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，感謝您的支持，歡迎參加英特爾公司 2022 年第一季度收益電話會議。 （操作員說明）在演講者的介紹之後，將有一個問答環節。 （操作員說明）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.

我現在想將會議轉交給您的演講主持人，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，接線員。歡迎參加英特爾第一季度財報電話會議。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。今天，我們的首席執行官 Pat Gelsinger 加入了我的行列；和我們的首席財務官戴夫·津斯納。稍後，我們將聽取他們兩人的簡短評論，然後進行問答。

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

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

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

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

With that, let me hand it over to Pat.

有了這個，讓我把它交給帕特。

Thank you, Tony, and 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，托尼，謝謝你今天加入我們。第一季度是另一個穩健的季度，我們的收入超過了我們對毛利率和每股收益的指導，並且我們繼續執行我們的長期增長戰略以釋放 1 萬億美元的市場機會。正如我們在最近的投資者日中所述，我們的戰略圍繞 4 個關鍵支柱建立。我們將提供基於開放和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持。在第一季度，我們在所有這些領域都取得了長足的進步，我們將繼續保持全年收入前景。

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.

在我們的數據中心和 AI 小組中，我們開始按計劃向選定的客戶運送 Sapphire Rapids 的初始 SKU。我們還公佈了擴展的雙軌至強路線圖，鞏固了我們在雲和企業工作負載的每核心性能和每瓦性能方面的地位。我們推出了適用於筆記本電腦的 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，這是為即將推出的機器人出租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.

我們將繼續通過 Christoph Schell 等強大的行業領導者來增加我們的人才，他最近從惠普加入我們，擔任我們的首席商務官。最後，隨著我們宣佈在歐洲進行新投資的計劃，我們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我們最新的領先工廠的盛大開業典禮，其中包括校園的新名稱，即位於 Ronler Acres 的 Gordon Moore 公園，這是對我們的創始人和該工廠對推動摩爾定律的獨特貢獻的認可。

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.

第一季度對英特爾來說也是一個特殊的時刻，我們宣布了進一步減少溫室氣體排放和開發更可持續技術解決方案的計劃，包括到 2030 年在我們的全球運營中使用 100% 可再生能源，並在我們的全球運營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，第一季度是今年的一個良好開端，因為我們將繼續執行我們的長期增長故事。我們還有很多工作要做，但我們正在以驚人的速度執行，我對我們前進的道路仍然充滿信心。

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.

在我了解我們每個業務部門的具體更新之前，讓我先從對我們在行業中看到的一些觀察開始。我仍然相信我們正處於半導體長期增長周期的開始。正如我們在上次電話會議上討論的那樣，我們繼續看到以太網等領域的一些匹配限制、低端消費 PC 的一些軟化和一些庫存調整。但總體而言，來自客戶的需求信號在企業、雲、人工智能、圖形和網絡等領域仍然強勁。

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燃料。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域更平衡的半導體製造。去年芯片短缺給美國經濟造成了 2400 億美元的損失，我們預計該行業將繼續面臨挑戰，至少到 2024 年，在代工產能和工具可用性等領域。

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，英特爾正在奮起迎接這一挑戰。繼我們在亞利桑那州、新墨西哥州和俄亥俄州的公告之後，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我們在法國和德國的新投資，即 Silicon Junction。這些投資使英特爾能夠滿足未來的增長，並代表我們朝著將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的一步。

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政府的行動。美國在國會通過 CHIPS 法案時表現出了領導力，但自那以後全球形勢變得更加嚴峻。歐盟在推動立法以應對這一挑戰方面一直非常積極，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要。我繼續鼓勵國會為這項關鍵立法提供資金，使我們能夠更快地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。我們繼續在 4 年內交付 5 個流程節點的計劃上取得重大進展。英特爾 7 與 Alder Lake 配合得非常好，在英特爾 4 上，Meteor Lake 現在已成功啟動 Windows 12 和 Linux。團隊能夠實現這一里程碑的速度是 Meteor Lake 和我們的英特爾 4 工藝技術健康的重要標誌。

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，表明我們的工藝技術開發仍在正常進行。這包括英特爾 3 上的早期 Sierra Forest 預生產晶圓、英特爾 28 上的 IP 測試晶圓以及代工廠客戶測試芯片和英特爾 18A 上的初始 IP 鏟子。簡而言之，我們繼續並在某些地方提前在 4 年內交付 5 個節點。

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信號。例如，我們能夠與 Meta 合作以改善他們的 Xeon 供應並滿足他們的需求。最後，我們的供應鏈彈性表現出來，因為我們的團隊不知疲倦地努力減輕烏克蘭戰爭、供應商關閉和中國 COVID 封鎖對我們工廠運營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.

