英特爾 (INTC) 2024 Q1 法說會逐字稿

Thank you for standing by, and welcome to the Intel Corporation's First Quarter 2024 Earnings 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 2024 年第一季財報電話會議。 （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.

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

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

謝謝你，喬納森。到目前為止，您應該已經收到第一季收益報告和收益簡報的副本，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。

I'm joined today by our CEO, Pat Gelsinger; and our CFO, David Zinsner. In a moment, we will hear brief comments from both followed by a Q&A session. 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 reference to non-GAAP financial measures that we believe provide useful information to our investors.

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。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參考，我們認為這些指標為我們的投資者提供了有用的信息。

Our earnings release, most recent quarterly report on Form 10-Q and other filings with the SEC provide more information on specific risk factors that could cause actual results to differ materially from our expectations. They also provide additional information on our non-GAAP financial measures, including reconciliations where appropriate to corresponding GAAP financial measures.

我們的收益發布、最新的 10-Q 表格季度報告以及向 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。它們還提供有關我們的非 GAAP 財務指標的更多信息，包括與相應 GAAP 財務指標相應的調整表。

With that, let me turn things over to Pat.

那麼，讓我把事情交給帕特。

Thanks, John, and welcome, everyone.

謝謝約翰，歡迎大家。

We've reported solid Q1 results, delivering revenue in line and EPS above our guidance as we continue to focus on operating leverage and expense management. Our results reflect our disciplined approach on reducing costs as well as the steady progress we are making against our long-term priorities. While first half trends are modestly weaker than we originally anticipated, they are consistent with what others have said and also reflect some of our own near-term supply constraints. We continue to see Q1 as the bottom, and we expect sequential revenue growth to strengthen throughout the year and into 2025, underpinned by: one, the beginnings of an enterprise refresh cycle and growing momentum for AI PCs; two, a data center recovery with a return to more normal CPU buying patterns and ramping of our accelerator offerings; and three, cyclical recoveries in NEX, Mobileye and Altera.

我們報告了穩健的第一季業績，隨著我們繼續專注於營運槓桿和費用管理，收入符合我們的指導，每股收益高於我們的指導。我們的結果反映了我們在降低成本方面的嚴格方法，以及我們在長期優先事項方面取得的穩定進展。雖然上半年趨勢略弱於我們最初的預期，但它們與其他人所說的一致，也反映了我們自己的一些近期供應限制。我們仍然認為第一季是底部，我們預計全年營收季增將加強，直至 2025 年，其基礎是：第一，企業更新周期的開始和人工智慧 PC 的成長勢頭；第二，資料中心恢復，恢復到更正常的 CPU 購買模式，並增加我們的加速器產品；第三，NEX、Mobileye 和 Altera 的周期性復甦。

We had an extremely productive Q1 and achieved several important milestones along our journey to reposition the company for improved execution, competitiveness and perhaps, most importantly, financial results. We hosted our first-ever Intel foundry Direct Connect, which drew nearly 300 partners, customers and potential customers to hear about the momentum we are building with our foundry offerings. We were pleased to announce Microsoft as our fifth Intel 18A customer. We also updated our lifetime deal value to greater than $15 billion and extended our road map with Intel 14A, the first process node in the industry to use High NA EUV technology.

我們的第一季非常富有成效，並在重新定位公司以提高執行力、競爭力以及也許最重要的財務表現的過程中實現了幾個重要的里程碑。我們舉辦了首次英特爾代工直連活動，吸引了近 300 名合作夥伴、客戶和潛在客戶來了解我們透過代工產品打造的勢頭。我們很高興地宣布 Microsoft 成為我們的第五個 Intel 18A 客戶。我們還將生命週期交易價值更新為超過 150 億美元，並透過英特爾 14A 擴展了我們的路線圖，英特爾 14A 是業界第一個使用高數值孔徑 EUV 技術的製程節點。

Shortly following Direct Connect, we were thrilled to join with President Biden and Commerce Secretary Raimondo to announce our position as the National Semiconductor Champion along with the single largest award from the CHIPS and Science Act of more than $45 billion of proposed grants, tax incentives and loans. During the second week of April, we brought together more than 1,000 of our top customers and partners at Intel Vision 2024, where we introduced our next-generation Gaudi 3 accelerator. We were joined by Naver, Dell, Bosch, Supermicro and Roche, among many others who shared how they are benefiting from Intel solutions.

在Direct Connect 之後不久，我們很高興與拜登總統和商務部長雷蒙多一起宣布我們作為國家半導體冠軍的地位，以及《晶片和科學法案》頒發的單項最大獎項，包括超過450 億美元的擬議撥款、稅收優惠和貸款。 4 月的第二週，我們聚集了 1,000 多名頂級客戶和合作夥伴參加英特爾 Vision 2024，並推出了下一代 Gaudi 3 加速器。 Naver、戴爾、博世、Supermicro 和羅氏等眾多公司也加入我們，分享了他們如何從英特爾解決方案中受益。

Vision went straight into Open Source Summit, where we led the launch of the open platform for enterprise AI project. This industry initiative aims to accelerate gen AI deployments in what will be the largest market for AI applications, starting with retrieval augmented generation, or REG. Our Xeon plus Gaudi use cases, along with our established enterprise ecosystem, have a big role to play here.

Vision直接參加了開源高峰會，我們在會上主導推出了企業人工智慧專案的開放平台。該行業計劃旨在加速人工智慧在最大的人工智慧應用市場的部署，從檢索增強生成（REG）開始。我們的 Xeon 加 Gaudi 用例以及我們已建立的企業生態系統在這裡可以發揮重要作用。

Lastly, we hosted the industry's first Sustainability Summit, underscoring our deep commitment to building a more geographically diverse, resilient, trusted and of course, sustainable supply chain for semiconductors. We are proud of our leadership position in chemical conservation, renewable energy and water reclamation. Our accomplishments year-to-date build on all the work we have done to execute on the strategy I laid out when I rejoined the company 3 years ago. Job #1 was to accelerate our efforts to close the technology gap that was created by over a decade of underinvestment.

最後，我們主辦了業界首屆永續發展高峰會，強調了我們對建立地理上更加多樣化、有彈性、值得信賴，當然還有可持續的半導體供應鏈的堅定承諾。我們為我們在化學品節約、再生能源和水回收方面的領導地位感到自豪。我們今年迄今為止所取得的成就建立在我們為執行我三年前重新加入公司時所製定的策略所做的所有工作的基礎上。第一項工作是加快努力，縮小十多年來投資不足所造成的技術差距。

The heart of Phase 1 was 5 nodes in 4 years. The rallying cry was toured. It combined accelerating our node transitions with improving our product execution and cadence to regain customer trust. We have rebuilt our Grovian culture and execution engine and are on track to completing our 5 nodes 4-year goal, which many of our stakeholders thought impossible at inception. In so doing, we are in a unique position with at-scale EUV technology, Western-based capacity and at the very least, a level playing field with the market leader. Intel 20A, which helps pave the way for Intel 18A, begins production ramp in the second half of this year with Arrow Lake. We expect to release the 1.0 PDK for Intel 18A this quarter. Furthermore, our lead products, Clearwater Forest and Panther Lake, are already in fab, and we expect to begin production ramp of the Intel 18A in these products in the first half of '25 for product release in the middle of next year.

第一階段的核心是在 4 年內完成 5 個節點。戰鬥口號被巡迴演出。它將加速我們的節點轉換與改進我們的產品執行和節奏相結合，以重新獲得客戶的信任。我們已經重建了 Grovian 文化和執行引擎，並有望完成 5 個節點的 4 年目標，而我們的許多利害關係人在開始時認為這是不可能的。透過這樣做，我們處於獨特的地位，擁有大規模 EUV 技術、西方產能，並且至少與市場領導者擁有公平的競爭環境。英特爾 20A 為英特爾 18A 鋪平了道路，並於今年下半年開始與 Arrow Lake 一起量產。我們預計本季將發布適用於 Intel 18A 的 1.0 PDK。此外，我們的主導產品 Clearwater Forest 和 Panther Lake 已進入晶圓廠，我們預計這些產品中的 Intel 18A 將於 25 年上半年開始量產，並於明年年中發布產品。

Given this progress, now is the time to turn our focus to matching technology leadership with a competitive cost structure. Establishing a founder relationship between our products group and our manufacturing group was a critical step to achieve better structural cost. This quarter, we officially transitioned to our new operating model and introduced Intel products and Intel Foundry. Today, for the first time, we are reporting our results to reflect the new way in which we are running the company. Separating the internal financial reporting between Intel Foundry and Intel products was a critical step needed to provide transparency, accountability and the proper incentives to allow both groups to make better decisions to optimize their own cost structures.

鑑於這一進展，現在是時候將我們的重點轉向將技術領先地位與具有競爭力的成本結構相匹配。在我們的產品團隊和製造團隊之間建立創辦人關係是實現更好的結構成本的關鍵一步。本季度，我們正式過渡到新的營運模式，並推出了英特爾產品和英特爾代工廠。今天，我們首次報告業績，以反映我們經營公司的新方式。將英特爾代工廠和英特爾產品之間的內部財務報告分開是提供透明度、問責制和適當激勵措施所需的關鍵一步，以使兩個團隊能夠做出更好的決策來優化各自的成本結構。

This change also provided the added benefit of giving more transparency to our outside owners, we knew that the day 1 P&L for Intel foundry was going to spark debate, but we also knew it was important to establish a baseline and provide a target model based on reasonable to conservative revenue and cost assumptions that we have a high degree of confidence we will achieve. I'm going to reiterate that point so it is heard and understood. Our target model is reasonable, conservative and reflects a high degree of confidence in our ability to deliver. And you can rest assured that we will be working hard to beat these targets. If we can move faster and do better, we will, and our new operating model is already catalyzing change in driving efficiencies across the organization.

這項變更也提供了額外的好處，即為我們的外部所有者提供更多透明度，我們知道英特爾代工廠的第一天損益將引發爭論，但我們也知道建立基準並提供基於合理到保守的收入和成本假設使我們對我們將實現的目標充滿信心。我將重申這一點，以便人們聽到並理解這一點。我們的目標模型合理、保守，反映了我們對交付能力的高度信心。您可以放心，我們將努力實現這些目標。如果我們能夠行動得更快、做得更好，我們就會做到，而我們的新營運模式已經在推動整個組織的變革，提高效率。

Let me highlight 3 important aspects of our business and our strategy that is underscored by the new model. First, with Intel products, we have exposed a solid fabless franchise with established, powerful and hard to displace installed base and ecosystem across enterprise, consumer and edge that provide meaningful benefits to our customers and partners. Intel products is a solidly profitable business today despite just recently emerging from a semiconductor downturn and still competing with legacy process technology. That is changing rapidly as we ramp Intel 3 in 2024 and Intel 18A in 2025.

讓我強調一下新模式所強調的我們業務和策略的三個重要面向。首先，透過英特爾產品，我們展示了堅實的無晶圓廠特許經營權，在企業、消費者和邊緣領域擁有成熟、強大且難以取代的安裝基礎和生態系統，為我們的客戶和合作夥伴提供有意義的利益。儘管英特爾產品剛擺脫半導體低迷，並且仍在與傳統工藝技術競爭，但如今它仍然是一項盈利穩健的業務。隨著我們在 2024 年推出 Intel 3、在 2025 年推出 Intel 18A，這種情況正在迅速改變。

We then claim, we are defining and leading the AI PC category. IDC indicates the overall PC market is now expanding. And as stated earlier, as standards emerge and applications begin to take advantage of new AI embedded capabilities, we see demand signals improving, especially in second half of the year, helped by a likely corporate refresh.

