英特爾 (INTC) 2023 Q1 法說會逐字稿

Thank you for standing by, and welcome to Intel Corporation's First Quarter 2023 Earnings Conference Call. (Operator Instructions) As a reminder, today's program is being recorded.

感謝您的支持，歡迎來到英特爾公司 2023 年第一季度收益電話會議。 （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, Mr. 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 先生。請繼續，先生。

Thank you, Jonathan. By now, you should have received a copy of the Q1 earnings release and earnings presentation, both of which are available on our Investor Relations website, intc.com. For those joining us online today, the earnings presentation is also available in our webcast window. 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.

謝謝你，喬納森。到目前為止，您應該已經收到了第一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關係網站 intc.com 上找到。對於那些今天在線加入我們的人，收益演示文稿也可以在我們的網絡廣播窗口中獲得。今天，我們的首席執行官帕特·蓋爾辛格 (Pat Gelsinger) 加入了我的行列；以及我們的首席財務官 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 does contain forward-looking statements based on the environment as we currently see it, and as such, are subject to various risks and uncertainties. It also contains references to non-GAAP financial measures that we believe provide useful information to our investors. Our earnings release, most recent annual report in Form 10-K and other filings with the SEC provide more information on the specific risk factors that could cause actual results to differ materially from our expectations. They also provide additional information on our non-GAAP financial measures, including reconciliations where appropriate to the corresponding GAAP financial measures.

在我們開始之前，請注意今天的討論確實包含基於我們當前所見環境的前瞻性陳述，因此受到各種風險和不確定性的影響。它還包含對非 GAAP 財務指標的引用，我們認為這些指標可為我們的投資者提供有用的信息。我們的收益發布、10-K 表格中的最新年度報告以及向美國證券交易委員會提交的其他文件提供了有關可能導致實際結果與我們預期存在重大差異的具體風險因素的更多信息。它們還提供了有關我們的非 GAAP 財務措施的更多信息，包括在適當情況下與相應的 GAAP 財務措施進行對賬。

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. We delivered solid first quarter results on both the top and bottom line. Upside was driven by better-than-expected revenue and very disciplined expense management across our organization. The latter is not easy, and I want to thank the entire Intel team as we thoughtfully execute on cost reductions and efficiency improvements that support the investments critical to drive our strategy.

謝謝約翰，大家下午好。我們在第一季度的頂線和底線都取得了穩健的業績。上行是由好於預期的收入和整個組織非常嚴格的費用管理推動的。後者並不容易，我要感謝整個英特爾團隊，因為我們深思熟慮地執行成本削減和效率改進，以支持對推動我們戰略至關重要的投資。

Q1 results demonstrate the progress we are making to advance our transformation and the IDM 2.0 strategy. We still have more work to do as we reestablish process, product and cost leadership. But we continue to provide proof points each quarter. And we remain committed to delivering long-term value for all our shareholders.

第一季度的結果表明我們在推進轉型和 IDM 2.0 戰略方面取得的進展。在重新建立流程、產品和成本領先地位時，我們還有更多工作要做。但我們每個季度都會繼續提供證明點。我們仍然致力於為所有股東創造長期價值。

Consistent with prior quarters, I'd like to focus my comments on three areas: one, our view of the macro and our markets; two, key highlights from Q1; and three, an update on our strategic priorities with a focus on our move to an internal foundry model.

與前幾個季度一樣，我想將我的評論集中在三個方面：第一，我們對宏觀和市場的看法；二、第一季度的主要亮點；第三，更新我們的戰略重點，重點是我們轉向內部代工模型。

As the industry continues to navigate through multiple global challenges and headwinds, we remain cautious on the macro outlook even as we expect some modest recovery in the second half. We are seeing increasing stability in the PC market with inventory corrections largely proceeding as we had expected. However, the server and networking markets have yet to reach their bottoms as cloud and enterprise remain weak.

隨著該行業繼續應對多重全球挑戰和逆風，我們對宏觀前景仍持謹慎態度，儘管我們預計下半年會出現溫和復蘇。我們看到 PC 市場越來越穩定，庫存調整在很大程度上如我們預期的那樣進行。然而，由於雲和企業仍然疲軟，服務器和網絡市場尚未觸底。

As a result, our Q2 revenue guide embeds continued inventory corrections in our core markets and a range of normal seasonal to better-than-seasonal growth off depressed Q1 revenue levels. We remain focused on what is within our control and steadfast in our commitment to advancing our strategy.

因此，我們的第二季度收入指南嵌入了我們核心市場的持續庫存修正，以及從低迷的第一季度收入水平中出現的一系列正常的季節性增長到好於季節性的增長。我們仍然專注於我們控制範圍內的事情，並堅定地致力於推進我們的戰略。

As we anticipated on our Q4 earnings call, the PC market depleted a significant amount of inventory in Q1 and is tracking to be at a healthy level by the end of Q2. Importantly, the PC installed base is larger and usage remains well above pre-pandemic levels, and along with a better-than-expected Q1, strengthens our view that the PC market is on track to a sell-through of 270 million units in calendar year '23. As we highlighted during our PC webinar in January, strong usage, an installed base, which is roughly 10% higher than pre-COVID levels, and what we see as a conservative refresh rate supports a longer-term PC TAM of 300 million units, plus or minus.

正如我們在第四季度財報電話會議上預期的那樣，PC 市場在第一季度耗盡了大量庫存，並有望在第二季度末保持健康水平。重要的是，個人電腦安裝基數更大，使用率仍遠高於大流行前水平，加上好於預期的第一季度，強化了我們的觀點，即個人電腦市場有望在日曆上實現 2.7 億台的銷量23 年。正如我們在 1 月份的 PC 網絡研討會上強調的那樣，強勁的使用率、安裝基礎（比 COVID 之前的水平高出大約 10%）以及我們認為保守的刷新率支持 3 億台的長期 PC TAM，正負。

In servers, Q1 consumption TAM declined both sequentially and year-over-year at an accelerated rate. And we still expect to see first half '23 TAM decline year-on-year with a modest recovery in second half of the year. While all segments have weakened, we'd reiterate that the correction in enterprise and rest of world, where we have stronger positions, is further along and will likely recover more quickly.

在服務器方面，第一季度消費 TAM 環比和同比均加速下降。我們仍然預計上半年 23 TAM 同比下降，下半年適度復甦。儘管所有細分市場均已走弱，但我們重申，我們擁有更強勢頭寸的企業和世界其他地區的調整正在進一步進行，並且可能會更快地恢復。

Lastly, in our broad-based markets like industrial, auto and infrastructure, demand trends are relatively stronger, although as anticipated, NEX did see a Q1 inventory correction that we expect will continue for the next couple of quarters and likely will cause NEX revenue to decline this year. In contrast, PSG, IFS and Mobileye continue on a strong growth trajectory. And we see the collection of these businesses in total growing year-on-year in calendar year '23 much better than third-party expectations for a mid-single-digits decline in the semiconductor market ex memory.

最後，在工業、汽車和基礎設施等基礎廣泛的市場中，需求趨勢相對強勁，儘管正如預期的那樣，NEX 確實看到了第一季度的庫存調整，我們預計這將在未來幾個季度持續下去，並可能導致 NEX 收入增加今年下降。相比之下，PSG、IFS 和 Mobileye 繼續保持強勁的增長勢頭。我們看到這些業務的集合在 23 年曆年的同比增長遠遠好於第三方對半導體市場（除內存）中個位數下滑的預期。

While the semiconductor industry is cyclical by nature, we continue to accelerate our transformation and position ourselves to capture the significant market growth in semis expected over the next decade, nearly doubling to more than $1 trillion by 2030. Combined with the need for globally balanced and resilient supply chains and a foundry market expected to be roughly $200 billion by 2030, we are well positioned to capitalize on multiple vectors of growth.

雖然半導體行業本質上是周期性的，但我們將繼續加速轉型並定位自己，以抓住未來十年預期半導體市場的顯著增長，到 2030 年將增長近一倍，達到 1 萬億美元以上。結合全球平衡和彈性供應鍊和代工市場預計到 2030 年將達到約 2000 億美元，我們已做好充分準備利用多種增長載體。

On that front, let me highlight some key milestones from Q1. We are relentlessly focused on driving execution excellence across process and product road maps and throughout the company, including a rigorous focus on efficiency and cost savings. Looking first at the progress we are making with our process road map, we remain on track to regain transistor performance and power performance leadership by 2025.

在這方面，讓我強調一下第一季度的一些關鍵里程碑。我們堅持不懈地專注於在流程和產品路線圖以及整個公司範圍內推動卓越執行，包括嚴格關注效率和成本節約。首先看看我們在工藝路線圖方面取得的進展，我們仍然有望在 2025 年之前重新獲得晶體管性能和功率性能的領先地位。

Relative to 5 nodes in 4 years, notably 2 out of these 5 nodes, Intel 7 and Intel 4 are now essentially done. Intel 7 is in high-volume manufacturing. And Meteor Lake on Intel 4 is ramping production wafer starts today for a second half product launch. We are quickly mastering EUV technology with Intel 4 as our first EUV node.

相對於 4 年的 5 個節點，特別是這 5 個節點中的 2 個，Intel 7 和 Intel 4 現在基本上已經完成。 Intel 7 正在量產。 Intel 4 上的 Meteor Lake 今天開始生產晶圓，用於下半年的產品發布。我們正在快速掌握 EUV 技術，以 Intel 4 作為我們的第一個 EUV 節點。

As we focus on the next 3 nodes, Intel 3 is on track. And we highlighted in our recent DCAI webinar, Sierra Forest will begin shipping in the first half of '24 with Granite Rapids shortly thereafter, both on Intel 3. We also have significant milestones planned in Q2 for Intel 3, Intel 20A and Intel 18A, and look forward to providing more details as we execute. Overall, we are squarely on track to deliver 5 nodes in 4 years.

當我們專注於接下來的 3 個節點時，Intel 3 正在步入正軌。我們在最近的 DCAI 網絡研討會中強調，Sierra Forest 將在 24 世紀上半年開始與 Granite Rapids 一起在 Intel 3 上發貨。我們還計劃在第二季度為 Intel 3、Intel 20A 和 Intel 18A 提供重要的里程碑，並期待在我們執行時提供更多詳細信息。總體而言，我們有望在 4 年內交付 5 個節點。

We understand that our foundry ambitions will not be realized overnight. Building a vibrant foundry ecosystem will take time. But we also understand our foundry success is vitally important to establishing a geographically diverse and secure supply of semiconductors. We took a major step forward on building our ecosystem this month when we announced a multi-generation agreement with ARM Holdings.

我們明白，我們的鑄造雄心不會在一夜之間實現。建立一個充滿活力的代工生態系統需要時間。但我們也明白，我們代工廠的成功對於建立地域多元化和安全的半導體供應至關重要。本月，當我們宣布與 ARM Holdings 達成多代協議時，我們在構建生態系統方面邁出了重要一步。

This will enable chip designers to build leading-edge mobile SoC designs on Intel 18A, giving the design community a new foundry alternative for product innovation and fast time to market, while also opening up new options and approaches for large ecosystem of ARM customers. We look forward to providing access to best-in-class CPU IP and the power of an open system foundry with leading-edge process technology. Finally, as part of my recent trip to China, we continue to work hard to complete the Tower acquisition. And we'll update you appropriately.