轉向我們的業務組。在我們的投資者日，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增長戰略，這種結構為投資者提供了投資靈活性、增強的市場彈性和增強的透明度。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一流的平台，使我們能夠贏得份額、提高 ASP 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，PC 密度、刷新率和滲透率的提高推動了長期 PC 市場的可持續發展。我們在遊戲和商用 PC 中看到了特別的優勢，這在一定程度上受到了消費者通脹壓力和客戶庫存管理放緩的影響，戴夫稍後將對此進行更多討論。

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 系列在第一季度繼續增長，我們已經出貨超過 1500 萬台。該系列今年計劃推出 250 多種設計，來自宏碁、華碩、戴爾、惠普、聯想、LG、三星等。它還包括世界上最快的台式機處理器 Core i9-1200KS (sic) [Core i9-12900KS]。隨著我們最新的 vPro 平台的推出，Alder Lake 將擴展到各個領域，包括各種規模的企業。 vPro 為企業提供行業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檢測功能的基於硬件的勒索軟件檢測器。我們的客戶路線圖的優勢在 Raptor Lake 上得到延續，我們今天向客戶提供桌面和移動樣本，我們計劃在 2023 年通過 Meteor Lake 跟進。

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.

在數據中心，隨著客戶繼續選擇英特爾，DCAI 同比增長強勁。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，我們預計市場將在人工智能和安全等工作負載的推動下實現兩位數的增長。在這裡，我們也看到了生態系統供應的限制，特別是在終端系統出貨量有限的以太網領域，我們預計這將成為全年的逆風。我們的第三代英特爾可擴展處理器 Ice Lake 現已出貨近 400 萬台，亞馬遜網絡服務最近宣布其 EC2 I4i 實例全面上市，專為存儲和 I/O 密集型工作負載而設計。這是第 48 個由 Ice Lake 提供支持的 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.

我也很高興地說，按照承諾，我們在第一季度開始向選定的客戶提供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 的眾多 SKU 中的第一個，由於在今年剩餘時間裡將增加更多 SKU。我們還公佈了擴展的雙軌至強路線圖，使用在一個通用平台中交付的性能和高效內核，最大限度地提高客戶投資和他們喜歡的節奏。我們的第一代 E-core Xeon 將是 Sierra Forest，旨在最大限度地提高每瓦性能，為雲提供高密度、超高效的計算。

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.

對於受益於每核高性能和低延遲的工作負載（如 AI），我們在 Intel 3 上重新定義了 Granite Rapids，並配備了新的改進的 P 核。隨著我們繼續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 大雲服務提供商中的 5 家大量部署，我們繼續贏得使用英特爾最新一代 FPGA 和 eASIC 的通信服務提供商的設計。

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 實例向最終客戶展示了與基於 GPU 的實例相比，他們如何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 來訓練他們的對象檢測模型。 Gaudi 2 已經在對客戶進行採樣，並在多個工作負載上展示了與競爭 GPU 相比的領先性能。最後，我們繼續構建我們廣泛的數據中心軟件功能，最近宣布收購 Granulate。 Granulate 是一項 SaaS 服務，它通過針對未修改的客戶工作負載的自主動態優化服務來提高云成本的性能。

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.

隨著從專有的固定功能設備向完全可編程的軟件定義基礎設施的轉變，網絡和邊緣市場繼續保持強勁勢頭。我們的網絡和邊緣部門具有獨特的優勢，可以利用這一轉變，並在第一季度創造了創紀錄的收入。

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.

在世界移動通信大會上，NEX 推出了我們最新的 Xeon D 處理器，專為跨網絡和邊緣的軟件定義基礎設施而構建。我們最新的 Xeon D 擁有 70 多家從事設計工作的領先公司，包括 Cisco、Juniper Networks 和 Rakuten Symphony。我們認為，在網絡中，O-RAN 和 vRAN 已經達到了一個臨界點，成為未來所有網絡部署的首選模型。目前運行的幾乎所有商業部署都使用 Xeon 和我們的 FlexRAN 軟件。我們與全球主要運營商有超過 10 次合作，我們預計這些合作將在未來 2 年內進行大規模的商業部署。

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.

我們還推出了新版本的 OpenVINO 軟件工具包，下載量同比增長 70%。 OpenVINO 建立在一個 API 的基礎上，使數十萬開發人員能夠在邊緣快速增長的 AI 工作負載上顯著提高性能，其中包括 Zeblok Computational，他正在使用 OpenVINO 向世界各地的城市提供他們的 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、人工智能推理的爆炸式增長和低延遲工作負載的增長將進一步推動對邊緣計算的需求。他們最終將開始將計算從雲端轉移，使邊緣成為半導體增長的下一波浪潮。憑藉廣泛的硬件、軟件組合和深度生態系統合作夥伴關係，NEX 仍然定位於引領整個網絡的轉型並贏得優勢。

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。我們的加速計算系統和圖形部門建立在我們已安裝的 CPU、IP 和軟件基礎之上，並利用蓬勃發展的開放生態系統來擾亂一個龐大且不斷增長的市場。在第一季度，AXG 實現了強勁增長，並慶祝了一個重要的里程碑，正式推出了適用於筆記本電腦的英特爾 Arc A 系列產品組合。 Alchemist 是這些產品中的第一款，自第一季度初開始向客戶發貨，其設計來自宏碁、華碩、戴爾、惠普、聯想、三星等。

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.

