英特爾 (INTC) 2022 Q2 法說會逐字稿

Good day, and thank you for standing by. Welcome to the Second Quarter 2022 Intel Corporation Earnings Conference Call. (Operator Instructions) Please be advised that today's conference is being recorded.

美好的一天，感謝您的支持。歡迎來到英特爾公司 2022 年第二季度收益電話會議。 （操作員說明）請注意，今天的會議正在錄製中。

I will now hand the conference over to your speakers today, John Pitzer, Corporate Vice President of Investor Relations at Intel. Please go ahead.

我現在將會議交給今天的演講者，英特爾投資者關係公司副總裁 John Pitzer。請繼續。

You should have received a copy of our earnings release and the earnings presentation, both of which are available on our investor website, intc.com. The earnings presentation is also available in our webcast window for those joining us online.

您應該已經收到我們的收益發布和收益演示文稿的副本，兩者都可以在我們的投資者網站 intc.com 上找到。在線加入我們的人也可以在我們的網絡廣播窗口中觀看收益報告。

I'm joined today by our CEO, Pat Gelsinger; and our CFO, David Zinsner. In a moment, we'll hear brief comments from both, followed by Q&A.

今天，我們的首席執行官 Pat Gelsinger 加入了我的行列；和我們的首席財務官 David Zinsner。稍後，我們將聽到雙方的簡短評論，然後是問答。

Before we begin, please note that today's discussion contains forward-looking statements based on the environment as we currently see it. As such, it involves risks and uncertainties. Our press release provides more information on the specific risk factors that could cause actual results to differ materially.

在我們開始之前，請注意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，它涉及風險和不確定性。我們的新聞稿提供了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。

We've also provided both GAAP and non-GAAP financial measures this quarter, and we'll be speaking to the non-GAAP financial measures when describing our consolidated results. The earnings presentations and the release are available on intc.com, include full GAAP and non-GAAP reconciliations.

本季度我們還提供了 GAAP 和非 GAAP 財務指標，在描述我們的綜合結果時，我們將談到非 GAAP 財務指標。收益報告和發布可在 intc.com 上獲得，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, John, and good afternoon, everyone. While we continue to make solid progress on our strategy, Q2 results were disappointing, below the standards we have set for the company and below the commitments we have made to you, our shareholders. The sudden and rapid decline in economic activity was the largest driver of the shortfall, but Q2 also reflected our own execution issues in areas like product design, DCAI and the ramp of AXG offerings. We have an obligation to remain vigilant and to respond to changing business conditions while not losing sight of our long-term goals and opportunities. We will look to do both by adjusting and refocusing our spending levels in the near term at the same time as we accelerate the deployment of our smart capital strategy and improve product execution. Collectively, these actions will begin to show dividends in the second half of the year, allowing us to return gross margins to our target range by Q4 and maintain our initial free cash flow outlook for 2022.

謝謝你，約翰，大家下午好。儘管我們繼續在戰略上取得紮實的進展，但第二季度的業績令人失望，低於我們為公司設定的標準，也低於我們對您（我們的股東）做出的承諾。經濟活動的突然快速下滑是造成短缺的最大驅動因素，但第二季度也反映了我們自己在產品設計、DCAI 和 AXG 產品增加等領域的執行問題。我們有義務保持警惕並應對不斷變化的商業環境，同時不忽視我們的長期目標和機遇。我們將在短期內調整和重新調整我們的支出水平，同時加快部署我們的智能資本戰略並改善產品執行。總的來說，這些行動將在今年下半年開始顯示紅利，使我們能夠在第四季度將毛利率恢復到我們的目標範圍，並維持我們對 2022 年的初始自由現金流展望。

While still early in our journey, we remain laser-focused on executing to our strategy to deliver leadership products, anchored on open and secure platforms, powered by at-scale manufacturing and supercharged by our people. The current economic backdrop only strengthens our result, and we are embracing this environment to accelerate our transformation.

雖然仍處於旅程的早期階段，但我們仍然專注於執行我們的戰略，以提供領先的產品，以開放和安全的平台為基礎，由大規模製造提供支持，並由我們的員工提供支持。當前的經濟背景只會加強我們的業績，我們正在擁抱這種環境來加速我們的轉型。

For example, regaining our leadership begins with Moore's Law and the capacity to deliver it at scale. Over the last 18 months, we've taken the right steps to establish a strong footing for our TD roadmap. We are well into the ramp of Intel 7, now shipping in excess of 35 million units. Intel 4 is ready for volume production in second half of this year, and Intel 3, 20A and 18A are all at or ahead of schedule.

例如，重新獲得我們的領導地位始於摩爾定律和大規模交付它的能力。在過去的 18 個月中，我們採取了正確的步驟，為我們的 TD 路線圖奠定了堅實的基礎。我們已經進入英特爾 7 的階段，現在出貨量超過 3500 萬台。 Intel 4今年下半年已準備好量產，Intel 3、20A和18A都在或提前完成。

We've received additional strong third-party validation for TD, IFS and our manufacturing group just this week when we announced MediaTek as our next major foundry customer, a great example of our One Intel culture.

就在本週，當我們宣布聯發科成為我們的下一個主要代工客戶時，我們收到了針對 TD、IFS 和我們製造集團的額外強大的第三方驗證，這是我們一個英特爾文化的一個很好的例子。

I want to congratulate our teams on what we expect to be many announcements as we execute to become an at-scale, leading edge, geographically diversified systems foundry. But we must also be clear eyed as we look into the second half. We are planning for volatility as the world adjusts to the end of a 2-plus year pandemic and the unprecedented stimulus governments used to fight it.

我要祝賀我們的團隊在我們執行成為大規模、領先、地域多元化的系統代工廠時，我們預計會有很多公告。但我們也必須清醒地看待下半場。隨著世界適應為期 2 年多的流行病以及各國政府用來抗擊疫情的史無前例的刺激措施，我們正在為波動做準備。

Across the economy, supply chain issues have both limited the ability to meet demand in some areas and driven inventory well above normal levels in others. We are prepared to manage through a slowdown typical of the normal cycles the semiconductor industry has experienced over the last 50 years. While the depth and duration are still difficult to predict, we have a proven track record of being able to adjust and succeed in any environment.

在整個經濟中，供應鏈問題既限制了某些地區滿足需求的能力，又使其他地區的庫存遠高於正常水平。我們準備好應對半導體行業在過去 50 年中經歷的正常週期的典型放緩。雖然深度和持續時間仍然難以預測，但我們擁有能夠在任何環境中調整併取得成功的良好記錄。

Let me address some of the specific actions we are taking. First, we further sharpened our focus in Q2, selling our Drone business and making the difficult decision to wind down our efforts in Optane as we embrace CXL, a standard which Intel Corporation pioneered. These add to actions last year in NAND in the sale of McAfee. In total, we have now exited 6 businesses since my return, providing roughly $1.5 billion for investments aligned with our IDM 2.0 strategy.

讓我談談我們正在採取的一些具體行動。首先，我們在第二季度進一步加強了重點，出售了我們的無人機業務，並做出了艱難的決定，在我們採用英特爾公司率先推出的標準 CXL 時結束我們在 Optane 方面的努力。這些增加了去年在 NAND 中出售 McAfee 的行動。自從我回歸以來，我們總共退出了 6 家企業，為符合我們 IDM 2.0 戰略的投資提供了大約 15 億美元。

We are also lowering core expenses in calendar year '22, and we'll look to take additional actions in the second half of the year, which Dave will address later. Importantly, expense discipline is not impacting the strategy, and we remain firmly on track to achieve process performance parity in 2024 and unquestioned leadership in 2025. This goal is our true North Star.

我們還在 '22 日曆年降低核心費用，我們將在下半年採取更多行動，戴夫將在稍後解決。重要的是，費用紀律不會影響該戰略，我們仍將堅定不移地在 2024 年實現流程績效均等，並在 2025 年實現無可爭議的領導地位。這個目標是我們真正的北極星。

Second, our ability to invest aggressively and fulfill our commitment to a strong and growing dividend is anchored by the progress we are making in deploying our smart capital strategy. We are thrilled to see the bipartisan vote in the Congress this week and expect CHIPS Act to be on the President's desk shortly.

其次，我們積極投資和履行對強勁且不斷增長的股息的承諾的能力取決於我們在部署智能資本戰略方面取得的進展。我們很高興看到本周國會兩黨投票，並期望 CHIPS 法案很快就會出現在總統的辦公桌上。

We have been integrally involved in moving this groundbreaking legislation forward. This progress, combined with the strong momentum in Europe, will reshape our industry and bring us toward a geographically balanced, resilient supply chain that we are uniquely positioned to enable and benefit from. Access to mission-aligned pools of capital supports the accelerated pursuit of our strategy and will enable our torrid pace.

我們一直致力於推動這項開創性的立法向前發展。這一進展與歐洲的強勁勢頭相結合，將重塑我們的行業，並將我們帶向一個地理上平衡的、有彈性的供應鏈，我們具有獨特的優勢來實現並從中受益。獲得與使命一致的資金池支持我們加快戰略的實施，並將使我們的步伐加快。

Third, I rejoined Intel to reenergize and reestablish a culture of execution and innovation. With process technology and capacity expansion both now trending very well, we have the critical foundation we need for improved product execution. We have rebuilt our leadership team, now fully assembled for the first time. And together, we have reestablished OKRs throughout the organization to drive common purpose and, importantly, a system of accountability.

第三，我重新加入英特爾，以重新激發和重建執行和創新的文化。隨著工藝技術和產能擴張的發展趨勢非常好，我們擁有了改進產品執行所需的關鍵基礎。我們已經重建了我們的領導團隊，現在是第一次完全組裝。我們一起在整個組織中重新建立了 OKR，以推動共同目標，更重要的是，建立問責制。

In the coming months, we will begin to share more with the investment community on the next evolution of our TikTok model to drive consistent and predictable cadence of process and design innovation.

在接下來的幾個月裡，我們將開始與投資界分享更多關於我們 TikTok 模型的下一步發展的信息，以推動流程和設計創新的一致和可預測的節奏。

As we look beyond the near term, the semiconductor industry continues to be at the beginning of a new structural growth phase driven by 4 superpowers: one, ubiquitous compute; two, pervasive connectivity; three, cloud-to-edge infrastructure; and four, AI. Combined, these drivers support a semiconductor industry eclipsing $1 trillion by 2030. What remains very clear even during this period of uncertainty is the growing importance of silicon to the global economy and to each of our daily lives.

從短期來看，半導體行業繼續處於由 4 個超級大國驅動的新結構增長階段的開端：一個，無處不在的計算；二、無孔不入的連通性；三、雲到邊緣的基礎設施；四，人工智能。綜合起來，這些驅動因素支持到 2030 年超過 1 萬億美元的半導體行業。即使在這段不確定的時期，仍然非常清楚的是，矽對全球經濟和我們每個人的日常生活的重要性日益增加。

However, as a result of macro weaknesses, we now expect the PC TAM to decline roughly 10% in calendar year '22, characterized by broadening consumer weakness and relative strength in enterprise and higher-end SKUs. Importantly, our Q2 PC unit volumes suggests we are shipping below consumption as some of our largest customers are reducing inventory levels at a rate not seen in the last decade and, along with some pricing actions, should allow for sequential growth into the second half even as some customers manage inventory lower.

然而，由於宏觀疲軟，我們現在預計 PC TAM 將在 22 日曆年下降約 10%，其特點是消費者疲軟和企業和高端 SKU 的相對優勢擴大。重要的是，我們的第二季度 PC 單位銷量表明我們的出貨量低於消費量，因為我們的一些最大客戶正在以過去十年未見的速度降低庫存水平，再加上一些定價行動，即使在下半年也應該允許連續增長由於一些客戶管理庫存較低。

While COVID-related dynamics, like work-from-home and school-from-home, pulled forward some demand, they also solidified the PC as an essential tool in the post-pandemic world. For example, PC and Chromebook usage remains historically high even as the pandemic's most acute impacts diminished. Markedly higher per PC usage and a larger installed base, including 600 million PCs that are 4 years and older, supports a PC TAM sustainably above 300 million units.