這將使芯片設計人員能夠在英特爾 18A 上構建領先的移動 SoC 設計，為設計社區提供新的代工替代方案以實現產品創新和加快上市時間，同時也為 ARM 客戶的大型生態系統開闢了新的選擇和方法。我們期待提供一流的 CPU IP 和具有領先工藝技術的開放系統代工廠的力量。最後，作為我最近中國之行的一部分，我們繼續努力完成對 Tower 的收購。我們會適當地更新你。

In our webinar last month, we provided a substantial update on our Data Center and AI business, highlighting the progress and health of our road map. Sapphire Rapids, our fourth gen Xeon, is one of the highest quality data center CPUs Intel has ever delivered and continues to ramp aggressively with excellent customer feedback. We are shipping over 400 designs across numerous system and memory configurations for all OEMs, ODM and cloud providers. And we are on track to 1 million units by mid-year.

在上個月的網絡研討會中，我們提供了有關數據中心和人工智能業務的重要更新，強調了我們路線圖的進展和健康狀況。 Sapphire Rapids，我們的第四代 Xeon，是英特爾有史以來交付的最高質量的數據中心 CPU 之一，並且將繼續積極發展，並獲得出色的客戶反饋。我們正在為所有 OEM、ODM 和雲提供商提供跨眾多系統和內存配置的 400 多種設計。我們有望在年中達到 100 萬台。

Notably, AI inference performance and confidential computing substantially differentiate our fourth gen Xeon from competitors. Specifically, fourth gen Xeon offers the most comprehensive confidential computing portfolio in the industry, including virtual machine isolation with Intel Trust Domain Extensions, or Intel TDX, and trust attestation services. Just this week, leading cloud service providers signaled readiness for Intel TDX instances, including Alibaba Cloud, with Microsoft announcing their preview on Azure and Google releasing joint research conducted prelaunch to further harden TDX in complex environments.

值得注意的是，AI 推理性能和機密計算使我們的第四代 Xeon 有別於競爭對手。具體而言，第四代 Xeon 提供業內最全面的機密計算產品組合，包括使用 Intel Trust Domain Extensions 或 Intel TDX 的虛擬機隔離，以及信任證明服務。就在本週，領先的雲服務提供商表示已準備好使用英特爾 TDX 實例，包括阿里雲，微軟宣布了他們在 Azure 上的預覽，谷歌發布了聯合研究進行的預啟動，以進一步加強複雜環境中的 TDX。

Emerald Rapids, our fifth gen Xeon Scalable, is already sampling with customers and is on track to launch in Q4 '23. As stated earlier, Sierra Forest, our lead vehicle for Intel 3, will begin shipping in first half '24 with Granite Rapids shortly thereafter, both of which are receiving very positive responses from sample customers.

我們的第五代 Xeon Scalable Emerald Rapids 已經向客戶提供樣品，並有望在 23 年第四季度推出。如前所述，我們用於 Intel 3 的主要工具 Sierra Forest 將在 24 年上半年與 Granite Rapids 一起開始發貨，此後不久，這兩種產品都得到了樣本客戶的非常積極的響應。

Sierra Forest is our first E-core server CPU, which will provide competitive performance per watt across workloads and leadership across many with all of the benefits of the x86 ecosystem. Clearwater Forest, which is the follow-on to Sierra Forest, is coming to market in 2025 and will be manufactured on Intel 18A, the node where we intend to achieve process leadership and representing the culmination of our 5 nodes in 4-year strategy.

Sierra Forest 是我們的首款 E-core 服務器 CPU，它將在各種工作負載中提供具有競爭力的每瓦性能，並在許多 x86 生態系統的優勢中處於領先地位。 Clearwater Forest 是 Sierra Forest 的後續產品，將於 2025 年上市，並將在英特爾 18A 上製造，我們打算在該節點上實現工藝領先地位，並代表我們 4 年戰略中 5 個節點的高潮。

The combination of our road map strengthening, as we highlighted in our webinar, better-than-expected Q1 market share results and great execution on the Xeon Gen 4 ramp, Q1 was a turning point as the first quarter of an improving data center position since I became CEO.

正如我們在網絡研討會中強調的那樣，我們的路線圖得到加強，Q1 市場份額結果好於預期以及 Xeon Gen 4 爬坡的出色執行，Q1 是一個轉折點，因為第一季度數據中心地位有所改善我成為了首席執行官。

Further, in Q1, we taped in the Habana Gaudi3 AI accelerator. And the Habana Gaudi2 is in the market and offering substantial performance advantage over A100 in training and inferencing, vision and language models. For example, Gaudi2 delivers 60% higher power efficiency measured in throughput per watt for inferencing large language models, such as BLOOM 176 billion parameter model. Along with fourth gen Xeon and Xeon Max, Gaudi enables us to address the accelerating growth in AI. Recent endorsements by Hugging Face and Stability AI are strong proof points of the validation in our AI road map and strategy.

此外，在第一季度，我們錄入了 Habana Gaudi3 AI 加速器。 Habana Gaudi2 已經上市，在訓練和推理、視覺和語言模型方面提供了比 A100 更大的性能優勢。例如，Gaudi2 為推理大型語言模型（例如 BLOOM 1760 億參數模型）提供了 60% 的更高功率效率（以每瓦吞吐量衡量）。與第四代 Xeon 和 Xeon Max 一起，Gaudi 使我們能夠應對 AI 的加速增長。 Hugging Face 和 Stability AI 最近的認可有力地證明了我們的 AI 路線圖和戰略得到驗證。

Our strategy is to truly democratize the incredible power of AI, championing an open ecosystem with a full suite of silicon and software IP to drive AI from cloud to enterprise, network, edge and client across training and inference in both discrete and integrated solutions. Our oneAPI now includes the open and royalty-free C++-based programming model SYCL, which is critical to driving collaboration and innovation.

我們的戰略是真正實現 AI 不可思議的力量的民主化，擁護一個擁有全套芯片和軟件 IP 的開放生態系統，以在離散和集成解決方案的訓練和推理中推動 AI 從雲到企業、網絡、邊緣和客戶端。我們的 oneAPI 現在包括開放且免版稅的基於 C++ 的編程模型 SYCL，這對於推動協作和創新至關重要。

As developers want the ability to write once, run anywhere, our open source toolkit, SYCLomatic, is helping to accelerate the migration to SYCL as we work to democratize AI. While AI development, sparked by enthusiasm around generative AI, is today centered on LLMs in the cloud, AI deployment will rapidly migrate to inference as the dominant AI workload. And adoption will quickly expand outwards to edge and client, all areas that play to our strengths. We are focused on capitalizing across all segments with optimized silicon and software solutions.

由於開發人員希望能夠編寫一次，隨處運行，我們的開源工具包 SYCLomatic 正在幫助加速向 SYCL 的遷移，因為我們致力於使 AI 民主化。雖然由圍繞生成 AI 的熱情引發的 AI 開發如今以雲中的 LLM 為中心，但 AI 部署將迅速遷移到推理，成為主要的 AI 工作負載。並且採用將迅速向外擴展到邊緣和客戶端，所有發揮我們優勢的領域。我們專注於通過優化的芯片和軟件解決方案在所有細分市場中獲利。

Our Programmable Solutions business continues to perform well with an all-time record revenue in Q1. And our FPGA portfolio now includes more than 15 new products scheduled to PRQ this calendar year, the highest number of new product introductions ever in our FPGA business. PSG is also piloting an initiative to build a more resilient supply chain by which customers would provide Intel with enhanced demand and new design visibility while Intel provides customers with greater predictability of supply, leveraging the benefits of transitioning a great percentage of PSG products to an Intel supply chain.

我們的可編程解決方案業務繼續表現良好，第一季度收入創歷史新高。我們的 FPGA 產品組合現在包括超過 15 種計劃在本日曆年進行 PRQ 的新產品，這是我們 FPGA 業務中推出的新產品數量最多的一次。 PSG 還在試行一項旨在建立更具彈性的供應鏈的計劃，客戶可以通過該計劃為英特爾提供更高的需求和新的設計可見性，同時英特爾為客戶提供更高的供應可預測性，利用將大部分 PSG 產品轉移到英特爾的優勢供應鏈。

Our Client Computing business continues to execute on this road map and build on recent market share wins. We gained overall PC market share in Q1 and expect our competitive position to continue to improve as we ramp Meteor Lake production in Q2 for a launch in second half. In Q1, we introduced our 13th gen Intel Core mobile processor, followed by our new vPro platform powered by the full lineup of 13th gen Intel Core processors.

我們的客戶端計算業務繼續執行此路線圖，並在最近贏得的市場份額的基礎上再接再厲。我們在第一季度獲得了整體 PC 市場份額，並預計隨著我們在第二季度提高 Meteor Lake 的產量以在下半年推出，我們的競爭地位將繼續提高。在第一季度，我們推出了第 13 代英特爾酷睿移動處理器，隨後推出了採用全系列第 13 代英特爾酷睿處理器的全新博銳平台。

Intel vPro delivers the most comprehensive security and the necessary hardware for companies in the need of a PC refresh and increased productivity. In 2023, our expansive commercial portfolio will deliver more than 170 notebooks, desktops and entry workstations from technology providers such as Acer, ASUS, Dell, HP, Lenovo, Fujitsu, Panasonic and Samsung Electronics.

英特爾博銳為需要更新 PC 和提高生產力的公司提供最全面的安全性和必要的硬件。到 2023 年，我們廣泛的商業產品組合將交付來自宏碁、華碩、戴爾、惠普、聯想、富士通、松下和三星電子等技術供應商的 170 多款筆記本電腦、台式機和入門級工作站。

Turning to NEX and Mobileye. At Mobile World Congress, we demonstrated that nearly all vRAN and virtualized network core deployments run on Intel. We also introduced a range of products and solutions that enable the world's networks from the core to the radio access network and out to the intelligent edge to transition from fixed function hardware to open programmable, software-defined platforms.

轉向 NEX 和 Mobileye。在世界移動通信大會上，我們展示了幾乎所有 vRAN 和虛擬化網絡核心部署都在英特爾上運行。我們還推出了一系列產品和解決方案，使全球網絡從核心到無線接入網再到智能邊緣，從固定功能硬件過渡到開放式可編程軟件定義平台。

Highlights include the launch of our fourth gen Intel Xeon Scalable processors with Intel vRAN Boost, delivering two times the capacity gains gen-over-gen within the same power envelope and up to an additional 20% power savings with integrated acceleration and with extensive industry support from Ericsson, Verizon, Telefonica and Vodafone, among many others. In particular, Ericsson has been working closely with us to enable the cloudification of the network, making possible industry-scale OpenRAN.

亮點包括推出採用英特爾 vRAN Boost 的第四代英特爾至強可擴展處理器，在相同的功率範圍內提供兩倍的容量增益，並通過集成加速和廣泛的行業支持額外節省高達 20% 的功率來自 Ericsson、Verizon、Telefonica 和 Vodafone 等眾多公司。特別是，愛立信一直與我們密切合作，以實現網絡的雲化，使行業規模的 OpenRAN 成為可能。

Lastly, Mobileye continues to be an important part of the Intel family and delivered strong growth and profitability in Q1. They continue to gain significant traction with customers for their advanced product portfolio. And we remain very confident in the long-term growth profile and value of the Mobileye business.

最後，Mobileye 仍然是英特爾家族的重要組成部分，並在第一季度實現了強勁的增長和盈利能力。他們繼續以其先進的產品組合贏得客戶的青睞。我們對 Mobileye 業務的長期增長前景和價值仍然充滿信心。

In addition to our process and product road map, we continue to make progress on our commitment to reduce costs and drive efficiencies. We are well on our way towards our goal of reducing $3 billion in costs in 2023 and $8 billion to $10 billion in annual savings exiting 2025. We further rationalize our products as we prioritize our investments in support of IDM 2.0. This includes integrating AXG into DCAI and CCG, respectively. In addition, we exited our server business in Q1 and signed an agreement with MiTAC, an edge-to-cloud IT solutions provider and long-standing ODM partner, to manufacture and sell products based on the designs of our server systems business to create a path forward for our channel customers.

