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.

您好，感謝您的耐心等待。歡迎參加英特爾公司2022年第二季財報電話會議。 （操作說明）請注意，本次會議正在錄音。

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

現在我將會議交給今天的演講嘉賓，英特爾公司投資者關係副總裁約翰‧皮策爾。請開始吧。

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獲利報告和獲利演示文稿，這兩份文件都可以在我們的投資者網站 intc.com 上找到。在線上參加我們直播的觀眾也可以透過我們的網路直播視窗觀看獲利簡報。

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.

今天與我一同出席的有我們的執行長帕特·蓋爾辛格和財務長大衛·津斯納。稍後，我們將分別聽取他們的簡短發言，之後是問答環節。

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.

在開始之前，請注意，今天的討論包含基於我們目前所見環境的前瞻性陳述。因此，這些陳述涉及風險和不確定性。我們的新聞稿提供了更多關於可能導致實際結果與預期結果有重大差異的具體風險因素的資訊。

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.

本季我們也提供了GAAP和非GAAP財務指標，在闡述合併績效時，我們將重點放在非GAAP財務指標。獲利簡報和新聞稿可在intc.com上查閱，其中包含完整的GAAP和非GAAP調節表。

With that, let me hand it over to Pat.

那麼，就讓我把麥克風交給派特吧。

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.

謝謝約翰，大家下午好。儘管我們的策略持續穩定推進，但第二季業績令人失望，低於我們為公司設定的標準，也低於我們對各位股東的承諾。經濟活動的突然快速下滑是造成業績下滑的主因，但第二季也反映出我們在產品設計、資料中心整合與應用（DCAI）以及AXG產品推廣等方面的執行問題。我們有責任保持警惕，應對不斷變化的商業環境，同時不忘我們的長期目標和機會。我們將透過調整和重新聚焦近期支出水平，同時加快智慧資本策略的實施並改善產品執行，來實現這兩點。這些措施將在下半年開始顯現成效，使我們能夠在第四季度將毛利率恢復到目標範圍，並維持我們對2022年自由現金流的初步預期。

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.

儘管我們仍處於發展初期，但我們始終專注於執行策略，致力於打造領先產品。這些產品基於開放安全的平台，依託大規模生產，並由我們的人才提供強大支援。當前的經濟情勢只會進一步鞏固我們的成果，我們將充分利用這個環境加速轉型。

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，重奪產業領先地位的關鍵在於摩爾定律及其大規模交付能力。過去18個月，我們採取了正確的措施，為TD路線圖奠定了堅實的基礎。英特爾7處理器的量產已穩定推進，目前出貨量已超過3500萬顆。英特爾4處理器將於今年下半年投入量產，而英特爾3、20A和18A處理器的進度均已達到或超過預期。

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，我們宣布聯發科成為我們下一個主要代工廠客戶，這再次有力地證明了 TD、IFS 和我們製造團隊的實力，也是我們「一個英特爾」文化的一個很好的例證。

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，我們預計在努力成為一家規模化、技術領先、地域多元化的系統代工廠的過程中，將會發布許多公告。但展望下半年，我們也必須保持清醒的頭腦。隨著世界逐漸適應持續兩年多的疫情以及各國政府為對抗疫情而採取的前所未有的刺激措施，我們正在為可能的波動做好準備。

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.

在整個經濟領域，供應鏈問題既限制了部分地區滿足需求的能力，也導致其他地區的庫存遠高於正常水準。我們已做好準備應對半導體產業過去50年來經歷的典型週期性放緩。儘管放緩的程度和持續時間仍難以預測，但我們擁有在任何環境下都能調整併取得成功的可靠記錄。

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.

讓我來談談我們正在採取的一些具體行動。首先，我們在第二季進一步聚焦核心業務，出售了無人機業務，並做出了艱難的決定，逐步停止在傲騰（Optane）領域的投入，轉而採用英特爾公司首創的CXL標準。這些舉措與去年出售麥克菲（McAfee）業務，進一步拓展了我們在NAND快閃記憶體領域的佈局。自我回歸以來，我們已累計退出6項業務，為符合IDM 2.0策略的投資項目籌集了約15億美元資金。

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2022日曆年降低了核心支出，並將在下半年採取更多措施，戴夫稍後會詳細說明。重要的是，成本控制並未影響我們的策略，我們仍然堅定地朝著2024年實現流程績效與競爭對手持平以及2025年確立無可爭議的領導地位的目標穩步前進。這個目標始終是我們前進的指路明燈。

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，我們積極投資並履行對穩健成長股利承諾的能力，得益於我們在實施智慧資本策略方面所取得的進展。我們很高興看到本週國會兩黨就此投票表決，並預計《兒童健康保險計劃法案》（CHIPS Act）將很快提交給總統簽署。

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.

我們全程參與了這項開創性立法的推進工作。這項進展，加上歐洲的強勁勢頭，將重塑我們的產業格局，引領我們走向地域平衡、韌性十足的供應鏈，而我們擁有獨特的優勢，能夠助力並受益於這一供應鏈的建構。獲得與使命相符的資金支持，將有助於我們加速推進策略，並實現我們快速的發展步伐。

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，我重返英特爾是為了重振並重建執行力和創新文化。目前，製程技術和產能擴張都發展勢頭良好，這為我們提升產品執行力奠定了關鍵基礎。我們重組了領導團隊，這是該團隊首次完整組建。同時，我們共同在整個組織內重新推行了 OKR（目標與關鍵成果），以推動共同目標的實現，更重要的是，建立一套問責機制。

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模式的下一步發展，以推動流程和設計創新的持續和可預測的節奏。

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.

展望未來，半導體產業正處於由四大驅動力驅動的新結構性成長階段的開端：一是無所不在的運算；二是無所不在的連結；三是雲端到邊緣的基礎設施；四是人工智慧。這些驅動力共同推動半導體產業在2030年突破1兆美元大關。即使在當前充滿不確定性的時期，矽對全球經濟以及我們每個人日常生活的重要性仍然顯而易見。

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，受宏觀經濟疲軟的影響，我們預期2022年個人電腦市場規模（TAM）將下降約10%，其特徵是消費市場疲軟加劇，而企業級和高階產品相對強勁。值得注意的是，我們第二季的個人電腦出貨量表明，由於部分最大客戶以近十年來前所未有的速度削減庫存，我們的出貨量低於消費量。此外，一些定價策略的實施也應有助於我們在下半年實現環比成長，即使部分客戶仍在降低庫存水準。

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.