儘管與 COVID 相關的動態（例如在家工作和在家上學）推動了一些需求，但它們也鞏固了 PC 作為大流行後世界的重要工具。例如，即使大流行最嚴重的影響已經減弱，PC 和 Chromebook 的使用率仍處於歷史高位。每台 PC 的使用量顯著提高，安裝基數更大，包括 6 億台 4 年及以上的 PC，支持 PC TAM 持續超過 3 億台。

Data center trends are still well entrenched. Data has been growing exponentially at a 50% CAGR for over 20 years. But until recently, it has been uneconomical to turn that data into true actionable insights. With the advent of AI, along with CPUs, GPUs and accelerators, we now have the tools to access and use more of the data we create, driving significantly higher compute demand and a multiyear CAGR in the data center TAM of at least mid-teens.

數據中心趨勢仍然根深蒂固。 20 多年來，數據一直以 50% 的複合年增長率成倍增長。但直到最近，將這些數據轉化為真正可行的見解一直是不經濟的。隨著人工智能以及 CPU、GPU 和加速器的出現，我們現在擁有訪問和使用我們創建的更多數據的工具，從而推動了顯著更高的計算需求和數據中心 TAM 的多年復合年增長率至少在十幾歲左右.

Despite these drivers, demand will not be immune from economic headwinds. In addition to match set issues, which have constrained shipments for multiple quarters, increasing economic concerns are leading to a reduction in second half demand. As a result, we have lowered our server TAM assumptions to reflect more modest growth in 2022.

儘管有這些驅動因素，但需求也不會免受經濟逆風的影響。除了限制了多個季度出貨量的匹配問題外，日益增長的經濟擔憂導致下半年需求減少。因此，我們降低了服務器 TAM 假設，以反映 2022 年更溫和的增長。

Against this backdrop, let me highlight key developments in our businesses. In response to supply chain and match set issues, we closely collaborated with our customers and suppliers to effectively address their most critical needs. We rapidly adjusted to changing market conditions, made cost reductions and leveraged smart capital to execute towards our IDM 2.0 strategy.

在此背景下，讓我強調一下我們業務的主要發展。針對供應鍊和配套問題，我們與客戶和供應商密切合作，以有效解決他們最關鍵的需求。我們迅速適應不斷變化的市場條件，降低成本並利用智能資本來執行我們的 IDM 2.0 戰略。

Despite significantly lower revenue impacting overall gross margins, Q2 saw continued strong performance in our factory network, and we exceeded our wafer cost goals with 10-nanometer unit cost declining approximately 8% year-on-year. In TD, we continued to deliver on the promise of Moore's Law and our ambitions to deliver 1 trillion transistors in the device by 2030.

儘管收入顯著下降影響了整體毛利率，但第二季度我們的工廠網絡表現持續強勁，我們超過了晶圓成本目標，10 納米單位成本同比下降約 8%。在 TD，我們繼續兌現摩爾定律的承諾以及到 2030 年在設備中交付 1 萬億個晶體管的雄心。

Intel 4 details were released at the recent VLSI conference to positive reviews, and we've now taped in the first stepping of the Granite Rapids CPU and expect to power on this quarter. In the second half of this year, we plan to tape in numerous internal and foundry customer test chips on various process nodes, including Intel 3 and Intel 18A.

英特爾 4 的詳細信息在最近的 VLSI 會議上發布，受到好評，我們現在已經錄製了 Granite Rapids CPU 的第一步，並有望在本季度啟動。今年下半年，我們計劃在包括英特爾 3 和英特爾 18A 在內的各種工藝節點上錄製大量內部和代工廠客戶測試芯片。

In our client business, Alder Lake momentum continues. We have the strongest PC lineup in 5-plus years, and we remain unapologetic about our growing leadership and share position. We are building on Alder Lake leadership with Raptor Lake in the second half of this year and Meteor Lake in 2023, exemplifying how our innovative design decisions can drive leadership performance even before reestablishing best-in-class transistor technology.

在我們的客戶業務中，Alder Lake 的勢頭仍在繼續。我們擁有 5 年多來最強大的 PC 陣容，我們對我們不斷增長的領導力和份額地位毫無歉意。我們將在今年下半年與 Raptor Lake 和 2023 年的 Meteor Lake 一起建立 Alder Lake 的領導地位，這說明我們的創新設計決策如何在重新建立一流的晶體管技術之前就可以推動領導績效。

In Q2, we launched the 12th Gen Intel Core HX processors, the final products in our Alder Lake family. The Alder Lake family is now powering more than 525 designs from Acer, Asus, Dell, HP, Lenovo, LG, Microsoft, Samsung and others. To date, we've shipped well in excess of 35 million units of Alder Lake.

在第二季度，我們推出了第 12 代 Intel Core HX 處理器，這是我們 Alder Lake 系列的最終產品。 Alder Lake 系列現在為宏碁、華碩、戴爾、惠普、聯想、LG、微軟、三星等公司的 525 多種設計提供支持。迄今為止，我們的 Alder Lake 出貨量已超過 3500 萬件。

Within the current market, we are also seeing relative strength in the premium segments we serve across consumer and commercial. We expect to build on this momentum with the launch of our next-gen product family, Raptor Lake, starting with our desktop SKUs this fall, followed by our mobile family by the end of the year. The Raptor Lake family will offer customers significant advantages, including double-digit performance gains, gen-on-gen and socket compatibility with Alder Lake. And in 2023, we will deliver our first disaggregated CPU built on Intel 4, Meteor Lake, which is showing good health in both our and our customers' labs.

在當前市場中，我們也看到了我們在消費者和商業領域服務的高端細分市場的相對優勢。我們希望通過推出我們的下一代產品系列 Raptor Lake 來鞏固這一勢頭，從今年秋天開始推出我們的桌面 SKU，然後在今年年底推出我們的移動系列。 Raptor Lake 系列將為客戶提供顯著優勢，包括兩位數的性能提升、gen-on-gen 以及與 Alder Lake 的插座兼容性。並且在 2023 年，我們將交付我們的第一個基於 Intel 4 的分類 CPU，Meteor Lake，它在我們和我們客戶的實驗室中都顯示出良好的運行狀況。

Turning to DCAI, as we stated at Investor Day, over the next couple of years, as we rebuild our server product portfolio, we expect to grow slower than the overall data center market. It's not a fact we like but the forecast we see. We have a singular focus to regain performance and TCO leadership across all workloads and use cases from enterprise to cloud.

談到 DCAI，正如我們在投資者日上所說，在接下來的幾年中，隨著我們重建服務器產品組合，我們預計其增長速度將慢於整個數據中心市場。這不是我們喜歡的事實，而是我們看到的預測。我們專注於在從企業到雲的所有工作負載和用例中重新獲得性能和 TCO 領先地位。

The advantage of our incumbency position remains underappreciated and provides significant opportunity to drive outsized advantages to our customers. For example, we expanded our supply agreement with Meta, leveraging our IDM advantage to ensure Meta can meet its expanding compute needs. Also in Q2, we agreed to expand our partnership with AWS to include the co-development of multigenerational data center solutions optimized for AWS infrastructure. And Intel is a strategic customer for internal workloads, including EDA. We expect these custom Xeon solutions will bring greater levels of differentiation and a durable TCO advantage to AWS and their customers, including Intel.

我們在職職位的優勢仍未得到充分重視，並為我們的客戶帶來巨大優勢提供了重要機會。例如，我們擴大了與 Meta 的供應協議，利用我們的 IDM 優勢確保 Meta 能夠滿足其不斷擴大的計算需求。同樣在第二季度，我們同意擴大與 AWS 的合作夥伴關係，包括共同開發針對 AWS 基礎設施優化的多代數據中心解決方案。英特爾是內部工作負載（包括 EDA）的戰略客戶。我們預計這些定制至強解決方案將為 AWS 及其客戶（包括英特爾）帶來更高水平的差異化和持久的 TCO 優勢。

In addition, NVIDIA announced the selection of Sapphire Rapids for use in their new DGX H100, which will couple Sapphire Rapids with NVIDIA's Hopper GPUs to deliver unprecedented AI performance.

此外，NVIDIA 宣布選擇 Sapphire Rapids 用於其新的 DGX H100，它將 Sapphire Rapids 與 NVIDIA 的 Hopper GPU 相結合，提供前所未有的 AI 性能。

Beyond Xeon-based CPUs, we launched our next-generation Gaudi2 AI accelerator in the quarter, with a whopping 4x improvement generation to generation. And in the most recent MLPerf training benchmark test, Gaudi2 has a substantial lead in ResNet-50 and BERT benchmarks.

除了基於 Xeon 的 CPU，我們在本季度推出了下一代 Gaudi2 AI 加速器，一代一代的改進高達 4 倍。而在最近的 MLPerf 訓練基準測試中，Gaudi2 在 ResNet-50 和 BERT 基準測試中遙遙領先。

In the second quarter, we also began delivering our software strategy with the acquisition of Granulate, expanding our platform capabilities with real-time AI-driven continuous optimizations for cloud computing and the initial release of Amber, our security attestation service. Since we acquired Granulate, their customer pipeline has doubled and their revenue pipeline has tripled.

在第二季度，我們還通過收購 Granulate 開始實施我們的軟件戰略，通過實時 AI 驅動的雲計算持續優化以及我們的安全認證服務 Amber 的初始版本來擴展我們的平台功能。自從我們收購 Granulate 以來，他們的客戶渠道增加了一倍，收入渠道增加了兩倍。

Finally, Programmable Solutions achieved record 2Q revenue and was just shy of an all-time record revenue quarter driven by strong demand, including the ramp of the flagship Agilex FPGA family and improving supply.

最後，Programmable Solutions 實現了創紀錄的第二季度收入，但在強勁需求的推動下，包括旗艦 Agilex FPGA 系列的增長和供應的改善，該季度的收入僅略低於歷史最高紀錄。

In NEX, we had an outstanding Q2. We achieved record revenue in PRQ-ed Mount Evans, an IPU we co-developed and are now beginning to ramp with a large hyperscale partner with additional customers in 2023. In addition, our latest Xeon D processor built specifically for software-defined infrastructure across the network and edge, launched at this year's Mobile World Congress and is ramping with leading companies, including Cisco, Juniper Networks and Rakuten Symphony.

在 NEX，我們有一個出色的第二季度。我們在 PRQ-ed Mount Evans 中實現了創紀錄的收入，這是我們共同開發的 IPU，現在開始與大型超大規模合作夥伴一起在 2023 年與更多客戶合作。此外，我們最新的 Xeon D 處理器專為軟件定義的基礎設施構建網絡和邊緣，在今年的世界移動通信大會上推出，並與思科、瞻博網絡和樂天交響樂等領先公司合作。

Across the network edge, we're continuing to see interest to deploy more compute and AI capabilities. For example, Ferrovial, a multinational Spanish infrastructure company is using our edge computing, AI and connectivity technologies to deploy roadside solutions that can identify wrong way drivers, warn of oncoming hazards and more.

在整個網絡邊緣，我們繼續看到部署更多計算和 AI 功能的興趣。例如，西班牙跨國基礎設施公司 Ferrovial 正在使用我們的邊緣計算、人工智能和連接技術來部署路邊解決方案，該解決方案可以識別錯誤的駕駛員，警告迎面而來的危險等等。

In Singapore, Singtel has deployed a network solution with Xeon Smart Edge and OpenVINO to improve user experience for use cases like entertainment, industrial, smart manufacturing, smart transportation and smart city.

在新加坡，Singtel 部署了採用 Xeon Smart Edge 和 OpenVINO 的網絡解決方案，以改善娛樂、工業、智能製造、智能交通和智慧城市等用例的用戶體驗。

Lastly, ABB is helping utility providers modernize their electric grid and create a more sustainable energy market by adopting standardized rugged servers based on third-gen Intel Xeon. NEX continues to clearly benefit from networks that are increasingly moving towards software and AI that is increasingly moving to the edge, and we expect another revenue record quarter in Q3.