除了我們的流程和產品路線圖，我們在降低成本和提高效率的承諾方面繼續取得進展。我們正在朝著 2023 年減少 30 億美元成本和到 2025 年每年節省 80 億至 100 億美元的目標邁進。我們進一步合理化我們的產品，因為我們優先考慮支持 IDM 2.0 的投資。這包括將 AXG 分別集成到 DCAI 和 CCG 中。此外，我們在第一季度退出了我們的服務器業務，並與邊緣到雲 IT 解決方案提供商和長期 ODM 合作夥伴 MiTAC 簽署了一項協議，根據我們的服務器系統業務的設計製造和銷售產品，以創建一個為我們的渠道客戶提供前進的道路。

I'm going to spend a few minutes on cost leadership. Last month, I had the opportunity to meet with some of you on the East Coast. And while everyone understands that we are establishing an internal foundry model, I'm not sure we have fully explained the importance and impact of this change. Giving the manufacturing group their own P&L and the BUs a standard wafer price will drive a more efficient factory network and a better decision on design-to-cost at the BU level.

我將花幾分鐘時間討論成本領先問題。上個月，我有機會在東海岸與你們中的一些人會面。雖然每個人都明白我們正在建立內部代工模型，但我不確定我們是否已經充分解釋了這一變化的重要性和影響。為製造集團提供他們自己的 P&L 和 BU 標準晶圓價格將推動更高效的工廠網絡和 BU 級別的設計到成本的更好決策。

It will also serve to create parity between internal and external foundry customers and drive a more efficient manufacturing cost structure needed to compete and win external foundry customers. With a separate P&L for the manufacturing group, we will also provide you with a cleaner comparison of the BUs to their external fabless peers.

它還將有助於在內部和外部代工客戶之間建立平等，並推動競爭和贏得外部代工客戶所需的更高效的製造成本結構。通過製造組的單獨損益表，我們還將為您提供 BU 與其外部無晶圓廠同行的更清晰比較。

As we stated on our Q3 earnings call, we believe this structure should allow us to access and execute on multiple pools of profit that are unique to an IDM, which none of our peers have. Establishing an internal foundry model is one of the most consequential steps we are taking to deliver IDM 2.0 and fundamentally shifts the way the company operates and the incentive mechanisms that drive day-to-day behaviors. We look forward to discussing this in more detail during our internal foundry webinar in Q2.

正如我們在第三季度財報電話會議上所說，我們認為這種結構應該允許我們訪問和執行 IDM 獨有的多個利潤池，這是我們的同行所沒有的。建立內部代工廠模型是我們為實現 IDM 2.0 而採取的最重要的步驟之一，它從根本上改變了公司的運營方式和驅動日常行為的激勵機制。我們期待在第二季度的內部鑄造網絡研討會上更詳細地討論這個問題。

I am proud of our team's progress this quarter. We remain committed to executing on our strategic road map by, first, delivering on 5 nodes in 4 years, achieving process performance parity in 2024 and unquestioned leadership by 2025 with Intel 18A; second, executing on our Data Center and AI road map, including the Sapphire Rapids ramp, the launch of Emerald Rapids in second half of '23 and Granite Rapids and Sierra Forest in 2024; third, ramping Meteor Lake in second half '23 and launching Lunar Lake and Arrow Lake in 2024; and fourth, expanding our IFS customer base to include large design wins on advanced packaging, Intel 16, Intel 3 and Intel 18A this year.

我為我們團隊本季度的進步感到自豪。我們仍然致力於執行我們的戰略路線圖，首先，在 4 年內交付 5 個節點，在 2024 年實現流程性能對等，並在 2025 年與英特爾 18A 一起實現無可置疑的領導地位；其次，執行我們的數據中心和人工智能路線圖，包括 Sapphire Rapids 坡道、23 年下半年推出 Emerald Rapids 以及 2024 年推出 Granite Rapids 和 Sierra Forest；第三，在 23 年下半年推出 Meteor Lake，並在 2024 年推出 Lunar Lake 和 Arrow Lake；第四，擴大我們的 IFS 客戶群，包括今年在先進封裝、Intel 16、Intel 3 和 Intel 18A 方面的大型設計勝利。

As we improve our cost structure and drive operational efficiency, we will, first, return to profitability; second, execute on our internal foundry P&L by 2024; and third, expand the use of our Smart Capital strategy to balance our long-term capital aspirations with near-term realities. We are steadfast in our commitment to continue to effectively allocate your capital in the pursuit of creating value for all of our stakeholders.

隨著我們改善成本結構和提高運營效率，我們將首先恢復盈利；其次，到 2024 年執行我們的內部代工廠損益表；第三，擴大我們 Smart Capital 戰略的使用，以平衡我們的長期資本願望與近期現實。我們堅定不移地致力於繼續有效地分配您的資金，為我們所有的利益相關者創造價值。

Before I turn it over to Dave, I'd like to take a moment to honor and pay tribute to the life of Gordon Moore, who passed away on March 24. Gordon defined and enabled the technology industry through his insight and vision. He was instrumental in revealing the power of transistors and inspired technologists and entrepreneurs across the decades. I am forever grateful for his guiding hand, willingness to mentor me and his unwavering friendship.

在我把它交給 Dave 之前，我想花點時間向 3 月 24 日去世的 Gordon Moore 的生命致敬和致敬。Gordon 通過他的洞察力和遠見定義並推動了技術行業。幾十年來，他在揭示晶體管的力量和啟發技術專家和企業家方面發揮了重要作用。我永遠感激他的指導之手、指導我的意願以及他堅定不移的友誼。

Gordon famously said, "What can be done, can be outdone." This is our guiding principle as stewards of Moore's Law, which we intend to enable and drive until the periodic table is exhausted as we use the power of technology to improve the lives of every person on Earth. Intel will hold a memorial service to honor the life and accomplishments of Gordon. And we will share more details on this shortly.

戈登有句名言：“能做什麼，就不能做什麼。”這是我們作為摩爾定律管理者的指導原則，我們打算啟用和推動它，直到元素週期表用盡，因為我們使用技術的力量來改善地球上每個人的生活。英特爾將舉行追悼會，紀念戈登的一生和成就。我們將很快分享更多細節。

Thank you, Pat, and good afternoon, everyone. We drove solid business execution in the first quarter, beating guidance on both the top and bottom line. Against the backdrop of persistent macroeconomic volatility, we will continue to prioritize investments critical to our IDM 2.0 transformation, prudently and aggressively manage expenses near term and drive fundamental improvements to our cost structure long term.

謝謝帕特，大家下午好。我們在第一季度推動了穩健的業務執行，超過了頂線和底線的指導。在宏觀經濟持續波動的背景下，我們將繼續優先考慮對 IDM 2.0 轉型至關重要的投資，謹慎和積極地管理近期費用，並推動長期成本結構的根本改善。

First quarter revenue was $11.7 billion, $700 million above the midpoint of our guide. Results from CCG, DCAI, IFS and Mobileye exceeded our expectations, partially offset by softer demand in the network and edge markets, impacting NEX revenue in the quarter. Gross margin was 38.4%, modestly below our guidance on higher-than-expected inventory reserves tied to continued macro uncertainty. Q1 margins were impacted 300 basis points by factory underload charges taken in the period.

第一季度收入為 117 億美元，比我們指南的中點高出 7 億美元。 CCG、DCAI、IFS 和 Mobileye 的業績超出了我們的預期，部分被網絡和邊緣市場需求疲軟所抵消，影響了本季度的 NEX 收入。毛利率為 38.4%，略低於我們關於與持續的宏觀不確定性相關的庫存儲備高於預期的指引。第一季度的利潤率受到該期間工廠欠載費用的影響 300 個基點。

EPS was negative $0.04 for the quarter, $0.11 better than guide, demonstrating our cross-company focus on spending discipline. Operating cash flow in Q1 was negative $1.8 billion. Net CapEx was $7 billion, resulting in an adjusted free cash flow of negative $8.8 billion. And we paid dividends of $1.5 billion. Our balance sheet remains strong with cash and investment balances of more than $27 billion and a strong investment-grade profile.

本季度每股收益為負 0.04 美元，比指導價高 0.11 美元，表明我們對支出紀律的跨公司關注。第一季度的運營現金流為負 18 億美元。淨資本支出為 70 億美元，導致調整後的自由現金流為負 88 億美元。我們支付了 15 億美元的股息。我們的資產負債表依然強勁，現金和投資餘額超過 270 億美元，投資級別很高。

Before moving to business unit results, I will highlight a few changes made within our segment reporting. The client and data center-focused products from the former AXG business are now reported within our CCG and DCAI segments, respectively, and will have a dilutive effect on the operating margins of those businesses. Our silicon photonics and foundry automotive businesses have moved out of NEX and IFS, respectively, and are now reported as part of all other revenue, sharpening our focus on the significant market opportunities available to both NEX and IFS.

在轉向業務部門業績之前，我將重點介紹在我們的分部報告中所做的一些更改。前 AXG 業務的以客戶和數據中心為中心的產品現在分別在我們的 CCG 和 DCAI 部門報告，並將對這些業務的營業利潤率產生稀釋影響。我們的矽光子和鑄造汽車業務已分別從 NEX 和 IFS 轉移出來，現在作為所有其他收入的一部分進行報告，使我們更加關注 NEX 和 IFS 可獲得的重要市場機會。

Shifting to the first quarter business unit results. CCG achieved revenue of $5.8 billion, better than our expectations for the quarter. While we continue to see a challenging demand environment, especially in our consumer and education segments, customers continue to prefer Intel, driven by our leadership product performance. As discussed last quarter, we saw significant inventory burn at our customers in the period. While inventory levels remain elevated, we anticipate the market will be closer to equilibrium as we exit Q2. ASPs were down sequentially due to mix. Q1 operating profit was $520 million, flat sequentially despite revenue declining 13% from Q4 and down year-over-year on lower revenue, higher unit costs and excess capacity charges, partially offset by reduced OpEx.

轉向第一季度業務部門的業績。 CCG 實現了 58 億美元的收入，好於我們對該季度的預期。雖然我們繼續看到充滿挑戰的需求環境，尤其是在我們的消費者和教育領域，但在我們領先的產品性能的推動下，客戶仍然更喜歡英特爾。正如上個季度所討論的那樣，我們看到在此期間客戶的庫存大量消耗。雖然庫存水平仍然很高，但我們預計隨著我們退出第二季度，市場將更接近均衡。由於混合，ASP 連續下降。第一季度營業利潤為 5.2 億美元，環比持平，儘管收入較第四季度下降 13%，並且由於收入減少、單位成本增加和產能過剩費用同比下降，部分被運營支出減少所抵消。

DCAI revenue was $3.7 billion, ahead of our expectations in Xeon, PSG and AXG lines of business. We saw significant sequential and year-over-year TAM contraction across all CPU market segments and expect demand to remain soft in the second quarter. We saw stable CPU market share in Q1 and are excited by the broad market ramp of our fourth generation Xeon Scalable processor, Sapphire Rapids. Operating loss was $518 million, impacted sequentially by lower revenue, higher product costs and investment in leadership products on new process nodes. DCAI margins were also diluted by the merge of the AXG business and inventory reserves tied to the exit of our server systems business.