然後我們聲稱，我們正在定義並引領AI PC類別。 IDC 表示，整體 PC 市場目前正在擴大。如前所述，隨著標準的出現和應用程式開始利用新的人工智慧嵌入式功能，我們看到需求訊號有所改善，特別是在今年下半年，這要歸功於可能的企業更新。

Our Core Ultra ramp, led by Meteor Lake, continues to accelerate beyond our original expectation, with units expected to double sequentially in Q2, limited only by our supply of wafer-level assembly. Improving second half Meteor Lake supply, and the addition of Lunar Lake and Arrow Lake later this year, will allow us to ship in excess of our original 40 million AI PC CPU target in 2024. Next year, with Panther Lake, we will extend our lead with Intel 18A and further product enhancements. Our share position is strong and continues to strengthen as we execute on our product road map. Within DC AI, as committed, we have achieved product release on our first Intel 3 server product, the first-generation E-Core Xeon 6, codename Sierra Forest.

在 Meteor Lake 的帶領下，我們的 Core Ultra 產能繼續加速成長，超出了我們最初的預期，預計第二季產量將連續翻倍，僅受我們晶圓級組裝供應的限制。下半年Meteor Lake 供應的改善，以及今年稍後Lunar Lake 和Arrow Lake 的增加，將使我們能夠在2024 年出貨超過最初的4000 萬顆AI PC CPU 目標。我們的出貨量。我們的市佔率地位穩固，並且隨著我們執行產品路線圖而不斷增強。在DC AI中，我們按照承諾，實現了首款Intel 3伺服器產品的產品發布，即第一代E-Core Xeon 6，代號Sierra Forest。

The next-generation P-Core Xeon 6 product, Granite Rapids, will be released in Q3. At Vision, we demonstrated a 70 billion parameter model running natively on Xeon 6 with good performance. We continue to expect share trends to stabilize this year before improving in 2025. While budgets are still being prioritized to generative AI build-out, where we have a strong position in the head node, customer conversations continue to show improving signs for traditional CPU refresh starting in late Q2 and into the second half. Our first Intel 18A product, Clearwater Forest, is slated to launch next year and will allow us to accelerate share gains. Our Gaudi 3 launch gave us a strong offering to improve our position in accelerated computing for the data center and cloud.

新一代P-Core Xeon 6產品Granite Rapids將於第三季發布。在 Vision 上，我們展示了一個在 Xeon 6 上本地運行的 700 億個參數模型，具有良好的性能。我們仍然預計今年的份額趨勢將穩定，然後在 2025 年有所改善。從第二季末開始一直到下半場。我們的首款英特爾 18A 產品 Clearwater Forest 定於明年推出，將使我們能夠加速份額成長。 Gaudi 3 的發佈為我們提供了強大的產品，以提高我們在資料中心和雲端加速運算方面的地位。

We now expect over $500 million in accelerated revenue in second half of 2024, with increasing momentum into 2025 based on Gaudi 3's vastly superior TCO as well as our own expanding supply. In addition, we are finding good traction with the Intel Developer Cloud with customers onboarding with this platform, including Dell and Zeekr, our largest IDC win to date. We are encouraged by our progress but far from satisfied. Lastly, within NEX, the business has stabilized and beat our Q1 targets with channel inventories approaching normal levels and business acceleration expected through the year as a result. We also recently announced our plans for scale up and scale out Ethernet-based AI networking delivered as a discrete NIC and chiplets for AI foundry customers with numerous key providers in the industry and market standardization through the Ultra Ethernet Consortium.

現在，我們預計 2024 年下半年的營收加速成長將超過 5 億美元，並且基於 Gaudi 3 極其優越的 TCO 以及我們自己不斷擴大的供應，到 2025 年這一勢頭將不斷增強。此外，我們發現英特爾開發者雲端對使用該平台的客戶具有良好的吸引力，其中包括戴爾和 Zeekr，這是我們迄今為止最大的 IDC 勝利。我們對我們的進步感到鼓舞，但還遠遠不夠滿意。最後，在 NEX 內部，業務已經穩定並超越了我們第一季的目標，通路庫存接近正常水平，預計全年業務將加速。我們最近還宣布了計劃，透過超以太網聯盟，以分立 NIC 和小晶片的形式為 AI 代工客戶以及行業和市場標準化的眾多主要提供商提供基於以太網的 AI 網路的擴展和橫向擴展計劃。

So that is Intel products, good momentum and a lot for us to build on. Let me turn to Intel Foundry. We are executing on our strategy to drive meaningful improvement in profitability over time. We are obviously not there yet, given the large upfront investment we needed to build out this business. But we always said this was going to be a multiyear plan, and we are right on track with where we expect it to be right now. As we discussed during our webinar at the beginning of the month, the transition from pre-EUV wafers to post-EUV wafers is a powerful tailwind for us. We expect our blended average wafer pricing to grow 3x faster than cost over the decade, driving significant margin expansion.

這就是英特爾的產品、良好的勢頭以及我們可以繼續發展的很多東西。讓我談談英特爾代工廠。我們正在執行我們的策略，以隨著時間的推移推動獲利能力的有意義的提高。考慮到我們需要大量的前期投資來建立這項業務，我們顯然還沒有做到這一點。但我們總是說這將是一個多年計劃，而且我們正朝著我們目前預期的方向前進。正如我們在本月初的網路研討會上討論的那樣，從前 EUV 晶圓到後 EUV 晶圓的過渡對我們來說是一個強大的推動力。我們預計，十年來我們的混合平均晶圓價格成長速度將比成本成長快 3 倍，推動利潤率大幅成長。

In addition, more competitive wafers will allow us to bring home many of the tiles that today are being manufactured at external foundries. Both dynamics are in our control and not dependent on revenue growth and are key elements to drive the business to breakeven, more than doubling our current earnings power at the Intel consolidated level. Of course, more competitive wafers combined with our position as the only company manufacturing with leading-edge wafers outside of Asia, is drawing strong interest from potential external customers. It is important to note that our leadership in advanced packaging creates more value in our wafer technologies and wafer-level assembly, and base die opportunities further fill our factories and extend the useful life of our tools for increased financial returns.

此外，更具競爭力的晶圓將使我們能夠將目前在外部代工廠生產的許多瓷磚帶回家。這兩種動態都在我們的控制之中，不依賴收入成長，並且是推動業務實現盈虧平衡的關鍵因素，使我們目前在英特爾合併水平上的盈利能力增加了一倍以上。當然，更具競爭力的晶圓加上我們作為亞洲以外唯一一家製造領先晶圓的公司的地位，正在引起潛在外部客戶的強烈興趣。值得注意的是，我們在先進封裝領域的領先地位為我們的晶圓技術和晶圓級組裝創造了更多價值，而基礎晶片機會進一步充實了我們的工廠，並延長了我們工具的使用壽命，從而提高了財務回報。

I am pleased to announce that this quarter, we signed another meaningful customer on Intel 18A, bringing our total to 6. A leader in the aerospace and defense industry, this customer chose Intel Foundry based not only on the process technology benefits of Intel 18A, but also because of their desire to have a secure U.S.-only supply base. Just this week, we were very pleased to announce that the DoD awarded Intel Foundry Phase III of the RAMP-C program, which we are confident will lead to additional federal aerospace and defense customers.

我很高興地宣布，本季度，我們在英特爾18A 上簽署了另一家有意義的客戶，使我們的客戶總數達到6 個。英特爾18A 的製程技術優勢，也因為他們希望擁有一個僅限美國的安全供應基地。就在本週，我們非常高興地宣布，國防部授予了 RAMP-C 計畫第三階段的英特爾代工廠，我們相信這將帶來更多的聯邦航空航太和國防客戶。

More broadly, we are seeing growing interest in Intel 18A and we continue to have a strong pipeline of nearly 50 test chips. The near-term interest in Intel Foundry continues to be strongest with advanced packaging, which now includes engagements with nearly every foundry customer in the industry, including 5 design awards. While we are highly focused on improving the near-term profitability of Intel Foundry, it is also important that we keep sight of the long-term opportunity here.

更廣泛地說，我們看到人們對英特爾 18A 的興趣日益濃厚，並且我們繼續擁有由近 50 個測試晶片組成的強大管道。近期人們對英特爾代工廠的興趣仍然是對先進封裝最強烈，現在包括與業內幾乎所有代工廠客戶的合作，其中包括 5 個設計獎。雖然我們高度關注提高英特爾代工廠的近期獲利能力，但我們也必須關注這裡的長期機會。

The foundry market is expected to grow from $110 billion today to $240 billion by 2030, with almost 90% of the growth coming from EUV nodes and advanced packaging. Given this backdrop, we have clear line of sight to becoming the largest system foundry for the AI era and the second largest overall by 2030, building on our EUV High-NA process technology leadership in advanced packaging, manufacturing capacity, our systems expertise and the surge in AI demand. Put it another way, our $15 billion of external revenue embedded in our Intel Foundry target model would represent less than 15% of the leading edge foundry market. It is not a question of if but when Intel Foundry achieves escape velocity. And every day, we are proving to the market that Intel Foundry is a resilient, sustainable and trusted alternative to serve a semi market on a path to top $1 trillion by the end of the decade.

代工市場預計將從目前的 1,100 億美元成長到 2030 年的 2,400 億美元，其中近 90% 的成長來自 EUV 節點和先進封裝。在此背景下，我們有明確的目標：憑藉我們在先進封裝、製造能力、系統專業知識和人工智慧需求激增。換句話說，我們嵌入英特爾代工目標模式的 150 億美元外部收入僅佔領先代工市場的不到 15%。這不是一個是否會達到逃逸速度的問題，而是何時會達到逃逸速度的問題。每一天，我們都在向市場證明，英特爾代工是一種有彈性、可持續且值得信賴的替代方案，可以為半成品市場提供服務，並在本十年末實現價值突破 1 兆美元的目標。

Let me wrap up by speaking to our All Other category, where our #1 priority is to unlock shareholder value. This quarter, we formally rebranded our Programmable Solutions Group, Altera, an Intel company. We look forward to bringing in a private equity partner this year to help prepare the company for an IPO in the coming years. This puts Altera on a similar path as Mobileye. We are excited about the future of both companies. By providing them with separation and autonomy, we believe we enhance their ability to capitalize on their growth opportunities in their respective market and accelerate their path to create value. Combined with IMS, our mask writing equipment business, we believe these 3 assets represent more than 1/4 of our overall market value today. Along with a solid Intel products franchise and an Intel Foundry business rapidly approaching $100 billion in net tangible assets, we see the opportunity to unlock significant value for our shareholders as we meet our financial commitments, stand up Intel Foundry and drive it to profitability and further leverage our opportunity in AI. So overall, I'll say that there's a lot for us to build on coming out of Q1. We are systematically executing to our strategy, and we are making steady progress. We are maniacally focused on executional excellence and fiscal discipline and we are relentless in our drive to regain process leadership and bring next-generation solutions to solve our customers' hardest problems.

最後，我要談談我們的「所有其他」類別，其中我們的第一要務是釋放股東價值。本季度，我們正式將可程式解決方案集團更名為 Altera，成為英特爾旗下公司。我們期待今年引入私募股權合作夥伴，幫助公司為未來幾年的首次公開募股做好準備。這使得 Altera 走上了與 Mobileye 類似的道路。我們對兩家公司的未來感到興奮。我們相信，透過為他們提供分離和自主權，我們可以增強他們利用各自市場成長機會的能力，並加快他們創造價值的步伐。結合我們的掩模寫入設備業務 IMS，我們相信這 3 項資產占我們當今整體市場價值的 1/4 以上。憑藉穩固的英特爾產品專營權和迅速接近1000 億美元淨有形資產的英特爾代工業務，我們看到了在履行財務承諾、支持英特爾代工並推動其盈利並進一步發展的過程中為股東釋放巨大價值的機會。總的來說，我想說，在第一季的基礎上，我們還有很多東西可以繼續發展。我們正在系統地執行我們的策略，並且正在穩步取得進展。我們瘋狂地專注於卓越的執行力和財務紀律，並且不懈地努力重新獲得流程領導地位並推出下一代解決方案來解決客戶最棘手的問題。

All of this gives me confidence in where we are headed. Yes, we have a lot of hard work in front of us, but we know what we need to do and the payoff will be significant in the end. Semiconductors are the currency that will drive the global economy for decades to come. We are one of 2, maybe 3 companies in the world that can continue to enable next-generation chip technologies and the only one that has Western capacity and R&D, and we will participate in the entire AI market. Quarter-by-quarter, we are positioning ourselves well to capitalize on the immense opportunities ahead.

