英特爾 (INTC) 2023 Q4 法說會逐字稿

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

感謝您的耐心等待，歡迎參加英特爾公司 2023 年第四季財報電話會議。 （操作員指示）提醒一下，今天的節目正在錄製中。

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.

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 Q4 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 am joined today by our CEO, Pat Gelsinger; and our CFO, David Zinsner. In a moment, we'll 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四季度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，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. 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 specific risk factors that could cause actual results to differ materially from our expectations. They also provide additional information on non-GAAP financial measures, including reconciliations where appropriate to our corresponding GAAP financial measures.

在我們開始之前，請注意，今天的討論確實包含基於我們目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。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特定風險因素的更多資​​訊。它們還提供有關非 GAAP 財務指標的更多信息，包括與我們相應的 GAAP 財務指標相適應的調節表。

With that let me turn things over to Pat.

接下來讓我把事情交給派特。

Thank you, John, and good afternoon, everyone. Q4 was the culmination of a year of tremendous progress towards our IDM 2.0 transformation. We consistently executed on our plan to reestablish process leadership, further build out our capacity and foundry plans, greatly improved product execution and began to execute on our mission to bring AI everywhere across our product segments. We delivered solid Q4 results exceeding expectations for the fourth quarter in a row. Revenue was at the higher end of our guidance, and we had strong EPS upside as a result of our ongoing relentless focus on driving operating leverage and expense management, including comfortably meeting our $3 billion cost savings commitment for fiscal year '23.

謝謝約翰，大家下午好。第四季是我們 IDM 2.0 轉型取得巨大進展的一年的頂峰。我們始終如一地執行我們的計劃，重建流程領導地位，進一步建立我們的產能和代工計劃，大大提高產品執行力，並開始執行我們的使命，將人工智慧帶入我們的產品領域。我們第四季的業績強勁，連續第四個季度超出預期。收入處於我們指導的較高端，由於我們持續不懈地致力於提高營運槓桿和費用管理，包括輕鬆實現我們在 23 財年節省 30 億美元的成本承諾，因此我們的每股收益有強勁的增長。

2023 was definitely a year when we did what we said we would do and more. We intend to make 2024 another such year. And when we look out over the next 12 months, we are confident that we can continue to drive considerable progress on our IDM 2.0 journey. As we look into Q1, our core business, including client server and edge products continues to perform well and is tracking to the lower end of seasonal. However, discrete headwinds, including Mobileye, PSG and business exits, among others, are impacting overall revenue, leading to a lower Q1 guide. Importantly, we see this as temporary, and we expect sequential and year-on-year growth in both revenue and EPS for each quarter of fiscal year '24.

2023 年絕對是我們言出必行、甚至更多的一年。我們打算讓 2024 年再次成為這樣的一年。展望未來 12 個月，我們有信心能夠繼續推動 IDM 2.0 之旅取得重大進展。當我們回顧第一季時，我們的核心業務（包括客戶端伺服器和邊緣產品）繼續表現良好，並正在追蹤季節性的低端。然而，包括 Mobileye、PSG 和業務退出等在內的離散不利因素正在影響整體收入，導致第一季指引下降。重要的是，我們認為這是暫時的，我們預計 24 財年每季的營收和每股盈餘將連續成長和年成長。

Momentum and excitement around new products and businesses remain strong as we head into the year and will grow stronger as the year progresses. We could not be prouder of the execution across our process technology road map in 2023. We became the world's first high-volume manufacturer of logic devices using EUV, both the U.S. and Europe as we aggressively ramp Core Ultra on Intel 4 in both Oregon and Ireland. Intel 3 achieved manufacturing readiness in Q4 as committed with solid performance in year progression. Our 2 lead vehicles in Intel 3 are on track, and we look forward to launching Sierra Forest in first half '24 followed shortly thereafter by Granite Rapids.

隨著我們進入新的一年，新產品和新業務的動力和興奮仍然強勁，並將隨著時間的推移而變得更加強勁。我們對2023 年整個製程技術路線圖的執行感到非常自豪。我們在美國和歐洲都成為世界上第一家使用EUV 的邏輯裝置大批量製造商，因為我們在俄勒岡州和歐洲積極在Intel 4 上採用Core Ultra。愛爾蘭。正如承諾的那樣，Intel 3 在第四季度實現了生產準備，並在年度進展中表現穩定。我們在 Intel 3 中的 2 款主要車輛已步入正軌，我們期待在 24 年上半年推出 Sierra Forest，隨後不久推出 Granite Rapids。

Sierra Forest has final samples at customers and the production stepping of Granite Rapids is running ahead of schedule well into power own validation and very healthy. We are even more excited about breaking into the angstrom era with Intel 20A and Intel 18A. We are first in the industry to have incorporated both gate-all-around and backside power delivery in a single process node, the latter and expected 2 years ahead of our competition. Arrow Lake, our lead Intel 20A vehicle will launch this year.

Sierra Forest 已向客戶提供最終樣品，Granite Rapids 的生產步驟提前進行，並已進入動力自身驗證階段，非常健康。我們對英特爾 20A 和英特爾 18A 進入埃時代感到更加興奮。我們是業內第一家將環柵和背面供電整合到單一製程節點中的公司，後者預計比我們的競爭對手領先 2 年。我們的領先英特爾 20A 車輛 Arrow Lake 將於今年推出。

Intel 18A is expected to achieve manufacturing readiness in second half '24, completing our 5 nodes and 4-year journey and bringing us back to process leadership. I am pleased to say that Clearwater Forest, our first Intel 18A part for servers has already gone into fab and Panther Lake for clients will be heading into fab shortly.

英特爾 18A 預計將在 24 年下半年實現生產準備，完成我們 5 個節點和 4 年的歷程，並使我們重新回到製程領先地位。我很高興地說，我們的第一個用於伺服器的英特爾 18A 零件 Clearwater Forest 已經進入晶圓廠，而面向客戶的 Panther Lake 也將很快進入晶圓廠。

As we complete our goal of 5 nodes in 4 years, we are not satisfied nor are we finished. We have begun installation of the industry's first High-NA EUV tool in our most advanced technology development site in Oregon, aimed at addressing challenges beyond 18A. We remain focused on being good stewards of Moore's Law and ensuring a continuous node migration path over the next decade and beyond.

當我們在 4 年內完成 5 個節點的目標時，我們並不滿足，也沒有完成。我們已開始在俄勒岡州最先進的技術開發基地安裝業界首個高數值孔徑 EUV 工具，旨在應對 18A 以外的挑戰。我們仍然致力於成為摩爾定律的良好管理者，並確保在未來十年及更長時間內持續的節點遷移路徑。

Third-party engagements with IFS continue to validate our progress on this technology. We launched IFS with a long-term view of delivering the world's first system foundry that brings together a secure and sustainable supply chain with the best of Intel and our ecosystem. While our ambitions will not materialize overnight, we made tremendous progress in both Q4 and fiscal year '23 towards our goal of becoming the second largest external foundry by 2030.

與 IFS 的第三方合作繼續驗證我們在這項技術上的進展。我們推出 IFS 的長遠目標是打造世界上第一個系統代工廠，將安全、永續的供應鏈與英特爾和我們的生態系統的優勢融為一體。雖然我們的雄心壯志不會一蹴而就，但我們在第四季和 23 財年都取得了巨大進展，朝著 2030 年成為第二大外部代工廠的目標邁進。

The rapid adoption of AI by all industries is proving to be a significant tailwind for IFS as high-performance compute, an area where we have considerable wafer and packaging know-how and IP is now one of the largest and fastest-growing segments of the semiconductor market.

事實證明，人工智慧在所有行業的快速採用對IFS 來說是一個重要的推動力，因為高效能運算是我們擁有大量晶圓和封裝專業知識的領域，而IP 現已成為行業中規模最大、成長最快的領域之一。半導體市場。

We made major strides in building our foundry ecosystem in 2023 with now over 40 strategic agreements across EDA design services, IP, cloud and U.S. military aerospace and government. Critical agreements with ARM and Synopsys continue to gain momentum. We delivered the Intel 18A 0.9 PDK and broadened its availability in Q4. We expanded the RAMP-C program significantly and just this quarter signed a major foundry contract with the United States government and Department of Defense.

到 2023 年，我們在建構代工生態系統方面取得了重大進展，目前已在 EDA 設計服務、IP、雲端以及美國軍事航空航太和政府領域達成 40 多項戰略協議。與 ARM 和 Synopsys 的重要協議繼續取得進展。我們在第四季度交付了 Intel 18A 0.9 PDK 並擴大了其可用性。我們大幅擴展了 RAMP-C 計劃，就在本季與美國政府和國防部簽署了一份重要的代工合約。

We are also very pleased to have completed a major agreement with United Microelectronics, or UMC, to develop a 12-nanometer process platform targeting high-growth markets, including mobile, communication infrastructure and networking. This expands both Intel and UMC's foundry process portfolios and customer access to a broader and more resilient supply leveraging our Arizona site. This agreement builds upon and furthers our long and deep relationships with the vibrant Taiwan ecosystem. This also meaningfully extends the production life of our installed capacity and improves our returns on investments, similar to the announcement last quarter of our Tower Semiconductor partnership at the 65-nanometer node with our New Mexico site.

我們也非常高興與聯華電子 (UMC) 達成一項重要協議，開發針對高成長市場（包括行動、通訊基礎設施和網路）的 12 奈米製程平台。這擴大了英特爾和聯華電子的代工工藝組合，並讓客戶利用我們的亞利桑那工廠獲得更廣泛、更有彈性的供應。該協議建立在並進一步鞏固了我們與充滿活力的台灣生態系統的長期而深厚的關係。這也有意義地延長了我們裝置容量的生產壽命並提高了我們的投資回報，類似於上個季度我們宣布與新墨西哥工廠在 65 奈米節點建立塔式半導體合作夥伴關係。

Our success with IFS will be measured by customer commitments and revenue. We have taped out more than 75 ecosystem and customer test chips. IFS already has more than 50 test chips in the pipeline across 2024 and 2025, 75% of which are on Intel 18A. During CES, we welcomed the Valens Semiconductor to the growing list of foundry customers as they announced they would use IFS to fabricate their MIPI A-PHY chipsets using our advanced technology.

我們在 IFS 方面的成功將透過客戶承諾和收入來衡量。我們已經流片了超過 75 個生態系統和客戶測試晶片。 IFS 在 2024 年至 2025 年期間已擁有超過 50 款測試晶片，其中 75% 採用 Intel 18A。在 CES 期間，我們歡迎 Valens Semiconductor 加入不斷增長的代工客戶名單，因為他們宣布將使用 IFS 使用我們的先進技術製造其 MIPI A-PHY 晶片組。

In addition to the 3 intel 18A customers we disclosed in Q3, we won a key design win with a significant high-performance computing customer. This customer was particularly motivated by our unique leading-edge manufacturing capabilities and U.S. capacity. We came into 2023 committing to one 18A foundry customer. We executed on 4 inclusive of a meaningful prepay and our momentum continues to grow.