DCAI 收入為 37 億美元，高於我們對 Xeon、PSG 和 AXG 業務線的預期。我們看到所有 CPU 細分市場的 TAM 連續和同比顯著收縮，預計第二季度需求將保持疲軟。我們在第一季度看到穩定的 CPU 市場份額，並對我們第四代至強可擴展處理器 Sapphire Rapids 的廣闊市場增長感到興奮。營業虧損為 5.18 億美元，依次受到收入下降、產品成本上升以及對新工藝節點領先產品投資的影響。 AXG 業務和與我們服務器系統業務退出相關的庫存儲備的合併也稀釋了 DCAI 利潤率。

Within our DCAI business, the Programmable Solutions Group delivered record revenue for the second consecutive quarter in Q1, up 36% year-over-year with increased ASPs and improved external supply, which enables us to satisfy customer backlog, helping to drive continued operating profit growth.

在我們的 DCAI 業務中，Programmable Solutions Group 在第一季度連續第二個季度實現創紀錄的收入，同比增長 36%，平均售價增加和外部供應改善，這使我們能夠滿足客戶積壓需求，有助於推動持續的營業利潤生長。

NEX revenue was $1.5 billion, below our expectations for the quarter, driven by demand softness and elevated inventory levels in our network and edge markets, consistent with the overall industry. Operating loss was $300 million, impacted sequentially by depressed revenue in the quarter and inventory reserves, partially offset by continued expense management and discipline.

NEX 收入為 15 億美元，低於我們對本季度的預期，這是由於我們的網絡和邊緣市場的需求疲軟和庫存水平上升，這與整個行業一致。營業虧損為 3 億美元，連續受到本季度收入和庫存儲備低迷的影響，部分被持續的費用管理和紀律所抵消。

Mobileye continues to outperform underlying automotive end markets, delivering record first quarter revenue of $458 million, up 16% year-over-year, along with a 6% year-over-year increase in content per vehicle. Profitability continues to be strong with Q1 operating income of $123 million.

Mobileye 的表現繼續優於基礎汽車終端市場，第一季度收入達到創紀錄的 4.58 億美元，同比增長 16%，每輛車的內容同比增長 6%。盈利能力繼續保持強勁，第一季度營業收入為 1.23 億美元。

IFS revenue was $118 million, including 67% sequential growth in packaging revenue. Operating loss was $140 million, impacted sequentially by increased factory start-up costs as we invest in this strategic growth business.

IFS 收入為 1.18 億美元，其中包裝收入環比增長 67%。營業虧損為 1.4 億美元，受到我們投資於這一戰略增長業務時工廠啟動成本增加的影響。

We're well on our way towards our committed $3 billion of spending reductions in 2023 on our path to $8 billion to $10 billion of reductions exiting 2025, which will exclude benefits from the change in equipment useful life. As demonstrated by our Q1 results, focused investment prioritization and spending discipline have our OpEx reductions trending ahead of expectation, while revenue adjusted cost of sales reductions face headwinds from factory underload charges and inventory reserves due to continued demand uncertainty.

我們正朝著我們承諾的 2023 年削減 30 億美元的支出邁進，到 2025 年實現 80 億至 100 億美元的削減，這將排除設備使用壽命變化帶來的好處。正如我們第一季度的業績所證明的那樣，重點投資優先順序和支出紀律使我們的運營支出減少趨勢超出預期，而由於持續的需求不確定性，收入調整後的銷售成本減少面臨工廠欠載費用和庫存儲備的不利因素。

As Pat highlighted, our shift to an internal foundry model is already demonstrating a path to the structural cost improvements necessary to achieve our long-term profit goals. We've seen early wins with a reduction in disruptive factory expedites and increased focus on sort and test times. We look forward to unpacking the financial and operational benefits of our internal foundry model in much more detail in our investor webinar later in the quarter.

正如 Pat 強調的那樣，我們向內部代工模型的轉變已經展示了實現我們長期利潤目標所必需的結構性成本改進的途徑。我們已經看到了早期的勝利，減少了破壞性的工廠加速並增加了對分類和測試時間的關注。我們期待在本季度晚些時候的投資者網絡研討會上更詳細地揭示我們內部代工模型的財務和運營優勢。

Now turning to Q2 guidance. We expect second quarter revenue of $11.5 billion to $12.5 billion. At the midpoint of $12 billion, we expect billings to continue to trail consumption in our data center, network and client markets as customers focus on rightsizing operating inventories. While we remain cautious, we're seeing green shoots and expect sequential revenue growth throughout the year.

現在轉向第二季度的指導。我們預計第二季度收入為 115 億美元至 125 億美元。在 120 億美元的中點，我們預計賬單將繼續落後於我們的數據中心、網絡和客戶市場的消費，因為客戶專注於合理調整運營庫存。雖然我們保持謹慎，但我們看到了復甦的跡象，並預計全年收入將連續增長。

Pat mentioned the continued strong signals of elevated PC usage and active devices, giving us confidence that our short-term headwinds are an anomaly to long-term revenue opportunity. Demand for AI capabilities in the cloud, across the network and at the edge continue to grow. And we're confident that our CPU and accelerator portfolios are well positioned to benefit from the market tailwind.

Pat 提到了 PC 使用率和活躍設備持續上升的強烈信號，這讓我們相信，我們的短期逆風是長期收入機會的異常現象。對雲端、跨網絡和邊緣的 AI 功能的需求持續增長。我們相信我們的 CPU 和加速器產品組合能夠從市場順風中受益。

We're forecasting Q2 gross margin of 37.5%, a tax rate of 13%, an EPS of negative $0.04 at the midpoint of revenue guidance. Factory underload charges are projected to impact Q2 gross margins by approximately 300 basis points. While gross margins are well below acceptable levels, I'd highlight inventory reserves on pre-PRQ products impact Q2 margins by approximately 250 basis points, costs which should begin to unwind later this year as new products launch.

我們預測第二季度毛利率為 37.5%，稅率為 13%，在收入指引的中點每股收益為負 0.04 美元。工廠欠載費用預計將影響第二季度毛利率約 300 個基點。雖然毛利率遠低於可接受的水平，但我要強調 PRQ 前產品的庫存儲備對第二季度利潤率的影響約為 250 個基點，隨著新產品的推出，這些成本應該會在今年晚些時候開始減少。

Increased sample costs in support of our Xeon product road map will impact margins by 40 basis points sequentially. Our Q2 guidance includes an approximately $500 million benefit to operating margin from the useful life accounting change we announced in January, split approximately 80% to cost of sales and 20% to OpEx, up from $460 million in Q1. It's important to remember that this is a fixed cost business. The impact of underloaded factories goes beyond the period charges we're seeing in the first half of the year and will be felt for several quarters as we sell through products with higher average unit costs.

為支持我們的至強產品路線圖而增加的樣品成本將連續影響利潤率 40 個基點。我們的第二季度指導包括我們在 1 月份宣布的使用壽命會計變更帶來的約 5 億美元的營業利潤收益，其中約 80% 用於銷售成本，20% 用於運營支出，高於第一季度的 4.6 億美元。重要的是要記住，這是一項固定成本業務。工廠負荷不足的影響超出了我們在今年上半年看到的周期性費用，並且隨著我們銷售平均單位成本較高的產品，我們將在幾個季度內感受到這種影響。

We'll continue to deploy factory capacity prudently as we operate within our Smart Capital framework. As communicated last quarter, we expect to manage net CapEx intensity in the low 30% of revenue range in 2023 with capital offsets of approximately 20% to 30% of gross CapEx. Consistent with Smart Capital, IFS capacity represents approximately 10% of 2023 gross CapEx, a number which will scale in line with foundry customer commitments. With gross CapEx weighted to first half and capital offsets weighted to second half, we expect adjusted free cash flow to improve sequentially throughout the year and to be positive in second half of 2023.

在我們的智能資本框架內運營時，我們將繼續謹慎部署工廠產能。正如上個季度所傳達的那樣，我們預計到 2023 年將淨資本支出強度控制在收入的 30% 以下範圍內，資本抵消約為總資本支出的 20% 至 30%。與 Smart Capital 一致，IFS 產能約佔 2023 年總資本支出的 10%，這一數字將根據代工客戶的承諾進行擴展。由於總資本支出加權到上半年，資本抵消加權到下半年，我們預計調整後的自由現金流將在全年連續改善，並在 2023 年下半年為正。

While we're encouraged by first quarter revenue and expect growth to improve sequentially through 2023, we're not satisfied with our financial results and remain focused on what we can control, our execution and the prioritization of our owners' capital toward our long-term goals. We're confident that as we deliver on our road map commitments, we will meet and exceed our customers' expectations for our products and our owners' expectations for strong revenue growth and free cash flow generation.

雖然我們對第一季度的收入感到鼓舞，並預計到 2023 年增長將持續改善，但我們對我們的財務業績並不滿意，我們仍然專注於我們可以控制的事情、我們的執行以及我們所有者資本對我們長期目標的優先排序——學期目標。我們有信心，在兌現我們的路線圖承諾時，我們將滿足並超越客戶對我們產品的期望，以及我們所有者對強勁收入增長和自由現金流產生的期望。

With that, let me turn the call back over to John.

有了這個，讓我把電話轉回給約翰。

Thank you, Dave. We will now move into the Q&A portion of our call. (Operator Instructions) With that, Jonathan, can we please take the first question?

謝謝你，戴夫。我們現在將進入電話會議的問答部分。 （操作員說明）這樣，喬納森，我們可以回答第一個問題嗎？

Certainly. Our first question comes from the line of Timothy Arcuri from UBS.

當然。我們的第一個問題來自瑞銀的 Timothy Arcuri。

Dave, I wonder if you can go through the gross margin walk kind of through the rest of the year. There's a lot of moving parts. I know you have the underutilization of 300 basis points. And it sounds like you also have another 200 basis points you highlighted from these pre-PRQ costs. So you're sort of normalized at 43% ex those 2 things, but there's a couple of offsets, too. You've got puts and takes around higher die costs from these new products like Meteor and Sapphire. So can you sort of give us a walk in terms of what the puts and takes are when you move past June?

戴夫，我想知道你是否可以在今年餘下的時間裡完成毛利率。有很多活動部件。我知道你沒有充分利用 300 個基點。聽起來您還從這些 PRQ 前成本中強調了另外 200 個基點。所以你在 43% ex 那兩件事上有點標準化，但也有一些抵消。您已經從 Meteor 和 Sapphire 等新產品中獲得了更高的芯片成本。那麼，您能否給我們介紹一下六月之後的看跌期權和看跌期權是什麼？

Yes. Sure, Tim. Let me give you a little color. So on the 250 basis points that you correctly highlight that are the pre-PRQ reserves, the benefit of that is as we go into the back half of the year, that's related to Meteor Lake and Emerald. And as those ship, a lot of that reverses. In fact, in essence, we end up shipping it at 100% gross margin. So that becomes a tailwind. And then we do expect, as things improve from a demand perspective, that we will start to load the fab back up.

是的。當然，蒂姆。讓我給你一點顏色。因此，在您正確強調的 250 個基點上，即 PRQ 前儲備，其好處是我們進入今年下半年，這與流星湖和翡翠有關。隨著這些船的出現，很多事情都發生了逆轉。事實上，從本質上講，我們最終以 100% 的毛利率出貨。所以這成為順風。然後我們確實期望，隨著從需求角度來看情況有所改善，我們將開始重新加載晶圓廠。

The only, I guess, cautionary comment is that we still have underloaded costs that kind of are built into the cost of our product that are held in inventory. And so there are -- it does take a few quarters even beyond the time where we start to stop seeing these period costs of underutilization that we'll start to still see some cost headwinds from that. But ultimately, we'll be loading the fabs up to the appropriate levels. And that will be a nice tailwind.

