英特爾 (INTC) 2023 Q3 法說會逐字稿

Thank you for standing by, and welcome to Intel Corporation's Third 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. Please go ahead.

感謝您的耐心等待，歡迎參加英特爾公司 2023 年第三季財報電話會議。 （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。請繼續。

Thank you, Jonathan. By now, you should have received a copy of the Q3 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, you 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三季收益發布和收益簡報的副本，這兩份文件都可以在我們的投資者關係網站 intc.com 上找到。對於今天在線加入我們的人來說，收益演示也可以在我們的網路廣播視窗中觀看。今天我們的執行長 Pat Gelsinger 也加入了我的行列。以及我們的財務長 David Zinsner。稍後，您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, they 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 on Form 10-K and other filings with the SEC provide more information on 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.

在開始之前，請注意，今天的討論確實包含基於我們目前所看到的環境的前瞻性陳述。因此，它們面臨各種風險和不確定性。它還包含對非公認會計準則財務指標的引用，我們認為這些指標為我們的投資者提供了有用的信息。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風險因素的更多資​​訊。它們還提供有關我們的非 GAAP 財務指標的更多信息，包括在適當情況下與我們相應的 GAAP 財務指標的調整表。

With that, let me turn things over to Pat.

那麼，讓我把事情交給帕特。

Thank you, John, and good afternoon, everyone. Before we begin, given our significant and now almost 50-year presence in Israel, we are deeply saddened by the recent attacks and their impact on the region. Our utmost priority is the safety and welfare of our people in Israel and their families. But I also want to recognize the resilience of our teams as they have kept our operations running and our factory expansion progressing. Our thoughts are with all of those affected by the war, and I am praying for a swift return to peace.

謝謝約翰，大家下午好。在我們開始之前，鑑於我們在以色列的重要地位和近 50 年的存在，我們對最近的襲擊及其對該地區的影響深感悲痛。我們的首要任務是以色列人民及其家人的安全和福祉。但我也想認識到我們團隊的韌性，他們讓我們的營運保持正常運轉，工廠的擴張不斷取得進展。我們的思念與所有受戰爭影響的人們同在，我祈禱盡快恢復和平。

Turning to our results. We delivered an outstanding Q3, beating expectations for the third consecutive quarter. Revenue was above the high end of our guidance, and EPS benefited from both strong operating leverage and expense discipline. More important than our standout financial performance were the key operational milestones we achieved in the quarter across process and products, Intel Foundry Services and our strategy to bring AI everywhere. Simply put, this quarter demonstrates the meaningful progress we have made towards our IDM 2.0 transformation.

轉向我們的結果。我們第三季的業績表現出色，連續第三個季度超出預期。收入高於我們指導的上限，每股收益受益於強大的營運槓桿和費用紀律。比我們出色的財務表現更重要的是我們在本季在流程和產品、英特爾代工服務以及我們將人工智慧無處不在的策略方面實現的關鍵營運里程碑。簡而言之，本季度展示了我們在 IDM 2.0 轉型方面取得的有意義的進展。

The foundation of our strategy is reestablishing transistor power and performance leadership. While many thought our ambitions were a bit audacious when we began our 5 nodes in 4 year journey roughly 2.5 years ago, we have increasing line of sight towards achieving our goal. Intel 7 is done with nearly 150 million units in aggregate of Alder Lake, Raptor Lake and Sapphire Rapids already in the market. In addition, Emerald Rapids has achieved product release and began shipping this month.

我們策略的基礎是重建電晶體功率和性能領先地位。大約 2.5 年前，當我們開始 4 年 5 個節點的旅程時，許多人認為我們的野心有點大膽，但我們對實現目標的目光越來越遠。 Intel 7 已經上市，Alder Lake、Raptor Lake 和 Sapphire Rapids 總計近 1.5 億台。此外，Emerald Rapids已於本月實現產品發布並開始出貨。

In Q3, we began initial shipments of Meteor Lake on Intel 4, which we are now aggressively ramping on the most productive fleet of EUV tools in the industry, providing us with a greater than 20% capital efficiency advantage compared to when EUV tools were first launched. High-volume EUV manufacturing is well underway in Oregon, and more recently, in Ireland. Our Fab 34 in Ireland represents the first high-volume EUV production in Europe, underscoring our commitment to establish geographically diverse and resilient supply. We are the only leading-edge semiconductor manufacturer at scale in every major region of the globe.

在第三季度，我們開始首次發貨基於 Intel 4 的 Meteor Lake，我們現在正在積極增加業界最高效的 EUV 工具組，與首次推出 EUV 工具時相比，為我們提供了超過 20% 的資本效率優勢推出。大批量 EUV 製造正在俄勒岡州順利進行，最近又在愛爾蘭進行。我們位於愛爾蘭的 Fab 34 是歐洲首個大批量 EUV 生產工廠，突顯了我們對建立地理多樣化和彈性供應的承諾。我們是全球各主要地區唯一規模化的領先半導體製造商。

Our Intel 3 process is tracking to be manufacturing-ready by year-end, supporting our first 2 Intel 3 products: Sierra Forest and Granite Rapids. In fact, our production stepping of Sierra Forest is already out of fab, and what we expect to be the production stepping of Granite Rapids has already taped in and is in the fab now. We are particularly excited by our move into the angstrom era with Intel 20A and Intel 18A, Adding to our accelerating adoption of EUV are 2 key new innovations, RibbonFET and PowerVia, representing the first fundamental change to the transistor and process architecture since we commercialized FinFET in 2012. I have been studying some diagrams for almost 40 years. RibbonFET and PowerVia are true works of art, the most exquisite transistors ever created.

我們的 Intel 3 製程預計到年底即可投入生產，支援我們的首批 2 款 Intel 3 產品：Sierra Forest 和 Granite Rapids。事實上，我們的 Sierra Forest 生產步驟已經離開了工廠，而我們預計的 Granite Rapids 生產步驟也已經流片並正在工廠中。我們對英特爾20A 和英特爾18A 進入埃時代感到特別興奮，除了我們加速採用EUV 之外，還有兩項關鍵的新創新：RibbonFET 和PowerVia，代表著自FinFET 商業化以來晶體管和製程架構的首次根本性變化2012 年。我研究一些圖表已經近 40 年了。 RibbonFET 和 PowerVia 是真正的藝術品，是有史以來最精緻的電晶體。

We expect to achieve manufacturing readiness on Intel 20A in the first half of 2024. Arrow Lake, our lead product on 20A, is already running Windows and demonstrating excellent functionality. Even more significant, we had a critical milestone on Intel 18A with the 0.9 release of the PDK with imminent availability to external customers. In simple terms, the invention phase of RibbonFET and PowerVia is now complete, and we are racing towards production-ready industry-leading process technology.

我們預計在 2024 年上半年實現英特爾 20A 的生產準備。我們在 20A 上的主導產品 Arrow Lake 已經運行 Windows 並展示了出色的功能。更重要的是，我們在 Intel 18A 上實現了一個重要的里程碑，即 PDK 0.9 版本即將向外部客戶提供。簡單來說，RibbonFET 和 PowerVia 的發明階段現已完成，我們正在努力實現可投入生產的行業領先製程技術。

Our first products on Intel 18A will go into fab on schedule in Q1 '24 with Clearwater Forest for servers, Panther Lake for clients and, of course, a growing number of IFS test chips. We expect to achieve manufacturing readiness for Intel 18A in second half '24, completing our incredible 5 nodes in 4 years journey on or ahead of schedule. While Intel 18A reestablishes transistor leadership, we are racing to increase that lead. We announced that innovation, our plans to lead the industry and move to glass substrate for high-density, performance and unique optical capabilities. We also announced our plans to begin installation of the world's first high-NA EUV tool for commercial use by the end of the year to continue our modernizations and infrastructure expansion of our Gordon Moore Park in Oregon, home of our technology development team.

我們基於 Intel 18A 的首批產品將按計劃於 24 年第一季投入工廠，其中包括用於伺服器的 Clearwater Forest、用於客戶端的 Panther Lake，當然還有越來越多的 IFS 測試晶片。我們預計將在 2024 年下半年實現英特爾 18A 的製造準備，按時或提前完成我們在 4 年內實現 5 個節點的令人難以置信的旅程。雖然英特爾 18A 重新確立了晶體管的領先地位，但我們正在競相擴大這一領先地位。我們宣布了創新，我們計劃引領業界並轉向玻璃基板，以實現高密度、高性能和獨特的光學功能。我們也宣布計劃在今年年底前開始安裝世界上第一個用於商業用途的高數值孔徑EUV 工具，以繼續我們位於俄勒岡州戈登摩爾公園（我們技術開發團隊的所在地）的現代化和基礎設施擴建。

Moore's Law continues to be the foundational driver of semiconductor technology and economics, which, in turn, fuels broader innovation in every industry across the globe. We remain committed to be good stewards of Moore's Law and drive advancements until we have exhausted every element on the periodic table. Importantly, our progress on process technology is now being well validated by third parties. We have made great progress with early IFS customers this quarter, which we expect to only accelerate with the release of the 0.9 PDK for Intel 18A.

摩爾定律仍然是半導體技術和經濟的基本驅動力，反過來又推動了全球各行業更廣泛的創新。我們仍然致力於成為摩爾定律的良好管理者並推動進步，直到我們耗盡元素週期表上的所有元素。重要的是，我們在製程技術方面的進展現已得到第三方的充分驗證。本季我們與早期 IFS 客戶取得了巨大進展，我們預計隨著適用於 Intel 18A 的 0.9 PDK 的發布，這一進展將會加速。

A major customer committed to Intel 18A and Intel 3, which includes a meaningful prepayment that expedites and expands our capacity corridor for this customer. The customer is seeing particularly good power, performance and area efficiency in their design. This opportunity is very significant and highlights our full system's foundry capabilities and high-performance computing, big die designs, leadership performance and area efficient transistors, advanced packaging and systems expertise. In addition, we are extremely pleased to announce today that we have signed with 2 additional 18A customers. Both are particularly focused in areas of high-performance compute and benefiting from power performance per unit silicon area.

致力於使用英特爾 18A 和英特爾 3 的主要客戶，其中包括一筆有意義的預付款，可以加快和擴大我們為該客戶提供的產能走廊。客戶在其設計中看到了特別出色的功耗、性能和麵積效率。這個機會非常重要，凸顯了我們整個系統的代工能力和高效能運算、大晶片設計、領先性能和麵積高效電晶體、先進封裝和系統專業知識。此外，我們今天非常高興地宣布，我們已與另外 2 家 18A 客戶簽約。兩者都特別專注於高效能運算領域，並受益於單位矽面積的功耗性能。

We have also made substantial progress with our next major customer and are expecting to conclude commercial contract negotiations before year-end. Finally, we were also very happy to expand our growing foundry ecosystem by completing our strategic partnership with Synopsys in Q3 to include IP for Intel 3 and Intel 18A for both Intel internal and external foundry customers. With the rise of AI and high-performance computing applications, our advanced packaging business is proving to be yet another unique advantage. We have seen a surge of interest in our advanced packaging from most leading AI chip companies. With capacity corridors quickly available, this is proving to be a significant accelerant and on-ramp for Intel Foundry customers.

我們與下一個主要客戶的合作也取得了實質進展，預計在年底前完成商業合約談判。最後，我們也非常高興透過在第三季完成與 Synopsys 的策略合作夥伴關係來擴展我們不斷發展的代工生態系統，為英特爾內部和外部代工客戶提供適用於英特爾 3 和英特爾 18A 的 IP。隨著人工智慧和高效能運算應用的興起，我們的先進封裝業務被證明是另一個獨特的優勢。我們看到大多數領先的人工智慧晶片公司對我們的先進封裝的興趣激增。隨著產能走廊的快速可用，這對英特爾代工客戶來說是一個重要的促進劑和入口。

During the quarter, we were awarded 2 customer AI designs for our advanced packaging and with an additional 6 customers in active negotiations, we expect several more awards by year-end. We have also established an important business relationship with Tower Semiconductor, utilizing our manufacturing assets in New Mexico, along with Tower investing capital expenditures of roughly $300 million for its use in this facility. This represents an important step in our foundry strategy, improving cash flows by utilizing our manufacturing assets over a significantly longer period of time.

