英特爾 (INTC) 2023 Q2 法說會逐字稿

Thank you for standing by, and welcome to Intel Corporation's Second Quarter 2023 Earnings Conference Call. (Operator Instructions) As a reminder, today's program is being recorded. And now I'd like to introduce your host for today's program, Mr. John Pitzer, Corporate Vice President of Investor Relations.

感謝您的耐心等待，歡迎參加英特爾公司 2023 年第二季度收益電話會議。 （操作員指示）提醒一下，今天的節目正在錄製中。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。

Thank you, Jonathan. By now, you should have received a copy of the Q2 earnings release and earnings presentation, both of which are available on our investor website intc.com. For those joining us online, the earnings presentation is also available in our webcast window. I am 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二季度收益發布和收益演示文稿的副本，兩者都可以在我們的投資者網站 intc.com 上找到。對於那些在線加入我們的人，收益演示也可以在我們的網絡廣播窗口中觀看。今天我們的首席執行官帕特·基辛格 (Pat Gelsinger) 也加入了我的行列。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，然後進行問答環節。

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. Our discussion also contains references to non-GAAP financial measures that we believe provide useful information to our investors.

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看到的環境的前瞻性陳述，因此受到各種風險和不確定性的影響。我們的討論還提到了非公認會計原則財務指標，我們認為這些指標為我們的投資者提供了有用的信息。

Our earnings release, most recent annual report on Form 10-K and other filings with the SEC provide more information on 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 our corresponding GAAP financial measures with that, let me turn things over to Pat.

我們的收益發布、最新的 10-K 表格年度報告以及向 SEC 提交的其他文件提供了有關可能導致實際結果與我們的預期存在重大差異的特定風險因素的更多信息。他們還提供了有關我們的非 GAAP 財務指標的更多信息，包括在適當的情況下與我們相應的 GAAP 財務指標的調節，讓我把事情交給帕特。

Thank you, John, and good afternoon, everyone. Our strong second quarter results exceeded expectations on both the top and bottom line, demonstrating continued financial improvement and confirmation of our strategy in the marketplace. Effective execution across our process and product road maps is rebuilding customer confidence in Intel. Strength in client and data center and our efforts to drive efficiencies and cost savings across the organization all contributed to the upside in the quarter and a return to profitability. We remain committed to delivering on our strategic road map, achieving our long-term goals and maximizing shareholder value.

謝謝約翰，大家下午好。我們強勁的第二季度業績在營收和利潤上都超出了預期，這表明財務狀況持續改善，並確認了我們的市場戰略。我們的流程和產品路線圖的有效執行正在重建客戶對英特爾的信心。客戶和數據中心的實力以及我們在整個組織內提高效率和節省成本的努力都促成了本季度的增長和盈利能力的恢復。我們仍然致力於實現我們的戰略路線圖，實現我們的長期目標並最大化股東價值。

In Q2, we began to see real benefits from our accelerating AI opportunity. We believe we are in a unique position to drive the best possible TCO for our customers at every node on the AI continuum. Our strategy is to democratize AI, scaling it and making it ubiquitous across the full continuum of workloads and usage models. We are 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 data prep, training and inference in both discrete and integrated solutions.

在第二季度，我們開始看到人工智能機會加速帶來的真正好處。我們相信，我們處於獨特的地位，可以在人工智能連續體的每個節點為客戶提供盡可能最佳的 TCO。我們的戰略是使人工智能民主化、擴展它並使其在整個工作負載和使用模型中無處不在。我們正在倡導一個擁有全套芯片和軟件 IP 的開放生態系統，以推動人工智能從雲到企業、網絡、邊緣和客戶端，涵蓋離散和集成解決方案中的數據準備、訓練和推理。

As we have previously outlined, AI is 1 of our 5 superpowers along with pervasive connectivity, ubiquitous compute, cloud to edge infrastructure and sensing, underpinning a $1 trillion semi-industry by 2030. Intel Foundry Services, or IFS, positions us to further capitalize on the AI market opportunity as well as the growing need for a secure, diversified and resilient global supply chain. IFS is a significant accelerant to our IDM 2.0 strategy, and every day of geopolitical tension reinforces the correctness of our strategy.

正如我們之前概述的，人工智能是我們的 5 個超級大國之一，與無處不在的連接、無處不在的計算、雲到邊緣基礎設施和傳感一起，支撐著到 2030 年價值 1 萬億美元的半產業。英特爾代工服務 (IFS) 使我們能夠進一步利用資本人工智能市場機遇以及對安全、多元化和有彈性的全球供應鏈日益增長的需求。 IFS 是我們 IDM 2.0 戰略的重要促進劑，每天的地緣政治緊張局勢都增強了我們戰略的正確性。

IFS expands our scale, accelerates our ramps at the leading edge and creates long tails at the trailing edge. More importantly for our customers, it provides choice, leading edge capacity outside of Asia and at HANA and beyond, what we believe will deliver leadership performance. We are executing well on our Intel 18A as a key foundry offering and continue to make substantial progress against our strategy.

IFS 擴大了我們的規模，加速了前沿的坡道，並在後沿創造了長尾。對於我們的客戶來說，更重要的是，它提供了亞洲以外、HANA 及其他地區的選擇和領先的能力，我們相信這將帶來領先的績效。我們在英特爾 18A 作為關鍵代工產品方面表現良好，並繼續根據我們的戰略取得實質性進展。

In addition, in July, we announced that Boeing and Northrop Grumman will join the RAMP-C program along with IBM, Microsoft and NVIDIA. The Rapid Assurance Microelectronics Prototypes-Commercial or RAMP-C, is a program created by the U.S. Department of Defense in 2021 to assure domestic access to next-generation semiconductors, specifically by establishing and demonstrating a U.S.-based foundry ecosystem to develop and fabricate chips on Intel 18A. RAMP-C continues to build on recent customer and partner announcements by IFS, including MediaTek, ARM and a leading cloud edge and data center solutions provider.

此外，7 月，我們宣布波音公司和諾斯羅普格魯曼公司將與 IBM、微軟和 NVIDIA 一起加入 RAMP-C 計劃。快速保證微電子原型商業化或 RAMP-C 是美國國防部於 2021 年創建的一項計劃，旨在確保國內獲得下一代半導體，特別是通過建立和展示美國的代工生態系統來開發和製造芯片在英特爾 18A 上。 RAMP-C 繼續以 IFS 最近發布的客戶和合作夥伴為基礎，其中包括聯發科技、ARM 以及領先的雲邊緣和數據中心解決方案提供商。

We also made good progress on 2 significant 18A opportunities this quarter. We are strategically investing in manufacturing capacity to further advance our IDM 2.0 strategy and overarching foundry ambitions while adhering to our smart capital strategy. In Q2, we announced an expanded investment to build 2 leading-edge semiconductor facilities in Germany as well as plans for a new assembling and test facility in Poland. The building out of Silicon Junction in Magdeburg is an important part of our go-forward strategy. And with our investment in Poland and the Ireland sites, we already operate at scale in the region.

本季度我們還在 2 個重要的 18A 機會上取得了良好進展。我們正在對製造能力進行戰略性投資，以進一步推進我們的 IDM 2.0 戰略和總體代工雄心，同時堅持我們的智能資本戰略。第二季度，我們宣布擴大投資，在德國建造 2 座領先的半導體工廠，併計劃在波蘭建造一座新的組裝和測試工廠。在馬格德堡建設 Silicon Junction 是我們前進戰略的重要組成部分。通過在波蘭和愛爾蘭工廠的投資，我們已經在該地區大規模運營。

We are encouraged to see the passage of the EU CHIPS bill supporting our building out an unrivaled capacity corridor in Europe. In addition, a year after being signed into law, we submitted our first application for U.S. CHIPS funding for the on-track construction of our fab expansion in Arizona, working closely with the U.S. Department of Commerce. It all starts with our process and product road maps, and I am pleased to report that all our programs are on or ahead of schedule. We remain on track to 5 nodes in 4 years and to regain transistor performance and power performance leadership by 2025.

我們很高興看到歐盟 CHIPS 法案獲得通過，支持我們在歐洲建設無與倫比的產能走廊。此外，在法律簽署一年後，我們與美國商務部密切合作，提交了第一份美國 CHIPS 資金申請，用於亞利桑那州晶圓廠擴建項目的順利建設。這一切都始於我們的流程和產品路線圖，我很高興地報告，我們的所有計劃都按計劃進行或提前完成。我們仍有望在 4 年內實現 5 個節點，並在 2025 年之前重新獲得晶體管性能和功率性能的領先地位。

Looking specifically at each node, Intel 7 is done and with the second half launch of Meteor Lake, Intel 4, our first EUV node is essentially complete with production ramping. For the remaining 3 nodes, I would highlight Intel 3 met defect density and performance milestones in Q2, released PDK 1.1 and is on track for overall yield and performance targets. We will launch Sierra Forest in first half '24 with Granite Rapids following shortly thereafter, our lead vehicles for Intel 3.

具體來看每個節點，Intel 7 已經完成，隨著下半年 Meteor Lake、Intel 4 的推出，我們的第一個 EUV 節點基本上已經完成了量產。對於其餘 3 個節點，我要強調的是 Intel 3 在第二季度達到了缺陷密度和性能里程碑，發布了 PDK 1.1，並且正在實現總體良率和性能目標。我們將在 24 年上半年推出 Sierra Forest，緊隨其後的是 Granite Rapids，這是我們針對 Intel 3 的主要車輛。

On Intel 20A, our first node using both RibbonFET and PowerVia, Arrow Lake, a volume client product is currently running its first stepping in the fab. In Q2, we announced that we will be the first to implement backside power delivery in silicon 2-plus years ahead of the industry, enabling power savings, area efficiency and performance gains for increased compute demands ideal for use cases like AI, CPUs and graphics. In addition, backside power improves ease of design, a major benefit not only for our own products but even more so for our foundry customers.

在 Intel 20A 上，我們的第一個同時使用 RibbonFET 和 PowerVia 的節點，Arrow Lake，一種批量客戶端產品，目前正在晶圓廠中運行其第一步。在第二季度，我們宣布我們將率先在芯片中實現背面供電，領先業界兩年多，從而實現節能、面積效率和性能提升，以滿足不斷增長的計算需求，非常適合人工智能、CPU 和圖形等用例。此外，背面電源提高了設計的便利性，這不僅對我們自己的產品來說是一個重大好處，對我們的代工廠客戶來說更是如此。

On Intel 18A, we continue to run internal and external test chips and remain on track to being manufacturing ready in the second half of 2024. Just this week, we were pleased to have announced an agreement with Ericsson to partner broadly on their next-generation optimized 5G infrastructure. Reinforcing customer confidence in our road map, Ericsson will be utilizing Intel's 18A process technology for its future custom 5G SoC offerings.

在英特爾 18A 上，我們繼續運行內部和外部測試芯片，並有望在 2024 年下半年做好生產準備。就在本週，我們很高興地宣布與愛立信達成協議，在其下一代產品上進行廣泛合作優化5G基礎設施。為了增強客戶對我們路線圖的信心，愛立信將在其未來的定制 5G SoC 產品中採用英特爾的 18A 處理技術。

Moving to products. Our client business exceeded expectations and gained share yet again in Q2 as the group executed well, seeing a modest recovery in the consumer and education segments as well as strength in premium segments where we have leadership performance. We have worked closely with our customers to manage client CPU inventory down to healthy levels. As we continue to execute against our strategic initiatives, we see a sustained recovery in the second half of the year as inventory has normalized. Importantly, we see the AI PC as a critical inflection point for the PC market over the coming years that will rival the importance of Centrino and WiFi in the early 2000s. And we believe that Intel is very well positioned to capitalize on the emerging growth opportunity.