我想，唯一的警示性評論是，我們仍然有一些成本不足，這些成本已包含在我們庫存中的產品成本中。所以有 - 它確實需要幾個季度，甚至超過我們開始停止看到這些未充分利用的期間成本的時間，我們仍然會開始看到一些成本逆風。但最終，我們會將晶圓廠加載到適當的水平。這將是一個很好的順風。

So maybe the best way to describe it is, I think, for the back half of the year, we feel like we'll be comfortably in the 40s from a gross margin perspective based on all those factors. And obviously, we're actively working on our $8 billion to $10 billion of spending reductions by the time we get to the end of 2025. And a lot of that is in the cost base, which will be a benefit to gross margins.

因此，我認為，最好的描述方式可能是，在今年下半年，基於所有這些因素，從毛利率的角度來看，我們覺得我們將舒適地處於 40 多歲。顯然，到 2025 年底，我們正在積極努力削減 80 億至 100 億美元的支出。其中很多都在成本基礎上，這將有利於毛利率。

Tim, do you have a follow-up?

蒂姆，你有後續行動嗎？

I do, yes. Pat, I guess, you have a lot of products coming out in a pretty short amount of time. Basically, you've got 5 data center platforms in 2.5 years. I understand that some are E-core and some are P-core. But usually, customers want to leverage their investments in these platforms for a longer time than that. So could that be some impediment to how quickly these platforms could ramp? Can you kind of talk about that?

我知道，是的。帕特，我想，你會在很短的時間內推出很多產品。基本上，您在 2.5 年內擁有 5 個數據中心平台。我理解有的是E核，有的是P核。但通常情況下，客戶希望在更長的時間內利用他們在這些平台上的投資。那麼，這是否會阻礙這些平台的發展速度？你能談談嗎？

Yes, it's a great question, Tim. And what I'd highlight is that Sapphire and Emerald Gen 4 and Gen 5 are the same platform. So from the customers' perspective, they get to leverage those platform investments in a substantial way. Similarly, as we go into next year with Sierra Forest and Granite Rapids, that's once again the same platform. And Clearwater Forest, the following year that we disclosed in the data center webinar for '25, also goes into that same platform.

是的，這是一個很好的問題，蒂姆。我要強調的是，第 4 代和第 5 代藍寶石和翡翠是同一平台。因此，從客戶的角度來看，他們可以在很大程度上利用這些平台投資。同樣，當我們進入明年的 Sierra Forest 和 Granite Rapids 時，這又是同一個平台。我們在 25 年的數據中心網絡研討會中披露的第二年 Clearwater Forest 也進入了同一個平台。

So essentially, even though it's five products that we've discussed, that's two platforms. And that ability to leverage that platform across a broader market space is very warmly received by our customers. And obviously, as we're working through this period to get back to solid leadership, we're getting increasing momentum from our customers. And as I highlighted in my prepared remarks, this was a good quarter for our data center business, a very healthy road map. We did better than we forecast in Q1 market share on track for the Sapphire Rapids ramp.

所以從本質上講，即使我們討論了五種產品，那也是兩個平台。這種在更廣闊的市場空間中利用該平台的能力受到了我們客戶的熱烈歡迎。顯然，在我們努力度過這段時期以恢復穩固的領導地位時，我們從客戶那裡獲得了越來越大的動力。正如我在準備好的發言中強調的那樣，這對我們的數據中心業務來說是一個很好的季度，一個非常健康的路線圖。我們在 Sapphire Rapids 斜坡上的第一季度市場份額比我們預測的要好。

And overall, being able to see these new use cases for AI inferencing in the platform, being able to deploy the increasing security capabilities that we disclosed, all of these are very unique feature capabilities that are both differentiating as well as value add for our customers that helps them to see the value in the underlying platforms that we're delivering. So a very good quarter. Thanks for the question, Tim.

總的來說，能夠在平台中看到這些用於 AI 推理的新用例，能夠部署我們披露的日益增加的安全功能，所有這些都是非常獨特的功能，既能為我們的客戶帶來差異化，又能增加價值這有助於他們看到我們提供的底層平台的價值。這是一個非常好的季度。謝謝你的問題，蒂姆。

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。

You've talked about PC CPU inventory normalizing exiting the June quarter. Can you give us a sense of by how much you were undershipping end demand today? How do you think about the snapback? And can you talk about the timing of planned raising of utilization, at least for your CCG business?

您已經談到 PC CPU 庫存在 6 月季度結束後正常化。你能告訴我們你今天在多大程度上低於最終需求嗎？你如何看待回彈？您能否談談計劃提高利用率的時間安排，至少對於您的 CCG 業務而言？

Yes. So I'll start on that and Dave can jump in. Generally, we think that we undersold into the market by about 20% in Q1. And that continues in Q2. And overall, we said a 270 million unit sell-through TAM for the year. That equates -- it was essentially equivalent to the 240 million or 250 million units sell-in TAM that you might have seen from some of the industry analysts.

是的。所以我會開始，Dave 可以加入。一般來說，我們認為我們在第一季度向市場低估了大約 20%。這在第二季度繼續。總的來說，我們說今年的 TAM 銷量為 2.7 億台。這相當於 - 它基本上相當於您可能從一些行業分析師那裡看到的 2.4 億或 2.5 億台銷售 TAM。

So overall, we think first half, we end the first half with a very healthy inventory position by our OEMs and by the channel. That positions us very well for natural improvement and a stronger second half as we're now selling, I'll say, in at the same rate of selling out in the marketplace in a normally stronger back half of the year.

所以總的來說，我們認為上半年，我們的 OEM 和渠道以非常健康的庫存狀況結束了上半年。這使我們非常有利於自然改善和更強勁的下半年，因為我們現在正在銷售，我會說，在通常更強勁的下半年市場銷售速度相同。

Overall, this is just going to be a positive every quarter as we go through the year. We're seeing strong momentum from our customers for our road map. And as Dave indicated, we're already starting to build inventory for the Meteor Lake launch later in the year, which is another strong indication. Dave, if you want to comment on the inventory comment?

總的來說，隨著我們度過這一年，每個季度都將是積極的。我們看到客戶對我們路線圖的強勁勢頭。正如 Dave 所指出的，我們已經開始為今年晚些時候推出的 Meteor Lake 建立庫存，這是另一個強有力的跡象。戴夫，如果你想對庫存評論發表評論？

Yes. So we have about 155 days of inventory aggregate -- in the aggregate on the balance sheet. Obviously, as we get through the inventory depletion at customers and we start to normalize back up to the level of end consumption, we'll start to burn through that inventory. And you can expect us to start ramping the factories. I don't think we'll be fully ramped by the end of the year, but we certainly will be improving the ramp through the year.

是的。所以我們有大約 155 天的庫存總量——在資產負債表上的總量。顯然，當我們完成客戶的庫存消耗並開始正常化回到最終消費水平時，我們將開始消耗該庫存。你可以期待我們開始擴建工廠。我不認為我們會在今年年底前完全升級，但我們肯定會在這一年中改善坡道。

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

C.J.，你有後續問題嗎？

Yes, a quick one. Pat, in your prepared remarks, you talked about positive feedback from tests at your customers for Sierra and Granite. And curious if you can share any of that feedback that you're hearing to give us confidence on that ramp.

是的，一個快速的。帕特，在您準備好的發言中，您談到了客戶對 Sierra 和 Granite 進行的測試的積極反饋。好奇你是否可以分享你聽到的任何反饋，讓我們對這個斜坡充滿信心。

Yes. And I'd say, generally, the feedback is, "Wow," right, "You guys are delivering at the front end of your scheduled windows that you gave us with a very high-quality product." And they're now into their, what we call, the volume validation phase of their platforms, so where they're receiving enough samples that they can start to do broad validation of the platform. That validation cycle is very critical for us because it informs us of when we're ready to move forward with the production stepping of those parts in both the software and the firmware of the platform.

是的。我會說，一般來說，反饋是，“哇，”對，“你們在預定窗口的前端交付給我們的是非常高質量的產品。”他們現在進入了我們所說的平台的批量驗證階段，因此他們收到了足夠的樣本，可以開始對平台進行廣泛的驗證。驗證週期對我們來說非常關鍵，因為它告訴我們何時準備好在平台的軟件和固件中推進這些部件的生產步驟。

We're seeing very good response on both the first E-core part with Sierra Forest as well as the next-generation P-core part with Granite Rapids. So overall, I'd just say we feel super good that we're getting such a warm response from customers. And this positions us very well as they're rebuilding their confidence in Intel.

我們看到 Sierra Forest 的第一個 E-core 部件和 Granite Rapids 的下一代 P-core 部件都得到了很好的反響。所以總的來說，我只想說我們感覺非常好，因為我們得到了客戶如此熱烈的回應。這讓我們處於非常有利的位置，因為他們正在重建對英特爾的信心。

And this -- you've heard me talk before, C.J., that we have to rebuild our customers' confidence and the performance that we're seeing, not just on Sapphire Rapids, Emerald Rapids Gen 5, but next year's products. And the very strong position for the E-core products going into 2025 with Clearwater Forest has been a strong uptick in their belief that Intel's execution machine is back for their data center products of the future.

而這個——你以前聽過我說過，C.J.，我們必須重建客戶的信心和我們所看到的性能，不僅僅是 Sapphire Rapids、Emerald Rapids Gen 5，還有明年的產品。與 Clearwater Forest 一起進入 2025 年的 E-core 產品的非常強大的地位已經強烈上升，他們相信英特爾的執行機器將回歸他們未來的數據中心產品。

And our next question comes from the line of Ross Seymore from Deutsche Bank.

我們的下一個問題來自德意志銀行的 Ross Seymore。

Pat, in your preamble, you talked a little bit about some data center trends by the end markets, a little bit geographically, a little bit customer type with enterprise. I was hoping you could dig a little bit deeper into what you're seeing in the cloud side of things. The customers themselves seem to be reporting very strong numbers. But it seems that you alluded to that still being an inventory digesting end market for you. And then how Intel, specifically in cloud, is doing competitively?

帕特，在您的序言中，您談到了終端市場的一些數據中心趨勢，從地域上講了一點，從企業客戶類型上講了一點。我希望您能更深入地了解您在事物的雲方面所看到的內容。客戶本身似乎報告了非常強勁的數字。但您似乎暗示這仍然是您的庫存消化終端市場。那麼英特爾，特別是在雲領域，是如何競爭的呢？

Yes, thank you. And clearly, it was a down quarter for enterprise and for cloud. We do see that affecting the first -- at least the first half of the year. That said, we're encouraged by some of the comments that you've heard and that you refer to for the overall market. We do see that our position is improving. As I indicated in Q1, we saw a better-than-forecast market segment share. We also saw some green shoots for the first time in China. And we're encouraged by that market starting to show some positive characteristics.