本季度，我們的先進封裝獲得了 2 個客戶 AI 設計獎，另外 6 個客戶正在積極談判中，我們預計到年底還會獲得更多獎項。我們還與 Tower Semiconductor 建立了重要的業務關係，利用我們在新墨西哥州的製造資產，以及 Tower 投資約 3 億美元的資本支出用於該設施。這是我們鑄造策略的重要一步，透過在更長的時間內利用我們的製造資產來改善現金流。

Finally, we have submitted all 4 of our major project proposals in Arizona, New Mexico, Ohio, and Oregon, representing over $100 billion of U.S. manufacturing and research investments to the CHIPS Program Office and are working closely with them as they review these proposals. We look forward to providing a deeper update on our foundry business during our planned IFS industry event in Q1 of 2024.

最後，我們已向CHIPS 計畫辦公室提交了亞利桑那州、新墨西哥州、俄亥俄州和俄勒岡州的所有4 個主要項目提案，代表著超過1000 億美元的美國製造和研究投資，並在他們審查這些提案時與他們密切合作。我們期待在計劃於 2024 年第一季舉行的 IFS 行業活動中提供有關我們代工業務的更深入的最新資訊。

We are on a mission to bring AI everywhere. We see the AI workload as a key driver of the $1 trillion semiconductor TAM by 2030. We are empowering the market to seamlessly integrate and effectively run AI in all their applications. For the developer working with multitrillion parameter frontier models in the cloud, Gaudi and our suite of AI accelerators provides a powerful combination of performance, competitive MLPerf benchmarks and a very cost-efficient TCO. However, as the world moves towards more AI-integrated applications, there's a market shift towards local inferencing. It's a nod to both the necessity of data privacy and an answer to cloud-based inference cost.

我們的使命是讓人工智慧無所不在。我們將人工智慧工作負載視為到 2030 年實現 1 兆美元半導體 TAM 的關鍵驅動力。我們正在幫助市場在所有應用程式中無縫整合並有效運行人工智慧。對於在雲端中使用數兆參數前緣模型的開發人員來說，Gaudi 和我們的 AI 加速器套件提供了性能、具有競爭力的 MLPerf 基準和非常經濟高效的 TCO 的強大組合。然而，隨著世界朝著更多人工智慧整合應用的方向發展，市場正在轉向本地推理。這是對資料隱私必要性的認可，也是對基於雲端的推理成本的回答。

With AI accelerated Xeon for enterprise, Core Ultra launching the AI PC generation and OpenVINO enabling developers seamless and versatile support for a range of client and edge silicon, we are bringing AI to where the data is being generated and used rather than forcing it into the cloud. Our expansive footprint spanning cloud and enterprise servers to volume clients and ubiquitous edge devices positions us well to enable the AI continuum across all our market segments. The AI continuum enables AI everywhere.

借助面向企業的AI 加速至強、推出AI PC 一代的Core Ultra 和OpenVINO，使開發人員能夠為一系列客戶端和邊緣芯片提供無縫和多功能支持，我們將AI 引入數據生成和使用的地方，而不是強迫其進入資料來源。雲。我們的業務範圍廣泛，涵蓋雲端和企業伺服器、大量客戶端和無處不在的邊緣設備，這使我們能夠在所有細分市場實現人工智慧連續體。人工智慧連續體使人工智慧無所不在。

DCAI exceeded our forecast this quarter with server revenue up modestly sequentially. We continue to see a strong ramp of our fourth-gen Xeon processor with the world's top 10 CSPs now in general availability and improving strength from MNCs. During the quarter, we shipped our 1,000,000th fourth-gen Xeon unit and are on track to surpass 2 million units next month. 4th Gen Xeon includes powerful accelerators, demonstrating best-in-class CPU performance for AI, security and networking workloads.

DCAI 本季伺服器營收小幅成長，超出了我們的預期。我們繼續看到第四代 Xeon 處理器的強勁成長，全球排名前 10 的 CSP 現已全面上市，跨國公司的實力不斷增強。本季度，我們售出了第 1,000,000 台第四代 Xeon 設備，並有望在下個月突破 200 萬台。第四代至強包括強大的加速器，為人工智慧、安全和網路工作負載展示了一流的 CPU 效能。

Our AI-enhanced Xeons are primed for model inferencing, enabling seamless infusion of AI into existing workloads. This was visible this quarter with over 1/3 of 4th Gen Xeon shipments directly related to AI applications. We are the clear leader in AI CPU results as seen in MLCommons benchmarks today, and our road map provides significant further improvements with Granite Rapids expected to deliver an additional 2 to 3x AI performance on top of our industry-leading 4th Gen Xeon.

我們的人工智慧增強型至強處理器已為模型推理做好了準備，可將人工智慧無縫融入現有工作負載中。這在本季顯而易見，超過 1/3 的第四代至強出貨量與人工智慧應用直接相關。從今天的MLCommons 基準測試中可以看出，我們在AI CPU 結果方面處於明顯的領先地位，我們的路線圖提供了顯著的進一步改進，Granite Rapids 預計將在我們行業領先的第四代Xeon 的基礎上額外提供2 到3 倍的AI 性能。

We continue to make excellent progress with our Xeon road map. Our 5th Gen Xeon processor code-named Emerald Rapids is in production and ramping to customers and will officially launch on December 14 in New York City. Sierra Forest, our first E-core Xeon is on track for first half '24 with customers well into their validation process. Sierra Forest will feature up to 288 E-cores targeting next-generation cloud-native workloads, delivering even more price performance and power efficiency for our customers.

我們的至強路線圖持續取得巨大進展。我們代號 Emerald Rapids 的第五代 Xeon 處理器已投入生產並向客戶供貨，並將於 12 月 14 日在紐約正式推出。 Sierra Forest，我們的首款 E-core Xeon 預計將於 24 年上半年推出，客戶已進入驗證流程。 Sierra Forest 將配備多達 288 個針對新一代雲端原生工作負載的 E 核心，為我們的客戶提供更高的性價比和能源效率。

Granite Rapids, which shortly follows Sierra Forest, is also well into our validation cycle with customers. While the industry has seen some wallet share shifts between CPU and accelerators over the last several quarters, as well as some inventory burn in the server market, we see signs of normalization as we enter Q4 driving modest sequential TAM growth. Across most customers, we expect to exit the year at healthy inventory levels, and we see growth in compute cores returning to more normal historical rates off the depressed 2023. More importantly, our successful road map execution is strengthening our product portfolio with Gen 4 and Gen 5 Xeon, Sierra Forest and Granite Rapids positioning us well to win back share in the data center.

繼 Sierra Forest 之後不久的 Granite Rapids 也已進入我們與客戶的驗證週期。儘管在過去幾個季度中，業界已經看到CPU 和加速器之間的錢包份額發生了一些變化，並且伺服器市場出現了一些庫存消耗，但隨著進入第四季度，我們看到了正常化的跡象，推動了TAM 的適度連續成長。對於大多數客戶來說，我們預計今年將以健康的庫存水準結束，我們看到計算核心的成長將在2023 年的低迷時期恢復到更正常的歷史水準。更重要的是，我們成功的路線圖執行正在加強我們的產品組合，包括Gen 4 和Gen 5 Xeon、Sierra Forest 和 Granite Rapids 使我們能夠很好地贏回資料中心的份額。

In addition, we expect to capture a growing portion of the accelerator market in 2024 with our suite of AI accelerators led by Gaudi, which is setting leadership benchmark results with third parties like MLCommons and Hugging Face. We are pleased with the customer momentum we are seeing from our accelerator portfolio and Gaudi in particular, and we have nearly doubled our pipeline over the last 90 days. As we look to 2024, like many others, we now are focused on having enough supply to meet our growing demand.

此外，我們預計透過 Gaudi 領導的人工智慧加速器套件，在 2024 年佔據加速器市場不斷增長的份額，Gaudi 正在與 MLCommons 和 Hugging Face 等第三方一起設定領先基準結果。我們對加速器產品組合（尤其是 Gaudi）所帶來的客戶動力感到滿意，在過去 90 天內，我們的通路幾乎增加了一倍。與許多其他國家一樣，展望 2024 年，我們現在的重點是擁有足夠的供應來滿足不斷增長的需求。

Dell is partnering with us to deliver Gaudi for cloud and enterprise customers with its next-generation power edge systems featuring Xeon and Gaudi AI accelerators to support AI workloads ranging from large-scale training to inferencing at the edge. Together with Stability.ai, we are building one of the world's largest AI supercomputers entirely on 4th Gen Xeon processors and 4,000 Intel Gaudi2 AI accelerators. Our Gaudi road map remains on track with Gaudi3 out of the fab, now in packaging and expected to launch next year. And in 2025, Falcon Shores brings our GPU and Gaudi capabilities into a single product.

戴爾與我們合作，為雲端和企業客戶提供採用 Xeon 和 Gaudi AI 加速器的新一代 Power Edge 系統，支援從大規模訓練到邊緣推理等各種 AI 工作負載。我們與 Stability.ai 一起，完全基於第四代 Xeon 處理器和 4,000 個 Intel Gaudi2 AI 加速器構建世界上最大的 AI 超級電腦之一。我們的 Gaudi 路線圖仍在按計劃進行，Gaudi3 已經出廠，目前正在包裝中，預計將於明年推出。到 2025 年，Falcon Shores 將我們的 GPU 和 Gaudi 功能整合到一個產品中。

Moving to the client. CCG delivered another strong quarter, exceeding expectations for the third consecutive quarter, driven by strength in commercial and consumer gaming SKUs where we are delivering leadership performance. As we expected, customers completed their inventory burn in the first half of the year, driving solid sequential growth, which we expect will continue into Q4. We expect full year 2023 PC consumption to be in line with our Q1 expectations of approximately 270 million units. In the near term, we expect Windows 10 end-of-service to be a tailwind, and we remain positive on the long-term outlook for PC TAM returning to plus or minus 300 million units.

轉移到客戶端。在商業和消費者遊戲 SKU 的強勁推動下，CCG 再次實現了強勁的季度業績，連續第三個季度超出了預期，我們在這些產品中提供了領先的業績。正如我們預期的那樣，客戶在上半年完成了庫存消耗，推動了環比的穩健成長，我們預計這種情況將持續到第四季。我們預計 2023 年全年 PC 消費量將與我們第一季約 2.7 億台的預期相符。短期內，我們預計 Windows 10 服務終止將成為一股順風，我們對 PC TAM 恢復到正負 3 億台的長期前景保持樂觀。

Intel continues to be a pioneer in the industry as we ushered in the era of the AI PC in Q3 when we released the Intel Core Ultra processor code-named Meteor Lake. Built on Intel 4, the Intel Core Ultra has been shipping to customers for several weeks and will officially launch on December 14 alongside our 5th Gen Xeon. The Ultra represents the first client chiplet design enabled by Foveros advanced 3D packaging technology, delivering improved power efficiency and graphics performance. It is also the first Intel client processor to feature our integrated neural processing unit, or NPU, that enables dedicated low-power compute for AI workloads. Next year, we will deliver Arrow Lake as well as Lunar Lake, which offers our next-gen NPU, ultra-low power mobility and breakthrough performance per watt.