轉向產品。我們的客戶業務超出了預期，並在第二季度再次獲得了份額，因為該集團執行良好，看到消費者和教育領域的適度復甦以及我們擁有領先表現的高端領域的實力。我們與客戶密切合作，將客戶 CPU 庫存控制在健康水平。隨著我們繼續執行我們的戰略舉措，隨著庫存恢復正常，我們預計下半年將出現持續復甦。重要的是，我們將 AI PC 視為未來幾年 PC 市場的關鍵轉折點，其重要性將與 2000 年代初期的 Centrino 和 WiFi 相媲美。我們相信英特爾處於有利位置，可以利用新興的增長機會。

In addition, we remain positive on the long-term outlook for PCs as household density is stable to increasing across most regions and usage remains above pre-pandemic levels. Building on strong demand for our 13th Gen Intel Processor family, Meteor Lake is ramping well in anticipation of a Q3 PRQ and will maintain and extend our performance leadership in share gains over the last 4 quarters. Meteor Lake will be a key inflection point in our client processor road map as the first PC platform built on Intel 4, our first EUV node and the first client chiplet design enabled by Foveros advanced 3D packaging technology, delivering improved power efficiency and graphics performance.

此外，我們對個人電腦的長期前景仍持樂觀態度，因為大多數地區的家庭密度穩定增長，且使用量仍高於大流行前的水平。基於對我們第 13 代英特爾處理器系列的強勁需求，Meteor Lake 在第三季度 PRQ 的預期下正在穩步增長，並將在過去 4 個季度保持和擴大我們在份額增長方面的業績領先地位。 Meteor Lake 將成為我們客戶端處理器路線圖中的一個關鍵轉折點，作為第一個基於 Intel 4 構建的 PC 平台、我們的第一個 EUV 節點以及由 Foveros 先進 3D 封裝技術支持的第一個客戶端小芯片設計，可提供更高的能效和圖形性能。

Meteor Lake will also feature a dedicated AI engine, Intel AI Boost. With AI Boost, our integrated neural VPU, enabling dedicated low-power compute for AI workloads, we will bring AI use cases to life through key experience as people will want a need for hybrid work, productivity, sensing, security and creator capabilities, many of which were previewed at Microsoft's Build 2023 Conference.

Meteor Lake 還將配備專用的 AI 引擎 Intel AI Boost。借助我們的集成神經 VPU AI Boost，為 AI 工作負載提供專用的低功耗計算，我們將通過關鍵體驗將 AI 用例帶入生活，因為人們需要混合工作、生產力、傳感、安全和創造者功能，許多其中已在 Microsoft Build 2023 大會上預覽。

Finally, while making the decision to end direct investment in our Next Unit of Computing or NUC business, this well-regarded brand will continue to scale effectively with our recently announced ASUS partnership. In the data center, our 4th Gen Xeon Scalable Processor is showing strong customer demand despite the mixed overall market environment. I am pleased to say that we are poised to ship our 1 millionth 4th Gen Xeon unit in the coming days. This quarter, we also announced the general availability of 4th Gen Cloud Instances by Google Cloud.

最後，在決定終止對我們的下一代計算單元或 NUC 業務的直接投資的同時，這個備受推崇的品牌將通過我們最近宣布的華碩合作夥伴關係繼續有效擴展。在數據中心，儘管整體市場環境參差不齊，我們的第四代至強可擴展處理器仍顯示出強勁的客戶需求。我很高興地說，我們準備在未來幾天內發貨我們的第 100 萬個第四代 Xeon 單元。本季度，我們還宣布全面推出 Google Cloud 的第四代云實例。

We also saw great progress with 4th Gen AI acceleration capabilities, and we now estimate more than 25% of Xeon data center shipments are targeted for AI workloads. Also in Q2, we saw a third-party validation from MLCommons when they published MLPerf training performance benchmark data showing that 4th Gen Xeon and Habana Gaudi2 are 2 strong open alternatives in the AI market that compete on both performance and price versus the competition. End-to-end AI-infused applications like DeepMind's AlphaFold and algorithm areas such as graft neural networks show our 4th Gen Xeon outperforming other alternatives, including the best published GPU results.

我們還看到了第四代人工智能加速功能的巨大進步，我們現在估計超過 25% 的至強數據中心出貨量是針對人工智能工作負載的。同樣在第二季度，我們看到了 MLCommons 的第三方驗證，他們發布了 MLPerf 訓練性能基準數據，顯示第四代 Xeon 和 Habana Gaudi2 是人工智能市場上兩個強大的開放替代品，在性能和價格方面都與競爭對手競爭。 DeepMind 的 AlphaFold 等端到端人工智能應用程序和移植神經網絡等算法領域表明，我們的第四代 Xeon 優於其他替代方案，包括已發布的最佳 GPU 結果。

Our strengthening positioning within the AI market was reinforced by our recent announcement of our collaboration with Boston Consulting Group to deliver enterprise-grade, secure and responsible generative AI, leveraging our Gaudi and 4th Gen Xeon offerings to unlock business value while maintaining high levels of security and data privacy.

我們最近宣布與波士頓諮詢集團合作，提供企業級、安全且負責任的生成式人工智能，利用我們的 Gaudi 和第四代至強產品釋放業務價值，同時保持高水平的安全性，這進一步鞏固了我們在人工智能市場的地位。和數據隱私。

Our data center CPU road map continues to get stronger and remains on or incrementally ahead of schedule. With Emerald Rapids, our 4th Gen Xeon Scalable set to launch in Q4 of '23. Sierra Forest, our lead vehicle for Intel 3 will launch in the first half of '24. Granite Rapids will follow shortly thereafter. For both Sierra Forest and Granite Rapids, volume validation with customers is progressing ahead of schedule. Multiple Sierra Forest customers have powered on their boards and silicon is hitting all power and performance targets. Clearwater Forest, the follow-on to Sierra Forest, will come to market in 2025 and be manufactured on Intel 18A.

我們的數據中心 CPU 路線圖繼續變得更加強大，並保持或逐步提前於計劃。我們的第四代至強可擴展處理器 Emerald Rapids 將於 23 年第四季度推出。 Sierra Forest 是我們針對 Intel 3 的主要工具，將於 2024 年上半年推出。此後不久花崗岩急流也將緊隨其後。對於 Sierra Forest 和 Granite Rapids，與客戶的批量驗證正在提前進行。多個 Sierra Forest 客戶已啟動他們的主板，並且芯片達到了所有功率和性能目標。 Clearwater Forest 是 Sierra Forest 的後續產品，將於 2025 年上市，並採用 Intel 18A 製造。

While we performed ahead of expectations, the Q2 consumption TAM for servers remained soft on persistent weakness across all segments but particularly in the enterprise and rest of world where the recovery is taking longer than expected across the entire industry. We see the server CPU inventory digestion persisting in the second half. Additionally, impacted by the near-term wallet share focus on AI accelerators rather than general purpose compute in the cloud. We expect Q3 server CPUs to modestly decline sequentially before recovering in Q4. Longer term, we see AI as TAM expansive to server CPUs and more importantly, we see our accelerated product portfolio is well positioned to gain share in 2024 and beyond.

雖然我們的表現超出了預期，但由於所有細分市場持續疲軟，第二季度服務器消費 TAM 仍然疲軟，特別是在企業和世界其他地區，整個行業的複蘇時間比預期更長。我們看到下半年服務器 CPU 庫存的消化仍在持續。此外，受近期錢包份額的影響，人們關注的是人工智能加速器，而不是雲中的通用計算。我們預計第三季度服務器 CPU 將環比小幅下降，然後在第四季度恢復。從長遠來看，我們認為 AI 隨著 TAM 擴展到服務器 CPU，更重要的是，我們看到我們的加速產品組合處於有利地位，可以在 2024 年及以後獲得市場份額。

The surging demand for AI products and services is expanding the pipeline of business engagements for our accelerator products, which includes our Gaudi Flex and MAX product lines. Our pipeline of opportunities through 2024 is rapidly increasing and is now over $1 billion and continuing to expand with Gaudi driving the lion's share. The value of our AI products is demonstrated by the public instances of Gaudi at AWS and the new commitments to our Gaudi product line from leading AI companies such as Hugging Face and Stability AI in addition to emerging AI leaders, including Indian Institute of Technology, Madras, (inaudible) and Genesis Cloud.

對人工智能產品和服務的激增需求正在擴大我們的加速器產品的業務合作渠道，其中包括我們的 Gaudi Flex 和 MAX 產品線。到 2024 年，我們的機會渠道正在迅速增加，目前已超過 10 億美元，並且繼續擴大，其中高迪佔據了最大份額。 AWS 上的 Gaudi 公共實例以及 Hugging Face 和 Stability AI 等領先人工智能公司以及包括印度理工學院馬德拉斯分校在內的新興人工智能領導者對我們的 Gaudi 產品線的新承諾證明了我們人工智能產品的價值、（聽不清）和 Genesis Cloud。

In addition to building near-term momentum with our family of accelerators, we continue to make key advancements in next-generation technologies, which present significant opportunities for Intel. In Q2, we shipped our test chip, Tunnel Falls, a 12-qubit, silicon-based quantum chip which uniquely leverages decades of transistor design and manufacturing investments and expertise.

除了利用我們的加速器系列打造近期發展勢頭外，我們還繼續在下一代技術方面取得關鍵進展，這為英特爾帶來了重大機遇。在第二季度，我們推出了測試芯片 Tunnel Falls，這是一款 12 量子位矽基量子芯片，它獨特地利用了數十年的晶體管設計和製造投資及專業知識。

Tunnel Falls fabrication achieved 95% yield rate with voltage uniformity similar to chips manufactured under the more usual CMOS process, with a single 300-millimeter wafer providing 24,000 quantum dot test chips. We strongly believe our silicon approach is the only path to true cost-effective commercialization of quantum computing, a silicon-based qubit approach is 1 million times smaller than alternative approaches.

Tunnel Falls 製造實現了 95% 的良率，電壓均勻性類似於在更常見的 CMOS 工藝下製造的芯片，單個 300 毫米晶圓可提供 24,000 個量子點測試芯片。我們堅信，我們的矽方法是量子計算真正經濟高效商業化的唯一途徑，基於矽的量子位方法比其他方法小 100 萬倍。

Turning to PSG, NEX and Mobileye, demand trends are relatively stronger across our broad-based markets like industrial, auto and infrastructure. Although as anticipated, NEX did see a Q2 inventory correction, which we expect to continue into Q3. In contrast, PSG, IFS and Mobileye continue on a solid 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 digit decline in the semiconductor market, excluding memory.

至於 PSG、NEX 和 Mobileye，我們工業、汽車和基礎設施等廣泛市場的需求趨勢相對較強。儘管正如預期的那樣，NEX 確實出現了第二季度的庫存調整，我們預計這種情況將持續到第三季度。相比之下，PSG、IFS 和 Mobileye 繼續保持穩健的增長軌跡，我們看到這些業務的總規模在 23 年同比增長，遠好於第三方對中個位數的預期半導體市場（不包括內存）下滑。

Looking specifically at our Programmable Solutions Group, we delivered record results for a third consecutive quarter. In Q2, we announced the Intel Agilex 7 with the R-Tile chiplet is shipping production qualified devices in volume to help customers accelerate workloads with seamless integration and the highest bandwidth processor interfaces. We have now PRQed 11 of the 15 new products we expected to bring to market in calendar year '23.