最後，ABB 正在幫助公用事業供應商實現電網現代化，並通過採用基於第三代英特爾至強的標準化堅固型服務器來創建更可持續的能源市場。 NEX 繼續明顯受益於越來越多地轉向軟件和人工智能的網絡，這些網絡越來越多地轉向邊緣，我們預計第三季度的收入將再創紀錄。

For AXG, while we will not hit our GPU unit target, we remain on track to deliver over $1 billion in revenue this year. In Q2, we started to ramp Intel Art Graphics for laptops and OEMs, including Samsung, Lenovo, Acer, HP and Asus. COVID-related supply chain issues and our own software readiness challenges caused the availability delays that we continue to work to overcome.

對於 AXG，雖然我們不會達到 GPU 單位目標，但我們仍有望在今年實現超過 10 億美元的收入。在第二季度，我們開始為包括三星、聯想、宏碁、惠普和華碩在內的筆記本電腦和原始設備製造商推出英特爾藝術顯卡。與 COVID 相關的供應鏈問題和我們自己的軟件準備就緒挑戰導致了我們繼續努力克服的可用性延遲。

Intel Arc A5 and A7 desktop cards will start to ship in Q3. Our energy-efficient blockchain accelerator, Blockscale, achieved a major milestone in Q2 with revenue shipments to our lead customers going from tape-in to shipping in less than a year. We expect to ship millions of units this year, not originally in our forecast.

Intel Arc A5 和 A7 台式機顯卡將於第三季度開始出貨。我們的節能區塊鏈加速器 Blockscale 在第二季度實現了一個重要的里程碑，在不到一年的時間裡，我們的主要客戶的收入出貨量從錄入到出貨。我們預計今年將出貨數百萬台，而不是我們最初的預測。

Our data center GPU, codenamed Arctic Sound-M, has started production and is now shipping to customers, supporting a diverse range of workloads starting with media streaming and cloud gaming, followed by support for AI visual inference and virtual desktops.

我們的數據中心 GPU 代號為 Arctic Sound-M，現已開始生產並交付給客戶，支持從媒體流和雲遊戲開始的各種工作負載，隨後支持 AI 視覺推理和虛擬桌面。

In high-performance computing, we highlighted the installation of the Argonne National Lab Aurora Supercomputer at our Intel Vision events in May, and we are on track to deliver over 10,000 blades in 2022, enabling over 2 exaflops of peak performance. We also announced new partnerships, including the Barcelona Supercomputing Center to set up a pioneering RISC-V zettascale lab and our continued collaboration with the University of Cambridge to evolve their current lab from exascale to zettascale.

在高性能計算方面，我們在 5 月的 Intel Vision 活動中強調了阿貢國家實驗室 Aurora 超級計算機的安裝，我們有望在 2022 年交付超過 10,000 個刀片，實現超過 2 exaflops 的峰值性能。我們還宣布了新的合作夥伴關係，包括巴塞羅那超級計算中心建立一個開創性的 RISC-V zettascale 實驗室，以及我們與劍橋大學的持續合作，將他們目前的實驗室從 exascale 發展到 zettascale。

Our IFS momentum continues, creating a geographically balanced secure and resilient semiconductor supply chain as well as access to our transistor technology is driving strong customer interest in our foundry business. In addition to the MediaTek agreement that we announced earlier this week, we now have active engagements with 6 of the top 10 fabless customers across our offerings, including 18A.

我們的 IFS 勢頭仍在繼續，創建了一個地理上平衡的安全且有彈性的半導體供應鏈，以及對我們晶體管技術的訪問，正在推動客戶對我們的代工業務產生濃厚的興趣。除了我們本週早些時候宣布的聯發科協議外，我們現在還與包括 18A 在內的 10 大無晶圓廠客戶中的 6 家積極合作。

Overall, we are engaged with 30 customers for test chips, and now have more than 10 qualified opportunities in advanced stages across our process and package offerings that collectively represents a deal value of greater than $6 billion.

總體而言，我們與 30 家客戶進行了測試芯片合作，現在在我們的工藝和封裝產品的高級階段擁有 10 多個合格機會，總交易價值超過 60 億美元。

Augmenting our organic activity is our proposed acquisition of Tower Semiconductor. We now have regulatory approval or clearance in 4 geographies, including the U.S., and we still expect the acquisition to close by early next year.

增強我們的有機活動是我們提議的對 Tower Semiconductor 的收購。我們現在在包括美國在內的 4 個地區獲得了監管部門的批准或許可，我們仍預計此次收購將在明年初完成。

In Q2, we also launched the IFS Cloud Alliance, a partnership with leading cloud providers, including Microsoft Azure and AWS and EDA tool providers, including Ansys, Cadence, Siemens EDA and Synopsys. The IFS Cloud Alliance is the next phase of our accelerator ecosystem program that will enable secure design environments in the cloud, improving foundry customer design efficiency and accelerating time to market.

在第二季度，我們還與領先的雲提供商（包括 Microsoft Azure 和 AWS）以及 EDA 工具提供商（包括 Ansys、Cadence、Siemens EDA 和 Synopsys）建立了合作夥伴關係。 IFS 雲聯盟是我們加速器生態系統計劃的下一階段，它將在雲中實現安全的設計環境，提高代工廠客戶的設計效率並加快上市時間。

Lastly, in Mobileye, we achieved another record quarter in revenue in Q2, and we continue to be poised to unlock further value with our proposed IPO later this year, pending market conditions. Mobileye's backlog continues to grow, with first half 2022 design wins generating 37 million units of projected future business compared to 16 million units actually shipped in the first half. As a result to Mobileye's high-definition map product called REM, we are currently crowdsourcing 43 million miles per day on average from approximately 1.5 million vehicles. This data is automatically built into a map, which currently covers greater than 90% of all roads in both Europe and U.S., which will support systems across the entire driving assist to autonomous vehicle spectrum.

最後，在 Mobileye，我們在第二季度實現了另一個創紀錄的季度收入，我們將繼續準備在今年晚些時候通過我們提議的 IPO 釋放更多價值，等待市場條件。 Mobileye 的積壓訂單繼續增長，2022 年上半年的設計中標將產生 3700 萬台預計未來業務，而上半年實際出貨量為 1600 萬台。由於 Mobileye 名為 REM 的高清地圖產品，我們目前平均每天從大約 150 萬輛汽車中眾包 4300 萬英里。這些數據會自動構建到地圖中，該地圖目前覆蓋了歐洲和美國 90% 以上的所有道路，這將支持整個駕駛輔助系統到自動駕駛汽車頻譜。

Looking ahead, before turning it over to Dave, I want to close with a few thoughts. First, after a very successful Intel Vision event in Q2, I am looking forward to hosting Intel Innovation on September 27 and 28, our core technical conference for global developers, architects and engineering leaders. I hope to see many of you joining me there.

展望未來，在將其交給戴夫之前，我想以一些想法結束。首先，在第二季度非常成功的英特爾願景活動之後，我期待在 9 月 27 日至 28 日舉辦英特爾創新，這是我們面向全球開發人員、架構師和工程領導者的核心技術會議。我希望看到你們中的許多人加入我的行列。

Second, as I said when we began our journey, Intel will be a source of innovation, driving new businesses and additional TAM in large and growing markets. Taken together, we have already announced over 10 new revenue-producing product lines so far this year, which are just beginning to ramp, and we expect to announce more in the second half and calendar year '23. The foundations for our growth story are taking shape. I know I speak for all of our employees when I say that, while we have work to do, our best days are ahead.

其次，正如我在我們開始旅程時所說的那樣，英特爾將成為創新的源泉，在不斷發展的大型市場中推動新業務和額外的 TAM。總的來說，今年到目前為止，我們已經宣布了 10 多個新的創收產品線，這些產品線才剛剛開始增長，我們預計在下半年和 23 日曆年會宣布更多。我們成長故事的基礎正在形成。我知道我是在代表我們所有的員工說這句話，雖然我們還有工作要做，但我們最好的日子還在後面。

Thanks, Pat. Good afternoon, everyone. As Pat referenced, Q2 was a challenging quarter, negatively impacted by multiple factors. First, a weakening and uncertain macroeconomic environment impacted by inflation, higher interest rates and the war in Ukraine. Second, a much larger-than-expected OEM inventory correction as our customers adjust to this new macroeconomic environment. Third, worse-than-expected COVID-driven demand reductions and supply dislocations in China and other parts of the supply chain. Due to the difficult macroeconomic environment, together with our own execution challenges, our results for the quarter were well below expectations and necessitate a significant revision to our full year financial guidance.

謝謝，帕特。大家下午好。正如帕特所說，第二季度是一個充滿挑戰的季度，受到多種因素的負面影響。首先，受通貨膨脹、高利率和烏克蘭戰爭影響的宏觀經濟環境疲軟和不確定。其次，隨著我們的客戶適應這種新的宏觀經濟環境，原始設備製造商庫存調整幅度遠大於預期。第三，在中國和供應鏈的其他部分，COVID 驅動的需求減少和供應錯位低於預期。由於宏觀經濟環境困難，加上我們自身的執行挑戰，我們本季度的業績遠低於預期，需要對我們的全年財務指導進行重大修訂。

That said, we're taking the actions necessary to maintain our prior full year adjusted free cash flow guidance, including a slowdown in hiring, CapEx reductions and the expectation for increased capital offsets, consistent with our smart capital strategy. We remain fully committed to the business strategy and long-term financial model presented during this year's investor meeting in February.

也就是說，我們正在採取必要的行動來維持我們之前的全年調整後的自由現金流指導，包括放緩招聘、減少資本支出以及增加資本抵消的預期，這與我們的智能資本戰略一致。我們仍然完全致力於在今年 2 月的投資者會議上提出的業務戰略和長期財務模式。

Revenue was $15.3 billion, 15% below our original Q2 guidance as our CCG and DCAI businesses both underperformed our expectations. Note that even in this challenging environment, our NEX and Mobileye businesses achieved all-time record quarterly revenue. Gross margin for the quarter was approximately 45%, 600 basis points below guidance on lower revenue and Sapphire Rapids preproduction charges, offset by lower manufacturing costs.

收入為 153 億美元，比我們最初的第二季度指引低 15%，因為我們的 CCG 和 DCAI 業務均低於我們的預期。請注意，即使在這種充滿挑戰的環境中，我們的 NEX 和 Mobileye 業務也實現了創紀錄的季度收入。本季度毛利率約為 45%，比收入和 Sapphire Rapids 預生產費用下降的指引低 600 個基點，但被製造成本下降所抵消。

EPS was $0.29, $0.41 below our guide on lower revenue and gross profit, offset by lower operating expenses. Operational cash flow for the quarter was $800 million. CapEx for the quarter was $7.2 billion, resulting in an adjusted cash flow of negative $6.4 billion. Our balance sheet remains strong with cash and investments of $27.5 billion, modest leverage and a strong investment-grade credit profile.

每股收益為 0.29 美元，比我們關於收入和毛利潤下降的指導低 0.41 美元，但被較低的運營費用所抵消。本季度的運營現金流為 8 億美元。本季度資本支出為 72 億美元，調整後的現金流為負 64 億美元。我們的資產負債表依然強勁，擁有 275 億美元的現金和投資、適度的槓桿和強大的投資級信用狀況。

Now turning to our business unit results. CCG revenue was $7.7 billion, below expectations and down 25% year-over-year on global TAM weakness, particularly in the consumer education and small-medium business markets. The shortfall was also driven by OEM inventory reductions as we work with our customers to lower their inventory, protect market share and continue to manage through match set constraints.

現在轉向我們的業務部門結果。 CCG 收入為 77 億美元，低於預期，同比下降 25%，原因是全球 TAM 疲軟，尤其是在消費者教育和中小型企業市場。由於我們與客戶合作降低庫存、保護市場份額並繼續通過匹配集限制進行管理，因此短缺也受到 OEM 庫存減少的推動。

CPU ASPs were up 11% 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 $1.1 billion, down 73% year-over-year, on lower revenue, increased 10-nanometer and Intel 7 mix and increased spending to further strengthen our product and platform roadmap.

CPU ASP 同比增長 11%，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。營業利潤為 11 億美元，同比下降 73%，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 $4.6 billion, below expectations and down 16% year-over-year on OEM inventory reductions, mix-related ASP decline and competitive pressures. Operating profit was $214 million, down 90% year-over-year on lower revenue, higher advanced node start-up costs, increased investment in the product roadmap and Sapphire Rapids' preproduction charges.