所有這些都讓我對我們的前進方向充滿信心。是的，我們面前有很多艱苦的工作，但我們知道我們需要做什麼，最終的回報將是巨大的。半導體是未來幾十年將推動全球經濟的貨幣。我們是世界上能夠持續實現下一代晶片技術的2家、也許3家公司之一，也是唯一一家擁有西方能力和研發能力的公司，我們將參與整個人工智慧市場。每個季度，我們都做好充分準備，以充分利用未來的巨大機會。

With that, let me turn things over to Dave.

就這樣，讓我把事情交給戴夫。

Thank you, Pat, and good afternoon, everyone.

謝謝帕特，大家下午好。

We delivered solid results in the quarter with revenue finishing in line and gross margin and EPS, again beating guidance. Forward-looking demand signals in our core markets improved at a measured pace through the first quarter, and we expect to deliver full year revenue and EPS growth in 2024, with the pace of revenue growth accelerating in the second half. First quarter revenue was $12.7 billion, up 9% year-over-year and just above the midpoint of our guidance, with product segments performing in line with expectations. Intel Products delivered 17% year-over-year growth, offset by inventory headwinds impacting Mobileye, Altera and our 5G customers as well as the sunsetting of several noncore lines of business including the traditional packaging business within Intel Foundry.

我們在本季取得了穩健的業績，營收、毛利率和每股盈餘都符合預期，再次超出了預期。我們核心市場的前瞻性需求訊號在第一季穩步改善，我們預計 2024 年全年營收和每股盈餘將實現成長，下半年營收成長速度將加快。第一季營收為 127 億美元，年增 9%，略高於我們指引的中點，各產品部門的表現符合預期。英特爾產品實現了 17% 的同比增長，但被影響 Mobileye、Altera 和我們的 5G 客戶的庫存逆風以及包括英特爾代工廠內的傳統封裝業務在內的多個非核心業務線的退出所抵消。

These noncore revenue headwinds drove a sequential decline of just over $1 billion, in line with our Q1 guidance. Gross margin was 45.1%, 60 basis points above guidance, and EPS of $0.18 beat guidance by $0.05 on operating spending discipline and strong sell-through of previously reserved inventory.

這些非核心收入逆風導致環比下降略高於 10 億美元，與我們第一季的指導一致。毛利率為 45.1%，比指導值高出 60 個基點，每股收益 0.18 美元，比指導值高 0.05 美元，這得益於營運支出紀律和先前保留庫存的強勁銷售。

Q1 operating cash flow was negative $1.2 billion. Net CapEx was $5 billion, resulting in an adjusted free cash flow of negative $6.2 billion and we paid dividends of $0.5 billion in the quarter. We expect Q1 to be the low point for adjusted free cash flow, driven by seasonal factors, including timing of annual bonus payments, along with upsides from larger capital offsets expected in the second half.

第一季營運現金流為負 12 億美元。淨資本支出為 50 億美元，導致調整後的自由現金流為負 62 億美元，我們在本季度支付了 5 億美元的股息。我們預計第一季將是調整後自由現金流的低點，受到季節性因素的推動，包括年度獎金支付的時間，以及下半年預計更大的資本抵銷帶來的好處。

As Pat mentioned, this is our first quarter reporting in the new operating segments. The revised structure creates a foundry relationship between manufacturing and our products groups with Intel Products purchasing wafers and services from Intel Foundry at fair market prices. This quarter represents another important step in our transformation, with increased transparency and accountability across all layers of the organization, which is already having a positive impact on decision-making efficiencies and financial discipline.

正如帕特所提到的，這是我們新營運部門的第一季報告。修訂後的結構在製造業和我們的產品部門之間建立了代工關係，英特爾產品以公平的市場價格從英特爾代工廠購買晶圓和服務。本季是我們轉型的另一個重要步驟，組織各個層面的透明度和問責制都得到了提高，這已經對決策效率和財務紀律產生了積極影響。

As I talk about our results, I'll categorize them between Intel Products, Intel Foundry and All Other, with the All Other category, including the results of Mobileye and Altera. Additional detail can be found in our earnings release and SEC filings. Intel Products revenue was $11.9 billion, up 17% year-over-year. The client business grew by more than 30% year-over-year with a strong product portfolio and share position and significantly improved customer inventory levels. The data center and AI business contributed 5% year-over-year growth, driven by higher Xeon ASPs and improved enterprise demand.

當我談論我們的結果時，我會將它們分為英特爾產品、英特爾代工和所有其他類別，其中所有其他類別包括 Mobileye 和 Altera 的結果。更多詳細資訊可以在我們的收益發布和 SEC 文件中找到。英特爾產品營收為 119 億美元，較去年同期成長 17%。客戶業務年增超過30%，擁有強大的產品組合和市場份額，並顯著改善了客戶庫存水準。在至強平均售價提高和企業需求改善的推動下，資料中心和人工智慧業務較去年同期成長 5%。

NEX revenue declined 8% year-over-year. As discussed last quarter, we saw significant declines in the 5G market, partially offset by approximately 10% year-over-year growth in our network and edge markets, which we expect to continue to recover through the year. Intel Products' operating profit expanded by more than $2.1 billion year-over-year, driven by higher revenue, better sell-through of reserved inventory and operating spending discipline, resulting in an operating margin of approximately 28% in the quarter.

NEX 營收年減 8%。正如上季所討論的，我們看到 5G 市場大幅下滑，但部分被我們的網路和邊緣市場約 10% 的同比增長所抵消，我們預計這些市場將在今年繼續復甦。在收入增加、保留庫存更好的銷售以及營運支出紀律的推動下，英特爾產品的營運利潤年增超過 21 億美元，導致本季營運利潤率約為 28%。

Intel foundry revenue was $4.4 billion, down 10% year-over-year on lower back-end services and sample revenue, along with lower IMS tool sales. In addition, wafer volume was modestly higher in the quarter, with ASPs modestly down, driven by pricing for mature nodes. Operating profit declined by approximately $100 million year-over-year, with lower revenue being partially offset by improved factory utilization.

英特爾代工收入為 44 億美元，由於後端服務和樣品收入下降以及 IMS 工具銷售額下降，年減 10%。此外，受成熟節點定價的推動，本季晶圓銷售量小幅上升，平均售價小幅下降。營業利潤年減約 1 億美元，營收下降被工廠利用率提高部分抵銷。

Op margin declined significantly quarter-over-quarter, driven by higher start-up costs and the conclusion of the traditional packaging business impacting revenue. The foundry P&L will remain challenged through the year, and we expect operating margins to trough in 2024 as start-up costs associated with 5 nodes in 4 years peak and the P&L absorbs an expected increase of roughly $2 billion in depreciation. Beyond 2024, as volume begins to shift toward leadership manufacturing nodes with a competitive cost structure scale improves, including the return of compute tiles to internal process nodes and our efficiency actions begin to flow through the P&L, we expect to see rapid profitability improvement.

由於啟動成本上升以及傳統包裝業務的結束影響收入，營運利潤率環比大幅下降。晶圓代工廠的損益表全年仍將面臨挑戰，我們預計營業利潤率將在2024 年觸底，因為與5 個節點相關的啟動成本將在4 年內達到峰值，並且損益表吸收預計增加的約20 億美元的折舊。 2024 年後，隨著產量開始轉向具有競爭力的成本結構規模改善的領先製造節點，包括計算區塊返回內部流程節點，以及我們的效率行動開始貫穿損益表，我們預計獲利能力將迅速提高。

Mobileye revenue of $239 million and an operating loss of $68 million were both down meaningfully year-over-year due to a well-publicized drawdown of iQ customer inventory. Mobileye reiterated full year guidance on their earnings call this morning. With the inventory digestion process on track, financial results are expected to recover quickly. Altera revenue was $342 million, down significantly year-over-year, with results impacted by the industry-wide inventory digestion following supply constraints in 2022 and '23. Altera's $39 million operating loss is a result of lower revenue and spending associated with standing up Altera as a stand-alone company.

由於廣為人知的 iQ 客戶庫存減少，Mobileye 收入為 2.39 億美元，營運虧損為 6,800 萬美元，年比均大幅下降。 Mobileye 在今天早上的財報電話會議上重申了全年指引。隨著庫存消化進程步入正軌，財務業績預計將迅速恢復。 Altera 營收為 3.42 億美元，年比大幅下降，業績受到 2022 年和 23 年供應限制後全產業庫存消化的影響。 Altera 的 3,900 萬美元營運虧損是由於將 Altera 作為一家獨立公司而導致的收入和支出下降。

We continue to expect Altera to exit 2024 at a $2 billion revenue run rate as inventory positions normalize. I want to acknowledge the hard work and focused execution across the company to transition our systems and processes to our new reporting structure. We're already seeing the results of the increased transparency catalyzing change and driving efficiencies across the company.

我們繼續預計，隨著庫存狀況正常化，Altera 到 2024 年將以 20 億美元的收入運行速度退出。我要感謝整個公司為將我們的系統和流程過渡到新的報告結構所付出的辛勤工作和專注的執行力。我們已經看到透明度的提高促進了整個公司的變革並提高了效率。

Now turning to our Q2 guidance. We expect revenue of $12.5 billion to $13.5 billion in the second quarter, with the midpoint aligned to typical seasonal growth. At the midpoint of $13 billion, we expect gross margin of approximately 43.5%, with a tax rate of 13% and EPS of $0.10, all on a non-GAAP basis. We see the client and data center business roughly flat to Q1 results at the low end of seasonal. Q2 client revenue is constrained by wafer-level assembly supply, which is impacting our ability to meet demand for our Core Ultra-based AI PCs. We do expect sequential growth from Mobileye, NEX and foundry services.

現在轉向我們的第二季指引。我們預計第二季營收為 125 億至 135 億美元，中點與典型的季節性成長一致。在 130 億美元的中位數上，我們預計毛利率約為 43.5%，稅率為 13%，每股收益為 0.10 美元，所有這些均按非公認會計原則計算。我們看到客戶和資料中心業務在季節性低階時與第一季業績大致持平。第二季客戶收入受到晶圓級組裝供應的限制，這影響了我們滿足基於 Core Ultra 的 AI PC 需求的能力。我們確實預期 Mobileye、NEX 和代工服務將較上季成長。

As we look beyond Q2 guidance, we expect growth across all segments in the second half of the year, led by improved demand for general purpose servers from both cloud and enterprise customers and increased core ultra assembly capacity to support a growing PC TAM, driven by enterprise refresh and the AI PC. We should also see accelerating growth from our network and edge businesses, a return to growth for Altera and a meaningful Gaudi ramp in the second half.