雖然新冠疫情相關的動態，例如居家辦公和居家學習，提前刺激了部分需求，但也鞏固了個人電腦在後疫情時代的重要地位。例如，即使疫情最嚴重的衝擊已經消退，個人電腦和Chromebook的使用率仍維持在歷史高點。更高的單一個人電腦使用率和更大的用戶基數（包括6億台使用年限超過4年的個人電腦）支撐著個人電腦的潛在市場規模持續超過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.

資料中心的發展趨勢依然根深蒂固。過去20多年來，數據一直以50%的複合年增長率呈指數級增長。但直到最近，將這些數據轉化為真正可執行的洞察仍然成本高昂。隨著人工智慧以及CPU、GPU和加速器的出現，我們現在擁有了存取和利用更多自身創建資料的工具，這將顯著提升運算需求，並推動資料中心市場規模在未來幾年內保持至少15%的複合年增長率。

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，但需求仍無法免受經濟逆風的影響。除了連續多個季度限制出貨量的配套設備問題外，日益增長的經濟擔憂也導致下半年需求下降。因此，我們下調了伺服器市場規模預期，以反映2022年更為溫和的成長。

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，我想重點介紹我們業務的關鍵進展。為了應對供應鏈和比賽配套問題，我們與客戶和供應商緊密合作，有效滿足了他們最迫切的需求。我們迅速適應不斷變化的市場環境，降低了成本，並充分利用智慧資本，推進了我們的IDM 2.0策略。

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.

儘管營收大幅下滑影響了整體毛利率，但第二季度我們的工廠網絡依然保持強勁表現，並且我們超額完成了晶圓成本目標，10奈米晶圓的單位成本同比下降約8%。在TD領域，我們繼續實踐摩爾定律的承諾，並朝著到2030年實現裝置中1兆個電晶體的目標穩步邁進。

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架構的詳細資訊在最近的VLSI大會上發布，並獲得了積極評價。目前，我們已經完成了Granite Rapids CPU第一階段的流片，預計本季正式上線。今年下半年，我們計劃在包括英特爾3和英特爾18A在內的各種製程節點上，完成大量內部和代工廠客戶的測試晶片的流片。

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.

在客戶業務方面，Alder Lake 的發展勢頭依然強勁。我們擁有五年多來最強大的 PC 產品線，並且對我們不斷增長的領先地位和市場份額毫不掩飾。我們將在今年下半年推出 Raptor Lake，並在 2023 年推出 Meteor Lake，進一步鞏固 Alder Lake 的領先地位。這充分展現了我們創新性的設計決策如何在重新確立一流的電晶體技術之前，就已推動產品性能的領先地位。

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.

第二季度，我們發布了第十二代英特爾酷睿HX處理器，這是我們Alder Lake系列的最終產品。目前，Alder Lake系列處理器已應用於宏碁、華碩、戴爾、惠普、聯想、LG、微軟、三星等廠商的超過525款產品中。迄今為止，Alder Lake處理器的出貨量已超過3,500萬顆。

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.

在當前市場環境下，我們面向消費和商業用戶的高端市場也展現出相對強勁的成長動能。我們計劃在今年秋季率先推出桌面級產品 Raptor Lake，並在年底前推出行動級產品，以此鞏固這一成長動能。 Raptor Lake 系列將為客戶帶來顯著優勢，包括兩位數的效能提升、與 Alder Lake 的世代相容性以及插槽相容性。此外，我們也將於 2023 年推出首款基於 Intel 4 架構的解耦式 CPU——Meteor Lake，該產品在我們和客戶的實驗室中均表現出良好的效能。

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.

回到資料中心與人工智慧（DCAI）業務，正如我們在投資者日上所述，未來幾年，隨著我們伺服器產品組合的重建，我們預計其成長速度將低於整個資料中心市場。這並非我們所樂見的，但卻是我們目前的預期。我們始終專注於從企業級到雲端的所有工作負載和用例中，重新奪回效能和整體擁有成本（TCO）方面的領先地位。

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.

我們現有的市場地位優勢尚未得到充分重視，而這為我們為客戶創造巨大優勢提供了絕佳機會。例如，我們擴大了與 Meta 的供貨協議，利用我們在整合開發管理 (IDM) 方面的優勢，確保 Meta 能夠滿足其不斷增長的運算需求。同樣在第二季度，我們同意擴大與 AWS 的合作，共同開發針對 AWS 基礎架構最佳化的多代資料中心解決方案。此外，英特爾是我們內部工作負載（包括工程設計自動化 (EDA)）的策略客戶。我們預計，這些客製化的至強 (Xeon) 解決方案將為 AWS 及其客戶（包括英特爾）帶來更高的差異化優勢和持久的整體擁有成本 (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 還宣佈在其新的 DGX H100 中採用 Sapphire Rapids 晶片，該晶片將 Sapphire Rapids 與 NVIDIA 的 Hopper GPU 相結合，以提供前所未有的 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.

除了基於至強處理器的CPU之外，我們在本季也推出了新一代Gaudi2 AI加速器，其效能較上一代提升了驚人的4倍。在最新的MLPerf訓練基準測試中，Gaudi2在ResNet-50和BERT基準測試中均取得了顯著領先優勢。

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.

第二季度，我們透過收購 Granulate 開始實施軟體策略，擴展了平台功能，實現了基於人工智慧的即時雲端運算持續優化，並首次發布了安全認證服務 Amber。自從收購 Granulate 以來，其客戶數量翻了一番，收入增加了兩倍。

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，可程式解決方案業務在第二季度實現了創紀錄的收入，並且由於強勁的需求（包括旗艦產品 Agilex FPGA 系列的量產和供應的改善），距離創歷史新高僅一步之遙。

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.

NEX 第二季業績表現出色。我們與合作夥伴共同開發的 IPU 專案 PRQ-ed Mount Evans 實現了創紀錄的營收，目前正與一家大型超大規模合作夥伴開始量產，並計劃在 2023 年拓展至更多客戶。此外，我們最新推出的專為網路和邊緣軟體定義基礎架構打造的 Xeon D 處理器已在今年的世界行動通訊大會上發布，並正與包括思科、瞻博網路和樂天 Symphony 在內的領先企業合作，逐步推進量產。

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.