DCAI 收入為 46 億美元，低於預期，同比下降 16%，原因是 OEM 庫存減少、與混合相關的 ASP 下降和競爭壓力。營業利潤為 2.14 億美元，同比下降 90%，原因是收入下降、高級節點啟動成本增加、對產品路線圖的投資增加以及 Sapphire Rapids 的預生產費用。

NEX achieved all-time record quarterly revenue of $2.3 billion, up 11% year-over-year on strength in data center networking products, specifically networking Ethernet and 5G. Operating profit was $241 million, down 60% year-over-year on mix shift to networking Ethernet and 5G, increased investment in process technology and lower sell-through of reserved inventory.

NEX 實現了創紀錄的 23 億美元季度收入，同比增長 11%，這得益於數據中心網絡產品，特別是網絡以太網和 5G。營業利潤為 2.41 億美元，同比下降 60%，原因是向網絡以太網和 5G 的混合轉變、對工藝技術的投資增加以及保留庫存的銷售率降低。

AXG revenue was $186 million, up 5% year-over-year on the ramp of supercompute and Alchemist discrete GPU products. Operating loss was $507 million versus an operating loss of $168 million in Q2 '21, with the increase driven by inventory reserves on our Ponte Vecchio and Alchemist products, and increased investment to deliver the roadmap of visual supercompute and custom accelerated graphics products.

AXG 收入為 1.86 億美元，在超級計算和 Alchemist 離散 GPU 產品的增長下同比增長 5%。運營虧損為 5.07 億美元，而 21 年第二季度的運營虧損為 1.68 億美元，這主要得益於我們的 Ponte Vecchio 和 Alchemist 產品的庫存儲備，以及為交付視覺超級計算和定制加速圖形產品的路線圖而增加的投資。

Mobileye achieved all-time record quarterly revenue of $460 million, up 41% year-over-year, outperforming the rate of increase of global automotive production, which was relatively flat year-over-year. Operating profit was $190 million, up 43% year-over-year on higher revenue, partially offset by increased investment in next-generation ADAS products.

Mobileye 實現了創紀錄的 4.6 億美元季度收入，同比增長 41%，超過了同比相對持平的全球汽車產量增長率。營業利潤為 1.9 億美元，同比增長 43%，收入增加，部分被下一代 ADAS 產品投資增加所抵消。

IFS revenue was $122 million, down 54% year-over-year, driven by lower mass tool sales, as well as revenue decrease in the automotive segment due to customer shortages in the automotive market. Operating loss was $155 million versus an operating profit of $52 million in Q2 '21, driven by lower revenue and increased investment to build out the custom foundry business.

IFS 收入為 1.22 億美元，同比下降 54%，主要受大眾工具銷量下降以及汽車市場客戶短缺導致汽車部門收入下降的推動。營業虧損為 1.55 億美元，而 21 年第二季度的營業利潤為 5200 萬美元，原因是收入下降和增加投資以建立定制代工業務。

Before we transition to full year and Q3 guidance, after 6 months on the job, let me provide my perspectives on the opportunities I see and focus areas to improve our financial performance and achieve our long-term goals.

在我們過渡到全年和第三季度指導之前，在工作 6 個月後，讓我談談我看到的機會和重點領域，以改善我們的財務業績和實現我們的長期目標。

At the highest level, I see opportunities to improve in 2 areas. First, ensuring we are allocating our capital to the programs that are clearly aligned to our revised business strategy and generate maximum long-term value to our shareholders. As Pat mentioned, 2 good examples of continuing to optimize our portfolio are exiting the Optane and Drone businesses. We continue to deeply evaluate all opportunities to more narrowly focus our resources on the highest value programs, increasing the probability of success for each of these programs.

在最高級別，我看到了兩個方面的改進機會。首先，確保我們將資金分配給明確符合我們修訂後的業務戰略並為股東創造最大長期價值的計劃。正如 Pat 所說，退出 Optane 和 Drone 業務是繼續優化我們的投資組合的兩個很好的例子。我們將繼續深入評估所有機會，以便將我們的資源更加集中在最高價值的項目上，從而提高每個項目的成功概率。

Second, driving structural product cost and operational expense efficiency across the company, taking full advantage of our IDM 2.0 strategy. A major focus for me is driving Intel to world-class product cost. Key to this is executing our 5 nodes and 4-year strategy, but there are many more aspects to achieving this goal with programs in flight to dramatically reduce product cost. Likewise, there are opportunities in OpEx to ensure we are achieving world-class efficiency in everything we do. With my history in the memory business where every penny counts, I know there are large opportunities for Intel to improve and deliver maximum output per dollar. As part of these focus areas, we expect to see restructuring charges in Q3, and I'll continue to provide regular updates on these efforts.

其次，充分利用我們的 IDM 2.0 戰略，提高整個公司的結構性產品成本和運營費用效率。對我來說，一個主要關注點是推動英特爾達到世界一流的產品成本。實現這一目標的關鍵是執行我們的 5 個節點和 4 年戰略，但要實現這一目標還有很多方面，正在實施的計劃可以顯著降低產品成本。同樣，OpEx 也有機會確保我們在所做的每一件事上都實現世界一流的效率。憑藉我在內存業務中每一分錢都很重要的歷史，我知道英特爾有很大的機會來改進和實現每美元的最大產出。作為這些重點領域的一部分，我們預計第三季度會出現重組費用，我將繼續定期更新這些努力。

Moving to our full year and Q3 guidance. For the remainder of the year, we expect macroeconomic conditions to continue to soften with the potential for a recessionary scenario to materialize. There's also risk for continued COVID-related impacts on demand and the supply chain to continue throughout the year. As a result of this high level of uncertainty, we're moving to a range-based approach to revenue guidance for the rest of the year.

轉到我們的全年和第三季度指導。在今年餘下的時間裡，我們預計宏觀經濟狀況將繼續走軟，衰退情景可能會成為現實。與 COVID 相關的持續影響對需求和供應鏈的持續影響也存在全年持續的風險。由於這種高度的不確定性，我們將在今年剩餘時間採用基於範圍的收入指導方法。

For full year revenue, we are now guiding a range of $65 billion to $68 billion, down from our prior guidance of $76 billion, driven by lower expectations for our CCG and DCAI businesses. More specifically, in our PC business, as Pat discussed, we now see TAM decreasing approximately 10% year-over-year due to the softening macroeconomic environment and inflationary pressures. Although these headwinds have reduced our CCG revenue forecast, we expect CCG revenue to increase in the second half of the year due to seasonal strength, OEM inventory returning to balanced levels, inflation-related price increases to take effect and the ramp of our leadership Alder Lake and Raptor Lake products to position us to compete for share.

對於全年收入，由於對 CCG 和 DCAI 業務的預期降低，我們現在的指導範圍為 650 億美元至 680 億美元，低於我們之前的 760 億美元指導。更具體地說，正如 Pat 所討論的，在我們的 PC 業務中，由於宏觀經濟環境疲軟和通脹壓力，我們現在看到 TAM 同比下降約 10%。儘管這些不利因素降低了我們的 CCG 收入預測，但我們預計 CCG 收入將在下半年增加，原因是季節性強、OEM 庫存恢復平衡水平、與通脹相關的價格上漲生效以及我們領導地位的提升 Alder Lake 和 Raptor Lake 產品定位我們以爭奪份額。

For DCAI, we expect to see second half revenue growth relative to Q2 levels, but growth will remain muted as competitive and macroeconomic headwinds persist, OEM inventory reductions continue and component constraints impact certain segments.

對於 DCAI，我們預計下半年收入將相對於第二季度水平增長，但由於競爭和宏觀經濟逆風持續存在，OEM 庫存繼續減少以及組件限制影響某些細分市場，增長將保持溫和。

For NEX, we expect another record quarter in Q3 and continued growth throughout the year. NEX revenue tailwinds will be fueled by new product introductions, data center and telco networking demand and continued improvement in pricing and component supply.

對於 NEX，我們預計第三季度將再創紀錄，全年持續增長。 NEX 收入順風將受到新產品推出、數據中心和電信網絡需求以及定價和組件供應的持續改善的推動。

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. And 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 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 都將在下半年實現增長，因為它們推出了新產品並獲得了新客戶。

For full year gross margin, we're guiding to 49% at the midpoint of revenue guidance with the expectation that gross margin will return to the low end of our target range of 51% to 53% in Q4 as revenue increases, we achieve scale on new product ramps and costs continue to improve. We're forecasting a tax rate of approximately 8% and EPS of $2.30 at the midpoint of the revenue guidance.

對於全年毛利率，我們在收入指導的中點指導為 49%，預計隨著收入的增加，第四季度毛利率將回到我們目標範圍 51% 至 53% 的低端，我們實現規模在新產品坡道和成本不斷提高。我們預計收入指引中點的稅率約為 8%，每股收益為 2.30 美元。

For net CapEx, we're revising down our forecast to $23 billion, $4 billion less than our previous guidance as we moderately adjust our investment in capacity and take advantage of potentially larger than originally forecast capital [assets], highlighting significant progress on our smart capital strategy. We expect these actions to offset lower than originally forecast operating cash flow, allowing us to reaffirm adjusted free cash flow of negative $1 billion to negative $2 billion for the year.

對於淨資本支出，我們將預測下調至 230 億美元，比我們之前的指引減少 40 億美元，因為我們適度調整產能投資並利用可能大於最初預測的資本 [資產]，突顯了我們在智能資本戰略。我們預計這些行動將抵消低於最初預測的經營現金流，使我們能夠重申調整後的自由現金流為負 10 億美元至負 20 億美元。

Finally, we paid dividends of $1.5 billion, a 5% increase year-over-year, and remain committed to growing the dividend over time.

最後，我們支付了 15 億美元的股息，同比增長 5%，並繼續致力於隨著時間的推移增加股息。

Now moving to Q3 guidance. Given the aforementioned market environment, we're guiding revenue of $15 billion to $16 billion. At the midpoint of the revenue guidance, we're guiding gross margin of 46.5%, a tax rate of 13% and earnings per share of $0.35.

現在轉向第三季度指導。鑑於上述市場環境，我們的指導收入為 150 億美元至 160 億美元。在收入指導的中點，我們指導毛利率為 46.5%，稅率為 13%，每股收益為 0.35 美元。

In closing, the market turbulence and updated outlook are disappointing. However, we believe our turnaround is clearly taking shape and expect Q2 and Q3 to be the financial bottom for the company.

最後，市場動盪和更新的前景令人失望。然而，我們相信我們的轉機顯然正在形成，並預計第二季度和第三季度將成為公司的財務底部。

We remain completely committed to the strategy and financial model communicated at Investor Day. The long-term financial opportunity of compelling revenue growth and free cash flow at 20% of revenue remains. And I believe this downturn represents an opportunity to more quickly make the transformations necessary to achieve these goals.

我們仍然完全致力於在投資者日傳達的戰略和財務模型。令人信服的收入增長和占收入 20% 的自由現金流的長期財務機會仍然存在。我相信這次低迷代表了一個機會，可以更快地進行必要的轉型以實現這些目標。

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

有了這個，讓我把它轉回給約翰，然後回答你的問題。

All right. Thank you, Dave. Moving on now to the Q&A. (Operator Instructions) Operator, please go ahead and introduce our first caller.

好的。謝謝你，戴夫。現在繼續進行問答。 （操作員說明）接線員，請繼續介紹我們的第一個來電者。

(Operator Instructions) Our first question comes from C.J. Muse with Evercore ISI.

（操作員說明）我們的第一個問題來自於 Evercore ISI 的 C.J. Muse。

I guess, for my question, your implied guidance calls for roughly 12% sequential growth into December. Would love to hear what gives you confidence that inventory correction and the supply chain issues will be behind you. And as part of that, do you think a PC TAM of down 10% is conservative enough or is that something where there might be further risk ahead?