當我們超越第二季度指導時，我們預計下半年所有細分市場都會出現成長，這主要是由於雲端和企業客戶對通用伺服器的需求增加，以及核心超級組裝能力的增加以支援不斷增長的PC TAM ，企業更新和人工智慧PC。我們還應該看到網路和邊緣業務的加速成長、Altera 的恢復成長以及下半年高第的有意義的成長。

Despite 2024 representing the peak for 5 node and 4-year driven factory start-up costs, we expect roughly 200 basis points of FY '24 gross margin improvement compared to FY '23. Our net capital intensity forecast of mid-30s as a percent of revenue across 2023 and 2024 in aggregate remains unchanged. With significant capital offsets expected to land in the second half of the year, we continue to expect approximately neutral 2024 adjusted free cash flow. While first half demand signals have been a bit weaker, Q1 played out largely in line with our expectations. We achieved several important milestones towards our IDM 2.0 vision, and we're participating in a large and growing TAM with encouraging market signals for the second half of the year and into 2025. By capturing margin at both the foundry level and the fabless product level, we have margin stacking advantage unique in the industry. We are 3 years into our transformation, and 2024 represents the steepest part of the climb, with 5 node and 4-year start-up cost peaking and the majority of our volume on pre-EUV process nodes with uncompetitive economics. However, as we crest the hill and look toward the next few years, we have strong wins at our back and a clear path to achieving the mid- and long-term financial targets we laid out earlier this month.

儘管 2024 年是 5 節點和 4 年驅動工廠啟動成本的峰值，但我們預計 24 財年毛利率較 23 財年將提高約 200 個基點。我們對 2023 年和 2024 年淨資本強度佔總收入的百分比的預測為 30 多歲左右，保持不變。由於預計下半年將出現大量資本抵消，我們繼續預期 2024 年調整後自由現金流將保持中立。儘管上半年需求訊號稍弱，但第一季的表現基本上符合我們的預期。我們在實現IDM 2.0 願景方面取得了幾個重要的里程碑，並且我們正在參與一個規模龐大且不斷發展的TAM，並在下半年和到2025 年發出令人鼓舞的市場信號。晶圓廠產品層面獲取利潤，我們擁有業界獨一無二的利潤疊加優勢。我們的轉型已經進行了3 年，2024 年是攀登最陡峭的階段，5 個節點和4 年的啟動成本達到峰值，而且我們的大部分產量都在EUV 之前的製程節點上，經濟性缺乏競爭力。然而，當我們登上山頂並展望未來幾年時，我們已經取得了巨大的勝利，並且為實現我們本月初制定的中長期財務目標提供了明確的道路。

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

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 take the first question?

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） 那麼，喬納森，我們可以回答第一個問題嗎？

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

我們的第一個問題來自德意志銀行的 Ross Seymore。

I guess for my first question, I wanted to dive into the demand side of the equation. What was weaker in the near term than you had expected? And much more importantly, it seems like the back half you're going to have double-digit sequential growth in largely both quarters, so that's significantly above seasonal. I know you went through some of the reasons at a high level, but can you dive a little bit deeper into what gives you that level of confidence in the second half ramp?

我想對於我的第一個問題，我想深入探討等式的需求面。短期內哪些因素比您預期的弱？更重要的是，下半年似乎兩個季度都將實現兩位數的連續成長，因此明顯高於季節性成長。我知道您在較高層面上經歷了一些原因，但是您能否更深入地探討一下是什麼讓您對下半場坡道充滿信心？

Yes. Starting out, so Ross, thanks for the question. I'll just say the market was weaker. You've seen that in a number of others that have commented as well. So I'll say somewhat across the board a bit. We've seen that, cloud customers, enterprise, across geos. So I'll just say a bit weaker demand, right, we'll just say at the low end of seasonality Q1 to Q2 that we saw. And as we go into the second half of the year, we're engaging deeply with our customers today, our OEM partners, and we just see strength across the board, right?

是的。首先，羅斯，謝謝你的提問。我只想說市場疲軟。您在許多其他人的評論中也看到了這一點。所以我會全面地說一下。我們已經看到，跨地域的雲端客戶、企業。所以我只想說需求有點疲軟，對吧，我們只是說我們看到的第一季到第二季季節性的低端。當我們進入下半年時，我們今天正在與我們的客戶、我們的 OEM 合作夥伴進行深入接觸，我們看到了全面的優勢，對嗎？

Part of that is driven by our unique product position, some of it driven by the market characteristics and client, AI PC and a second half Windows upgrade cycle, we believe, underway and Core Ultra is hot. And as we said, even in Q2, we're racing -- we're meeting all of our commitments, but not all of the upside requests that we're seeing from customers. So we see a very strong AI PC outlook in the data center. As we bring in our new products, we're seeing ASPs increase very healthy on our data center products and with products like CR4 that we just went to production with this week on Intel 3, we're seeing improved product position as well for competitiveness.

部分原因是我們獨特的產品定位，部分原因是市場特徵和客戶端、AI PC 和下半年 Windows 升級週期，我們相信，正在進行中，Core Ultra 很熱門。正如我們所說，即使在第二季度，我們也在競爭——我們正在履行我們的所有承諾，但並不是我們從客戶那裡看到的所有上行要求。因此，我們在資料中心看到了非常強勁的人工智慧 PC 前景。當我們推出新產品時，我們看到我們的資料中心產品的 ASP 成長非常健康，對於本週我們剛在 Intel 3 上投入生產的 CR4 等產品，我們看到產品地位以及競爭力都得到了改善。

We have the $0.5 billion of Gaudi, right? And most of that is second half loaded. And the All Other businesses coming out of inventory positions in Altera and Mobileye and NEX, all of those improved first half to second half as well. And then incremental, I'll just say, Intel Foundry, every quarter from here until the decade and we're seeing improvement in the Intel Foundry. And one by one, we're seeing all of those business improvements both on revenue and margin improvements over time. So we feel very comfortable that the second half outlook is quite strong for the business, a first half a bit weaker, but we think it's very understandable, very explainable, and a second half outlook that will be very comfortable for every business across Intel growing and a lot of momentum as we go into '25.

我們有高第的5億美元，對吧？其中大部分是下半年加載的。 Altera、Mobileye 和 NEX 的所有其他業務都擺脫了庫存狀況，所有這些業務在上半年和下半年也都有所改善。然後，我只想說，英特爾代工廠，從現在到十年間每個季度，我們都會看到英特爾代工廠的進步。隨著時間的推移，我們一一看到所有這些業務在收入和利潤方面的改善。因此，我們感到非常滿意的是，下半年的業務前景相當強勁，上半年有點疲軟，但我們認為這是非常可以理解的，非常容易解釋的，下半年的前景對於英特爾不斷增長的每個業務來說都將非常舒適當我們進入 25 世紀時，勢頭強勁。

Ross, do you have a quick follow-up?

羅斯，你有快速跟進嗎？

I do. Maybe for Dave, on the gross margin side, nice upside in the first quarter, but the drop in the second quarter is a little bit puzzling with revenues going up. So could you just talk a little bit about that second quarter drop and then the confidence in the rebound in the second half? Is that just revenue driven in the second half? Or what's the key metrics there, please?

我願意。也許對戴夫來說，在毛利率方面，第一季有不錯的上升空間，但第二季的下降與收入的成長有點令人費解。那麼您能否談談第二季度的下滑以及對下半年反彈的信心？這只是下半年收入驅動的嗎？或是請問關鍵指標是什麼？

Yes. Good. Thanks, Ross. Maybe start with Q1 because it somewhat explains Q2. We had better sell-through of product. I hadn't even mentioned Meteor Lake strength. That better sell-through was on previously reserved material. And so we just saw some upside in gross margins because of that. We had a little bit more of a flattish plan between Q1 and Q2 in terms of how that would flow through. And so it kind of pulled some of the benefit of gross margin improvement we would have seen in Q2 and kind of pulled it into Q1. So that was part of it.

是的。好的。謝謝，羅斯。也許從 Q1 開始，因為它在某種程度上解釋了 Q2。我們的產品銷售情況較好。我甚至沒有提到流星湖的力量。更好的銷售是基於之前保留的材料。因此，我們看到毛利率上升。在第一季和第二季之間，我們在如何實施方面有一個更扁平的計劃。因此，這有點拉動了我們在第二季度看到的毛利率改善的一些好處，並將其拉到了第一季。這就是其中的一部分。

The second part is, as we talked about, this year was going to be a heavy year for start-up cost for us. And it really shows up more meaningfully in the second quarter versus the first quarter. And so that puts a little added pressure on gross margins. As you point out, the upside in the revenue, we will have good fall-through in Q3 and Q4, that will help lift the gross margins from where they are today. And then on top of that, we'll see some areas which have high gross margins, helping us like, for example, Mobileye, we get good gross margin for Mobileye and the strength that we'll see through the year there and products like that will also help drive better gross margins in the back half of the year.

第二部分是，正如我們談到的，今年對我們來說將是啟動成本沉重的一年。與第一季相比，第二季確實表現得更有意義。因此，這給毛利率帶來了一點額外的壓力。正如您所指出的，收入的上升，我們將在第三季和第四季實現良好的下滑，這將有助於提高毛利率。除此之外，我們將看到一些毛利率較高的領域，這對我們有幫助，例如Mobileye，我們為Mobileye 獲得了良好的毛利率，以及我們將在這一年中看到的實力以及諸如此類的產品這也將有助於推動今年下半年更好的毛利率。

As we look into '25, I think we'll have better gross margins than '25 than we had in '24. So this should be an ongoing story for us on the gross margin front. And as you know, we're driving to get to kind of mid-50s gross margins by the midpoint between now and 2030 and ultimately getting to 60%. Of course, revenue will be part of that. But a lot of that is within our control. It's things like 18A wafer pricing growing at 3x the cost of 18A that will help drive margins. The pull-in of tiles, as Pat mentioned, internally is going to drive better gross margins for us over time. All of what we're doing in terms of resegmenting new businesses to drive better decision-making, that better decision-making will translate into significant cost improvements for us, which should also be a meaningful driver for gross margins over time as well. And of course, as Pat mentioned, we're happy to get the CHIPS announcement out. And of course, that, coupled with what we expect from the EU and the investment tax credit will also be major tailwinds on gross margins over a long-term basis.

當我們展望 25 年時，我認為我們的毛利率將比 25 年好，也比 24 年好。因此，這對我們來說應該是一個在毛利率方面持續存在的故事。如你所知，我們正在努力從現在到 2030 年中間將毛利率提高到 50 年代中期，並最終達到 60%。當然，收入也是其中的一部分。但其中很多都在我們的控制範圍內。 18A 晶圓價格的成長是 18A 成本的 3 倍，這將有助於提高利潤率。正如帕特所提到的，隨著時間的推移，瓷磚的拉入將在內部為我們帶來更好的毛利率。我們在重新劃分新業務方面所做的一切都是為了推動更好的決策，更好的決策將轉化為我們顯著的成本改善，隨著時間的推移，這也應該成為毛利率的有意義的驅動力。當然，正如 Pat 所提到的，我們很高興發布 CHIPS 公告。當然，加上我們對歐盟的預期和投資稅收抵免，長期來看也將成為毛利率的主要動力。

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

我們的下一個問題來自 Melius 的 Ben Reitzes。

Appreciate the chance to ask a question here. Pat, can you talk a little bit more about servers in the data center? There was talk of a bottom there in previous discussions. How do you see that kind of going throughout the year in light of your 2Q guidance? And what's the catalyst for the pickup there?

感謝有機會在這裡提問。帕特，您能多談談資料中心的伺服器嗎？在之前的討論中，有人談到了底部。根據您的第二季指導，您如何看待全年的這種情況？推動經濟復甦的催化劑是什麼？

Yes. Thank you, Ben. And obviously, as we look at our position in the data center, I'll just say we're stabilizing. And with that, we're improving our competitiveness. We also see, as I mentioned in the comments, that the ASPs are going up comfortably as well. So socket fairly stable through the year, but the ASP per socket with increased core count improves our position. And then new products like Sierra Forest or Xeon Gen 6 product, definitely gives us power performance capabilities. So overall, we're seeing a very healthy growth rate, mid-20s as we go through the year. We're also seeing increasing interest in the AI capabilities of Xeon. And we're winning head node positions, and we're seeing pretty extraordinary performance at Vision.