特別是我們的可編程解決方案集團，我們連續第三個季度取得了創紀錄的業績。在第二季度，我們宣布採用 R-Tile 小芯片的英特爾 Agilex 7 正在批量出貨合格的設備，以幫助客戶通過無縫集成和最高帶寬處理器接口加速工作負載。我們現在已經對預計在 23 日曆年推向市場的 15 種新產品中的 11 種進行了 PRQ。

For NEX, during Q2, Intel, Ericsson and HPE successfully demonstrated the industry's first vRAN solution running on the 4th Gen Intel Xeon Scalable Processor with Intel vRAN Boost. In addition, we will enhance the collaboration we announced at Mobile World Congress to accelerate industry-scale open RAN, utilizing standard Intel Xeon-based platforms as telcos transform to a foundation of programmable, software-defined infrastructure.

對於 NEX，第二季度，英特爾、愛立信和 HPE 成功展示了業界首款在採用英特爾 vRAN Boost 的第四代英特爾至強可擴展處理器上運行的 vRAN 解決方案。此外，隨著電信公司向可編程、軟件定義基礎設施的轉型，我們將加強在世界移動大會上宣布的合作，利用基於英特爾至強的標準平台，加速行業規模的開放 RAN。

Mobileye continued to generate strong profitability in Q2 and demonstrated impressive traction with their advanced product portfolio by announcing a supervision eyes-on hands-off design win with Porsche and the mobility-as-a-service collaboration with Volkswagen Group that will soon begin testing in Austin, Texas. We continue to drive technical and commercial engagement with them, co-developing leading FMCW, LiDAR products based on Intel silicon photonics technology and partnering to drive the software-defined automobile vision that integrates Mobileye's ADAS technology with Intel's Cockpit offerings.

Mobileye 在第二季度繼續創造強勁的盈利能力，並通過宣布與保時捷的監督“眼睛注視”設計獲勝以及與大眾集團的移動即服務合作（即將在 2019 年開始測試）展示了其先進產品組合的令人印象深刻的吸引力。德克薩斯州奧斯汀。我們繼續推動與他們的技術和商業合作，共同開發基於英特爾矽光子技術的領先 FMCW、LiDAR 產品，並合作推動軟件定義的汽車願景，將 Mobileye 的 ADAS 技術與英特爾的 Cockpit 產品相集成。

Additionally, in the second quarter, we executed the secondary offering that generated meaningful proceeds as we continue to optimize our value creation efforts. In addition to executing on our process and product road maps during the quarter, we remain on track to achieve our goal of reducing costs by $3 billion in 2023 and $8 billion to $10 billion exiting 2025. As mentioned during our internal foundry webinar, our new operating model establishes a separate P&L for our manufacturing group, inclusive of IFS and TD, which enables us to facilitate and accelerate our efforts to drive best-in-class cost structure, derisk our technology for external foundry customers and fundamentally changes incentives to drive incremental efficiencies.

此外，在第二季度，我們執行了二次發行，隨著我們繼續優化價值創造工作，產生了有意義的收益。除了在本季度執行我們的流程和產品路線圖之外，我們仍然有望實現到 2023 年降低成本 30 億美元、到 2025 年降低成本 80 億至 100 億美元的目標。正如我們在內部鑄造網絡研討會上提到的，我們的新運營模式為我們的製造集團建立了單獨的損益表，包括 IFS 和 TD，這使我們能夠促進和加速我們的努力，推動一流的成本結構，消除我們對外部代工客戶的技術風險，並從根本上改變推動增量的激勵措施效率。

We have already identified numerous gains in efficiency, including factory loading, test and sort time reduction, packaging cost improvements, litho field utilization improvements, reductions in staffing, expedites and many more. It is important to underscore the inherent sustained value creation due to the tight connection between our business units and TD, manufacturing and IFS.

我們已經發現了許多效率提升，包括工廠裝載、測試和分類時間減少、包裝成本改進、光刻現場利用率改進、人員配備減少、加快速度等等。由於我們的業務部門與 TD、製造和 IFS 之間的緊密聯繫，強調固有的持續價值創造非常重要。

Finally, as we continue to optimize our portfolio, we agreed to sell a minority stake in our IMS Nanofabrication business to Bain Capital who brings a long history of partnering with companies to drive growth and value creation. IMS has created a significant market position with multi-beam mask writing tools that are critical to the semiconductor ecosystem for enabling EUV technology and is already providing benefit on our 5 nodes, 4 years efforts. Further, this capability becomes even more critical with the adoption of high NA EUV in the second half of the decade.

最後，隨著我們不斷優化我們的投資組合，我們同意將 IMS 納米加工業務的少數股權出售給貝恩資本，貝恩資本擁有與公司合作推動增長和價值創造的悠久歷史。 IMS 憑藉多光束掩模寫入工具創造了重要的市場地位，這些工具對於實現 EUV 技術的半導體生態系統至關重要，並且已經在我們 5 個節點、4 年的努力中帶來了效益。此外，隨著本世紀後半葉採用高數值孔徑 EUV，這種能力變得更加重要。

As we continue to keep Moore's Law alive and very well, IMS is a hidden gem within Intel, and the business's growth will be exposed and accelerated through this transaction. While we still have work to do, we continue to advance our IDM 2.0 strategy. 5 nodes in 4 years remains well on track. Our product execution and road map is progressing well. We continue to build out our foundry business, and we are seeing early signs of success as we work to truly democratize AI and from cloud to enterprise, network, edge and client. We also saw strong momentum on our financial discipline and cost savings as we return to profitability, are executing our internal foundry model by 2024 and are leveraging our smart capital strategy to effectively and efficiently position us for the future. With that, I will turn it over to Dave.

隨著我們繼續保持摩爾定律的良好運行，IMS 成為英特爾內部一顆隱藏的寶石，該業務的增長將通過此次交易得到暴露和加速。儘管我們仍有工作要做，但我們將繼續推進 IDM 2.0 戰略。 4 年 5 個節點仍然順利進行。我們的產品執行和路線圖進展順利。我們繼續發展我們的代工業務，隨著我們努力實現人工智能從雲到企業、網絡、邊緣和客戶端的真正民主化，我們已經看到了成功的早期跡象。隨著我們恢復盈利，我們還看到了財務紀律和成本節約方面的強勁勢頭，我們正在到 2024 年執行我們的內部代工模式，並利用我們的智能資本戰略有效和高效地為我們的未來定位。有了這個，我會把它交給戴夫。

Thank you, Pat, and good afternoon, everyone. We drove stronger-than-expected business results in the second quarter, comfortably beating guidance on both the top and bottom line. While we expect continued improvement to global macroeconomic conditions, the pace of recovery remains moderate. We will continue to focus on what we can control, prioritizing investments critical to our IDM 2.0 transformation, prudently and aggressively managing expenses near term and driving fundamental improvements to our cost structure longer term.

謝謝帕特，大家下午好。我們在第二季度取得了強於預期的業績，在營收和利潤方面均輕鬆超過了指導。儘管我們預計全球宏觀經濟狀況將繼續改善，但復甦步伐仍然溫和。我們將繼續專注於我們可以控制的事情，優先考慮對我們的 IDM 2.0 轉型至關重要的投資，謹慎而積極地管理近期費用，並推動我們長期成本結構的根本改善。

Second quarter revenue was $12.9 billion, more than $900 million above the midpoint of our guidance. Revenue exceeded our expectations in CCG, DCAI, IFS and Mobileye, partially offset by continued demand softness and elevated inventory levels in the network and edge markets, which impacted NEX results. Gross margin was 39.8%, 230 basis points better than guidance on stronger revenue. EPS for the quarter was $0.13, beating guidance by $0.17 as our revenue strength, better gross margin and disciplined OpEx management resulted in a return to profitability.

第二季度收入為 129 億美元，比我們指引的中值高出 9 億多美元。 CCG、DCAI、IFS 和 Mobileye 的收入超出了我們的預期，但部分被持續的需求疲軟以及網絡和邊緣市場的庫存水平上升所抵消，這影響了 NEX 的業績。毛利率為 39.8%，比營收強勁的指引高 230 個基點。本季度每股收益為 0.13 美元，比預期高出 0.17 美元，因為我們的收入實力、更好的毛利率和嚴格的運營支出管理使我們恢復了盈利能力。

Q2 operating cash flow was $2.8 billion, up $4.6 billion sequentially. Net inventory was reduced by $1 billion or 18 days in the quarter, and accounts receivable declined by $850 million or 7 days as we continue to focus on disciplined cash management. Net CapEx was $5.5 billion, resulting in an adjusted free cash flow of negative $2.7 billion, and we paid dividends of $0.5 billion in the quarter. Our actions in the last few weeks, the completed secondary offering of Mobileye shares and the upcoming investment in our IMS Nanofabrication business by Bain Capital will generate more than $2.4 billion of cash and help to unlock roughly $35 billion of shareholder value.

第二季度運營現金流為 28 億美元，比上一季度增加 46 億美元。由於我們繼續專注於嚴格的現金管理，本季度淨庫存減少了 10 億美元（即 18 天），應收賬款減少了 8.5 億美元（即 7 天）。淨資本支出為 55 億美元，導致調整後的自由現金流為負 27 億美元，我們在本季度支付了 5 億美元的股息。我們過去幾週的行動、完成的 Mobileye 股票二次發行以及貝恩資本即將對我們的 IMS 納米加工業務進行的投資將產生超過 24 億美元的現金，並有助於釋放約 350 億美元的股東價值。

These actions further bolster our strong balance sheet and investment-grade profile with cash and short-term investments of more than $24 billion exiting Q2. We'll continue to focus on avenues to generate shareholder value from our broad portfolio of assets in support of our IDM 2.0 strategy.

這些行動進一步鞏固了我們強勁的資產負債表和投資級形象，第二季度的現金和短期投資超過 240 億美元。我們將繼續專注於從我們廣泛的資產組合中創造股東價值的途徑，以支持我們的 IDM 2.0 戰略。

Moving to second quarter business unit results. CCG delivered revenue of $6.8 billion, up 18% sequentially and ahead of our expectations for the quarter as the pace of customer inventory burn slowed. As anticipated, we see the market moving toward equilibrium and expect shipments to more closely align to consumption in the second half. ASPs declined modestly in the quarter due to higher education shipments and sell-through of older inventory. CCG showed outstanding execution in Q2, generating operating profit of $1 billion, an improvement of more than $500 million sequentially on higher revenue, improved unit costs and reduced operating expenses, offsetting the impact of pre-PRQ inventory reserves in preparation for the second half launch of Meteor Lake.

轉向第二季度業務部門業績。由於客戶庫存消耗速度放緩，CCG 實現收入 68 億美元，環比增長 18%，超出我們對本季度的預期。正如預期的那樣，我們看到市場正在走向平衡，並預計下半年出貨量將與消費更加接近。由於高等教育出貨量和舊庫存的銷售，本季度平均售價略有下降。 CCG 在第二季度表現出出色的執行力，營業利潤達到 10 億美元，由於收入增加、單位成本改善和運營費用減少，環比增長超過 5 億美元，抵消了為下半年推出做準備的 PRQ 前庫存儲備的影響流星湖。

DCAI revenue was $4 billion, ahead of expectations and up 8% sequentially, with the Xeon business up double digits sequentially. Data center CPU TAM contracted meaningfully in the first half of '23 and while we expect the magnitude of year-over-year declines to diminish in the second half, a slower-than-anticipated TAM recovery in China and across enterprise markets has delayed a return of CPU TAM growth. CPU market share remained relatively stable in Q2, and the continued ramp of Sapphire Rapids contributed to CPU ASP improvement of 3% sequentially and 17% year-over-year.