英特爾繼續保持行業先鋒地位，第三季我們發布了代號為 Meteor Lake 的英特爾酷睿 Ultra 處理器，開啟了 AI PC 時代。基於 Intel 4 的 Intel Core Ultra 已向客戶發貨數週，並將於 12 月 14 日與我們的第五代 Xeon 一起正式推出。 Ultra 代表了首個採用 Foveros 先進 3D 封裝技術實現的客戶端小晶片設計，可提供更高的能源效率和圖形性能。它也是首款採用整合神經處理單元 (NPU) 的英特爾客戶端處理器，可為 AI 工作負載提供專用的低功耗運算。明年，我們將推出 Arrow Lake 和 Lunar Lake，後者提供我們的下一代 NPU、超低功耗移動性和突破性的每瓦效能。

Panther Lake, our 2025 client offering, heads into the fab in Q1 '24 on Intel 18A. The arrival of the AI PC represents an inflection point in the PC industry, not seen since we first introduced Centrino in 2003. Centrino was so successful because of our time-to-market advantage, our embrace of an open ecosystem, strong OEM partnerships, our performance silicon and our developer scale. Not only are these same advantages in place today, they are even stronger as we enter the age of the AIPC.

我們的 2025 年客戶產品 Panther Lake 將於 24 年第一季投入採用 Intel 18A 的晶圓廠。 AI PC 的到來代表了PC 產業的一個轉捩點，這是自2003 年我們首次推出迅馳以來從未出現過的轉折點。迅馳之所以如此成功，是因為我們的上市時間優勢、我們對開放生態系統的擁護、強大的OEM 合作夥伴關係、我們的效能晶片和開發人員規模。這些優勢不僅在今天仍然存在，而且隨著我們進入 AIPC 時代，它們甚至變得更加強大。

We are catalyzing this moment with our AIPC acceleration program with over 100 ISVs already participating, providing access to Intel's deep bench of engineering talent for targeted software optimization, core development tools and go-to-market opportunities. We are encouraged and motivated by our partners and competitors who see the tremendous growth potential of the PC market. NEX is also seeing early signs of the benefits from growing AI use cases. Our ethnic and IPU businesses are well suited to support the high I/O bandwidth required by AI workloads in the data center with growth expected to accelerate for both in 2024.

我們正在透過 AIPC 加速計畫來推動這一時刻，已有 100 多家 ISV 參與其中，為有針對性的軟體優化、核心開發工具和上市機會提供英特爾深厚的工程人才庫。我們的合作夥伴和競爭對手看到了個人電腦市場的巨大成長潛力，我們深受鼓舞和激勵。 NEX 也看到了不斷增長的人工智慧用例帶來的好處的早期跡象。我們的種族和 IPU 業務非常適合支援資料中心 AI 工作負載所需的高 I/O 頻寬，預計這兩個業務將在 2024 年加速成長。

Additionally, at the edge, as part of Intel's focus on every aspect of the AI continuum, NEX launched OpenVINO 2023.1, the latest version of the AI inferencing and deployment run time of choice for developers on client and edge platforms, with ai.io and FIT:MATCH demonstrating how they use OpenVINO to accelerate their applications at our innovation conference. We have leadership developer software tool chains that have seen a doubling of developer engagements this year. While NEX entered their inventory correction after client in DCAI, Q3 results beat our internal forecast and grew sequentially. We see continued signs of stabilization heading into Q4.

此外，在邊緣，作為英特爾對AI 連續體各個方面的關注的一部分，NEX 推出了OpenVINO 2023.1，這是客戶端和邊緣平台上開發人員選擇的最新版本的AI 推理和部署運行時，以及ai.io和FIT:MATCH 在我們的創新會議上展示了他們如何使用 OpenVINO 來加速其應用程式。我們擁有領先的開發人員軟體工具鏈，今年開發人員的參與度增加了一倍。雖然 NEX 在 DCAI 客戶之後進入庫存修正，但第三季的業績超出了我們的內部預測並連續成長。進入第四季度，我們看到持續穩定的跡象。

Finally, our Smart Capital strategy underpins our relentless drive for efficiency and our commitment to be great allocators of our owners' capital while consistently looking for innovative ways to unlock value for all our stakeholders. We remain on track to reducing costs by $3 billion in 2023, and we continue to see significant incremental opportunities for operational improvement as we execute on our internal foundry model. In addition, in Q3, we made the decision to divest the pluggable module portion of our silicon photonics business, allowing us to focus on the higher-value component business and optical I/O solutions to enable AI infrastructure scaling. This marks the tenth business we have exited in the last 2.5 years, generating $1.8 billion in annual savings and a testament to our efforts to optimize our portfolio and drive long-term value creation.

最後，我們的智慧資本策略支撐著我們對效率的不懈追求，以及我們致力於成為所有者資本的優秀配置者的承諾，同時不斷尋找創新方式為所有利害關係人釋放價值。我們仍有望在 2023 年將成本降低 30 億美元，並且在執行內部代工模式時，我們將繼續看到營運改善的重大增量機會。此外，在第三季度，我們決定剝離矽光子業務的可插拔模組部分，使我們能夠專注於更高價值的組件業務和光學 I/O 解決方案，以實現人工智慧基礎設施的擴展。這是我們在過去 2.5 年內退出的第十項業務，每年節省 18 億美元，證明了我們為優化投資組合和推動長期價值創造所做的努力。

Mobileye's solid Q3 and Q4 outlook continue to underscore the benefits of increased autonomy afforded by our initial public offering last year. In addition, we added TSMC as a minority investor in our IMS nano fabrication business in Q3. And earlier this month, we announced our plans to operate PSG as a stand-alone business beginning January 1. Similar to Mobileye and IMS, this decision gives PSG the mandate, focus and resources to better capitalize on their growth opportunities. We plan to report PSG results as a stand-alone segment in Q1, to bring in private investors in 2024 and to create a path to an initial public offering over the next 2 to 3 years.

Mobileye 穩健的第三季和第四季前景繼續凸顯了我們去年首次公開募股帶來的自主權增加的好處。此外，我們在第三季增加了台積電作為 IMS 奈米製造業務的少數投資者。本月早些時候，我們宣布計劃從 1 月 1 日起將 PSG 作為獨立業務運營。與 Mobileye 和 IMS 類似，這項決定賦予 PSG 授權、重點和資源，以更好地利用其成長機會。我們計劃在第一季將 PSG 作為獨立部門報告業績，在 2024 年引入私人投資者，並為未來 2 至 3 年內的首次公開募股開闢道路。

In summary, we continue to deliver tangible progress 2.5 years into our transformation journey. We are on track with 5 nodes in 4 years. We are hitting or beating all our product road map milestones. We are establishing ourselves as a global at-scale systems foundry for both wafer processing and advanced packaging. We are unlocking new growth opportunities fueled by AI. And we are driving financial discipline and operational efficiencies as we continue to unlock value for our shareholders.

總之，我們在 2.5 年的轉型之旅中繼續取得實際進展。我們預計在 4 年內建立 5 個節點。我們正在達到或超過我們所有產品路線圖的里程碑。我們正在將自己打造成晶圓加工和先進封裝領域的全球大規模系統代工廠。我們正在釋放人工智慧推動的新成長機會。隨著我們不斷為股東釋放價值，我們正在推動財務紀律和營運效率。

While we are encouraged by our progress to date, we know we have much more work in front of us as we continue to relentlessly drive forward with our strategy, maintain our execution momentum and deliver our commitments to our customers. I'd like to personally thank the Intel family for all their efforts. With that, let me turn it over to Dave to go through our results in more detail and provide guidance for Q4.

雖然我們對迄今為止的進展感到鼓舞，但我們知道，我們面前還有更多的工作要做，因為我們將繼續不懈地推進我們的策略，保持我們的執行動力，並兌現我們對客戶的承諾。我個人要感謝英特爾家族所做的一切努力。接下來，讓我將其交給戴夫，以更詳細地檢查我們的結果並為第四季度提供指導。

Thank you, Pat, and good afternoon, everyone. We delivered another strong quarter financially on top of outstanding execution on our product and process road maps as we continue to drive our IDM 2.0 transformation. We beat our guidance across revenue, gross margin and EPS. While we continue to monitor economic indicators and geopolitical risks, we're pleased with the momentum and health of our business, and we'll continue to focus on prioritizing our investments, prudently and aggressively managing near-term expenses and driving fundamental improvements to our cost structure longer term.

謝謝帕特，大家下午好。隨著我們繼續推動 IDM 2.0 轉型，除了產品和流程路線圖的出色執行之外，我們在財務上又實現了強勁的季度業績。我們在收入、毛利率和每股盈餘方面都超出了預期。在我們繼續監控經濟指標和地緣政治風險的同時，我們對業務的勢頭和健康狀況感到滿意，我們將繼續專注於確定投資的優先順序，審慎而積極地管理短期支出，推動我們的業務從根本上改善。長期成本結構。

Third quarter revenue was $14.2 billion, up 9% sequentially and $750 million above the midpoint of our guidance. Revenue exceeded our expectations across all major lines of business. Gross margin was 45.8%, 280 basis points better than our guidance, driven by higher revenue and ASPs and better sell-through of previously reserved inventory. EPS for the quarter was $0.41, beating guidance by $0.21, as our revenue strength, improving gross margins and disciplined OpEx management resulted in sequential EPS growth of $0.28. Q3 operating cash flow was $5.8 billion, up $3 billion sequentially. Net inventory was down $500 million or 7 days in the quarter. We also significantly improved the linearity of our shipments, which brought DSO down by 5 days. In total, our working capital improvement initiatives have yielded more than $2 billion of cash year-to-date.

第三季營收為 142 億美元，比上一季成長 9%，比我們指引值的中位數高出 7.5 億美元。所有主要業務線的收入都超出了我們的預期。毛利率為 45.8%，比我們的指導高出 280 個基點，這得益於較高的收入和平均售價以及之前保留庫存的更好銷售。本季每股收益為 0.41 美元，超出預期 0.21 美元，因為我們的收入實力、毛利率的提高和嚴格的營運支出管理導致每股收益環比增長 0.28 美元。第三季營運現金流為 58 億美元，比上一季增加 30 億美元。本季淨庫存減少 5 億美元，即減少 7 天。我們也大幅提高了出貨的線性度，使 DSO 縮短了 5 天。迄今為止，我們的營運資本改善計畫總共產生了超過 20 億美元的現金。

Net CapEx was $4.9 billion, resulting in positive adjusted free cash flow of approximately $950 million, and we paid dividends of $0.5 billion in the quarter. In Q3, we announced the sale of 10% of our IMS nano fabrication business to TSMC, following the investment from Bain Capital in June. When combined with the Mobileye IPO, these transactions have unlocked more than $30 billion of value. Earlier this month, we signaled our intent to pursue private investment and ultimately, an IPO for our PSG business as we continue to pursue opportunities to increase value for our shareholders.

淨資本支出為 49 億美元，調整後自由現金流約為 9.5 億美元，我們在本季支付了 5 億美元的股息。第三季度，繼 6 月獲得貝恩資本投資後，我們宣布將 10% 的 IMS 奈米製造業務出售給台積電。與 Mobileye IPO 相結合，這些交易已釋放出超過 300 億美元的價值。本月早些時候，我們表示有意尋求私人投資，並最終為我們的 PSG 業務進行 IPO，同時我們將繼續尋求為股東增加價值的機會。

Moving to third quarter business unit results. CCG delivered revenue of $7.9 billion, up 16% sequentially and ahead of our expectations for the third consecutive quarter. Customer inventory levels are healthy, and the market remains on track to our January consumption TAM signal of roughly 270 million units for 2023. CCG's operating profit doubled sequentially to $2.1 billion on higher revenue, sell-through of reserved inventory and stronger ASPs driven by strength in our commercial and gaming products in the quarter.

