coming online. We have the next -- we're starting to take equipment now into our Ireland. We'll soon be doing that for our Israel fab ramp. We'll be groundbreaking on Ohio later this year. We'll be talking more about the German fab.

是的，我將從那個開始，然後戴夫，你可以添加。整體而言，今年的資本支出波動較大。因此，我們認為總體而言，我們仍將實現我們所製定的整體資本支出目標。我們正在與設備公司積極合作。我們在那裡擁有深厚、牢固、長期的關係。顯然，我們現在正在積極努力實現「23」和「24」的一些設備目標，但我們確實感到放心，我們的供應鏈可以滿足我們的設備目標，而且非常重要的是，滿足正如我們剛剛宣布的那樣，在開設新工廠時，我們為市場制定了工廠產能週期。我們的俄勒岡工廠即將上線。我們有下一個 - 我們現在開始將設備帶入我們的愛爾蘭。我們很快就會為我們的以色列晶圓廠坡道做到這一點。今年晚些時候，我們將在俄亥俄州取得突破性進展。我們將更多地討論德國晶圓廠。

So one by one, we're just executing on an aggressive build-out of our capital network, and really quite pleased with the relationship that we have with the equipment companies to make that possible. That said, there definitely is some pressure on the equipment supply chain. We're also working closely with the equipment vendors. Many of them use Intel FPGAs. So we're working closely to make sure that we prioritize that piece of the demand to support them in that requirement. Dave, anything else you'd add?

因此，我們正在一一積極地擴大我們的資本網絡，並且對我們與設備公司之間的關係非常滿意，使之成為可能。也就是說，設備供應鏈肯定存在一些壓力。我們也與設備供應商密切合作。其中許多使用英特爾 FPGA。因此，我們正在密切合作，以確保我們優先考慮該需求，以支持他們的需求。戴夫，你還有什麼要補充的嗎？

Yes. I would just add that we did expect this quarter to be a bit lower than the quarterly average for the year to get to the $27 billion. So it's not a complete surprise, although it was lumpy, as you said, and did come in a little bit lighter. But we feel good.

是的。我想補充一點，我們確實預計本季的營收將略低於當年的季度平均水平，達到 270 億美元。所以這並不是一個完全的驚喜，儘管它是凹凸不平的，正如你所說，而且確實輕了一點。但我們感覺很好。

I would say the other thing is that when you look at it, I think we feel confident about the $28 billion growth CapEx. The $27 billion net CapEx obviously assumes a $1 billion of capital offsets. And I'd say the early read, and of course, we're still early in the year, but looks quite good. So there's a potential we could actually do a bit better on the offset side, so that the net CapEx could potentially be a little bit [low].

我想說的另一件事是，當你看到它時，我認為我們對 280 億美元的成長資本支出充滿信心。 270 億美元的淨資本支出顯然假設有 10 億美元的資本抵銷。我想說的是早期閱讀，當然，我們還處於今年初期，但看起來相當不錯。因此，我們實際上有可能在抵銷方面做得更好一些，這樣淨資本支出可能會有點[低]。

Your next question coming from the line of Matt Ramsay with Cowen.

你的下一個問題來自馬特·拉姆齊（Matt Ramsay）和考恩（Cowen）的對話。

I wanted to ask a couple of questions on the DCAI segment. The revenue, I guess, went from $5 billion to $6 billion from last year, and you have operating margin down, I guess, 7 points. And I guess it's no surprise after some of the disclosures that we had last year. But maybe you could tease that apart a little bit mix between enterprise and cloud, were there big changes there? And I guess the real question, Pat, is what gets that margin moving in the right direction? Is it the move to Sapphire where you have multi-die products that might yield better? Is it revenue growth? I'm just trying to understand the drivers to turn around the operating margin in that segment as we go forward.