DCAI 收入為 40 億美元，超出預期，環比增長 8%，其中至強業務環比增長兩位數。數據中心 CPU TAM 在 23 年上半年大幅收縮，雖然我們預計下半年同比下降幅度將縮小，但中國和整個企業市場的 TAM 復甦速度慢於預期，推遲了CPU TAM 增長的回報。第二季度 CPU 市場份額保持相對穩定，Sapphire Rapids 的持續增長導致 CPU 平均售價環比提高 3%，同比提高 17%。

DCAI had an operating loss of $161 million, improving sequentially on higher revenue and ASPs and reduced operating expenses. Within DCAI, our FPGA products delivered a third consecutive quarter of record revenue, up 35% year-over-year, along with another record quarterly operating margin. We expect this business to return to more natural demand profile in the second half of the year as we work down customer backlog to normalized levels.

DCAI 的運營虧損為 1.61 億美元，由於收入和平均售價的增加以及運營費用的減少而連續改善。在 DCAI 中，我們的 FPGA 產品連續第三個季度實現創紀錄的收入，同比增長 35%，同時季度營業利潤率再創新高。我們預計，隨著我們將客戶積壓降至正常水平，該業務將在下半年恢復到更自然的需求狀況。

NEX revenue was $1.4 billion, below our expectations in the quarter and down significantly in comparison to a record Q2 '22. Network and edge markets are slowly working through elevated inventory levels, elongated by sluggish China recovery, and telcos have delayed infrastructure investments due to macro uncertainty. We see demand remaining weak through at least the third quarter. Q2 NEX operating loss of $187 million improved sequentially on lower inventory reserves and reduced operating expenses.

NEX 收入為 14 億美元，低於我們在本季度的預期，並且與 22 年第二季度創紀錄的收入相比大幅下降。由於中國經濟復甦緩慢，網絡和邊緣市場正在緩慢地應對庫存水平升高的情況，而電信公司由於宏觀不確定性而推遲了基礎設施投資。我們認為至少在第三季度需求仍然疲軟。第二季度 NEX 運營虧損為 1.87 億美元，由於庫存儲備減少和運營費用減少，環比有所改善。

Mobileye continued to perform well in Q2. Revenue was $454 million, roughly flat sequentially and year-over-year with operating profit improving sequentially to $129 million. This morning, Mobileye increased fiscal year 2023 outlook for adjusted operating income by 9% at the midpoint. Intel Foundry Services revenue was $232 million, up 4x year-over-year and nearly doubling sequentially on increased packaging revenue and higher sales of IMS Nanofabrication tools. Operating loss was $143 million with higher factory start-up costs offsetting stronger revenue.

Mobileye 在第二季度繼續表現良好。收入為 4.54 億美元，與上一季度和同比基本持平，營業利潤則連續增長至 1.29 億美元。今天上午，Mobileye 將 2023 財年調整後營業收入預期中值上調了 9%。英特爾代工服務收入為 2.32 億美元，同比增長 4 倍，並且由於封裝收入的增加和 IMS 納米加工工具銷量的增加，環比幾乎翻了一番。運營虧損為 1.43 億美元，較高的工廠啟動成本抵消了強勁的收入。

Q2 was another strong quarter of cross-company spending discipline with operating expenses down 14% year-over-year. We're on track to achieve $3 billion of spending reductions in '23. With the decision to stop direct investment in our client NUC business earlier this month, we have now exited 9 lines of business since Pat rejoined the company with a combined annual savings of more than $1.7 billion. Through focused investment prioritization and austerity measures in the first half of the year, some of which are temporary in nature, OpEx is tracking a couple of hundred million dollars better than our $19.6 billion '23 committed goal.

第二季度是跨公司支出紀律又一個強勁的季度，運營支出同比下降 14%。我們有望在 2023 年實現 30 億美元的支出削減。本月早些時候，我們決定停止對客戶 NUC 業務的直接投資，自 Pat 重新加入公司以來，我們現已退出 9 條業務線，每年總共節省了超過 17 億美元。通過今年上半年的重點投資優先順序和緊縮措施（其中一些措施本質上是暫時的），運營支出比我們 23 年承諾的 196 億美元目標高出幾億美元。

Now turning to Q3 guidance. We expect third quarter revenue of $12.9 billion to $13.9 billion. At the midpoint of $13.4 billion, we expect client CPU shipments to more quickly match sell-through. Data center, network and edge markets continue to face mixed macro signals and elevated inventory levels in the third quarter, while IFS and Mobileye are well positioned to generate strong sequential and year-over-year growth. We're forecasting gross margin of 43%, a tax rate of 13% and EPS of $0.20 at the midpoint of revenue guidance. We expect sequential margin improvement on higher sales and lower pre-PRQ inventory reserves.

現在轉向第三季度指導。我們預計第三季度營收為 129 億美元至 139 億美元。我們預計客戶端 CPU 出貨量將更快地與銷售量相匹配，達到 134 億美元的中值。第三季度數據中心、網絡和邊緣市場繼續面臨複雜的宏觀信號和庫存水平上升，而 IFS 和 Mobileye 處於有利地位，可以實現強勁的環比和同比增長。我們預計毛利率為 43%，稅率為 13%，每股收益為 0.20 美元（處於收入指導的中點）。我們預計，由於銷量增加和 PRQ 前庫存儲備減少，利潤率將連續改善。

While we're starting to see some improvement in factory under load charges, most of the benefit will take some time to run through inventory and positively impact cost of sales. Investment in manufacturing capacity continues to be guided by our smart capital framework, creating flexibility through proactive investment in Shells and aligning equipment purchases to customer demand. In the last few weeks, we have closed agreements with governments in Poland and Germany, which include significant capital incentives, and we're well positioned to meet the requirements of funding laid out by the U.S. CHIPS Act.

雖然我們開始看到工廠負荷費用有所改善，但大部分好處將需要一些時間來消耗庫存並對銷售成本產生積極影響。對製造能力的投資繼續以我們的智能資本框架為指導，通過對殼牌的主動投資創造靈活性，並根據客戶需求調整設備採購。在過去的幾周里，我們與波蘭和德國政府簽署了協議，其中包括重大的資本激勵措施，我們完全有能力滿足美國《CHIPS 法案》規定的資金要求。

Looking at capital requirements and offsets made possible by our smart capital strategy, we expect net capital intensity in the mid-30s as a percentage of revenue across '23 and '24 in aggregate. While our expectations for gross CapEx have not changed, the timing of some capital assets is uncertain and could land in either '23 or '24, depending on a number of factors. Having said that, we're confident in the level of capital assets we will receive over the next 18 months and expect offsets to track to the high end of our previous range of 20% to 30%.

考慮到我們的智能資本戰略所實現的資本要求和抵消，我們預計淨資本強度佔 23 年和 24 年總收入的百分比在 30 多歲左右。雖然我們對總資本支出的預期沒有改變，但某些資本資產的時機尚不確定，可能會在“23”或“24”到來，具體取決於多種因素。話雖如此，我們對未來 18 個月將獲得的資本資產水平充滿信心，並預計抵消額將達到之前 20% 至 30% 範圍的上限。

Our financial results in Q2 reflect improved execution and improving macro conditions. Despite a slower-than-expected recovery in key consumption markets like China and the enterprise, we maintain our forecast of sequential revenue growth throughout the year. Accelerating AI use cases will drive increased demand for compute across the AI continuum, and Intel is well positioned to capitalize on the opportunity in each of our business units. We remain focused on the execution of our near- and long-term product, process and financial commitments and the prioritization of our owner's capital to generate free cash flow and create value for our stakeholders. With that, let me turn the call back over to John.

我們第二季度的財務業績反映了執行力的提高和宏觀環境的改善。儘管中國和企業等主要消費市場的複蘇慢於預期，但我們維持全年收入環比增長的預測。加速人工智能用例將推動整個人工智能連續體的計算需求增加，英特爾處於有利位置，可以利用我們每個業務部門的機會。我們仍然專注於執行我們的近期和長期產品、流程和財務承諾，並優先考慮所有者資本，以產生自由現金流並為我們的利益相關者創造價值。接下來，讓我把電話轉回給約翰。

Thank you, Dave. We will now transition to the Q&A portion of our earnings presentation. (Operator Instructions) With that, Jonathan, can we have the first caller please?

謝謝你，戴夫。我們現在將過渡到收益演示的問答部分。 （操作員指示）那麼，喬納森，我們可以接第一個來電者嗎？

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

當然。我們的第一個問題來自德意志銀行的 Ross Seymore。

Congrats on the strong results. I wanted to focus, Pat, on the data center, the DCAI side of things. Strong upside in the quarter but it sounds like there's still some mix trends going forward. So I guess a 2-part question. Can you talk about what drove the upside and where the concern is going forward? And part of that concern, that crowding out potential that you just discussed with, accelerators versus CPUs, how is that playing out and when do you expect it to end?

祝賀取得的強勁成果。帕特，我想把重點放在數據中心、DCAI 方面。本季度上漲勢頭強勁，但聽起來未來仍有一些混合趨勢。所以我想這是一個由兩部分組成的問題。您能談談推動上漲的因素以及未來的擔憂嗎？部分擔憂是，您剛剛討論過加速器與 CPU 之間的擠出潛力，這種情況的結果如何？您預計這種情況何時結束？

Yes. Thanks, Ross, and thanks for the congrats on the quarter as well. I'm super proud of my team for the great execution this quarter, top, bottom line, beats raised, just great execution across every aspect of the business, both financially as well as road map execution.

是的。謝謝羅斯，也感謝您對本季度的祝賀。我為我的團隊在本季度的出色執行力感到非常自豪，包括頂線、底線、節拍，業務各個方面的出色執行力，無論是財務上還是路線圖執行。

With regard to the data center, obviously, the good execution, I'll just say we executed well, winning designs, fighting hard in the market, regaining our momentum, good execution. As you said, we'll see the Sapphire Rapids at the 1 millionth unit in the next couple of days, our Xeon Gen 4. So overall, it's feeling good. Road maps in very good shape so we're feeling very good about the future outlook of the business as well.

關於數據中心，顯然，良好的執行力，我只想說我們執行得很好，贏得了設計，在市場上奮力拼搏，重新獲得了動力，良好的執行力。正如您所說，我們將在接下來的幾天內看到第 100 萬台 Sapphire Rapids，也就是我們的 Xeon Gen 4。所以總的來說，感覺很好。路線圖非常好，因此我們對業務的未來前景也感覺非常好。

As we look to 5th Gen EcoRP with Sapphire and Granite Rapids, so all of those, I'll just say we're performing well. That said, we do think that the next quarter, at least, will show some softness. There's some inventory burn that we're still working through. We do see that big cloud customers, in particular, have put a lot of energy into building out their high-end AI training environments. And that is putting more of their budgets focused or prioritized into the AI portion of their build-out.