與集成顯卡相比，A 系列的顯卡性能提升高達 2 倍，並採用英特爾 Deep Link 技術，該技術利用英特爾集成顯卡將應用程序性能提高多達 30%。首批配備 Intel Arc 3 GPU 的筆記本電腦現已上市。緊隨其後的是更強大的英特爾 Arc 5 和英特爾 Arc 7 設計，以及今年晚些時候的台式機和工作站產品。

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.

在數據中心，我們用於高性能計算和人工智能的旗艦 Ponte Vecchio GPU 正在向客戶提供樣品。 Ponte Vecchio 和具有高帶寬內存的 Sapphire Rapids 將為俄勒岡國家實驗室的 2 exaFLOP Aurora 超級計算機提供動力。此外，我們專為行業領先的媒體圖形和人工智能推理能力而設計的通用數據中心 GPU 北極之聲將於今年下半年上市。

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。英特爾將通過大規模開發節能計算技術，以負責任和可持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，今天正在提供樣品，並將在今年晚些時候投入生產。 AXG 今年仍有望實現超過 10 億美元的收入。

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.

隨著我們繼續朝著成為值得信賴的代工服務提供商的目標邁進，我們的英特爾代工服務首次達到 10 億美元的運行率。我們的整體客戶渠道仍然強勁，我們現在在我們的流程和一攬子產品的高級參與階段有 10 多個合格的機會，這些機會共同代表了超過 50 億美元的交易價值。今年我們有超過 30 款測試芯片用於英特爾 16，我們預計首批英特爾 3 和英特爾 18A 客戶測試芯片將在 2022 年下半年流片。我們與 5 個目標主力客戶的合作進展順利。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 的極大熱情。 Tower 股東最近批准了擬議的收購。我們已經在美國以外的兩個司法管轄區完成了監管審查，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 系統繼續推出，包括配備 iQ5 和 8 兆像素攝像頭的領先組合的下一代 BMW 7 系，以及 BMW 高速公路助手，可讓雙手- 在分開的道路上以每小時 80 英里的速度免費駕駛。

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 AV 測試計劃中，將我們測試 AV 的地點總數增加到 3 大洲 6 個國家的 10 個城市。此外，我們最近還首次展示了 Mobileye 的 4 級自動駕駛系統的實際應用，機器人出租車在耶路撒冷的街道上行駛。 Mobileye 預計將於 2022 年底在慕尼黑和特拉維夫推出其商用機器人出租車服務。

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，並正在製定我們在 2022 年將 Mobileye 上市的計劃。3 月，我們宣布我們已秘密向美國證券交易委員會提交了一份註冊聲明草案。 IPO 進展順利，我們繼續取得良好進展，與 SEC 合作完善我們的 S-1 表格。

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.

在把它交給戴夫之前，我想以一些想法結束。首先，我期待在 5 月 10 日至 11 日在達拉斯舉行的英特爾願景活動上接待我們的客戶、合作夥伴和分析師。這將是我們第二次致力於商業和技術未來的英特爾 ON 系列活動。

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的那樣，我們相信未來幾年我們會有一個巨大的增長故事。我們正在投資於創新，並採用開放的方法來處理計算平台和製造。我們繼續增加我們令人難以置信的技術人才庫。當然，我們仍然非常專注於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，在我們在 2 月份制定的財務框架內進行管理時，我們將繼續強調我們在關鍵運營里程碑方面取得的進展。我知道我代表超過 120,000 名英特爾員工說，雖然我們還有工作要做，但最好的日子還在後面。有了這個，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。儘管生態系統供應鏈持續受限、通脹壓力和宏觀經濟不確定性持續存在，但第一季度業績穩健，超過了收入、毛利率和每股收益指引。我們新成立的 6 個業務部門中的 3 個，即 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，略高於我們的預期，主要得益於我們 NEX 業務的廣泛實力。本季度的毛利率為 53%，由於提高了製造產量和降低了工廠成本，超出了我們的預期 100 個基點。每股收益為 0.87 美元，比我們的指導值高 0.07 美元，原因是毛利潤較高且運營費用略低。本季度的運營現金流為 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，本季度總現金和投資增加了 97 億美元，達到 390 億美元。本季度的資本支出為 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結果。 CCG 收入為 93 億美元，同比下降 13%，原因是 Apple CPU 和調製解調器業務下滑、我們在第四季度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下降。 CPU ASP 同比增長超過 25%，原因是我們的商業和消費領域對我們的高端移動和桌面產品的更豐富的組合和強勁的需求。營業利潤同比下降 34%，原因是收入下降、增加了 10 納米和英特爾 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。

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.