我想問幾個關於 DCAI 部分的問題。我猜，收入從去年的 50 億美元增加到了 60 億美元，營業利潤率下降了 7 個百分點。我想在我們去年披露了一些資訊之後，這並不奇怪。但也許你可以把企業和雲端之間的一點混合分開，那裡有很大的變化嗎？我想真正的問題是，帕特，是什麼讓利潤朝著正確的方向發展？是否會轉向藍寶石，在那裡您的多晶片產品可能會產生更好的產量？是收入成長嗎？我只是想了解在我們前進的過程中扭轉該細分市場營業利潤率的驅動因素。

Yes. And I'll start on that one. Overall, the DCAI performed a little bit better than we expected for Q1. So I'd say, overall, this is what we expected. The biggest factor on margins was the ramp of the 10-nanometer product line and the costs associated with that. So that was the biggest factor associated with it. As we're looking at that, there also was, I'll say, relative strength in the cloud piece of that business, the hyperscalers and the enterprise piece of the business was a little bit more constrained by match set. So we did see a little bit of that effect in Q1.

是的。我將從這一點開始。整體而言，DCAI 第一季的表現略優於我們的預期。所以我想說，總的來說，這是我們所期望的。影響利潤率的最大因素是 10 奈米產品線的成長以及與之相關的成本。所以這是與之相關的最大因素。當我們看到這一點時，我會說，該業務的雲端部分、超大規模和企業部分的相對優勢更受到匹配集的限制。所以我們確實在第一季看到了一些這種影響。

As we go through the rest of the year, we do see good outlooks on both the hyperscaler as well as on the enterprise and government side. We're working aggressively to solve the match set problems. So we are hopeful that we'll be able to do a bit better in that area if we are able to address some of the shortages that we've seen in areas like Ethernet. Obviously, as we go into the second half of the year, the product line gets stronger. As we see Sapphire Rapids ramp, we'll be launching products like Sapphire Rapids. HBM and the HPC segment will be ramping Ice Lake more aggressively with higher volumes as we go into the second half of the year. So all of those start moving the product line in the right direction and margins commensurately with it.

在今年剩下的時間裡，我們確實看到了超大規模以及企業和政府的良好前景。我們正在積極努力解決比賽設定問題。因此，如果我們能夠解決乙太網路等領域的一些短缺問題，我們希望能夠在該領域做得更好一些。顯然，隨著進入下半年，產品線變得更加強大。當我們看到 Sapphire Rapids 的成長時，我們將推出 Sapphire Rapids 等產品。進入今年下半年，HBM 和 HPC 領域將更積極地以更高的產量增加 Ice Lake。因此，所有這些都開始將產品線推向正確的方向，並相應地提高利潤率。

We also have gotten great response for the longer-term view of our segment and road map. And as we've laid out, we'll have both the efficient cores as well as the performance cores which better satisfy the market requirements. And I believe that will be a factor of better pricing as better -- as well as better margins over time because you're not trying to stretch one product across really 2 distinct segments of the marketplace and really having highly optimized products for both the hyperscaler as well as the broader enterprise requirements.

我們對我們的細分市場和路線圖的長期看法也得到了很好的回應。正如我們所規劃的，我們將同時擁有高效核心和性能核心，以更好地滿足市場需求。我相信，隨著時間的推移，這將是更好的定價以及更好的利潤的一個因素，因為你不會試圖將一種產品擴展到市場的兩個不同部分，並且真正為兩個超大規模提供者提供高度優化的產品以及更廣泛的企業需求。

So overall, we think that the strategy that we've laid out, we've gotten great response from our customers for it. And as I already indicated, we're executing as we set Sapphire Rapids' first PRQ this quarter, many more as we go through the rest of the year, and we'll be ramping that aggressively and seeing a good response from the customers. And I'd also say, particularly with Sapphire Rapids, every hyperscaler, every OEM has many SKUs lined up for this. This product will be extremely well respected, accepted and broadly deployed in the marketplace this year.

總的來說，我們認為我們制定的策略得到了客戶的熱烈回應。正如我已經指出的，我們正在執行本季度設定的 Sapphire Rapids 的第一個 PRQ，並在今年剩餘時間裡執行更多 PRQ，我們將積極推進這一計劃，並看到客戶的良好反應。我還想說，特別是對於 Sapphire Rapids，每個超大規模廠商、每個 OEM 都有許多 SKU 為此準備。該產品今年將在市場上受到極大的尊重、接受和廣泛部署。

Dave, anything else you would add?

戴夫，你還有什麼要補充的嗎？

I would just add, we set out a goal in the Investor Day for the company to have gross margins of 54% to 58% and call it, roughly 30% operating margins. And I think when we start to see the fruits of the investments we're making, both in terms of process technology that's weighing down on the COGS and the investments we're making in operating expense to build out the product portfolio and get to leadership, those things will start to show strong scale on the top line side. And so I would bet this business is accretive to our overall corporate average.