當我們期待帶有藍寶石和花崗岩急流的第五代 EcoRP 時，所有這些，我只能說我們表現良好。也就是說，我們確實認為至少下個季度會表現出一些疲軟。我們仍在解決一些庫存消耗問題。我們確實看到，尤其是大型雲客戶投入了大量精力來構建他們的高端人工智能培訓環境。這就是將更多的預算集中或優先考慮到其擴建的人工智能部分。

That said, we do think this is a near term, right, to surge that we expect will balance over time. We see AI as a workload, not as a market, right, which will affect every aspect of the business, whether it's client, whether it's edge, whether it's standard data center or on-premise enterprise or cloud. We're also seeing that Gen 4 Xeon, and we'll be enhancing that in the future road map, has significant AI capabilities. And as you heard in the prepared remarks, we expect about 25% today and growing of our Gen 4 is being driven by AI use cases.

也就是說，我們確實認為這是近期的激增，我們預計隨著時間的推移將達到平衡。我們將人工智能視為一種工作負載，而不是一個市場，對吧，這將影響業務的各個方面，無論是客戶端、邊緣、標準數據中心、本地企業還是雲。我們還看到第四代至強處理器具有重要的人工智能功能，我們將在未來的路線圖中對其進行增強。正如您在準備好的發言中聽到的那樣，我們預計今天約為 25％，並且我們的第四代的增長是由人工智能用例推動的。

And obviously, we're going to be participating more in the accelerator portion of the market with our Gaudi, Flex and MAX product lines. Particularly, Gaudi is gaining a lot of momentum. In my formal remarks, we said we now have over $1 billion of pipeline, 6x in the last quarter. So we're going to participate in the accelerated portion of it. We're seeing real opportunity for the CPU as that workload balances over time between CPU and accelerator. And obviously, we have a strong position to democratize AI across our entire portfolio of products.

顯然，我們將通過 Gaudi、Flex 和 MAX 產品線更多地參與市場的加速器部分。特別是，高迪正在獲得很大的動力。在我的正式講話中，我們表示我們現在有超過 10 億美元的管道，是上個季度的 6 倍。所以我們將參與其中的加速部分。我們看到了 CPU 的真正機會，因為工作負載隨著時間的推移在 CPU 和加速器之間實現平衡。顯然，我們在整個產品組合中實現人工智能民主化方面擁有強大的優勢。

Ross, do you have a quick follow-up?

羅斯，你有快速跟進嗎？

I do. I just want to pivot to Dave on a -- question on the gross margin side. Nice beat in the quarter and the sequential increase for the third quarter as well. Beyond the revenue increase side, which I know is important, can you just walk us through some of the pluses and minuses sequentially into the third quarter and even into the back half, some of the pre-PRQ reversals underutilization? Any of those kind of idiosyncratic blocks that we should be aware of as we think about the gross margin in the second half of the year?

我願意。我只想向戴夫提出一個關於毛利率方面的問題。本季度的表現不錯，第三季度的環比增長也是如此。除了收入增長方面（我知道這很重要）之外，您能否向我們介紹一下第三季度甚至後半段的一些優點和缺點，一些 PRQ 前的逆轉未得到充分利用？當我們考慮下半年的毛利率時，我們應該注意哪些特殊的障礙？

Yes. Good question, Ross. So in the second quarter, just to repeat what I said in the prepared remarks, that was largely a function of revenue. We had obviously beat revenue significantly, and we got a good fall-through, given the fixed cost nature of our business. And so that really was what helped us really outperform significantly on the gross margin side in the second quarter.

是的。好問題，羅斯。因此，在第二季度，重複我在準備好的發言中所說的話，這在很大程度上是收入的函數。顯然，我們的收入明顯超過了收入，而且考慮到我們業務的固定成本性質，我們的業績也出現了良好的下滑。因此，這確實幫助我們在第二季度的毛利率方面取得了顯著的成績。

In the third quarter, we do, obviously, at the midpoint, see revenue growth sequentially. And so that will be helpful in terms of gross margin improvement. We expect, again, pretty good fall-through as we get that incremental revenue. We're also going to see underloadings come down, I would say, modestly come down for 2 reasons. One, we get that period charge for some of our underloading, but some of our underloading is actually just a function of the cost of the inventory. And so that takes some time to flow through.

顯然，在第三季度的中點，我們確實看到收入連續增長。因此，這將有助於提高毛利率。我們再次預計，當我們獲得增量收入時，會出現相當好的下滑。我想說，我們還將看到負載不足的情況有所下降，原因有兩個。第一，我們對某些裝載不足的情況收取期間費用，但我們的一些裝載不足實際上只是庫存成本的函數。因此這需要一些時間才能完成。

So it will be more -- it will be a modest decline but nevertheless helpful on the gross margin front. And then as you point out, we will have pre-PRQ reserves in the third quarter but they're meaningfully down from the second quarter. Meteor Lake will not be a pre-PRQ reserve in the third quarter because we expect to launch that this quarter. But we have Emerald Rapids, that will certainly have some impact and then some of the other SKUs will also impact it. So coming down but not to zero.

因此，這將是更多——這將是一個小幅下降，但對毛利率方面仍然有幫助。然後，正如您所指出的，我們將在第三季度擁有 PRQ 前儲備，但它們比第二季度大幅下降。 Meteor Lake 將不會成為第三季度 PRQ 前的儲備，因為我們預計將在本季度推出。但我們有翡翠急流，這肯定會產生一些影響，然後其他一些 SKU 也會對其產生影響。所以下降但不是零。

So we have an opportunity actually to perform better in the fourth quarter, obviously dependent on the revenue and so forth, given that pre-PRQ reserves are likely to come off again in the fourth quarter. We should improve on the loading front in the fourth quarter as well. So there's some, I think, some good tailwinds on the gross margin front.

因此，考慮到 PRQ 前的準備金可能會在第四季度再次減少，我們實際上有機會在第四季度表現更好，這顯然取決於收入等。我們也應該在第四季度的加載方面有所改進。因此，我認為，毛利率方面存在一些良好的推動因素。

I'll just take an opportunity to talk longer term. We will continue to be weighed down for some quarters on underload because of the nature of just having it cycle through inventory and then come out through cost of sales. So for multiple quarters, we'll have some underloading charges that we'll see. And then as we talked about for -- since really, Pat joined and we kind of launched into the 5 nodes in 4 years, we're going to have a significant amount of startup costs that will hit gross margins that will affect us for a couple of years.

我將藉此機會談論更長遠的事情。在某些季度，我們將繼續受到負載不足的壓力，因為它的本質是通過庫存循環，然後通過銷售成本來解決。因此，在多個季度中，我們都會看到一些裝載不足的費用。然後，正如我們所討論的，自從帕特加入後，我們在 4 年內推出了 5 個節點，我們將面臨大量的啟動成本，這將影響毛利率，這將影響我們許多年。

But we're really optimistic about where gross margins are going over the long term. Ultimately, we will get back to process parity and leadership and that will enable us to not have these start-up costs be a headwind. And of course, as you bring out products at a high performance in terms of process and in terms of product, that shows up in terms of our margins. And then as Pat mentioned, he went through a laundry list in the prepared remarks of areas of benefit that the internal foundry model will give us. We expect a pretty meaningful amount of that to come out in -- by the time we hit 2026.

但我們對長期毛利率的走向非常樂觀。最終，我們將回歸流程平等和領導地位，這將使我們不會讓這些啟動成本成為阻力。當然，當您推出在流程和產品方面具有高性能的產品時，這會體現在我們的利潤率上。然後，正如帕特提到的，他在準備好的評論中詳細列出了內部代工廠模型將為我們帶來的好處領域。我們預計到 2026 年時，將會出現相當大的數量。

But we won't be done there. I mean, I think there will be multiple opportunities over the course of multiple years to improve the gross margin. So Pat has talked about a pretty significant improvement in gross margins over time. And I think what we're seeing today is the beginnings of seeing that improvement show up in the P&L.

但我們不會就此結束。我的意思是，我認為在多年的過程中將會有多種機會來提高毛利率。因此，帕特談到了隨著時間的推移，毛利率有了相當顯著的改善。我認為我們今天看到的是損益表中開始看到這種改善。

And our next question comes from the line of Joe Moore from Morgan Stanley.

我們的下一個問題來自摩根士丹利的喬摩爾。

Dave, I think you said in your prepared remarks that data center pricing was up 17% year-on-year, and that Sapphire Rapids was a factor there. Can you just talk to that? And kind of obviously, Sapphire Rapids is going to get bigger. Can you talk about what you expect to see with platform cost in DCAI?

Dave，我想您在準備好的發言中說過，數據中心的價格同比上漲了 17%，而 Sapphire Rapids 是其中的一個因素。你能談談嗎？很明顯，藍寶石急流將會變得更大。您能談談您對 DCAI 平台成本的期望嗎？

Platform costs, okay. Well, first of all, AST is obviously improving as we increase core count and as we get more competitive on the product offerings, that enables us to have more confidence in the market in terms of our pricing. So that's certainly helpful. Obviously, with the increase in core count, that affects the cost as well. So cost obviously goes up. But the longer -- the larger drivers of our cost structure will be around what we do in terms of the internal foundry model as we get up in terms of scale and get away from these underloading charges, and as we get past the start-up costs on 5 nodes in 4 years, which data center is certainly getting hit with.

平台費還行嗯，首先，隨著我們增加核心數量以及我們在產品供應方面變得更具競爭力，AST 正在明顯改善，這使我們在定價方面對市場更有信心。所以這肯定有幫助。顯然，隨著核心數量的增加，這也會影響成本。所以成本明顯上升。但隨著時間的推移，我們成本結構的更大驅動因素將圍繞我們在內部代工模式方面所做的事情，因為我們在規模上不斷擴大並擺脫了這些負載不足的費用，並且隨著我們度過了啟動階段4 年內 5 個節點的成本，這肯定是數據中心受到的打擊。

And so those things, I think, longer term will be the biggest drivers of gross margin improvement. And as we get launch Sierra Forest in the first half of next year and Granite later thereafter and start to produce products on the data center side that are really competitive, that enables us to even be stronger in terms of our margin outlook and should help improve the overall P&L of data center.

因此，我認為，從長遠來看，這些因素將成為毛利率改善的最大推動力。隨著我們在明年上半年推出 Sierra Forest，隨後推出 Granite，並開始在數據中心方面生產真正具有競爭力的產品，這使我們在利潤前景方面更加強勁，並應有助於改善數據中心的整體損益。

Joe, do you have a follow-up question?

喬，您還有後續問題嗎？

Sure. Just also on servers, as you look to Q3, I think you talked about some of the cautious trends there. Can you talk to enterprise versus cloud? Is it different between the 2? And also, do you see -- are you seeing anything different in China for data center versus what you're seeing in North America?

當然。同樣在服務器上，當您展望第三季度時，我認為您談到了那裡的一些謹慎趨勢。您能談談企業與雲嗎？ 2者之間有區別嗎？另外，您是否發現中國的數據中心與北美的數據中心有什麼不同？

Yes. And as we said Joe -- and thanks for the question. As we said in the prepared remarks, we do expect to be seeing the TAM down in Q3, much driven by all of it. It's a little bit of a data center digestion for the cloud guys, a bit of enterprise weakness and some of that is more inventory. And the China market, I think, has been well reported, hasn't come back as strongly as people would have expected overall.

