英特爾 (INTC) 2022 Q3 法說會逐字稿

Thank you for standing by, and welcome to Intel's Third Quarter 2022 Earnings Conference Call. (Operator Instructions) As a reminder, today's program is being recorded.

感謝您的支持，歡迎參加英特爾 2022 年第三季度收益電話會議。 （操作員說明）提醒一下，今天的節目正在錄製中。

And now I'd like to introduce your host for today's program, John Pitzer, Corporate Vice President of Investor Relations. Please go ahead, sir.

現在，我想介紹一下今天節目的主持人，投資者關係公司副總裁 John Pitzer。請繼續，先生。

Thank you, operator. By now, you should have received a copy of the Q3 earnings release and earnings presentation, both of which are available on our investor website, intc.com. For those joining us online today, the earnings presentation is also available in our webcast window.

謝謝你，接線員。到目前為止，您應該已經收到了第三季度收益發布和收益報告的副本，兩者都可以在我們的投資者網站 intc.com 上找到。對於今天在線加入我們的人，收益報告也可以在我們的網絡廣播窗口中觀看。

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

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 does involve 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，它確實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 have also provided both GAAP and non-GAAP financial measures this quarter, and we will be speaking to the non-GAAP financial measures when describing our consolidated results. The earnings release and earnings presentation include full GAAP and non-GAAP reconciliations.

本季度我們還提供了 GAAP 和非 GAAP 財務指標，在描述我們的綜合業績時，我們將談到非 GAAP 財務指標。收益發布和收益介紹包括完整的 GAAP 和非 GAAP 對賬。

With that, let me turn things over to Pat.

有了這個，讓我把事情交給帕特。

Thank you, John, and good afternoon, everyone. Despite growing economic headwinds, Q3 revenue was flat sequentially and only modestly below the midpoint of our guidance. In June, we were one of the first companies to highlight an abrupt and pronounced slowdown in demand, which has brought it beyond our initial expectations and is now having an industry-wide impact across the electronic supply chain. We are adjusting our Q4 outlook, and we are planning for the economic uncertainty to persist into 2023.

謝謝你，約翰，大家下午好。儘管經濟逆風越來越大，但第三季度收入環比持平，僅略低於我們指導的中點。 6 月，我們是首批強調需求突然明顯放緩的公司之一，這超出了我們最初的預期，現在對整個電子供應鏈產生了全行業的影響。我們正在調整第四季度的展望，併計劃將經濟不確定性持續到 2023 年。

While we are not satisfied with our results, we remain laser-focused on controlling what we can, and we are pleased that our PC share stabilized in Q2 and is now showing meaningful improvement in Q3. Our server share, while not where we want it to be, is tracking in line with our expectations, and we are encouraged by good execution in the quarter against our product road map. In addition, we are intensifying our cost reduction and efficiency efforts, and we are aggressively moving into the next phase of IDM 2.0 geared to unlocking the full potential of the IDM advantage.

雖然我們對我們的結果不滿意，但我們仍然專注於控制我們可以控制的東西，我們很高興我們的 PC 份額在第二季度穩定下來，現在在第三季度顯示出有意義的改善。我們的服務器份額雖然不是我們想要的，但符合我們的預期，我們對本季度的產品路線圖的良好執行感到鼓舞。此外，我們正在加大降低成本和提高效率的力度，並積極進入 IDM 2.0 的下一階段，以釋放 IDM 優勢的全部潛力。

This afternoon, I will focus my comments in 3 areas: one, the key trends and dynamics that shape Q3 and are informing our outlook; two, the progress we are making on IDM 2.0, including our momentum on process and product road maps and our recent announcement that we are implementing an internal foundry model; and three, the actions underway to drive cost savings and efficiency gains aimed at accelerating our transformation.

今天下午，我將把我的評論集中在三個方面：第一，影響第三季度並影響我們前景的主要趨勢和動態；第二，我們在 IDM 2.0 上取得的進展，包括我們在工藝和產品路線圖方面的勢頭，以及我們最近宣布我們正在實施內部代工模型；第三，正在採取行動來推動成本節約和效率提升，以加速我們的轉型。

Specific to trends we are seeing, along with further deterioration in consumer PC demand in Q3, enterprise demand has begun to slow. We expect PC units to decline mid- to high teens to approximately 295 million units in calendar year '22. Our own Q3 results reflect a strong product portfolio with Raptor Lake building on Alder Lake's momentum as well as working closely with customers to optimize their inventory, our market share and business objectives.

具體到我們看到的趨勢，隨著第三季度消費PC需求的進一步惡化，企業需求開始放緩。我們預計 22 日曆年 PC 銷量將下降到大約 2.95 億台。我們自己的第三季度業績反映了強大的產品組合，Raptor Lake 以 Alder Lake 的勢頭為基礎，並與客戶密切合作以優化他們的庫存、我們的市場份額和業務目標。

We are still shipping below PC consumption and the inventory correction continued in Q3, but not as quickly as we forecasted. Importantly, however, PC usage remains strong, demonstrating the increased utility and value of the PC and ultimately supporting a TAM well above pre-pandemic levels. We are targeting a calendar year '23 PC unit TAM of between 270 million and 295 million units with a strong brand and product line driving additional share, especially at premium ASPs.

我們的出貨量仍低於 PC 消費量，第三季度庫存調整仍在繼續，但沒有我們預期的那麼快。然而，重要的是，PC 的使用仍然強勁，證明了 PC 的實用性和價值增加，並最終支持遠高於大流行前水平的 TAM。我們的目標是在 23 日曆年實現 2.7 億至 2.95 億台的 PC 單元 TAM，其強大的品牌和產品線推動了額外的份額，尤其是在高端 ASP 上。

The data center TAM is holding up better, although enterprise in China continue to show signs of weakness as to some but not all cloud customers. Across our infrastructure and industrial exposed businesses, NEX demand was very solid, though not immune from the weakening economy.

數據中心 TAM 表現較好，儘管中國企業在部分但並非所有云客戶方面繼續表現出疲軟跡象。在我們的基礎設施和工業暴露業務中，NEX 需求非常穩固，儘管不能免受經濟疲軟的影響。

PSG continues to be a true standout with record Q3 revenue, up over 25% year-over-year. PSG backlog is robust, and it continues to be an area where we are supply chain-limited.

PSG 繼續成為真正的佼佼者，第三季度收入創紀錄，同比增長超過 25%。 PSG 積壓工作非常強勁，並且仍然是我們供應鏈受限的領域。

Despite the challenging business environment, we made solid progress toward our long-term transformation in Q3, and we remain fully committed to using the macro uncertainty to accelerate our efforts. Each quarter, our confidence grows in achieving our goal of 5 nodes in 4 years. But until 4, we are progressing towards a high-volume manufacturing and will tape out the production stepping at Meteor Lake in Q4. The first stepping of Granite Rapids is out of the fab, yielding well with Intel 3 continuing to progress on schedule. Intel 4 and 3 are our first nodes deploying EUV and will represent a major step forward in terms of transistor performance per watt and density.

儘管商業環境充滿挑戰，但我們在第三季度的長期轉型中取得了紮實的進展，我們仍然完全致力於利用宏觀不確定性來加速我們的努力。每個季度，我們都有信心在 4 年內實現 5 個節點的目標。但在 4 點之前，我們正朝著大批量生產的方向發展，並將在第四季度完成流星湖的生產步驟。 Granite Rapids 的第一步是在晶圓廠之外，隨著英特爾 3 繼續按計劃進展，取得了良好的成果。英特爾 4 和 3 是我們部署 EUV 的第一個節點，將在每瓦晶體管性能和密度方面向前邁出一大步。

On Intel 20A and 18A, the first nodes to benefit from RibbonFET and PowerVia, our first internal test chips, and those of a major potential foundry customer have taped out with silicon running in the fab. We continue to be on track to regain transistor performance and power performance leadership by 2025.

在英特爾 20A 和 18A 上，第一個受益於 RibbonFET 和 PowerVia 的節點、我們的第一個內部測試芯片以及一個主要潛在代工客戶的芯片已經流片，並在晶圓廠中運行矽。我們將繼續走上正軌，到 2025 年重新獲得晶體管性能和功率性能的領先地位。

IFS is a major beneficiary of our TD progress, and we are excited to welcome NVIDIA to the RAMP-C program, which enables both commercial foundry customers and the U.S. Department of Defense to take advantage of Intel's at-scale investments in leading-edge technologies. Since Q2, IFS has expanded engagements to 7 out of the 10 largest foundry customers, coupled with consistent pipeline growth to include 35 customer test chips. In addition, IFS increased qualified opportunities by $1 billion to over $7 billion in deal value, all before we welcome the Tower team with the expected completion of the merger in Q1 '23.

IFS 是我們 TD 進展的主要受益者，我們很高興歡迎 NVIDIA 加入 RAMP-C 計劃，該計劃使商業代工客戶和美國國防部能夠利用英特爾在前沿技術方面的大規模投資.自第二季度以來，IFS 已將合作範圍擴大到 10 家最大的代工廠客戶中的 7 家，同時管道持續增長，包括 35 個客戶測試芯片。此外，IFS 將合格機會增加了 10 億美元，交易價值超過 70 億美元，這一切都在我們歡迎 Tower 團隊預計在 23 年第一季度完成合併之前完成。

On the product front, we had a busy quarter. Within client, as mentioned earlier, we added to the strong Alder Lake momentum with the launch of Raptor Lake desktop in Q3, driving a more than a 40% improvement in multi-thread performance, unquestioned leadership in gaming, 6 gigahertz out of the box and record-setting overclocking. We currently have over 500 OEM design wins. We launched Intel Unison to deliver best-in-industry multi-device user experience. In addition, we saw a meaningful development progress across multiple OEM designs on Intel 4-based Meteor Lake with volume ramps in 2023.

在產品方面，我們有一個忙碌的季度。在客戶端方面，如前所述，隨著第三季度 Raptor Lake 桌面的推出，我們為 Alder Lake 的強勁勢頭增添了動力，推動多線程性能提升 40% 以上，遊戲領域無可置疑的領先地位，開箱即用的 6 GHz和創紀錄的超頻。我們目前有超過 500 項 OEM 設計勝出。我們推出了 Intel Unison 以提供業界最佳的多設備用戶體驗。此外，我們看到基於英特爾 4 的 Meteor Lake 的多個 OEM 設計取得了有意義的開發進展，並在 2023 年實現量產。

We now have all elements of the AXG portfolio in production with A770 giving our discrete graphics efforts a strong boost. The Flex family is building a strong pipeline of data center use cases, and Ponte Vecchio is now production for HPC offerings and production blades deployed for lead customers. Combined with Sapphire Rapids and Sapphire Rapids HBM, PVC is the basis for strong traction with HPC customers like Argonne National Laboratory and Germany's Leibniz Supercomputing Centre.