DCAI 收入為 60 億美元，同比增長 22%，原因是我們的超大規模和企業客戶對 Xeon 的強勁需求。 DCAI 營業利潤與去年同期持平，因為增加的收入被增加的 10 納米組合、工廠啟動費用以及對我們的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 實現了創紀錄的 22 億美元季度收入，同比增長 23%，這得益於雲、網絡和利基產品線的廣泛實力。營業利潤為 3.66 億美元，因收入增加而同比增長 51%，但被增加的投資所抵消。 Mobileye 實現了創紀錄的季度收入 3.94 億美元，環比增長 11%，與 21 年第一季度相比增長 5%，由於去年與 COVID 相關的複蘇，汽車生產和管道重建異常強勁。由於對下一代產品的投資增加，營業利潤為 1.48 億美元，同比下降 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 收入為 2.19 億美元，在其超級計算和 Alchemist 離散 GPU 產品的推動下同比增長 21%。運營虧損為 3.9 億美元，而 21 年第一季度的運營虧損為 1.76 億美元，增長的原因是我們的 Alchemist 和北極之聲產品的新產品資格儲備、生產斜坡費用和增加的投資。

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.

IFS 收入為 2.83 億美元，同比增長 175%，原因是 IMF 工具出貨量增加、汽車需求增加以及來自亞馬遜和思科的初始收入。營業虧損為 3100 萬美元，與去年同期基本持平，因為收入和毛利率的增長被增加的投資以建立定制代工業務所抵消。

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.

轉到我們的全年和第二季度指導。正如 Pat 之前提到的，我們繼續看到我們每個業務部門的最終用戶對我們產品的強勁需求，我們重申了 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消。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，隨著上海最近的 COVID 封鎖，組件供應限制仍然是一個挑戰，進一步增加了供應鏈風險，並加劇了通脹壓力，這對今年 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。我們預計這種庫存消耗的因素將在第二季度繼續存在，並在下半年消退。儘管這些不利因素降低了我們對 CCG 收入的預測，但我們預計 CCG 收入將在下半年增加，因為季節性需求恢復正常、OEM 庫存消耗減少以及我們在 Alder Lake 和 Raptor Lake 產品方面的領先地位提升以每股競爭。

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，隨著超大規模客戶需求保持強勁、零部件供應改善以及 Ice Lake 和 Sapphire Rapids 的增長提高了競爭力，我們還預計下半年會出現更強勁的表現。對於 NEX，我們預計我們在第一季度看到的實力將在全年繼續增長，這得益於改善組件供應、持續的 5G 斜坡和邊緣轉型。對於 AXG，我們繼續預計全年收入將超過 10 億美元，這主要得益於 Alchemist、Arctic Sound-M、Ponte Vecchio 和 Blockscale 產品的推出和推廣。最後，我們預計剩下的兩個業務 Mobileye 和 IFS 在下半年都將增長，因為它們推出了新產品並獲得了新客戶。

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，我們指導為 52%，與之前傳達的 51% 至 53% 的範圍一致。請注意，通貨膨脹環境造成了我們正在繼續監測的逆風，但我們仍然有信心通過持續降低成本的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，比第一季度之前的指導價高 0.10 美元，稅率略微提高了 12%。最後，270 億美元的淨資本支出指引和今年適度負調整的自由現金流保持不變。我們在智能資本計劃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.

轉到第二季度指導。在收入方面，我們預計為 180 億美元，環比下降 2%，原因是之前詳述的短期不利因素以及第一季度額外第 14 週的影響。對於上海的封鎖，在這些限制即將結束的假設下，我們估計影響相對可控。即使在短暫的封鎖下，我們預計供應鏈也需要一些時間才能恢復正常。如果封鎖持續或蔓延到上海以外，我們可能會看到對我們的前景產生更多實質性影響。

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，我們指導 51%，比上一季度下降約 200 個基點，原因是 10 納米和英特爾 7 組合以及 Raptor Lake 資格預審儲備增加。我們一直預計第二季度的毛利率將處於我們區間的低端，並且我們的全年指導為 52%，我們預計隨著收入的增加和庫存儲備的銷售，毛利率將在下半年向上回升。最後，我們指導的稅率為 12%，每股收益為 0.70 美元，由於毛利潤下降和運營支出增加，環比下降 0.17 美元。

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

有了這個，讓我把它轉回給托尼，然後回答你的問題。

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

好的。謝謝你，戴夫。現在繼續進行問答。 （操作員說明）

Operator, please go ahead and introduce our first caller.

接線員，請繼續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羅斯·西莫爾（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多一點色彩。您的庫存在內部增加，但您正在談論一些無法與匹配套裝一起發貨的問題，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，特別是在您的業務的 PC 方面，提供更多顏色？

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。我首先要再說一次，我對我們團隊的執行力以及第一季度的動盪感到非常滿意，並且在第一季度相遇並擊敗真的很壯觀。現在在庫存方面，我們確實談到了我們正在構建 10 納米庫存。我們有新產品正在推向市場。我們確實看到其中一些將在我們進入今年下半年時出現逆轉，因為庫存將開始流經產品區域。所以我們會說這是對新產品坡道的非常典型的管理，特別是在 Alder Lake 的 Sapphire Rapids 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度被燒毀。我們預計其中一些也將出現在第二季度。但到下半年，我們預計這些調整以及顯然下半年前景的強勁，我們確實預計大部分庫存消耗將在上半年完成，下半年強勁，因為我們正在增加我們的新產品更好的性能特性，其中一些成本更高，但也伴隨著更高的 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.