除了我們在第三季揭露的 3 位英特爾 18A 客戶之外，我們還贏得了重要高效能運算客戶的關鍵設計勝利。該客戶對我們獨特的領先製造能力和美國產能特別感興趣。進入 2023 年，我們致力於為一位 18A 代工客戶提供服務。我們執行了 4 項任務，包括一筆有意義的預付款，並且我們的勢頭繼續增長。

Our advanced packaging business is proving to be yet another important advantage for IFS, a faster on-ramp to broader foundry relationships. During the quarter, we captured 3 additional advanced packaging design wins, bringing the total to 5 in 2023, with the majority of revenue starting in 2025.

事實證明，我們的先進封裝業務是 IFS 的另一個重要優勢，可以更快地建立更廣泛的代工關係。在本季度，我們又贏得了 3 項先進封裝設計，到 2023 年，總數達到 5 項，大部分收入將於 2025 年開始。

To support our growing demand, just yesterday, we opened Fab 9 in New Mexico, marking a milestone for high-volume 3D advanced packaging manufacturing. The momentum in advanced packaging is very strong and is another facet of our foundry strategy, which is clearly benefiting from the surge of interest in AI. With leadership technology and available capacity, our opportunity set continues to grow. In total, across wafer and advanced packaging, our lifetime deal value for IFS is now over $10 billion, more than doubling from the $4 billion we provided in our last update.

為了滿足我們不斷增長的需求，就在昨天，我們在新墨西哥州開設了 Fab 9，這標誌著大批量 3D 先進封裝製造的一個里程碑。先進封裝的勢頭非常強勁，這是我們代工策略的另一個方面，這顯然受益於人們對人工智慧興趣的激增。憑藉領先的技術和可用的能力，我們的機會不斷增長。總的來說，在晶圓和先進封裝領域，我們為 IFS 提供的生命週期交易價值現已超過 100 億美元，是我們上次更新中提供的 40 億美元的兩倍多。

Supporting our growing momentum in IFS is our global manufacturing footprint. We are the only semiconductor company with that scale and sustainable manufacturing in every major region of the world providing ourselves and our foundry customers resilient access to the right capacity in the right regions at the right time. All of our expansion projects in the U.S., EU and Asia are progressing on schedule, and our chips applications in the U.S. and EU are progressing well.

支持我們在 IFS 不斷增長的勢頭的是我們的全球製造足跡。我們是唯一一家在世界各主要地區擁有如此規模和可持續製造的半導體公司，為我們自己和我們的代工客戶提供在正確的時間在正確的地區靈活地獲得正確的產能的機會。我們在美國、歐盟和亞洲的所有擴建項目均按計劃進展，我們在美國和歐盟的晶片應用進展順利。

Finally, we are thrilled to be hosting our first Foundry Day, IFS Direct Connect on February 21st in San Jose, where we will have the opportunity to showcase the breadth of our ecosystem as well as begin to talk about our process road map beyond Intel 18A, next-generation packaging and our full foundries. We hope to see many of you there.

最後，我們很高興能夠於 2 月 21 日在聖荷西舉辦我們的首屆代工日 IFS Direct Connect，屆時我們將有機會展示我們生態系統的廣度，並開始討論超越 Intel 18A 的工藝路線圖、下一代包裝和我們完整的代工廠。我們希望在那裡見到你們中的許多人。

Intel continues its mission to bring AI everywhere. We see the AI workload as a key driver of the $1 trillion semiconductor TAM by 2030. And given our foundry and product offerings, we're the only company able to participate in 100% of the TAM for AI silicon logic. We have already discussed how our 50-year heritage and high-performance computing transistors and our advanced packaging positions IFS to benefit from the accelerating move to AI. Within our product portfolio, we are the only company with the products, IP and ecosystem reach to empower customers to seamlessly integrate and effectively run AI in all their applications from the cloud through the network, into the enterprise client and edge.

英特爾繼續履行讓人工智慧無所不在的使命。我們認為人工智慧工作負載是到 2030 年實現 1 兆美元半導體 TAM 的關鍵驅動力。考慮到我們的代工和產品供應，我們是唯一一家能夠 100% 參與 AI 矽邏輯 TAM 的公司。我們已經討論了我們 50 年的傳統和高效能運算電晶體以及先進的封裝如何使 IFS 從人工智慧的加速發展中受益。在我們的產品組合中，我們是唯一一家擁有產品、IP 和生態系統的公司，使客戶能夠在從雲端到網路到企業客戶端和邊緣的所有應用程式中無縫整合並有效運行人工智慧。

For the developer working with multitrillion parameter frontier models in the cloud, Goudi and our suite of AI accelerators provides a powerful combination of performance, competitive MLPerf benchmarks and leadership TCO.

對於在雲端中使用數兆參數前緣模型的開發人員來說，Goudi 和我們的 AI 加速器套件提供了性能、具有競爭力的 MLPerf 基準和領先的 TCO 的強大組合。

As AI proliferates and the world moves towards more AI integrated application, there's a market shift toward local inferencing and smaller, more nimble models. It's a nod to both the necessity of data privacy and an answer to cloud-based inferencing cost and round trip latency. With AI accelerated Xeon for enterprise, Core Ultra ushering in the AIPC era and OpenVINO enabling developers seamless and versatile support for a range of clients and edge silicon, we are bringing AI to where the data is being generated and used rather than requiring it in the cloud.

隨著人工智慧的激增以及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和更小、更靈活的模型。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和往返延遲的回答。借助適用於企業的AI 加速至強、引領AIPC 時代的Core Ultra 以及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，而不是在數據生成和使用過程中要求它。雲。

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.

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。

In Q4, our server business experienced solid sequential growth, consistent with market share, which we believe was flat with Q3 levels. Since launching 4th Gen Xeon in early 2023, we have shipped more than 2.5 million units with approximately 1/3 of all 4th Gen demand driven by AI. With our 5th Gen Xeon launch, we enable up to 42% higher AI inference performance, compared to the industry-leading 4th Gen Xeon. 5th Gen Xeon has reached general availability at Alibaba is entering public and private previews with several CSPs and is on track to ship with OEMs next month.

在第四季度，我們的伺服器業務經歷了穩健的連續成長，與市場佔有率一致，我們認為市佔率與第三季的水平持平。自 2023 年初推出第四代至強以來，我們的出貨量已超過 250 萬台，約佔人工智慧驅動的所有第四代需求的 1/3。隨著第五代至強的推出，與業界領先的第四代至強相比，我們的人工智慧推理效能提高了 42%。第五代至強處理器已在阿里巴巴全面上市，正在與多家 CSP 進行公開和私人預覽，並預計下個月向 OEM 廠商發貨。

More importantly, our improved execution is strengthening our product portfolio with Gen 4 and Gen 5 Xeon ramping well, Sierra Forest and Granite Rapids coming soon and Clearwater Forest already going into the fab. Momentum is building and positioning us well to win back share in the data center.

更重要的是，我們改進的執行力正在加強我們的產品組合，第 4 代和第 5 代至強處理器進展順利，Sierra Forest 和 Granite Rapids 即將推出，Clearwater Forest 已經進入工廠。我們正在建立良好的勢頭並做好準備，以贏回資料中心的份額。

Our Gaudi2 AI accelerators continue to demonstrate price performance leadership compared to the most popular GPUs. And a recent blog published by Databricks, Gaudi2 was shown to clearly deliver the best training and inference performance per dollar based on public cloud pricing. We're building on this momentum with Gaudi3, which is on track to launch this year and is expected to deliver performance leadership with 4x the processing power and double the networking bandwidth for greater scale outperformance. Gaudi3 is now in the lab, powered on and showing great health and performance and Falcon Shores is also well underway.

與最受歡迎的 GPU 相比，我們的 Gaudi2 AI 加速器繼續展現出性價比領先優勢。 Databricks 最近發布的一篇部落格顯示，Gaudi2 顯然可以根據公有雲定價提供每美元最佳的訓練和推理性能。我們正利用 Gaudi3 來鞏固這一勢頭，該產品預計將於今年推出，預計將透過 4 倍的處理能力和雙倍的網路頻寬提供領先的效能，從而實現更大規模的卓越性能。 Gaudi3 現已在實驗室中，已啟動並顯示出良好的健康狀況和性能，Falcon Shores 也在順利進行中。

Our accelerated pipeline for 2024 grew double digits sequentially in Q4 and is now well above $2 billion and growing. We recently increased our supply for both Gaudi2 and Gaudi3 to support the growing customer demand and we expect meaningful revenue acceleration throughout the year. As we announced last quarter, we are now operating PSG as a stand-alone business beginning on January 1. Our intent is to bring in private capital this year to create an eventual path to an IPO over the coming years.

我們的 2024 年加速管線在第四季連續成長兩位數，目前遠高於 20 億美元，而且還在持續成長中。我們最近增加了 Gaudi2 和 Gaudi3 的供應，以支援不斷增長的客戶需求，我們預計全年營收將大幅成長。正如我們上季度宣布的那樣，從 1 月 1 日開始，我們將 PSG 作為一項獨立業務進行運營。我們的目的是今年引入私人資本，為未來幾年的 IPO 創建最終路徑。

As we outlined on our Q3 call, PSG is in the midst of an industry-wide cyclical correction for FPGAs, which we expect to last through the first half of '24. Despite the financial correction, operational momentum is strong and PSG executed its most ambitious FPGA road map, delivering 21 new product releases in 2023 and executing supply assurance agreements valued by our customers.

正如我們在第三季電話會議中所概述的那樣，PSG 正處於 FPGA 的全行業週期性修正之中，我們預計這種修正將持續到 24 年上半年。儘管出現財務調整，但營運勢頭強勁，PSG 執行了其最雄心勃勃的 FPGA 路線圖，在 2023 年發布了 21 個新產品，並執行了客戶重視的供應保證協議。

Finally, even as we congratulate Sandra Rivera, the new CEO of PSG, I am extremely pleased to welcome Justin Hotard as Executive Vice President and General Manager of DCAI. Justin joined us from Hewlett Packard Enterprise, where he was Executive Vice President and General Manager of High-Performance Computing, AI and Labs. He will play a key role in helping customers accelerate their businesses with our Xeon processor family, delivering on our commitments to customers and partners by increasing our GPU and accelerate our footprint and supporting our mission to bring AI everywhere.

最後，在我們祝賀 PSG 新任執行長 Sandra Rivera 的同時，我非常高興地歡迎賈斯汀·霍塔德 (Justin Hotard) 擔任 DCAI 執行副總裁兼總經理。 Justin 加入我們之前曾在 Hewlett Packard Enterprise 擔任高效能運算、人工智慧和實驗室執行副總裁兼總經理。他將在幫助客戶利用我們的至強處理器系列加速業務發展方面發揮關鍵作用，透過增加GPU 和加速我們的足跡來兌現我們對客戶和合作夥伴的承諾，並支持我們讓人工智慧無處不在的使命。

Moving to client. CCG performed very well in Q4, posting the third consecutive quarter of double-digit sequential growth. Demand reflected a normalized inventory environment with sustained strength in gaming and commercial with our highest end SKUs exceeding Q3 records by 20%. The 2023 consumption TAM was roughly 270 million units consistent with our views entering the year, and we expect the PC TAM up low single digits year-on-year in 2024, in line with third-party estimates. Our share position is strong, and our product portfolio for 2024 and beyond and ecosystem work will continue to drive industry-leading performance and experiences.