現在，我們已將 AXG 產品組合的所有元素與 A770 一起投入生產，這極大地推動了我們的獨立顯卡工作。 Flex 系列正在構建強大的數據中心用例管道，而 Ponte Vecchio 現在正在生產 HPC 產品和為主要客戶部署的生產刀片。結合 Sapphire Rapids 和 Sapphire Rapids HBM，PVC 成為阿貢國家實驗室和德國萊布尼茨超級計算中心等高性能計算客戶的強大牽引力的基礎。

CSPs and telcos alike continue to move to software-based 5G vRAN and O-RAN deployments. We announced Sapphire Rapids EE with vRAN Boost for in-line acceleration of 5G and network workloads. Edge and AI are proving a powerful combination for us with OpenVINO momentum building with customers like Chipotle, and we launched the Intel Geti computer vision software platform for RapidAI training with early customers such as Braven, Royal Brompton and Harefield hospitals. Further evidence of our AI portfolio taking shape was seen by Red Hat announcing support for Gaudi, Cnvrg.io and OpenVINO.

CSP 和電信公司等繼續轉向基於軟件的 5G vRAN 和 O-RAN 部署。我們發布了帶有 vRAN Boost 的 Sapphire Rapids EE，用於在線加速 5G 和網絡工作負載。 Edge 和 AI 為我們證明了強大的組合，OpenVINO 與 Chipotle 等客戶建立了勢頭，我們推出了英特爾 Geti 計算機視覺軟件平台，用於與 Braven、Royal Brompton 和 Harefield 醫院等早期客戶進行 RapidAI 培訓。 Red Hat 宣布支持 Gaudi、Cnvrg.io 和 OpenVINO，進一步證明了我們的 AI 產品組合正在形成。

Inspur announced Gaudi2 with Sapphire Rapids for advanced AI use cases. Amazon will be accelerating large transform models with Gaudi instances in EC2.

浪潮宣布 Gaudi2 與 Sapphire Rapids 一起用於高級 AI 用例。亞馬遜將在 EC2 中使用 Gaudi 實例加速大型轉換模型。

This was also a very strong quarter for DCAI execution. Sapphire Rapids volume SKUs have now PRQed for a high-quality leadership product and a very strong volume ramp expected. Google gave the first preview of its C3 instances showing Sapphire Rapids capabilities as well as our leadership IPU, the E3200 or Mount Evans.

這也是 DCAI 執行的一個非常強勁的季度。 Sapphire Rapids 批量 SKU 現在已經 PRQed 以獲得高質量的領先產品和非常強勁的銷量增長預期。 Google 首次預覽了其 C3 實例，展示了 Sapphire Rapids 功能以及我們領先的 IPU、E3200 或埃文斯山。

We also saw strong milestones in the next 3 generations of server products. Emerald Rapids is showing good progress and is on track for calendar year '23. Granite Rapids is very healthy running multiple operating systems across many configurations. And with Sierra Forest, our first E-core product, providing world-class performance per watt are both solidly on track for '24.

我們還在接下來的 3 代服務器產品中看到了強大的里程碑。 Emerald Rapids 取得了良好的進展，並有望在 23 日曆年進行。 Granite Rapids 在多種配置下運行多個操作系統非常健康。借助 Sierra Forest，我們的第一個 E 核心產品，提供世界級的每瓦性能，都在 24 年穩步前進。

It's obvious, but we're stating our strategy is only as good as our execution. We have been taking aggressive action to rebuild our execution engine, driving execution excellence across our people, design and development and operations. In Q1, I discussed our return to OKRs and their importance to our culture.

這很明顯，但我們聲明我們的策略與我們的執行力一樣好。我們一直在採取積極行動來重建我們的執行引擎，推動我們的人員、設計、開發和運營的卓越執行。在第一季度，我討論了我們對 OKR 的回歸以及它們對我們文化的重要性。

Last quarter, I touched upon the next evolution of our tick-tock model, or tick-tock 2, as a disciplined approach to consistent, predictable product execution. This quarter, I wanted to spend a bit of time on operational excellence and discuss our recently announced IDM 2.0 Acceleration Office, or IAO, ushering in the next phase of our IDM 2.0 strategy.

上個季度，我談到了我們的 Tick-tock 模型或 Tick-tock 2 的下一次演進，作為一致、可預測的產品執行的規範方法。本季度，我想花一些時間在卓越運營上，並討論我們最近宣布的 IDM 2.0 加速辦公室 (IAO)，以引領我們 IDM 2.0 戰略的下一階段。

During the first phase of IDM 2.0, we aggressively focus on making the needed investments to approve our TD road map to regain transistor leadership and to ensure we have at-scale manufacturing capacity by building ahead on shells. Improvements in both areas now enables us to move forward with our next set of priorities, evolving our systems, business practices and culture to embrace an internal foundry model and establish a leadership cost structure. This means we will create what I like to call a new and clean API for the company by establishing consistent processes, systems and guardrails between our manufacturing teams and our business units. This will place our BUs on the same economic footing as external IFS customers and will allow our manufacturing group and BUs to be more agile, make better decisions and uncover efficiency and cost savings.

在 IDM 2.0 的第一階段，我們積極專注於進行必要的投資，以批准我們的 TD 路線圖，以重新獲得晶體管的領導地位，並通過在外殼上提前建設來確保我們擁有大規模的製造能力。這兩個領域的改進現在使我們能夠推進我們的下一組優先事項，發展我們的系統、業務實踐和文化，以採用內部代工模型並建立領導成本結構。這意味著我們將通過在我們的製造團隊和我們的業務部門之間建立一致的流程、系統和護欄來為公司創建我喜歡稱之為新的、乾淨的 API。這將使我們的業務部門處於與外部 IFS 客戶相同的經濟基礎上，並使我們的製造集團和業務部門更加敏捷，做出更好的決策並發現效率和成本節約。

We have already identified 9 different subcategories for operational improvement that our teams will aggressively pursue. For example, product teams will be heavily incented to drive the high-quality A0 steppings, as they see the full cost of steppings, validation cycles, hot lots and capacity changes. Factories will move to rigorous capacity loading cycles, transparency of cost for loading changes and efficiency of capital utilization, structural and variable wafer costs.

我們已經確定了我們的團隊將積極追求的 9 個不同的運營改進子類別。例如，產品團隊將大力推動高質量的 A0 步進，因為他們看到步進、驗證週期、熱批次和容量變化的全部成本。工廠將轉向嚴格的產能加載週期、加載變化成本的透明度以及資本利用效率、結構和可變晶圓成本。

In addition to establishing better incentives, this new approach will provide transparency on our financial execution, allowing us to better benchmark ourselves against other foundries and drive to best-in-class performance. It will also provide improved transparency to our owners as we expect to share full internal foundry P&L into calendar year '24, ultimately, allowing you to better judge how we are creating value and allocating your capital.

除了建立更好的激勵措施外，這種新方法還將為我們的財務執行提供透明度，使我們能夠更好地與其他代工廠進行基準測試，並推動實現一流的績效。它還將為我們的所有者提供更高的透明度，因為我們希望在 '24 日曆年共享完整的內部代工損益表，最終讓您更好地判斷我們如何創造價值和分配您的資金。

A key benefit of IDM 2.0 is to unlock our full financial potential by capturing multiple profit pools not available to any one of our peers across architecture, design, wafer manufacturing, advanced packaging, supply chain and software. These pools were only partially (inaudible) long-term margin targets we established at Investor Day in February.

IDM 2.0 的一個關鍵優勢是通過捕獲跨架構、設計、晶圓製造、先進封裝、供應鍊和軟件的任何同行都無法獲得的多個利潤池來釋放我們的全部財務潛力。這些資金池只是我們在 2 月投資者日設立的部分（聽不清）長期保證金目標。

Simple math would suggest there is meaningful upside to those targets as we execute and exploit the margin-stacking potential IDM 2.0 provides. Best-in-class semiconductor companies achieved gross margin in the 60s and operating margins in the 40s. And we aim to be best-in-class. This next phase of IDM 2.0 is a significant evolution in how we think and operate as a company. But just as we optimize to drive outside returns in the IDM 1.0 era, we will optimize to achieve best-in-class returns in the IDM 2.0 era. It's what engineers do, and we have the best engineers on the planet.

簡單的數學計算表明，當我們執行和利用 IDM 2.0 提供的保證金疊加潛力時，這些目標存在有意義的上行空間。一流的半導體公司在 60 年代實現了毛利率，在 40 年代實現了營業利潤率。我們的目標是成為一流的。 IDM 2.0 的下一階段是我們作為一家公司的思考和運營方式的重大演變。但正如我們在 IDM 1.0 時代進行優化以推動外部回報一樣，我們將在 IDM 2.0 時代進行優化以實現一流的回報。這是工程師所做的，我們擁有地球上最好的工程師。

Complementing and augmenting these efforts will be an intensified focus to reduce costs and drive efficiencies in everything we do. As we stated during Q2 earnings, we have an obligation to our owners to be good stewards of your capital. We are responding to the current environment by taking aggressive actions to reduce costs across COGS and OpEx while mindfully protecting the investments needed to accelerate our transformation, ensure we are well positioned for long-term market growth.

補充和加強這些努力將成為我們所做的一切降低成本和提高效率的重點。正如我們在第二季度收益中所說，我們有義務對我們的所有者成為您資本的好管家。我們正在通過採取積極行動來應對當前環境，以降低 COGS 和 OpEx 的成本，同時注意保護加速轉型所需的投資，確保我們為長期市場增長做好準備。

In addition to reducing near-term costs, we have also identified structural cost reductions and efficiency drivers, which Dave will outline a bit later.

除了降低近期成本外，我們還確定了結構性成本降低和效率驅動因素，Dave 稍後將對此進行概述。

In aggregate, our efforts should drive $3 billion in annual savings in the near term and $8 billion to $10 billion by the end of 2025. Not captured in these estimates are the start-up costs to support 5 nodes in 4 years which will begin to subside beyond calendar year '26, adding an additional $2 billion in COGS savings. Inclusive in our efforts will be steps to optimize our head count. These are difficult decisions affecting our loyal Intel family, but we need to balance increased investment in areas like leadership and TD product and capacity in Ohio and Germany with efficiency measures elsewhere as we drive to have best-in-class structures.

總的來說，我們的努力應該會在短期內每年節省 30 億美元，到 2025 年底將節省 80 億到 100 億美元。這些估計中沒有包括在 4 年內支持 5 個節點的啟動成本，這將開始在 '26 日曆年之後消退，額外節省了 20 億美元的 COGS。我們努力的包容性將是優化我們的人數的步驟。這些都是影響我們忠誠的英特爾家族的艱難決定，但我們需要平衡在俄亥俄州和德國的領導力和 TD 產品和產能等領域的增加投資與其他地方的效率措施，因為我們努力擁有一流的結構。

We will also continue to use our smart capital approach to support and inform our capital spending aspirations, aggressively building ahead on shells while aligning equipment purchases and installs with customer demand.