轉向第三季業務部門業績。 CCG 營收 79 億美元，季增 16%，連續第三個季度超出我們的預期。客戶庫存水準保持健康，市場仍有望實現我們1 月份消費TAM 訊號，即2023 年約2.7 億台。CCG 的營業利潤環比翻倍，達到21 億美元，原因是收入增加、預留庫存售完以及實力推動的ASP 走強在本季我們的商業和遊戲產品中。

DCAI revenue was $3.8 billion, ahead of our internal forecast. Despite continued unit TAM softness, the Xeon business was up sequentially, with MNC customers showing a better than seasonal recovery in the quarter. Favorable customer mix, along with strong adoption of newer products with higher core density, led to record Xeon ASPs in Q3. Despite sequential revenue decline, DCAI returned to profitability and contributed operating profit of $71 million, improving sequentially on better ASPs, reduced factory underload charges and continued spending discipline.

DCAI 收入為 38 億美元，高於我們的內部預測。儘管單位 TAM 持續疲軟，至強業務仍連續成長，跨國公司客戶本季的復甦情況好於季節性。有利的客戶組合，以及具有更高核心密度的新產品的大力採用，導致第三季至強 ASP 創下新紀錄。儘管收入連續下降，但 DCAI 恢復盈利並貢獻了 7,100 萬美元的營業利潤，由於平均售價提高、工廠負荷不足費用減少以及持續的支出紀律而連續改善。

Within DCAI, revenue for the Programmable Solutions Group declined mid-teens percent sequentially. As we discussed earlier this month, after a period of strong growth and tight supply, the FPGA business is entering a period of inventory burn. We expect PSG to decline in Q4 and be depressed for the next few quarters as customers work through inventory before returning to a more normalized run rate and growth.

在 DCAI 內部，可程式解決方案集團的營收季減了百分之十左右。正如我們本月早些時候討論的那樣，在經歷了一段強勁增長和供應緊張的時期後，FPGA 業務正在進入庫存消耗期。我們預計 PSG 將在第四季度出現下滑，並在接下來的幾季中陷入低迷，因為客戶在恢復到更正常化的運作率和成長之前會清理庫存。

NEX revenue was $1.5 billion, up 6% sequentially. Edge markets showed signs of recovery in Q3, leading NEX revenue to exceed our expectations. Network and telco markets continue to work through elevated inventory and weak demand, which we expect to persist through the end of the year. NEX also returned to profitability in Q3 with operating profit of $17 million, up $200 million sequentially on stronger revenue and reduced operating expenses.

NEX 營收為 15 億美元，季增 6%。第三季邊緣市場出現復甦跡象，導致 NEX 收入超出我們的預期。網路和電信市場繼續在庫存增加和需求疲軟的情況下運行，我們預計這種情況將持續到今年年底。 NEX 在第三季也恢復獲利，營業利潤為 1,700 萬美元，由於收入增加和營運費用減少，比上一季增加 2 億美元。

Intel Foundry Services revenue was $311 million, growing 4x year-over-year and 34% sequentially on increased packaging revenue and higher sales of IMS tools. IFS operating loss was $86 million as ramping factory and operating expenses offset stronger revenue in the period. Mobileye continues to perform well. Q3 revenue was $530 million, up 18% year-over-year and 17% sequentially, with operating profit of $107 million on a consolidated basis, up 32% sequentially. This morning, Mobileye increased their fiscal year 2023 outlook for adjusted operating income by 7% at the midpoint.

英特爾代工服務收入為 3.11 億美元，由於封裝收入增加和 IMS 工具銷量增加，年增 4 倍，季增 34%。由於工廠和營運支出的增加抵消了同期強勁的收入，IFS 營運虧損為 8,600 萬美元。 Mobileye 繼續表現良好。第三季營收為 5.3 億美元，年增 18%，季增 17%，合併營業利潤為 1.07 億美元，季增 32%。今天上午，Mobileye 將 2023 財年調整後營業收入預期中位數上調了 7%。

Q3 represented another outstanding quarter of cross-company spending discipline and focused portfolio management with operating expenses down 15% year-over-year. While we're on track to achieve $3 billion of total spending reductions in 2023, we expect sequentially higher OpEx in Q4 due to seasonal marketing activities, higher profit-dependent compensation and the end of some temporary austerity measures taken earlier in the year. We also had a onetime credit in Q3 associated with an asset sale, which will impact the sequential comparison in Q4.

第三季度是跨公司支出紀律和重點投資組合管理方面又一個出色的季度，營運支出較去年同期下降 15%。雖然我們預計在2023 年實現總支出削減30 億美元的目標，但由於季節性行銷活動、利潤依賴型薪酬的提高以及今年早些時候採取的一些臨時緊縮措施的結束，我們預計第四季度的運營支出將連續上升。我們在第三季也獲得了與資產出售相關的一次性信貸，這將影響第四季的連續比較。

Now turning to Q4 guidance. We expect fourth quarter revenue of $14.6 billion to $15.6 billion, delivering on our January commitment to grow revenue sequentially throughout 2023. In the client business, we're encouraged by the return of historical purchasing cycles as our channel checks, partner feedback and ASPs all point to healthy inventory levels and growing demand. We expect moderate sequential growth from DCAI, with Xeon's strength more than offsetting a decline in PSG and continued recovery in edge markets roughly offsetting persistent network weakness. At the revenue midpoint of $15.1 billion, we expect gross margin to flow through at approximately 60% of revenue growth, resulting in Q4 gross margin of approximately 46.5% with a tax rate of 13% and EPS of $0.44.

現在轉向第四季的指引。我們預計第四季度營收將達到146 億美元至156 億美元，兌現我們1 月份做出的在2023 年收入環比增長的承諾。在客戶業務中，我們對歷史採購週期的回歸感到鼓舞，因為我們的通路檢查、合作夥伴回饋和ASP 在顯示健康的庫存水準和不斷增長的需求。我們預計 DCAI 將出現溫和的環比增長，至強的實力足以抵消 PSG 的下滑，而邊緣市場的持續復甦將大致抵消持續的網絡疲軟。在營收中點為 151 億美元時，我們預期毛利率將約為營收成長的 60%，導致第四季毛利率約為 46.5%，稅率為 13%，每股盈餘為 0.44 美元。

We continue to operate under our Smart Capital framework. In Q3, we received a capital grant from the state of Ohio and our first foundry prepay. In addition, we continue to work with the U.S. CHIPS Office on their review of our 4 U.S. applications. And we continue to work with Germany, Poland and the European Commission on our planned expansions in Europe. There are no changes to our prior forecast of mid-30s percent net capital intensity across 2023 and 2024 in aggregate. Capital offsets will trend towards the higher end of our 20% to 30% range in that time frame, though we do expect the vast majority of those offsets to land in 2024.

我們繼續在智慧資本框架下運作。第三季度，我們收到了俄亥俄州的資本撥款和我們的第一筆代工廠預付款。此外，我們繼續與美國 CHIPS 辦公室合作，審查我們的 4 份美國申請。我們將繼續與德國、波蘭和歐盟委員會合作，推進我們在歐洲的擴張計畫。我們先前對 2023 年和 2024 年淨資本密集度總計在 30% 左右的預測沒有變化。在此時間範圍內，資本抵銷將趨向 20% 至 30% 範圍的高端，儘管我們預計絕大多數抵銷將在 2024 年實現。

In closing, Q3 was Intel's strongest quarter since we began our transformation. We achieved significant milestones toward regaining process leadership on Intel 18A, delivered Meteor Lake and Emerald Rapids on time, secured multiple wafer and advanced packaging foundry customers and delivered another quarter of financial results that exceeded our expectations on both the top and bottom lines. We will continue to make significant investments as we execute the IDM 2.0 strategy, and we remain confident and committed to our long-term financial targets.

最後，第三季是英特爾自我們開始轉型以來表現最強勁的季度。我們在重新獲得英特爾18A 製程領先地位方面取得了重要里程碑，按時交付了Meteor Lake 和Emerald Rapids，獲得了多個晶圓和先進封裝代工廠客戶，並交付了又一個季度的財務業績，其營收和利潤都超出了我們的預期。我們將在執行 IDM 2.0 策略時繼續進行重大投資，並且我們對我們的長期財務目標保持信心和承諾。

We're participating in a large and growing semiconductor TAM. Our foundry and AI assets are showing great momentum in the market. We're steadily closing structural cost gaps, and we continue to make progress toward delivering the financial returns that we and our owners expect. With that, let me turn the call back over to John.

我們正在參與一個規模龐大且不斷發展的半導體 TAM。我們的代工和人工智慧資產在市場上表現出強勁的勢頭。我們正在穩步縮小結構性成本差距，並繼續在實現我們和所有者期望的財務回報方面取得進展。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 call. (Operator Instructions) With that, Jonathan, can we go to our first caller?

謝謝你，戴夫。我們現在將過渡到電話會議的問答部分。 （操作員指示）喬納森，我們可以去找第一個來電者嗎？

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

我們的第一個問題來自瑞銀集團的提摩西‧阿庫裡。

Dave, I just wanted to see if you can clear up some of the confusion on gross margin that sort of came out of the innovation event. You're now coming out of the year at 46.5% but you did roughly 43% for the year. And I think at that event, you said next year is going to be up but probably not a couple of hundred basis points. So did you mean off of the Q4 run rate or do you mean off of the 43% for the year? And can you kind of shape that for us throughout the year?

戴夫，我只是想看看你是否能澄清創新活動中產生的毛利率方面的一些混亂。現在你今年的進度是 46.5%，但今年你的進度大約是 43%。我認為在那次活動中，您說明年將會上漲，但可能不會上漲幾百個基點。那你的意思是偏離第四季的運行率還是偏離今年的 43%？你能為我們全年塑造這一點嗎？

Yes. Well, let me just -- if you don't mind, let me step back. I want to talk a little bit about Q3 for a second because Q3, I was really proud of the team's performance in terms of gross margins for Q3 coming in just shy of 46%. It was great execution in terms of spending from the team. They also did work on the underloading, which helped, and we were able to sell through some previously reserved inventory, and so that really helped propel the gross margin. So we had phenomenal fall-through in the third quarter.

是的。好吧，讓我——如果你不介意的話，讓我退後一步。我想談談第三季度，因為第三季度，我對團隊的表現感到非常自豪，第三季的毛利率略低於 46%。就團隊的支出而言，這是非常優秀的執行力。他們也解決了裝載不足的問題，這很有幫助，而且我們能夠銷售一些先前保留的庫存，這確實有助於提高毛利率。所以我們在第三季經歷了驚人的失敗。

I'd say fourth quarter, we start to go back to what would be more of our typical fall-through range, somewhat muted by the fact that we are still going through 5 nodes in 4 years. There is spend associated with that, which kind of mutes us. So we're probably a little bit higher normally in terms of fall-through, but with that, it's probably like a 60% fall-through. That's kind of the normal range we think of, and that's what we're guiding for the fourth quarter.

我想說的是，第四季度，我們開始回到我們典型的下跌範圍，但由於我們在 4 年內仍然經歷 5 個節點，這一事實多少有些減弱。與此相關的支出讓我們變得沉默。因此，我們通常在失敗率方面可能會稍高一點，但這樣一來，可能會出現 60% 的失敗率。這是我們認為的正常範圍，也是我們對第四季的指導。

Beyond that, we'll save the rest of the commentary for next year when we close out '23. I would just say, just on a longer-term basis, Pat has talked a lot about gross margins of 60%. And I feel like we are even more confident around our ability to hit that 60% threshold for a number of reasons. One, the execution that Pat talked about on 5 nodes in 4 years. When we get through that, of course, we eliminate the headwind on margins, but it turns around to a tailwind because when you're a process leader, you get better gross margins.