在網路邊緣，我們持續看到企業對部署更多運算和人工智慧能力的需求。例如，西班牙跨國基礎設施公司Ferrovial正在利用我們的邊緣運算、人工智慧和連接技術部署路邊解決方案，這些方案可以識別逆行駕駛員、預警前方危險等等。

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 部署了基於 Xeon Smart Edge 和 OpenVINO 的網路解決方案，以改善娛樂、工業、智慧製造、智慧交通和智慧城市等應用場景的使用者體驗。

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正透過採用基於第三代英特爾®至強®處理器的標準化加固型伺服器，幫助公用事業供應商實現電網現代化，並打造更永續的能源市場。 NEX持續受惠於網路朝向軟體和人工智慧邊緣化方向發展的趨勢，我們預期其第三季營收將再創新高。

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 而言，雖然我們未能實現 GPU 銷售目標，但我們仍有望在今年實現超過 10 億美元的營收。第二季度，我們開始逐步提升筆記型電腦和 OEM 廠商（包括三星、聯想、宏碁、惠普和華碩）的 Intel Art Graphics 的供貨能力。新冠疫情相關的供應鏈問題以及我們自身軟體準備的挑戰導致了供貨延遲，我們正在努力克服這些困難。

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.

英特爾 Arc A5 和 A7 桌面顯示卡將於第三季開始出貨。我們高效節能的區塊鏈加速器 Blockscale 在第二季度取得了重大里程碑式的進展，從流片到發貨僅用了不到一年的時間，就實現了向主要客戶交付產品。我們預計今年的出貨量將達到數百萬台，這超出了我們最初的預期。

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.

我們的資料中心 GPU，代號為 Arctic Sound-M，已開始生產並向客戶發貨，支援各種工作負載，首先是媒體串流和雲端遊戲，隨後將支援 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.

在高效能運算領域，我們在五月的英特爾願景大會上重點介紹了阿貢國家實驗室 Aurora 超級電腦的安裝，並按計劃在 2022 年交付超過 10,000 個刀片伺服器，從而實現超過 2 exaflops 的峰值性能。此外，我們還宣布了新的合作夥伴關係，包括與巴塞隆納超級運算中心合作建立一個開創性的 RISC-V zettascale 實驗室，以及繼續與劍橋大學合作，將其現有實驗室從 exascale 升級到 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發展勢頭持續強勁，建構了地域均衡、安全可靠的半導體供應鏈，並拓展了電晶體技術的應用，這極大地激發了客戶對我們代工業務的興趣。除了本週稍早宣布的與聯發科的合作協議外，我們目前還與排名前十的無晶圓廠客戶中的六家開展了積極的合作，其中包括18A。

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，我們正在與 30 位客戶合作開發測試晶片，目前在我們的製程和封裝產品中，有 10 多個合格的商機處於高級階段，這些商機的總交易額超過 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.

為增強我們的內生成長，我們擬收購Tower Semiconductor。目前，我們已在包括美國在內的四個地區獲得監管部門的批准或許可，並預計收購將於明年初完成。

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.

第二季度，我們也推出了IFS雲端聯盟，這是一項與領先的雲端服務供應商（包括微軟Azure和AWS）以及EDA工具供應商（包括Ansys、Cadence、西門子EDA和Synopsys）建立的合作夥伴關係。 IFS雲端聯盟是我們加速器生態系統計畫的下一階段，旨在實現雲端安全的設計環境，從而提高代工廠客戶的設計效率並加快產品上市速度。

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，Mobileye在第二季再次創下營收新高，我們已做好準備，將在今年稍後透過擬議的IPO釋放更多價值（具體時間取決於市場狀況）。 Mobileye的訂單積壓持續成長，2022年上半年新增的設計訂單預計可帶來3,700萬台的未來業務，而上半年實際出貨量為1,600萬台。由於Mobileye的高清地圖產品REM，我們目前每天平均從約150萬輛車上收集4,300萬英里的路況資料。這些數據會被自動整合到地圖中，目前覆蓋了歐洲和美國超過90%的道路，將為從駕駛輔助到自動駕駛的整個系統提供支援。

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，在把發言權交給戴夫之前，我想先分享幾點想法。首先，繼第二季英特爾願景大會圓滿成功之後，我非常期待在9月27日至28日主持英特爾創新大會，這是我們面向全球開發者、架構師和工程領導者的核心技術盛會。我希望屆時能見到各位。

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，正如我當初所說，英特爾將成為創新的源泉，推動新業務發展，並在規模龐大且不斷成長的市場中拓展潛在市場規模。今年迄今為止，我們已經發布了超過10條新的獲利產品線，這些產品線正處於快速成長階段，我們預計在下半年和2023年全年還將發布更多產品。我們成長故事的基石正逐步成型。我知道，我代表所有員工的心聲，雖然我們還有很多工作要做，但我們最美好的未來還在前方。

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。正如帕特所提到的，第二季度充滿挑戰，受到多方面因素的負面影響。首先，受通膨、利率上升和烏克蘭戰爭的影響，宏觀經濟環境疲軟且充滿不確定性。其次，由於客戶需要適應新的宏觀經濟環境，原始設備製造商（OEM）的庫存調整幅度遠超預期。第三，新冠疫情導致中國及供應鏈其他地區的需求下降和供應中斷情況比預期更為嚴重。由於宏觀經濟環境嚴峻，加上我們自身在執行上遇到的挑戰，本季業績遠低於預期，因此我們不得不大幅調整全年財務預期。

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.

儘管如此，我們正在採取必要措施以維持先前全年調整後自由現金流預期，包括放緩招聘、削減資本支出以及預期增加資本抵消，這與我們穩健的資本策略相符。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策略和長期財務模型。

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.

第二季營收為153億美元，比我們先前的預期低15%，主要原因是CCG和DCAI業務都未達預期。值得注意的是，即使在如此充滿挑戰的環境下，我們的NEX和Mobileye業務仍創下了季度營收歷史新高。本季毛利率約45%，比預期低600個基點，主要原因是營收下降和Sapphire Rapids專案預生產費用，但部分被較低的製造成本所抵銷。

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，低於我們先前預期的0.41美元，主要原因是營收和毛利下降，但營運費用降低抵銷了部分影響。本季營運現金流為8億美元。本季資本支出為72億美元，導致調整後現金流為負64億美元。我們的資產負債表依然穩健，現金及投資總額達275億美元，槓桿比率適中，信用評等為投資等級。

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.

現在來看我們各業務部門的業績。 CCG 營收為 77 億美元，低於預期，年減 25%，主要原因是全球市場規模疲軟，尤其是在消費者教育和中小企業市場。此外，由於我們與客戶合作降低庫存、保護市場份額並繼續應對配貨限制，OEM 庫存削減也是造成業績下滑的原因之一。

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.