我想補充一點，我們在投資者日為公司設定了一個目標，即毛利率為 54% 至 58%，我們稱之為大約 30% 的營業利潤率。我認為，當我們開始看到我們所做投資的成果時，無論是在壓低銷貨成本的工藝技術方面，還是在我們為構建產品組合併取得領先地位而在運營費用方面進行的投資方面，這些事情將開始在營收方面顯示出強大的規模。因此，我敢打賭這項業務會提高我們公司的整體平均水平。

Your next question coming from the line of Timothy Arcuri with UBS.

您的下一個問題來自瑞銀集團的 Timothy Arcuri。

I had 2. I guess the first question is, TSMC is kind of pushing out the timing of the high-volume 3-nanometer EUV. And I guess the first question is sort of how that impacts your GPU and your CPU road map? And then I had a follow-up where really, Dave, I wanted to ask you on how you're going to account for subsidies. Are you going to account for those kind of in a contra account, so that as the depreciation ramps, you could offset some of that with that contra account coming from subsidies?

我有 2。我想第一個問題是這會如何影響您的 GPU 和 CPU 路線圖？然後我有一個後續行動，戴夫，我真的想問你將如何解釋補助。您是否要在備抵帳戶中考慮這些，以便隨著折舊的增加，您可以用來自補貼的備抵帳戶來抵銷其中的一部分？

Yes. And on the first part of it, clearly, the implications of foundry timing is something we have to work very carefully. And there is not just a question of the timing of a node, it's also the capacity of nodes. And with some of those changes that have been reported in the industry, we're just working through that with our product teams to make sure that we're aligning well to the availability of the foundry technologies.

是的。顯然，在第一部分中，我們必須非常仔細地研究代工時機的影響。這不僅是節點的時間問題，還有節點的容量問題。對於業界報告的一些變化，我們只是與我們的產品團隊一起解決這些變化，以確保我們能夠很好地適應代工技術的可用性。

But I would say that our IDM model just gives us fundamentally an advantaged business model here, where given the majority of our volumes are internal, we are able to balance between what we use externally for wafers and what we use internally for wafers. And thus, we're able to do a much better job satisfying our customers and having a more competitive product line.

但我想說的是，我們的IDM 模式從根本上為我們提供了一種有利的商業模式，考慮到我們的大部分產量都是內部的，我們能夠在外部用於晶圓的材料和內部用於晶圓的材料之間取得平衡。因此，我們能夠更好地滿足客戶需求並擁有更具競爭力的產品線。

I'd also again add, Tim, that our execution of our 5 nodes in 4 years on or ahead of schedule across it. This just reinforces the competitiveness that we've described where we do see ourselves coming back to a position of unquestioned process technology leadership, and we're building out the manufacturing capacity at scale to deliver that to our customers. So IDM 2.0, well leveraging the foundries, but even more importantly, building leadership technologies with that scale manufacturing to deliver the most robust product line in the industry. So Dave?

提姆，我還要再補充一點，我們在 4 年內按計畫或提前執行了 5 個節點。這只是增強了我們所描述的競爭力，我們確實看到自己回到了無可爭議的工藝技術領先地位，並且我們正在大規模建設製造能力，以將其交付給我們的客戶。因此，IDM 2.0 充分利用了代工廠，但更重要的是，透過大規模製造來建構領先技術，以提供業界最強大的產品線。那麼戴夫？

Yes, sure. So it somewhat depends on the -- which capital offset you're talking about. The grant are usually aligned with a certain set of assets. And so they are contra and they get depreciated over the same life cycle of the asset. Things like (inaudible) we talked about is a bit more of a financing arrangement. So it doesn't necessarily have an impact on the P&L, but it will be shown on the capital statement as a capital offset, like a partner contribution that will reduce our -- the cash flow burn we have.