我想，就我的問題而言，您的隱含指導要求到 12 月連續增長約 12%。很想听聽是什麼讓您相信庫存修正和供應鏈問題將在您身後。作為其中的一部分，您認為 PC TAM 下降 10% 是否足夠保守，還是未來可能存在進一步風險？

So when you look at the fourth quarter, first of all, we are, at this point, given the inventory burns in both CCG and DCAI, shipping it below the rate of consumption for those markets. And so there is a natural recovery that occurs that we would expect as we progress through the rest of the year once inventory is in a good place. So we do feel we're at the bottom here in terms of revenue in the Q2, Q3 time frame, and Q4 would recover just based on that alone.

因此，當您查看第四季度時，首先，鑑於 CCG 和 DCAI 的庫存消耗，我們的出貨量低於這些市場的消費率。因此，一旦庫存處於良好狀態，隨著我們在今年剩餘時間內的進展，我們會預期會出現自然復甦。因此，我們確實覺得我們在第二季度、第三季度的收入方面處於底部，僅憑這一點，第四季度就會恢復。

I'd say the other thing is we've got a good set of products coming out over the course of the second half of the year. And I think we're kind of operating with wind at our sails in terms of product offerings in all of our businesses.

我想說的另一件事是我們在下半年推出了一套很好的產品。而且我認為，就我們所有業務的產品供應而言，我們都在順風順水。

And then third, we are increasing pricing, and pricing generally takes effect in the fourth quarter. We've done a fair amount of time. The advantage of the IDM strategy is we can absorb a lot of inflationary impacts that others can't. And so we were able to kind of go a little longer in terms of the price increases. But at this point, now that some of those pricing inflationary increases have turned out to be more permanent, where there is a certain amount of that, that we do need to pass on to the customers and they're comfortable to do that. And so that also is a factor.

第三，我們正在提高定價，定價通常在第四季度生效。我們已經做了相當多的時間。 IDM 策略的優勢是我們可以吸收很多其他人無法吸收的通脹影響。因此，我們能夠在價格上漲方面走得更久一些。但在這一點上，現在一些價格通脹上漲已經證明是更持久的，其中有一定數量的，我們確實需要傳遞給客戶，他們很樂意這樣做。所以這也是一個因素。

And then lastly, I would just say the fourth quarter is generally just a seasonally strong quarter for us and particularly in the PC space. So I think all of those factors give us really good confidence that Q2, Q3 represent the bottom for revenue. And at the fourth quarter, we'll see some strength.

最後，我只想說第四季度對我們來說通常只是一個季節性強勁的季度，尤其是在 PC 領域。所以我認為所有這些因素讓我們非常有信心第二季度、第三季度代表收入的底部。在第四季度，我們會看到一些力量。

And in fourth quarter, we also see that some of the new business unit areas, right, are starting to contribute more significantly as well. On the PC TAM, before we were above the market. And with our down revision, we're now exactly aligned with the market. We were over 350 million units before. Now market ranges are 310 million to 325 million. Our range is consistent with that, C.J. So we don't see ourselves ahead of the market like we were before. We were more optimistic now we're firmly in line with the market.

在第四季度，我們還看到一些新的業務部門領域也開始做出更大的貢獻。在 PC TAM 上，在我們高於市場之前。通過我們的向下修正，我們現在與市場完全一致。我們之前的銷量超過 3.5 億台。現在市場範圍是 3.1 億到 3.25 億。我們的範圍與此一致，C.J. 所以我們不像以前那樣認為自己領先於市場。現在我們更加樂觀，我們與市場保持一致。

Clearly, the market has shifted heavily on the consumer side, but there remains strength on the enterprise side, which also gives us confidence. So in addition to the strength of the product roadmap, which Dave said, we also see the enterprise market remaining very healthy. And our position in the higher price points in the enterprise, these are good markets for us. And as we're on the back of Alder Lake, over 35 million units, Raptor Lake ramping, we're just coming into a great cycle of the overall business.

顯然，市場在消費者方面發生了重大轉變，但企業方面仍然有力量，這也給了我們信心。因此，除了 Dave 所說的產品路線圖的實力之外，我們還看到企業市場保持非常健康。而我們在企業中較高價位的地位，這些對我們來說都是很好的市場。由於我們在 Alder Lake 的背面，超過 3500 萬個單位，Raptor Lake 正在加速發展，我們剛剛進入一個整體業務的大循環。

We'd also say that the PC is strong as that work-from-home, school-from-home device usage numbers are up significantly for the time that people use their PCs. We also have a strong replacement cycle in front of us. We now have over 600 million PCs that are over 4 years old. We're definitely seeing that roll through the enterprise markets, again, where we have stronger market share and better ASPs.

我們還要說 PC 很強大，因為在人們使用 PC 的時間裡，在家工作、在家上學的設備使用量顯著增加。我們面前還有一個強大的更換週期。我們現在擁有超過 6 億台使用時間超過 4 年的 PC。我們肯定會再次看到企業市場出現這種情況，我們擁有更強的市場份額和更好的 ASP。

So all of that taken together, we think we've ranged it, and that's consistent with the financial guidance that we've given you for the rest of the year.

因此，所有這些加在一起，我們認為我們已經確定了範圍，這與我們在今年餘下時間為您提供的財務指導是一致的。

We have a question from Vivek Arya from Bank of America.

我們有一個來自美國銀行的 Vivek Arya 的問題。

Pat, I'm curious, why didn't Intel choose to negatively preannounce given the extent of the shortfall? I mean, I can understand the PC market being weak, but for data center to be almost 25% below expectations, that seems very strange to me. So I'm just curious why Intel took these actions.

帕特，我很好奇，考慮到缺口的嚴重程度，為什麼英特爾不選擇負面預告？我的意思是，我可以理解 PC 市場疲軟，但數據中心比預期低近 25%，這對我來說似乎很奇怪。所以我只是好奇英特爾為什麼採取這些行動。

And then when we look at your data center revenue, especially in the reported quarter, most enterprise and cloud customers reported their sales and spending kind of in line with expectations. So is it mostly competitive pressures? If you could just help us understand what the thought process was for Q2.

然後，當我們查看您的數據中心收入時，尤其是在報告的季度中，大多數企業和雲客戶報告的銷售額和支出都符合預期。那麼主要是競爭壓力嗎？如果您能幫助我們了解第二季度的思考過程。

Yes. Thanks, Vivek. I think that officially is actually 2 questions. But anyway, we'll take them both. On the market side, we'll say we were well into the quarter and we saw the market characteristics change quite suddenly, right? And that resulted in both the sell-through in the marketplace, but also these significant inventory adjustments. We work with our customers on those inventory adjustments. And as we said, these are like once in 10-year kind of inventory adjustments because the customers were working through the quarter, catching up to demand that was short for years, right?

是的。謝謝，維維克。我認為這實際上是兩個問題。但無論如何，我們都會把它們都拿走。在市場方面，我們會說我們已經進入了這個季度，我們看到市場特徵發生了相當突然的變化，對吧？這既導致了市場上的銷售，也導致了這些重大的庫存調整。我們與客戶合作進行這些庫存調整。正如我們所說，這些就像 10 年一次的庫存調整，因為客戶在整個季度都在努力，趕上多年來短缺的需求，對嗎？

And all of a sudden, as they saw that shifting, they took quite significant adjustments to their inventory positions. And we wanted to be in a position that we had some thoughtful view of what the market was for the future. So that's the reason that brought us to today. We think that we've given you a clear view of where the market is coming into the future.

突然之間，當他們看到這種變化時，他們對庫存狀況進行了相當大的調整。我們希望能夠對未來的市場有一些深思熟慮的看法。這就是讓我們走到今天的原因。我們認為我們已經讓您清楚地了解未來市場的走向。

The DCAI point, as I said in my formal comments, we were disappointed. Some of that was driven by the macro. It was also match set issues that we've been struggling with as well and Ethernet components, power supply components, et cetera, have been challenged. But as we also said, we have some of our own unique execution issues, and we kept the quality bar high on Sapphire Rapids. And thus, we did another stepping, which was a forecast, which puts some inventory and reserve issues in front of us as opposed to high ASP, new product revenue. So some of those things were unique issues to us that we were addressing.

正如我在正式評論中所說，DCAI 的觀點讓我們感到失望。其中一些是由宏驅動的。這也是我們一直在努力解決的匹配問題，以太網組件、電源組件等都受到了挑戰。但正如我們也說過的，我們有一些自己獨特的執行問題，我們在 Sapphire Rapids 上保持了很高的質量標準。因此，我們又邁出了一步，即預測，將一些庫存和儲備問題擺在我們面前，而不是高 ASP 和新產品收入。所以其中一些事情對我們來說是我們正在解決的獨特問題。

That said, we do feel like the progress on the data center, right, is clear in front of us. We have -- Emerald is looking very good. We'll be powering on Sapphire or Sierra Forest and Granite Rapids shortly. All of that taken together, we feel our competitive position is improving. We also see that's -- we know where the market share is, and wins like we announced with AWS and Meta, we are going to focus on every socket, every workload, every customer quite aggressively on both AWS and Meta. These were substantial wins for us this quarter, and we hope to be announcing several others like that as we go forward.

也就是說，我們確實覺得數據中心的進展，對，就在我們面前。我們有 - 翡翠看起來非常好。我們將很快為 Sapphire 或 Sierra Forest 和 Granite Rapids 供電。所有這些加在一起，我們覺得我們的競爭地位正在提高。我們也看到了——我們知道市場份額在哪裡，並且像我們宣布的 AWS 和 Meta 一樣獲勝，我們將專注於每個套接字、每個工作負載、每個客戶，在 AWS 和 Meta 上都非常積極。這些對我們本季度來說是巨大的勝利，我們希望在我們前進的過程中宣布其他幾個類似的勝利。

We're also bringing new capabilities. As we sort of said in our formal comments, the size of our footprint here is underappreciated. And we're going to be focusing on really benefiting from that and bringing new capabilities against that enormous footprint with capabilities like Granulate and our Amber Security Service, things that allow us to bring more value to our customers, as well as harvest more revenue from that enormous installed base.

我們還帶來了新的功能。正如我們在正式評論中所說的那樣，我們在這裡的足跡規模被低估了。我們將專注於真正從中受益，並通過 Granulate 和我們的 Amber 安全服務等功能為巨大的足跡帶來新功能，這些功能使我們能夠為客戶帶來更多價值，並從中獲得更多收入龐大的安裝基礎。

So all of that taken together, we feel like we are owning up to the challenges that we had in data center, but we have a clear view of how we write this business for the future and are well underway on doing exactly that.

綜上所述，我們覺得我們正在接受我們在數據中心所面臨的挑戰，但我們對如何為未來編寫這項業務有清晰的認識，並且正在努力做到這一點。

And maybe I'll just add, in terms of profitability, it was disappointing where operating margins landed for the DCAI business for sure. That was largely the impact of the decline in revenue. But keep in mind, we're also investing a lot, for all the reasons that Pat said, to bring out great products that wow our customers. And so that investment does also weigh down on the operating profitability of the business.

也許我會補充一點，就盈利能力而言，DCAI 業務的營業利潤率確實令人失望。這主要是收入下降的影響。但請記住，出於帕特所說的所有原因，我們也進行了大量投資，以推出令客戶讚歎的優質產品。因此，這項投資也確實會影響企業的運營盈利能力。

We do see that getting better. We took, as Pat mentioned, reserves on Sapphire Rapids. And those are kind of a one-off thing that dissipate as we go through the second half of the year. We also expect revenue to improve as we progress through the year. Those things combined should improve operating margins in the near term. In the long term, we see this business as a business that gives us greater than corporate average operating margins, gross margins and operating margins for that [matter]. It has traditionally actually for us and for the industry.

我們確實看到情況正在好轉。正如帕特所說，我們在藍寶石急流中預留了儲備。隨著我們度過下半年，這些都是一次性的事情。隨著我們全年的進展，我們還預計收入將有所改善。這些因素結合起來應該會在短期內提高營業利潤率。從長遠來看，我們認為這項業務為我們提供了高於公司平均營業利潤率、毛利率和營業利潤率的業務。傳統上，它實際上對我們和整個行業都是如此。

And so it's a matter of just putting our nose down and executing to get those results, and we feel very confident we'll get there.