我們還將繼續使用我們的智能資本方法來支持和告知我們的資本支出願望，在使設備採購和安裝與客戶需求保持一致的同時，積極推進空殼建設。

We continue to see skips like our partnership with Brookfield as an innovative financial structure to more closely align fab build-out costs with fab output returns. Likewise, we see U.S. and EU chips as vital to enable us to establish a geographically diverse and secure supply chain for the semiconductor industry. We are confident in reaccelerating free cash flow growth and driving industry-leading free cash flow margins once we get through this period of economic uncertainty affecting the entire industry and our own elevated investments to accelerate our transformation.

我們繼續將與 Brookfield 的合作夥伴關係視為一種創新的財務結構，以更緊密地將晶圓廠建設成本與晶圓廠產出回報保持一致。同樣，我們認為美國和歐盟的芯片對於使我們能夠為半導體行業建立地理多樣化和安全的供應鏈至關重要。一旦我們度過了影響整個行業的經濟不確定時期以及我們自己的高額投資以加速我們的轉型，我們有信心重新加速自由現金流增長並推動行業領先的自由現金流利潤率。

Lastly, I was particularly pleased to join the Mobileye team earlier this week in New York to witness firsthand the successful completion of their IPO, especially in a difficult market. We believe that this will help unlock Mobileye's full operational and financial potential and is an additional avenue to create value for our owners. We remain committed to optimizing our value creation efforts through portfolio honing, reallocation of resources to higher returns, higher-growth businesses, M&A and where applicable, divestitures.

最後，我特別高興本週早些時候在紐約加入了 Mobileye 團隊，親眼目睹了他們成功完成 IPO，尤其是在困難的市場中。我們相信，這將有助於釋放 Mobileye 的全部運營和財務潛力，並且是為我們的所有者創造價值的另一個途徑。我們仍然致力於通過投資組合磨練、將資源重新分配給更高的回報、更高增長的業務、併購以及在適用的情況下進行資產剝離來優化我們的價值創造努力。

Before turning it over to Dave, I want to close by saying I continue to be heartened and impressed by the dedication and commitment of all of our employees by far, the most important owners of this great company. They are passionately committed like me to reestablish Intel as a dominant driver of innovation and by the opportunity to improve the lives of everyone on the planet.

在把它交給戴夫之前，我想最後說，到目前為止，我們所有員工的奉獻精神和承諾給我留下了深刻的印象，他們是這家偉大公司最重要的所有者。他們像我一樣熱情地致力於重建英特爾作為創新的主要驅動力，並藉此機會改善地球上每個人的生活。

It was also rewarding to see that same drive and dedication in the faces of our broader developer community at Intel Innovation, the rebirth of Intel IDF in September. We are the building blocks, an enabler of their vision and aspirations, and it is our commitment to them to be great partners and collaborators. Our ambitions are equal by our passions and our efforts across manufacturing, design, products and foundry are well on their way to driving our transformation and creating the flywheel, which is IDM 2.0.

在英特爾創新（Intel IDF 於 9 月重生）上，我們更廣泛的開發人員社區的臉上看到了同樣的動力和奉獻精神，這也是令人欣慰的。我們是他們的基石，是他們願景和抱負的推動者，我們對他們的承諾是成為偉大的合作夥伴和合作者。我們的熱情與我們的雄心不相上下，我們在製造、設計、產品和代工方面的努力正在推動我們的轉型和創造飛輪，即 IDM 2.0。

Thanks, Pat, and good afternoon, everyone. We had a solid third quarter despite the macroeconomic headwinds impacting the semiconductor industry. We expect these headwinds to persist and as a result, we're lowering our expectations for the fourth quarter. We will continue to be laser-focused on the things that we can control and use economic uncertainty to accelerate our transformation and drive cost cutting and efficiency gains.

謝謝，帕特，大家下午好。儘管影響半導體行業的宏觀經濟逆風，我們的第三季度業績穩健。我們預計這些不利因素將持續存在，因此，我們降低了對第四季度的預期。我們將繼續專注於我們可以控制的事情，並利用經濟不確定性來加速我們的轉型並推動成本削減和效率提升。

Moving to Q3 results. Revenue was $15.3 billion, flat sequentially and only modestly below the midpoint of our guide. Q3 revenue benefited from CCG's strength, offset by declining TAMs in DCAI and NEX. Gross margin for the quarter was 46%, below our guide, but largely in line relative to lower Q3 revenue. Q3 gross margin increased 100 basis points sequentially on lower inventory reserves.

轉到第三季度的結果。收入為 153 億美元，環比持平，僅略低於我們指南的中點。第三季度收入受益於 CCG 的實力，但被 DCAI 和 NEX 的 TAM 下降所抵消。本季度的毛利率為 46%，低於我們的指引，但與第三季度收入的下降基本一致。由於庫存儲備減少，第三季度毛利率環比增長 100 個基點。

EPS was $0.59, $0.24 above our guide largely on lower-than-forecasted taxes. Adjusting for the lower tax rate, EPS would have been $0.37, $0.02 above our guide on better expense management.

每股收益為 0.59 美元，比我們的指引高 0.24 美元，主要是因為稅收低於預期。調整較低的稅率後，每股收益將是 0.37 美元，比我們關於更好的費用管理的指南高 0.02 美元。

Operational cash flow for the quarter was $1 billion. Net CapEx for the quarter was $7.3 billion, resulting in an adjusted free cash flow of negative $6.3 billion. And we paid dividends of $1.5 billion. Our balance sheet remains strong with cash balances of $23 billion, modest leverage and a strong investment-grade credit profile.

本季度的運營現金流為 10 億美元。本季度的淨資本支出為 73 億美元，調整後的自由現金流為負 63 億美元。我們支付了 15 億美元的股息。我們的資產負債表保持強勁，現金餘額為 230 億美元，槓桿率適中，投資級信用狀況良好。

Turning to our business unit results. CCG revenue was $8.1 billion, up 6% sequentially, driven by higher ASPs on better mix and also benefiting from our efforts to work with customers to maximize our share position ahead of Q4 price increases. CCG revenue was down 17% year-over-year as customers continue to reduce inventory and we continue to under ship demand.

轉向我們的業務部門結果。 CCG 收入為 81 億美元，環比增長 6%，這得益於更高的平均售價和更好的組合，也得益於我們與客戶合作以在第四季度價格上漲之前最大化我們的份額地位。由於客戶繼續減少庫存並且我們繼續滿足出貨需求，CCG 收入同比下降 17%。

Demand weakness year-over-year was most pronounced in the consumer, education and small medium business markets. Operating profit was $1.7 billion, up $570 million sequentially and down 54% year-over-year on lower revenue, increased 10-nanometer and Intel 7 mix and increased spending to further strengthen our product road map.

消費、教育和中小型企業市場的需求同比疲軟最為明顯。營業利潤為 17 億美元，環比增長 5.7 億美元，同比下降 54%，原因是收入下降、增加 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路線圖。

DCAI revenue was $4.2 billion, down 27% year-over-year on TAM reductions and continued competitive pressures even as market share continues to track in line with our expectations. Operating profit was $17 million, below expectations and down significantly year-over-year. Profitability was impacted by lower revenue, higher advanced node start-up costs and higher product costs on transition to 10 nanometers.

DCAI 收入為 42 億美元，同比下降 27%，原因是 TAM 減少和持續的競爭壓力，儘管市場份額繼續符合我們的預期。營業利潤為 1700 萬美元，低於預期，同比大幅下降。盈利能力受到收入減少、先進節點啟動成本增加以及過渡到 10 納米產品成本增加的影響。

We also continue to invest aggressively in the product road map. NEX revenue was $2.3 billion, up 14% year-over-year on increased demand for 5G, Ethernet and edge products, partially offset by lower network Xeon demand. In Q3, we started to see macro-driven demand softness and customer inventory management impact NEX. Operating profit was $75 million, down 85% year-over-year due to the impact of softer demand on inventory valuation and increased road map investment.

我們還繼續積極投資於產品路線圖。 NEX 收入為 23 億美元，同比增長 14%，原因是對 5G、以太網和邊緣產品的需求增加，部分被網絡 Xeon 需求下降所抵消。在第三季度，我們開始看到宏觀驅動的需求疲軟和客戶庫存管理對 NEX 的影響。由於需求疲軟對庫存估值和路線圖投資增加的影響，營業利潤為 7500 萬美元，同比下降 85%。

AXG revenue was $185 million, up 8% year-over-year on the ramp of our Blockscale products. Operating loss was $378 million, $129 million better sequentially, but $156 million worse than year-over-year due to softer demand and product readiness impacting inventory valuation as well as increased investment to deliver the visual, supercompute and custom accelerated graphics road maps.

AXG 收入為 1.85 億美元，隨著我們 Blockscale 產品的推出，同比增長 8%。營業虧損為 3.78 億美元，環比增加 1.29 億美元，但由於需求疲軟和產品準備就緒影響庫存估值，以及為提供視覺、超級計算和定制加速圖形路線圖而增加投資，因此同比減少 1.56 億美元。

Mobileye revenue was $450 million, up $124 million from Q3 2021, primarily driven by higher demand for EyeQ products. Operating income was $142 million, up $15 million from Q3 2021, primarily due to higher revenue. IFS revenue was $171 million, down 2% year-over-year, driven by automotive weakness with customers citing third-party component shortages, partially offset by growth in core foundry and IMS businesses. Operating loss was $103 million versus an operating loss of $44 million in Q3 '21 on increased spending to enable our foundry growth strategy.

Mobileye 收入為 4.5 億美元，比 2021 年第三季度增加 1.24 億美元，主要是由於對 EyeQ 產品的需求增加。營業收入為 1.42 億美元，比 2021 年第三季度增加 1500 萬美元，主要是由於收入增加。 IFS 收入為 1.71 億美元，同比下降 2%，受汽車疲軟的推動，客戶稱第三方組件短缺，部分被核心代工和 IMS 業務的增長所抵消。運營虧損為 1.03 億美元，而 21 年第三季度的運營虧損為 4400 萬美元，原因是增加支出以實現我們的代工增長戰略。

Turning to Q4 guidance. Given the deteriorating macro environment and based on input from our customers, we're now guiding Q4 revenue in a range of $14 billion to $15 billion with sequential decline driven by lower CCG revenue as customers reduced inventory lower NEX TAM and continued DCAI headwinds. We're forecasting gross margin of 45%, a tax rate of 14% and EPS of $0.20 at the midpoint of revenue guidance.

轉向第四季度的指導。鑑於不斷惡化的宏觀環境以及我們客戶的投入，我們現在將第四季度的收入引導在 140 億美元至 150 億美元之間，由於客戶減少庫存、降低 NEX TAM 和持續的 DCAI 逆風，CCG 收入下降導致連續下降。在收入指導的中點，我們預計毛利率為 45%，稅率為 14%，每股收益為 0.20 美元。

For Q4 adjusted free cash flow, we expect to see a meaningful sequential increase driven by working capital improvements and a $2 billion reduction in net CapEx, adjusting for a lower demand environment. These benefits will be partially offset by lower revenue. And as a result, we're reducing our full year adjusted free cash flow guidance to negative $2 billion to negative $4 billion. There is also a possibility that a portion of expected capital offsets could move from Q4 to Q1, shifting the cash flow benefit into next year.