轉移到客戶端。 CCG 在第四季度表現出色，連續第三個季度實現兩位數環比成長。需求反映了正常化的庫存環境，遊戲和商業領域持續強勁，我們的最高端 SKU 超過第三季記錄 20%。 2023 年消費 TAM 約為 2.7 億台，與我們進入今年的觀點一致，我們預計 2024 年 PC TAM 同比將出現低個位數增長，與第三方估計一致。我們的市場份額地位穩固，我們 2024 年及以後的產品組合和生態系統工作將繼續推動行業領先的性能和體驗。

In Q4, we ushered in the age of the AIPC with the launch of Intel Core Ultra, representing our largest architectural shift in decades -- the core Ultra is the most AI-capable and power-efficient client processor with dedicated acceleration capabilities across the CPU, GPU and Neural Processing Unit or NPU. Ultra is the centerpiece of the AIPC systems that are capable of natively running popular 10 billion parameter models, and drive superior performance on key AI-enhanced applications like Zoom, Adobe and Microsoft. We expect to ship approximately 40 million AIPCs in 2024 alone with more than 230 designs from ultrathin PCs to handheld gaming devices to be delivered this year from OEM partners, Acer, Asus, Dell, HP, Lenovo, LG, MSI, Samsung Electronics and others.

第四季度，隨著英特爾酷睿Ultra 的推出，我們迎來了AIPC 時代，這代表了我們幾十年來最大的架構轉變——酷睿Ultra 是人工智慧能力最強、最節能的客戶端處理器，在整個CPU 上具有專用加速功能、GPU 和神經處理單元或 NPU。 Ultra 是 AIPC 系統的核心，能夠在本地運行流行的 100 億個參數模型，並在 Zoom、Adobe 和 Microsoft 等關鍵人工智慧增強應用程式上實現卓越效能。我們預計光是2024 年AIPC 的出貨量就將達到約4,000 萬台，其中OEM 合作夥伴（宏碁、華碩、戴爾、惠普、聯想、LG、微星、三星電子等）將在今年交付從超薄PC 到手持遊戲裝置的230 多種設計。

The Core Ultra platform delivers leadership AI performance today with our next-generation platforms launching later this year, Lunar Lake and Arrow Lake tripling our AI performance. In 2025 with Panther Lake, we will grow AI performance up to an additional 2x. NEX is well positioned to benefit from the proliferation of AI workloads on the edge where our market-leading hardware and software assets provides improved latency, reliability and cost.

Core Ultra 平台今天提供了領先的人工智慧效能，我們的下一代平台將於今年稍後推出，Lunar Lake 和 Arrow Lake 使我們的人工智慧效能提高了兩倍。到 2025 年，借助 Panther Lake，我們將把 AI 性能再提高 2 倍。 NEX 處於有利位置，可以從邊緣 AI 工作負載的激增中受益，我們市場領先的硬體和軟體資產可提供改進的延遲、可靠性和成本。

OpenVINO adoption grew by 60% sequentially in Q4 and today is a core software layer for AI inferencing on the edge, on the PC and in the data center. NEX is also driving the shift of AI networking in the cloud from proprietary technologies to open Ethernet-based approaches in partnership with a broader industry ecosystem. NEX Q4 results beat our internal forecast and the division is poised for solid growth in 2024 across edge network and ethnic products more skewed to the second half.

OpenVINO 採用率在第四季度連續成長了 60%，如今已成為邊緣、PC 和資料中心 AI 推理的核心軟體層。 NEX 也與更廣泛的產業生態系統合作，推動雲端中人工智慧網路從專有技術轉向基於開放乙太網路的方法的轉變。 NEX 第四季度的業績超出了我們的內部預測，該部門預計在 2024 年在邊緣網路和民族產品方面實現穩健增長，這些產品更傾向於下半年。

Yet another growing market opportunity for us is automotive. While Mobileye is experiencing a sharp inventory correction in Q1, we are encouraged by their improving forecast throughout 2024 and more importantly, the recent announcement at CES that they were awarded a series of production design wins by a major Western automaker across the company's 3 key platforms: SuperVision, Chauffeur and Drive. In addition to Mobileye's strengths in AV, at CES, we announced the launch of AI-enhanced software-defined vehicle, SoCs with Geely Zeekr brand as our first OEM partner and our agreement to acquire Silicon Mobility, a fabless silicon and software company specializing in power management SoCs focused on EVs.

對我們來說另一個不斷成長的市場機會是汽車。雖然Mobileye 在第一季經歷了庫存大幅調整，但我們對其2024 年全年預測的改善感到鼓舞，更重要的是，最近在CES 上宣布，他們在該公司的3 個關鍵平台上獲得了一家西方主要汽車製造商的一系列生產設計勝利：監督、司機和駕駛。除了Mobileye 在AV 領域的優勢外，在CES 上，我們還宣布推出人工智慧增強軟體定義汽車、以吉利Zeekr 品牌為我們的首個OEM 合作夥伴的SoC，並同意收購Silicon Mobility（一家專門從事汽車產業的無晶圓廠晶片和軟體公司）。專注於電動車的電源管理 SoC。

These announcements build on shared IP across clients and data center and our existing Intel SoC footprint of more than 50 million vehicles worldwide. Our strategy will continue to broaden our exposure to the growing auto market on both the product and the foundry sides of our business.

這些公告建立在跨客戶和資料中心的共享 IP 以及我們現有的英特爾 SoC 覆蓋全球超過 5000 萬輛汽車的基礎上。我們的策略將繼續擴大我們在不斷成長的汽車市場的產品和代工方面的業務。

Finally, underpinning our across-the-board progress in 2023 is our operational and financial discipline. As our new internal foundry model, which is designed to drive greater transparency, accountability and focus on cost begins to take root, we expect to unlock further cost savings and efficiencies in 2024 and beyond. We have officially transitioned to this new operating model on January 1, and we'll report the new segmentation format as part of our Q1 earnings. We see incremental efficiencies as we drive to our long-term model of 60% gross and 40% operating margins.

最後，支撐我們在 2023 年取得全面進展的是我們的營運和財務紀律。隨著我們新的內部代工模式（旨在提高透明度、問責制和對成本的關注）開始紮根，我們預計在 2024 年及以後將進一步節省成本並提高效率。我們已於 1 月 1 日正式過渡到這種新的營運模式，我們將在第一季財報中報告新的細分格式。隨著我們努力實現 60% 毛利率和 40% 營業利潤率的長期模式，我們看到了效率的提高。

As I reflect on our progress in 2023, I am incredibly proud of our employees, whose commitment and perseverance were instrumental to the execution of our ambitious strategy. Together, we exited the year accomplishing exactly what we set out to do. We improved our execution engine consistently being on track or ahead on our process and product road map.

當我回顧 2023 年我們的進展時，我為我們的員工感到無比自豪，他們的承諾和毅力對於我們雄心勃勃的策略的執行發揮了重要作用。我們一起結束了這一年，準確地完成了我們設定的目標。我們改進了我們的執行引擎，使我們的流程和產品路線圖始終走上正軌或領先。

And as I said at the beginning of my remarks, we are confident in our performance and financial trajectory for the year ahead. We know we have much work in front of us as we work to regain and build on our leadership position in every category in which we participate. We will maintain our relentless focus on our mission and commitment to driving long-term value for our shareholders.

正如我在演講開頭所說，我們對未來一年的業績和財務軌跡充滿信心。我們知道，在我們努力重新獲得並鞏固我們參與的各個領域的領導地位的過程中，我們還有很多工作要做。我們將繼續不懈地專注於我們的使命和承諾，為股東創造長期價值。

With that, let me turn things over to David.

那麼，讓我把事情交給大衛。

Thank you, Pat, and good afternoon, everyone. We delivered strong financial results in the quarter on top of continued execution of our products and process road map commitments. We again beat our guidance across revenue, gross margin and EPS. We've taken proactive steps to prioritize our investments, aggressively manage near-term expenses and made meaningful progress on reducing our structural cost gaps. We exit 2023 a healthier and leaner company, but there is much more work to do in 2024 and beyond to deliver on our long-term financial objectives and the potential of IDM 2.0.

謝謝帕特，大家下午好。除了繼續執行我們的產品和流程路線圖承諾之外，我們在本季取得了強勁的財務業績。我們在收入、毛利率和每股盈餘方面再次超出了我們的指導。我們採取了積極主動的措施來確定投資的優先順序，積極管理近期支出，並在縮小結構性成本差距方面取得了有意義的進展。到 2023 年，我們將成為一家更健康、更精簡的公司，但在 2024 年及以後，我們還有更多工作要做，以實現我們的長期財務目標和 IDM 2.0 的潛力。

Fourth quarter revenue was $15.4 billion, up 9% sequentially, 10% year-over-year and $300 million above the midpoint of our guidance with solid execution across reported segments. Gross margin was 48.8%, 230 basis points better than our guidance, driven by favorable product mix and ASPs, improved due to costs, higher revenue. EPS for the quarter was $0.54, beating guidance by $0.10 on improved gross margins, stronger revenue and disciplined OpEx management.

第四季營收為 154 億美元，比上一季成長 9%，比去年同期成長 10%，比我們的指導中位數高出 3 億美元，報告的各細分市場執行力強勁。在有利的產品組合和平均售價的推動下，毛利率為 48.8%，比我們的指導高出 230 個基點，並因成本和收入增加而有所改善。由於毛利率提高、收入增加以及嚴格的營運支出管理，本季每股收益為 0.54 美元，比預期高出 0.10 美元。

Q4 operating cash flow was $4.6 billion. Net inventory was down more than $300 million and 9 days in the quarter, and DSO remains under 20. Net CapEx was $5.9 billion resulting in an adjusted free cash flow of negative $1.3 billion, and we paid dividends of $0.5 billion in the quarter.

第四季營運現金流為 46 億美元。本季淨庫存下降超過3 億美元，持續時間為9 天，DSO 仍低於20。淨資本支出為59 億美元，導致調整後的自由現金流為負13 億美元，我們在本季支付了5億美元的股息。

Moving to the fourth quarter business unit results. CCG delivered revenue of $8.8 billion, up 12% sequentially, 33% year-over-year and ahead of internal expectations for the fourth consecutive quarter. We saw sustained strength in gaming and commercial segments, along with record performance of notebook shipments in the quarter. Customer inventory levels have normalized and 2023 PC consumption was in line with our 270 million unit forecast. Operating profit was $2.9 billion, up more than $800 million sequentially and nearly $2.4 billion year-over-year on improved TAM and market share and sell-through of reserved inventory.