是的，謝謝。顯然，對於企業和雲而言，這是一個下滑的季度。我們確實看到這影響了第一 - 至少是今年上半年。也就是說，我們對您聽到的一些評論以及您提到的整個市場感到鼓舞。我們確實看到我們的地位正在改善。正如我在第一季度指出的那樣，我們看到了好於預期的細分市場份額。我們也第一次在中國看到了一些萌芽。我們對這個市場開始表現出一些積極的特徵感到鼓舞。

We'd also say that some of that strength in data center is driven by AI. And we're seeing a very positive response to Gaudi2 and seeing our pipeline growing very rapidly for that product line. We also saw that as a driver of the early strong ramp for Gen 4 Sapphire Rapids. Those taken together, we're -- we do believe that's an important trend. But we also, as you said, in my prepared remarks, we see that we need to make AI, and that is a critical use case, broadly available.

我們還可以說，數據中心的部分優勢是由人工智能驅動的。我們看到了對 Gaudi2 的非常積極的回應，並且看到我們的產品線在快速增長。我們還將其視為第 4 代藍寶石激流早期強勁增長的推動力。綜上所述，我們 - 我們確實相信這是一個重要趨勢。但正如你所說，在我準備好的發言中，我們也看到我們需要製造人工智能，這是一個關鍵的用例，可以廣泛使用。

And that's what we refer to as democratizing AI, where those super high-end machines are uneconomical for most environments. And we have to enable the broad deployment of inferencing, being able to use AI. And that's an area where particularly our core Xeon product line has particular strengths well above prior generations and competitive alternatives and one that we expect to be an area of strength for us long term.

這就是我們所說的民主化人工智能，那些超高端機器對於大多數環境來說都是不經濟的。我們必須能夠廣泛部署推理，能夠使用人工智能。這是一個特別是我們的核心 Xeon 產品線具有遠高於前幾代產品和競爭性替代品的特殊優勢的領域，我們希望長期成為我們的優勢領域。

Ross, do you have a follow-up?

羅斯，你有後續行動嗎？

I do. I just wanted to go back and revisit the gross margin side. So one for Dave. The underutilization charges, is there some trigger point at which revenue-wise, I guess, we should expect that to go away? Because obviously, that's the 300 basis point headwind, 2 quarters in a row of that.

我願意。我只是想回去重新審視毛利率方面。所以一個給戴夫。未充分利用的費用，我想在收入方面是否存在某個觸發點，我們應該期望它消失？因為很明顯，這是 300 個基點的逆風，連續兩個季度。

And then the pre-PRQ side of things, given the frequency of new product introductions that was alluded to in a prior question, it doesn't seem like those would necessarily go away that fast. Or if they do for a quarter or 2, they would come back. So can you just walk us through some of the puts and takes on those underutilization charges and pre-PRQs, please?

然後是 PRQ 之前的事情，考慮到先前問題中提到的新產品推出的頻率，看起來這些產品不一定會那麼快消失。或者，如果他們這樣做了一個季度或兩個季度，他們就會回來。那麼，您能否帶我們了解一些看跌期權並承擔那些未充分利用的費用和 PRQ 之前的費用，好嗎？

Okay. So on the pre-PRQ, you're right, and it always is lumpy. We saw this effect midway through last year with Sapphire Rapids. And so we will have these on occasion. But we think for the second half of the year, for sure, we won't see this magnitude of pre-PRQ reserves as a pretty significant quarter for us in the second quarter.

好的。所以在 PRQ 之前，你是對的，它總是起伏不定。去年中旬，我們在 Sapphire Rapids 項目中看到了這種效果。所以我們偶爾會有這些。但我們認為，對於今年下半年，我們肯定不會將這種 PRQ 前儲備量視為第二季度對我們來說非常重要的一個季度。

On the underloading charges, I think it's -- partially, it's about revenue, but partially it's about our inventory levels and where they are. So we obviously need to bring the inventory levels down from the 155 days. That's going to be important. I think I would just say that, hey, in the third and fourth quarter, I would see -- I would expect to see an improving situation in terms of underloads.

關於欠載費用，我認為它 - 部分是關於收入，但部分是關於我們的庫存水平和它們的位置。因此，我們顯然需要將庫存水平從 155 天降低。這將很重要。我想我只想說，嘿，在第三和第四季度，我會看到——我希望看到負載不足的情況有所改善。

And likely, that will be behind us by the time we're through the end of the year, just on the period cost underload charges. We might be living with some higher cost per unit for a couple of quarters after that because of underload that we built into the cost of the products. But ultimately, we'll have this factory -- the factory network loaded back up.

很可能，到今年年底，這將在我們身後，只是在期間成本欠載費用上。在那之後的幾個季度裡，我們可能會忍受更高的單位成本，因為我們在產品成本中加入了欠載。但最終，我們會讓這個工廠——工廠網絡重新加載。

And our next question comes from the line of Matt Ramsay from Cowen.

我們的下一個問題來自 Cowen 的 Matt Ramsay。

Pat, I wanted to -- the first question I wanted to ask is on sort of the node road map. You guys have made some good progress there. And we're working through some end market and near-term product dynamics. But focusing on the 5 nodes in 4 years, I know there's some internal nodes that are being developed as well around backside PowerVia and also gate-all-around.

帕特，我想——我想問的第一個問題是關於節點路線圖的。你們在那裡取得了一些不錯的進展。我們正在研究一些終端市場和近期產品動態。但專注於 4 年內的 5 個節點，我知道還有一些內部節點正在開發中，以及圍繞背面 PowerVia 和 gate-all-around。

So maybe you could give a little bit of an update as to how those road maps are going on those two pieces of technology individually? And I guess, the second part of the question, if you do succeed in getting to node parity and the node leadership as you described, can you talk about a path to cost parity for internal and external potential customers on 18A?

那麼，也許您可以就這些路線圖如何分別針對這兩項技術進行一些更新？我想，問題的第二部分，如果你確實像你所描述的那樣成功地獲得節點平價和節點領導地位，你能談談在 18A 上為內部和外部潛在客戶實現成本平價的途徑嗎？

Yes, great question, Matt. And as I indicated, the 5 nodes in 4 years, Intel 7, done. Intel 4 with the Meteor Lake volume ramp, we view that as all but done, right? We are -- essentially, the process is PRQ-ed. And now we're ramping the product, which will PRQ later in the year. So we feel like we're two of five are now completed. Obviously, the next one up is Intel 3. And with Intel 3, the positive updates that we've given on Granite and Sierra Forest for next year, the volume sampling that I've already referred to gives us a lot of confidence that, that is now coming along very nicely. Both Intel 4 and Intel 3 are EUV nodes.

是的，很好的問題，馬特。正如我所指出的，4 年內的 5 個節點，英特爾 7，完成了。帶有 Meteor Lake 容量提升的 Intel 4，我們認為這一切都快完成了，對吧？我們 - 本質上，該過程是 PRQ-ed。現在我們正在改進產品，將在今年晚些時候發布 PRQ。所以我們覺得我們現在已經完成了五分之二。顯然，下一個是 Intel 3。對於 Intel 3，我們在明年對 Granite 和 Sierra Forest 進行的積極更新，我已經提到的體積採樣給了我們很大的信心，現在進展順利。 Intel 4 和 Intel 3 都是 EUV 節點。

As you say, as we go to 20A and 18A, the two major innovations are the RibbonFET, the gate-all-around transistor architecture and the backside power. Given the uniqueness of the backside power, as you indicated, we had an internal node that we didn't expose to products or externally to derisk that node. And that went extremely well. We had very good results from the backside power, the power delivery, the routability improvements that, that gave. And as one proof point of that, the ARM announcement was one that demonstrated significant benefits of backside power that we were able to do.

正如您所說，當我們達到 20A 和 18A 時，兩項主要創新是 RibbonFET、環柵晶體管架構和背面電源。鑑於背面電源的獨特性，正如您所指出的，我們有一個內部節點，我們沒有向產品或外部公開該節點以降低該節點的風險。那進行得非常順利。我們從背面電源、電源傳輸、可佈線性改進中獲得了非常好的結果。作為這一點的一個證明，ARM 的公告證明了我們能夠做到的背面電源的顯著優勢。

So 20A and 18A are the next ones up. 20A will be primarily a client node as we ramp our Arrow Lake products in '24 and '25. 18A will be everything. We will have server products, client products, networking products and many foundry products. We also noted that this was the quarter that we have our first foundry test chips coming out. And so some of the test chips for external customers on 18A are now popping out of fab and being tested by them. So good affirmation from them.

所以 20A 和 18A 是下一個。隨著我們在 24 年和 25 年推出 Arrow Lake 產品，20A 將主要作為客戶端節點。 18A將是一切。我們將有服務器產品、客戶端產品、網絡產品和許多代工產品。我們還注意到，這是我們推出第一批代工測試芯片的季度。因此，18A 上的一些外部客戶的測試芯片現在正在從晶圓廠中彈出並由他們進行測試。來自他們的肯定。

You also mentioned, I think it's actually a very insightful question, Matt, the cost structure. And one of the things that we've put a lot of emphasis on with 18A is getting to structural cost parity with what we believe is the best in the industry at that point. So we view this as not just getting to power and performance parity but also area parity and cost structural parity as we get to 18A.

你還提到，我認為這實際上是一個非常有見地的問題，馬特，成本結構。我們對 18A 非常重視的一件事是使結構成本與我們認為當時業內最好的產品持平。因此，我們認為這不僅是為了達到功率和性能平價，而且在我們達到 18A 時也是面積平價和成本結構平價。

And we believe, as we've benchmarked ourselves against the industry best, we believe we're on track to do that in the 18A time frame. And that's part of why we talk about in the internal foundry model as being able to start really measuring the P&L, right? And really viewing it as the industry price for wafers is understood, and we have to benchmark ourselves against that and deliver margin structure at the wafer level that's competitive with that.

我們相信，由於我們已經將自己與行業最佳進行了比較，我們相信我們有望在 18A 時間框架內做到這一點。這就是為什麼我們在內部代工模型中談論能夠開始真正衡量損益的部分原因，對吧？並真正將其視為晶圓的行業價格，我們必須以此為基準，並在晶圓級別提供與之具有競爭力的利潤率結構。

Matt, do you have a quick follow-up?

馬特，你有快速跟進嗎？

Yes, I do, John. My second question is on server road map. And you guys had a helpful DCAI Roadmap Day a month or so ago. I guess, my question kind of relates to another question that was asked on platform compatibility. I think, Pat, you mentioned a few products on the road map, including -- up into including Clearwater Forest being on the same sort of platform as Granite. There was another product that was on the public road map before, Diamond Rapids, for the next sort of P-core product. Any update there? I just want to -- it wasn't really mentioned in the DCAI Day. And I've had a few folks asking me about it. And is it on the same platform?

是的，我知道，約翰。我的第二個問題是關於服務器路線圖。大約一個月前，你們舉辦了一個很有幫助的 DCAI 路線圖日。我想，我的問題有點與另一個關於平台兼容性的問題有關。我想，帕特，你在路線圖上提到了一些產品，包括 - 包括 Clearwater Forest 與 Granite 在同一平台上。之前公開路線圖上還有另一種產品 Diamond Rapids，用於下一種 P 核產品。那裡有更新嗎？我只是想——在 DCAI 日並沒有真正提到它。我有幾個人問我這件事。它在同一個平台上嗎？

Yes. And while we're not speaking a lot about that next-generation product, that would be the introduction of the next-generation platform, at that point would be when we move to the next platform, which will change package architecture, power delivery architecture, memory channel, key steps in memory scalability with our CXL technology. So that will be a big step in terms of the platform architecture at that point. And I'll just say, every aspect of our road map is getting well received by our customers for both enterprise but also and critically for cloud customers as well.