對於第四季度調整後的自由現金流，我們預計在營運資本改善和淨資本支出減少 20 億美元的推動下，將出現有意義的連續增長，以適應較低的需求環境。這些好處將被較低的收入部分抵消。因此，我們將調整後的全年自由現金流指引從負 20 億美元降至負 40 億美元。部分預期資本抵消也有可能從第四季度轉移到第一季度，從而將現金流收益轉移到明年。

Consistent with our short-term financial model discussed at our Investor Day in February, our continued intent is to manage, adjust this free cash flow at approximately breakeven as we go through this period of accelerated and elevated investments supported by our smart capital approach and the multiple pools of capital available to finance our strategy.

與我們在 2 月份投資者日討論的短期財務模型一致，我們的持續意圖是在我們的智能資本方法和多個資金池可用於為我們的戰略提供資金。

Now turning to our long-term outlook and the changes we're making to transform the business. Beyond Q4, there's a high degree of macroeconomic uncertainty, and it appears that the current challenging market environment will extend well into 2023 with the potential for a global recession. Further, as I discussed in Q2 earnings, it's imperative that we drive for world-class product cost and operational efficiency to achieve our long-term financial model. As Pat detailed earlier, to accelerate this transformation, we're forming the IDM 2.0 Acceleration Office and doubling down on our efforts to reduce costs and find efficiencies across the organization.

現在轉向我們的長期展望以及我們為改變業務而做出的改變。第四季度之後，宏觀經濟存在高度不確定性，目前充滿挑戰的市場環境似乎將延續到 2023 年，並有可能引發全球衰退。此外，正如我在第二季度收益中所討論的，我們必須推動世界一流的產品成本和運營效率，以實現我們的長期財務模式。正如 Pat 之前詳述的那樣，為了加速這一轉型，我們正在組建 IDM 2.0 加速辦公室，並加倍努力降低成本並提高整個組織的效率。

We'll start with a focus on driving $3 billion of cost reduction in 2023, 1/3 in cost of sales and 2/3 in operating expenses. Note that our Q3 results include GAAP restructuring charges of $664 million that reflect initial efforts to rightsize our business and deliver these savings. In Q4, we expect to have additional restructuring charges of similar magnitude as we further rationalize our 2023 financial plan.

我們將首先專注於在 2023 年降低 30 億美元的成本，降低 1/3 的銷售成本和 2/3 的運營費用。請注意，我們的第三季度業績包括 6.64 億美元的 GAAP 重組費用，這反映了我們為調整業務規模和實現這些節省所做的初步努力。在第四季度，隨著我們進一步合理化 2023 年的財務計劃，我們預計會有類似規模的額外重組費用。

Longer term, we will execute on continued structural cost savings and efficiency gains, which we expect to drive $8 billion to $10 billion in annual savings by the end of 2025, split roughly 2/3 in cost of sales and 1/3 in operating expense. These savings will be realized through multiple initiatives to optimize the business, including portfolio cuts, rightsizing of our support organizations, more stringent cost controls in all aspects of our spending and improved sales and marketing efficiency.

從長遠來看，我們將繼續執行結構性成本節約和效率提升，我們預計到 2025 年底，每年將節省 80 億至 100 億美元，其中大約 2/3 的銷售成本和 1/3 的運營費用.這些節省將通過多項優化業務的舉措來實現，包括削減投資組合、調整我們的支持組織的規模、在我們支出的各個方面進行更嚴格的成本控制以及提高銷售和營銷效率。

As Pat outlined, also critical to driving this transformation is the implementation of our internal foundry operating model, dramatically increasing financial accountability and transparency, enabling all organizations to drive to world-class product cost and efficiency benchmarks. In addition, as we emerge from 5 nodes in 4 years and slower technology development cadence, we expect an additional approximately 200 basis points of gross margin after 2026. We expect these efforts to provide potential upside to the financial targets we provided at the February Investor Day.

正如 Pat 所概述的那樣，推動這一轉型的另一個關鍵是實施我們的內部代工運營模式，顯著提高財務問責制和透明度，使所有組織都能夠達到世界一流的產品成本和效率基準。此外，隨著我們在 4 年內擺脫 5 個節點以及技術開發節奏放緩，我們預計 2026 年後毛利率將增加約 200 個基點。我們預計這些努力將為我們在 2 月投資者會議上提供的財務目標提供潛在的上行空間天。

This will be a multiyear journey, but as Pat said earlier, best-in-class semiconductor companies have a financial profile that includes gross margins in the 60s and operating margins in the 40s, and we aim to be best-in-class. In the short term, we will continue to manage to the OpEx, net capital intensity and adjusted free cash flow guardrails established and drive back to a gross margin percentage range of 51% to 53% once economic conditions improve and revenue growth returns.

這將是一個多年的旅程，但正如帕特早些時候所說，一流的半導體公司的財務狀況包括 60 年代的毛利率和 40 年代的營業利潤率，我們的目標是成為一流的。在短期內，一旦經濟狀況改善和收入增長恢復，我們將繼續管理已建立的運營支出、淨資本密集度和調整後的自由現金流護欄，並將毛利率回升至 51% 至 53% 的範圍內。

In closing, we remain committed to the strategy and financial model communicated at Investor Day. The compelling long-term financial opportunity of strong revenue growth across our 6 business units and free cash flow at 20% of revenue remains. And I believe this downturn represents an opportunity to more quickly make the transformation necessary to achieve these goals.

最後，我們仍然致力於在投資者日傳達的戰略和財務模型。我們 6 個業務部門的強勁收入增長和占收入 20% 的自由現金流這一令人信服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。

Thank you, Dave. (Operator Instructions)

謝謝你，戴夫。 （操作員說明）

(Operator Instructions) Our first question comes from the line of Ross Seymore from Deutsche Bank.

（操作員說明）我們的第一個問題來自德意志銀行的 Ross Seymore。

You mentioned, both Dave and Pat, many times about the macroeconomic weakness, likely persisting into next year. So if you're willing to talk a little bit about the puts and takes in the market. You talked about the PC market being but down about 5%, Pat. But overall, from your segments, where do you see either market headwinds or tailwinds or individual Intel-specific areas for market share gains or still challenges into 2023?

你提到，戴夫和帕特都多次提到宏觀經濟疲軟，可能會持續到明年。因此，如果您願意談談市場上的看跌期權。你談到個人電腦市場下降了大約 5%，帕特。但總體而言，從您的細分市場來看，您認為哪些市場逆風或順風或個別英特爾特定領域的市場份額增加或到 2023 年仍面臨挑戰？

Yes. Thank you, Ross. I'll start off on that. And like we said, it's just the macroeconomic, unpredictable, tough market outlook. And inside of that, it's just hard to see any points of good news on the horizon, inflation in the U.S., the situation in Europe with energy and the war and in Asia. So against that backdrop, we're still looking to have economic headwinds as we go into next year. And with that in mind, obviously, lowering our guide for Q4.

是的。謝謝你，羅斯。我將從那開始。正如我們所說，這只是宏觀經濟、不可預測、艱難的市場前景。在這之中，很難看到任何好消息即將出現，美國的通貨膨脹，歐洲的能源和戰爭局勢以及亞洲。因此，在這種背景下，我們仍然希望在進入明年時遇到經濟逆風。考慮到這一點，顯然降低了我們對第四季度的指導。

As we think about it, at the industry level, obviously, some of that helps to accelerate some of the rebalancing of the supply chain, and some of that will help our business like lowering of DDR memory costs will decrease the premiums on DDR5 that makes Sapphire Rapids a more compelling platform. In other areas, we still have a rebalancing of the supply chain in front of us on some of the older nodes.

正如我們所想的那樣，在行業層面，顯然，其中一些有助於加速供應鏈的重新平衡，而其中一些將有助於我們的業務，例如降低 DDR 內存成本將降低 DDR5 的溢價，這使得Sapphire Rapids 是一個更具吸引力的平台。在其他領域，我們仍然需要在一些較舊的節點上重新平衡我們面前的供應鏈。

When we look at our business units, the PC, more critical device than ever. And as Sacha talked about yesterday on his earnings call, 20% more active devices usage increasing. That said, we do expect that the TAM, as I indicated in my formal comments, is going to be a bit lower next year. We've given a range aligned with the industry. For servers, we have seen the slowdown in enterprise and to a lesser degree, in the cloud market, decreasing the TAM outlook there. We do, in our modeling, look at that as we're building our capacity.

當我們審視我們的業務部門時，PC 比以往任何時候都更加重要。正如 Sacha 昨天在財報電話會議上所說的那樣，活躍設備的使用量增加了 20%。也就是說，正如我在正式評論中指出的那樣，我們確實預計明年的 TAM 會有所降低。我們給出了與行業一致的範圍。對於服務器，我們已經看到企業和雲市場的放緩程度較低，從而降低了 TAM 的前景。在我們的建模中，我們確實在構建我們的能力時會考慮這一點。

Obviously, our cost efforts have been very specific to give us flexibility for lowering the structural rate cost even as we stay true to the strategic investments that we're making and driving our transformation and disciplined cost modeling more quickly.

顯然，我們的成本努力非常具體，為我們提供了降低結構費率成本的靈活性，即使我們堅持我們正在進行的戰略投資並更快地推動我們的轉型和規範的成本建模。

So it really is a challenging environment, unpredictable environment, and we're staying true to the strategy, making cost adjustments and trying to balance market outlooks as we gain share, right, in some segments, and we fight for share in other segments. And I was very pleased with how the team executed in improving our execution in an environment that really was quite tough.

所以這確實是一個充滿挑戰的環境，不可預測的環境，我們堅持戰略，進行成本調整，並試圖平衡市場前景，因為我們在某些領域獲得了份額，對，我們在其他領域爭取份額。我對團隊在一個非常艱難的環境中如何提高我們的執行力感到非常滿意。

Ross, do you have a brief follow-up?

羅斯，你有簡短的跟進嗎？

Yes. Just following on to that last part that you said, Pat, about some of the areas of share gains or share losses. Where do you think those will be most acute in both directions, the good and the bad?

是的。緊接著你說的最後一部分，帕特，關於股票收益或股票損失的一些領域。你認為那些在好的和壞的兩個方向上最尖銳的地方是什麼？

Yes. And we'd say, we saw no -- if we go to the areas, we're just entering in the AXG business and IFS. So everything there is gaining share. In the NEX business, we saw our businesses entirely driven by the macro. And our market share seems to have no real shift whatsoever, and we continue to be a grower in that segment.

是的。我們會說，我們沒有看到 - 如果我們去這些地區，我們只是進入 AXG 業務和 IFS。所以那裡的一切都在獲得份額。在 NEX 業務中，我們看到我們的業務完全由宏觀驅動。而且我們的市場份額似乎沒有任何真正的變化，我們繼續成為該領域的種植者。

In PC, we had very market share gains this quarter, very strong product lines, so we think we're well positioned. And in data center, we grew slower than the market. And as the product line gets stronger, we will be in a position to regain share, regain ASP, obviously, ramp the Sapphire Rapids. But we still see ourselves not in a position that we're gaining share yet and expect that will be the case for a couple of more quarters.