轉向第四季業務部門業績。 CCG 營收 88 億美元，季增 12%，年增 33%，連續第四個季度超出內部預期。我們看到遊戲和商業領域的持續強勁，以及本季筆記型電腦出貨量的創紀錄表現。客戶庫存水準已正常化，2023 年 PC 消費量符合我們 2.7 億台的預測。營業利潤為 29 億美元，環比增長超過 8 億美元，年增近 24 億美元，這得益於 TAM 和市場份額以及預留庫存售出率的提高。

DCAI revenue was $4 billion, up 4% sequentially. The server business delivered double-digit growth sequentially, partially offset by the FPGA inventory correction. Revenue was driven by improved unit TAM, stable share and rising average core density contributing to record Xeon ASPs. Operating profit was $78 million, roughly flat sequentially as advanced node development costs continue to weigh on profitability.

DCAI 營收為 40 億美元，較上一季成長 4%。伺服器業務連續兩位數成長，但部分被 FPGA 庫存調整所抵消。單位 TAM 的改善、份額的穩定性以及平均核心密度的上升推動了創紀錄的至強 ASP 的成長，從而推動了收入的成長。營業利潤為 7,800 萬美元，與上一季基本持平，因為先進節點開發成本繼續影響獲利能力。

NEX revenue was $1.5 billion, up 1% sequentially and ahead of internal expectations on strength from network and Ethernet segments. The business saw an operating loss of $12 million, down modestly quarter-over-quarter.

NEX 營收為 15 億美元，季增 1%，超出了網路和乙太網路領域實力的內部預期。該業務營運虧損 1,200 萬美元，較上季小幅下降。

Intel Foundry Services contributed revenue of $291 million, down modestly on a sequential basis and up 63% year-over-year on increased traditional packaging revenue. IFS operating loss was $113 million, driven by continued investment to develop and grow world-class systems foundry.

英特爾代工服務貢獻收入 2.91 億美元，環比小幅下降，但由於傳統封裝收入增加，年增 63%。由於持續投資開發和發展世界一流的系統代工廠，IFS 營運虧損為 1.13 億美元。

Mobileye delivered record revenue of $637 million, up 20% sequentially and 13% year-over-year, along with record operating profit of $242 million, up 42% sequentially and 15% year-over-year. Recently disclosed design wins are expected to contribute more than $7 billion of future revenue or more than 3.5x Mobileye's record FY '23 revenue.

Mobileye 營收創紀錄地達到 6.37 億美元，季增 20%，年增 13%；營業利潤創紀錄地達到 2.42 億美元，季增 42%，年增 15%。最近披露的設計勝利預計將貢獻超過 70 億美元的未來收入，或 Mobileye '23 財年創紀錄收入的 3.5 倍以上。

As Pat summarized, the company made significant progress towards our IDM 2.0 strategy including strong execution against our 2023 financial commitments despite macro headwinds throughout the year. As committed at our Q1 '23 earnings call, we delivered revenue, gross margin, operating margin and EPS growth each quarter. Despite significant investments in future growth and continued progression through 5 nodes in 4 years, we achieved our 2023 commitment of $3 billion of spending reductions.

正如 Pat 總結的那樣，儘管全年面臨宏觀阻力，公司在 IDM 2.0 策略方面取得了重大進展，包括對 2023 年財務承諾的強有力執行。正如我們在 23 年第一季財報電話會議上所承諾的那樣，我們每季都實現了收入、毛利率、營業利潤率和每股盈餘的成長。儘管對未來成長進行了大量投資，並在 4 年內持續推進了 5 個節點，但我們還是實現了 2023 年削減 30 億美元支出的承諾。

Through a strong focus on cash and cost controls, we achieved excellent DSO and DPO in the second half of 2023, and delivered net inventory reductions of nearly $2 billion and 35 days from our peak in Q1 '23. Working capital initiatives yielded roughly $2 billion of cash in 2023, helping us to meet our commitment for roughly breakeven adjusted free cash flow in the second half of the year.

透過高度重視現金和成本控制，我們在 2023 年下半年實現了出色的 DSO 和 DPO，並在 23 年第一季的峰值後 35 天實現了近 20 億美元的淨庫存削減。營運資本計畫在 2023 年產生了約 20 億美元的現金，幫助我們履行了下半年實現大致盈虧平衡調整後自由現金流的承諾。

We remain committed to our smart capital framework. With growing contributions from our SCIP agreement with Brookfield and progress toward government incentives in the U.S., Europe and Israel. In Q4, we also recognized $845 million of advanced manufacturing investment credits or AMIC, as defined in the CHIPS Act. While our continued IDM 2.0 capital investments will result in increased gross CapEx in '24 as compared to '23, we're on track to our aggregate 2023 through 2024 guidance of net CapEx spending in the mid-30s as a percent of revenue, with offsets towards the high end of the 20% to 30% range.

我們仍然致力於我們的智慧資本框架。隨著我們與布魯克菲爾德 SCIP 協議的貢獻不斷增加，以及美國、歐洲和以色列政府激勵措施的進展。第四季度，我們也確認了 8.45 億美元的先進製造投資信貸（AMIC），如《CHIPS 法案》所定義。雖然我們持續的 IDM 2.0 資本投資將導致 24 年的總資本支出比 23 年有所增加，但我們預計將實現 2023 年至 2024 年淨資本支出佔收入百分比在 30 多歲中期的總體指導，其中抵消了20% 至30% 範圍的高端。

Now turning to Q1 guidance. We expect Q1 revenue of $12.2 billion to $13.2 billion. At the Q1 revenue midpoint of $12.7 billion, we expect gross margin of approximately 44.5% with a tax rate of 13% and EPS of $0.13.

現在轉向第一季指引。我們預計第一季營收為 122 億美元至 132 億美元。以第一季營收中點 127 億美元計算，我們預期毛利率約為 44.5%，稅率為 13%，每股盈餘為 0.13 美元。

While we expect a slightly subseasonal first quarter from our core product businesses, we see material inventory corrections in Mobileye and PSG. Additionally, we expect a significant drop in IFS revenue after seeing accelerated purchasing in our traditional packaging business and cyclical weakness in wafer equipment buying in the first half of the year, impacting the IMS business.

雖然我們預計第一季我們的核心產品業務將出現輕微的反季變化，但我們看到 Mobileye 和 PSG 的庫存出現重大調整。此外，我們預計，在上半年傳統封裝業務採購加速以及晶圓設備採購週期性疲軟，影響 IMS 業務後，IFS 收入將大幅下降。

When combined with businesses we exited in 2023, we expect a roughly $1 billion sequential revenue impact from businesses outside of our core products. With market signals remaining positive for PC demand and usage rates, we expect TAM to grow in the low single digits in 2024, consistent with third-party views. Our recent results show the PC remains essential, and we remain confident in our longer-term TAM forecast as the age of the AIPC further enhances the value of device refresh.

與我們在 2023 年退出的業務相結合，我們預計核心產品以外的業務將對連續收入產生約 10 億美元的影響。由於 PC 需求和使用率的市場訊號仍然積極，我們預計 2024 年 TAM 將以較低的個位數成長，這與第三方的觀點一致。我們最近的結果表明 PC 仍然至關重要，隨著 AIPC 的時代進一步提高裝置更新的價值，我們對長期 TAM 預測仍然充滿信心。

We expect Q1 Data Center revenue to decline double-digit percent sequentially before improving through the year. While the Data Center has seen some wallet share shift between CPU and accelerators over the last several quarters, we expect growth in CPU compute cores to return to more normal historical rates and our discrete accelerator portfolio with well over $2 billion in pipeline to gain traction as we move through 2024.

我們預計第一季資料中心營收將連續下降兩位數百分比，然後全年有所改善。雖然資料中心在過去幾季中CPU 和加速器之間的錢包份額發生了一些變化，但我們預計CPU 運算核心的成長將恢復到更正常的歷史速度，並且我們的離散加速器產品組合（擁有超過20億美元的管道）將獲得牽引力我們即將邁入 2024 年。

Within NEX, telco markets are likely to remain weak through the year, though we expect solid growth from our network, ethnic and edge products. These signals give us confidence that consolidated revenue will grow beyond typical seasonality after a soft Q1. And that we can deliver sequential and year-over-year growth in both revenue and EPS each quarter of 2024.

在 NEX 中，電信市場全年可能保持疲軟，但我們預計我們的網路、種族和邊緣產品將實現穩健成長。這些訊號讓我們相信，在第一季疲軟之後，綜合收入的成長將超出典型的季節性。我們可以在 2024 年每季實現營收和每股盈餘的環比和年成長。

We're confident we can grow earnings faster than revenue this year and maintain roughly breakeven adjusted free cash flow, though I'll remind you that the rapid pace of delivering 5 nodes in 4 years and capacity expansion in support of external foundry commitments remain headwinds on the pace of our margin expansion. We expect depreciation to grow by approximately $2 billion in 2024, in addition to a significant increase in variable factory start-up costs. 60% gross margin flow-through as a percent of revenue growth remains a rule of thumb in aggregate in the intermediate term, though we may see volatility in our quarterly gross margin results.

我們有信心今年的獲利成長速度能夠快於收入成長，並維持大致損益平衡調整後的自由現金流，不過我要提醒您，4 年內交付5 個節點的快速步伐以及支持外部代工承諾的產能擴張仍然是不利因素關於我們利潤擴張的步伐。我們預計 2024 年折舊將成長約 20 億美元，此外可變工廠啟動成本也將大幅增加。儘管我們可能會看到季度毛利率結果出現波動，但從中期來看，60% 的毛利率流量佔收入成長的百分比仍然是一個經驗法則。

We're excited to mark the first month fully operating under our new internal foundry reporting structure with improved accountability, transparency around cost and value drivers and increased focus on driving higher rates of return for our owner's capital. We intend to provide you with the recast historical financials this quarter in the form of an 8-K. We will unpack the details at that time, but you will see not only the first view of our manufacturing P&L, but a view of our products group more in line with external peers.

我們很高興能夠迎來在新的內部代工報告架構下全面運作的第一個月，該結構改進了責任制、成本和價值驅動因素的透明度，並更加重視提高所有者資本的回報率。我們打算以 8-K 的形式向您提供本季重鑄的歷史財務數據。到時候我們會解開細節，但你不僅會看到我們製造損益表的第一個視圖，還會看到我們的產品組與外部同行更一致的視圖。

While come as no surprise, our manufacturing P&L is under significant pressure as we get back to process leadership and build the infrastructure to meet both internal and external demand, we see abundant opportunity to drive improvement. Finally, standing up a separate legal entity for manufacturing, technology development and IFS is important to our foundry customers. We expect to have that structure in place in the second half of 2024.

毫不奇怪，隨著我們重新回到流程領導地位並建立基礎設施來滿足內部和外部需求，我們的製造損益面臨著巨大的壓力，我們看到了推動改進的大量機會。最後，建立一個獨立的法人實體來負責製造、技術開發和 IFS 對於我們的鑄造客戶來說非常重要。我們預計該結構將在 2024 年下半年到位。

As we look back at 2023, we have a lot to be proud of. We entered the year with a challenging macro backdrop. I'm pleased with our team's efforts, controlling spending, ramping new products, managing share, executing product and process road maps and delivering for our customers. We continue to focus our portfolio by exiting 5 businesses in 2023 for a total of 10 since past return. While also identifying profitable adjacent markets, we can serve with our existing IP as we have done with Intel Auto. We executed within our Smart Capital framework and are beginning to see meaningful capital offsets. We unlock value for our shareholders through Mobileye and IMS and announced our intention to pursue external investments in PSG.