除此之外，我們會將其餘的評論留到明年 '23 結束時。我只想說，從長遠來看，Pat 多次談到 60% 的毛利率。我覺得出於多種原因，我們對達到 60% 門檻的能力更加充滿信心。一是Pat談到的4年內5個節點上的執行。當我們解決這個問題時，當然，我們消除了利潤率的逆風，但它會變成順風，因為當你是流程領導者時，你會獲得更好的毛利率。

Also as product execution improves, that also as we launch the products that are competitive in the marketplace. And we've seen that already in the client space, that helps on the gross margin side. But then more importantly, maybe the thing that's near and dear to my heart is this internal foundry model that we've built, where we're now measuring the manufacturing and TD organization as a separate P&L. We'll officially do that next year and we'll segment report it that way. But we're already this year starting to look at it that way in operations reviews. We're starting to do the planning for next year in that -- with that lens. We're doing the long-term plan in that lens.

隨著產品執行力的提高，我們也會推出在市場上具有競爭力的產品。我們已經在客戶領域看到了這一點，這對毛利率方面有所幫助。但更重要的是，也許我最關心的是我們建立的內部代工廠模型，我們現在將製造和 TD 組織作為單獨的損益表進行衡量。我們將在明年正式這樣做，並以這種方式進行分段報告。但今年我們已經開始在營運審查中以這種方式看待它。我們開始用這個鏡頭來制定明年的計畫。我們正在從這個角度製定長期計劃。

And all the things that we thought we would see in the dialogue between those functions, we're already starting to see now. We see the product organizations already starting to optimize around test times, around stepping, around how many samples and hot lots they do in the fab. Suddenly, things they didn't spend a lot of time thinking about before, they care a lot about now. And we're already starting to see improvements in the P&L because of that.

所有我們認為會在這些職能之間的對話中看到的事情，我們現在已經開始看到了。我們看到產品組織已經開始圍繞測試時間、步進、工廠中生產的樣品和熱門批次進行優化。突然之間，他們以前沒有花很多時間思考的事情，現在變得非常關心。因此，我們已經開始看到損益表有所改善。

On the same front, in manufacturing, they're now really, really worried about loadings. They're worried about a P&L. They want to drive the most revenue they can in their P&L, try to drive the cost down as much as possible. So I just think that we will see a lot of opportunities as we progress through '24 and beyond that are really going to make an impact on gross margins and give us a lot of confidence around this 60%.

在同一方面，在製造業中，他們現在真的非常擔心負載。他們擔心損益表。他們希望在損益表中獲得盡可能多的收入，並盡可能降低成本。因此，我認為，隨著 24 年及以後的進展，我們將看到很多機會，這些機會確實會對毛利率產生影響，並使我們對這個 60% 充滿信心。

Tim, do you have a quick follow-up?

提姆，你有快速跟進嗎？

I do, yes. Pat, can you just talk about the dynamics and maybe the allocation that you're getting from your major foundry partner? They went kind of out of their way to sort of go at the idea that your -- that 18A is going to be comparable to what they'll have in that same time frame. So now that it's becoming a little more apparent that you are making progress, has there been any change in that relationship and the allocation that you're getting from them?

我願意，是的。帕特，您能談談您從主要代工合作夥伴那裡獲得的動態以及分配嗎？他們不遺餘力地想，你的 18A 將與他們在同一時間範圍內擁有的東西相媲美。那麼現在你正在取得進展變得更加明顯了，這種關係以及你從他們那裡得到的分配有什麼變化嗎？

Yes. And first, I'd say we're -- come to a different conclusion than what you might have heard from them. We feel that our 5 nodes in 4 years, the leadership position that we expect with Intel 18A, this is a remarkable set of work. And as you heard me say in my formal comments, we think of 18A as a work of art. This is the finest transistor, right? And we've invented the last 30 years of transistors. This is the best one that's ever been built, right? And that and PowerVia, we feel very confident that we are on track to the leadership position that we described.

是的。首先，我想說我們得出的結論與您可能從他們那裡聽到的結論不同。我們覺得我們在 4 年內的 5 個節點，我們所期望的英特爾 18A 的領導地位，這是一組了不起的工作。正如你在我的正式評論中聽到的，我們認為 18A 是一件藝術品。這是最好的晶體管，對嗎？過去 30 年我們發明了電晶體。這是迄今為止建造的最好的一個，對嗎？加上 PowerVia，我們非常有信心我們正在朝著我們所描述的領導地位前進。

And as we've also said, hey, we're well underway on the things after that. And things like high-NA, the next generation of EUV or advanced packaging with glass, all of these are now being backed up and reinforced by the external customer commitments. 3 18A customers now making commitments, the prepay customer I spoke about earlier, 2 additional customers, partners, we announced the ARM relationship in April, and they're now seeing very positive results on power performance area from 18A.

正如我們也說過的，嘿，之後的事情我們正在順利進行。高數值孔徑、下一代 EUV 或先進玻璃封裝等，所有這些現在都得到了外部客戶承諾的支持和強化。 3 個 18A 客戶現在做出了承諾，我之前談到的預付費客戶，另外 2 個客戶，合作夥伴，我們在 4 月份宣布了 ARM 關係，他們現在看到了 18A 在功率性能方面非常積極的成果。

And as we think about the relationship with TSMC, hey, this is a great company and one that we partner with, one that we are a competitor to, one that we're a customer of. We collaborate with them. As you saw, they became an investor in the IMS business this quarter as well. And as a customer of those, we're very happy with how they're supporting us in our products as we're raising many of these products forward to there, they're a critical supplier to us as we're a critical supplier to them. This is one of the most critical relationships in the industry. I spent a lot of time personally on it.

當我們思考與台積電的關係時，嘿，這是一家偉大的公司，是我們的合作夥伴，是我們的競爭對手，也是我們的客戶。我們與他們合作。正如您所看到的，他們在本季也成為了 IMS 業務的投資者。作為這些產品的客戶，我們對他們如何支持我們的產品感到非常高興，因為我們正在向那裡提供許多這些產品，他們是我們的關鍵供應商，就像我們是關鍵供應商一樣給他們。這是行業中最重要的關係之一。我個人花了很多時間在這上面。

We're very confident in our road map. And this is really an exceptional quarter for 5 nodes in 4 years and getting back to process leadership. We are well on our way to doing exactly what we said we would.

我們對我們的路線圖非常有信心。對於 4 年內 5 個節點並重新回到流程領導地位的季度來說，這確實是一個特殊的季度。我們正在按照我們所說的去做。

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, I wanted to follow up on one of the topics you just mentioned about your partnership with ARM. The flip side of that is there's been reports recently of a number of people entering the CPU business for PCs using ARM architectures similar to what we've seen over the last couple of years on the data center side of things. .

帕特，我想跟進您剛才提到的有關您與 ARM 合作的主題之一。另一方面，最近有報道稱，許多人進入使用 ARM 架構的 PC CPU 業務，這與我們過去幾年在資料中心方面看到的情況類似。 。

Can you just talk about the competitive landscape of x86 versus ARM? And potentially, more importantly, if in fact, ARM was gaining traction, would you consider using that architecture and kind of broaden your technology internally?

能簡單談談 x86 與 ARM 的競爭格局嗎？更重要的是，如果 ARM 事實上正在獲得關注，您會考慮使用該架構並在內部擴展您的技術嗎？

Yes. Thank you, Ross. And overall, I think what you're seeing is the industry is excited around the AIPC. And as I declared this generation of AIPC at our Innovation Conference a couple of months ago, we're seeing that materialize and customers, competitors seeing excitement around that. ARM and Windows client alternatives, generally, they've been relegated to pretty insignificant roles in the PC business. And we take all competition seriously. But I think history as our guide here, we don't see these as potentially being all that significant overall.

是的。謝謝你，羅斯。總的來說，我認為您所看到的是整個行業對 AIPC 感到興奮。當我幾個月前在我們的創新會議上宣布這一代 AIPC 時，我們看到它成為現實，客戶、競爭對手對此感到興奮。一般來說，ARM 和 Windows 用戶端替代品在 PC 產業中扮演的角色相當微不足道。我們認真對待所有競爭。但我認為以歷史為指導，我們認為這些總體上並沒有那麼重要。

Our momentum is strong. We have a strong road map, Meteor Lake launching this AIPC generation December 14. Arrow Lake, Lunar Lake, we've already demonstrated the next-generation product at Lunar Lake, which has significant improvements in performance and capabilities. We'll be signing Panther Lake, the next generation in the fab in Q1 and Intel 18A. We announced our AI Acceleration program, which already has over 100 ISVs part of it. We'll have -- we expect in the next 2 years over 100 million x86 million AI-enhanced PCs in the marketplace. This is just an extraordinary amount of volume. The ecosystem benefits that, that brings into the marketplace.

我們的勢頭強勁。我們有一個強大的路線圖，Meteor Lake將於12月14日推出這一代AIPC。Arrow Lake、Lunar Lake，我們已經在Lunar Lake展示了下一代產品，它在性能和功能上都有顯著的改進。我們將在第一季簽署晶圓廠的下一代產品 Panther Lake 和 Intel 18A。我們宣布了 AI 加速計劃，已有 100 多家 ISV 參與其中。我們預計在未來 2 年內，市場上將有超過 1 億台 x8,600 萬台人工智慧增強型 PC。這只是一個非常大的數量。生態系統受益於它帶來的市場。

When thinking about other alternative architectures like ARM, we also say, wow, what a great opportunity for our foundry business. And given the results I referenced before, we see that as a unique opportunity that we have to participate in the full success of the ARM ecosystem or whatever market segments that may be as an accelerant to our foundry offerings, which are now becoming, we think, very significant around the ARM ecosystem with our foundry packaging and 18A wafer capabilities as well.

當考慮 ARM 等其他替代架構時，我們也會說，哇，這對我們的代工業務來說是多麼好的機會。鑑於我之前提到的結果，我們認為這是一個獨特的機會，我們必須參與 ARM 生態系統或任何可能成為我們代工產品加速器的細分市場的全面成功，我們認為，這些產品現在正在成為，對於ARM 生態系非常重要，我們的代工封裝和18A 晶圓能力也是如此。

Ross, do you have a quick follow-up?

羅斯，你有快速跟進嗎？

Yes, I do. One for Dave. The OpEx side of things, you guys did great in the third quarter. You talked about it going up in the fourth quarter, but I still think the full year is ahead of what you originally had targeted. How do we think about next year's OpEx just conceptually? I know you said you're going to have $3 billion in total cost savings this year, $8 billion to $10 billion longer term. What are the puts and takes on OpEx as we look into 2024?

是的，我願意。一件是給戴夫的。在營運支出方面，你們在第三季做得很好。您談到了第四季度的成長，但我仍然認為全年超出了您最初的目標。我們如何從概念上看待明年的營運支出？我知道您說過今年將節省 30 億美元的總成本，長期來看將節省 80 億至 100 億美元。展望 2024 年，營運支出的賣權和選擇權有哪些？

Yes. So again, back to the pride thing, I'm really proud of what we did in the third quarter and really what we've been able to execute for the year on that spend reduction. There was a lot of work associated with that. We had to drive a lot of, obviously, efficiency. But more importantly, as Pat talked about, we kind of end of -- or we took 10 programs or product areas and either divested of them or closed them out in an effort to improve our spending.

是的。再次，回到自豪的事情上，我對我們在第三季所做的事情以及我們今年在削減支出方面能夠執行的事情感到非常自豪。與此相關的工作有很多。顯然，我們必須提高效率。但更重要的是，正如帕特所說，我們有點結束了——或者我們採取了 10 個項目或產品領域，要么剝離它們，要么關閉它們，以努力改善我們的支出。

And as we see -- and in addition to that, I would say that we also looked at businesses where we thought we could dramatically unlock value. And we think we've done the 3 areas that we thought most likely unlock value. So I think from that perspective, we feel we're pretty done with the activities associated with spending. And so that said, we are -- we do think we'll see benefit from our internal foundry model not only on the cost side but also on the OpEx side. And so that's the area that we'll focus over the long term in terms of managing spending.