在 PC 方面，我們本季度的市場份額增長非常快，產品線非常強大，因此我們認為我們處於有利地位。在數據中心，我們的增長速度慢於市場。隨著產品線變得更強大，我們將能夠重新獲得份額，重新獲得 ASP，顯然，可以讓 Sapphire Rapids 上升。但我們仍然認為自己還沒有獲得份額，並預計未來幾個季度都會如此。

Our next question comes from the line of Timothy Arcuri from UBS.

我們的下一個問題來自瑞銀的 Timothy Arcuri。

I had a question on the internal foundry. It seems sort of like the first step in basically splitting the company into an external foundry and a fabless company. Can you sort of play that out? Is that the idea? And sort of how does this create value? I guess, I mean, obviously, if you look at GlobalFoundries' market cap, that's like 30% of your market cap. But how does it play out functionally? How it creates value?

我有一個關於內部代工廠的問題。這似乎有點像是將公司基本上拆分為外部代工廠和無晶圓廠公司的第一步。你能把它玩出來嗎？是這個主意嗎？這又是如何創造價值的？我想，我的意思是，很明顯，如果你看看 GlobalFoundries 的市值，那大概是你市值的 30%。但它在功能上是如何發揮作用的呢？它如何創造價值？

Yes. When we definitely view that there are efficiencies for us to gain as we go through this internal foundry model, where we see numerous areas in the company that were not as rigorous as we need to be. In factory loadings, where we make lots of change in factory loadings and we would run the factories more efficiently or steppings aren't accountable, right, through cost modeling back to the business units, and thus, driving the high-quality A0 steppings. And stepping changes being fully reflected internally and the cost of those will make us more efficient. Leveraging third-party IP more aggressively will make us more efficient.

是的。當我們明確認為通過這種內部代工模式可以獲得效率時，我們會看到公司中的許多領域並不像我們需要的那樣嚴格。在工廠裝載中，我們對工廠裝載進行了大量更改，我們將更有效地運行工廠，或者步進不負責，對，通過成本建模回到業務部門，從而推動高質量的 A0 步進。逐步變革在內部得到充分體現，而這些變革的成本將使我們更有效率。更積極地利用第三方 IP 將使我們更有效率。

And the combination of that is a big piece of why we're stepping to this internal foundry model, and we expect that we're going to start giving more financial transparency that way so that you can start to see the benefits in the margin stacking being realized of both being a product company as well as a fab foundry company. And that's what we're out to get with the structure that we're laying out.

這就是我們採用這種內部代工模式的重要原因，我們希望我們將開始以這種方式提供更多的財務透明度，以便您可以開始看到利潤堆疊的好處意識到既是一家產品公司，也是一家晶圓廠代工公司。這就是我們要通過我們正在佈局的結構來實現的目標。

That said, we think that this tight coupling of the IDM 2.0 model is a powerful value generator for us, at least the 3 areas. One, the technology benefits that we get to have a rapid pace of technology innovation and co-optimization between product and process. The second is the cash flows and balance sheet benefits that we get by having these internal to be able to drive the large investments required in the manufacturing networks. And third is in the supply chain efficiency and flexibility being able to balance across the foundry and business unit structure.

也就是說，我們認為 IDM 2.0 模型的這種緊密耦合對我們來說是一個強大的價值生成器，至少在 3 個領域是這樣。一，我們在技術創新和產品與流程之間的協同優化方面獲得的技術優勢。第二個是我們通過這些內部獲得的現金流和資產負債表收益，以便能夠推動製造網絡所需的大量投資。第三是供應鏈的效率和靈活性，能夠在代工廠和業務單元結構之間取得平衡。

So these 3 areas for us are ones that we see that tight coupling bringing long-term meaningful value generation to the company and to our shareholders. But we're going to do it against the backdrop that we are going to be benchmarking ourselves against the best-in-class in each area and that transparency, right? We'll provide more visibility to you, our shareholders, but also drive our teams internally. And an engineering, manufacturing team when they see benchmark that you're holding up against them, it just unleashes energy into the future. And that's the excitement that we are working to create with this internal foundry model. And as we've launched it this quarter, we're already starting to see the roots of that permeate through our teams.

因此，對我們來說，這三個領域是我們認為緊密耦合為公司和我們的股東帶來長期有意義的價值創造的領域。但是我們要在這樣的背景下進行，即我們將以每個領域的同類最佳和透明度為基準，對吧？我們將為您和我們的股東提供更多可見性，同時也在內部推動我們的團隊。而一個工程製造團隊，當他們看到你反對他們的基準時，它只會向未來釋放能量。這就是我們正在努力使用這種內部代工模型創造的興奮。當我們在本季度推出它時，我們已經開始看到它的根源滲透到我們的團隊中。

Tim, do you have a brief follow-up?

蒂姆，你有簡短的跟進嗎？

I do, just quickly. I guess just a follow-up on that. So like what's the line in the sand, Dave? I guess, it's a question more on cash flow. What is the line in the sand? I think before, you said that 2024 was going to be free cash flow neutral. Is that still the line in the sand where whatever you have to do, you'll cut CapEx as much as you can to be free cash flow neutral in 2024? Is that still the free cash flow line on the sand?

我願意，只是很快。我想這只是一個後續行動。那麼，戴夫，沙子裡的底線是什麼？我想，這更多是關於現金流的問題。沙中的線是什麼？我之前認為，您說過 2024 年將是自由現金流中性的。無論您必須做什麼，您都將盡可能多地削減資本支出以在 2024 年保持自由現金流中性，這是否仍然是一條底線？那仍然是沙灘上的自由現金流嗎？

Yes. I mean we expect to manage in the near term, while we're in this investment phase to kind of a neutral-free cash flow over the course of '23, '24 combined. Obviously, our long-term goal is to is actually significantly improve cash flow, and we still feel like the model we gave at Investor Day is the right model that we can generate 20% free cash flow, as a percent of revenue. And obviously, this year, I think we showed very good discipline on the CapEx side. We brought our CapEx. I think when we started the year, we thought CapEx would be in the $27 billion range on a net basis. We've adjusted that down to $21 billion. But we still preserved what Pat thought was the most important things to invest in to make sure that we're ready to go as we launch new nodes, as we bring out the IFS business and gain more customer traction in that space.

是的。我的意思是，我們希望在短期內進行管理，而我們正處於這個投資階段，在 23 年和 24 年合併的過程中實現一種中性的自由現金流。顯然，我們的長期目標實際上是顯著改善現金流，我們仍然覺得我們在投資者日提供的模型是正確的模型，我們可以產生 20% 的自由現金流，佔收入的百分比。顯然，今年，我認為我們在資本支出方面表現出了非常好的紀律。我們帶來了資本支出。我認為當我們年初時，我們認為資本支出淨額將在 270 億美元範圍內。我們已將其調整為 210 億美元。但我們仍然保留了帕特認為最重要的投資，以確保我們在推出新節點時做好準備，因為我們推出 IFS 業務並在該領域獲得更多客戶牽引力。

And then next year, the real protection on the cash flow now will be around these spending reductions. We have $3 billion of spending reductions we're going out to achieve in '23. No guidance yet on CapEx, but I would just say the model in the near term was to run essentially at 35% of revenue. And as Pat, I think, even mentioned at the Investor Day, we will manage to the model, and that's quite important to us.

然後明年，現在對現金流的真正保護將圍繞這些支出減少。我們將在 23 年實現 30 億美元的支出削減計劃。目前還沒有關於資本支出的指導，但我只想說，該模型在短期內基本上以收入的 35% 運行。正如帕特，我認為，甚至在投資者日提到的，我們將設法建立模型，這對我們來說非常重要。

So we think we can manage both aspects of this, protect cash flow, be smart around spending, but continue to operate our strategy and our road map to get to leadership on process and product, to bring out these emerging businesses like the foundry business and like graphics.

因此，我們認為我們可以管理這兩個方面，保護現金流，在支出方面保持明智，但繼續執行我們的戰略和路線圖，以在流程和產品方面取得領先地位，推出這些新興業務，如代工業務和像圖形。

Our next question comes from the line of Vivek Arya from Bank of America.

我們的下一個問題來自美國銀行的 Vivek Arya。

Pat, isn't it risky to plan for a 270 million to 290 million PC TAM. Then clearly, the market seems to be reverting back to pre-pandemic levels of 260 million or so. And since that time before the pandemic, 1 large customer has moved away from x86, and there have been share shift. So what is the TAM next year is more like 250 to 260? What impact will it have on your cost and fab loading assumptions?

Pat，計劃一個 2.7 億到 2.9 億個 PC TAM 是不是很冒險。然後很明顯，市場似乎正在恢復到大流行前 2.6 億左右的水平。從大流行之前的那段時間開始，1 個大客戶已經離開 x86，並且份額發生了轉移。那麼明年的 TAM 是多少，更像是 250 到 260？它將對您的成本和晶圓廠負載假設產生什麼影響？

Yes. So first, the premise of the question, we clearly, over a number of quarters, we're above market forecast. That range that I described is exactly in line with the various forecast, our OEM feedback, the feedback from key software providers as well. So I'd say our range is now aligned with that industry range.

是的。因此，首先，問題的前提是，我們很清楚，在多個季度中，我們都高於市場預期。我所描述的範圍與各種預測、我們的 OEM 反饋以及主要軟件提供商的反饋完全一致。所以我想說我們的範圍現在與該行業範圍保持一致。

Second point being that ranges larger than and well above pre-pandemic levels at that point. It is a structurally larger market. There's lots of units out there waiting to be replaced that are aging in the footprint, clear markets that are yet to have the PC penetration. So we feel quite comfortable.

第二點是該範圍大於並遠高於大流行前水平。這是一個結構上更大的市場。有許多設備正在等待更換，它們的足跡正在老化，清晰的市場還沒有 PC 滲透。所以我們覺得很舒服。

And as I noted in the earlier question, PC usage is high, as seen by Microsoft and their metrics, and our product line is positioned to gain share. So somewhat independent of the size of the TAM, we have a great product line, and our product line is also in our brand is well suited with a higher margin segments of the market that have been more resilient, right, to the market effects, low-end consumers where you've seen the biggest issues and our product line is very strong. Alder Lake, Raptor Lake, stunning numbers that we're getting and well on track with Meteor Lake.