回顧 2023 年，我們有很多值得自豪的事。我們在充滿挑戰的宏觀背景下進入了這一年。我對我們團隊的努力感到滿意，他們控制支出、推出新產品、管理份額、執行產品和流程路線圖以及為客戶提供服務。我們將繼續集中投資組合，在 2023 年退出 5 項業務，自上次回報以來總共退出 10 項業務。在確定有利可圖的相鄰市場的同時，我們可以利用現有的 IP 提供服務，就像我們對英特爾汽車所做的那樣。我們在智慧資本框架內執行，並開始看到有意義的資本抵銷。我們透過 Mobileye 和 IMS 為股東釋放價值，並宣布有意向 PSG 尋求外部投資。

I'd like to thank the entire Intel team for the hard work and execution, which drove our improved 2023 results. While we aren't yet where we want to be from a financial perspective, we're participating in a large and growing semiconductor TAM, our foundry and AI assets are showing great momentum in the market. And with the strong foundation of financial discipline we set in 2023, we're confident and committed to our long-term financial objectives.

我要感謝整個英特爾團隊的辛勤工作和執行力，這推動了我們 2023 年業績的提升。雖然從財務角度來看，我們還沒有達到我們想要的目標，但我們正在參與一個龐大且不斷增長的半導體 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。憑藉我們在 2023 年制定的財務紀律的堅實基礎，我們有信心並致力於實現我們的長期財務目標。

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

接下來，讓我把電話轉回給約翰。

We will now transition to the Q&A portion of our call. As a reminder, we ask each of you to ask one question and a brief follow-up where applicable. With that, Jonathan, can we please take the first question?

我們現在將過渡到電話會議的問答部分。提醒一下，我們要求你們每個人提出一個問題，並在適用的情況下進行簡短的跟進。那麼，喬納森，我們可以回答第一個問題嗎？

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

（操作員說明）我們的第一個問題來自德意志銀行的 Ross Seymore。

Have a near-term one and then for my follow-up, it will be a longer-term one. So the near term one is on the demand picture. Dave, you were helpful in breaking up the kind of the noncore impacts in the first quarter versus the core, but the low end of seasonality is a little bit of a surprise, given that cyclical pressures seem to have been abating and some of the market share trends should have been in your favor, at least also not worsening. So can you just talk a little bit about why you're at the low end of seasonality in the first quarter for your core businesses? And what gives you confidence in super seasonality thereafter?

有一個近期的，然後對於我的後續行動，這將是一個長期的。因此，近期的需求正在成長。戴夫，您有助於區分第一季的非核心影響與核心影響，但季節性的低端有點令人驚訝，因為週期性壓力似乎一直在減弱，而且一些市場股票趨勢應該對你有利，至少也不會惡化。那麼您能否簡單談談為什麼您的核心業務在第一季處於季節性低谷？是什麼讓您對此後的超級季節性充滿信心？

Yes. Thanks, Ross. I'll start and ask Dave to follow up. And first, what's seasonality Q4 to Q1, there's a wide range of perspective, anywhere from 3% to 20% historically. So I'll just say it's a wide statement of what that looks like. Obviously, as we come into the year, it's coming off a very strong Q4. Our product lines are strong. We feel our inventory positions are healthy. We're gaining momentum across it. And obviously, we've built the forecast consistent with our customers and channel partners that we believe is merited. Obviously, Dave talked about some of the discrete events, which, as we added them up, were a little bit larger than we forecast. But the core business we see is healthy for it. We see no areas for market share loss and the products are getting stronger.

是的。謝謝，羅斯。我將開始並請戴夫跟進。首先，第四季到第一季的季節性是什麼，有很多觀點，歷史上從 3% 到 20% 不等。所以我只想說這是對它的外觀的廣泛陳述。顯然，隨著今年的到來，第四季的表現非常強勁。我們的產品線很強大。我們認為我們的庫存狀況健康。我們正在獲得跨越它的動力。顯然，我們已經建立了與我們的客戶和通路合作夥伴一致的預測，我們認為這是值得的。顯然，戴夫談到了一些離散事件，當我們將它們加起來時，這些事件比我們的預測要大一些。但我們看到的核心業務是健康的。我們認為市場份額沒有損失，而且產品變得越來越強大。

So I'd say it really reflects as we view the market. But we've also said, hey, we're improving every quarter as we go through the year, right? Improving our revenue, top line, improving on profitability as we go through the year, and we've quite scrutinized that outlook for the year. And obviously, as the year improves, new product lines emerging tailwinds in areas like AIPC, Gaudi ramping for accelerators. Overall, a lot of things that just keep improving as we go through the year, combined with good cost discipline, we feel quite comfortable that we're starting strong. And we're going to have an improving year as the year progresses.

所以我想說這確實反映了我們對市場的看法。但我們也說過，嘿，隨著這一年的發展，我們每季都在進步，對嗎？隨著這一年的發展，我們的收入、營收和獲利能力都得到了改善，我們已經仔細審視了今年的前景。顯然，隨著時間的推移，新產品線在 AIPC、Gaudi 等加速器領域出現了順風車。整體而言，在這一年中，很多事情都在不斷改進，再加上良好的成本紀律，我們對起步強勁感到非常滿意。隨著時間的推移，我們將迎來一個不斷進步的一年。

And what's the long-term question, Ross?

羅斯，長期問題是什麼？

You just -- the confidence in -- oh, the second half. The long-term question is one -- yes, sorry, the long-term question is one on the manufacturing nodes. The 5 nodes in 4 years is going well, but one of your biggest foundry, well, customers and competitors is doubling down on their ability to keep the leadership positioning. So what gives you confidence that 18A will, in fact, have the leadership node? And how do we reconcile the fact that you seem to be using that customer as a foundry partner for some of your heterogeneous products, whether it be Arrow Lake or Lunar Lake going forward? If you have the leadership, why wouldn't you be doing that internally?

你只是——對——哦，下半場的信心。長期問題是——是的，抱歉，長期問題是關於製造節點的問題。 4 年內的 5 個節點進展順利，但您最大的代工廠之一、客戶和競爭對手正在加倍努力以保持領先地位。那麼，是什麼讓您相信 18A 實際上將擁有領導節點？我們如何協調這樣一個事實：您似乎正在將該客戶用作某些異質產品的代工合作夥伴，無論是 Arrow Lake 還是 Lunar Lake？如果你有領導力，為什麼不在內部這樣做呢？

Yes. Thank you. I'll do that and then ask Dave pile on both of those a little bit. But with respect to the manufacturing, I'd just say, hey, when you look at this every single day, and we're scrutinizing carefully our progress on 18A. And obviously, the great news that we just described has Clearwater Forest taping out. That gives us a lot of confidence that 18A is healthy. That's a major product for us, Panther Lake following that shortly. .

是的。謝謝。我會這樣做，然後請戴夫把這兩個問題都講一下。但就製造而言，我只想說，嘿，當你每天都看這個時，我們正在仔細審查 18A 的進展。顯然，我們剛剛描述的好消息是克利爾沃特森林已經開始流片。這讓我們對 18A 的健康狀況充滿信心。這是我們的主要產品，Panther Lake 緊隨其後。 。

We've also had our fourth customer this quarter. Some of the IP providers are giving us very strong affirmation on the competitiveness of the process technology. And particularly, we're just way ahead on backside power. And that's not even -- everybody in the industry is recognizing that. And many of the customers, who are looking at it are seeing substantial gains, not just in power performance but in area savings as well.

本季我們還有第四位客戶。一些IP提供者對我們製程技術的競爭力給予了非常強烈的肯定。特別是，我們在背面功率方面遙遙領先。這甚至不是——行業中的每個人都認識到這一點。許多關注它的客戶都看到了巨大的收益，不僅在功率性能方面，而且在節省面積方面。

So overall, we feel very confident that our road map is strong on the process technology side. We do use external foundries. And obviously, that grew as we were dealing with some of our own challenges for process competitiveness. And as we create more and more focus in the business, more wafers will come internal to the Intel factory network. But long term, we're going to continue to use external foundries to complement, manage our capital requirements and to make sure that our teams always are building the best products in the industry and using the best technologies to accomplish that.

總的來說，我們非常有信心我們的路線圖在工藝技術方面是強大的。我們確實使用外部代工廠。顯然，隨著我們應對流程競爭力方面的一些挑戰，這一點也在成長。隨著我們越來越關注業務，更多晶圓將進入英特爾工廠網路內部。但從長遠來看，我們將繼續使用外部代工廠來補充和管理我們的資本需求，並確保我們的團隊始終建立行業中最好的產品，並使用最好的技術來實現這一目標。

So overall, we feel super good with our strategy. You see more use of our own factory network even as we leverage external foundries where appropriate.

總的來說，我們對我們的策略感覺非常好。即使我們在適當的情況下利用外部代工廠，您也會看到更多地使用我們自己的工廠網路。

The only other thing I'd add is just the use of external foundries is part of our Smart Capital strategy. It's one of the 5 pillars. So as Pat said, that will continue to be part of our strategy. Obviously, we're going to maximize how much we can do internally, but we're always going to be using external foundries based on Smart Capital.

我唯一要補充的是，使用外部代工廠是我們智慧資本策略的一部分。它是5大支柱之一。正如帕特所說，這將繼續成為我們策略的一部分。顯然，我們將最大限度地提高內部能力，但我們始終會使用基於智慧資本的外部代工廠。

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 Timothy Arcuri。

Dave, I had a question about gross margin. It was obviously much, much better in December and the March guidance is actually pretty good. So does this include the sale of any previously written down inventory and maybe help us get a clean margin number? Is this March number pretty clean that we can carry that incremental forward through the year?

戴夫，我有一個關於毛利率的問題。 12 月的情況顯然好得多，3 月的指導其實相當不錯。那麼，這是否包括出售任何先前減記的庫存，並可能幫助我們獲得乾淨的利潤率？ 3 月份的數字是否足夠清晰，我們可以將這一增量延續到全年？

Yes. I mean, what I said in the prepared remarks, I think, is that we think that a 60% fall-through is probably the best rule of thumb. That said, as you know, quarter-to-quarter, things can move that number up and down. In Q4, we saw better fall-through. Largely, it was related to a better sell-through of previously reserved product. We also actually did better on the factory side in terms of spending and yield, and so that also benefited us to some extent. .

是的。我的意思是，我認為，我在準備好的發言中所說的是，我們認為 60% 的失敗率可能是最好的經驗法則。也就是說，如您所知，每個季度，這個數字都會上下波動。在第四季度，我們看到了更好的失敗。很大程度上，這與之前預訂的產品的更好銷售有關。實際上我們在工廠方面在支出和產量方面也做得更好，所以這也在一定程度上使我們受益。 。

And then in Q1, I think we're going to do a little worse. We're going to see the fall-through be a little harder on us. And largely, some of that stuff going away a little bit. But I think if you look at it on a year-over-year basis, it's kind of '23 to '24, '24 to '25. We largely expect it to be the 60% fall-through. We're going to have these quarter-to-quarter movements that kind of violate that because of just one-off things. But I think, in general, you'll see 60% fall-through be the right measure.