所以這只是放下我們的鼻子並執行以獲得這些結果的問題，我們非常有信心我們會到達那裡。

Our next question comes from Matt Ramsay with Cowen.

我們的下一個問題來自 Matt Ramsay 和 Cowen。

I guess, Pat, I wanted to follow up a little bit on the prior question in the server business, particularly on the roadmap. You guys just mentioned some reserves we need to take for Sapphire, and the time lines have been pushed out. So I guess the questions are, one, Pat, can you give us a more specific timing on where things are with Sapphire Rapids, not just early units, but actual volume production?

我想，Pat，我想對服務器業務中的先前問題進行一些跟進，特別是在路線圖上。你們剛剛提到我們需要為藍寶石準備一些儲備，時間線已經被推遲了。所以我想問題是，第一，Pat，你能否給我們一個更具體的時間來說明 Sapphire Rapids 的情況，不僅僅是早期的單位，而是實際的批量生產？

And secondly, this push out, how does this impact the time lines for Emerald and Granite? Do you see those pushing out sort of congruent with the push out here? Or are those time lines going to be held and maybe the platforms be a little bit different? I'm just curious on the roadmap.

其次，這次推出，這對 Emerald 和 Granite 的時間線有何影響？你看到那些推出與這裡的推出一致嗎？或者那些時間線會被保留，平台可能會有點不同？我只是對路線圖感到好奇。

Yes. And giving a bit more detail on Sapphire, we're already ramping a number of SKUs of Sapphire Rapids already. They began ramping last quarter. So we have a number of those ramping. The particular issue that we highlighted wasn't affecting those SKUs, so those continue to ramp. So we did another tape out, which I'll say, for the larger volume SKUs, and those will be volume shipping in the second half of the year. So you'll see us ramping those and launching those. So we're fully on track for that, and we feel like we're over all of the issues that we've had in bringing that product to marketplace. So we feel very comfortable with that.

是的。並提供有關 Sapphire 的更多詳細信息，我們已經在增加 Sapphire Rapids 的一些 SKU。他們在上個季度開始增長。所以我們有很多這樣的斜坡。我們強調的特定問題並未影響這些 SKU，因此這些 SKU 繼續增加。因此，我們為更大數量的 SKU 製作了另一個磁帶，我會說，這些將在下半年批量發貨。所以你會看到我們增加這些並啟動它們。所以我們完全走上了正軌，我們覺得我們已經解決了我們在將該產品推向市場時遇到的所有問題。所以我們對此感到很自在。

We're then working very closely -- emerald goes into the Sapphire platform. So we're working very closely with our customers on the timing there. The product is looking very healthy. So we're nicely on track. So that will be a '23 product. And then Granite and Sierra Forest is the '24 product. And just to remind everybody, this is a major new platform. We believe this is a major step forward as we go into Granite Rapids but also was our first E-core product with Sierra Forest, right?

然後我們非常密切地合作 - Emerald 進入 Sapphire 平台。因此，我們正在與我們的客戶密切合作，確定時間安排。該產品看起來非常健康。所以我們很順利。所以這將是一個 '23 產品。然後花崗岩和塞拉森林是 '24 產品。提醒大家，這是一個重要的新平台。我們相信這是我們進入 Granite Rapids 的重要一步，也是我們與 Sierra Forest 合作的第一個 E-core 產品，對吧？

And this, we believe, is really sort of -- this ability to have a fleet offering where a lot of cloud workloads, they just say, give me a great container and let me run that quite thermally efficient TCO efficiently, and that's what Sierra Forest will do and then Granite Rapids, clearly, the performance leader in the marketplace. So both of those will be '24 products. And again, right, we're powering on that this next quarter. So we're looking very healthy -- or this quarter, I should say, in Q3. So looking very good so far. So we just say the road map is healthy, looking on track, and our execution here must improve. Many of these products were well underway when we showed up.

而且，我們相信，這確實有點——這種能力擁有一個提供大量雲工作負載的機隊，他們只是說，給我一個很棒的容器，讓我高效地運行那個熱效率相當高的 TCO，這就是 Sierra Forest 將做，然後是 Granite Rapids，顯然，市場上的性能領導者。所以這兩個都是'24產品。再一次，對，我們將在下個季度啟動它。所以我們看起來非常健康——或者本季度，我應該說，在第三季度。所以到目前為止看起來非常好。所以我們只是說路線圖是健康的，看起來在軌道上，我們在這裡的執行必須改進。當我們出現時，其中許多產品正在順利進行中。

As we said, the culture, right, of execution needs to be rebuilt. And we are working heavily to rebuild the culture of this team. And in fact, we just completed our employee engagement survey, and this is the most significant year-on-year improvements in history. Many of our employment -- employee engagement survey results now are now best in the industry. We've totally reversed the brain drain that we had. So teams are excited, the momentum is building and many of these products -- hey, we're launching the new products with the revised -- and you'll hear us talk more about our TikTok execution discipline going forward. But a lot of these products were underway, so they weren't launched with the new execution and methodology discipline, so we're working through those. And as each one of these gets better, our execution and confidence in those deliveries is improving, culture is improving. We're making great progress.

正如我們所說，需要重建執行的文化。我們正在大力重建這支球隊的文化。事實上，我們剛剛完成了員工敬業度調查，這是歷史上最顯著的同比改進。我們的許多就業——員工敬業度調查結果現在是業內最好的。我們已經完全扭轉了我們的人才流失。所以團隊很興奮，勢頭正在形成，其中許多產品——嘿，我們正在推出經過修改的新產品——你會聽到我們更多地談論我們未來的 TikTok 執行紀律。但是很多這些產品都在開發中，所以它們並沒有按照新的執行和方法學原則推出，所以我們正在努力解決這些問題。隨著每一項都變得更好，我們對這些交付的執行力和信心也在提高，文化也在提高。我們正在取得很大進展。

Our next question comes from Srini Pajjuri with SMBC Nikko.

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

Dave, if you can clarify why you're taking the Sapphire, I guess, charges? Is it just a preproduction reserve? Or is there something else going on? And my question is, based on your comments about the recovery profile for DCG, and I guess, DCAI in the second half, it seems like PC market is -- at least your expectation is that the PC market will recover quicker than DCAI. I'm a little bit surprised by that because you have Sapphire ramping, and I don't know if the inventory situation was worse in DC versus in PC. So I'm just surprised by the fact that you're saying that PC will recover faster than DCAI. If you can classify that, that will be helpful.

戴夫，如果你能澄清你為什麼要拿藍寶石，我猜，收費？它只是一個預生產儲備嗎？還是有其他事情發生？我的問題是，根據您對 DCG 復甦概況的評論，我猜，下半年的 DCAI，PC 市場似乎是 - 至少您的預期是 PC 市場將比 DCAI 恢復得更快。我對此有點驚訝，因為您的藍寶石正在增加，而且我不知道 DC 的庫存情況是否比 PC 更糟。所以我很驚訝你說 PC 會比 DCAI 恢復得更快。如果您可以對其進行分類，那將很有幫助。

Okay. So yes, you're right, Sapphire Rapids. We reserve the production inventory when it's -- before it has gone, what we call, PRQ, so it's a quality metric. And so we reserve all of the product. And since the main -- as Pat said, the main SKUs have not, at this point, reached PRQ, we continue to reserve them. Once they do, which we expect later this year, then we stop, first of all, reserving the production inventory. And then the likelihood is some of this will also sell. And so we'll be able to recover some portion of that reserve likely as we progress through the end of this year and next year.

好的。所以是的，你是對的，藍寶石急流。我們保留生產庫存——在它消失之前，我們稱之為 PRQ，所以它是一個質量指標。所以我們保留了所有的產品。由於主要 - 正如帕特所說，主要 SKU 尚未達到 PRQ，我們繼續保留它們。一旦他們這樣做了，我們預計今年晚些時候，我們就會停止，首先，保留生產庫存。然後很可能其中一些也會出售。因此，隨著我們在今年年底和明年的進展，我們將能夠收回部分儲備。

On CCG and DCAI, I think the inventory correction in CCG was definitely more pronounced. And so you get this -- the benefit of the shipping back to the consumption level is more pronounced when things recover. That's #1. We also will see more pricing improvement in CCG than DCAI. They're both -- we're adjusting pricing, but the pricing is more significant in CCG. And so that also gives CCG a lift in the later part of the year.

在 CCG 和 DCAI 上，我認為 CCG 的庫存調整肯定更加明顯。所以你得到了這個——當事情恢復時，運輸回到消費水平的好處更加明顯。那是#1。我們還將看到 CCG 的定價改進高於 DCAI。他們都是——我們正在調整定價，但定價在 CCG 中更為重要。因此，這也讓 CCG 在今年晚些時候獲得了提升。

We have a question from Joseph Moore with Morgan Stanley.

我們有一個來自摩根士丹利的約瑟夫摩爾的問題。

I wonder if you could talk about the capital spending cuts. Can you give us a sense for -- does that affect shells versus wafer fab equipment? And is there sort of any opportunity cost to that? And then to the extent that -- does that change your comments about the overall trajectory over the next few years? Do you still expect CapEx to be rising from here?

我想知道你是否可以談談削減資本支出。你能給我們一個感覺——這會影響外殼和晶圓廠設備嗎？這有什麼機會成本嗎？然後在某種程度上——這會改變你對未來幾年整體軌蹟的看法嗎？您仍然期望資本支出從這裡上升嗎？

Good question. So important thing is that when you look at growth CapEx, it's about 25% of the reduction. About 75% of the reduction is actually increased capital offset. So it's not a significant adjustment to the growth number. It's almost entirely on the equipment side, the reduction, and some of it is just timing of receipts of equipment. And sorry, Joe, what was the other part of your question?

好問題。如此重要的是，當您查看增長的資本支出時，它大約是減少的 25%。大約75%的減少實際上是增加的資本抵消。所以這不是對增長數字的重大調整。它幾乎完全在設備方面，減少，其中一些只是設備接收的時間。對不起，喬，你問題的另一部分是什麼？

Just the trajectory. I know you had talked about capital spending generally rising from here, but you also talked about guardrails. Can you just talk about the trade-offs of your business being slower versus, not looking for forecast, but how you're thinking about the long term spending...

只是軌跡。我知道你曾談到資本支出普遍從這裡上升，但你也談到了護欄。您能否談談您的業務較慢與不尋找預測的權衡取捨，而是您如何考慮長期支出...

So we intend to manage to the guardrails for sure. What I think has become really positive for us is the capital offsets. Maybe I'll talk a little bit about it, and you can go into details about chips, if you want, Pat. We just are, in general, way more optimistic about what we're going to get in terms of capital assets. In fact, I think our forecast for the year is 4x what it was when we talked about it at Investor Day.

因此，我們打算肯定地管理護欄。我認為對我們來說真正積極的是資本抵消。也許我會談談它，如果你願意，帕特，你可以詳細介紹一下芯片。總的來說，我們只是對我們將獲得的資本資產更加樂觀。事實上，我認為我們對今年的預測是我們在投資者日談論它時的 4 倍。

And so clearly, for this year, we're going to see strong offsets. And I think given what happened today, I think we're going to have good offsets in the coming years as well. So I think that will really help us kind of keep the guardrails intact. I mean, obviously, on a long-term basis, we're always looking at our CapEx in relationship to demand. We're building supply to meet demand and modulating that as the signals change on the demand front.

很明顯，今年，我們將看到強勁的抵消。而且我認為鑑於今天發生的事情，我認為我們在未來幾年也會有很好的抵消。所以我認為這真的會幫助我們保持護欄完好無損。我的意思是，顯然，從長遠來看，我們一直在關注我們的資本支出與需求的關係。我們正在建立供應以滿足需求，並隨著需求前沿信號的變化對其進行調節。

At this point, I think given the long lead times of building out these factories, we're very confident that the growth rates of our markets are going to be quite healthy, and we're going to need the supply to come online. May we modulate or make tiny adjustments to it over the course of years? Yes, but I wouldn't say it's going to be a significant magnitude.