是的。謝謝你，本。顯然，當我們審視我們在資料中心的地位時，我只想說我們正在穩定下來。藉此，我們正在提高我們的競爭力。正如我在評論中提到的，我們也看到平均售價也在穩定上升。因此，插座全年相當穩定，但隨著核心數量的增加，每個插座的平均價格提高了我們的地位。然後像 Sierra Forest 或 Xeon Gen 6 產品這樣的新產品，無疑為我們提供了強大的性能能力。總體而言，我們看到了非常健康的成長率，全年成長率為 20 多歲。我們也看到人們對至強的人工智慧功能越來越感興趣。我們正在贏得頭節點位置，並且我們在 Vision 上看到了非常出色的性能。

We talked about the ability to now run 70 billion parameter models directly on Xeon. And these type of capabilities, say, for a lot of enterprise use cases, Xeon is a very strong product. And as we laid out at Vision, the ability for Xeon plus Gaudi to start positioning this open platform for enterprise AI is a very strong position for us. So overall, we feel like we're on a solid trajectory into a market that even though it's been dominated by the gen AI theme as enterprises, our OEMs and ODMs are communicating, there's growth here in servers. And we now have a much better product position, improving ASPs and a better overall positioning in AI for a lot of these use cases where it's Xeon CPU plus GPU and accelerator.

我們討論了現在直接在 Xeon 上運行 700 億個參數模型的能力。對於許多企業用例來說，這些類型的功能，至強是一個非常強大的產品。正如我們在 Vision 上所闡述的那樣，Xeon 加上 Gaudi 開始定位這個面向企業人工智慧的開放平台的能力對我們來說是一個非常有利的地位。總的來說，我們覺得我們正走在進入市場的堅實軌道上，儘管隨著企業、我們的 OEM 和 ODM 的溝通，這個市場一直被新一代人工智慧主題主導，但伺服器領域仍然在成長。我們現在擁有更好的產品定位，提高了 ASP，並且在人工智慧領域對於許多使用 Xeon CPU 加 GPU 和加速器的用例有了更好的整體定位。

Ben, do you have a quick follow-up?

本，你有快速跟進嗎？

Yes. Thanks. Can we just double-click also on Gaudi, $500 million in the back half of the year? I think you previously talked about a couple of billion in the pipeline. What does that say about your yield to revenue on an annualized basis with AI? And is there an update on the pipeline and your confidence there heading into 2025 on the accelerator front?

是的。謝謝。我們能否也雙擊高迪，下半年的 5 億美元？我想你之前談到數十億美元正在醞釀中。這對人工智慧的年化收入殖利率有何影響？管線方面是否有最新進展？

Yes. Thanks, Ben. And obviously, pipeline converting into revenue, revenue is much more meaningful and as we said, greater than $500 million for the year, and that's obviously quarter-on-quarter accelerating rapidly, which also gives a great indication for the business in '25 as well. At our Vision event, we had over 20 customers publicly describing their embrace of Gaudi 2 and Gaudi 3. And I was super pleased to see the breadth of those customers. It was CSPs like Naver and Ola and IBM Cloud. It was ISVs like Zeekr, right, coming on board, but maybe most importantly, enterprise customers.

是的。謝謝，本。顯然，管道轉化為收入，收入更有意義，正如我們所說，今年超過 5 億美元，而且顯然季度環比快速增長，這也為 25 年的業務提供了一個很好的跡象。在我們的 Vision 活動中，有超過 20 位顧客公開描述了他們對 Gaudi 2 和 Gaudi 3 的喜愛。是 Naver、Ola 和 IBM Cloud 等 CSP。像 Zeekr 這樣的 ISV 加入進來，但也許最重要的是企業客戶。

And ultimately, gen AI training, okay, creating models, but enterprises are going to use models, and that's where our TCO benefits. The ability for us to action customers' data in their enterprise environment is so powerful and customers like Bosch were coming forward and Roche to be able to demonstrate the true benefits of Gaudi and Xeon plus Gaudi. The road map is in good shape. The Gaudi 3 Falcon Shores in '25. We're also seeing that the industry wants to open alternatives. And we announced our AI networking initiative, Ultra Ethernet Consortium standardizing on scale up and scale out to Ethernet, increasing work for abstract levels of AI development with PyTorch and the embrace of the open platform for enterprise AI that we rolled out. All of those taken together, the industry is looking for open enterprise alternatives for regenerative AI deployment and Intel are quite well positioned, and we're starting to really see that uptake in our Accelerator and Xeon pipeline now.

最終，產生人工智慧培訓，好吧，創建模型，但企業將使用模型，這就是我們的 TCO 受益的地方。我們在企業環境中操作客戶資料的能力非常強大，像博世和羅氏這樣的客戶挺身而出，能夠展示 Gaudi 和 Xeon plus Gaudi 的真正優勢。路線圖狀況良好。 25 年的高第 3 獵鷹海岸。我們也看到該行業希望開闢替代方案。我們還宣布了我們的人工智慧網路計劃，即超以太網聯盟，該聯盟對以太網的擴展和擴展進行標準化，利用PyTorch 增加人工智慧開發抽象層級的工作，並採用我們推出的企業人工智慧開放平台。綜上所述，業界正在尋找用於再生人工智慧部署的開放企業替代方案，而英特爾處於有利地位，我們現在開始真正看到我們的加速器和至強管道的採用。

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 wonder if you could talk to the server road map. It sounds like you're confirming the time frame for both Sierra Forest and Granite Rapids. Can you talk about -- is there demand for the Sierra Forest product as well? Do you expect that to be bifurcated where you see demand for both? And then how quickly will you see those products come to volume?

我想知道你是否可以談談伺服器路線圖。聽起來您正在確認塞拉森林和花崗岩急流的時間範圍。您能否談談－對 Sierra Forest 產品也有需求嗎？您認為兩者都有需求嗎？然後您會多快看到這些產品批量生產？

Yes. So Sierra Forest, our first Xeon 6 product on Intel 3, and I'm super proud, right? Now we have a leadership process technology back on American soil for the first time in a decade. This is really exciting. And Sierra Forest, high core count, 144, 288 core product, very focused on power, performance, efficiency, and we do see a good pipeline of customers and a good pipeline of, I'll say, socket win backs because the area of power performance has been an area that we've been carrying a deficit, being on an older node. And now that we're on leadership nodes, we definitely see share gains for that.

是的。 Sierra Forest，我們第一個基於 Intel 3 的 Xeon 6 產品，我非常自豪，對吧？現在，我們十年來首次在美國本土擁有領先的製程技術。這真的很令人興奮。 Sierra Forest，高核心數，144、288 核心產品，非常注重功耗、性能、效率，我們確實看到了良好的客戶渠道和良好的渠道，我會說，套接字贏回來了，因為由於使用較舊的節點，電源效能一直是我們一直存在的缺陷。現在我們處於領先節點，我們肯定會看到份額的成長。

Of course, Granite Rapids, which will come in Q3, the Xeon 6 P-Core part is much more the bread and butter of the Xeon family. So we do see that being a stronger element to the portfolio this year as we haven't been participating in the power performance sockets as aggressively lately, and Sierra Forest gives us that tool. So it really is a one-two punch, as we've described. With Granite coming in Q3 and a volume ramp on Intel 3 with that, we feel we have a very good product line.

當然，將於第三季推出的 Granite Rapids，Xeon 6 P-Core 部分更是 Xeon 系列的支柱。因此，我們確實看到今年該產品組合成為更強大的元素，因為我們最近沒有積極參與電源性能插座，而 Sierra Forest 為我們提供了該工具。所以正如我們所描述的，這確實是一打二拳。隨著 Granite 在第三季的推出以及 Intel 3 的銷售量增加，我們覺得我們擁有非常好的產品線。

Next year is Clearwater Forest, the second generation of the E-core part, the leadership position on 18A in the server market, a very strong product for us, unquestioned leadership and power performance, so I believe that's a great opportunity for us to gain share again in the data center. So the road map is healthy. The execution is strong, and we're rebuilding customer trust. They're looking at us now and saying, "Oh, Intel is back." And we're quite excited by that. And then beyond that, building the volume, building the confidence and the momentum for traditional use cases as well as the AI use cases, as I just referred on Ben's question as well.

明年是Clearwater Forest，第二代E-core部分，18A在伺服器市場的領導地位，對我們來說是一個非常強大的產品，毫無疑問的領先地位和動力性能，所以我相信這對我們來說是一個很好的機會在數據中心再次共享。所以路線圖是健康的。執行力很強，我們正在重建客戶信任。他們現在看著我們說：“哦，英特爾回來了。”我們對此感到非常興奮。除此之外，為傳統用例和人工智慧用例建立數量、建立信心和動力，正如我剛才在 Ben 的問題中提到的那樣。

Joe, do you have a quick follow-up?

喬，你有快速跟進嗎？

Yes, I do. Thank you. On the foundry webinar, you had sort of talked about Intel 3 volume being kind of more of an inflection next year. Does that mean it was in server that these Intel 3 products are sort of get to volume crossover kind of some point next year? Or could we see -- obviously, the leadership you just talked about is important. What's kind of keeping you from getting those products ramping in the second half?

是的，我願意。謝謝。在代工廠網路研討會上，您曾談到明年英特爾 3 的銷售量會有所變動。這是否意味著這些 Intel 3 產品將在明年某個時候在伺服器領域實現批量交叉？或者我們可以看到——顯然，你剛才談到的領導力很重要。是什麼阻礙了你們下半年這些產品的銷售成長？

Yes, Joe, thank you. And servers always just take a while to ramp. Customers bring them in, they qualify them, they test them because they're generally putting these things at scale. So there's just an adoption cycle for server products. And the numbers that I'm holding my team accountable for are some of the most aggressive volume ramps that we've ever achieved on server products. So we're driving them very hard. That said, in terms of the total wafer volume this year, right, it's dominated by Intel 7. And the Intel 4 and 3 wafer volumes become much more prominent next year, and that's what I was communicating on the webinar.

是的，喬，謝謝你。伺服器總是需要一段時間才能啟動。客戶將它們引入，對它們進行鑑定，對它們進行測試，因為他們通常會大規模地放置這些東西。所以伺服器產品只有一個採用周期。我讓我的團隊負責的數字是我們在伺服器產品上實現的最積極的銷售成長。所以我們非常努力地推動他們。也就是說，就今年的晶圓總產量而言，英特爾 7 晶圓佔據主導地位。

But as we go through the year, you're going to start to see the wafer ASPs pick up as a result of Intel 4, 3 ramping at much better ASP points, better margins associated with those, and they will become much more prominent in the foundry P&L next year. But these are production ramps that are already underway on Intel 3. The Intel 4 ramp already underway. We began that second half of last year. So these wafer ramps are underway with volume productions, volume products that we're bringing to the marketplace, very confident in our ability. And then, of course, 18A as we deliver the PDK for that in Q2, the 1.0 PDK and we'll begin the volume ramps on Clearwater Forest and Panther Lake in the first half of next year for those products coming out. So we feel very comfortable with that overall picture that we've laid out. So thank you, Joe.

但隨著我們度過這一年，您將開始看到由於英特爾4、3 以更好的ASP 點和與這些相關的更好的利潤率增長，晶圓ASP 有所回升，並且它們將在以下領域變得更加突出：明年的代工廠損益表。但這些是英特爾 3 上已經開始的生產爬坡。我們從去年下半年開始。因此，這些晶圓產能正在大量生產，我們將大量產品推向市場，對我們的能力非常有信心。當然，我們將在第二季交付 18A 的 PDK、1.0 PDK，我們將在明年上半年開始在 Clearwater Forest 和 Panther Lake 上增加這些產品的產量。因此，我們對我們所展示的整體情況感到非常滿意。所以謝謝你，喬。

And our next question comes from the line of Vijay Rakesh from Mizuho Securities.