然後在第一季度，我認為我們會做得更糟。我們將會看到失敗對我們來說會更加困難。很大程度上，其中一些東西會消失一些。但我認為，如果你逐年比較的話，你會發現這是從「23 到 24」、「24 到 25」。我們很大程度上預計會出現 60% 的失敗。由於一次性的事情，我們將出現這些季度與季度之間的變動，這有點違反了這一點。但我認為，一般來說，你會發現 60% 的失敗率是正確的衡量標準。

Longer term, we're also going to want to see that number go up, because it's going to drive us to the 60% gross margins, we ultimately want to attain. But in the near term, we're kind of dealing with a lot of the costs associated with 5 nodes in 4 years. It's just a lot of start-up costs back. We'll probably hit our peak start-up cost in 2024. So that's a huge headwind we'll have to deal with. So that's going to, I think, kind of keep us in the 60% fall-through range for the next couple of years.

從長遠來看，我們也希望看到這個數字上升，因為它將推動我們達到我們最終希望達到的 60% 毛利率。但從短期來看，我們將在 4 年內處理與 5 個節點相關的大量成本。這只是大量的啟動成本。我們可能會在 2024 年達到啟動成本的峰值。因此，這是我們必須應對的巨大阻力。因此，我認為，這將使我們在未來幾年內保持在 60% 的下降範圍內。

Tim, do you have a follow-up question?

提姆，您還有後續問題嗎？

I do. I do. Dave, yes, just on the -- how you get to that 60%. So -- it seems like there could be persistent headwinds in terms of capacity utilization. I mean I think a lot of us see that there's this plan to cut over to internal, starting with Panther Lake, but that doesn't really ramp into high volume until probably 2026. So are you managing to some sort of like utilization rate for your internal capacity to sort of get to that 60%?

我願意。我願意。戴夫，是的，只是關於如何達到 60%。因此，產能利用率方面似乎可能存在持續的阻力。我的意思是，我認為我們很多人都看到有計劃從 Panther Lake 開始切換到內部，但可能要到 2026 年才會真正增加容量。那麼，您是否正在設法達到某種類似的利用率？你的內部能力能達到60% 嗎？

Yes. Well, let me step back a little bit on the 60%. I mean, it will be driven by a number of factors, one of which is just revenue. Revenue growing on a largely fixed cost business is going to help gross margins. Obviously, we have optimism around how we can drive the growth of the business. The second, as you point out, is loadings, and we are managing our capital spend and our investment with an eye on loadings to make sure that we keep those in a good place. Obviously, last year, we were -- we had some underloading to deal with. But as we kind of break out of that and start to move into the next year, I think we'll start to see some improvements there. .

是的。好吧，讓我稍微談談 60%。我的意思是，這將受到多種因素的推動，其中之一就是收入。大部分固定成本業務的收入成長將有助於提高毛利率。顯然，我們對如何推動業務成長持樂觀態度。正如您所指出的，第二個是負載，我們正在管理我們的資本支出和投資，並專注於負載，以確保我們將其保持在一個良好的位置。顯然，去年我們需要處理一些負載不足的問題。但隨著我們突破這一點並開始進入明年，我認為我們將開始看到一些改進。 。

Third, as we get, as Pat was talking about, to leadership in terms of nodes and products, ultimately across the entire product portfolio, that's going to help out on margins. It's going to help out from a cost structure perspective, but also better performing products are just going to yield better pricing and so forth, better profitability.

第三，正如帕特所說，我們在節點和產品方面處於領先地位，最終在整個產品組合中處於領先地位，這將有助於提高利潤率。從成本結構的角度來看，這將會有所幫助，而且性能更好的產品只會帶來更好的定價等等，以及更好的獲利能力。

And then lastly, we've got this internal foundry model that Pat mentioned and I mentioned in the prepared remarks that we think is going to deliver tons of savings for the company. I think every week that Pat and I spend on this, somebody brings up another big rock that they found of savings they can identify, because they are looking at the business in an entirely different way than they're used to looking at it. The product groups are now hyper-focused on test times and how many -- what sort of like hot lots they do and how much sample activity they use.

最後，我們已經有了帕特提到的內部代工模式，我在準備好的評論中也提到過，我們認為這將為公司節省大量成本。我認為帕特和我在這方面花費的每一周，都會有人提出另一塊大石頭，他們發現他們可以確定可以節省的費用，因為他們正在以一種與他們習慣的方式完全不同的方式看待業務。產品組現在非常關注測試時間和測試次數——他們進行什麼樣的熱門批次以及他們使用了多少樣品活動。

The factories now, as you point out, very, very hyper-focused on loadings and making sure they're properly thinking about their capital investment associated with the loadings. We're way more focused in terms of stepping and so forth. So I think we'll get, like I said in a call a couple of quarters ago, $4 billion to $5 billion of savings from this internal foundry model ultimately. And so that's another big step function that I think gets us to the 60% gross margins.

正如您所指出的，工廠現在非常非常關注裝載量，並確保他們正確考慮與裝載量相關的資本投資。我們更專注於步伐等方面。因此，我認為，就像我在幾個季度前的電話會議中所說的那樣，我們最終將從這種內部代工模式中節省 40 億至 50 億美元。因此，我認為這是另一個重要的步驟，可以讓我們實現 60% 的毛利率。

I'd also add, things like we just announced with UMC, right? If we're taking older factories. And Tim, as you might have heard me say in the past, right, a bug in the Intel business model, right? Just when a factory got very good and depreciated, right, we move to the next node. Well, now we're starting to fill that with long-term foundry business as well. So all of these are improving the discipline of running the business as well as how we utilize our factory networks long term, and we really do think that the 60-40 is what Dave and I are driving the business to and we're going to get there.

我還想補充一點，就像我們剛剛與聯華電子宣布的事情一樣，對嗎？如果我們採用舊工廠。提姆，正如你過去可能聽我說過的，對吧，英特爾商業模式中的一個錯誤，對嗎？就在工廠變得非常好並且折舊時，對吧，我們轉移到下一個節點。好吧，現在我們也開始透過長期代工業務來填補這一空白。因此，所有這些都在改善經營業務的紀律以及我們長期利用工廠網絡的方式，我們確實認為 60-40 是戴夫和我正在推動業務發展的目標，我們將到達那裡。

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

我們的下一個問題來自摩根士丹利的約瑟夫摩爾。

I wonder if you could talk about the data center decline in Q1. How much of that is a function of the weakness in FPGA that you've talked to already? And then just any sense of what the cloud and server environment is like in the first quarter?

我想知道您是否可以談談第一季資料中心的下滑。其中有多少是您已經討論過的 FPGA 弱點造成的？那麼第一季的雲端和伺服器環境是什麼樣的呢？

Yes. So overall, when you act -- obviously, we've spoken separately about the FPGA business, so let's just move that to the side. Overall, I'll say it's fairly seasonal quarter-to-quarter and what we expect. That said, we're seeing strength from our server customers. For instance, more of the OEM response is strong with regard to the momentum they're seeing in the enterprise server business. And obviously, our product line is improving there. .

是的。所以總的來說，當你採取行動時——顯然，我們已經單獨討論了 FPGA 業務，所以讓我們把它移到一邊。總的來說，我想說的是，季度與季度之間的季節性相當好，符合我們的預期。也就是說，我們看到了伺服器客戶的實力。例如，更多 OEM 對他們在企業伺服器業務中看到的勢頭做出了強烈的反應。顯然，我們的產品線正在改善。 。

We do expect year-on-year growth here. We see our market share stabilizing. Obviously, as we're ramping Gen 4, Gen 5, Granite Rapids, Sierra Forest, the momentum is building for us overall. And as we indicated, hey, we think more of the AI surge is going to result in AI inferencing on-prem, which we're well positioned to be a beneficiary. I would just cite that here we are in year 20 of the public cloud, and you have 60% plus of compute in the cloud, but 80-plus percent of data remains on-prem, right? Customers want to realize the value of that on-prem data with AI, and that's an enterprise strength for Intel.

我們確實預計這裡會出現同比增長。我們看到我們的市場份額趨於穩定。顯然，隨著我們不斷推動第 4 代、第 5 代、Granite Rapids、Sierra Forest，我們的整體勢頭正在增強。正如我們所指出的，嘿，我們認為更多的人工智慧激增將導致本地人工智慧推理，我們完全有能力成為受益者。我只想指出，我們正處於公有雲的第 20 年，60% 以上的運算都在雲端中，但 80% 以上的資料仍保留在本地，對吧？客戶希望透過人工智慧實現本地數據的價值，而這正是英特爾的企業優勢。

So we do see all of these trends giving us a very favorable outlook for the year. And there's nothing surprising about the Q1 guide here, and we're going to be very focused on beating those numbers, and building on the momentum of improving product line.

因此，我們確實看到所有這些趨勢為我們帶來了非常有利的今年前景。第一季的指南並不令人意外，我們將非常專注於超越這些數字，並建立改進產品線的勢頭。

Joe, do you have a follow-up question?

喬，您還有後續問題嗎？

Yes. Along the same lines, can you talk about Sierra Forest and Granite Rapids? And I guess -- how do you see the long-term mix between those? What kind of appetite you see for the Sierra Forest and higher core count designs?

是的。同樣，您能談談塞拉森林和花崗岩急流嗎？我想—您如何看待這些因素之間的長期組合？您對 Sierra Forest 和更高核心數設計有何興趣？

Yes. Thank you. And I would love to talk for hours about Sierra Forest and Granite Rapids. I'm super excited about those products, both of them on Intel 3. And if I build on the last question from Tim about factory loadings, hey, we are driving hard to accelerate those products into the marketplace and they're really the drivers of Intel 3 capacity. The mix between them. Obviously, this is our first, I'll say, volume, mainstream offering for a high core count, I sort of view this as the cloud guys just run VMs at scale or just one containers at scale. That's what Sierra Forest is about is sort of that bulk workload. And it doesn't have some of the performance capabilities, peak capabilities, feature capabilities that Granite Rapids has.

是的。謝謝。我很樂意花幾個小時談論塞拉森林和花崗岩急流。我對這些產品感到非常興奮，它們都基於 Intel 3。如果我以 Tim 關於工廠裝載的最後一個問題為基礎，嘿，我們正在努力加速這些產品進入市場，它們確實是驅動因素英特爾 3 容量。他們之間的混合。顯然，這是我們的第一個，我會說，針對高核心數量的批量主流產品，我認為這是因為雲端人員只是大規模運行虛擬機器或隻大規模運行一個容器。這就是塞拉森林的意義所在，就是大量的工作量。而且它不具備 Granite Rapids 所具備的一些性能能力、峰值能力、特徵能力。

I expect the bulk of the market to stay on Granite Rapids type products, the P-core products, certainly in '24 and '25, but we do see a pretty steady rise in the use of Sierra Forest. And then as we move to Clearwater Forest in '25, a very compelling product that we do see a pretty healthy split between those for the cloud and data center customers. I think most of the enterprise customers will stay with the P-core products that they will have. And it really is Sierra Forest, Clearwater Forest and successors being sort of that bulk mainstream cloud offering that's very focused on TCO.