由於產品組合更加豐富，以及商用和消費市場對高階行動和桌上型產品的強勁需求，CPU 平均售價較去年同期成長 11%。營業利潤為 11 億美元，年減 73%，主要原因是營收下降、10 奈米和 Intel 7 製程產品佔比增加，以及為進一步加強產品和平台路線圖而增加支出。

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營收為46億美元，低於預期，年減16%，主要原因是OEM庫存減少、產品組合調整導致的平均售價下降以及競爭壓力。營業利潤為2.14億美元，年減90%，主要原因是營收下降、先進節點啟動成本增加、產品路線圖投資增加以及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季度營收創歷史新高，達23億美元，年增11%，主要得益於資料中心網路產品（尤其是乙太網路和5G網路）的強勁表現。營業利潤為2.41億美元，年減60%，主要原因是產品組合轉向乙太網路和5G網路、製程技術投資增加以及預留庫存銷售率下降。

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營收為1.86億美元，較去年成長5%，主要得益於超級運算和Alchemist獨立GPU產品的快速成長。營業虧損為5.07億美元，而2021年第二季為1.68億美元，虧損增加主要由於Ponte Vecchio和Alchemist產品的庫存儲備，以及為實現視覺超級計算和定制加速圖形產品路線圖而加大的投資。

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季度營收創歷史新高，達到4.6億美元，年增41%，超過了全球汽車產量增速（全球汽車產量增速年比基本持平）。營業利潤為1.9億美元，年增43%，主要得益於營收成長，但部分被對下一代ADAS產品投資的增加所抵銷。

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營收為1.22億美元，年減54%，主要原因是批量模具銷售額下降，汽車市場客戶短缺導致汽車業務收入減少。營業虧損為1.55億美元，而2021年第二季營業利潤為5,200萬美元，主要原因是營收下降以及為拓展客製化鑄造業務而增加的投資。

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業績指引之前，在我上任 6 個月後，我想就我看到的機會和重點領域談談我的看法，以改善我們的財務業績並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.

從最高層面來看，我認為有兩個面向需要改進。首先，要確保我們將資金配置到與我們修訂後的業務策略高度契合、並能為股東創造最大長期價值的項目上。正如帕特所提到的，退出Optane和無人機業務就是持續優化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，以便將資源更精準地集中到最有價值的專案上，從而提高每個專案的成功率。

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，我們將致力於提升公司整體的產品成本結構和營運費用效率，充分利用我們的IDM 2.0策略。我的工作重點是推動英特爾實現世界一流的產品成本水準。實現這一目標的關鍵在於執行我們的五節點四年策略，但要達成這一目標，還有許多其他方面需要考慮，例如我們正在推進的旨在大幅降低產品成本的專案。同樣，在營運支出方面，我們也有機會確保在所有工作中都達到世界一流的效率。憑藉我在記憶體行業的經驗——我知道每一分錢都至關重要——我深知英特爾在提升效率和實現每美元最大產出方面擁有巨大的潛力。作為這些重點工作的一部分，我們預計將在第三季產生重組費用，我將繼續定期報告相關進度。

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.

接下來談談全年及第三季業績指引。我們預計，在今年剩餘時間裡，宏觀經濟環境將持續走軟，並有可能出現經濟衰退。此外，新冠疫情對需求和供應鏈的持續影響也可能貫穿全年。鑑於存在高度不確定性，我們將對今年剩餘時間的營收指引採取區間預測的方式。

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.

鑑於對CCG和DCAI業務的預期下調，我們目前將全年營收預期下調至650億美元至680億美元。具體而言，如Pat所討論的，由於宏觀經濟環境疲軟和通膨壓力，我們預期PC業務的潛在市場規模（TAM）將年減約10%。儘管這些不利因素下調了我們對CCG業務營收的預期，但我們預計下半年CCG業務營收將有所增長，這得益於季節性因素、OEM庫存恢復平衡、通膨相關的價格上漲以及我們領先的Alder Lake和Raptor Lake產品的量產，從而增強我們爭奪市場份額的能力。

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，我們預計下半年營收將比第二季度有所成長，但由於競爭和宏觀經濟逆風持續存在、OEM 庫存削減仍在繼續以及零部件供應限制影響某些細分市場，成長將依然溫和。

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，我們預計第三季將再創佳績，並保持全年持續成長。新產品上市、資料中心和電信網路需求以及價格和組件供應的持續改善將推動NEX營收成長。

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，我們仍然預期全年營收將超過 10 億美元，這主要得益於 Alchemist、Arctic Sound-M、Ponte Vecchio 和 Blockscale 等產品的上市和市場拓展。最後，我們預計旗下剩餘的兩家公司 Mobileye 和 IFS 在下半年也將成長，因為它們將推出新產品並拓展新客戶。

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.

全年毛利率預計為 49%（基於營收預期中位數），並預計隨著營收成長、新產品量產規模擴大以及成本持續改善，第四季毛利率將回升至目標區間 51% 至 53% 的低端。我們預測稅率約為 8%，每股盈餘 (EPS) 為 2.30 美元（基於營收預期中位數）。

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.

淨資本支出方面，我們將預測值下調至230億美元，比先前的預期減少40億美元。這主要得益於我們對產能投資的適度調整，以及對可能高於原先預期的資本資產的充分利用，凸顯了我們在智慧資本策略方面取得的顯著進展。我們預計這些措施將抵銷低於原先預期的營運現金流，使我們能夠重申全年調整後自由現金流為負10億美元至負20億美元的預期。

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，我們派發了 15 億美元的股息，年增 5%，並將繼續致力於隨著時間的推移提高股息。

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.

現在來看第三季業績指引。鑑於上述市場環境，我們預計營收為150億美元至160億美元。以營收指引的中位數計算，我們預期毛利率為46.5%，稅率為13%，每股盈餘為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，市場動盪和更新後的前景令人失望。然而，我們相信公司業績的復甦勢頭正在明顯增強，並預計第二季和第三季將是公司財務業績的最低點。

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上公佈的策略和財務模式。實現強勁的營收成長和自由現金流佔營收20%的長期財務機會依然存在。我相信，這次經濟低迷也為我們提供了一個契機，讓我們能夠更快地進行必要的轉型，從而實現這些目標。

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

那麼，現在我把時間交還給約翰，讓他來回答你的問題。

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。現在進入問答環節。 （操作員指示）操作員，請介紹我們的第一位來電者。

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

（操作說明）我們的第一個問題來自 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，您隱含的業績指引是預計到12月份將較上季成長約12%。我很想知道是什麼讓您有信心庫存調整和供應鏈問題已經解決。此外，您認為個人電腦市場總規模下降10%是否足夠保守，還是說這其中可能有更大的風險？

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.