接線員，你為什麼不去找下一個來電者？我們稍後會回到 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 Bernstein Research 的 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.

我知道你保持了全年，但我的意思是上半年有點走低，所以它確實暗示你的下半年可能會高於之前的預期。但從這個角度來看，顯然，我們的 PC 看起來可能處於危險之中。您談到中國的停工，如果持續時間更長，可能會帶來風險。我猜您談到了您所說的客戶將持續存在的服務器構建問題。

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?

我想是什麼讓你相信事情實際上會發生變化？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？就像投資者如何獲得信心，這是在事情將要發展的方式之後，並且您已經在指南中建立了足夠的保守主義？我想，長話短說，我在問為什麼在這一切之後推遲年度指南？

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，斯泰西。很明顯，我們在第一季度取得了超額成績，對吧？ Q2，我們是 - 它有點輕，對吧？考慮到其中一些因素，考慮到其中一些因素，我們已經把它降低了一點，但不是實質性的。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。我們已經在我們的年度指南中建立了一些空間，正確的，讓事情發生。像任何優秀的公司一樣，我們會建立一些並非一切順利的期望。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導。

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.

現在讓我們梳理一下給我們信心的一些因素。首先，我們會說，嘿，我們看到了 DCAI 業務的強勁增長。我們看到 NEX 業務的強勁增長。尤其是那些領域，這些是與我們客戶的長期業務。我們對我們的業務期望有著強烈的看法。我們確實看到了企業和治理業務的實力。上半年到下半年，你總能看到客戶業務的正常週期性。特別是在下半年，我們將進入更強大的產品線，包括 Alder Lake 和 Raptor Lake，並且 Raptor Lake 和 Sapphire Rapids 的庫存逆轉也開始出現，這將非常好地改善兩者的運營- 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，是的，我們有一套非凡的產品將在下半年推出。當您想到 AXG 時，除了我們在第一季度推出的移動產品外，我們所有的離散產品都在快速增長。我們有帶北極聲音的新 GPU 產品。我們有老橋坡道。我們的區塊鏈產品也在增加。我們推出了新的 Xeon 和 NEX。 IFS 正在加速。我們在 Mobileye 業務中看到了實力。所以所有這些都給了我們下半場的信心。

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。我們一直期待這是上半年和下半年的特點。顯然，第一季度的小幅波動，第二季度的一點疲軟，我們已經解釋了下半年的這些中斷和實力。我們正在按照我們在投資者日所說的那樣做，我們正在建立動力來實現這一目標，我們在第一季度看到了圍繞產品、製造和應對供應鏈挑戰的出色執行。這台機器正在形成勢頭。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與 Evercore 的 C.J. Muse。

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.

為之前的混亂道歉。我想考慮到細分市場的變化，我很想在這里為三巨頭、CCG、DCAI 和 NEX 進入第二季度的預期奠定基礎。然後在整個 2022 年，如果有任何方法可以幫助您增加或減少您在 6 月和全年指導的相對增長率。

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. 總的來說，這是我們針對 6 個業務部門提供明確更新的第一季度。顯然，這意味著像 DCAI 這樣的東西，我們正在從以前可能被視為數據中心一部分的 NEX 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.

總體而言，我們在客戶業務中所說的話，由於產品線的實力，我們將在客戶業務中看到季節性加上一點。在 DCAI，我們看到了下半年的增長。我們在第一季度的數據中心和人工智能業務實現了強勁的同比增長。 NEX，我們預計我們的增長速度將超過市場。這對我們來說是一筆好生意。我們處於獨特的有利地位，我們看到網絡和邊緣的力量是一個特別增長的領域。第一季度，我們在該業務中的增長率遠遠超過 20%。所以 - 好吧，我認為我們不會在今年剩下的時間裡看到這種增長率，而是一個非常強勁的增長業務。

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，我們看到增長業務，IFS、AXG 和 Mobileye 對我們來說是非常強大的增長者，隨著我們進入下半年，它們將開始更有意義，這有點回答 Stacy 之前的問題，公司所有業務領域的穩健增長，我們開始看到這些新領域以有意義的方式做出貢獻。所以總的來說，肯定下半年，看到所有業務領域的實力，產品，執行力，都在變強。

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?

我想重點關注 10 納米節點和英特爾 7。也許對你來說，戴夫，首先，你提到了由提高的產量驅動的 100 個基點。正如你可以想像的那樣，這對我來說就像是真正的音樂。我很想看到更多。可見，這齣人意料。那麼那裡發生了什麼？我們是否希望英特爾 7 的產量繼續提高，從而為毛利率帶來一些積極的驚喜？還是我們應該假設這個節點幾乎沒有改進的空間？

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?