我預計大部分市場將停留在 Granite Rapids 型產品、P 核心產品上，當然在 24 年和 25 年，但我們確實看到 Sierra Forest 的使用量穩定成長。然後，當我們在 25 年轉向 Clearwater Forest 時，這是一個非常引人注目的產品，我們確實看到雲端和資料中心客戶的產品之間存在相當健康的劃分。我認為大多數企業客戶將繼續使用他們將擁有的 P 核產品。 Sierra Forest、Clearwater Forest 及其後續產品確實是非常注重 TCO 的主流雲端產品。

So with that, we feel super good about our product portfolio, P-cores, E-cores, really allowing us to stretch the offering for the highest performance with high core count and to the best TCO. And with that, this is a portfolio that will allow us to regain share in the core data center market.

因此，我們對我們的產品組合（P 核、E 核）感到非常滿意，這確實使我們能夠擴展產品範圍，以實現高核數的最高性能和最佳的 TCO。這樣，這個產品組合將使我們能夠重新獲得核心資料中心市場的份額。

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。

I wanted to revisit the gross margins, and I appreciate the 60% flow-through comment that we should use as a rule of thumb. But Dave, starting at 44.5% in the first quarter, how do you -- are you still looking for the overall reported non-GAAP number to be up year-over-year from the 43.6%, and you've mentioned some volatility there? I just want to clarify on the call how the gross margin trajectory is going to look year-over-year and understanding there's volatility there?

我想重新審視毛利率，我很欣賞 60% 的流通率評論，我們應該將其作為經驗法則。但是戴夫，從第一季的 44.5% 開始，您是否仍在尋找報告的非 GAAP 總體數據從 43.6% 同比增長，並且您提到了那裡的一些波動？我只是想在電話會議上澄清毛利率軌跡同比情況如何，並了解那裡存在波動嗎？

Yes. To be clear, the way I was looking at gross margins is on a year-over-year basis on the 60% fall-through. So you should take the full year gross margins that we had in '23, which were roughly 43.5% and think about the 60% fall-through based on the 43.6% gross margins. I think when you do that, we obviously start off at a level that's better on a year-over-year basis, but obviously down on a quarter-to-quarter basis. And so you should expect generally improving dynamics through the year. .

是的。需要明確的是，我看待毛利率的方式是年減 60%。因此，您應該考慮我們 23 年的全年毛利率，大約是 43.5%，並根據 43.6% 的毛利率考慮 60% 的下降。我認為，當你這樣做時，我們顯然會以同比更好的水平開始，但逐季度明顯下降。因此，您應該預期今年的動態整體會有所改善。 。

The only challenge will be this quarter-to-quarter always has volatility to it. So there could be quarters in which we get less ship through of previously reserved products, sometimes it's more. And so kind of avoiding, trying to pinpoint every quarter because of the difficulty around pinpointing that, but we feel very confident around the 60% fall-through.

唯一的挑戰是季度與季度之間始終存在波動。因此，在某些季度，我們以前預訂的產品的發貨量可能會減少，有時甚至更多。由於很難精確定位，因此我們會避免每個季度都進行精確定位，但我們對 60% 的失敗率感到非常有信心。

Ben, do you have a follow-up?

本，你有後續行動嗎？

Yes, John. Could you talk about a bit more about the client market? There was -- you mentioned that corporate, you said some strength. And Dell had said there was some weakness. And heading into the first quarter, I was -- can you talk about the revenues on client and what makes you so confident that it's really going to pick up?

是的，約翰。能多談談客戶市場嗎？你提到了那家公司，你提到了一些實力。戴爾曾表示存在一些弱點。進入第一季度，我——你能談談客戶的收入嗎？是什麼讓你如此有信心它真的會回升？

Yes. So as we look at the market year-on-year, we expect it to be a few points bigger than it was last year. So last year, it was [270]. This year, a couple of points higher than that. I think that's consistent with the various market forecasters that we have. Our market share position is very stable. We had good execution on market share through last year, and the product line is better this year with a number of tailwinds like we said. So overall, we think it's going to be a very solid year for us in our client business.

是的。因此，當我們逐年觀察市場時，我們預計它會比去年大幾個點。所以去年是[270]。今年，比這個數字高出幾個百分點。我認為這與我們的各種市場預測是一致的。我們的市佔率地位非常穩定。去年我們在市場佔有率方面表現出色，今年的產品線也更好，正如我們所說，有許多有利因素。總的來說，我們認為這對我們的客戶業務來說將是非常堅實的一年。

Obviously, as we start the year, everybody is -- I'll say, managing through what their Q1 outlook looks like even as they expect to see stronger business as we go through the year. I'd also comment, Ben, that some of these tailwinds really only start to materialize as you go into second quarter and second half. AIPC is just ramping right now. The Windows 10 EOS goes into effect and customers are starting to look at their post-COVID refreshes. So a lot of those benefits materialize as you go through the year, but our position in gaming, commercial, very strong for us overall.

顯然，在我們開始新的一年時，每個人都在管理他們的第一季前景，即使他們預計今年的業務會更強勁。本，我還要評論說，其中一些順風實際上只有在進入第二季和下半場時才開始顯現。 AIPC 目前剛起步。 Windows 10 EOS 生效，顧客開始關注新冠疫情後的更新。因此，隨著這一年的發展，許多好處都會實現，但我們在遊戲、商業方面的地位對我們整體來說非常強大。

And I'll tell you, we're just seeing a lot of excitement for the AIPC. I described this the Centrino moment, the most exciting category defining moment since WiFi was introduced 2-plus decades ago. So we do think that is going to bring a multiyear cycle of growth. Great ISVs, great new use cases, and a product line that is clearly leading the industry established in this category.

我告訴你，我們剛剛看到 AIPC 令人興奮。我描述了迅馳時刻，這是自二十多年前推出 WiFi 以來最令人興奮的類別定義時刻。因此，我們確實認為這將帶來多年的成長週期。優秀的 ISV、優秀的新用例以及明顯領先於該類別產業的產品線。

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

我們的下一個問題來自美國銀行的 Vivek Arya。

Pat, I'm curious now that we are a year into the generative AI deployments, what's your view on how cloud customers are thinking about the CapEx between traditional and AI servers? Because when we look at the revenue growth across your GPU competitors, they seem to be capturing nearly all of the incremental CapEx and in some cases, even more than, right, just the CapEx as the public cloud company. So -- does that really leave much room for your CPU business to grow, right, beyond just the seasonal variations? So just how are you looking at the AI market overall? And what part of that is Intel really able to capture when we just look at how much is being or needing to be dedicated to your GPU competitors?

Pat，我很好奇，現在我們已經進入生成式 AI 部署一年了，您對雲端客戶如何看待傳統伺服器和 AI 伺服器之間的資本支出有何看法？因為當我們觀察 GPU 競爭對手的收入成長時，他們似乎佔據了幾乎所有增量資本支出，在某些情況下，甚至超過了公有雲公司的資本支出。那麼，除了季節性變化之外，這真的為您的 CPU 業務留下了很大的成長空間嗎？那麼您如何看待人工智慧市場的整體狀況？當我們看看正在或需要為 GPU 競爭對手投入多少資金時，英特爾真正能夠抓住其中的哪一部分？

Yes. Thank you. And let's just maybe 3 different aspects to it. The first one is clearly the high-end cloud guys and what they're doing for maxizing training environments. Clearly, that's been an accelerator market so far. But that even is giving, I'll say, a bit of a tailwind in the sense there are lots of head nodes associated with that. We do think, as we said that the market moves much more from high-end training to inferencing, of where our product line is more substantive for it. But the enterprise market, as we see it for data centers is very much going to be an on-premise play, taking advantage of inferencing in that data pools that they already have. And that's an area of good strength for Intel. And we're starting to see that in some of the conversations with our OEM customers.

是的。謝謝。讓我們來看看它的三個不同面向。第一個顯然是高階雲端人員以及他們為最大化培訓環境所做的事情。顯然，到目前為止，這一直是一個加速器市場。但我會說，這甚至帶來了一點順風，因為有很多頭節點與之相關。正如我們所說，市場更從高端訓練轉向推理，我們確實認為我們的產品線對此更具實質意義。但正如我們所看到的資料中心的企業市場很大程度上將是一個本地遊戲，利用他們已經擁有的資料池中的推理。這是英特爾的強項領域。我們開始在與 OEM 客戶的一些對話中看到這一點。

And as I finished probably 50 meetings between World Economic Forum in Davos and CES with customers, I'll say we have absolute unanimous response that they're going to be deploying a lot of their AI on-premise in their data centers and Xeons and our on-premise offerings are simply the preferred way for them to be taking advantage of those capabilities inside of their data centers, inside of the TCO envelopes, power, networking management that they have in place.

當我在達沃斯世界經濟論壇和 CES 之間與客戶舉行了大約 50 次會議時，我想說我們有絕對一致的反應，他們將在他們的數據中心和 Xeon 中部署大量人工智能我們的本地產品只是他們利用資料中心內部、TCO 範圍內的這些功能、電源、網路管理的首選方式。

Obviously, we need to be participating more in the accelerator piece of that. And we're seeing the growing pipeline of our opportunities. We saw a nice uptick in revenue in Q4 from a small number, but a lot of momentum as we come into the year. And Gaudi3 is getting a lot of excitement. Clearly, leaving in TCO. So we're going to be competing much more for that high-end accelerator footprint. But I think the message of 2024 is going to be inferencing AI everywhere. That's going to be at the edge. That's going to be the AIPC and it's going to be in the enterprise data center, all areas that Intel has a much stronger footprint.

顯然，我們需要更多地參與其中的加速器部分。我們看到我們的機會不斷增加。我們看到第四季的營收小幅上升，但今年進入以來勢頭強勁。 Gaudi3 變得非常令人興奮。顯然，保留了 TCO。因此，我們將在高端加速器領域展開更多競爭。但我認為 2024 年的訊息將是人工智慧推理無所不在。那將是在邊緣。這將是 AIPC，它將在企業資料中心，英特爾在所有領域都擁有更強大的影響力。

Vivek, do you have a follow-up question?

Vivek，您還有後續問題嗎？

Yes. So on the foundry side, I think you mentioned IFS, some declines in Q1 after the strong Q4 that you had. So I was hoping if you could just help us size what is IFS in Q1? And then longer term, you mentioned now you have 4 18A wins, but how do we quantify what they mean for '24 or '25 or '26? And I think on the call, you had mentioned somewhere about in lifetime win. I'm hoping that's what you meant for 18A. But when I look at that $10 billion over multiple years, that is not really that big relative to, I think, the $130 billion plus annual foundry market. So could you just help us size what does Intel's external foundry business mean for 2024 or 2025 perspective?