所以，展望第四季度，首先，鑑於CCG和DCAI的庫存消耗速度，我們目前的出貨量低於這些市場的消費速度。因此，隨著庫存狀況的改善，我們預計在今年剩餘的時間裡會出現自然復甦。所以，我們認為第二季和第三季的營收已經觸底，光是這一點，第四季就會出現復甦。

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.

我想說的另一點是，我們將在今年下半年推出一系列優質產品。我認為，就我們所有業務的產品供應而言，我們都處於順風順水的狀態。

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，我們正在漲價，價格調整通常在第四季生效。我們已經為此準備了相當長一段時間。 IDM策略的優點在於，我們可以吸收許多其他公司無法承受的通膨影響。因此，我們在提價方面能夠堅持更長時間。但現在，部分通膨帶來的價格上漲已經變得更加持久，我們需要將部分成本轉嫁給客戶，而他們也樂於接受。所以，這也是一個需要考慮的因素。

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，我想說的是，第四季通常是我們的季節性旺季，尤其是在個人電腦領域。所以我認為所有這些因素都讓我們非常有信心，第二季和第三季是營收的底部。到了第四季度，我們將會看到一些成長勢頭。

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.

第四季度，我們也看到一些新的業務領域開始做出更顯著的貢獻。就個人電腦市場規模而言，先前我們的預期高於市場平均。經過下調，我們現在與市場預期完全一致。之前我們的預期超過3.5億台，現在市場預期在3.1億到3.25億台之間。我們的預期與市場預期相符，C.J.。因此，我們不再像之前那樣領先市場。我們之前比較樂觀，但現在我們已經與市場預期完全一致。

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，消費市場格局已發生巨大變化，但企業市場依然強勁，這讓我們充滿信心。正如戴夫所說，除了產品路線圖的優勢之外，我們也看到企業市場依然非常健康。我們在企業高端產品領域佔有有利地位，這些市場對我們來說很有前景。再加上Alder Lake工廠銷售超過3,500萬台，Raptor Lake工廠也在快速投產，我們正處於整體業務的黃金周期。

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.

我們認為，隨著居家辦公和居家學習的普及，個人電腦的使用量顯著增加，因此個人電腦市場仍然強勁。此外，我們即將迎來強勁的換代週期。目前，全球有超過6億台電腦的使用年資超過4年。我們明顯感受到這股趨勢正在企業市場蔓延，而我們在企業市場擁有更高的市佔率和更優的平均售價。

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.

綜上所述，我們認為我們已經做出了合理的預期，這與我們今年剩餘時間給予的財務指導是一致的。

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

我們收到來自美國銀行的 Vivek Arya 的提問。

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.

派特，我很好奇，鑑於銷量下滑的幅度，英特爾為什麼沒有提前發布負面消息？我的意思是，PC市場疲軟我可以理解，但資料中心銷售量比預期低了近25%，這讓我覺得非常奇怪。所以我很好奇英特爾採取這些措施的原因。

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，當我們查看貴公司的資料中心收入時，尤其是在已公佈的季度中，大多數企業和雲端客戶的銷售額和支出都與預期基本一致。那麼，這主要是競爭壓力造成的嗎？如果您能幫助我們了解第二季度的考慮過程，那就太好了。

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，維韋克。我想這其實是兩個問題。不過，我們兩個都回答。就市場方面而言，我們說季度過半時，市場特徵發生了非常突然的變化，對吧？這導致了市場銷售的下滑，也導致了庫存的大幅調整。我們與客戶合作進行這些庫存調整。正如我們所說，這種庫存調整是十年一遇的，因為客戶在整個季度都在努力彌補多年來的缺口，對吧？

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，當他們意識到市場正在改變時，便對其庫存進行了相當大的調整。我們希望能夠對未來的市場走向有一個深思熟慮的判斷。這就是我們今天召開會議的原因。我們認為，我們已經清楚地闡述了市場未來的發展方向。

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，我們對DCAI的業績感到失望。部分原因是宏觀因素造成的。此外，我們也一直在努力解決匹配集方面的問題，乙太網路組件、電源組件等等都面臨挑戰。但正如我們之前提到的，我們本身也存在一些獨特的執行問題，而且我們始終堅持Sapphire Rapids的高品質標準。因此，我們採取了另一項措施，即進行預測，這讓我們不得不專注於庫存和儲備問題，而不是高平均售價和新產品收入。所以，這些都是我們正在努力解決的特有問題。

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，我們確實覺得資料中心的進展顯而易見。 Emerald 資料中心看起來非常不錯。我們很快也會啟用 Sapphire、Sierra Forest 和 Granite Rapids 資料中心。綜合所有這些，我們感覺到我們的競爭地位正在提升。我們也清楚知道市場份額在哪裡，並且像我們之前宣布的與 AWS 和 Meta 的合作一樣，我們將積極關注 AWS 和 Meta 上的每個插槽、每項工作負載和每位客戶。這些是我們本季取得的重大勝利，我們希望未來能宣布更多類似的合作。

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.

我們也將推出新的功能。正如我們在正式聲明中提到的，我們在這裡的業務規模被低估了。我們將專注於充分利用這一優勢，並利用 Granulate 和 Amber 安全服務等功能，為客戶創造更多價值，同時從龐大的用戶群中獲得更多收益。

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，我們感覺我們已經正視了資料中心面臨的挑戰，但我們對如何為未來發展這項業務有了清晰的認識，並且正在朝著這個方向穩步前進。

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.

我還要補充一點，就獲利能力而言，DCAI業務的營業利潤率確實令人失望。這主要是由於營收下滑造成的。但請記住，正如Pat所說，我們也投入了大量資金，致力於推出令客戶驚豔的優質產品。因此，這些投資也確實會降低業務的營業利益率。

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。正如帕特所提到的，我們對藍寶石急流計畫增加了儲備。這些儲備屬於一次性項目，會在今年下半年逐漸減少。我們也預計隨著時間的推移，收入會有所增長。這些因素綜合起來，應該會在短期內提高營業利潤率。從長遠來看，我們認為這項業務能夠為我們帶來高於公司平均的營業利潤率、毛利率和營運利潤率。事實上，它一直以來都為我們和整個產業帶來了這樣的利益。

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，我們現在要做的就是埋頭苦幹，努力執行，才能達到這些成果，我們非常有信心能夠實現目標。

Our next question comes from Matt Ramsay with Cowen.

下一個問題來自 Cowen 公司的 Matt Ramsay。

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?