也許對於 Pat 來說，英特爾 7 是同一主題。我不知道它是否反映了現實，但市場上有很多關於產品緩慢增長的噪音，這是 Sapphire Rapids 正在加速增長的節奏。好像有點慢，有點難。所以我坦率的問題是這些節點，10 納米和英特爾 7，是否讓產品難以進入市場？這是否會減慢英特爾在路線圖上的執行速度？當您遷移到英特爾 4 和英特爾 3 時，我們是否應該期望事情會變得更快、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 Dave 加入。所以總的來說，正如我們所說，我們在 4 年內的 5 個節點，我們表現良好。 Intel 7 的發展速度比我們預期的要快。英特爾 4，我們更新了我們現在啟動了 Meteor Lake，這是我們在英特爾 4 上的第一款產品。英特爾 3，我們將在 Sierra Forest 的領先產品上看到測試晶圓。事實上，就在今天，我們還錄製了我們的第一個 Granite Rapids 計算芯片。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廠節點。所以我想說，總的來說，技術管道做得非常好，並且為我們在那裡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.

英特爾 10，它的發展非常好。正如戴夫所反映的那樣，我們看到了良好的收益，這總體上給了我們良好的動力。就產品而言，Alder Lake 一直是明星，它的速度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。您所說的 Sapphire Rapids，它是本季度的第一個 PRQ，還有許多額外的SKU、第二季度和下半年的 PRQ，這就是為什麼你可能會看到那裡的坡道更加平緩的原因。但我們完全按照我們所說的進行了交付。 Sapphire Rapids 的第一季度 PRQs，我們將在今年剩下的時間裡看到它的實力。此外，對於我們的 10 納米服務器部分，Ice Lake 現在已經非常不錯了。因此，總體而言，技術和製造機器的表現相當不錯，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?

所以戴夫，如果你可以補充？

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，我們在第一季度有一個不錯的季度。我們將在第二季度看到 10 納米的一些壓力。這就是我們看到利潤率下降到我們規定的 51% 範圍的低端的部分原因。但我們確實預計 10 納米將成為我們的順風車，因為今年下半年成本會有所改善。儘管英特爾 7 落後於此，但我們對英特爾 7 的期望也一樣。

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，我想我聽說你說 CPU ASP 和客戶端同比增長了 25%。這是一個相當大的數字。那是——其中有多少——如果我沒聽錯的話，其中有多少是從 Chromebook 之類的東西中轉移出來的？像 Alder Lake 這樣的新產品在多大程度上是成功的？你能給我們在三角洲上多一點顏色嗎？

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.

我的意思是其中很多顯然是混合的，要么從消費者教育轉移到更新的產品坡道。但正如我在準備好的評論中所說，鑑於通脹環境，我們正在尋找某些細分市場的目標價格上漲。所以這真的還沒有出現那麼多，但將成為全年故事的一部分。

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。當你搬到奧爾德湖時，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 Sapphire Rapids 將其納入其中。所以總的來說，我們正在進入一個更強大的產品週期，喬，對，這只是給我們更多的機會，對，為客戶提供更高的價值，將產品重新組合到更高的價格點。但總的來說，在我們爭奪市場份額的同時，只要擁有更具競爭力的產品線。

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

您的下一個問題來自摩根大通的 Harlan Sur。

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.

在加速計算和圖形方面，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，每年 120 億美元，130 億美元。所以看起來你們現在開始將你的 GPU 用於筆記本電腦。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度推出桌面版本，並且仍有望在今年交付 400 萬多個獨立 GPU？然後來自客戶或遊戲開發者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，哈蘭。總的來說，AXG 走上了正軌。我們推出了移動 SKU。我們將在第二季度推出桌面 SKU。隨著這一年的發展，我們也會有更多的 SKU。我們將填寫產品線。很多工作，對，在排位賽中。而且，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單獨的優化工作。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填充他們的產品組合。所以我會說你會看到越來越多的產品進入市場，我們會填寫——我們有 3 個版本。隨著我們今年建立該產品組合，我們將推出 5、7 和 9 版產品。

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 剛剛推出了大量跨不同細分市場的產品，我們的高性能計算產品、我們用於數據中心的 GPU 產品、我們的產品區塊鏈。所以除了獨立顯卡產品之外，我們剛剛推出了很多產品。因此，總體而言，它正在實現銷量目標以及實現我們在投資者日所說的 10 億美元收入目標，正如我們所說，在 5 年的時間裡，我們將建立超過 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。我們在諸如 Deep Link 之類的技術上擁有一些不公平的優勢，我們真正可以在我們擁有的強大的安裝基礎上進行構建，我們在 PC 平台的基礎中構建了多年的軟件工作。因此，我們確實認為我們有很好的機會為我們建立一項重要的新業務，這就是我們正在從一個很小的地方進入一個很大的市場的原因，這對英特爾來說是一個巨大的增長機會，我們'正在積極地執行。