是的，當然。因此，這在某種程度上取決於您所談論的資本抵消。贈款通常與一組特定資產相關。因此，它們是相反的，並且在資產的相同生命週期內會折舊。我們談論的（聽不清楚）之類的事情更像是一種融資安排。因此，它不一定會對損益表產生影響，但它會在資本報表中顯示為資本抵消，就像合作夥伴的貢獻一樣，這將減少我們的現金流消耗。

Prepays are handled more or less like they show up as an asset on the balance sheet. And as you ship products, you reduce that account. So it's somewhat dependent on which one we're talking about. But the one I think that you're talking about is the government incentives, and yes, you're right there, they're contra accounts. They're on the contra.

預付款的處理或多或少就像它們在資產負債表上顯示為資產一樣。當您運送產品時，您就會減少該帳戶。所以這在某種程度上取決於我們談論的是哪一個。但我認為你談論的是政府激勵措施，是的，你說得對，它們是備抵帳戶。他們是對立面。

Your next question coming from the line of Tristan Gerra with Baird.

你的下一個問題來自 Tristan Gerra 和 Baird 的線路。

How should we look at your discrete GPU platform in terms of expanding that beyond just consumer? And if you could talk about the software ecosystem that you might be building around to encourage adoption.

我們應該如何看待您的獨立 GPU 平台，並將其擴展到消費者之外？如果您能談談您可能正在建立的軟體生態系統以鼓勵採用。

Yes. Thank you. And the answer is yes, we're going to be delivering the GPU products first for mobile, as we said, next for desktop. It will be game-centric as we're bringing them out of the marketplace. But we're also going to have a full lineup and we see actually some very unique advantages as we think about media, some of the professional developers where we're already demonstrating radically advantaged positions like on some of the advanced graphics and media artist product lines.

是的。謝謝。答案是肯定的，正如我們所說，我們將首先為行動裝置提供 GPU 產品，然後再為桌面裝置提供 GPU 產品。當我們將它們帶出市場時，它將以遊戲為中心。但我們也將擁有完整的陣容，當我們考慮媒體時，我們實際上看到了一些非常獨特的優勢，一些專業開發人員我們已經在一些先進的圖形和媒體藝術家產品上展示了根本性的優勢地位線。

So these will be areas of strength, particularly when we bring our Arctic Sound product into the marketplace later this year. This will be well optimized for GPU environments and particularly will be strong in areas like encoding and media processing as well that if you think about cloud, you can certainly think about AI and training workloads, but many clouds are actually spending far more time on transcoding and media operations. So that will be an area of unique strength of our Arctic Sound product line.

因此，這些將是我們的優勢領域，特別是當我們在今年稍後將 Arctic Sound 產品推向市場時。這將針對GPU 環境進行很好的優化，尤其是在編碼和媒體處理等領域，如果您考慮雲，當然可以考慮人工智慧和訓練工作負載，但許多雲端實際上在轉碼上花費了更多的時間和媒體運作。因此，這將是我們 Arctic Sound 產品線的獨特優勢領域。

So -- and if you think about that taken together, we'll be competing in the integrated graphics, the discrete graphics, the GPU business. The high-performance computing business will really be leveraging that technology across the entire space of the market. And that's part of the reason that we're very encouraged by our ability to ramp this into a very significant business for Intel, and one where we have a lot of advantages to build upon.

所以，如果你綜合考慮一下，我們將在整合顯示卡、獨立顯示卡和 GPU 業務上競爭。高效能運算業務將真正在整個市場領域利用該技術。這就是我們對能夠將其發展成為英特爾非常重要的業務的能力感到非常鼓舞的部分原因，並且我們在這項業務上擁有許多優勢。

And our last question coming from the line of Srini Pajjuri with SMBC.

我們的最後一個問題來自 SMBC 的 Srini Pajjuri。

Pat, I want to go back to the Sapphire Rapids ramp. Can you talk about how the ecosystem is coming together given that this is a new platform, especially in DDR5 and PCIe 5.0, et cetera? My question -- the real question is I just want to understand what your expectation for the ramp is versus the previous generations. Do you think this is going to be faster ramp versus Ice Lake? Or this is going to be a slower ramp? And also, when do you expect we'll see a public cloud instance based on Sapphire Rapids?