在這一點上，我認為鑑於建造這些工廠的交貨時間很長，我們非常有信心我們的市場增長率將相當健康，我們將需要在線供應。多年來，我們可以對其進行調整或微調嗎？是的，但我不會說這將是一個顯著的幅度。

But we -- but still at the end of the day, we feel very good about the guardrails we talked about. It's going to be more like mid-30s net CapEx intensity. Our investment phase that goes through 2024, and then '25, '26, we'll see a step down as we start to get the benefits of that in terms of revenue growth and margin growth, and will normalize more into the mid-20s.

但是我們——但歸根結底，我們對我們談到的護欄感覺非常好。這將更像是 30 年代中期的淨資本支出強度。我們的投資階段經歷了 2024 年，然後是 25 年和 26 年，隨著我們開始從收入增長和利潤率增長方面受益，我們將看到一步下降，並將在 20 年代中期更加正常化.

Yes. And as Dave was alluding to, the passage today by the house of the CHIPS Act following the Senate passage on Tuesday, this is historic legislation. Literally, since World War II, there might not have been a more important piece of industrial policy that came forward through Congress. So we are thrilled by that. And that also is something that we pointed to, and we've been very active, and I've been very active. This is great for the semiconductor industry. This is beneficial to Intel. This was one of the pieces of the smart capital program, as we described back at Investor Day. And now seeing this come across the line will clearly be part of that ability for us to invest aggressively in the strategy that we described to you.

是的。正如戴夫所暗示的那樣，在周二參議院通過後，眾議院今天通過了 CHIPS 法案，這是歷史性的立法。從字面上看，自二戰以來，可能沒有比國會提出的更重要的產業政策了。所以我們對此感到很興奮。這也是我們指出的，我們一直非常活躍，我也一直非常活躍。這對半導體行業來說非常棒。這對英特爾有利。正如我們在投資者日所述，這是智能資本計劃的一部分。現在看到這一點顯然將成為我們積極投資於我們向您描述的戰略的能力的一部分。

We see this as an accelerant to our strategy and something that will give us the capacity to both meet our product needs, as well as our foundry customer needs as well. This is powerful and something that we are thrilled to have come across the line just today. We look forward to this being on the President's desk in the next couple of days and signed into law. This was a historic moment for the semiconductor industry. And I hope everybody on the line just realizes how significant the passage of this was for semiconductors, for technology, for long-term research. This was huge. We were thrilled to be a part of it.

我們認為這是對我們戰略的促進劑，並且將使我們有能力滿足我們的產品需求以及我們的代工客戶的需求。這很強大，我們很高興今天就遇到了這個問題。我們期待在接下來的幾天內將其提交總統的辦公桌並簽署成為法律。這是半導體行業的歷史性時刻。我希望在線上的每個人都能意識到，這對半導體、技術和長期研究來說是多麼重要。這是巨大的。我們很高興能成為其中的一員。

Our next question comes from Harlan Sur with JPMorgan.

我們的下一個問題來自摩根大通的 Harlan Sur。

Pat, you led us to your prepared remarks discussing the macro environment, but you also called out Intel-specific execution issues and specifically product design. Were you just referring to Sapphire Rapids or was this a general statement across several of your product segments, including client and graphics? And can you just articulate like what some of these product design issues are? Are they architectural issues, performance issues, design closure, changing customer requirements? Any help there would be great.

Pat，您將我們帶到您準備好的討論宏觀環境的評論中，但您也提到了英特爾特定的執行問題，特別是產品設計。您是指 Sapphire Rapids 還是您的多個產品領域（包括客戶端和圖形）的一般性聲明？你能簡單地說一下這些產品設計問題是什麼嗎？它們是架構問題、性能問題、設計關閉、不斷變化的客戶需求嗎？那裡的任何幫助都會很棒。

Obviously, as you mentioned, many of these programs were already underway when you joined the team. But what is it specifically that you're doing now to ensure better design execution going forward?

顯然，正如您所提到的，當您加入團隊時，其中許多計劃已經在進行中。但是，您現在正在做什麼以確保更好的設計執行？

Yes, Harlan. And if I would, just to step back slightly, right, I view the recovery rebuilding in 3 different chapters: one was TD and manufacturing, best transistors capacity; second, design and products. We have to deliver the products that we say to our customers. And if they ask for it Monday at noon, Monday at 11:59, it is there, right, and the volume is the same, at the performance levels, power levels, et cetera. And the third chapter is building growth, right, and establishing the new products, the new product lines for growth.

是的，哈蘭。如果我願意，稍微退後一步，對，我在 3 個不同的章節中看待恢復重建：一個是 TD 和製造，最好的晶體管容量；第二，設計和產品。我們必須交付我們對客戶說的產品。如果他們在周一中午、週一 11:59 要求它，它就在那裡，對，音量是相同的，在性能水平、功率水平等方面。第三章是建立增長，對，建立新產品，新的增長產品線。

And obviously, we've laid the foundations for all 3. As TD and manufacturing are now making good progress, the focus really is get the product and design execution superb again. And I point back to that sort of TikTok discipline that we had in the past, that was a key part of what we're doing. And that's exactly what we have underway, rebuilding that kind of product disciplined execution.

很明顯，我們已經為這三個方面奠定了基礎。隨著 TD 和製造現在取得良好進展，真正的重點是讓產品和設計執行再次變得一流。我再次指出我們過去所擁有的那種 TikTok 紀律，這是我們正在做的事情的關鍵部分。這正是我們正在進行的工作，重建了這種產品規範的執行方式。

Clearly, the Sapphire Rapids miss that we had, we're raising the quality bars for that. We weren't shipping at the quality levels, the security levels that we needed to in the past. And clearly, we shouldn't have had that bug in the product in the first place. So that caused another stepping for the volume release. Our software release on our discrete graphics, right, was clearly underperforming. We thought that we would be able to leverage the integrated graphics software stack, and it was wholly inadequate for the performance levels, gaming compatibility, et cetera, that we needed. So we're not hitting our 4 million unit goal in the discrete graphics space, even as we're now catching up and getting better software releases.

顯然，我們錯過了藍寶石急流，我們正在為此提高質量標準。我們沒有達到我們過去需要的質量水平和安全水平。很明顯，我們一開始就不應該在產品中出現這個錯誤。因此，這導致了批量發布的另一個步驟。我們在獨立顯卡上發布的軟件顯然表現不佳。我們認為我們將能夠利用集成圖形軟件堆棧，但它完全不足以滿足我們所需的性能水平、遊戲兼容性等。因此，即使我們現在正在趕上並獲得更好的軟件版本，我們也沒有達到我們在獨立顯卡領域的 400 萬單位目標。

We also, I'll say, the time lines for our products as we've committed them to customers, hey, we don't think we're competitive with the best-in-class in the industry. Our design time lines, we have to get them better, and we're focused on doing that, and that's for some of the longer roadmap term items where we have to be best-in-class in our design cycles, design costs, power envelopes, architectural leadership, things that you would expect from Intel in the past, and we're rebuilding those muscles for the future.

我還要說，我們向客戶承諾產品的時間線，嘿，我們不認為我們與業內一流的產品相比具有競爭力。我們的設計時間線，我們必須讓它們變得更好，我們專注於做到這一點，這是針對一些較長的路線圖術語項目，我們必須在設計週期、設計成本、功耗方面做到一流信封、架構領導力以及您過去對英特爾的期望，我們正在為未來重建這些肌肉。

So those would be the 2 examples we point to specifically that were visible this quarter, but we just have a lot more work to do. And as I said, it takes -- these are 3-, 4-year long projects. These were -- many of them were underway. We're putting in place these disciplines now. And the products that are being launched with this entirely new methodology and alignment, they don't come out for a couple of more years. So we're still working through that inventory of designs that were in process, a lot of work to do, a lot of rebuilding and that's where a lot of my attention is being focused on. And maybe now that I spend a little bit less time in Washington, right, this is the focus for us as a team is getting that execution to be superb once again.

因此，這將是我們在本季度特別指出的兩個示例，但我們還有很多工作要做。正如我所說，這需要 - 這些是 3 年或 4 年的項目。這些是 - 其中許多正在進行中。我們現在正在製定這些紀律。使用這種全新的方法和對齊方式推出的產品，它們要再過幾年才會問世。所以我們仍在處理那些正在進行的設計清單，還有很多工作要做，很多重建，這就是我的大部分注意力集中在的地方。也許現在我在華盛頓的時間少了一點，對，這是我們團隊的重點，讓執行力再次變得出色。

We have a question from Randy Abrams with Credit Suisse.

我們有一個來自瑞士信貸的 Randy Abrams 的問題。

A multipart question. If you could talk in IFS, so more on the MediaTek announcement, the products growth and potentially expand that to advanced products were referenced, design cooperation. I also want to ask a bit more on the CHIPS Act, how it changes your approach to the business. And for David, if the capital offsets assume some of the U.S. benefits, how could it impact the tax rate?

一個多部分的問題。如果您可以在 IFS 上談論更多關於聯發科的公告，產品增長並可能擴展到高級產品，設計合作。我還想進一步了解 CHIPS 法案，它如何改變您的業務方式。對於大衛來說，如果資本抵消假設了美國的一些好處，它會如何影響稅率？

Good. On IFS, clearly, MediaTek, they're the largest fabless supplier from Taiwan made. They're seeking to have a broadening of their supply chain. And as we've said, our strategy is to provide a pathway for customers to have a globally balanced resilient supply chain. As I also mentioned in the formal comments, 6 of 10 of the largest foundry customers in the world, we now have active engagement. So the pipeline of customers grew. We added another $1 billion to the pipeline this quarter. MediaTek was an Intel 16 announcement, one of the more mature offerings in the portfolio, which makes sense, right? Intel 3, Intel 18A, these are yet to be, I'll say, designable products, and we have test chips underway, but we're not yet to the point that the PDKs or the design libraries would be adequate for people to make design commitments quite at this point in time.

好的。在 IFS 上，顯然聯發科是台灣製造的最大的無晶圓供應商。他們正在尋求擴大供應鏈。正如我們所說，我們的戰略是為客戶提供一條擁有全球平衡彈性供應鏈的途徑。正如我在正式評論中提到的那樣，世界上 10 家最大的代工客戶中有 6 家現在積極參與。因此，客戶的管道增長了。本季度我們又為管道增加了 10 億美元。聯發科是英特爾 16 的公告，是產品組合中更成熟的產品之一，這是有道理的，對吧？英特爾 3、英特爾 18A，我會說，這些還不是可設計的產品，我們正在進行測試芯片，但我們還沒有達到 PDK 或設計庫足以供人們製造的地步設計承諾在這個時間點相當。

But overall, great progress on IFS. We're thrilled with the MediaTek announcement and a robust pipeline of customers continues to build because this idea of a geographically balanced, resilient supply chain, Intel giving the best transistors and capacity corridors. And I'd also say that our IFS strategy pivots on this idea of system foundry. The world is moving -- were moving from a board to a system and package. And a system package needs advanced 2.5 and 3D package, an area of Intel's leadership, interconnect standards. We've announced the standardization of UCIE. We're leading that. Software assets, another area of advantage for us. And we'll engage with and deliver this across portfolio process technologies, ours and others. This idea of System Foundry is gaining a clear interest to our customers as well.

但總體而言，IFS 取得了很大進展。我們對聯發科的公告感到非常興奮，並且強大的客戶渠道繼續建立，因為這種地理平衡、彈性供應鏈的想法，英特爾提供最好的晶體管和容量走廊。我還要說，我們的 IFS 戰略以系統代工這一理念為中心。世界正在發生變化——正在從一個電路板轉移到一個系統和軟件包。而係統封裝需要先進的 2.5 和 3D 封裝，這是英特爾領先的互連標準領域。我們已經宣布了 UCIE 的標準化。我們正在引領這一點。軟件資產是我們的另一個優勢領域。我們將在我們的和其他的投資組合流程技術中參與並提供這一點。 System Foundry 的這種想法也引起了我們客戶的明顯興趣。

With respect to CHIPS and capital, we'll say we were driving this for the last 1.5 years, and we're fully expecting this to be the case in time. We're thrilled to get it done. That said, we also initiated such an effort with Europe. And that's making great progress as well. And as Dave said, we're also looking through other capital partners as well, which we hope to be able to talk about more in the future with you as well.