帕特，我想就之前關於伺服器業務的問題再追問一下，特別是關於產品路線圖方面。你們剛才提到我們需要為Sapphire預留一些資金，而且時間表也延後了。所以我想問的是，帕特，你能否更具體地說明Sapphire Rapids的進展情況，不僅僅是早期樣機，而是實際的量產時間？

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，這次的延期會對翡翠和花崗岩的發佈時間表產生什麼影響？您認為它們的延期會和這次的延期同步嗎？還是說它們的發佈時間表會保持不變，只是平台可能會略有不同？我只是對路線圖比較好奇。

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。關於Sapphire產品，我們再詳細說。我們已經開始逐步增加Sapphire Rapids系列的部分SKU的產量。這些SKU從上個季度就開始逐步增加產量了。我們之前提到的問題並沒有影響到這些SKU，所以它們的產量會持續增加。此外，我們也對一些大量生產的SKU進行了試生產，這些產品將在下半年開始大量出貨。屆時您將看到我們逐步增加這些SKU的產量並推出它們。我們目前一切進展順利，並且感覺已經克服了先前在產品上市過程中遇到的所有問題。因此，我們對此非常有信心。

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?

接下來，我們將與客戶緊密合作—祖母綠將加入藍寶石平台。因此，我們正在與客戶密切溝通，確定上市時間。目前產品進展順利，一切都在按計畫進行。祖母綠將於2023年上市。花崗岩和塞拉森林將於2024年上市。再次提醒大家，這是一個全新的重要平台。我們相信，隨著花崗岩急流的推出，以及塞拉森林的加入，我們將邁出重要的一步。塞拉森林也是我們首款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.

我們相信，這其實是一種能力──提供一套完整的雲端服務方案，滿足眾多雲端工作負載的需求。他們只需要一個性能卓越的容器，就能有效地運行，同時也能大幅降低總擁有成本 (TCO)。 Sierra Forest 正是為此而生，而 Granite Rapids 則顯然是市場上的性能領導者。這兩款產品都將在 2024 年推出。沒錯，我們將在下一季全力推進。目前來看，我們的發展勢頭非常強勁——或者更準確地說，是第三季。到目前為止，一切都進展順利。因此，我們認為產品路線圖清晰，一切都在按計畫進行，只是執行力還有待提升。在我們接手之前，許多產品的研發工作已經取得了相當大的進展。

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，執行文化需要重建。我們正在大力重建團隊文化。事實上，我們剛剛完成了員工敬業度調查，這是有史以​​來最顯著的年度提升。我們許多員工敬業度調查結果現在都處於行業領先水平。我們已經徹底扭轉了人才流失的局面。因此，團隊士氣高昂，勢頭強勁，許多產品——我們正在推出採用改進方案的新產品——未來您會聽到我們更多地談論TikTok的執行規範。但很多產品之前已經開發完成，所以它們並沒有採用新的執行和方法論，我們正在逐步改進。隨著每個產品的改進，我們的執行力和交付信心都在提升，團隊文化也在改善。我們正在取得巨大的進步。

Our next question comes from Srini Pajjuri with SMBC Nikko.

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.

Dave，可以解釋為什麼要收取藍寶石的款項嗎？我猜是預生產儲備金？還是另有隱情？我的問題是，根據你對DCG（以及我猜想的DCAI）下半年復甦情況的評論，PC市場似乎——至少你預計PC市場會比DCAI更快復甦。我對此有點驚訝，因為藍寶石正在增產，而且我不知道DC的庫存情況是否比PC更糟。所以我對你認為PC市場會比DCAI更快復甦的說法感到驚訝。如果你能解釋一下原因，那就太好了。

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。是的，你說得對，Sapphire Rapids。我們會預留生產庫存，前提是庫存尚未達到我們所謂的PRQ標準，這是一個品質指標。所以我們會預留所有產品。正如Pat所說，目前主要SKU尚未達到PRQ標準，因此我們會繼續預留。一旦達到PRQ標準（我們預計在今年稍後），我們首先會停止預留生產庫存。然後，這些預留的庫存很可能也會售出。因此，隨著今年底和明年銷售的推進，我們或許能夠收回部分預留庫存。

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.

關於CCG和DCAI，我認為CCG的庫存調整幅度明顯較大。因此，當市場復甦時，恢復到消費水準帶來的效益會更加顯著。這是第一點。我們也會看到CCG的價格調整幅度比DCAI更大。兩者都在調整價格，但CCG的價格調整幅度更大。因此，這也將提振CCG在下半年的表現。

We have a question from Joseph Moore with Morgan Stanley.

我們收到摩根士丹利的約瑟夫·摩爾提出的問題。

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?

我想請您談談資本支出削減的問題。您能否簡要說明一下，這主要影響的是晶圓廠外殼還是晶圓製造設備？這是否存在機會成本？此外，這是否會改變您對未來幾年整體發展趨勢的看法？您是否仍預期資本支出會持續成長？

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?

問得好。關鍵在於，當你查看成長資本支出時，大約只有25%的減少。大約75%的減少實際上是由於資本抵銷增加所造成的。所以這對成長數字的影響並不大。減少幾乎全部來自設備方面，其中一部分只是設備到貨時間的問題。對了，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...

就發展軌跡而言。我知道您之前提到資本支出總體上會從現在開始成長，但也提到了控制措施。您能否談談業務成長放緩的利弊權衡，我不是在尋找預測數據，而是您在考慮長期支出方面的想法…

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.

所以我們一定會嚴格遵守各項規定。我認為對我們來說真正有利的是資本抵銷。也許我可以簡單談談這方面，如果你想的話，帕特，你可以詳細說說晶片方面的情況。總的來說，我們對即將獲得的資本資產更加樂觀。事實上，我認為我們今年的預測是投資人日上預測的四倍。

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.

所以很明顯，今年我們將看到強勁的抵銷效應。而且我認為，鑑於今天的情況，未來幾年我們也會有良好的抵銷效應。因此，我認為這將真正有助於我們維持現有的保障措施。我的意思是，顯然，從長遠來看，我們始終將資本支出與需求掛鉤。我們透過增加供應來滿足需求，並根據需求訊號的變化進行調整。

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.

鑑於這些工廠的建設週期較長，我認為我們目前非常有信心市場成長率將保持健康成長，因此我們需要產能盡快上線。未來幾年我們可能會對產能進行一些微調嗎？是的，但我認為調整幅度不會很大。

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.