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

您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，第一季度的資本支出約為 46 億美元，這表明後半部分將大幅提升，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很多限制。我希望，Pat 或 Dave，您能否就工具的可用性給我們一些顏色，以及是否由於工具的可用性對您的全年銷售前景有任何影響？

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，然後是 Dave，您可以添加。總體而言，隨著我們這一年的發展，資本支出很不穩定。因此，我們認為總體而言，我們仍將按計劃實現我們制定的總體資本支出目標。我們正在與設備公司積極合作。我們在那裡建立了深厚、牢固、長期的關係。很明顯，一些 '23 和 '24 設備目標是我們目前正在積極努力的目標，但我們確實感到很自在，我們已經安排好供應鏈來滿足我們的設備目標，真正重要的是，滿足當我們像剛剛宣布的那樣開設新工廠時，我們為市場製定了工廠斜坡週期。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工廠坡道這樣做。我們將在今年晚些時候在俄亥俄州進行開創性的工作。我們將更多地談論德國工廠。

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?

所以一個接一個地，我們只是在積極地建設我們的資本網絡，並且非常高興我們與設備公司的關係使這成為可能。也就是說，設備供應鏈肯定存在一些壓力。我們還與設備供應商密切合作。他們中的許多人使用英特爾 FPGA。因此，我們正在密切合作，以確保我們優先考慮那部分需求，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。我只想補充一點，我們確實預計本季度將略低於全年的季度平均水平，達到 270 億美元。所以這不是一個完全的驚喜，雖然它是塊狀的，正如你所說的，而且確實有點輕。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 億美元的資本支出增長充滿信心。 270 億美元的淨資本支出顯然假設了 10 億美元的資本抵消。我會說早讀，當然，我們還處於年初，但看起來相當不錯。因此，我們實際上有可能在抵消方面做得更好，因此淨資本支出可能會有點[低]。

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

您的下一個問題來自 Matt Ramsay 和 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。收入，我猜，從去年的 50 億美元到 60 億美元，我猜你的營業利潤率下降了 7 個百分點。我想在我們去年的一些披露之後，這並不奇怪。但是，也許您可以將企業和雲之間的一些混合區分開來，那裡有很大的變化嗎？我猜真正的問題是，帕特，是什麼讓邊距朝著正確的方向發展？是轉向 Sapphire，在那裡您擁有可能會產生更好的多芯片產品嗎？是收入增長嗎？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。我將從那個開始。總體而言，DCAI 的表現略好於我們第一季度的預期。所以我想說，總的來說，這是我們所期望的。利潤率的最大因素是 10 納米產品線的增長以及與之相關的成本。所以這是與它相關的最大因素。正如我們所看到的那樣，我會說，該業務的雲部分的相對實力，超大規模和企業部分的業務受到匹配集的更多限制。所以我們確實在第一季度看到了一點這種影響。

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方面的良好前景。我們正在積極努力解決比賽設置問題。因此，如果我們能夠解決我們在以太網等領域看到的一些短缺問題，我們希望我們能夠在該領域做得更好。顯然，隨著我們進入下半年，產品線變得更加強大。當我們看到 Sapphire Rapids 坡道時，我們將推出像 Sapphire Rapids 這樣的產品。隨著我們進入下半年，HBM 和 HPC 部門將以更高的產量更積極地提升 Ice Lake。因此，所有這些都開始朝著正確的方向移動產品線，並與之相稱。

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.

對於我們的細分市場和路線圖的長期觀點，我們也得到了很好的回應。正如我們所闡述的，我們將同時擁有高效核心和性能核心，更好地滿足市場需求。而且我相信這將是一個更好的定價和更好的因素 - 以及隨著時間的推移更好的利潤，因為你不會試圖將一種產品擴展到真正的 2 個不同的市場細分市場，並真正為超大規模用戶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.

因此，總的來說，我們認為我們制定的戰略，我們已經得到了客戶的好評。正如我已經指出的那樣，我們在本季度設置 Sapphire Rapids 的第一個 PRQ 時正在執行，在今年剩下的時間裡還會有更多，我們將積極地提高這一點，並看到客戶的良好反應。我還要說，特別是對於 Sapphire Rapids，每個超大規模製造商、每個 OEM 都有許多 SKU 排隊。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.