正如我們所看到的，除此之外，我想說的是，我們也研究了我們認為可以極大釋放價值的企業。我們認為我們已經完成了我們認為最有可能釋放價值的 3 個領域。所以我認為從這個角度來看，我們覺得我們已經完成了與支出相關的活動。話雖如此，我們確實認為我們不僅會在成本方面而且還會在營運支出方面從我們的內部代工模式中受益。因此，這就是我們在管理支出方面長期關注的領域。

And ultimately, the goal is to get to 60% gross margins but it's also to get to 40% operating margins. So that does entail driving efficiency in OpEx and we think there's plenty of opportunity. I'd say the same thing on OpEx that I said on gross margins. We'll save the fourth quarter -- or the '24 visibility for '24 when we close out '23.

最終，我們的目標是達到 60% 的毛利率，同時也達到 40% 的營業利潤率。因此，這確實需要提高營運支出的效率，我們認為有很多機會。我對營運支出的看法與我對毛利率的看法是一樣的。當我們結束'23時，我們將保留第四季度——或'24的可見性到'24。

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。

I think you talked about the Gaudi pipeline doubling in the last 90 days, so I guess you're nearing kind of $2 billion of visibility there. Can you talk to that a little bit, how much of that is training versus inference?

我想你談到了高第管道在過去 90 天內翻了一番，所以我猜你的知名度已經接近 20 億美元了。你能談談這個問題，其中訓練與推理的比例有多少？

Yes, thank you. And overall, I'd just say there's a lot -- a surge of interest in this category, Joe. In the Gaudi business for us, we're coming from a small base but it's expanding rapidly. We do see a mix of training opportunities and inferencing opportunities. When we go to the inferencing side of the workload, which we think will be the significant expansion of workload going forward, a few people generate models, a lot of people use them. Sort of like how many people do weather modeling? Not many. How many people use weather models? A lot. And that's how we think about training and inferencing.

是的，謝謝。總的來說，我想說的是，人們對這個類別的興趣激增，喬。對於我們的高迪業務來說，我們的基礎很小，但正在迅速擴張。我們確實看到了培訓機會和推理機會的結合。當我們進入工作負載的推理方面時，我們認為這將是未來工作負載的顯著擴展，少數人產生模型，許多人使用它們。有點像有多少人做天氣建模？不多。有多少人使用天氣模型？很多。這就是我們對訓練和推理的看法。

So the power, the market will be in the inferencing deployments. And that will be both a Gaudi play as well as a Xeon play. And I would point to the example that we spoke about, for instance, with Dell where they really see bringing together both of those to give us a full portfolio of adding inferencing to existing workloads where our AI-enhanced Xeons will be strong as well as creating farms for inference, inference, inference or for training where Gaudi will be more of a play.

因此，力量、市場將在推理部署中。這既是高第的表演，也是至強的表演。我想指出我們與戴爾討論過的例子，他們確實看到將這兩者結合在一起，為我們提供一個完整的產品組合，為現有工作負載添加推理功能，其中我們的人工智能增強型至強處理器將非常強大，並且創建用於推理、推理、推理或訓練的農場，高第將在其中發揮更多作用。

Now the interest that we've seen in Gaudi is a worldwide statement. So we have demand portfolio that really sort of matches the Intel balance across all geographies. We've also seeing a huge upsurge in the amount of DevCloud where this provides the fast on-ramp to the Intel AI and all of our advanced silicon offerings.

現在我們所看到的對高第的興趣是一個全世界性的聲明。因此，我們的需求組合確實與英特爾在所有地區的平衡相符。我們還看到 DevCloud 的數量大幅增加，這為英特爾人工智慧和我們所有先進的晶片產品提供了快速入口。

But I'd also say, Joe, that this is an AI everywhere play, as I said in my formal comments, which is also edge and client as well. So we view it as edge, client, on-premise data center as well as a cloud. And this AI continuum is a unique position for Intel that we think gives us a very large opportunity to see this upside of capabilities that the AI workload is going to drive across all elements of computing.

但我還要說，喬，正如我在正式評論中所說，這是一個無處不在的人工智慧遊戲，這也是邊緣和客戶端。因此，我們將其視為邊緣、客戶端、本地資料中心以及雲端。這種人工智慧連續體對英特爾來說是一個獨特的地位，我們認為這給了我們一個非常大的機會來看到人工智慧工作負載將在所有計算元素中驅動的功能的優勢。

Joe, do you have a follow-up?

喬，你有後續行動嗎？

Yes, I do. In terms of that Gaudi business, do you anticipate any impact from the China export controls? And more broadly, are there any other impacts from the China export controls on Intel's business?

是的，我願意。就高第的業務而言，您預計中國出口管制會產生什麼影響嗎？更廣泛地說，中國出口管制對英特爾的業務還有其他影響嗎？

Yes. Thanks, Joe. And I do think there's a lot of interest in that. On the export controls, as you look at them and read them, they're very much aimed at the high-end training and these accelerator, the high-end accelerators on where they are aimed. Now obviously, some of that was for us as well in China. But we also, as I said, in the first part of your question, we saw a worldwide demand for our activities there. And overall, we're now supply constrained on Gaudi and racing to catch up to that supply worldwide.

是的。謝謝，喬。我確實認為人們對此很感興趣。關於出口管制，當你查看並閱讀它們時，它們非常針對高端培訓和這些加速器，高端加速器針對它們的目標。顯然，其中一些也適用於我們在中國的情況。但正如我所說，在你問題的第一部分，我們也看到了全球對我們在那裡的活動的需求。總的來說，我們現在對高第的供應有限，並且正在努力趕上全球範圍內的供應。

Of course, we're studying those -- the new BIS released rules carefully. We're working with BIS. We're in the 60-day comment period with BIS so we're actively working with them. We do believe that we'll have plenty of opportunity in China continuing to deploy our products there broadly even as we comply and work with BIS specifically around the regulations that they're putting in place, particularly around high-end accelerators and AI training.

當然，我們正在研究這些——新的國際清算銀行發布了仔細的規則。我們正在與國際清算銀行合作。我們正處於 BIS 60 天的意見徵詢期，因此我們正在積極與他們合作。我們確實相信，即使我們遵守並與 BIS 合作，特別是圍繞他們制定的法規，特別是在高端加速器和人工智慧培訓方面，我們在中國將有很多機會繼續廣泛部署我們的產品。

So overall, we feel and have included that as part of our overall guidance for the fourth quarter. We feel good about the momentum that we have for AI everywhere, and we'll, of course, be engaging with our customers, the governments and as we build out our road map taking all of that into consideration.

因此，總的來說，我們認為並將其納入我們第四季度總體指導的一部分。我們對人工智慧在各地的發展勢頭感到滿意，當然，我們會與客戶、政府合作，並在製定路線圖時考慮到所有這些因素。

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。

Congrats on the quarter. Pat, I was wondering if you could unpack your foundry comments. You have the customer that we've known about, where there's prepays. I think you mentioned there's 2 more customers that you're signing up and another by year-end, and then there's an event in the first quarter. I just wanted to see if you could give us a little more detail and talk about how that's going to flow through and the materiality into the coming years as well.

恭喜本季。帕特，我想知道你是否可以解開你對鑄造廠的評論。您擁有我們所了解的預付款客戶。我想您提到您要簽約另外 2 個客戶，到年底還有另一個客戶，然後第一季有一個活動。我只是想看看您是否能為我們提供更多細節，並討論這將如何進行以及未來幾年的重要性。

Yes. Thanks, Ben. Happy to unpack that a little bit more. So we announced back at the Deutsche Bank conference that we had our first major prepay customer for that. That effort has continued to go very well since that point in time, and the relationship is expanding with that customer. But we also added 2 more customers this quarter as well, so now we have 3 committed external customers on Intel 18A. At the beginning of the year, I promised you 1. Here we are in the third quarter, we have 3, and I hope to finish at least the fourth before the end of the year.

是的。謝謝，本。很高興能進一步解開它。因此，我們在德意志銀行會議上宣布，我們擁有了第一個主要的預付款客戶。從那時起，這項工作一直進展順利，並且與該客戶的關係正在擴大。但本季我們也增加了 2 位客戶，因此現在我們有 3 位致力於英特爾 18A 的外部客戶。今年年初，我向你們承諾了1個。現在是第三季度，我們有3個，我希望在年底前至少完成第四個。

Also with 18A, this PDK milestone, and if you're inside of the industry, hitting PDK 0.9 is a really critical milestone. As I said in my formal comments, this is when the invention phase is done. And now we're into the productization phase, ramping yields, refining performance and getting the process capabilities ready for manufacturing. So a critical milestone which we also say now as we release that to external customers, now a lot of them can start looking at 18A, and we start fanning out the engagements that we have in the industry. So a critical milestone on 18A.

此外，18A 是 PDK 的里程碑，如果您是業內人士，那麼達到 PDK 0.9 是一個非常重要的里程碑。正如我在正式評論中所說，這是發明階段完成的時候。現在我們已進入產品化階段，提高產量、改進性能並為製造做好準備。因此，當我們向外部客戶發布該產品時，我們現在也說這是一個重要的里程碑，現在他們中的許多人可以開始關注 18A，並且我們開始展開我們在行業中的參與。所以 18A 是一個重要的里程碑。

But the other thing that we saw this quarter, which was a little bit unexpected was this huge surge in interest for AI customers and Intel's advanced packaging technology. And this is the one that probably we didn't even quite realize. We always knew that Intel's packaging technology was the best in the industry, but the amount of interest that we've seen. So we completed 2 additional customers, so 3 18A wafer customers, 2 additional packaging customers, and we have a pipeline that we're in active negotiations with 6 additional packaging customers as well.

但本季我們看到的另一件事有點出乎意料，那就是對人工智慧客戶和英特爾先進封裝技術的興趣大幅飆升。而這一點我們可能還沒有完全意識到。我們一直都知道英特爾的封裝技術是業界最好的，但我們也看到了人們對它的興趣。因此，我們完成了 2 個額外的客戶，即 3 個 18A 晶圓客戶，2 個額外的封裝客戶，並且我們正在與 6 個額外的封裝客戶進行積極談判。

And I think about this as the fast on-ramp to the Intel Foundry Services. And a wafer customer is a multiple billion dollar customer. A packaging customer is hundreds of millions of dollars. And that billions of dollars takes 2 to 3 years to materialize. The wafer customers takes 2 to 3 quarters to materialize, right, in the packaging. So this is a much faster way for us to build out that business. And we're going to start to see those packaging customers start to materialize for us in revenue next year.

我認為這是通往英特爾代工服務的快速入口。晶圓客戶是價值數十億美元的客戶。一個包裝客戶價值數億美元。而這數十億美元需要兩到三年才能實現。晶圓客戶需要 2 到 3 個季度才能包裝。因此，這是我們拓展業務的一種更快的方式。我們將開始看到這些包裝客戶明年開始為我們帶來收入。

And you add to that the Synopsys partnership, the ARM momentum, the Tower agreement, this was really the flywheel of momentum has now begun for the Intel Foundry Services business. It really is putting points up across the board for that business, and super happy with the amount of energy that we're now seeing across the industry for the foundry business. This was a great quarter for foundry at Intel.

再加上 Synopsys 的合作夥伴關係、ARM 的勢頭、Tower 協議，這確實是英特爾代工服務業務的飛輪動力，現在已經開始了。這確實為該業務帶來了全面的提升，並且對我們現在在整個行業中看到的代工業務的活力感到非常滿意。對於英特爾的代工廠來說，這是一個很棒的季度。

Ben, do you have a follow-up?

本，你有後續行動嗎？

Yes. Going to switch gears to PCs, your comments there. You've talked about inventories normalizing. I just wanted to hear a little bit more detail on your confidence in that. Are you -- do you have confidence that the inventory builds are matching demand? And how do you see that playing out next year? It sounds like you think the TAM will grow back to 300 million, so just wanted some comments on that.