是的。正如我們所說，喬 - 感謝您提出問題。正如我們在準備好的發言中所說，我們確實預計第三季度 TAM 會下降，這在很大程度上是受所有因素的推動。對於雲計算人員來說，這有點像數據中心的消化，有點企業的弱點，其中一些是更多的庫存。我認為，中國市場已經得到了很好的報導，但總體上並沒有像人們預期的那樣強勁復甦。

And then the last factor was one of the first question from Ross around the pressure from accelerator spend being stronger. So I think those 4 somewhat together, right, are leading to a bit of weakness at least through Q3. That said, our overall position is strengthening and we're seeing our products improve, right? We're seeing the benefits of the AI capabilities and our Gen 4 and beyond products improving. We're also starting to see some of the use cases like graft neural networks, Google's AlphaFold showing best results on CPUs as well, which is increasingly gaining momentum in the industry as people look for different aspects of data preparation, data processing, different innovations in AI.

最後一個因素是羅斯提出的第一個問題，即加速器支出的壓力越來越大。所以我認為這四個因素加在一起，至少在第三季度會導致一些疲軟。也就是說，我們的整體地位正在加強，我們的產品也在不斷改進，對嗎？我們看到人工智能功能的優勢以及我們的第四代及以後產品的改進。我們還開始看到一些用例，例如移植神經網絡，谷歌的 AlphaFold 在 CPU 上也顯示出最佳結果，隨著人們尋求數據準備、數據處理的不同方面和不同的創新，這種技術在行業中的發展勢頭越來越大在人工智能中。

So all of that taken together, we feel optimistic about the long-term opportunities that we have in data center and of course, the strengthening accelerator road map of Gaudi2, 3, Falcon Shores, being now well executed. Also, our first wafers are in hand for Gaudi3. So we see a lot of long-term optimism even as near term, we're working through some of the challenging environments of the market not being as strong as we would have hoped.

綜上所述，我們對數據中心的長期機遇感到樂觀，當然，Gaudi2、3、Falcon Shores 的強化加速器路線圖現在也得到了很好的執行。此外，我們為 Gaudi3 準備的第一批晶圓已經到手。因此，我們看到了很多長期樂觀情緒，即使是近期，我們正在努力應對一些充滿挑戰的市場環境，但市場並不像我們希望的那麼強勁。

And 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。

I guess first question, in your prepared remarks, you talked about AI being a TAM expander for servers. And I guess I was hoping you could elaborate on that, given the productivity gains through acceleration. Would love to hear why you think that will grow units. And particularly, if you could bifurcate your commentary across both training and inference.

我想第一個問題，在您準備好的發言中，您談到人工智能是服務器的 TAM 擴展器。考慮到通過加速提高生產力，我想我希望你能詳細說明這一點。很想听聽為什麼您認為這會增加單位。特別是，如果你可以將你的評論分為訓練和推理兩部分。

Yes. And thanks, C.J. And generally, there are great analogies here that from history we point to. Cases like virtualization was going to destroy the CPU TAM and then end up driving new workloads, right? If you think about a DGX platform, the leading-edge AI platform, it includes CPUs, right? Why? Head nodes, data processing, data prep, dominate certain portions of the workload. We also see, as we said, AI as a workload where you might spend 10 megawatts and months training a model but then you're going to use it very broadly for inferencing.

是的。謝謝，C.J. 一般來說，我們從歷史中可以找到一些很好的類比。像虛擬化這樣的情況會破壞 CPU TAM，然後最終驅動新的工作負載，對嗎？如果您考慮 DGX 平台，即領先的 AI 平台，它包含 CPU，對嗎？為什麼？頭節點、數據處理、數據準備主導著工作負載的某些部分。正如我們所說，我們還認為人工智能是一種工作負載，您可能會花費 10 兆瓦和幾個月的時間來訓練模型，但隨後您將非常廣泛地將其用於推理。

We do see with Meteor Lake ushering in the AI PC generation, where you have tens of watts being responding in a second or 2. And then AI is going to be in every hearing aid in the future, including mine, where it's 10 microwatts and instantaneous. So we do see as AI drives workloads across the full spectrum of applications.

我們確實看到 Meteor Lake 迎來了 AI PC 一代，在一兩秒內響應數十瓦。然後人工智能將出現在未來的每一個助聽器中，包括我的，它的功率為 10 微瓦，瞬間。因此，我們確實看到人工智能推動了所有應用程序的工作負載。

And for that, we're going to build AI into every product that we build, whether it's a client, whether it's an edge platform for retail and manufacturing and industrial use cases, whether it's an enterprise data center where they're not going to stand up a dedicated 10-megawatt farm, but they're not going to move their private data off-premises, right, and use foundational models that are available in open source as well as in the big cloud and training environments as well.

為此，我們將把人工智能構建到我們構建的每一個產品中，無論是客戶，無論是零售、製造和工業用例的邊緣平台，還是他們不打算使用的企業數據中心。建立一個專用的 10 兆瓦農場，但他們不會將私有數據移到外部，對吧，並使用開源以及大雲和培訓環境中可用的基礎模型。

We firmly believe this idea of democratizing AI, opening the software stack, creating and participating with this broad industry ecosystem that's emerging. It was a great opportunity and one that Intel is well positioned to participate in. We've seen that the AI TAM, right, is part of the semiconductor TAM. We've always described this trillion-dollar semiconductor opportunity in AI being one of those superpowers, as I call it, of driving it. But it's not the only one and one that we're going to participate in broadly across our portfolio.

我們堅信人工智能民主化、開放軟件堆棧、創建並參與這個新興的廣泛行業生態系統的想法。這是一個很好的機會，英特爾完全有能力參與其中。我們已經看到，AI TAM（沒錯）是半導體 TAM 的一部分。我們總是將人工智能領域價值數万億美元的半導體機遇描述為我所說的驅動人工智能的超級力量之一。但這並不是我們在整個投資組合中廣泛參與的唯一一項。

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

C.J.，您還有後續問題嗎？

Yes, please. You talked a little bit about 18A and backside power. Would love to hear what you're seeing today in terms of both scaling and power benefits and how your potential foundry customers are looking at that technology in particular.

是的，請。您談到了 18A 和背面電源。我很想听聽您今天在擴展和功耗方面所看到的情況，以及您的潛在代工廠客戶如何看待該技術。

Yes, thank you. And we continue to make good progress on our 5 nodes in 4 years. And with that, that culminates in 18A. And 18A is proceeding well and we got a particularly good response this quarter to PowerVia, the backside power that we believe is a couple of years ahead as the industry measured it against any other alternative in the industry. We're very affirmed by the Ericsson announcement, which is reinforcing the strong belief they have in 18A.

是的，謝謝。 4 年來，我們在 5 個節點上繼續取得良好進展。就這樣，18A 達到了頂峰。 18A 進展順利，本季度我們對 PowerVia 的反應特別好，我們認為，當業界將其與業內任何其他替代方案進行比較時，我們認為這種後端電源領先幾年。我們對愛立信的聲明非常肯定，這增強了他們對 18A 的堅定信念。

But over and above that, I mentioned the -- in the prepared remarks the 2 major significant opportunities that we made very good progress on as a big 18A foundry customers this quarter and an overall growing pipeline of potential foundry customers, test chips and process as well. So we feel 5 nodes in 4 years is on track. 18A is the culmination of that and good interest from the industry across the board.

但除此之外，我在準備好的發言中提到了我們作為 18A 代工大客戶在本季度取得了非常好的進展的 2 個重大機遇，以及潛在代工客戶、測試芯片和工藝的總體增長管道出色地。所以我們覺得 4 年內 5 個節點已經步入正軌。 18A 是這一點以及整個行業的良好興趣的頂峰。

I'd also say that as part of the overall strength in the foundry business as well and maybe tying the first part and the second part of your question together is that our packaging technologies are particularly interesting in the marketplace, an area that Intel never stumbled, right? This is an area of sustained leadership that we've had. And today, many of the big AI machines are packaging limited. And because of that, we're finding a lot of interest for our advanced packaging, and this is an area of immediate strength for the foundry business. We set up a specific packaging business unit within our foundry business and finding a lot of great opportunities for us to pursue there as well.

我還想說，作為代工業務整體實力的一部分，也許將您問題的第一部分和第二部分聯繫在一起，我們的封裝技術在市場上特別有趣，這是英特爾從未絆倒的領域， 正確的？這是我們一直保持領先地位的一個領域。如今，許多大型人工智能機器的封裝都受到限制。正因為如此，我們發現人們對我們的先進封裝很感興趣，這是代工業務的直接優勢領域。我們在鑄造業務中設立了一個特定的包裝業務部門，並發現了很多值得我們去追求的絕佳機會。

And our next question comes from the line of Timothy Arcuri from UBS.

我們的下一個問題來自瑞銀集團 (UBS) 的蒂莫西·阿庫裡 (Timothy Arcuri)。

First, Dave, I had one for you. If I look at the third-party contributions, they were down a little bit, which was a little bit of a surprise. But you did say that the Arizona fab is on track. Can you sort of talk about that? And I know last quarter, you said gross CapEx would be first half weighted and the offsets would be back-half weighted. Is that still the case?

首先，戴夫，我給你準備了一個。如果我看一下第三方的貢獻，它們下降了一點，這有點令人驚訝。但你確實說過亞利桑那工廠正在步入正軌。你能談談這個嗎？我知道上個季度，您說過總資本支出將採用上半年加權，而抵消額將採用後半加權。現在還是這樣嗎？

Yes. So we did manage CapEx a bit better than I was hoping. We thought it would be more front-end loaded. It's looking -- look it's going to be a lot more evenly distributed first half versus the second half. And we managed CapEx in particular this quarter really well, which I think obviously helped on the free cash flow side.

是的。所以我們的資本支出管理確實比我希望的要好一些。我們認為它會加載更多的前端。看起來上半場的分佈比下半場要均勻得多。我們在本季度的資本支出管理得非常好，我認為這顯然對自由現金流方面有所幫助。

It's kind of a when you manage the CapEx, you get less offsets. And so that kind of drove the lower capital offsets for the quarter. But for the year, we're still on track to get the same amount of capital offsets through SCIP that we had anticipated. And that's really where most of the capital offsets have come so far.

當你管理資本支出時，你會得到更少的補償。因此，這推動了本季度資本抵消的降低。但今年，我們仍然有望通過 SCIP 獲得與我們預期相同數量的資本抵消。這確實是迄今為止大部分資本抵消的目的。

Now obviously, as we get into chips incentives that should be coming here in the not-too-distant future, that will add to the offsets that we get. We go into next year, we start getting the investment tax credit that will help on the capital offsets. So there'll be more things that come in the future. But right now, it's largely SCIP and it's SCIP1, and that's a function of where the spending lands quarter-to-quarter.

現在顯然，當我們進入應該在不久的將來出現的芯片激勵措施時，這將增加我們獲得的補償。進入明年，我們開始獲得投資稅收抵免，這將有助於資本抵消。所以未來還會有更多的事情發生。但目前，主要是 SCIP 和 SCIP1，這是每個季度支出情況的函數。

Yes. And just maybe to pile on to that a bit, obviously, getting EU CHIPS Act approved, we're excited about that for the Germany and Poland projects, which are -- will go for formal DG comp approval. We're also very happy. We submitted our first proposal, the On-Track Arizona facility, but we'll have 3 more proposals going in for U.S. CHIPS Act this quarter. And so we're now at pace for those. So everything there is feeling exactly as we said it would and super happy with the great engagement, both in Europe as well as with the U.S. Department of Commerce as we're working on those application processes.