正如我在前面的問題中所指出的，PC 的使用率很高，正如微軟及其指標所看到的那樣，我們的產品線定位於獲得份額。因此，在某種程度上獨立於 TAM 的規模，我們有一個很棒的產品線，我們的產品線也在我們的品牌中非常適合利潤率更高的市場細分市場，這些細分市場對市場影響更具彈性，對，低端消費者，你已經看到了最大的問題，我們的產品線非常強大。 Alder Lake，Raptor Lake，我們正在取得驚人的數字，並且與 Meteor Lake 保持一致。

All of that said, obviously, you have to make some assumptions as you build a factory network and the range that we gave has a lot of room inside of it. And as we're demonstrating by the near-term cost cutting, that Dave described, we're trying to build flexibility into our factory network even as we adjust the cost structure, which is largely a fixed cost structure. And obviously, as we're ramping into the next-generation products, we're building into our Intel 4 and 3 product lines and the costs associated with that even as we balance both the near term and the strategic agenda. So we feel like we're well positioned to manage and thick or thin. And against that, with a strong product line, we believe we're a share gainer in this industry, and we're going to be quite aggressive to accomplish exactly that.

綜上所述，顯然，您必須在建立工廠網絡時做出一些假設，而我們提供的範圍內有很大的空間。正如我們通過戴夫所描述的近期成本削減所證明的那樣，即使我們調整成本結構（主要是固定成本結構），我們也在努力在我們的工廠網絡中建立靈活性。顯然，隨著我們進入下一代產品，我們正在構建我們的英特爾 4 和 3 產品線以及與之相關的成本，即使我們平衡了近期和戰略議程。所以我們覺得我們已經做好了管理和厚或薄的準備。與此相反，憑藉強大的產品線，我們相信我們是這個行業的份額增長者，我們將非常積極地實現這一目標。

Vivek, do you have a quick follow-on?

Vivek，你有快速跟進嗎？

So maybe Pat, just following on to that. Do you think you are shipping to demand on the PC side? Or do you still think there is a channel inventory because as we head into Q1, that is often a seasonally softer period, but again, compares are very different this year? So I was just hoping to get your perspective on what the supply-demand balance is in the PC market as it exists kind of real time.

所以也許帕特，只是繼續下去。您認為您是根據 PC 端的需求發貨嗎？還是您仍然認為存在渠道庫存，因為當我們進入第一季度時，這通常是一個季節性疲軟的時期，但是今年的比較又是非常不同的？所以我只是希望你能了解個人電腦市場的供需平衡是什麼，因為它是實時存在的。

Yes. Our belief is that we ship below consumption levels. So in other words, inventory levels at the OEM and in the channels decreased over the last quarter. They didn't decrease as far as we were originally predicting. So consumption was a little bit weaker, but we still saw inventories systematically going down across the various routes to market throughout the quarter. We expect them to continue to go down next quarter at both the OEMs and at the channel level. And the numbers I gave on the TAM model would be our consumption models for next year, which are below the consumption models of this year. So a somewhat smaller number for next year but not dramatically different as we already said.

是的。我們的信念是，我們的出貨量低於消費水平。換句話說，原始設備製造商和渠道中的庫存水平在上個季度有所下降。它們並沒有像我們最初預測的那樣減少。因此，消費略有疲軟，但我們仍然看到整個季度各個進入市場的渠道的庫存都在系統性地下降。我們預計他們將在下個季度繼續下降，無論是在原始設備製造商還是在渠道層面。我在TAM模型上給出的數字將是我們明年的消費模型，低於今年的消費模型。因此，明年的數字會小一些，但正如我們已經說過的那樣，並沒有太大的不同。

So overall, I think we're getting to a better point of supply-demand equilibrium where we were way behind on demand and supply for many, many quarters in a row. Clearly, the last couple of quarters have been adjusting of inventory levels and we think that we're going to be in a better supply-demand balance situation as we go into next year.

所以總的來說，我認為我們正在達到一個更好的供需平衡點，在這個點上，我們連續很多很多季度都落後於供需。顯然，過去幾個季度一直在調整庫存水平，我們認為隨著我們進入明年，我們將處於更好的供需平衡狀態。

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

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

I'd love to talk a bit about like the very ambitious like efficiency plan you've announced. And first, I'd like to understand the timing of it. The performance of Intel has been challenged in the last 6 months. But should we read that as a very reactive plan and you're basically...

我很想談談你宣布的非常雄心勃勃的效率計劃。首先，我想了解它的時間安排。英特爾的表現在過去 6 個月中受到了挑戰。但是我們是否應該將其視為一個非常被動的計劃，而您基本上...

(technical difficulty)

（技術難度）

Operator, I think we lost Pierre.

接線員，我想我們失去了皮埃爾。

I can answer as long as we're still on. Okay. Just making sure we're live.

只要我們還在，我就可以回答。好的。只要確保我們還活著。

Yes, you are.

是的，你是。

Okay. Thank you. So thanks for the question, Pierre. Yes. So keep in mind, as we look at this $8 billion to $10 billion of efficiency gains that we're talking about, we're actually making a pretty meaningful down payment on those efficiency gains in 2023. We expect to get $3 billion of savings versus '22 in '23. And keep in mind, actually, we have some fixed expenses that come on next year. So the cash savings is actually more like $5 billion of savings next year.

好的。謝謝你。所以謝謝你的問題，皮埃爾。是的。所以請記住，當我們看到我們正在談論的這 80 億到 100 億美元的效率提升時，我們實際上在 2023 年為這些效率提升支付了相當可觀的首付。我們預計將節省 30 億美元與 23 年的 22 年相比。請記住，實際上，我們明年會有一些固定費用。因此，現金節省實際上更像是明年節省的 50 億美元。

Now as it relates to the 8 to 10, we think as we exit the 2025 period will roughly be in that $8 billion to $12 billion -- or $8 billion to $10 billion range. And as Pat kind of walked through, we just think we've already identified a lot of different efficiencies that will get us to this $8 billion. But also, as we start to manage the business in this internal foundry model, we think we'll find and cover a lot more opportunities to drive efficiency and savings. So we'll update you as we progress over the course of the next 3 years and let you know how we're doing in terms of our progress, but we have very good line of sight on the first $3 billion and pretty good line of sight on the full $8 billion to $10 billion.

現在，由於它與 8 到 10 相關，我們認為，當我們退出 2025 年期間，大約會在 80 億到 120 億美元之間——或 80 億到 100 億美元的範圍內。正如帕特所說的那樣，我們只是認為我們已經確定了許多不同的效率，這些效率將使我們達到 80 億美元。而且，當我們開始在這種內部代工模式中管理業務時，我們認為我們會發現並涵蓋更多提高效率和節約成本的機會。因此，我們將在未來 3 年的進程中向您通報最新情況，並讓您了解我們在進展方面的進展情況，但我們對前 30 億美元和將目光投向全部 80 億至 100 億美元。

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

我們的下一個問題來自摩根士丹利的約瑟夫摩爾。

I want to come back to the internal foundry model again. Can you talk about -- it's very clear how it makes your foundry business better. From the standpoint of the CPU business back when you guys were on top in process, there was a pretty clear indication that it was the alignment of the device business with the fab that was kind of creating this really good outcome. Is there any trade-off that you make with this from the standpoint, looking at it from the standpoint of the microprocessor part of the business?

我想再次回到內部代工模式。你能談談 - 很清楚它如何讓你的代工業務變得更好。從 CPU 業務的角度來看，當你們處於領先地位時，有一個非常明顯的跡象表明，正是設備業務與晶圓廠的一致性創造了這種非常好的結果。從業務的微處理器部分的角度來看，您是否有任何權衡？

Yes. Thanks, Joe, and I'll start on that one. The simple answer is our job is to keep that 1 Intel synergy. And when I describe the 3 value vectors that I'm expecting to continue to really leverage around this technology collaboration, co-optimization of the microprocessor with the process technology is one that's high on that list. And we've made a lot of -- actually quite a lot of progress since I've been back driving that. And we're really seeing the benefits of that. And for instance, the great health that we described on Granite Rapids as an example about the momentum that we're seeing from Meteor Lake, there were clear examples. So I do believe that we're well underway at keeping that rich cycle of technical collaboration and co-optimization.

是的。謝謝，喬，我將從那個開始。簡單的答案是我們的工作是保持 1 英特爾的協同作用。當我描述我期望繼續圍繞這種技術合作真正利用的 3 個價值向量時，微處理器與工藝技術的協同優化是該列表中最重要的一個。而且我們已經取得了很多 - 實際上是很多進步，因為我已經回來推動它。我們真的看到了這樣做的好處。例如，我們在 Granite Rapids 上描述的健康狀況作為我們從 Meteor Lake 看到的勢頭的一個例子，有明顯的例子。所以我相信我們在保持技術協作和共同優化的豐富循環方面進展順利。

But there's been many of these areas that I described that there hasn't been this intense accountability. Steppings were done too easily and without the quality A stepping. And some of that came through or stumbles as you went with 14 and 10 nanometers, but we lost the discipline of the understanding of what steppings cost and not just in the fab but also in the validation cycle. So we have to bring much more accountability and transparency to that.

但是，我所描述的許多這些領域都沒有這種嚴格的問責制。踏步太容易了，沒有質量 A 踏步。當您使用 14 和 10 納米時，其中一些通過或絆倒，但我們失去了理解步進成本的紀律，不僅在晶圓廠中，而且在驗證週期中。因此，我們必須為此帶來更多的責任感和透明度。

Also, we expedited all the time. While expedites are a good thing when you're bringing a new product to marketplace, but they also create fab inefficiencies, and the results of that are we're not being accountable for the fab efficiencies. Otherwise, our margins will be markedly higher than they are today. So to me, it's really maintaining the good things and the 3 I described, the technology benefits, balance sheet capital and the supply chain while driving a lot more transparency, automation, efficiency and the result will be, I believe, is a much better Intel for the long term, not just for the external foundry customers, as you suggest, but for my internal customers as well.

此外，我們一直在加急。雖然當您將新產品推向市場時，加速是一件好事，但它們也會造成工廠效率低下，其結果是我們不對工廠效率負責。否則，我們的利潤率將明顯高於今天。所以對我來說，它確實保持了我所描述的 3 個優點，即技術優勢、資產負債表資本和供應鏈，同時提高了透明度、自動化和效率，我相信結果會更好從長遠來看，英特爾不僅像您建議的那樣為外部代工客戶服務，而且還為我的內部客戶服務。

I would just add that we have 6 business units today. We measure them separately, but they actually do a very good job. In a lot of cases, they need to pull together to engage with customers, to develop products and so forth. And so I think we have a pretty good process and culture within Intel, where we can strike the right balance between creating some transparency and accountability for the internal foundry business, but also make sure that they're aligned to the overall Intel goals.

我只想補充一點，我們今天有 6 個業務部門。我們分別測量它們，但它們實際上做得很好。在很多情況下，他們需要齊心協力與客戶互動，開發產品等等。所以我認為我們在英特爾內部有一個非常好的流程和文化，我們可以在為內部代工業務創造一些透明度和問責制之間取得適當的平衡，同時確保它們與英特爾的整體目標保持一致。

Joe, do you have a quick follow-up?

喬，你有快速跟進嗎？

Yes, I do. That's very helpful. In terms of the accounting in 2024 around this internal foundry structure, is the goal there to sort of have a transfer price between the foundry business and the rest of it, that kind of reflects the market price? Or just how -- it seems like the accounting of how you're going to determine where the profits could get tricky.