是的。打算換成電腦了，你的評論就在那裡。您談到了庫存正常化。我只是想聽聽更多有關您對此信心的細節。您是否有信心庫存建置能夠滿足需求？您認為明年的情況如何？聽起來您認為 TAM 將恢復到 3 億，所以只是想對此發表一些評論。

Yes. Three quarters in a row, we've seen the client business being very healthy now for us. Our customers' inventory levels are very healthy in that regard. So we see our sell-in being matched by a sellout for those customers. As we said, the 270 million consumption TAM is something we indicated earlier in the year, and now we're seeing that play out exactly. And here we are 3 weeks into the quarter and I'd say it's looking really good. So our views and forecasts of our client business is very healthy for the fourth quarter.

是的。連續三個季度，我們看到客戶業務現在對我們來說非常健康。在這方面，我們客戶的庫存水準非常健康。因此，我們看到我們的銷售與這些客戶的銷售相符。正如我們所說，2.7 億消費 TAM 是我們今年稍早指出的，現在我們看到了這個結果。本季已經過去三週了，我想說，情況看起來非常好。因此，我們對第四季度客戶業務的看法和預測非常健康。

And we do think this idea of ushering in the AIPC generation will be a multiyear cycle. So we do think this will bring excitement into the category even starting with the Meteor Lake or the Core Ultra launch in Q4. We also have some other incremental tailwinds with Copilot launch from Microsoft coming up this quarter. We also have the Win 10 end-of-service support coming up. Those are just incremental tailwinds that just build us more confidence in it.

我們確實認為引入 AIPC 世代的想法將是一個多年周期。因此，我們確實認為，即使從第四季度推出的 Meteor Lake 或 Core Ultra 開始，這也會為該類別帶來興奮。隨著微軟本季推出 Copilot，我們還有其他一些增量推動因素。我們也將提供 Win 10 服務終止支援。這些只是增量的順風，只會讓我們對它更有信心。

And finally, our road map is great. And Meteor Lake looking good, rapidly ramping what we have coming with Arrow Lake and Lunar Lake and then Panther Lake in the future. So every aspect of this business is demonstrating health, maturity, momentum and great opportunity for tomorrow.

最後，我們的路線圖很棒。 Meteor Lake 看起來不錯，正在迅速提升我們在 Arrow Lake 和 Lunar Lake 以及未來的 Panther Lake 中的表現。因此，該業務的各個方面都展現出健康、成熟、動力和明天的巨大機會。

I'd just add one other thing. When we track the linearity of shipments, linearity was really, really good in the third quarter, and it's off to a really good start for the fourth quarter. And generally, when you see really steady shipment across the entire quarter, that's a good sign that you kind of balanced out the inventory and you're really just kind of shipping in what's shipping out.

我只想補充一件事。當我們追蹤出貨量的線性度時，第三季的線性度非常非常好，並且為第四季度提供了一個非常好的開始。一般來說，當你看到整個季度的出貨量非常穩定時，這是一個好跡象，表明你平衡了庫存，並且你實際上只是在出貨。

And our next question comes from the line of Ambrish Srivastava from BMO.

我們的下一個問題來自 BMO 的 Ambrish Srivastava。

This is either for Pat or for Dave. I just wanted to come back to the DCAI. In the PowerPoint, you mentioned competitive pressure but I think, Dave, if I heard you correct, you said ASPs were a record. Could you just explain what you meant by competitive pressure because I would have thought that would have led to ASPs being lower, or was its impact was on the unit side, right?

這要么是給帕特的，要么是給戴夫的。我只是想回到 DCAI。在 PowerPoint 中，您提到了競爭壓力，但我認為戴夫，如果我沒聽錯的話，您說 ASP 是一個記錄。您能否解釋一下您所說的競爭壓力是什麼意思，因為我以為這會導致平均售價降低，或者它的影響是在單位方面，對嗎？

Yes, and there's a couple of things to unpack there. Just our views of the quarter, we would have expected that we lost some market share. That was based on competitive losses from last year even that or just rolling through our customers. That said, we did a bit better than we thought we would in the quarter. We are ramping Sapphire Rapids, which has a higher ASP more rapidly than we would have expected also as we go to the higher core count versions, that drives up the per socket ASP more aggressively.

是的，還有一些東西要解開。僅就我們對本季的看法來看，我們預計會失去一些市場份額。這是基於去年的競爭損失，或者只是滾動我們的客戶。也就是說，我們本季的表現比我們想像的要好一些。我們正在提升 Sapphire Rapids，隨著我們轉向更高核心數量的版本，其 ASP 的速度比我們預期的更快，這會更積極地提高每個插槽 ASP。

So overall, we definitely feel those competitive pressures. And as I say, we're working for issues that began years ago. But we're also combining that with Sapphire Rapids, Emerald Rapids, Gen 5, the road map for Sierra Forest and Granite Rapids which have much higher core counts, which will drive higher ASPs as well.

總的來說，我們確實感受到了這些競爭壓力。正如我所說，我們正在努力解決多年前就開始出現的問題。但我們也將其與 Sapphire Rapids、Emerald Rapids、Gen 5、Sierra Forest 和 Granite Rapids 的路線圖相結合，它們的核心數量要高得多，這也將推動更高的 ASP。

So all of that put together, we do feel like we're on a very solid trajectory for the business overall. We will see ASPs continue to rise. The road map is very healthy as we go forward. And I feel like the market and our customers are starting to feel that competitiveness come back to our business here and looking forward to the benefits that a stronger Intel road map will offer to them and their businesses.

因此，將所有這些放在一起，我們確實感覺我們的整體業務正處於非常穩固的軌道上。我們將看到平均售價繼續上升。隨著我們的前進，路線圖非常健康。我覺得市場和我們的客戶開始感覺到競爭力又回到了我們的業務中，並期待更強大的英特爾路線圖將為他們及其業務帶來的好處。

Ambrish, do you have a follow-up question?

安布里什，您還有後續問題嗎？

I did. I have a follow-up. Intel is showing pretty steady execution and I can't say that in the last several years, we haven't seen that. But just coming back to the long-term model that Dave you were talking about, can you just help us understand what are the parameters around that revenue, mix of the business? Because you will have an IFS which would be dilutive to gross margin, potentially not to operating margin. But what's the right way to think about that 60-40 in terms of the business mix and even size of the business?

我做到了。我有一個後續行動。英特爾表現出相當穩定的執行力，我不能說在過去幾年我們沒有看到這一點。但回到戴夫你所說的長期模型，你能幫助我們了解圍繞收入和業務組合的參數是什麼嗎？因為你的 IFS 會稀釋毛利率，但可能不會稀釋營業利潤。但從業務組合甚至業務規模的角度來考慮 60-40 的正確方法是什麼？

Yes. I'd say I think the first thing to kind of improve the gross margins is going to be around getting ourselves finally to process leadership and getting the products completely, as Pat was talking about, the product road map improving significantly, getting to the -- to where we have definitive leadership across all products. I think those 2 things will drive a significant lift on the gross margins, irrespective of anything else we have on the business front.

是的。我想說，我認為提高毛利率的第一件事是讓我們最終獲得流程領導地位並完全獲得產品，正如帕特所說，產品路線圖顯著改善，達到 - - 我們在所有產品上都擁有明確的領導地位。我認為這兩件事將顯著提高毛利率，無論我們在業務方面有什麼其他的。

And then when I look at, as I talked about this internal foundry model, I just think there's so much low-hanging fruit on the cost side, both in the business units and also in the manufacturing TD, or kind of internal foundry business, that there's significant improvement that we can make on gross margins. Yes, mix does have an impact on the business, and we have a wide range of products that will have different margins. But almost all of them are punching below their weight right now. And as we improve all of them, that should lift the gross margins meaningfully over time.

然後，當我談到這種內部代工模式時，我認為成本方面有很多容易實現的目標，無論是在業務部門還是在製造 TD（或某種內部代工業務）中，我們可以在毛利率方面取得顯著的進步。是的，混合確實對業務有影響，而且我們有各種各樣的產品，它們的利潤率也不同。但現在幾乎所有的人都低於自己的體重。隨著我們對所有這些的改進，隨著時間的推移，毛利率應該會顯著提高。

And our next question comes from the line of Aaron Rakers from Wells Fargo.

我們的下一個問題來自富國銀行的 Aaron Rakers。

And also congrats on the execution in the quarter. Kind of going back to the prior question, just thinking about the trajectory of the ASP expansion in the Data Center segment. How do I look at that and kind of think about what the normalizing operating profit might look like in DCAI as you guys look out over time? I know that you turned profitable this quarter. I'm just trying to think about -- understand how you guys are thinking about the path of profitability in that segment.

也祝賀本季度的執行情況。有點回到之前的問題，只是想一下資料中心領域 ASP 擴展的軌跡。我如何看待這一點，並思考一下隨著時間的推移，DCAI 的正常化營業利潤會是什麼樣子？我知道你們本季扭虧為盈。我只是想了解一下你們是如何思考該領域的盈利之路的。

Yes. Maybe I'll start. Pat, feel free to chime in. Obviously, it was, I think, pretty important for us to show profitability this quarter. That was one of Pat and I's goals written on a sheet of paper that we wanted to see this business return to profitability. That said, it's making a lot of investments right now to improve the product portfolio on the CPU side and make the investments necessary on the AI front. But this business longer term should have margins that are very similar to margins you see from its peers when they are operating at healthy levels of margins.

是的。也許我會開始。帕特，請隨意插話。顯然，我認為，本季顯示獲利能力對我們來說非常重要。這是帕特和我寫在一張紙上的目標之一，我們希望看到這項業務恢復盈利。也就是說，它現在正在進行大量投資，以改善 CPU 方面的產品組合，並在人工智慧方面進行必要的投資。但從長遠來看，該業務的利潤率應該與同行在健康的利潤水平下運作時看到的利潤率非常相似。

And so we have a lot of work to do to get there but I think the path is pretty clear. And of course, ASP will be a component of that but there's a lot of efficiencies that you can drive beyond just ASPs that will improve the margins longer term.

因此，我們還有很多工作要做才能實現這一目標，但我認為道路非常明確。當然，ASP 將是其中的一個組成部分，但除了 ASP 之外，您還可以提高許多效率，從而提高長期利潤。

Yes. And as Dave and I think about the 60-40 model that we're driving to long term, we think about the Data Center business being above that for it, where some of the more volume-oriented businesses like client might be a little bit below that. But taken together, that's how we're driving the business. And overall, as we said, we see a lot of margin expansion potential across Data Center, Client, Networking and Foundry as we get back to process leadership and build that business up.

是的。當 Dave 和我考慮我們長期推動的 60-40 模型時，我們認為資料中心業務高於該模型，其中一些更注重數量的業務（例如客戶端）可能會稍微高一些。低於那個。但總的來說，這就是我們推動業務的方式。總的來說，正如我們所說，隨著我們重新獲得流程領導地位並建立業務，我們在資料中心、客戶端、網路和鑄造廠看到了巨大的利潤成長潛力。

I'd also emphasize that as we build our foundry capacity, we build more capacity in our factory network for our internal and external customers. That's a tide that lifts all boats for us because it improves the profitability not just the foundry but the competitiveness and the profitability of our product businesses as well. So overall, we feel like this is a really important milestone for us this quarter, seeing not just great financial results but the operational results were even better than that, which is what led me to say, hey, this was an outstanding quarter for us overall.

我還要強調，當我們建造鑄造產能時，我們會為內部和外部客戶建造更多的工廠網路產能。這對我們來說是一個振奮人心的浪潮，因為它不僅提高了代工廠的獲利能力，還提高了我們產品業務的競爭力和獲利能力。因此，總的來說，我們覺得這對我們本季來說是一個非常重要的里程碑，不僅看到了出色的財務業績，而且營運業績甚至比這更好，這讓我說，嘿，這對我們來說是一個出色的季度全面的。

Aaron, do you have a quick follow-up?