我們的下一個問題來自瑞穗證券的 Vijay Rakesh。

Just a quick question on the Grand Rapids, any thoughts on the timing? And do you expect to regain some computing share, server share there with those ramps?

只是一個關於大急流城的簡單問題，對時間安排有什麼想法嗎？您是否期望透過這些斜坡重新獲得一些計算份額、伺服器份額？

Yes. Thanks, Vijay. I'm building a little bit on the last question. Granite Rapids will come in Q3 of this year when we'll have the production release of that product. Same as -- it just takes some time for customers to get comfortable, qualify, and bring those products to marketplace. But Sierra Forest, Granite Rapids, these are much more competitive power performance products on Intel 3. So we see them stabilizing and then giving us opportunity to regain share. And as we go into next year, we expect that we're regaining share as we end this year and go into next year. These are great products and we're going to be ramping them very aggressively with our customers.

是的。謝謝，維傑。我正在對最後一個問題進行一些闡述。 Granite Rapids 將於今年第三季推出，屆時我們將發布該產品的生產版本。就像——客戶只需要一些時間來適應、合格並將這些產品推向市場。但是 Sierra Forest、Granite Rapids 這些是 Intel 3 上更具競爭力的電源性能產品。當我們進入明年時，我們預計在今年年底和明年進入時我們將重新獲得份額。這些都是很棒的產品，我們將與我們的客戶一起積極地推廣它們。

Vijay, do you have a follow-up?

維傑，你有後續行動嗎？

Yes. Thanks. Just on the GPU side, on the AI side, any parts on Falcon Shores? Any preliminary takes on that? How do you see that building out into '25?

是的。謝謝。只是在 GPU 方面，在 AI 方面，Falcon Shores 上有什麼部分嗎？對此有什麼初步看法嗎？您如何看待 25 年後的發展？

Yes. And Gaudi 3 announcement this quarter, extremely well received. And as I mentioned already, 20-plus customers for Gaudi 2, 3, so we're seeing that build. Obviously, Falcon Shores will build on that momentum. We'll be bringing that late next year when Falcon Shores when we combine the great systolic performance of Gaudi 3 with a fully programmable architecture, and all of that comes together with Falcon Shores. And then we have a rich -- a very aggressive cadence of Falcon Shores products following that. We also added the Gaudi 3 PCIe card to it. This use case of Xeon plus an accelerator or Gaudi accelerator is getting very good response from customers as well. So we'll be bringing that out later this year. But the real story is delivering the TCO value, delivering the enterprise use cases. Falcon Shores will just build on the momentum that we're establishing with Gaudi 2 and 3.

是的。而本季發布的 Gaudi 3 也非常受歡迎。正如我已經提到的，Gaudi 2、3 有 20 多個客戶，所以我們正在看到這種構建。顯然，獵鷹海岸將繼續保持這一勢頭。我們將在明年年底推出 Falcon Shores 時推出這項功能，屆時我們將 Gaudi 3 出色的收縮性能與完全可編程的架構相結合，而所有這些都將與 Falcon Shores 結合在一起。接下來我們將推出豐富、非常激進的 Falcon Shores 產品。我們還增加了 Gaudi 3 PCIe 卡。 Xeon 加加速器或 Gaudi 加速器的使用案例也得到了客戶的良好回應。所以我們將在今年晚些時候推出。但真正的故事是提供 TCO 價值，提供企業用例。 Falcon Shores 將建立在我們與 Gaudi 2 和 3 建立的勢頭之上。

We also described customers coming on the Intel Developer Cloud, where we're getting these products very early in their life available for developers and enterprise customers. And customers like Zeekr, now our biggest Intel Developer Cloud win to date, are seeing the benefits. But the bigger story is how do we unleash the data assets of our enterprise customers, and that's things like the open platform for enterprise AI that we launched at Open Summit. So overall, a lot of good things happening to unleash the gen AI cycle for Intel. And of course, right, as we're doing this, AI is a hot market. We're participating across all of our segments, whether that's client, edge, enterprise or our foundry opportunities as well, delivering AI everywhere.

我們也描述了使用英特爾開發者雲端的客戶，我們在這些產品的早期階段就為開發者和企業客戶提供了這些產品。像 Zeekr 這樣的客戶（現在是我們迄今為止最大的英特爾開發者雲端勝利）正在看到好處。但更大的故事是我們如何釋放企業客戶的資料資產，就像我們在開放高峰會上推出的企業人工智慧開放平台一樣。總的來說，發生了很多好事，為英特爾釋放了新一代人工智慧週期。當然，在我們這樣做的同時，人工智慧是一個熱門市場。我們正在參與所有細分市場，無論是客戶、邊緣、企業或我們的代工機會，將人工智慧帶到任何地方。

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

我們的下一個問題來自瑞銀證券 (UBS Securities) 的 Timothy Arcuri。

Dave, I also wanted to ask about gross margin. You did say it's going to be better next year, but it is really whipping around a lot. And it looks like you sort of have to exit this year at 48 or maybe a little higher, which is already well above the 45.5 that you'll be at this year because you're guiding it up to 100 basis points. So I know you don't want to guide next year, but if you can even qualitatively help us, can you sustain those margins at that level? And I asked because last year, you sort of exited at 49% and then things crashed here during the first half of the year. So can you help us just think about what some of the puts and takes will be next year off of that high base if you're going to exit this year at?

戴夫，我還想問毛利率。你確實說過明年會更好，但實際上情況確實很不穩定。看起來你今年必須以 48 或更高一點的價格退出，這已經遠遠高於今年的 45.5，因為你將其引導至 100 個基點。所以我知道你不想在明年提供指導，但如果你甚至可以在品質上幫助我們，你能將這些利潤維持在這個水平嗎？我問這個問題是因為去年，你們以 49% 的比例退出，然後今年上半年這裡的情況就崩潰了。那麼，您能否幫助我們考慮一下，如果您今年打算退出，那麼明年在這個高基數基礎上的一些看跌期權和看跌期權將會是多少？

Yes. Good question. So there will be additional start-up costs next year. We do think it on a percent of revenue basis, it will be lower. So that should help lift the margins. Of course, the expectation would be we see growth in revenue. That also should help. On top of that, we already are seeing good decision-making and changing decision-making around how we operate now under this new different business structure that we have at this point. A lot of that stuff doesn't actually show up in the P&L. We have all these decisions get made this year, but a lot of the decisions made -- sorry, a lot of the benefits to those decisions don't show up until next year and the year after. So we should see some benefit from that as well.

是的。好問題。因此明年將會有額外的啟動成本。我們確實認為，以收入百分比計算，它會更低。因此，這應該有助於提高利潤率。當然，我們的預期是我們會看到收入的成長。這也應該有幫助。最重要的是，我們已經看到了良好的決策，並且圍繞著我們目前在這種新的不同業務結構下的運作方式正在改變決策。很多這樣的東西其實並沒有出現在損益表中。我們今年做出了所有這些決定，但做出的許多決定——抱歉，這些決定的許多好處要到明年和後年才會顯現出來。所以我們也應該從中看到一些好處。

The other thing that kind of has whipped this -- our margins around a bit over the last few years has been this notion where we reserve material all the way up until the PRQ Pat just mentioned that Sierra Forest just PRQ-ed. So ordinarily, we take a whole bunch of reserves on Sierra Forest and then we would release them as we started shipping beyond the PRQ date. We won't be doing that going forward. So that should help adjust the volatility of the gross margin. So it will be more a function of revenue growth spending profile in the fabs, start-up costs that we have and the mix.

另一件引起這種情況的事情——過去幾年我們的利潤率有所下降，就是我們一直保留材料，直到 PRQ Pat 剛剛提到 Sierra Forest 剛剛進行了 PRQ 編輯。因此，通常情況下，我們會在 Sierra Forest 上獲取大量儲備，然後在 PRQ 日期之後開始發貨時釋放它們。我們以後不會這樣做。因此，這應該有助於調整毛利率的波動性。因此，這將更取決於晶圓廠的收入成長支出狀況、我們擁有的啟動成本和組合。

Tim, do you have a follow-up question?

提姆，您還有後續問題嗎？

I do. I do, yes. So I want to ask about server CPU share. March -- I think the assumption for March was that service share was going to be pretty flat. So the question is, was that the case? And it sounds -- you sound maybe a little bit less optimistic, if I'm sort of reading between the lines, on share into the back half of the year, just given how long it takes these things to sort of impact your share. So your bullish outlook in the second half of the year, it sounds like it's more market-driven versus share driven. Can you just clarify that?

我願意。我願意，是的。所以我想問一下伺服器CPU佔用率。三月——我認為三月份的假設是服務份額將相當平穩。那麼問題來了，情況真的是這樣嗎？聽起來——你聽起來可能有點不那麼樂觀，如果我在字裡行間解讀今年下半年的份額，考慮到這些事情需要多長時間才能影響你的份額。因此，您對下半年的看漲前景，聽起來更像是市場驅動而不是股票驅動。你能澄清一下嗎？

Well, overall, I like to say it's hard to predict, right, exactly how these will play out in light of the overall gen AI surge that we've seen. That said, products are good, right? We came into the year improving our market share position in the first quarter of the year. It does take time to ramp these new products. But better products, rebuilding trust with our customers that we're delivering on these and now hitting the, what we would call the early end of the cycles on these new products is giving us a lot of interest with the market and the customer. New use cases also demonstrated a 70 billion parameter model running natively on Granite Rapids at our Vision event, all of these just make us more and more confident in our business execution.

好吧，總的來說，我想說的是，根據我們所看到的整體人工智慧浪潮，很難準確預測這些將如何發揮作用。也就是說，產品很好，對嗎？今年第一季度，我們的市佔率地位有所提高。推出這些新產品確實需要時間。但更好的產品、重建客戶對我們正在交付的信任以及現在我們所說的這些新產品週期的早期結束，讓我們對市場和客戶產生了極大的興趣。在我們的 Vision 活動中，新的用例還展示了在 Granite Rapids 上本地運行的 700 億個參數模型，所有這些都讓我們對業務執行越來越有信心。

We're also seeing that we don't need SoC account to increase. The ASPs are going up with the core counts on our new leadership products as well. So all of those in a fairly optimistic view that we're getting from our OEMs and our channel partners for their view of upgrade cycles, building momentum from customers across the industry.

我們也發現我們不需要增加 SoC 帳戶。隨著我們新的領先產品的核心數量的增加，平均售價也在上升。因此，我們從原始設備製造商和通路合作夥伴那裡得到了相當樂觀的看法，他們對升級週期的看法，為整個產業的客戶創造了動力。

We feel very comfortable that we're stabilizing our position. We have been improving our road map, and we do expect to see share gains as we end the year and go into '25.

我們對穩定自己的地位感到非常放心。我們一直在改進我們的路線圖，我們確實希望在年底和進入 25 年後看到份額增長。

Our next question comes from the line of Srini Pajjuri from Raymond James.

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

My question is on the client side. I think, Pat, you mentioned something about supply constraints impacting your 2Q outlook. If you could provide some color as to what's causing those supply constraints and when do you expect those to ease as we, I guess, go into the second half. And then in terms of your AI PCs, I think you've been talking about $40 million or so potentially shipping this year. Could you maybe put that into some context as to how it actually helps Intel? Is it just higher ASPs? Is it higher margin? I would think that these products also come with higher costs. I just want to understand how we should think about the benefit to Intel as these AI PCs ramp?