我只想補充一點，我們在投資者日設定了公司的毛利率為 54% 至 58% 的目標，並將其稱為大約 30% 的營業利潤率。而且我認為，當我們開始看到我們正在進行的投資的成果時，無論是在壓低 COGS 的工藝技術方面，還是我們在運營費用方面的投資以建立產品組合併獲得領導地位，這些東西將開始在頂線方面顯示出強大的規模。所以我敢打賭，這項業務會增加我們的整體企業平均水平。

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

您的下一個問題來自瑞銀的蒂莫西·阿庫裡（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 個。我想第一個問題是，台積電有點推遲了大批量 3 納米 EUV 的時間。我想第一個問題是它如何影響你的 GPU 和你的 CPU 路線圖？然後我進行了跟進，實際上，戴夫，我想問你將如何計算補貼。您是否要在對沖賬戶中考慮這些情況，以便隨著折舊的增加，您可以用來自補貼的對沖賬戶來抵消部分損失？

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。在它的第一部分，很明顯，代工時間的影響是我們必須非常小心地工作的事情。不僅是節點時間的問題，還有節點的容量問題。隨著行業中報告的一些變化，我們正在與我們的產品團隊一起努力，以確保我們與鑄造技術的可用性保持一致。

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 模型從根本上為我們提供了一種有利的商業模式，鑑於我們的大部分產量是內部的，我們能夠在外部用於晶圓和內部用於晶圓之間取得平衡。因此，我們能夠更好地滿足我們的客戶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?

我還要再次補充一點，蒂姆，我們在 4 年內按計劃或提前執行了 5 個節點。這只是加強了我們所描述的競爭力，我們確實看到自己回到了無可置疑的工藝技術領導地位，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，利用這種規模製造建立領先技術，以提供業內最強大的產品線。所以戴夫？

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。所以這在某種程度上取決於你所說的資本抵消。贈款通常與一組資產相一致。因此它們是相反的，它們會在資產的同一生命週期內貶值。我們談到的（聽不清）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，它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，您會減少該帳戶。所以這在某種程度上取決於我們在談論哪一個。但我認為你在談論的是政府激勵措施，是的，你就在那兒，它們是對立賬戶。他們在對立面。

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

您的下一個問題來自 Tristan Gerra 與 Baird 的對話。

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離散 GPU 平台，以將其擴展到消費者之外？如果您可以談論您可能正在構建以鼓勵採用的軟件生態系統。

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。謝謝你。答案是肯定的，正如我們所說，我們將首先為移動設備提供 GPU 產品，然後是桌面設備。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，我們已經在一些專業開發人員那裡展示了非常有利的位置，比如在一些高級圖形和媒體藝術家產品上線。

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，這些將是優勢領域，尤其是當我們在今年晚些時候將北極之聲產品推向市場時。這將針對 GPU 環境進行很好的優化，特別是在編碼和媒體處理等領域也很強大和媒體運營。因此，這將是我們北極之聲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——如果你把這放在一起考慮，我們將在集成顯卡、獨立顯卡和 GPU 業務方面展開競爭。高性能計算業務將真正在整個市場空間中利用該技術。這也是我們非常鼓舞的部分原因，因為我們有能力將其發展成為對英特爾來說非常重要的業務，並且我們有很多優勢可以建立。

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

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?

帕特，我想回到藍寶石急流坡道。鑑於這是一個新平台，尤其是在 DDR5 和 PCIe 5.0 等方面，您能否談談生態系統是如何融合在一起的？我的問題——真正的問題是我只想了解您對坡道的期望與前幾代相比是什麼。你認為這會比冰湖更快嗎？或者這將是一個較慢的斜坡？此外，您預計我們何時會看到基於 Sapphire Rapids 的公共雲實例？

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。很明顯，英特爾作為市場領導者，正確的，銷量領先者的一件事，就是這種提升關鍵新技術的能力。 Sapphire 平台附帶 DDR5。如果我們在 90 天前談論，我們正在與內存供應商一起應對 DDR5 的一些挑戰，並真正致力於調試這些接口。我們現在非常有信心，現在有多家供應商是合格的。我們從該領域的內存合作夥伴那裡看到了良好的勢頭。他們正在為 Sapphire 平台增加供應鏈，對嗎？它確實將一項重要的新內存技術帶入了市場，並真正鞏固了英特爾在數據中心和服務器市場的領導地位。

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.

總體而言，我們非常仔細地建模，您關於查看這個與冰湖坡道的確切問題。我們的目標是讓這個平台比我們在 Ice Lake 平台上的速度更快。我們正在為軟件堆棧做大量工作，對其進行驗證，確保我們已經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在音量。正如我已經指出的那樣，我們在所有 OEM 以及市場上的所有超大規模廠商中都看到了大量的 SKU 和實例類型，我們期待著這些產品在下半年廣泛可用那一年。

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.

正如我們 - 我認為也許今天剛剛結束電話會議，我們感謝你們所有人加入我們有機會更新您的業務。很高興我們以節拍開始新的一年。我們正在關注英特爾執行機器的勢頭，看到了堅實的進展。所以 4 年內 5 個節點，Alder Lake、Sapphire Rapids、Arc 推出，與我們的客戶一起增加勢頭。我們仍然忠於建立一個地理平衡和更具彈性的供應鏈。飛行中有很多好事讓我們充滿信心，不僅在第二季度，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，我們很興奮，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。所以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，謝謝你今天加入我們。接線員，你能掛斷電話嗎？

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。您現在可以斷開連接。