是的。也許再強調一下，顯然，歐盟芯片法案獲得批准，我們對德國和波蘭項目感到興奮，這些項目將獲得正式的 DG comp 批准。我們也很高興。我們提交了第一份提案，即亞利桑那州的 On-Track 設施，但本季度我們還將有 3 份提案納入《美國芯片法案》。所以我們現在正在努力實現這些目標。因此，一切都與我們所說的一模一樣，並且對歐洲以及美國商務部的良好參與非常滿意，因為我們正在處理這些申請流程。

Tim, do you have a follow-up question?

蒂姆，您還有後續問題嗎？

I do. Yes. Pat, so you talked about an accelerated pipeline of more than $1 billion. And I think Sandra has been recently implying that you could do over $1 billion in Gaudi next year. So the question is, is that the commitment? And then also at the Data Center Day, you had talked about merging the GPU and the Gaudi road maps into Falcon Shores but that's not going to come out until 2025. So the question really there is wondering where that leaves customers in terms of their commitment to your road map, given those changes.

我願意。是的。帕特，您談到了超過 10 億美元的加速管道。我認為桑德拉最近一直在暗示明年你可以在高迪身上花費超過 10 億美元。那麼問題來了，這就是承諾嗎？然後還在數據中心日上，您談到了將 GPU 和高迪路線圖合併到 Falcon Shores 中，但這要到 2025 年才會出現。所以真正的問題是想知道客戶的承諾會怎樣考慮到這些變化，您的路線圖。

Yes. And let me take that and Dave can add. Overall, as we said, the accelerator pipeline is now well over $1 billion and growing rapidly, about 6x this past quarter. That's led by but not exclusively, Gaudi, that also includes the MAX and Flex product lines as well. But the lion's share of that is Gaudi. Gaudi2 is shipping volume product today. Gaudi3 will be the volume product for next year and then Falcon Shores in '25, and we're already working on Falcon Shores 2 for '26. So we have a simplified road map as we bring together our GPU and our accelerators into a single offering.

是的。讓我來補充一下，戴夫可以補充一下。總體而言，正如我們所說，加速器管道目前遠超過 10 億美元，並且增長迅速，約為上個季度的 6 倍。該公司由 Gaudi 領導，但並非唯一，還包括 MAX 和 Flex 產品線。但其中最大的一部分是高迪。 Gaudi2 今天開始批量生產。 Gaudi3 將成為明年的量產產品，然後是 25 年的 Falcon Shores，我們已經在開發 26 年的 Falcon Shores 2。因此，當我們將 GPU 和加速器整合到一個產品中時，我們有一個簡化的路線圖。

But the progress that we're making with Gaudi2, it becomes more generalized with Gaudi3, the software stack, our oneAPI approach that we're taking will give customers confidence that they have forward compatibility into Gaudi3 and Falcon Shores. And we'll just be broadening the flexibility of that software stack. We're adding FPA. We just added PyTorch 2 support. So every step along the way, it gets better and broader use cases. More language models are being supported. More programmability is being supported in the software stack.

但是我們在 Gaudi2 上取得的進步，在 Gaudi3 上變得更加普遍，軟件堆棧，我們正在採取的 oneAPI 方法將使客戶相信他們可以向前兼容 Gaudi3 和 Falcon Shores。我們將擴大該軟件堆棧的靈活性。我們正在添加 FPA。我們剛剛添加了 PyTorch 2 支持。因此，一路走來的每一步，它都會變得更好、更廣泛的用例。正在支持更多語言模型。軟件堆棧支持更多的可編程性。

And we're building that full, right, solution set as we deliver on the best of GPU and the best of matrix acceleration in the Falcon Shores timeline. But every step along the way, it just gets better. Every software release gets better. Every hardware release gets better along the way to cover more of the overall accelerator marketplace. And as I said, we now have Gaudi3 wafers. First ones are enhanced. So that program is looking very good. And with this rapidly accelerating pipeline of opportunity, we expect that we'll be giving you very positive updates there in the future with both customers as well as expanded business opportunities.

我們正在構建完整、正確的解決方案集，並在 Falcon Shores 時間線中提供最佳的 GPU 和最佳的矩陣加速。但一路走來，每一步都會變得更好。每個軟件版本都會變得更好。每個硬件版本都會變得更好，以覆蓋更多的整體加速器市場。正如我所說，我們現在有了 Gaudi3 晶圓。第一個得到了增強。所以這個程序看起來非常好。隨著機會渠道的迅速增加，我們希望將來能夠為您提供非常積極的最新信息，包括客戶以及擴大的商機。

And our next question comes from the line of Ben Reitzes from Melius Research.

我們的下一個問題來自 Melius Research 的 Ben Reitzes。

Yes. Pat, you caught my attention with your comment about PCs next year or with AI having a Centrino moment. Do you mind just talking about that? And what -- when Centrino took place, it was very clear we unplugged from the wires and investors really grasped that. What is the aha moment with AI that's going to accelerate the client business and benefit Intel?

是的。帕特，你對明年 PC 的評論或對人工智能的迅馳時刻的評論引起了我的注意。你介意只談論這個嗎？當迅馳出現時，很明顯我們拔掉了電線，投資者也真正意識到了這一點。人工智能將加速客戶業務並使英特爾受益的關鍵時刻是什麼？

Yes. And I think the real question is what applications are going to become AI-enabled? And today, you're starting to see that people are going to the cloud and goofing around with ChatGPT, writing a research paper and that's like super cool, right? And kids are, of course, simplifying their homework assignments that way. But you're not going to do that for every client becoming AI-enabled. It must be done on the client for that to occur, right?

是的。我認為真正的問題是哪些應用程序將支持人工智能？今天，您開始看到人們轉向雲端並使用 ChatGPT 閒逛，撰寫研究論文，這真是太酷了，對吧？當然，孩子們也以這種方式簡化了他們的家庭作業。但你不會為每個啟用人工智能的客戶都這樣做。必須在客戶端上完成才能發生這種情況，對嗎？

You can't go to the cloud. You can't round trip to the cloud. All of the new effects, real-time language translation in your Zoom calls, real-time transcription, automation, inferencing, relevance portraying, generated content and gaming environments, real-time creator environments being done through Adobes and others that are doing those as part of the client, new productivity tools being able to do local legal brief generations on clients, one after the other, right, across every aspect of consumer, of developer and enterprise efficiency use cases.

你不能去雲端。您無法往返雲。所有新效果、Zoom 通話中的實時語言翻譯、實時轉錄、自動化、推理、相關性描繪、生成的內容和遊戲環境、實時創作者環境都是通過 Adob​​e 和其他正在執行這些操作的公司完成的作為客戶的一部分，新的生產力工具能夠為客戶生成本地法律摘要，一個接一個，涵蓋消費者、開發人員和企業效率用例的各個方面。

We see that there's going to be a raft of AI enablement and those will be client-centered. Those will also be at the edge. You can't round trip to the cloud. You don't have the latency, the bandwidth or the cost structure to round trip, let's say, inferencing in a local convenience store to the cloud. It will all happen at the edge and at the client.

我們看到將會出現大量的人工智能支持，並且這些將以客戶為中心。這些也將處於邊緣。您無法往返雲。你沒有往返的延遲、帶寬或成本結構，比方說，在本地便利店到雲端進行推理。這一切都將發生在邊緣和客戶端。

So with that in mind, we do see this idea of bringing AI directly into the client immediately right, which we bring in to the market in the second half of the year, is the first major client product that includes native AI capabilities, the neural engine that we've talked about. And this will be a volume delivery that we will have. And we expect that Intel as the volume leader for the client footprint is the one that's going to truly democratize AI at the client and at the edge.

因此，考慮到這一點，我們確實看到了將人工智能直接引入客戶端的想法，我們在今年下半年將其推向市場，這是第一個包含原生人工智能功能的主要客戶端產品，神經網絡我們已經討論過的引擎。這將是我們將進行的批量交付。我們預計，作為客戶端銷量領先者的英特爾將能夠真正實現客戶端和邊緣人工智能的民主化。

And we do believe that this will become a driver of the TAM because people will say, "Oh, I want those new use cases. They make me more efficient and more capable, just like Centrino made me more efficient because I didn't have to plug into the wire, right? Now I don't have to go to the cloud to get these use cases. I'm going to have them locally on my PC in real time and cost effective." We see this as a true AI PC moment that begins with Meteor Lake in the fall of this year.

我們確實相信這將成為 TAM 的驅動力，因為人們會說，“哦，我想要這些新用例。它們讓我變得更有效率、更有能力，就像 Centrino 使我變得更有效率，因為我沒有“插入電線，對嗎？現在我不必去雲端獲取這些用例。我將把它們實時地保存在我的本地電腦上，並且具有成本效益。”我們認為這是一個真正的 AI PC 時刻，始於今年秋季的 Meteor Lake。

Ben, do you have a follow-up question, please?

本，您還有後續問題嗎？

Yes, John. I wanted to double click on your sequential guidance in the client business. There's been -- there's some concerns out there with investors that there was some demand pull-in, in the second quarter, given some comments from some others. And just wanted to talk about your confidence for sequential growth in that business based on what you're seeing and if there was any more color there.

是的，約翰。我想雙擊您對客戶業務的連續指導。鑑於其他一些人的評論，投資者對第二季度需求有所拉動感到擔憂。我只是想根據您所看到的情況以及是否有更多的色彩來談談您對該業務連續增長的信心。

Yes. Let me start on that and Dave can jump in. The biggest change quarter-on-quarter that we see is that we're now at healthy inventory levels. And we worked through inventory Q4, Q1 and some in Q2. We now see the OEMs and the channel at healthy inventory levels. We continue to see solid demand signals for the client business from our OEMs and even some of the end-of-quarter and early quarter sale through are clear indicators of good strength in that business. And obviously, we combine that with gaining share again in Q2. So we come into the second half of the year with good momentum and a very strong product line. So we feel quite good about the client business outlook.

是的。讓我開始講這個，戴夫可以插話。我們看到的季度環比最大變化是我們現在處於健康的庫存水平。我們處理了第四季度、第一季度和第二季度的一些庫存。我們現在看到原始設備製造商和渠道的庫存水平處於健康水平。我們繼續看到我們的原始設備製造商對客戶業務的強勁需求信號，甚至一些季末和季初的銷售情況也清楚地表明了該業務的良好實力。顯然，我們將其與第二季度再次獲得份額結合起來。因此，我們進入下半年以來勢頭良好，產品線非常強大。因此，我們對客戶的業務前景感到非常滿意。

I'd just add, normally over the last few quarters, you've seen us identify in the 10-Q strategic sales that we've made where we've negotiated kind of attractive deals which have accelerated demand, let's call it. When you look at our 10-Q, which will either be filed late tonight or early tomorrow, you'll see that we don't have a number in there for this quarter, which is an indication of how little we did in terms of strategic purchases. So to your question of did we pull in demand, I think that'll probably give you a pretty good assessment of that.

我只是補充一下，通常在過去的幾個季度中，您會看到我們在 10-Q 戰略銷售中發現，我們已經協商了一些有吸引力的交易，這些交易加速了需求，我們可以這麼稱呼它。當您查看將於今晚晚些時候或明天早些時候提交的 10-Q 報告時，您會發現我們沒有本季度的數字，這表明我們在以下方面做得很少：戰略採購。因此，對於您提出的“我們是否拉動了需求”的問題，我認為這可能會給您一個很好的評估。

And our next question comes from the line of Srinivas Pajjuri from Raymond James.