我的問題是在客戶端。我想，帕特，您提到了供應限制影響您第二季前景的問題。如果您能提供一些關於導致這些供應限制的原因的信息，以及您預計這些限制何時會隨著我們進入下半年而緩解。然後就你們的 AI PC 而言，我認為你們一直在談論今年的潛在出貨量約為 4000 萬美元。您能否將其放在某種背景下，看看它實際上如何幫助英特爾？只是更高的 ASP 嗎？利潤率更高嗎？我認為這些產品的成本也較高。我只是想了解，隨著這些人工智慧 PC 的崛起，我們該如何看待英特爾的利益？

Yes. Thank you. And overall, as we've seen, this is a hot product. The AI PC category, and we declared this as we finished last year, and we've just been incrementing up our AI PC or the Core Ultra product volumes throughout. We're meeting our customer commitments that we've had, but they've come back and asked for upside on multiple occasions across different submarkets. And we are racing to catch up to those upside request, and the constraint has been on the back end. Wafer-level assembly, one of the new capabilities that are part of Meteor Lake and our subsequent client products. So with that, we're working to catch up and build more wafer-level assembly capacity to meet those.

是的。謝謝。總的來說，正如我們所見，這是一款熱門產品。 AI PC 類別，我們在去年完成時就宣布了這一點，並且我們一直在增加我們的 AI PC 或 Core Ultra 產品數量。我們正在履行我們對客戶的承諾，但他們在不同的子市場多次回來要求上漲。我們正在努力趕上這些上行要求，但限制一直在後端。晶圓級組裝是 Meteor Lake 和我們後續客戶產品的新功能之一。因此，我們正在努力趕上並建立更多的晶圓級組裝能力來滿足這些要求。

How does it help us? Hey, it's a new category. And that new category of products will generally be at higher ASPs as your question suggests. But we also think it's new use cases, and new use cases over time create a larger TAM. It creates an upgrade cycle that we're seeing. It creates new applications, and we're seeing essentially every ISV AI-ing their app, whether it's the communications capabilities of Zoom and team for translation and contextualization, whether it's new security capabilities with CrowdStrike and others finding new ways to do security on the client or it's way other creators and gamers taking advantage of this.

它對我們有什麼幫助？嘿，這是一個新類別。正如您的問題所暗示的那樣，新產品類別的平均售價通常會更高。但我們也認為這是新的用例，隨著時間的推移，新的用例會創建更大的 TAM。它創建了我們所看到的升級週期。它創建了新的應用程序，我們看到基本上每個ISV 都在對其應用程式進行人工智慧處理，無論是Zoom 和團隊用於翻譯和情境化的通訊功能，還是CrowdStrike 的新安全功能以及其他人尋找新方法來實現安全性的方法。

So we see that every PC is going to become an AI PC over time. And when you have that kind of cycle underway, Srini, everybody starts to say, "Oh, how do I upgrade my platform?" And we even demonstrated how we're using AI PC in the Intel factories now to improve yields and performance inside of our own factories. And as I've described it, it's like a Centrino moment, right, where Centrino ushered in WiFi at scale. We see the AI PC ushering in these new use cases at scale, and that's going to be great for the industry. But as the unquestioned market leader, right, the leader in the category creation, we think we're going to differentially benefit from the emergence of the AI PC.

所以我們看到，隨著時間的推移，每台電腦都將成為人工智慧電腦。當這種循環正在進行時，斯里尼，每個人都開始說，“哦，我如何升級我的平台？”我們甚至演示瞭如何在英特爾工廠中使用 AI PC 來提高我們自己工廠內部的產量和性能。正如我所描述的，這就像一個 Centrino 時刻，對吧，Centrino 大規模引入了 WiFi。我們看到人工智慧 PC 大規模地引入了這些新的用例，這對整個產業來說是一件好事。但作為無可爭議的市場領導者，正確的，品類創造的領導者，我們認為我們將從人工智慧電腦的出現中獲得不同的好處。

Srini, do you have a follow-up?

斯里尼，你有後續行動嗎？

Yes, John. Thank you. And I guess my other question is on the other bucket. I think, Dave, you kind of talked about Altera potentially exiting the year at a $2 billion run rate from current levels. That's a pretty steep ramp. And also, I think you said next growth will accelerate over the next couple of quarters. So -- and given the telecom weakness out there that we're seeing, I'm just curious as to what's giving you that visibility or confidence. I mean is this driven by some new products? Or is it just the market recovering? Any color would be helpful.

是的，約翰。謝謝。我想我的另一個問題是在另一個桶子上。我想，戴夫，你談到了 Altera 可能會以目前水平 20 億美元的運行速度結束今年。這是一個相當陡峭的坡道。而且，我認為您說過接下來的成長將在未來幾季加速。因此，考慮到我們所看到的電信弱點，我很好奇是什麼給了你這種可見性或信心。我的意思是這是由一些新產品推動的嗎？還是只是市場正在復甦？任何顏色都會有幫助。

Yes. On Altera, and this is not unprecedented when you see a massive work down of inventory, of course, that significantly impacts the revenue. But as that normalizes, then you start shipping to end consumption. So it's actually a pretty easy lift to get to the $2 billion mark once we're through the inventory digestion period. So I think we have high confidence on that.

是的。在 Altera 上，這並不是史無前例的，因為庫存大量減少，這當然會嚴重影響收入。但隨著這種情況正常化，你就開始運送到最終消費。因此，一旦我們度過了庫存消化期，達到 20 億美元大關實際上是相當容易的。所以我認為我們對此充滿信心。

And others have commented on their inventory cycles as well in the FPGA category. We have good products in the second half of the year, with Agilex starting to ramp as well.

其他人也對 FPGA 類別的庫存週期發表了評論。下半年我們有很好的產品，Agilex 也開始成長。

And then on NEX, of course, that business also has gone through its own inventory adjustment. So we have good confidence around that reversing, which will help drive strength. And then some of the products that are more tailored to the AI space, of course, we'll see like, at NEX, for example, we'll see strength through the year. And so that should drive good revenue growth through the year as well.

當然，在 NEX 上，該業務也經歷了自己的庫存調整。因此，我們對這種逆轉充滿信心，這將有助於推動力量。當然，我們會看到一些更適合人工智慧領域的產品，例如，在 NEX，我們將看到全年的實力。因此，這也應該會推動全年收入的良好成長。

Yes. And also in NEX, the AI networking products are strong, our IPU products, we're seeing strength in that area. So it's inventory as well as products. Even though, as your question suggests, the communication sector and the service providers, that is weaker through the year, but pretty much every aspect of their business in edge AI, as Dave said, is seeing strength as we go into the second half of the year and into '25.

是的。在 NEX 中，人工智慧網路產品也很強大，我們的 IPU 產品也很強大，我們看到了該領域的優勢。所以它是庫存和產品。儘管正如你的問題所暗示的那樣，通訊業和服務提供者在這一年中表現疲軟，但正如戴夫所說，他們在邊緣人工智慧業務的幾乎每個方面都在進入下半年時看到了實力。

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, just a conceptual question. In a gen AI server with accelerators, how important is the role of a specific CPU? Or is it easily interchangeable between yours or AMD's or ARM's? I guess the question is that if most of the workload is being done on the accelerator, does it really matter which CPU I use? And can that move towards gen AI servers, essentially shrink the TAM for x86 server CPUs, because a number of your cloud customers have announced ARM-based server alternatives. So I'm just curious, how do you think about that conversion over to gen AI and what that means for x86 server CPU TAM going forward?

帕特，只是一個概念性問題。在有加速器的一代AI伺服器中，特定CPU的作用有多重要？或者它可以在您的、AMD 或 ARM 之間輕鬆互換嗎？我想問題是，如果大部分工作負載都在加速器上完成，那麼我使用哪個 CPU 真的很重要嗎？向新一代 AI 伺服器邁進是否可以從根本上縮小 x86 伺服器 CPU 的 TAM，因為許多雲端客戶已經宣布了基於 ARM 的伺服器替代方案。所以我很好奇，您如何看待向 gen AI 的轉換以及這對 x86 伺服器 CPU TAM 的未來意味著什麼？

Yes. Thanks, Vivek. And we spoke at our Vision event about use cases like RAG, retrievable augmented generation, where the LLMs might run on an accelerator, but all of the real-time data, all of the databases, all of the embedding is running on the CPU. So you're seeing all of these data environments, which are already running on Xeon and x86 being augmented with AI capabilities to feed an LLM. And I believe this whole area of RAG becomes one of the primary use cases for enterprise AI. And if you think about it, an LLM might be trained with 1-, 2-year old data, right? But many of the business processes and environment are real time, right?

是的。謝謝，維韋克。我們在 Vision 活動中談到了像 RAG、可檢索增強生成這樣的用例，其中法學碩士可能在加速器上運行，但所有即時資料、所有資料庫、所有嵌入都在 CPU 上運行。因此，您會看到所有這些已經在 Xeon 和 x86 上運行的資料環境都透過 AI 功能進行了增強，以供 LLM 學習使用。我相信 RAG 的整個領域將成為企業人工智慧的主要用例之一。如果你想一想，法學愛好者可能會使用 1、2 年的數據進行訓練，對嗎？但許多業務流程和環境都是即時的，對吧？

You're not going to be retraining constantly. And that's where this area of the front-end database becomes very prominent. All of those databases run on x86 today. All of them are being enhanced for use cases like RAG. And that's why we see this unlock occurring because the data sits on-prem, the data sits in the x86 database environments that are all being enhanced against these use cases. And as we've shown, we don't need accelerators in some cases. We can run a 70 billion parameter model natively on Xeon with extraordinary TCO value for customers. And furthermore, all of the IT environments that enterprises run today, they have the security, they have the networking, they have the management technologies in place.

你不會不斷地進行再訓練。這就是前端資料庫的這個領域變得非常突出的地方。如今所有這些資料庫都在 x86 上運行。所有這些都針對 RAG 等用例進行了增強。這就是為什麼我們看到這種解鎖發生，因為資料位於本地，資料位於 x86 資料庫環境中，這些環境都針對這些用例進行了增強。正如我們所展示的，在某些情況下我們不需要加速器。我們可以在 Xeon 上本地運行 700 億個參數模型，為客戶帶來非凡的 TCO 價值。此外，當今企業運作的所有 IT 環境都具有安全性、網路性和管理技術。

They don't need to upgrade or change those from any of those use cases. So we see a lot of opportunity here to build on the enterprise asset that we have with the Xeon franchise, but we're also going to be aggressively augmenting that. And we're commonly the head node, even when it's other accelerators are being used or other GPU is being used. And as we've described, Xeon plus Gaudi, we think is going to be a very powerful opportunity for enterprises.

他們不需要升級或更改任何這些用例。因此，我們在這裡看到了很多機會來建立我們擁有的至強系列企業資產，但我們也將積極增強這一點。我們通常是頭節點，即使正在使用其他加速器或其他 GPU。正如我們所描述的，Xeon 加上 Gaudi，我們認為這對企業來說將是一個非常強大的機會。

So in many of those cases, we see this as a market lift, new applications, new use cases, new energy coming to the enterprise AI. Here we are in year 23 of the cloud, and while 60% of the workload has moved to the cloud, over 80% of the data remains on-prem under the control of the enterprise, much of that underutilized in businesses today. That's what gen AI is going to unlock. And a lot of that is going to happen through the x86 CPU and we see a powerful cycle emerging. And I would just point you back to what we described at Vision. This was a great event and many customers are seeing that value today.

因此，在許多情況下，我們將其視為市場提升、新應用程式、新用例、企業人工智慧的新能量。現在，我們正處於雲端的第23 年，雖然60% 的工作負載已轉移到雲端中，但超過80% 的資料仍在企業的控制下保留在本地，其中大部分資料在當今的企業中未得到充分利用。這就是新一代人工智慧將要解鎖的東西。其中很多事情將透過 x86 CPU 發生，我們看到一個強大的循環正在出現。我只想讓您回顧一下我們在 Vision 中所描述的內容。這是一次偉大的活動，許多客戶今天都看到了它的價值。

Vivek, do you have a quick follow-up?