派特，我想回到藍寶石急流坡道。鑑於這是一個新平台，您能否談談生態系統是如何整合在一起的，特別是在 DDR5 和 PCIe 5.0 等領域？我的問題 - 真正的問題是我只是想了解與前幾代產品相比，您對斜坡的期望是什麼。您認為這會比 Ice Lake 更快嗎？或者這將是一個較慢的斜坡？另外，您預計我們什麼時候會看到基於 Sapphire Rapids 的公有雲實例？

Yes. Great question, Srini. And clearly, one of the things that Intel as the market leader, right, the volume leader, it is this ability to ramp key new technologies. And with the Sapphire platform comes DDR5. And if we were talking 90 days ago, we were fighting through some challenges on DDR5 with the memory suppliers and really working on debugging those interfaces. We now feel very confident that multiple suppliers are now qualified. We're seeing good momentum from the memory partners in this area. They're ramping up their supply chains for the Sapphire platform, right? It's really that one that brings a major new memory technology into the marketplace and really reinforces Intel as the leader in data center and server market.

是的。好問題，斯里尼。顯然，英特爾作為市場領導者（沒錯，銷售領導者）的優勢之一就是提升關鍵新技術的能力。藍寶石平台配備了 DDR5。如果我們談論的是 90 天前，我們正在與記憶體供應商一起解決 DDR5 上的一些挑戰，並真正致力於調試這些介面。我們現在非常有信心，多個供應商現在都符合資格。我們看到記憶體合作夥伴在這一領域的良好勢頭。他們正在加強藍寶石平台的供應鏈，對嗎？正是這項技術將一項重要的新型記憶體技術帶入市場，並真正鞏固了英特爾在資料中心和伺服器市場的領導者地位。

Overall, we're modeling very carefully, your exact question about looking at this versus the Ice Lake ramp. And our objective is to ramp this platform meaningfully faster than we did the Ice Lake platform. We're doing a lot of work for the software stack, the validation of that, making sure that we've really worked through all of the early sitings that customers would have, driving down the defect rates in the platform that our customers can ramp this at volume. And as I already indicated, we're seeing a tremendous amount of SKUs and instance types across all of the OEMs as well as all of the hyperscalers in the marketplace, and we're looking forward to those being broadly available in the second half of the year.

總的來說，我們正在非常仔細地建模，您關於查看此與冰湖坡道的確切問題。我們的目標是讓這個平台的提升速度比 Ice Lake 平台更快。我們正在為軟體堆疊做大量工作，對其進行驗證，確保我們真正完成了客戶可能擁有的所有早期站點，從而降低了客戶可以提升的平台中的缺陷率這個音量。正如我已經指出的，我們在所有 OEM 以及市場上的所有超大規模提供者中看到了大量的 SKU 和實例類型，我們期待這些產品在下半年得到廣泛應用。

As we -- and I think then maybe just wrapping up the call today, we're grateful for all of you joining us the opportunity to update you on the business. It's great that we start the year with a beat. We are looking at the momentum of the execution machine of Intel seeing solid progress. So 5 nodes in 4 years, Alder Lake, Sapphire Rapids, Arc launch, increasing momentum with our customers. We remain true to this building out of a geographically balanced and more resilient supply chain. And there's just lots of good things in flight that gives us confidence, not only in Q2 but to reaffirm our guidance for the year.

當我們—我想也許今天剛結束電話會議時，我們感謝大家加入我們，有機會向您介紹業務最新情況。很高興我們以節奏開始新的一年。我們正在關注英特爾執行機的發展勢頭，看到了紮實的進展。因此，4 年內 5 個節點，Alder Lake、Sapphire Rapids、Arc 的推出，與我們的客戶的勢頭不斷增強。我們仍然致力於建立地理平衡且更具彈性的供應鏈。正在發生的許多好事給了我們信心，不僅是在第二季度，而且重申了我們對今年的指導。

And our leadership team, we're fired up, and we believe that this is the greatest turnaround story in history, and it's my honor as the CEO of this great company to be able to be part of this leadership team. So thank you all for joining us today.

我們的領導團隊充滿熱情，我們相信這是歷史上最偉大的轉變故事，作為這家偉大公司的首席執行官，我很榮幸能夠成為這個領導團隊的一員。感謝大家今天加入我們。

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

好的。謝謝你，帕特，也謝謝你今天加入我們。接線員，可以掛斷電話嗎？

Ladies and gentlemen, that does conclude our conference for today. Thank you for your participation. You may now disconnect.

女士們、先生們，今天的會議到此結束。感謝您的參與。您現在可以斷開連線。