是的，我願意。這很有幫助。就 2024 年圍繞這種內部代工結構的會計而言，目標是在代工業務與其他代工業務之間有一個轉移價格，這反映了市場價格嗎？或者只是如何 - 這似乎是你將如何確定利潤可能變得棘手的會計。

Yes, it's a good question. That's pretty much what we're thinking. I mean we will have our own foundry business. So we'll have a good sense, I think, of the market. And so that's how we'll approach it. I would say in '23, it's going to be a somewhat light touch. We'll do this through mostly kind of spreadsheet-oriented analytics. Eventually, we -- and Pat's been pretty vocal on this. We want to create more automation, systemization of everything that we're doing between the foundry and the product. So over time, this will get more robust, and ergo, we'll be able to drive more accountability, I think, as we progress through...

是的，這是個好問題。這幾乎就是我們的想法。我的意思是我們將擁有自己的代工業務。因此，我認為，我們將對市場有很好的了解。這就是我們將如何處理它。我會說，在 23 年，這將是一種輕微的接觸。我們將通過大多數面向電子表格的分析來做到這一點。最終，我們 - 帕特對此非常直言不諱。我們希望在鑄造廠和產品之間創造更多的自動化和系統化。因此，隨著時間的推移，這將變得更加強大，因此，我認為，隨著我們的進展，我們將能夠推動更多的問責制......

And just to add on to that a little bit, Joe. Here, this is a case where our internal processes and systems were optimized for IDM 1.0, right? We weren't having to say what is a sustainable wafer price that we should be designing against. And we were having a wafer cost view, right, which early in a process life is very high, right? And then it gets to mature, and how do design teams pick the right choice when you have such variability, whereas the foundry model gives a much more predictable wafer pricing that then enables a more efficient business unit model to pick the right technology choices to deliver the best products. So that's just one example that we're finding that we're not making the best decisions today, and this will allow us to hold the manufacturing teams to be entirely accountable.

再補充一點，喬。在這裡，我們的內部流程和系統針對 IDM 1.0 進行了優化，對吧？我們不必說我們應該設計的可持續晶圓價格是多少。而且我們有一個晶圓成本視圖，對，在工藝壽命的早期，它非常高，對嗎？然後它變得成熟，當你有這樣的可變性時，設計團隊如何選擇正確的選擇，而代工廠模型提供了更可預測的晶圓定價，然後使更高效的業務單元模型能夠選擇正確的技術選擇來交付最好的產品。所以這只是我們發現我們今天沒有做出最佳決策的一個例子，這將使我們能夠讓製造團隊完全負責。

You've given a price, hit the defects, hit the cost structures associated with it and the business units, you have a wafer cost and go build the best product against that and ramp it like crazy in the industry. And obviously, presenting those with clarity will help you as the Street understand the progress we're making to accomplish that.

你已經給出了一個價格，達到了缺陷，達到了與它和業務部門相關的成本結構，你有了一個晶圓成本，然後去製造最好的產品，然後在行業中瘋狂地提升它。顯然，清楚地展示這些內容將有助於華爾街了解我們為實現這一目標而取得的進展。

Our next question comes from the line of C.J. Muse from Evercore ISI.

我們的下一個問題來自 Evercore ISI 的 C.J. Muse。

And one more question on your Intel foundry strategy. It makes perfect sense to me around the discipline and cost that you're looking to achieve here. But if I'm a business unit head, and you've been pretty clear that you're playing catch up 5 node migrations over the next 4 years. If I'm a business unit head over the next 2 years, why would I not outsource completely? So I guess what are the guardrails to ensure that you're keeping capacity internally until you achieve the goals that you set out for 2025?

還有一個關於您的英特爾代工戰略的問題。圍繞您希望在這裡實現的紀律和成本，這對我來說非常有意義。但是，如果我是業務部門的負責人，並且您已經很清楚，您將在接下來的 4 年內趕上 5 個節點遷移。如果我是未來 2 年的業務部門負責人，我為什麼不完全外包？所以我猜想，在實現 2025 年設定的目標之前，確保內部保持產能的護欄是什麼？

Yes. Maybe 3 different perspectives on that C.J. Obviously, most of the design decisions that are being made by my product teams now are '25, '26, '27 decisions when we're back to process leadership, right? And they're seeing that progress day to day. And just as I said, "Hey, if you want to design the best product, have the best transistor." So they're with the capability to look now at the Intel leadership process technologies as they make those decisions.

是的。可能對 C.J 有 3 種不同的觀點。顯然，當我們回到流程領導時，我的產品團隊現在做出的大多數設計決策都是 '25、'26、'27 決策，對嗎？他們每天都在看到這種進步。就像我說的，“嘿，如果你想設計最好的產品，就擁有最好的晶體管。”因此，他們現在有能力在做出這些決定時查看英特爾的領先工藝技術。

Also, secondly, as I described, this is a tight binding and we're going to maintain that tight binding of optimization and co-optimization for relationships that are decades old between our teams, by bringing in a new discipline to the boundary between them.

其次，正如我所描述的，這是一個緊密的綁定，我們將通過在團隊之間的邊界引入新的學科來保持優化和協同優化的緊密綁定，以優化我們團隊之間已有數十年的關係.

And the third answer is we already use external foundries. This is a process that's already pretty well established, and we're using a range of external foundries. Our design teams over the last 5 years or so have learned how to use external foundries. And the fact is they're interacting now with my internal foundry, many of those learnings on expectations of PDKs, design tools, IP libraries are driving the expectations for what is required to be a good internal foundry, which will make my internal foundry a better external foundry as well. So I see this as a very regenerative cycle as we unleash these energies. And ultimately, I'm the CEO across both, and we'll be making good decisions to hold both of them accountable even as we clarify the interfaces and the efficiencies between them.

第三個答案是我們已經在使用外部代工廠。這是一個已經非常成熟的流程，我們正在使用一系列外部代工廠。在過去 5 年左右的時間裡，我們的設計團隊已經學會瞭如何使用外部代工廠。事實上，他們現在正在與我的內部代工廠進行交互，其中許多關於 PDK、設計工具、IP 庫的期望的學習正在推動對成為一個好的內部代工廠所需的期望，這將使我的內部代工廠成為更好的外部代工也是如此。所以當我們釋放這些能量時，我認為這是一個非常再生的循環。最終，我是雙方的首席執行官，即使我們澄清了他們之間的接口和效率，我們也會做出正確的決定，讓他們承擔責任。

C.J., do you have a quick follow-up?

C.J.，你有快速跟進嗎？

Yes, John. I guess, Dave, as you think about the strategy, how does it change capital intensity for the business, not into '23, but perhaps say, over the next 5 years? Is it still that 35% type of number? Or how should we be thinking about it?

是的，約翰。我猜，戴夫，當你考慮戰略時，它如何改變企業的資本密集度，不是到 23 年，而是說，在未來 5 年？還是那個 35% 的數字嗎？或者我們應該如何思考？

Yes. Good question, C.J. So obviously, in this investment phase where we're catching up on node transitions, what we do, we will have a higher CapEx intensity, this 35%. But we do expect, as we get out of this phase, to be back down to a more normalized level of about 25% CapEx intensity. So there definitely will be an evolution and adjustment. And that's one of the key components of allowing us to kick up our free cash flow to this 20% of revenue level that is ultimately the model.

是的。好問題，C.J. 所以很明顯，在我們正在趕上節點轉換的這個投資階段，我們所做的，我們將擁有更高的資本支出強度，即 35%。但我們確實預計，隨著我們走出這一階段，資本支出強度會回落到更標準化的水平，約為 25%。所以肯定會有演變和調整。這是使我們能夠將自由現金流提高到最終成為模型的收入水平的 20% 的關鍵組成部分之一。

Yes. And also just piling on to that, we also look -- we always look at that through the lens of our smart capital strategy, where clearly, we're viewing both the gross CapEx, but more importantly, the net CapEx from your perspective and how we access other pools of capital to be able to build that out in a very financially prudent way and those other approaches, EU, U.S. CHIPS Act, ITC skip give us a lot of flexibility, combined with the Shell First Strategy to be able to make sure we're spending the capital, the more expensive equipment capital, more timed with the market demand clarity.

是的。此外，我們還會繼續關注——我們總是通過我們的智能資本戰略來看待這一點，很明顯，我們正在查看總資本支出，但更重要的是，從您的角度來看，淨資本支出和我們如何獲得其他資金池，以便能夠以非常審慎的財務方式進行建設，而那些其他方法、歐盟、美國 CHIPS 法案、ITC 跳過為我們提供了很大的靈活性，並結合殼牌優先戰略能夠確保我們花費的資金，更昂貴的設備資金，更符合市場需求的明確性。

Our next question comes from the line of Mark Lipacis from Jefferies.

我們的下一個問題來自 Jefferies 的 Mark Lipacis。

Pat, maybe for you, despite all the consolidation in the industry and the growth that Intel has seen and the larger foundries have seen, the capital intensity continued to seem to have moved higher, notwithstanding your hope that -- or expectations that it's going to come back down again. So given the high levels, you can make the argument that the industry actually needs even more consolidation than it has already seen at the level of the -- some of the biggest players in the industry.

帕特，也許對你來說，儘管行業整合以及英特爾和更大的代工廠已經看到了增長，但資本密集度似乎繼續上升，儘管你希望 - 或期望它會再下來。因此，鑑於高水平，您可以認為該行業實際上需要比它已經在該行業中的一些最大參與者的水平上看到的更多的整合。

Can you share your thoughts on how you think about the potential for this large scale -- this kind of large-scale M&A or maybe joint ventures amongst the class of the leading-edge players? Or are they just -- are there issues like FTC-related or national security-related that just means that thinking about that kind of consolidation or joint ventures across borders is something that just takes it off the table and maybe it's a different analysis for consolidation versus joint ventures?

您能否分享一下您如何看待這種大規模的潛力——這種大規模的併購或者可能是領先企業之間的合資企業？或者他們只是 - 是否存在與 FTC 相關或與國家安全相關的問題，這只是意味著考慮這種跨國合併或合資企業只是將其排除在外，也許這是對合併的不同分析與合資企業相比？

Well, there's a lot packed into that question. And I would just say, I mean, I generally said that, hey, we see this industry being a consolidating industry over time, particularly on the manufacturing side because of the extreme capital intensity, but also the incredible R&D costs, right? If you think -- if you want to have a world-class technology development team, all you have to do is spend $5 billion a year in R&D and do that for 30 years, right? Now you're okay. Now you're world class, right? And these are just extraordinary long-term investments that you have to build up and operate this way. And against that, I've consistently said I expect that there will be further consolidations in the industry going forward.