亞倫，你有快速跟進嗎？

Yes, I do, and thanks for the detail there. As a quick follow-up, just kind of thinking about the gross margin line. I'm curious, Dave, I know last quarter, I think it was, I want to say it was 220-or-so million factory underload impact in gross margin. It sounds like you had a reversal of inventory reserve and gross margin this quarter. Are we done with the factory underload or what was that number? And how are you thinking about that embedded in the gross margin guide?

是的，我願意，感謝您提供的詳細資訊。作為快速跟進，只是考慮一下毛利率線。我很好奇，戴夫，我知道上個季度，我想，我想說的是，大約 220 百萬工廠的負荷不足對毛利率產生了影響。聽起來您本季的庫存儲備和毛利率出現了逆轉。我們已經解決了工廠欠載的問題了嗎？或者這個數字是多少？您如何看待毛利率指南中的這一點？

Yes. I mean, it was a meaningful benefit, the underload improvement in the quarter. That said, there was still a reasonable amount of underload charges in the quarter. That does improve a bit in the fourth quarter. But we'll be kind of dealing with this underload hangover, I'd call it, probably all through next year as we kind of progress, largely in part because while we will improve the loadings and probably get beyond underload charges on a quarterly basis, we'll still have all of that underload kind of tied up in the cost of the wafers in inventory, and that still has to get flushed through before we're completely done.

是的。我的意思是，這是一個有意義的好處，本季負載不足的情況有所改善。儘管如此，本季仍有合理數量的欠載費用。第四季情況確實有所改善。但我們會處理這種負載不足的宿醉，我稱之為，可能整個明年我們都會取得進展，部分原因是我們將改善負載，並可能按季度超出負載不足的費用，我們仍然會將所有負載不足的情況與庫存晶圓的成本掛鉤，並且在我們完全完成之前仍然需要將其沖掉。

So meaningful improvement. I'd say we have -- we're largely out of the woods but still some wood to chop through next year to where we're completely clean in underload.

如此有意義的改進。我想說，我們基本上已經擺脫了困境，但明年仍然需要​​砍伐一些木材，以達到完全擺脫負載不足的狀態。

I think we have time for one last caller.

我想我們還有時間接待最後一位來電者。

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

我們今天的最後一個問題來自 TD Cowen 的 Matt Ramsay。

Before I start, I just wanted to say a bit, Pat, Dave and all the Intel folks, we're thinking about all your folks in Israel. And so maybe you'll take this question that I need to ask, I guess, do reference to that. Unlike a lot of your competitors and peers, you guys actually have operations and fabs in Israel. Maybe you could give us a little bit of an update there of how these are going operationally, just given the atrocities that have gone on, what the size of the wafer output of those fabs are, what nodes they're on? Any kind of detail there would be really helpful.

在開始之前，我只想說一點，帕特、戴夫和所有英特爾員工，我們正在考慮你們在以色列的所有員工。所以也許你會提出我需要問的這個問題，我想，請參考一下。與許多競爭對手和同行不同，你們實際上在以色列擁有業務和工廠。也許您可以向我們介紹這些工廠的運作情況，考慮到已經發生的暴行，這些工廠的晶圓產量有多大，它們位於哪些節點？任何細節都會非常有幫助。

Yes. And hey, as one of the earliest companies in Israel now, almost 50 years that we're in country, I appreciate deeply. These are the Intel team. This is people that I consider friends personally as well. That said, the resilience of the Intel team is remarkable. And despite all of these challenges, we'll say they're not missing a single commitment. They're performing extremely well. We continue to deliver the products that they're working on and continuing to drive the factory operations and our factory expansions that we have there.

是的。嘿，作為以色列最早的公司之一，我們在這個國家已經有近 50 年的歷史了，我深深地感激。這些是英特爾團隊。這些人也是我個人認為的朋友。也就是說，英特爾團隊的韌性是非凡的。儘管面臨所有這些挑戰，我們可以說他們沒有遺漏任何一項承諾。他們的表現非常好。我們繼續提供他們正在開發的產品，並繼續推動工廠運作和工廠擴建。

That said, one of the benefits of Intel's multi-geo supply chain that we uniquely have in the industry is resilient. And Intel 7 is running a factory there in Israel. We also have 2 other locations that we run Intel 7. We're making sure that we have the resilience of our supply chain for all of those products so that we can be very assured, even as we're highly confident in the capabilities of our Intel Israel team to continue to perform despite the atrocities, we're also confident that we have a resilience in our core business model that gives us flexibility to assure supply and continued operation across the globe regardless of what issue you may have in Asia, Americas, Europe, Middle East, we are well positioned to deliver that for our customers across all of our operations.

也就是說，我們在業界獨一無二的英特爾多地域供應鏈的優勢之一就是具有彈性。 Intel 7 在以色列設有一家工廠。我們還有另外 2 個地點運行英特爾 7。我們確保我們的供應鏈對所有這些產品都具有彈性，這樣我們就可以非常放心，即使我們對以下產品的能力非常有信心：儘管發生了暴行，我們的英特爾以色列團隊仍能繼續履行職責，我們也相信我們的核心業務模式具有彈性，這使我們能夠靈活地確保全球範圍內的供應和持續運營，無論您在亞洲可能遇到什麼問題，在美洲、歐洲、中東，我們有能力在我們所有的業務中為客戶提供這些服務。

Matt, do you have a quick follow-up?

馬特，你有快速跟進嗎？

Yes, I do. As my follow-up, one of the things that I keep getting asked about a ton is the CapEx swing that's happened towards gen AI infrastructure. And I guess the way that I've been kind of phrasing the question is the video killed the radio star question, right? Is this the death of CPU growth in the data center? And I don't think it is, to be clear, but there's some out there to do. So Pat, you made some comments in your script and then some other answers about return to normalcy on data center CPU from a growth perspective. Maybe you can give a few day points or antidotes that might support that.

是的，我願意。作為我的後續行動，我經常被問到的一件事是新一代人工智慧基礎設施發生的資本支出波動。我想我表達這個問題的方式是影片殺死了廣播明星問題，對吧？這是資料中心CPU成長的死亡嗎？需要明確的是，我認為並非如此，但還有一些事情要做。 Pat，您在腳本中發表了一些評論，然後從增長的角度回答了有關資料中心 CPU 恢復正常的其他一些答案。也許你可以提供一些可能支持這一點的日點或解藥。

Yes. And I do think there's clearly been the surge of interest in gen AI, which has, over a couple of quarters, driven a bias on the part of the cloud guys, in particular, to where do they put their floor space? Where do they put their power budgets, right? And that's been driving largely a race for the largest system environments that they can put in place.

是的。我確實認為，人們對新一代人工智慧的興趣顯然在激增，這在幾個季度內導致了雲端運算人員的偏見，特別是他們將空間放在哪裡？他們把電力預算放在哪裡，對吧？這在很大程度上推動了一場爭奪他們可以建立的最大系統環境的競賽。

That said, training of these large models is interesting, but the deployment to those models, the inferencing use of those models is what we believe is truly spectacular for the future. And that will -- some of that will run on the accelerators, but a huge amount of that is going to run, right, on Xeons as we bring AI into those applications or AI-ification of existing applications. And given the leadership performance that we have on our Gen 4 for AI applications, that gets better with Gen 5. And when we deliver Granite Rapids, it gets 2 to 3x better, as I said in the comments. It gets even better as we go further out into the road map.

也就是說，這些大型模型的訓練很有趣，但我們認為，這些模型的部署、這些模型的推理使用才是未來真正令人驚訝的。其中一些將在加速器上運行，但隨著我們將人工智慧引入這些應用程式或現有應用程式的人工智慧化，其中大量將在至強處理器上運行。考慮到我們在第四代人工智慧應用程式上的領先表現，第五代的表現會更好。正如我在評論中所說，當我們交付 Granite Rapids 時，它的性能會提高 2 到 3 倍。當我們進一步深入路線圖時，它會變得更好。

So the ability for us to do inferencing at scale on our Xeon product line, we think, is very profound as we go forward. The road map is very healthy. The combination of Gaudi and our Xeons, that is exactly what you heard Dell announce in their road map. And we're just seeing, I'll say, the normalcy of that in the buying behavior. We saw a very good uptick for our OEMs this quarter as they're seeing their Xeon businesses. We're also seeing more ecosystem embrace our DevCloud. Lots of customers coming on it for both AI use cases on Xeon and on Gaudi.

因此，我們認為，隨著我們的發展，我們在至強產品線上進行大規模推理的能力將非常強大。路線圖非常健康。 Gaudi 和我們的 Xeon 的結合，這正是您聽到戴爾在其路線圖中宣布的內容。我想說的是，我們只是在購買行為中看到了這種常態。本季我們的 OEM 廠商看到了非常好的成長，因為他們看到了他們的至強業務。我們也看到更多的生態系統接受我們的 DevCloud。許多客戶都在尋求 Xeon 和 Gaudi 上的人工智慧用例。

Key announcements like we had from Deloitte as they're partnering with us across application optimization as well as AI development on Xeon platform. So overall, we feel pretty comfortable that we're in a cycle that there will be growth in CPUs led by Xeon as well as accelerators. And Intel is going to be participating in both of those capacities in meaningful ways. And this is part of what we said as AI everywhere. AI at the edge, AI at the client, AI in the data center and AI in the cloud, but inferencing will be the discussion topic for the industry as we go into '24. That will be done at scale and much of that is going to be done on Xeons.

就像我們從德勤獲得的重要公告一樣，他們正在與我們在應用程式優化以及至強平台上的人工智慧開發方面進行合作。因此，總體而言，我們對目前處於 Xeon 和加速器主導的 CPU 成長週期感到非常滿意。英特爾將以有意義的方式參與這兩項業務。這就是我們所說的人工智慧無所不在的一部分。邊緣的人工智慧、客戶端的人工智慧、資料中心的人工智慧和雲端中的人工智慧，但當我們進入 24 世紀時，推理將成為業界的討論主題。這將大規模完成，其中大部分將在至強上完成。

So with that, let's just thank you for joining us. Again, I want to reiterate our thoughts for our resilient Intel team in Israel and for all of those in the region that are affected by recent events. I also want to thank you for joining us on the call again today and your interest in Intel. We appreciate the opportunity to update you, answer your questions, respond to that. Most important, we are excited by the momentum we're seeing.

因此，讓我們感謝您加入我們。我想再次重申我們對以色列堅韌的英特爾團隊以及該地區所有受近期事件影響的人們的想法。我還要感謝您今天再次加入我們的電話會議以及您對英特爾的興趣。我們很高興有機會向您通報最新情況、回答您的問題並回應。最重要的是，我們對所看到的勢頭感到興奮。

As I said, the financial results were great. The operational results were truly outstanding this quarter. And it's a confirmation of our foundry strategy, of our 5 nodes everywhere, of our AI everywhere strategy. And we do hope that you're able to join us for our launch of Emerald Rapids Gen 5, Meteor Lake, Core Ultra in New York in December. And I do also hope to see you all at our Q1 Intel Foundry Day.

正如我所說，財務表現非常好。本季的營運業績確實非常出色。這是對我們的代工策略、我們遍布各地的 5 個節點、我們的 AI 無所不在策略的確認。我們真誠地希望您能夠參加我們 12 月在紐約推出 Emerald Rapids Gen 5、Meteor Lake、Core Ultra 的活動。我也確實希望在第一季英特爾代工廠日見到大家。

Thank you. Good afternoon, good night wherever in the world you'd be. Take care and be safe.

謝謝。下午好，晚安，無論你身在何處。小心並注意安全。

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。這確實結束了該程式。您現在可以斷開連線。再會。