Vivek，您有快速跟進嗎？

Yes. Thank you. Maybe one for Dave on the potential operating loss, kind of how do we model that for the foundry business. So let's say, if I exclude the $2 billion in depreciation headwind, which I'm assuming is almost all going to your foundry business. What is the right way, Dave, to think about foundry operating income or loss this year? And how much of external foundry revenue are you expecting this year?

是的。謝謝。也許是戴夫的一個關於潛在營運損失的問題，我們如何為代工業務建模。這麼說吧，如果我排除 20 億美元的折舊逆風，我假設這幾乎全部流向了您的代工業務。 Dave，思考今年代工廠營業收入或虧損的正確方法是什麼？您預計今年的外部代工收入是多少？

Yes. Good question. The operating losses will pick up. We roughly were at like 2-, 4-ish in the first quarter. It will pick up in the second quarter, given the start-up costs are increasing and I would say, be roughly in that range for the remainder of the year. And then what I said before is we see that improving then going into '25. And Pat's given me the order, he wants to see every quarter some improvement in the operating loss ultimately to get to breakeven midway through the point between now and 2030. And I think that is very achievable. Sorry, Vivek, what was the second question?

是的。好問題。經營虧損將會加劇。第一季我們的成績大概是2-4左右。鑑於啟動成本不斷增加，而且我想說，今年剩餘時間大致在這個範圍內，第二季的成本將會回升。然後我之前說的是，我們看到進入 25 年後有所改善。帕特向我下達了命令，他希望每個季度都能看到營運虧損有所改善，最終從現在到 2030 年實現盈虧平衡。抱歉，Vivek，第二個問題是什麼？

Vivek, are you still on?

維維克，你還在嗎？

No, we've moved on.

不，我們已經繼續前進了。

Why don't we go to the next caller, Jonathan?

我們為什麼不去找下一個來電者呢，喬納森？

Our next question comes from the line of Matt Ramsay from Cowen.

我們的下一個問題來自 Cowen 的 Matt Ramsay。

Yes. Pat, one question I've been getting from some folks, and I totally understand the lead times of starting some of these programs to put increased tile volume at external foundry, but you guys have made the progress on the 5 nodes in 4 years, as you highlighted multiple times. Is there any flex at all to bring back some of that external volume earlier? And I think it matters to some folks because it's a demonstration of you guys being able to ramp your own product to volume and to yield and to economics on 18A, which might give some indication to some external customers that are looking at your foundry business. So just any flex at all to pull that timeline in of sort of reshoring some of the external tiles?

是的。帕特，我從一些人那裡得到了一個問題，我完全理解啟動其中一些計劃以在外部代工廠增加瓷磚數量的交付時間，但是你們在 4 年內已經在 5 個節點上取得了進展，正如您多次強調的那樣。是否有任何靈活性可以提前恢復一些外部磁碟區？我認為這對某些人來說很重要，因為這證明了你們能夠在18A 上提高自己的產品產量、產量和經濟效益，這可能會給一些正在關注你們的代工業務的外部客戶帶來一些指示。那麼，是否需要任何靈活性來拉動時間線，以某種方式重新安置一些外部瓷磚？

Yes. Thanks, Matt. And largely, those decisions are made when the product decisions are made. So there's limited flexibility to move them around. And if you pick a process node for a certain tile, generally, that's the process node that it's on. So there's limited flexibility there. And many of those decisions, as we've highlighted before, Matt were literally made years ago, right? And those choices were made.

是的。謝謝，馬特。很大程度上，這些決定是在做出產品決策時做出的。因此移動它們的靈活性有限。如果您為某個圖塊選擇一個流程節點，通常，這就是它所在的流程節點。所以那裡的靈活性有限。正如我們之前強調的那樣，許多決定實際上是馬特幾年前做出的，對嗎？這些選擇已經做出。

That said, we see the peak of our external tiles being this year and next year. And then the road map and the movement of those coming back begins to quite accelerate, even starting late next year. So the plan is clearly laid out. As we said, we see a couple of fabs' worth of capacity coming back into the Intel factory network as we move into '26 and beyond. So this becomes a significant driver.

也就是說，我們預計今年和明年將是外部瓷磚的高峰期。然後路線圖和回國人員的流動開始相當加速，甚至從明年年底開始。所以計劃已經明確了。正如我們所說，隨著我們進入 26 年及以後，我們看到一些晶圓廠的產能將重新回到英特爾工廠網路。因此，這成為一個重要的驅動因素。

We've also driven significant road map decisions against that improving profile of our products. And I'll say that begins in a very powerful way next year with Panther Lake and Clearwater Forest. Unquestioned, the best products in clients, the best products in server are now being built on Intel 18A. And as the question suggests, we see customers seeing that. Every foundry customer that we speak to, right, understanding where we are in our product and process cycle and the ability for them to essentially benefit from Intel as customer 0 in the foundry network.

我們也推動了重大路線圖決策，以改善我們產品的形象。我想說，明年的黑豹湖和克利爾沃特森林將以非常強大的方式開始。毫無疑問，客戶端中最好的產品、伺服器中最好的產品現在都基於 Intel 18A 建置。正如問題所暗示的，我們看到客戶看到了這一點。我們接觸過的每一位代工客戶都了解我們在產品和工藝週期中所處的位置，以及他們作為代工網絡中的 0 號客戶從英特爾中本質上受益的能力。

So overall, this is feeling very good. We're on track to go accomplish that and the business model that we've laid out and Dave and I presented as we go through the decade shows a very healthy improvement in wafer ASP, wafer volume, foundry and these decisions are made, right? We're on track to both have the wafer foundry capabilities, have the process technology and the products to fill those factories. And that's why Dave and I have such confidence in the business model that we've laid out and the improvements that it will deliver as we go over the next several years together.

所以總的來說，這種感覺非常好。我們正朝著實現這一目標的方向前進，我們所製定的商業模式以及戴夫和我在過去十年中提出的商業模式顯示了晶圓平均售價、晶圓產量、代工方面的非常健康的改善，而這些決策是做出的，對吧？我們有望擁有晶圓代工能力、製程技術和產品來滿足這些工廠的需求。這就是為什麼戴夫和我對我們已經制定的商業模式以及我們在未來幾年共同努力時將帶來的改進充滿信心。

Matt, do you have a quick follow-up?

馬特，你有快速跟進嗎？

Yes, John. Thank you. I wanted to ask a question about the AI accelerator road map. So you guys have Gaudi 3 that you talked about and Falcon Shores coming next year. And the hardware looks quite good. I wanted to ask a question about the software that goes on top of that for both -- well, really for inference but also for training. How do you feel about the software road map that you guys have in the AI space going forward? And how much compatibility, or uniqueness rather, is there to the software that runs on Gaudi 3 versus what will come on Falcon Shores and the forward road map?

是的，約翰。謝謝。我想問一個關於人工智慧加速器路線圖的問題。你們談論過的 Gaudi 3 和明年推出的 Falcon Shores。而且硬體看起來相當不錯。我想問一個關於軟體的問題，該軟體既可以用於推理，也可以用於訓練。您對人工智慧領域未來的軟體路線圖有何看法？與 Falcon Shores 和未來路線圖上運行的軟體相比，Gaudi 3 上運行的軟體有多少相容性或獨特性？

Yes. Maybe 3 different points there. The first one is for inferencing, you need a whole lot less software compatibility, right? And as the market is more focused on inferencing going forward, if you can run the models, right, in the context of the databases and the other, so that portends and that's why we're seeing the strength that we're seeing right now, Matt, in these use cases. And clearly, some of the software compatibility issues of a GPU have led to the training environments that have been challenging for us. But now as customers get much more focused on enterprise use cases, inferencing TCO, we're finding a lot of strength in the offerings that we have. And as we've matured a number of customers now, we've worked through many of those use cases and getting quite a lot of acceptance of the software stack that we have with Gaudi 2 and 3.

是的。也許有3個不同的點。第一個是用於推理，您需要的軟體相容性要少得多，對吧？隨著市場更加關注未來的推理，如果你可以在資料庫和其他環境中運行模型，那麼這預示著，這就是為什麼我們現在看到的力量，馬特，在這些用例中。顯然，GPU 的一些軟體相容性問​​題導致訓練環境對我們來說充滿挑戰。但現在，隨著客戶更加關注企業用例，推斷 TCO，我們發現我們現有的產品具有很大的優勢。隨著我們現在已經成熟了許多客戶，我們已經完成了許多這樣的用例，並且我們使用 Gaudi 2 和 3 的軟體堆疊得到了相當多的認可。

We will have a very smooth and seamless upgrade from Gaudi 3 into Falcon Shores. But the powerful thing that will come with Falcon Shores is the full programmability that you'll see with the complete instruction set capabilities of Falcon Shores. And at that point, we will have no deficits for any of the use cases and much greater compatibility for the full range of AI capabilities.

我們將從 Gaudi 3 非常順利、無縫地升級到 Falcon Shores。但 Falcon Shores 的強大功能是完整的可程式性，您將透過 Falcon Shores 的完整指令集功能看到這一點。到那時，我們將在任何用例上都沒有缺陷，並且對全方位人工智慧功能具有更大的兼容性。

The other thing that I emphasize is Xeon is a powerful capability with incredible programmable capabilities and we're finding these use cases like I described with the open platform for enterprise AI, RAG use cases is clearly beneficial there for us. So overall, we're feeling like the software story is coming together very nicely. And the entire industry is moving to higher level software abstraction such as Python and Triton. So they're moving away from any of these dependencies to an open software or platform. So the industry trends are in the right direction. Our maturity is in the right direction, and our software stack has gotten much more mature, and we'll have a very smooth upgrade to Falcon Shores.

我強調的另一件事是 Xeon 是一種強大的功能，具有令人難以置信的可編程功能，我們發現這些用例就像我在企業 AI 開放平台中描述的那樣，RAG 用例顯然對我們有利。總的來說，我們感覺軟體故事非常完美地結合在一起。整個產業正在轉向更高層次的軟體抽象，例如 Python 和 Triton。因此，他們正在擺脫任何這些依賴項，轉向開放軟體或平台。因此，行業趨勢是朝著正確的方向發展的。我們的成熟度是在正確的方向上，我們的軟體堆疊變得更加成熟，我們將非常順利地升級到 Falcon Shores。

So let me just close our time together and say thank you for the questions. Thanks for joining our call. We appreciate the update to give you on a very solid Q1. And we got a lot done in Q1 that gives us a great foundation for the future. We continue to drive our process and products and AI innovations and delivering on our process technology and leadership road map. If any of you were at COMPUTEX in a few months, I look forward to seeing you there. We have a number of products and offerings that we'll be announcing there as we continue our AI momentum and competitiveness. And as always, we look forward to talking to you next quarter. Thank you very much.

因此，讓我結束我們的交流時間並感謝大家提出的問題。感謝您加入我們的通話。我們感謝這次更新為您帶來了非常可靠的第一季。我們在第一季完成了很多工作，為我們的未來奠定了良好的基礎。我們繼續推動我們的流程、產品和人工智慧創新，並實現我們的流程技術和領導路線圖。如果你們中的任何人幾個月後參加 COMPUTEX，我期待在那裡見到你們。隨著我們繼續保持人工智慧的勢頭和競爭力，我們將在那裡發布許多產品和服務。一如既往，我們期待下個季度與您交談。非常感謝。

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

女士們、先生們，感謝你們參加今天的會議。這確實結束了該程式。您現在可以斷開連線。再會。