是的。因此，在代工方面，我認為您提到了 IFS，在第四季度表現強勁之後，第一季出現了一些下滑。所以我希望您能幫我們確定第一季的 IFS 是什麼？然後從長遠來看，你提到現在你有 4 場 18A 勝利，但我們如何量化它們對 '24、'25 或 '26 意味著什麼？我想在電話會議上，你曾經提到過「終身勝利」。我希望這就是你對 18A 的意思。但當我多年觀察這 100 億美元時，我認為相對於每年 1,300 億美元以上的代工市場來說，這並不是那麼大。那麼您能否幫助我們評估英特爾的外部代工業務對於 2024 年或 2025 年的前景意味著什麼？

Yes. And the 2 things in the Q4 to Q1 numbers on IFS. One is the -- I'll say, the natural ending of our traditional packaging volume. So that affects Q4 as we go into Q1. And obviously, our focus there is in doing, I'll say, traditional packaging, that's best supplied by OSAT vendors, but we were in a unique position to help our customers as we went through the COVID cycle. All of our packaging focus going forward is advanced packaging, where our technology is differentiated, the margins are good. And as you saw, we just announced the New Mexico facility, the first major advanced manufacturing facility on U.S. soil. A lot of excitement from that from customers across the world.

是的。還有 IFS 上第四季到第一季數字中的兩件事。一是——我想說，我們傳統包裝量的自然結束。因此，當我們進入第一季時，這會影響第四季度。顯然，我們的重點是傳統封裝，最好由 OSAT 供應商提供，但在經歷新冠疫情週期時，我們處於獨特的地位來幫助我們的客戶。我們未來的所有封裝重點都是先進封裝，我們的技術具有差異化，利潤率很高。正如您所看到的，我們剛剛宣佈在新墨西哥州設立工廠，這是美國本土上的第一個大型先進製造工廠。來自世界各地的客戶對此感到非常興奮。

Also, we had our foundry equipment business, which was another factor Q4 to Q1, very consistent with the profile that you might have heard from people like ASML, right? As they saw the quarter-to-quarter implications on the equipment business.

此外，我們還有鑄造設備業務，這是第四季度到第一季的另一個因素，與您可能從 ASML 等公司聽到的情況非常一致，對吧？他們看到了設備業務的季度影響。

So I'll say Q4 to Q1, all explainable in those context. The business we're winning, 18A foundry customers, Intel 3 packaging takes quarters for that to materialize and for wafer customers years. That's why we said lifetime deal value is probably the best metric that we can give you to help you understand the nature of that business as it's growing. As I said, we saw a big uptick from our prior update to this one. Obviously, we need to, as your question suggest, get to a much bigger number, and that's exactly what we're going to do. We are now well underway. We're seeing healthy growth in lifetime deal value. We'll be giving you periodic updates on it as a good metric of seeing how rapidly that business is growing for us. And I'd emphasize that number is just external foundry, right?

所以我會說 Q4 到 Q1，所有這些都可以在這些上下文中解釋。我們贏得的業務是 18A 代工客戶，英特爾 3 封裝需要幾個季度才能實現，而晶圓客戶則需要數年時間。這就是為什麼我們說終身交易價值可能是我們可以為您提供的最佳指標，以幫助您了解該業務在成長過程中的性質。正如我所說，與先前的更新相比，我們看到了這次更新的大幅提升。顯然，正如您的問題所暗示的那樣，我們需要獲得更大的數字，而這正是我們要做的。我們現在進展順利。我們看到終身交易價值的健康成長。我們將定期向您提供相關更新，作為了解我們業務成長速度的良好指標。我想強調的是，這個數字只是外部代工廠，對吧？

Our internal business is what's going to be driving the factory build-out. And that really gives us the scale to then start adding these additional external customers to it. Those deals, as we say, they could be a year or 2 or they could be multiple years in length, there'll be a varying contract length associated with them. And we just want to give some visibility, transparency to the business and a rapidly growing lifetime deal value is a good way for us to give you some characterization of that business outlook.

我們的內部業務將推動工廠擴建。這確實為我們提供了規模，可以開始在其中添加這些額外的外部客戶。正如我們所說，這些交易的期限可能是一年或兩年，也可能是多年，與之相關的合約長度也會有所不同。我們只是想為業務提供一些可見性和透明度，快速成長的生命週期交易價值是我們向您提供業務前景一些特徵的好方法。

Finally, I want to see you on February 21. We're going to hold a big industry ecosystem event, our IFS Direct Connect, and meeting with the ecosystem our customers, but we're inviting analysts to listen into the great conversations we're going to have and the disclosures that we'll be giving there.

最後，我想在2 月21 日見到您。我們將舉辦一場大型產業生態系統活動，即我們的IFS Direct Connect，並與我們的生態系統客戶會面，但我們將邀請分析師聆聽我們的精彩對話。我們將在那裡進行披露。

And our final question for today comes from the line of CJ Muse from Cantor Fitzgerald.

我們今天的最後一個問題來自 Cantor Fitzgerald 的 CJ Muse 的台詞。

I'll combine both my questions into one. Typically, in a manufacturing transition, you take on 1, maybe 2 kind of technical challenges. Here at 18A, you're taking on backside power gate all around and high NA. So we'd love to hear kind of maybe some of the struggles you've seen, how you've worked through them and what kind of feedback you're getting from customers in all 3 of those and kind of the confidence on delivering the goods and the time line that you set out?

我會將我的兩個問題合而為一。通常，在製造轉型中，您會面臨 1 種甚至 2 種技術挑戰。在 18A 處，您將採用背面電源門和高 NA。因此，我們很想聽聽您遇到過的一些困難，您是如何解決這些困難的，以及您從這三個方面的客戶那裡得到了什麼樣的反饋，以及對交付產品的信心。貨物和你們設定的時間軸？

Very good. So let me characterize it a little bit more carefully because we've been trying to carefully manage the risk that we're taking on. So first was the move into EUV. We began that with Intel 4 and Intel 3. And those, as we said, are high-volume manufacturing underway done. So we sort of took the risk of EUV off the table there. Backside power, right? We ran an internal note, something we didn't disclose to external foundry customers, but we ran many, many wafers using Intel 3 with backside power to go derisk backside power before you put it into Intel 20A and Intel 18A. So we had a major to derisk backside power and then, of course, gate all around the transistor.

非常好。因此，讓我更仔細地描述一下它，因為我們一直在努力謹慎地管理我們所承擔的風險。首先是轉向 EUV。我們從英特爾 4 和英特爾 3 開始。正如我們所說，這些產品正在進行大量生產。因此，我們在某種程度上消除了 EUV 的風險。背面電源，對嗎？我們運行了一份內部說明，我們沒有向外部代工廠客戶透露這一點，但我們運行了許多使用具有背面電源的Intel 3 的晶圓，以便在將其放入Intel 20A 和Intel 18A 之前消除背面電源的風險。因此，我們有一個主要的目的是消除背面電源的風險，然後，當然，在電晶體周圍進行閘極。

So 18A brings those 2 together, backside power and the gate all around transistor. But I'll tell you, as we've been going through the development process, backside power on 18A has been elegant, beautiful, high yield, very clean in its introduction into the process. And really, the focus has been on the new transistor structure with gate all around.

因此，18A 將這兩個因素結合在一起，即背面電源和電晶體周圍的閘極。但我會告訴你，隨著我們一直在經歷開發過程，18A 的背面電源在引入過程中一直是優雅、美麗、高產量、非常乾淨的。事實上，焦點一直集中在具有閘極的新型電晶體結構。

As customers are taking advantage of that now is they're starting to look at that, they're really seeing great benefits from backside power. In some cases, almost as much performance benefit and significant area benefit from that and gate all around transistors making good progress or 0.9 PDK that we delivered in Q4, and we'll be having the 1.0 PDK in Q2 on track. And as I said, Clearwater Forest is the first product, and it's now in fab on 18A, a huge milestone for us, both on the product side as well as on the process side.

隨著客戶現在開始關注這一點，他們確實看到了背面電源的巨大優勢。在某些情況下，幾乎同樣多的性能優勢和顯著的面積優勢，以及我們在第四季度交付的0.9 PDK 電晶體周圍的閘極取得了良好的進展，並且我們將在第二季度實現1.0 PDK 。正如我所說，Clearwater Forest 是第一個產品，現在已在 18A 工廠投入使用，這對我們來說是一個巨大的里程碑，無論是在產品方面還是在工藝方面。

High NA, the next generation of EUV is not part of 18A, right? That will be part of the next major node. We'll talk more about that at the Intel Foundry Day, as we said, on February 21, but we're not introducing that as a risk factor into 18A. It's the EUV tools that are in production today that we've already derisked as part of the Intel 4 and Intel 3. So we think we've done a very careful management of risk and we look at this all the time as we're rebuilding our momentum.

高NA，下一代EUV不屬於18A吧？這將是下一個主要節點的一部分。正如我們所說，我們將在 2 月 21 日的英特爾代工日上更多地討論這一點，但我們不會將其作為風險因素引入 18A。今天生產的 EUV 工具，我們已經作為 Intel 4 和 Intel 3 的一部分消除了風險。因此，我們認為我們已經對風險進行了非常仔細的管理，並且我們一直在關注這一點。重建我們的勢頭。

And as I said, overall, we are confident 5 nodes in 4 years. This was audacious. It's been superbly executed and we are on track to deliver it and get back to process technology leadership for both our products as well as to establish a major foundry opportunity for the industry rebuilding Western supply chains, the momentum we're seeing in our whole factory network, this is really incredible to progress, and I couldn't be proud of our team for getting it done.

正如我所說，總的來說，我們有信心在 4 年內實現 5 個節點。這太大膽了。它的執行非常出色，我們正在按計劃交付它，並恢復我們產品的工藝技術領先地位，並為重建西方供應鏈的行業建立一個主要的代工機會，這是我們在整個工廠看到的勢頭網絡，這真是令人難以置信的進步，我不能為我們的團隊完成它感到自豪。

So with that, let me say thank you for joining us on the call. As always, we appreciate the opportunity that we have to update you on a strong Q4, beating on top and bottom line, finishing an incredible year in 2023. And we're just excited about the momentum we see across the business for both our products, our business and financial execution, the manufacturing technology, foundry design wins really across the board. Our say-do ratio has been extremely high, and we appreciate the interest.

因此，讓我感謝您加入我們的電話會議。像往常一樣，我們很高興有機會向您介紹強勁的第四季度業績，在營收和利潤上都取得了突破，並在2023 年結束了令人難以置信的一年。我們對我們在整個業務中看到的這兩種產品的勢頭感到興奮我們的業務和財務執行力、製造技術、鑄造設計確實全面獲勝。我們的說做比例非常高，我們感謝大家的興趣。

And as I said, we look forward to the opportunity to give you some more updates as part of Foundry Direct Connect February 21 in San Jose. And I hope to see many of you there as we lay out an exciting update to the industry and it will be a great day for us. Thank you so much for joining us.

正如我所說，我們期待有機會為您提供更多更新，作為 2 月 21 日在聖荷西舉行的 Foundry Direct Connect 活動的一部分。我希望在我們為行業帶來令人興奮的更新時見到你們，這對我們來說將是美好的一天。非常感謝您加入我們。

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。