是的。雖然我們沒有過多談論下一代產品，但那將是引入下一代平台，屆時我們將轉向下一個平台，這將改變封裝架構、供電架構，內存通道，使用我們的 CXL 技術實現內存可擴展性的關鍵步驟。因此，就那時的平台架構而言，這將是一大步。我只想說，我們的路線圖的每個方面都得到了企業客戶的好評，同時也受到了雲客戶的好評。

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。

Sorry. Is that for me, Pierre?

對不起。這是給我的嗎，皮埃爾？

Yes, Pierre.

是的，皮埃爾。

Yes. Sorry, apologies. It's very unlikely, I'm just surprised when you said my name. Thanks a lot for all the details on the gross margin. And taking a step back, I'm kind of thinking between now and the end of 2025, your gross margin is going to be very volatile and very difficult to read because you have a lot on your plate, a lot of costs coming in and out with all the various nodes.

是的。對不起，抱歉。這不太可能，當你說出我的名字時，我只是感到驚訝。非常感謝您提供有關毛利率的所有詳細信息。退後一步，我在想，從現在到 2025 年底，你的毛利率將非常不穩定，而且很難看清，因為你有很多事情要做，很多成本會進來，而且出所有不同的節點。

And so my question would be maybe looking at things from a much higher level, let's say, we are around about 20 points below the historic margins as Intel being in a good competitive position, some of that is clearly a scale issue. The business has shrank a lot recently. And then some of that is really this very difficult 10-nanometer node, where the cost per unit is significantly too high.

所以我的問題可能是從更高的層面來看事情，比方說，由於英特爾處於良好的競爭地位，我們比歷史利潤率低了大約 20 個百分點，其中一些顯然是規模問題。最近生意萎縮了很多。然後其中一些確實是這個非常困難的 10 納米節點，其中單位成本非常高。

And so my question really is from what you know already from the nodes that you have coming up like that is now very, very tangible, Intel 4, how much of this gap are you going to regain with this node, really looking at it on a wafer-against-wafer without making that any sort of guide of what you get in 2023 or '24 or '25? Forgetting about the road map, looking at it, wafer-against-wafer, what order of magnitude of improvement in pricing power do you think you get or earnings power just because you now have like a competitive cost base in your manufacturing?

所以我的問題真的是從你已經從你已經出現的節點中知道的，現在非常非常有形，英特爾 4，你將通過這個節點重新獲得多少這種差距，真正地看著它一個晶圓對晶圓而不對你在 2023 年或 24 年或 25 年得到的東西做任何形式的指導？忘記路線圖，看看它，晶圓對晶圓，你認為你獲得了多少數量級的定價能力或盈利能力僅僅因為你現在在你的製造中具有競爭力的成本基礎？

Yes. So I'll take some of it and then you...

是的。所以我會拿一些然後你...

Yes.

是的。

Yes. Maybe like at a high level, Pierre, maybe the way to think about it is, look, one element of getting to the appropriate cost structure to deliver the margins is getting our process technology to be competitive. And that's really at 18A where we intersect that. So we make improvements along the way, but that's really where we make the meaningful improvement to get there from a process perspective.

是的。也許在高層次上，皮埃爾，也許思考它的方式是，看，獲得適當的成本結構以提供利潤的一個要素是讓我們的工藝技術具有競爭力。那真的是在我們相交的 18A 處。因此，我們一路進行改進，但從流程的角度來看，這才是我們真正進行有意義的改進以實現目標的地方。

Now the challenge is all along the way, there's this kind of start-up costs that we have to deal with, which is hundreds of basis points of headwind for us that we have by virtue of the fact that we're stacked-on-stacked. The 5 nodes in 4 years that Pat is driving is the right strategy, but it does create headwinds on the cost side. So that -- we've got to work our way through that. But once we're on the other side of 5 nodes in 4 years, we have a competitive process technology from a cost perspective.

現在挑戰一直存在，我們必須應對這種啟動成本，這對我們來說是數百個基點的逆風，因為我們堆積在 -堆疊。 Pat 推動的 4 年內 5 個節點是正確的策略，但它確實在成本方面造成了阻力。所以——我們必須努力解決這個問題。但是一旦我們在 4 年內在 5 個節點的另一邊，我們就擁有了從成本角度來看具有競爭力的工藝技術。

We've gotten ourselves this, let's say, significantly higher start-up costs that we are incurring behind us as well. And then as you point out, you have the benefits of the scale of revenue that we would expect. And then lastly, you have, as Pat was talking about, this whole notion of the internal foundry model, which just drives a lot of attention on cost and where we think we're going to get a lot of that $8 billion to $10 billion of savings exiting 2025.

我們已經得到了這個，比方說，我們也在我們身後招致了顯著更高的啟動成本。然後正如您指出的那樣，您將獲得我們期望的收入規模帶來的好處。最後，正如 Pat 所說，內部代工模型的整個概念，它引起了人們對成本的大量關注，我們認為我們將在 80 億到 100 億美元中獲得很多2025 年的儲蓄。

So I think the way I look at it at least is that we put forth a model for gross margins. We changed the depreciation, which incrementally raises that target. And there's nothing that's going on at the company that would suggest that we're off pace from that. We think we are going to achieve that. The timing is obviously a function somewhat of the market. But other than that, we feel like we're on a great path to have those margins.

所以我認為至少我看待它的方式是我們提出了一個毛利率模型。我們改變了折舊，逐漸提高了該目標。公司沒有發生任何事情表明我們已經偏離了這一點。我們認為我們將實現這一目標。時機顯然在某種程度上取決於市場。但除此之外，我們覺得我們正走在獲得這些利潤的好路上。

Yes. And I would just say there will be lumpiness, Pierre, right, of the ups and downs along the way, when process nodes come online, as you work through different product cycles, et cetera. But we'd say, as Dave said, we're going from the 30s into the 40s comfortably this year. We set a long-term model into the 50s that, if you consider the useful life, gets us up around 60% by the end of the 5-year period, as we've talked about. So we're on track to, I'll say, margins should be up and to the right as we work over time with lumpiness up and down due to these various considerations, but that's the path that we're laying ourselves up on.

是的。我只想說，當流程節點上線時，當您在不同的產品週期中工作時，一路上會有起起落落，皮埃爾，對吧，等等。但我們會說，正如戴夫所說，今年我們將從 30 年代輕鬆進入 40 年代。我們在 50 年代設定了一個長期模型，如果你考慮使用壽命，到 5 年結束時我們會增長 60% 左右，正如我們所討論的那樣。因此，我要說的是，由於這些各種考慮，我們隨著時間的推移上下波動，所以利潤率應該向上和向右，但這就是我們要走的路。

Pierre, do you have a quick follow-up question?

皮埃爾，你有一個快速的後續問題嗎？

Yes, very quick one. Pat, you mentioned Gaudi like a very, very positive benchmark on large language models. When I look around me, I don't see good tangible signs of Gaudi really gaining traction and getting big, despite the fact that the work today is really starving for more processing power and more capacity to run these models. So my question was am I just not seeing something that will become apparent very, very soon? Or are there still building blocks and parts and things that Gaudi is missing before really taking this very fast-growing opportunity?

是的，非常快的一個。帕特，你提到高迪是大型語言模型的一個非常非常積極的基準。當我環顧四周時，我看不到高迪真正獲得牽引力和變大的明顯跡象，儘管事實上今天的工作確實需要更多的處理能力和更多的能力來運行這些模型。所以我的問題是我只是沒有看到很快就會變得明顯的東西嗎？或者，在真正抓住這個快速發展的機會之前，高迪是否還缺少一些積木、零件和東西？

Yes. I think it's a fair commentary that we're only starting to see good positive proof points in the industry. So I think that's a fair critique, Pierre. But I'd point back to the announcement of Hugging Face, which is the most -- sort of like the GitHub of the AI world, very positive proof point this quarter, stable diffusion, right, another in Stability AI, important forces.

是的。我認為這是一個公平的評論，我們才剛剛開始在行業中看到良好的積極證據。所以我認為這是一個公平的批評，皮埃爾。但我要指出 Hugging Face 的公告，這是最——有點像 AI 世界的 GitHub，本季度非常積極的證據，穩定擴散，對，Stability AI 中的另一個重要力量。

Also, my comments around a rapidly growing pipeline. Obviously, you can't measure that, but I'll tell you, we have many opportunities that we're now engaging in globally. You'll also see us taking more aggressive steps with our DevCloud, presenting this as a developer environment for the market. So I think we have a lot of work to do here to show up in a meaningful way. But we think the Gaudi2 strategy has now started to gain quite a lot of interest in the market.

此外，我對快速增長的管道發表了評論。顯然，你無法衡量這一點，但我會告訴你，我們現在在全球範圍內有很多機會。您還將看到我們對 DevCloud 採取更積極的步驟，將其作為市場的開發人員環境展示。所以我認為我們在這裡有很多工作要做，以一種有意義的方式出現。但我們認為 Gaudi2 策略現在已經開始在市場上引起相當大的興趣。

As I said in my prepared remarks, Gaudi3 has now taped out, which will be the next step-up. Also, we're describing to customers our 2025 platform, the Falcon Shores product, which is another step-up. That also brings together the full offering of our HPC and AI into a single platform offering. Customers are responding very well to the, I'll say, the alignment and simplification of our road map in HPC and AI coming together.

正如我在準備好的發言中所說，高迪 3 現已流片，這將是下一步的升級。此外，我們正在向客戶描述我們的 2025 平台，即 Falcon Shores 產品，這是另一個升級。這還將我們的 HPC 和 AI 的全部產品組合到一個平台產品中。客戶對我們在 HPC 和 AI 中的路線圖的對齊和簡化反應非常好。

So overall, we feel like we're now starting to show up in this space. But we have a lot of work to do to land meaningful revenue customers in this area. And I'm hopeful that we'll be able to put some clear proof points that you can start to see in the marketplace in the near future.

所以總的來說，我們覺得我們現在開始出現在這個領域。但我們還有很多工作要做，才能在這一領域找到有意義的收入客戶。我希望我們能夠提出一些明確的證據，您可以在不久的將來開始在市場上看到這些證據。

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。

I had a near-term and then a longer-term one. So on the near term, how should we think about the second half? Right now, when I look at consensus expectations, they are set for about 15% to 20% half-on-half growth. I appreciate you're not giving guidance. But is that the kind of growth that is contemplated or reflected in the return to the low 40s gross margin?

我有一個近期的，然後是一個長期的。那麼在短期內，我們應該如何看待下半年？現在，當我看一下共識預期時，他們設定為大約 15% 到 20% 的半對半增長。感謝您不提供指導。但是，毛利率回落到 40 多歲的低水平是預期或反映的那種增長嗎？

Yes. I think what Pat said is we thought things would be modestly better in the second half of the year. And that, combined with the fact that pre-PRQ reserves reverse themselves, we'll probably see some better utilization levels. That's what gives us the confidence of comfortably in the 40s. And we're not providing any specific revenue guidance on the second half.

是的。我認為帕特所說的是我們認為下半年情況會略有好轉。而且，再加上 PRQ 前儲備逆轉的事實，我們可能會看到更好的利用率水平。這就是讓我們有信心在 40 年代舒適地生活的原因。而且我們沒有提供下半年的任何具體收入指導。

Well, I'd say there's three things to just think about for the second half. One is that you normally have a stronger second half in our industry. We expect that to be the case. Second is we'll have worked through a lot of the inventory issues as you go first half to second half. And we are seeing some green shoots in the marketplace. We think it's a tough market for all, right? And we're navigating through it well, as seen by our top and bottom line beat in Q1. But hey, it's a tough market out there. So we're still being fairly cautious as we look out over time.