嗯，這個問題有很多內容。我只想說，我的意思是，我一般說，嘿，隨著時間的推移，我們看到這個行業正在成為一個整合的行業，特別是在製造方面，因為資本密集度極高，而且研發成本也令人難以置信，對吧？如果你想——如果你想擁有一個世界級的技術開發團隊，你所要做的就是每年花費 50 億美元進行研發，並堅持 30 年，對嗎？現在你沒事了。現在你是世界級的，對吧？這些只是您必須以這種方式建立和運營的非凡的長期投資。與此相反，我一直表示我預計該行業將進一步整合。

Now what shape those will take, what the timing of those will be, what will be the trigger points that would position such moves, and as you said, there's many factors associated with that in terms of regulatory, legal, financial steps associated with it. But fundamentally, economics 101, right, would say, you will see further consolidations into the future, and we believe that will be the case. And we would expect to be a consolidator in that process over time.

現在，這些將採取什麼形式，時間安排是什麼，觸發這些動作的觸發點是什麼，正如你所說，在監管、法律、財務步驟方面有很多因素與之相關.但從根本上說，經濟學 101 會說，你會看到未來的進一步整合，我們相信情況會如此。隨著時間的推移，我們希望成為該過程中的整合者。

And our final question for today comes from the line of Matt Ramsay from Cowen.

我們今天的最後一個問題來自 Cowen 的 Matt Ramsay。

Pat, I wanted to ask a question about the server road map. We've got some, I think, relief from some of the commentary for cloud CapEx during this earnings season in the last 3 days and particularly from Meta last night, but the rest of the big guys as well. But on the flip side, there's some rumblings that maybe there's a couple of more months before Sapphire Rapids might ramp in big volumes.

Pat，我想問一個關於服務器路線圖的問題。我認為，在過去 3 天的這個財報季，尤其是昨晚來自 Meta 的一些關於雲資本支出的評論，我們已經得到了一些緩解，但其他大人物也是如此。但另一方面，有一些傳言稱，藍寶石急流可能還需要幾個月的時間才能大批量生產。

So I'm just -- maybe if you could help and level set us on the timing of big cloud volume of Sapphire Rapids and how that now dovetails in with the timing. It seems like you're keeping for Emerald Rapids in late '23.

所以我只是 - 也許如果你能幫助我們，讓我們確定藍寶石急流的大雲量的時間，以及現在如何與時間相吻合。看起來你在 23 年末留在翡翠急流隊。

Yes. Thank you. And as I indicated, Sapphire Rapids is now PRQed and the ramp is underway. We are ramping the product as we speak, strong customer demand. We expect this will be our fastest-ever Xeon to 1 million units, and we're going to push that quite aggressively, and the factories are ramping up, as we speak. Obviously, this is good news for that business competitively, a big ASP uptick as well on the product. So lots of good things come.

是的。謝謝你。正如我所指出的，Sapphire Rapids 現在已經 PRQed 並且坡道正在進行中。正如我們所說，我們正在增加產品，強烈的客戶需求。我們預計這將是我們有史以來最快的至強達到 100 萬台，我們將非常積極地推動這一目標，正如我們所說，工廠正在加速增長。顯然，這對競爭激烈的業務來說是個好消息，產品的 ASP 也有很大的提升。所以很多好事來了。

Also, we had a particularly good quarter on the execution front, not just Sapphire Rapids PRQ but great health on Granite Rapids, Emerald Rapids looking very good, Sierra Forest. So the next 3 generation products are all making very good milestones, and I really feel like the worst of our execution is behind us. And we're really starting to see some enthusiasm, momentum, excitement building in those teams as they turn the corner on these products.

此外，我們在執行方面有一個特別好的季度，不僅是藍寶石急流 PRQ，而且花崗岩急流的健康狀況也很好，翡翠急流看起來非常好，塞拉森林。因此，下一代 3 代產品都取得了非常好的里程碑，我真的覺得我們最糟糕的執行已經過去了。我們真的開始看到這些團隊在這些產品上取得轉機時產生了一些熱情、動力和興奮。

We do think, as I said in the formal, that the market is softer, right, on the enterprise side and somewhat on the cloud side as you reinforced by some of the other comments from others. That said, as we ramp these products, it's all about having the best product to gain share, to gain ASP, to improve the margins of the business. And we now feel like our portfolio is taking share or taking shape to accomplish exactly that.

正如我在正式會議上所說，我們確實認為市場較為疲軟，對，在企業方面，在雲方面，正如您在其他人的一些其他評論中所強調的那樣。也就是說，隨著我們推出這些產品，一切都是為了擁有最好的產品來獲得份額，獲得 ASP，提高業務利潤率。我們現在覺得我們的投資組合正在分享或正在形成以實現這一目標。

And we're going to be aggressive. We're going to fight for every socket. This is a game where we have to reestablish ourselves in the marketplace. And now we're starting to have the product line to do that. And that's exactly what you'll see. In addition to that, we're also building out our software assets to have an increased value proposition. And one of those is, for instance, with Sierra. Sapphire Rapids is the market improvements in AI, but even more importantly, in security. And with our security services and capabilities, very differentiated areas like confidential computing are gaining quite a lot of interest in the industry for not just enterprise, but cloud customers as well.

我們將變得積極進取。我們將為每個插槽而戰。這是一個我們必須在市場上重新建立自己的遊戲。現在我們開始有產品線來做到這一點。這正是您將看到的。除此之外，我們還在構建我們的軟件資產以增加價值主張。其中之一是，例如，與 Sierra。 Sapphire Rapids 是 AI 方面的市場改進，但更重要的是，在安全方面。憑藉我們的安全服務和功能，機密計算等非常差異化的領域在行業中引起了極大的興趣，不僅是企業，雲客戶也是如此。

So a lot of things going on there. But overall, we feel like our momentum is being reestablished in this critical, critical area of our business and one that we know has a lot of attention from you all in the community.

所以那裡發生了很多事情。但總的來說，我們覺得我們的勢頭正在我們業務的這一關鍵領域重新建立，我們知道這一領域在社區中引起了大家的廣泛關注。

Matt, do you have a quick follow-on?

馬特，你有快速跟進嗎？

Yes, John. One thing that piqued my interest, Pat, in your prepared script was -- I mean there's a lot of discussion of the 5 nodes in 4 years and halfway through that transition is 20A with RibbonFET or gate all around. So you guys are going to need to go through that jump. Your competition as well.

是的，約翰。帕特，在你準備好的腳本中，引起我興趣的一件事是——我的意思是，在 4 年內有很多關於 5 個節點的討論，在過渡的中途是 20A，周圍有 RibbonFET 或柵極。所以你們需要經歷那個跳躍。你的競爭對手也是如此。

And you mentioned, I think, some tape-outs of your own stuff but also some tape-outs of potential external foundry customers on 20A that seemed, I don't know, from the language used, kind of meaningful. So if you could give us a status report there on sort of the gate all-around RibbonFET progress you see versus competition? And is this external customer really significant?

我認為，你提到了一些你自己的東西的流片，還有一些潛在的外部代工客戶在 20A 上的流片，我不知道，從所用的語言來看，這有點有意義。因此，如果您可以向我們提供一份狀態報告，說明您看到的 RibbonFET 與競爭相比的門控全面進展嗎？這個外部客戶真的很重要嗎？

Yes. Thank you. And on 20A and 18A, they go to RibbonFET, as you say. And Intel has driven every major transistor, right, in the volume production for the last 35 years. So the idea that we're the ones who are going to drive this major new transistor structure into production is something that we're pretty committed to be a driver for 20A, as you said, on track, on schedule. We expect 20A will primarily be an internal node, not one that we have a lot of external foundry customers for the external foundry chipset or tape-outs are largely associated with 18A.

是的。謝謝你。正如你所說，在 20A 和 18A 上，它們使用 RibbonFET。在過去的 35 年裡，英特爾推動了所有主要晶體管的量產。因此，我們將推動這種主要的新晶體管結構投入生產的想法是我們非常致力於成為 20A 驅動器的想法，正如您所說，按計劃進行。我們預計 20A 將主要是一個內部節點，而不是一個我們有很多外部代工芯片組的外部代工客戶或流片主要與 18A 相關的節點。

And a very typical process for a foundry customer will be "give me a test chip of my circuits on your process." And that's exactly what we taped out. The first one this quarter. We'll have several more in the pipeline. So now we're taking out not only our test chips for 18A, but our foundry customer test chips for 18A, and that's a pretty critical milestone when they see the results of the silicon for them making a volume decision for a foundry customer.

對於代工客戶來說，一個非常典型的流程是“給我一個我的電路在你的流程上的測試芯片”。這正是我們錄製的內容。本季度的第一個。我們將有更多的管道。所以現在我們不僅要拿出我們的 18A 測試芯片，還要拿出我們的代工客戶測試 18A 芯片，這是一個非常關鍵的里程碑，當他們看到矽片的結果時，他們會為代工廠客戶做出量產決定。

So we're exactly on the time line that I described earlier for those tape-outs and those decisions. So as they start to see the silicon results, which we think are going to be very promising, we think that will be a key step to them making major foundry decisions. And overall, this just affirms our 5 nodes in 4 years. We're making the investments. We're seeing good progress to get back to process technology leadership, which for Intel is a tide that raises all boats in the company. It makes our products better. It establishes our new business areas, positions us in a very profound way for foundry to (technical difficulty) economic environment. Macro, very challenged, but we're happy with the execution progress we made even though we're not happy with the reported results. And we know we have a lot more work to do there.

所以我們正好在我之前描述的那些流片和那些決定的時間線上。因此，當他們開始看到我們認為非常有希望的矽結果時，我們認為這將是他們做出重大代工決策的關鍵一步。總的來說，這只是肯定了我們 4 年內的 5 個節點。我們正在進行投資。我們看到在恢復工藝技術領先地位方面取得了良好進展，這對英特爾來說是一股掀起公司所有船隻的浪潮。它使我們的產品更好。它建立了我們新的業務領域，使我們在鑄造（技術難度）經濟環境方面處於非常深刻的地位。宏觀，非常具有挑戰性，但我們對我們取得的執行進展感到滿意，即使我們對報告的結果不滿意。我們知道我們還有很多工作要做。

It was also thrilling to participate with the Mobileye IPO in a tough market with very good results. We're prepared for the economic headwinds. We're making the necessary adjustments structurally as well as through our cost model to go through them. And we remain fully committed to being a value generator for our shareholders for the long term as we execute our 2.0. And we believe that, that will be a great result for our owners for the long term.

在艱難的市場中參與 Mobileye IPO 並取得非常好的結果也令人興奮。我們為經濟逆風做好了準備。我們正在對結構進行必要的調整，並通過我們的成本模型進行調整。在我們執行 2.0 的過程中，我們仍然完全致力於長期為我們的股東創造價值。我們相信，從長遠來看，這對我們的所有者來說將是一個很好的結果。

Thank you for joining us for the call today and look forward to our update next quarter.

感謝您今天加入我們的電話會議，並期待我們下個季度的更新。

Thank you, ladies and gentlemen, for your participation in today's conference. This does conclude the program. You may now disconnect. Good day.

女士們，先生們，感謝你們參加今天的會議。這確實結束了程序。您現在可以斷開連接。再會。