但歸根究底，我們對之前討論過的各項保障措施感到非常滿意。淨資本支出強度預計維持在30%左右。我們的投資階段將持續到2024年，之後到2025年和2026年，隨著營收成長和利潤率成長帶來的收益，投資強度將會逐步下降，並最終穩定在20%左右。

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。正如戴夫所提到的，繼參議院週二通過《晶片技術創新法案》（CHIPS Act）之後，眾議院今天也通過了該法案，這是一項具有里程碑意義的立法。毫不誇張地說，自二戰以來，國會可能從未通過比這更重要的產業政策法案。我們對此感到非常振奮。這也是我們一直強調並積極推動的，我個人也一直非常積極。這對半導體產業來說意義重大，對英特爾也大有裨益。正如我們在投資者日上介紹的那樣，這是我們智慧資本計劃的一部分。現在看到這項法案最終獲得通過，無疑將增強我們積極投資於我們之前向各位闡述的戰略的能力。

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.

我們認為這將加速我們的策略進程，並使我們能夠同時滿足自身產品需求和代工客戶的需求。這項法案意義重大，我們非常高興今天能夠取得這樣的進展。我們期待它在未來幾天內送達總統辦公桌並簽署生效。這對半導體產業來說是一個歷史性的時刻。我希望所有在場的人都能意識到這項法案的通過對半導體產業、對技術發展以及對長期研究的意義有多麼重大。這意義非凡。我們很榮幸能夠參與其中。

Our next question comes from Harlan Sur with JPMorgan.

下一個問題來自摩根大通的哈蘭‧蘇爾。

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.

派特，你引導我們討論了你事先準備好的關於宏觀環境的發言，但你也提到了英特爾特有的執行問題，特別是產品設計方面的問題。你指的是藍寶石Rapid顯示卡，還是泛指包括客戶端和圖形處理器在內的多個產品線？能否具體說明一下這些產品設計問題是什麼？是架構問題、效能問題、設計收斂問題，還是不斷變化的客戶需求問題？任何幫助都將不勝感激。

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?

正如您所提到的，當您加入團隊時，其中許多項目已經啟動。但您現在具體採取了哪些措施來確保未來設計執行得更好呢？

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。如果我能稍微回顧一下的話，我認為復甦重建可以分為三個階段：第一階段是技術和製造，也就是提升電晶體產能；第二階段是設計和產品。我們必須交付我們向客戶承諾的產品。無論他們是周一中午還是周一上午11:59提出需求，產品都必須到位，而且數量、性能、功率等各方面都保持不變。第三階段是建構成長，也就是建立新產品線，以促進成長。

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.

顯然，我們已經為這三方面奠定了基礎。隨著技術開發和製造環節的順利推進，現在的重點是再次將產品和設計執行提升到卓越水平。我想回顧我們過去在TikTok上展現的那種嚴謹的執行力，這正是我們目前工作的關鍵所在。而這正是我們正在著手重建的：一種以產品為導向的、嚴謹的執行模式。

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，我們之前在藍寶石Rapid顯示卡上犯的錯誤，讓我們不得不提高產品品質標準。過去，我們的產品品質和安全水準都沒有達到要求。而且，很明顯，我們一開始就不應該在產品中出現這個漏洞。因此，這導致我們的批量發布計劃又向前邁了一步。我們獨立顯示卡片的軟體版本也明顯不盡人意。我們原本以為可以利用整合顯示卡的軟體棧，但它完全無法滿足我們所需的效能等級、遊戲相容性等等。所以，即使我們現在正在努力追趕，並不斷改進軟體版本，我們仍然無法實現獨立顯示卡領域400萬台的銷售目標。

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.

此外，我想說的是，就我們向客戶承諾的產品時間表而言，我們認為我們目前還無法與業內最佳產品相提並論。我們的設計週期需要改進，我們也正致力於此。這指的是一些長期路線圖項目，在這些項目中，我們必須在設計週期、設計成本、功耗、架構領先性等方面達到業內最佳水平，這些都是英特爾過去的優勢所在，而我們正在重塑這些優勢，以應對未來挑戰。

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.

所以，以上就是本季我們重點提到的兩個例子，但我們還有很多工作要做。正如我所說，這些項目需要三到四年的時間才能完成。其中很多項目之前都在進行中。我們現在正在落實這些流程。而採用這種全新方法和理念的產品，還需要幾年時間才能面世。因此，我們仍在處理之前正在進行的設計項目，還有很多工作要做，很多工作需要重建，這也是我目前的重點。也許現在我待在華盛頓的時間少了一些，所以，我們團隊的重點是再次把執行力做到極致。

We have a question from Randy Abrams with Credit Suisse.

我們收到來自瑞士信貸的蘭迪·艾布拉姆斯提出的問題。

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?

這是一個多部分的問題。如果您能用IFS（國際金融論壇）發言，我想更詳細地談談聯發科的公告，其中提到了產品成長以及可能擴展到更高端產品和設計合作。我也想問一下關於《晶片法案》（CHIPS Act）的問題，它如何改變你們的業務策略。另外，David，如果資本抵銷考慮了部分美國稅收優惠，這會對稅率產生什麼影響？

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.

很好。關於IFS，聯發科顯然是最大的台灣無晶圓廠晶片供應商。他們正在尋求拓展供應鏈。正如我們所說，我們的策略是為客戶提供一條通往全球平衡且富有韌性的供應鏈的途徑。正如我在正式演講中提到的，全球十大晶圓代工客戶中有六家，我們現在正積極與他們合作。因此，客戶通路擴大了。本季我們新增了10億美元的客戶管道。聯發科是英特爾16系列晶片的發布對象，該系列晶片是產品組合中較成熟的產品之一，這很合理，對吧？英特爾3系列和英特爾18A系列晶片目前還不能說是可設計的產品，我們正在進行測試晶片的開發，但目前PDK或設計庫還不足以讓客戶做出設計承諾。

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取得了巨大進展。我們對聯發科的合作公告感到非常興奮，由於我們建立了地域均衡、韌性強的供應鏈，英特爾能夠提供最優質的電晶體和產能，因此客戶儲備也在增加。我還想說，我們的IFS策略的核心是系統代工。世界正在改變——我們正在從電路板轉向系統和封裝。而係統封裝需要先進的2.5D和3D封裝技術，這正是英特爾的領先領域，互連標準也是如此。我們已經宣布了UCIE的標準化，並且我們正引領這一進程。軟體資產是我們的另一個優勢領域。我們將參與並交付涵蓋我們自身及其他廠商製程技術的產品組合。系統代工的理念也越來越受到顧客的關注。

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.