關於 CHIPS 和資本，我們會說我們在過去的 1.5 年裡一直在推動這一點，我們完全期待這會及時發生。我們很高興能完成它。也就是說，我們也與歐洲一起發起了這樣的努力。這也取得了很大進展。正如戴夫所說，我們也在尋找其他資本合作夥伴，我們希望將來也能夠與您進行更多討論。

And then just on your question, we have not assumed any Chips Act money in 2022. Our expectation is there'll be a process, and that process will take us into 2023 before we start receiving money from CHIPS. So not assumed in 2022, although we're assuming that we will see some in 2023.

然後就您的問題而言，我們沒有假設 2022 年有任何籌碼法案資金。我們的預期是會有一個流程，並且該流程將帶我們進入 2023 年，然後我們才開始從 CHIPS 收到資金。所以不是假設在 2022 年，儘管我們假設我們會在 2023 年看到一些。

As you point out, the CHIPS Act or the bill that was passed is a combination of grant money and tax credits. I think it's a little early to determine exactly how all that is administered and makes its way into our P&L. So we'll table that until that becomes clear to us exactly how things shake out, and we'll give you more color once we have a better assessment of that.

正如您所指出的，CHIPS 法案或通過的法案是贈款和稅收抵免的組合。我認為現在確定所有這些是如何管理並進入我們的損益表還為時過早。因此，我們將列出這一點，直到我們清楚地知道事情是如何發生變化的，一旦我們對此進行了更好的評估，我們會給你更多的色彩。

Our next question comes from Stacy Rasgon with Bernstein.

我們的下一個問題來自 Stacy Rasgon 和 Bernstein。

I'm a little confused. You said that Sapphire Rapids was on time, and it's ramping in volume in the second half. But you also said data center growth in the second half was going to be pretty muted off of a base that's really low. And then you also said that data center pricing improvements in the second half would be less than what you're seeing in clients. So it doesn't really sound like the Sapphire Rapids ramp is helping at all. What is going on with that? Like how should I be thinking about the impact of that Sapphire Rapids ramp as that ramps into volume? Or is it a question is like most of the volume coming into 2023? Or why isn't it having more of an impact in the second half as it ramps?

我有點困惑。您說 Sapphire Rapids 很準時，並且在下半場它的數量正在增加。但你也說過下半年數據中心的增長將非常低迷，基數非常低。然後你還說下半年數據中心定價的改進將低於你在客戶中看到的。所以聽起來藍寶石急流坡道根本沒有幫助。這是怎麼回事？就像我應該如何考慮藍寶石急流坡道的影響，因為它會增加音量？還是一個問題就像進入 2023 年的大部分銷量一樣？或者為什麼它在下半場沒有產生更大的影響？

We said in the prepared remarks that it's later than we expected, Sapphire Rapids. It's ramping later. We have some SKUs out, which is good, but the main SKUs are not out and they happen later in the year. And of course, they'll contribute way more significantly to next year than they're going to contribute to this year.

我們在準備好的評論中說，它比我們預期的要晚，藍寶石急流。後面就漲了我們有一些 SKU 出來了，這很好，但主要的 SKU 還沒有出來，它們會在今年晚些時候出現。當然，他們對明年的貢獻將比對今年的貢獻更大。

We do see an opportunity in the client space, given our Alder Lake position for pricing increases that are really passing on inflation, and we know customers understand that. Obviously, our competitive positions are not as strong in the DCAI business. And so there are opportunities to adjust pricing but not across the board. So that is impacting us a bit.

我們確實在客戶領域看到了機會，因為我們在 Alder Lake 的定價上漲地位確實傳遞了通貨膨脹，我們知道客戶理解這一點。顯然，我們在 DCAI 業務中的競爭地位並不那麼強大。因此有機會調整定價，但不是全面調整。所以這對我們有點影響。

But you're basically saying that Sapphire Rapids is effectively a first half '23 volume ramp. That seems to be what you're saying, yes?

但是您基本上是在說藍寶石急流實際上是 23 年上半年的銷量增長。你說的好像是這個吧？

I think there's some ramp this year, and then mostly, it ramps next year, yes.

我認為今年會有一些斜坡，然後主要是明年會斜坡，是的。

Yes. Like we said, we started shipping some of the SKUs earlier in the year, right? Those weren't some of the higher-volume SKUs. The volume ramp SKUs were pushed out, right, as we said, Stacy, and they will start ramping late in the year. But the bigger financial impact definitely is next year. Sapphire Rapids, right, it's still a leadership product. We continue to get great reviews from our customers on the product areas like AI performance that we're competing with low -- the mid-tier of NVIDIA-dedicated AI processors. The security capabilities as part of it, unquestioned, the accelerators in it, unquestioned, leadership. We're also getting more and more momentum from our software optimizations that come with it as well.

是的。就像我們說的，我們在今年早些時候開始運送一些 SKU，對吧？這些不是一些高容量的 SKU。正如我們所說的 Stacy，數量增加的 SKU 被推出了，它們將在今年晚些時候開始增加。但更大的財務影響肯定是明年。 Sapphire Rapids，對，它仍然是一款領先產品。我們繼續在產品領域獲得客戶的好評，例如我們正在與之競爭的 AI 性能——NVIDIA 專用 AI 處理器的中端。作為其中一部分的安全能力，毋庸置疑，其中的加速器，毋庸置疑的領導力。我們也從隨之而來的軟件優化中獲得了越來越多的動力。

So all of those taken together, a lot of enthusiasm. Every cloud vendor, every data center vendor, et cetera, is enthusiastic for this product. And we're now, as I say, in the final days of getting it completed and beginning those customer volume ramps. And obviously, financially, we'll start to see some of those inventory reserves reversing as well. But yes, this was not our finest hour in execution. We're rebuilding our execution machine. And this product, a lot of enthusiasm for it in the marketplace as we deliver it.

因此，所有這些加在一起，非常熱情。每個雲供應商、每個數據中心供應商等等，都對這個產品充滿熱情。正如我所說，我們現在正處於完成它並開始這些客戶量增長的最後幾天。顯然，在財務上，我們將開始看到其中一些庫存儲備也出現逆轉。但是，是的，這不是我們執行過程中最好的時刻。我們正在重建我們的執行機器。而這個產品，在我們交付它時，市場上對它充滿熱情。

Operator, we have time for one more question, please?

接線員，我們有時間再問一個問題，好嗎？

We have a question from William Stein with Truist.

我們有一個來自 William Stein 與 Truist 的問題。

It relates to that last topic of the timeliness of delivery of new products. So while Sapphire Rapids is delayed, it sounds like something on the order of half a year, Pat, in the press release, it noted that the later nodes are still on track -- or ahead of the track, I think, was the language. As outsiders, what can we look to sort of judge and determine whether Intel is continuing to be on pace as we progress through the quarters? Aside from just the sort of summary statements in the press release, is there some other metric you could disclose to us or some way we can better understand whether Intel is getting back on track and keeping these commitments to deliver these products as you've scheduled it?

它與新產品交付及時性的最後一個主題有關。因此，雖然 Sapphire Rapids 被推遲了，但聽起來像是半年左右的時間，Pat 在新聞稿中指出，後來的節點仍然在軌道上——或者在軌道之前，我認為是語言.作為局外人，我們可以通過什麼來判斷和確定英特爾在每個季度的進展中是否繼續保持同步？除了新聞稿中的那種摘要聲明之外，您是否可以向我們披露其他一些指標，或者我們可以通過某種方式更好地了解英特爾是否正在重回正軌並遵守這些承諾，如您所計劃的那樣交付這些產品它？

Yes. Maybe as we just run through the 5 nodes quickly, Intel 7 done, volume shipments, we said 5 nodes, 4 years, Intel 7, 35 million units, you can go rip one apart. I'm sure our competitors have done teardowns on it, done. Intel 4, right, we said is, hey, Meteor Lake, looking good at this point. It's now broadly sampled to customers. And it's looking very healthy as well.

是的。可能因為我們只是快速跑完5個節點，Intel 7做完了，批量出貨，我們說5個節點，4年，Intel 7，3500萬台，你可以拆一個。我確信我們的競爭對手已經對其進行了拆解，完成了。 Intel 4，對，我們說的是，嘿，Meteor Lake，在這一點上看起來不錯。它現在已廣泛向客戶抽樣。它看起來也很健康。

Also, we had the independent analysis of our detailed updates that we gave at the VLSI conference recently. And if you go look at some of the reports from that, people were pleasantly surprised. They said, "Oh, Intel 4, it looks as good as some of the 3-nanometer competitors." So this is looking pretty good. And certainly, we'll be giving more of those technical updates going forward on the real performance.

此外，我們對最近在 VLSI 會議上提供的詳細更新進行了獨立分析。如果你去看看其中的一些報導，人們會感到驚喜。他們說，“哦，英特爾 4，它看起來和一些 3 納米的競爭對手一樣好。”所以這看起來很不錯。當然，我們將在實際性能方面提供更多這些技術更新。

Also, we've given updates on Granite Rapids, one of the lead vehicles of Intel 3. We also have said that we'll give you updates on 20A and 18A test chip updates and others. We'll also have independent assessments of those as we announce foundry customers, right, which will be another point of validation that you'll see.

此外，我們還提供了有關英特爾 3 的主要車輛之一 Granite Rapids 的更新。我們還表示，我們將為您提供有關 20A 和 18A 測試芯片更新等的更新。當我們宣布代工客戶時，我們還將對這些進行獨立評估，對，這將是您將看到的另一個驗證點。

So we're going to keep giving you more and more points of validation as we go along for it. Trust me, these are analyzed. The performance of each one of these process nodes, the defect density of each of these process nodes, the maturity of the design collateral, the resonance from the foundry customers for each one is being scrutinized extraordinarily well. And with that, I think you'll get more and more confidence that what we're saying is not only verified by us but independently by industry sources as well.

因此，我們將繼續為您提供越來越多的驗證點。相信我，這些都是經過分析的。這些工藝節點中的每一個節點的性能、這些工藝節點中的每一個節點的缺陷密度、設計附屬品的成熟度、代工廠客戶對每一個節點的共鳴都受到了非常好的審查。有了這個，我想你會越來越有信心，我們所說的不僅得到了我們的驗證，而且還得到了行業消息來源的獨立驗證。

So with that, let me just wrap up our time. First, I'd like to say, thank you. We're grateful for you joining us today, opportunity that you've given us to update you on our business.

因此，讓我結束我們的時間。首先，我想說，謝謝。我們感謝您今天加入我們，您給了我們機會讓您了解我們的最新業務。

We'd summarize 3 key messages as we finish. We're not satisfied with the quarter and the financial results that we gave you today, we have growing confidence in the strategy and we are optimistic finally about the future. We deserve some tough questions this quarter but also appreciate that they're fair and relevant to the business. Transformations are not easy, but nothing worthwhile ever is. And despite the headwinds that we're seeing, we demonstrated substantial progress on IFS, NEX business, records, PSG, record in that business, the CHIPS passage today, huge, clear customer wins like AWS and Meta and NVIDIA. And for the last question, great progress on our TD milestones and our manufacturing milestones.

完成後，我們將總結 3 個關鍵信息。我們對今天給您的季度和財務結果不滿意，我們對戰略越來越有信心，我們最終對未來持樂觀態度。我們應該在本季度提出一些棘手的問題，但也感謝它們是公平的並且與業務相關。轉型並不容易，但沒有什麼值得的。儘管我們看到了逆風，但我們在 IFS、NEX 業務、唱片、PSG、該業務的唱片、今天的 CHIPS 通道、AWS、Meta 和 NVIDIA 等巨大而明確的客戶勝利方面展示了實質性進展。對於最後一個問題，我們的 TD 里程碑和製造里程碑取得了巨大進展。

With that, we look forward to updating you again next quarter. Thank you.

有了這個，我們期待在下個季度再次更新您。謝謝你。

This concludes today's conference call. Thank you for -- you may now disconnect.

今天的電話會議到此結束。謝謝您-您現在可以斷開連接。