我們的下一個問題來自 Raymond James 的 Srinivas Pajjuri。

Pat, I have a question on AI as it relates to custom silicon. It's great to see that you announced a customer for 18A on custom silicon. But there's a huge demand, it seems like, for custom silicon on the AI front. I think some of your hyperscale customers are already successfully using custom silicon for -- as an AI accelerator. So I'm just curious what your strategy for that market is. Is that a focus area for you? If so, do you have any engagements with customers right now?

帕特，我有一個關於人工智能的問題，因為它與定制芯片有關。很高興看到您宣布了 18A 定制芯片客戶。但人工智能領域對定制芯片的需求似乎巨大。我認為你們的一些超大規模客戶已經成功地使用定制芯片作為人工智能加速器。所以我只是好奇你們針對這個市場的策略是什麼。這是您的重點領域嗎？如果是這樣，您現在與客戶有任何接觸嗎？

Yes. Thank you, Srini. And the simple answer is yes. And I have multiple ways to play in this market. Obviously, one of those is foundry customers. We have a good pipeline of foundry customers for 18A, foundry opportunities. And several of those opportunities that we're investigating are exactly what you described, people looking to do their own unique versions of their AI accelerator components, and we're engaging with a number of those.

是的。謝謝你，斯里尼。簡單的答案是肯定的。我有多種方式參與這個市場。顯然，其中之一是代工客戶。我們擁有良好的 18A 代工機會的代工客戶渠道。我們正在研究的一些機會正是您所描述的，人們希望開發自己獨特版本的人工智能加速器組件，我們正在參與其中的一些機會。

But some of those are going to be variations of Intel standard products. And this is where the IDM 2.0 strength really comes to play where they could be using some of our silicon, combining it with some of their silicon designs. And given our advanced packaging strength, that gives us another way to be participating in those areas. And of course, that reinforces some of the near-term opportunities will just be packaging, right, where they already have designed with one of the other foundry, but we're going to be able to augment their capacity opportunities with immediately being able to engage with packaging opportunities and we're seeing pipeline of those opportunities.

但其中一些將是英特爾標準產品的變體。這就是 IDM 2.0 優勢真正發揮作用的地方，他們可以使用我們的一些芯片，並將其與他們的一些芯片設計相結合。鑑於我們先進的包裝實力，這為我們提供了參與這些領域的另一種方式。當然，這會加強一些近期的機會，對吧，他們已經與另一家代工廠之一進行了設計，但我們將能夠立即能夠增加他們的產能機會參與包裝機會，我們正在看到這些機會的管道。

So overall, we agree that this is clearly going to be a market. We also see that some of the ones that you've seen most in the press are about particularly high-end training environments. But as we said, we see AI being infused in everything. And there's going to be AI chips for the edge, AI chips for the communications infrastructure, AI chips for sensing devices, for automotive devices, and we see opportunities for us, both as a product provider and as a foundry and technology provider across that spectrum, and that's part of the unique positioning that IDM 2.0 gives us for the future.

總的來說，我們同意這顯然將成為一個市場。我們還發現，您在媒體上看到最多的一些內容是關於特別高端的培訓環境的。但正如我們所說，我們看到人工智能正在滲透到一切事物中。將會出現用於邊緣的人工智能芯片、用於通信基礎設施的人工智能芯片、用於傳感設備和汽車設備的人工智能芯片，我們看到了我們作為產品提供商以及整個領域的代工和技術提供商的機會，這是 IDM 2.0 為我們提供的未來獨特定位的一部分。

Srini, do you have a follow-up question?

Srini，您還有後續問題嗎？

Yes, for Dave. Dave, it's good to see the progress on the working capital front. I think previously, you said your expectation is that free cash flow would turn positive sometime in second half. Just curious if that's still the expectation. And also, on the gross margin front, is there any, I guess, PRQ charges that we should be aware of as we go into fourth quarter?

是的，對於戴夫來說。戴夫，很高興看到營運資金方面的進展。我想您之前說過您的預期是自由現金流將在下半年的某個時候轉為正值。只是好奇這是否仍然是期望。另外，在毛利率方面，我想在進入第四季度時我們應該注意 PRQ 費用嗎？

Okay. So on -- let me just take a moment just to give the team credit on the second quarter in terms of working capital because we brought inventory down by $1 billion. Our days sales outstanding on the AR front is down to 24 days, which is exceptional. So a lot of what you saw in terms of the improving free cash flow from Q1 to Q2 was working capital. So I think the team has done an outstanding job just really focusing on all the elements that drive free cash flow.

好的。等等——讓我花點時間對團隊第二季度的營運資金表示讚賞，因為我們的庫存減少了 10 億美元。我們在 AR 方面的銷售天數已減少至 24 天，這非常出色。因此，從第一季度到第二季度自由現金流的改善，你看到的很多都是營運資本。因此，我認為該團隊做得非常出色，真正專注於推動自由現金流的所有要素。

Our expectation is still by the end of the year to get to breakeven free cash flow. There's no reason why we shouldn't achieve that. Obviously, the net CapEx might be a little different this year than we thought coming into the year. But as we talked about, it's just a focus on free cash flow, the improved outlook in terms of the business. We think we can get to breakeven by the end of the year.

我們的預期仍然是到今年年底才能實現盈虧平衡的自由現金流。我們沒有理由不實現這一目標。顯然，今年的淨資本支出可能與我們今年的預期略有不同。但正如我們所討論的，這只是對自由現金流的關注，即業務前景的改善。我們認為我們可以在今年年底實現收支平衡。

As it relates to pre-PRQ reserves in the fourth quarter, we're likely to have some, but it should be a pretty good quarter-over-quarter improvement from the third quarter, which was obviously a good quarter-over-quarter improvement from the second quarter.

由於它與第四季度的 PRQ 準備金相關，我們可能會有一些，但與第三季度相比，這應該是一個相當不錯的季度環比改善，這顯然是一個很好的環比改善從第二季度開始。

Jonathan, I think we have time for one last caller, please.

喬納森，我想我們還有時間接聽最後一位來電者。

And our final question for today then comes from the line of Aaron Rakers from Wells Fargo.

我們今天的最後一個問題來自富國銀行的 Aaron Rakers。

Yes. And I do have a quick follow-up as well. Just kind of going back to the gross margin a little bit. I think, Dave, when you guided this quarter, you talked about just looking backwards, the PRQ impact was going to be about 250 basis points. I think there was also an underload impact that I think you guided to around 300 basis points. So I'm just curious what was -- what were those numbers in this most recent quarter relative to kind of as we try and frame what the expectation is going forward?

是的。我也有一個快速的跟進。只是稍微回到毛利率上來。我認為，Dave，當您指導本季度時，您談到回顧過去，PRQ 的影響將約為 250 個基點。我認為還存在負載不足的影響，我認為您將其引導至 300 個基點左右。所以我只是好奇最近一個季度的這些數字與我們嘗試構建未來預期的情況相比是多少？

Yes, they were largely as expected, although it was off of a lower revenue number, so the absolute dollars were as expected. They had a little bit of less of an impact, given the revenue was higher. And both of those numbers, like I said, will be lower in the third quarter.

是的，它們基本上符合預期，儘管收入數字較低，因此絕對美元符合預期。考慮到收入較高，他們的影響要小一些。正如我所說，這兩個數字在第三季度都會下降。

Aaron, do you have a quick follow-up?

亞倫，你有快速跟進嗎？

I do, just real quickly on just kind of the AI narrative. We talked about Gaudi a lot in the pipeline build-out. I'm curious as you look forward, as part of that pipeline, Pat, do you expect to see deployment in some of the hyperscale cloud guys and competing against directly some of the large competitors on the GPU front with Gaudi in cloud?

我確實如此，只是很快地講述了人工智能的故事。我們在管道建設中多次談論了高迪。我很好奇，作為該管道的一部分，Pat，您是否希望看到一些超大規模雲公司的部署，並與雲中的 Gaudi 直接與 GPU 領域的一些大型競爭對手競爭？

Simple answer. Yes, right? And everyone is looking for alternatives. Clearly, the MLPerf numbers that we posted recently with Gaudi2 show very competitive numbers, significant TCO benefits for customers. They're looking for alternatives. They're also looking for more capacity. And so we're definitely engaged. We already have Gaudi instances on AWS as available today already.

簡單的回答。是的，對嗎？每個人都在尋找替代方案。顯然，我們最近與 Gaudi2 發布的 MLPerf 數據顯示出非常有競爭力的數字，為客戶帶來了顯著的 TCO 優勢。他們正在尋找替代方案。他們還在尋找更多的產能。所以我們肯定訂婚了。我們已經在 AWS 上提供了 Gaudi 實例，現已可用。

And some of the names that we described in our earnings calls, Stability AI, Genesis Cloud. So some of these are the proven, I'll say, at scale Tier 1 cloud providers but some of the next-generation ones are also engaging. So overall, absolutely, we expect that to be the case. We're also on our own DevCloud, we're making it easier for customers to test Gaudi more quickly. And with that, we now have 1,000 customers now who are taking advantage of the Intel Development Cloud. We're building a 1,000-node Gaudi cluster so that they can be at scale with their testing a very large training environment. So overall, the simple answer is, yes, very much so, and we're seeing a good pipeline of those opportunities.

以及我們在財報電話會議中描述的一些名稱：Stability AI、Genesis Cloud。因此，我想說，其中一些是經過驗證的大規模一級雲提供商，但一些下一代云提供商也很有吸引力。因此，總的來說，我們絕對希望情況如此。我們也在自己的 DevCloud 上，讓客戶更容易、更快地測試 Gaudi。至此，我們現在有 1,000 名客戶正在利用英特爾開發雲。我們正在構建一個 1,000 個節點的 Gaudi 集群，以便他們可以在非常大的訓練環境中進行大規模測試。總的來說，簡單的答案是，是的，非常如此，而且我們看到了這些機會的良好渠道。

So with that, let me just wrap up our time together today. Thank you. We're grateful that you have joined us today, and we're thankful that we have the opportunity to update you on our business. And simply put, it was a very good quarter. We exceeded expectations on top line, on bottom line. We raised guidance and we look forward to the continued opportunities that we have of accelerating our business and seeing the margin improvement that comes in the second half of the year.

那麼，讓我結束今天我們在一起的時光。謝謝。我們很高興您今天加入我們，也很高興有機會向您介紹我們的業務最新情況。簡而言之，這是一個非常好的季度。我們在營收和利潤方面都超出了預期。我們提高了指導意見，並期待著繼續有機會加速我們的業務並看到下半年利潤率的改善。

But even more important to me was the operational improvements that we saw, a good fiscal discipline, cost saving discipline and best of all, the progress that we've made, right, on our execution, our process execution, product execution, the transformational journey that we're in. And I just want to say a big thank you to my team for having a very good quarter that we could tell you about today.

但對我來說更重要的是我們看到的運營改進，良好的財務紀律，成本節約紀律，最重要的是，我們在執行、流程執行、產品執行、轉型方面取得的進展。我們正在經歷的旅程。我只想對我的團隊表示衷心的感謝，感謝他們度過了一個非常好的季度，我們今天可以向您介紹這一點。

We look forward to talking to you more, particularly at our Innovation in September. We'll be hosting an investor Q&A track and we hope to see many, if not all of you there. It will be a great time. Thank you.

我們期待與您進行更多交流，特別是在 9 月份的創新活動中。我們將舉辦投資者問答環節，希望能看到很多人（即使不是所有人）。這將是一段美好的時光。謝謝。

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。這確實結束了該程序。您現在可以斷開連接。再會。