關於晶片和資本方面，我們過去一年半一直在積極推進，並且完全有信心最終會實現。我們很高興能夠完成這項工作。同時，我們也啟動了與歐洲的類似合作，並且進展順利。正如戴夫所說，我們也在尋找其他資本合作夥伴，希望將來有機會與您進一步探討。

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.

關於您的問題，我們並未預期2022年會收到《兒童健康保險計劃法案》（CHIPS Act）的任何資金。我們預計會有一個流程，這個流程會持續到2023年，之後我們才會開始收到CHIPS的資金。因此，我們並未預期2022年會收到資金，儘管我們預計2023年會收到一些。

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，《兒童健康保險計劃法案》（CHIPS Act）或已通過的法案是撥款和稅收抵免相結合的方案。我認為現在確定所有這些資金的具體運作方式以及它們如何影響我們的損益表還為時過早。因此，我們將暫時擱置這個問題，直到我們更清楚地了解最終結果，並在對情況進行更深入的評估後向您提供更多資訊。

Our next question comes from Stacy Rasgon with Bernstein.

下一個問題來自伯恩斯坦的史黛西·拉斯貢。

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專案按時完成，並且下半年正在逐步擴大規模。但您也說過，由於基數很低，下半年資料中心的成長會相當緩慢。然後您又說，下半年資料中心價格的改善幅度將小於客戶的實際需求。所以，Sapphire Rapids的逐步擴大似乎並沒有起到什麼作用。這是怎麼回事？我該如何看待Sapphire Rapids逐步擴大規模的影響？或者說，規模大部分都會在2023年實現？又或者，為什麼它在下半年逐步擴大規模後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.

我們在事先準備好的發言稿中提到過，Sapphire Rapids的上市時間比預期晚，產能爬坡也比較晚。我們已經推出了一些產品，這很好，但主力產品尚未上市，要等到今年稍後才會推出。當然，它們對明年的貢獻將遠大於今年。

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.

鑑於我們在Alder Lake的業務定位，我們看到了客戶領域的機遇，可以適當提高價格，將通貨膨脹的影響轉嫁給客戶，我們知道客戶也理解這一點。顯然，我們在資料中心整合應用（DCAI）業務領域的競爭優勢並不那麼明顯。因此，我們有機會調整價格，但無法全面調整。這在某種程度上影響了我們。

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?

但你的意思是說，Sapphire Rapids 實際上是 2023 年上半年的產量提升計畫。你的意思大概就是這樣，對嗎？

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增長，然後大部分增長將在明年到來，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。就像我們之前說的，我們年初就開始出貨一些SKU了，對吧？但那些並不是銷售量最高的SKU。銷售成長期的SKU被延後了，對吧，Stacy，它們要到年底才會開始量產。但更大的財務影響肯定要到明年了。 Sapphire Rapids，沒錯，它仍然是一款領先產品。我們持續收到客戶對產品各方面的好評，例如我們在AI效能方面與NVIDIA中階專用AI處理器展開的競爭。它的安全性毋庸置疑，加速器也毋庸置疑，都是領先產品。此外，我們也從配套的軟體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.

綜上所述，市場反應熱烈。所有雲端服務商、資料中心供應商等等，都對這款產品充滿熱情。正如我所說，我們現在正處於產品開發的最後階段，即將開始逐步擴大客戶規模。顯然，在財務方面，我們也將開始看到一些庫存儲備金的消耗。但沒錯，這並非我們執行力最強的一次。我們正在重建執行機制。隨著產品的交付，市場對它的熱情也日益高漲。

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

接線員，我們還有時間再問一個問題，可以嗎？

We have a question from William Stein with Truist.

我們收到來自 Truist 保險公司 William Stein 的提問。

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?

這與上一個主題——新產品交付的及時性——有關。雖然藍寶石Rapid處理器有所延遲，帕特，但新聞稿中提到，後續節點仍在按計劃進行——或者說，我記得是提前完成了。作為局外人，我們該如何判斷英特爾在接下來的幾季中是否繼續按計劃推進？除了新聞稿中的總結聲明之外，您能否透露一些其他指標，或者提供一些方法，幫助我們更好地了解英特爾是否正在重回正軌，並履行按計劃交付產品的承諾？

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。也許我們可以快速回顧這五個節點：英特爾7代已經完成，量產也實現。我們說過，五個節點，四年，英特爾7代，3500萬台，你可以去拆一台看看。我相信我們的競爭對手肯定已經拆解過了。英特爾4代，對吧？我們說過，嘿，Meteor Lake，目前看來不錯。現在已經廣泛分發給客戶試用。而且看起來也非常健康。

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，我們最近在VLSI大會上發布的詳細更新內容也得到了獨立分析。如果你去看相關的報告，你會發現人們都感到驚喜。他們說：「英特爾4.0看起來和一些3奈米製程的競爭對手一樣出色。」 所以，目前看來情況相當不錯。當然，我們接下來還會發布更多關於實際效能的技術更新。

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，我們也更新了Granite Rapids的最新進展，它是英特爾第三代主力晶片之一。我們也說過，我們會及時更新20A和18A測試晶片的進展以及其他相關資訊。在公佈代工廠客戶的同時，我們也會提供這些晶片的獨立評估報告，這將是另一個驗證點，您很快就會看到。

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，我們會不斷提供更多驗證點。請相信我，這些都經過分析了。每個製程節點的性能、缺陷密度、設計資料的成熟度以及代工廠客戶的回饋都經過了極其嚴格的審查。我相信，透過這些驗證，您會越來越確信，我們所說的不僅得到了我們自身的驗證，也得到了獨立產業機構的認可。

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.

那麼，就讓我總結一下今天的時間吧。首先，我想說聲謝謝。非常感謝您今天能來參加，也感謝您給我們這個機會向您介紹我們的業務。

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.

最後，我們總結三點關鍵資訊。我們對本季及今天公佈的財務業績並不滿意，我們對公司策略的信心與日俱增，最終對未來充滿樂觀。本季我們理應面臨一些尖銳的問題，但我們也感謝大家提出的合理且與業務相關的問題。轉型並非易事，但任何值得做的事情都不是輕而易舉的。儘管我們面臨諸多挑戰，但我們在IFS、NEX業務（創下紀錄）、PSG業務（創下該業務紀錄）、今天CHIPS的通過以及AWS、Meta和NVIDIA等重要客戶的成功簽約方面都取得了顯著進展。最後一個問題，我們在技術發展里程碑和製造里程碑方面也取得了巨大進展。

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

因此，我們期待下個季度再次向您報告最新情況。謝謝。

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

今天的電話會議到此結束。謝謝參與—您可以掛斷電話了。