好吧，我想說下半場需要考慮三件事。一是你通常在我們的行業有一個更強大的下半年。我們希望情況會如此。其次，我們將在上半年到下半年解決很多庫存問題。我們在市場上看到了一些萌芽。我們認為這對所有人來說都是一個艱難的市場，對吧？正如我們在第一季度的頂線和底線所見，我們正在順利通過它。但是，嘿，這是一個艱難的市場。因此，隨著時間的推移，我們仍然相當謹慎。

And then third, obviously, our strengthening execution. Our road map is getting stronger. We're gaining market share. And I think of our Q1 as a solid proof point that we're navigating through the tough environment that we have in a better way than most. So we are incrementally more positive on the second half, but we also believe we have to continue careful execution, careful fiscal discipline as we go through a very uncertain macro outlook.

第三，很明顯，我們加強了執行力。我們的路線圖越來越強大。我們正在獲得市場份額。我認為我們的第一季度是一個堅實的證據，證明我們正在以比大多數人更好的方式度過艱難的環境。因此，我們對下半年越來越樂觀，但我們也相信，在我們經歷非常不確定的宏觀前景時，我們必須繼續謹慎執行、謹慎的財政紀律。

Vivek, do you have a follow-up?

Vivek，你有後續行動嗎？

Yes. So Pat, my longer-term question is how do you see the role of ARM in the server CPU market? It's interesting that you're starting to partner with Ampere on ARM servers. I presume that implies a more credible ecosystem developing for ARM servers. I believe it's already around mid-single-digit or so as part of the cloud instances. So how do you see the role of ARM servers over the next few years? And do you see it as -- and just what is the impact on x86 server CPU TAM if ARM becomes bigger in the market?

是的。那麼 Pat，我的長期問題是您如何看待 ARM 在服務器 CPU 市場中的作用？有趣的是，您開始與 Ampere on ARM 服務器合作。我認為這意味著為 ARM 服務器開發一個更可靠的生態系統。我相信作為雲實例的一部分，它已經在中個位數左右。那麼您如何看待 ARM 服務器在未來幾年的作用？你認為它是——如果 ARM 在市場上變得更大，對 x86 服務器 CPU TAM 有什麼影響？

Yes. And a couple of things here, Vivek. One is the announcement that we did with ARM this quarter around IFS, it was a strong ecosystem statement for our foundry offerings and one that was focused around the mobile platform. But we do expect that we'll have a broader play over time, as the announcement indicated that it's first focused on mobile, where ARM has proven considerable strength across the market. I'd also say that we think of the market and the future of four architectures matter: ARM, RISC-V, x86, right, playing a critical role and the role of accelerators in GPU, right? And we'll be participating across all of those, whether that's through foundry or through our product offerings.

是的。還有幾件事，Vivek。一個是我們本季度圍繞 IFS 與 ARM 一起發布的公告，這是針對我們的代工產品的強大生態系統聲明，也是一個專注於移動平台的聲明。但我們確實希望隨著時間的推移我們會有更廣泛的參與，因為公告表明它首先專注於移動領域，ARM 已在該市場證明了相當大的實力。我還要說的是，我們認為四種架構的市場和未來很重要：ARM、RISC-V、x86，對，發揮關鍵作用和加速器在 GPU 中的作用，對嗎？我們將參與所有這些，無論是通過代工廠還是通過我們的產品。

I've continued to view that if we are doing a great job with our road map, that the role of ARM in the data center will be limited, right? And particularly with the E-core product line that we've laid -- now laid out with Sierra Forest, Clearwater Forest and strong products coming thereafter, we believe that we now deliver power performance, TCO benefit at x86. Migrating software stacks in the data center is a lot of work, right? And if I give customers an easy path with x86 and E-core solutions with superior TCO alternatives, that will do very well.

我一直認為，如果我們的路線圖做得很好，那麼 ARM 在數據中心的作用將受到限制，對嗎？特別是我們已經鋪設的 E-core 產品線——現在已經鋪設了 Sierra Forest、Clearwater Forest 以及隨後推出的強大產品，我們相信我們現在可以提供 x86 的功率性能和 TCO 優勢。在數據中心遷移軟件堆棧是一項繁重的工作，對吧？如果我為客戶提供 x86 和 E-core 解決方案以及卓越的 TCO 替代方案的簡單路徑，那將做得很好。

So with that, that's our primary play. At the same time, our foundry play will be come one, come all. We will manufacture, right, any of the RISC-V, ARM, x86 and GPU alternatives for the industry through our superior capabilities in our foundry offerings over time. We view this as an industry play of great significance and one that we're committed to competing for leadership wafers across every architecture, every segment of the industry.

因此，這就是我們的主要玩法。同時，我們的代工玩法將是來一個，來所有。隨著時間的推移，我們將通過我們在代工產品方面的卓越能力，為行業製造任何 RISC-V、ARM、x86 和 GPU 替代品。我們認為這是一項具有重要意義的行業活動，我們致力於在行業的每個架構、每個部分爭奪領導晶圓。

And our final question for today comes from the line of Joseph Moore from Morgan Stanley.

我們今天的最後一個問題來自摩根士丹利的 Joseph Moore。

I wonder if you could talk about the CapEx. You mentioned 10% going to foundry. Can you talk about -- and I still get kind of a gross CapEx number that's north of $20 million. Does that seem like it's in the ballpark? And are you spending that money more on shells and capacity? Or how much of that money gets allocated to the 5 nodes in 4 years?

我想知道你是否可以談談資本支出。你提到了 10% 去鑄造廠。你能談談——我仍然得到一個超過 2000 萬美元的資本支出總額。這看起來像是在球場上嗎？您是否將更多的錢花在外殼和容量上？或者在 4 年內分配給 5 個節點的資金有多少？

Yes. Gross would be north of $20 million. We think, as I mentioned, that we can keep net CapEx intensity in kind of the low 30s as a percent of revenue, which is kind of within our model, actually a little bit better than what we modeled during the capital-intensive phase of our transformation.

是的。總收入將超過 2000 萬美元。我們認為，正如我所提到的，我們可以將淨資本支出強度保持在 30% 左右，佔收入的百分比，這在我們的模型中，實際上比我們在資本密集階段建模的要好一點我們的轉變。

As it relates to kind of the split, we are probably -- certainly, there's a lot of CapEx going to equipment. There's a lot of CapEx going to shells. We're probably a little bit more biased towards shell investment right now. We had been, in the past, behind and that caught us. And these are obviously the very long lead time-type investments. And so you want to be -- make sure you have a shell when you need it.

由於它涉及到某種拆分，我們可能——當然，有很多資本支出用於設備。有很多資本支出用於貝殼。我們現在可能更偏向於空殼投資。過去，我們一直落後，這抓住了我們。這些顯然是非常長的提前期類型的投資。所以你想成為——確保你在需要的時候有一個外殼。

And so we have biased ourselves to do that and to make the investments that are appropriate in that regard. And as you point out, as I said, it's largely around our own needs. We are making some modest investments on the foundry side right now as we start to get -- gain traction on the customer front. And as we get more customers, we'll ramp that investment as appropriate.

因此，我們偏向於這樣做，並在這方面進行適當的投資。正如你指出的那樣，正如我所說，這主要是圍繞我們自己的需求。隨著我們開始獲得 - 在客戶方面獲得牽引力，我們現在正在代工方面進行一些適度的投資。隨著我們獲得更多客戶，我們將適當增加投資。

Joe, do you have a quick follow-up?

喬，你有快速跟進嗎？

I do, yes. In terms of the sort of capital offsets that you've got another 20% to 30%, is there the opportunity for that number to be better? For example, with the CHIPS Act as the grant money starts to get dispersed or you've talked about additional deals like Brookfield, like I guess, are you contemplating within that number potential future improvement? Or does that number get better if we start to see benefit from those things?

我知道，是的。就您還有 20% 到 30% 的資本補償而言，這個數字是否有機會變得更好？例如，隨著 CHIPS 法案的實施，贈款資金開始分散，或者您已經談到像 Brookfield 這樣的額外交易，就像我猜的那樣，您是否正在考慮在這個數字內潛在的未來改進？或者如果我們開始從這些事情中獲益，這個數字會變得更好嗎？

I mean, this is our current outlook is somewhere in the 20% to 30%. It obviously can get better. It assumes that we will have another SCIP by the end of the year and some government incentives. But obviously, I've got the CEO out there managing the offsets. And so I think there's certainly opportunity to see upside, if not this year, next year. And keep in mind, next year, we'll also have the benefit of the investment tax credit coming in at that point, which will obviously be helpful.

我的意思是，這是我們目前的前景，在 20% 到 30% 之間。它顯然可以變得更好。它假設我們將在今年年底之前擁有另一個 SCIP 和一些政府激勵措施。但顯然，我已經讓 CEO 在那裡管理補償。所以我認為肯定有機會看到上行空間，如果不是今年，明年。請記住，明年，我們也將受益於屆時的投資稅收抵免，這顯然會有所幫助。

Yes. And I would just add on top of that, this is something we're working. We're engaging right now with the Department of Commerce and working through our grant applications in that area. We have modeled a certain level in the guidelines that Dave said. Obviously, we're going to be working to do better than that in this regard. And fundamentally, the CHIPS Act is all about making U.S. manufacturing competitive in the world.

是的。我只想補充一點，這是我們正在努力的事情。我們現在正在與商務部合作，並處理我們在該領域的撥款申請。我們已經在 Dave 所說的指南中模擬了某個級別。顯然，我們將努力在這方面做得更好。從根本上說，CHIPS 法案就是要讓美國製造業在世界上具有競爭力。

And that's the focus that we have and the intent of Congress as was laid out. And we hope to get those done as quickly as possible. We also had a major milestone with the EU CHIPS Act passing Parliament last week. And we continue to work on that front. And obviously, SCIP and investment tax credit, we're working to make our capital intensity and efficiency to be a great opportunity for us to bring shareholder returns in a meaningful way.

這就是我們的重點和國會的意圖。我們希望盡快完成這些工作。我們也有一個重要的里程碑，上週歐盟芯片法案在議會獲得通過。我們繼續在這方面努力。顯然，SCIP 和投資稅收抵免，我們正在努力使我們的資本強度和效率成為我們以有意義的方式為股東帶來回報的絕佳機會。

So with that, let me just wrap up our time together. First, let me say thank you. We're grateful that you joined us. We're grateful that we have the opportunity to give you an update on our business and the progress that we're making. While the macro is challenging and plenty of headwinds out there, we also believe that our execution on our financials, a beat on top and bottom line, great execution on our process and product road maps.

因此，讓我一起結束我們的時間。首先，讓我說聲謝謝。我們很感激你加入我們。我們很高興有機會向您介紹我們的業務和我們正在取得的進展。儘管宏觀經濟充滿挑戰並且存在很多不利因素，但我們也相信我們在財務上的執行力，在頂線和底線上的表現，在我們的流程和產品路線圖上的出色執行力。

And here we are, 2 years into my tenure and the journey to date has had some unexpected bumps in the road. We're also beginning to see clear points that increase my confidence that we have the right strategy, the right team, and we are executing on this transformation. And we look forward to updating you throughout the quarter and our next call together. So thank you all so much.

現在，在我任職 2 年之後，迄今為止的旅程遇到了一些意想不到的顛簸。我們也開始看到明確的觀點，這些觀點增加了我對我們擁有正確的戰略、正確的團隊以及我們正在執行這一轉型的信心。我們期待在整個季度和我們的下一次通話中為您更新。非常感謝大家。

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。