英特爾 (INTC) 2024 Q2 法說會逐字稿

Thank you for standing by, and welcome to Intel Corporation's second-quarter 2024 earnings conference call. (Operator Instructions) As a reminder, today's program is being recorded. And now, I'd like to introduce your host for today's program, Mr. John Pitzer, Corporate Vice President of Investor Relations.

感謝您的耐心等待，歡迎參加英特爾公司 2024 年第二季財報電話會議。 （操作員指示）提醒一下，今天的節目正在錄製中。現在，我想介紹一下今天節目的主持人，投資者關係公司副總裁 John Pitzer 先生。

Thank you, Jonathan. By now you should have received a copy of the Q2 earnings release and earnings presentation, both of which are available on our Investor 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 will hear brief comments from both, followed by a Q&A session.

謝謝你，喬納森。到目前為止，您應該已經收到了第二季度收益發布和收益簡報的副本，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.

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。

Our earnings release, most recent annual 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. With that, let me turn things over to Pat.

我們的收益發布、最新的 10-Q 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。那麼，讓我把事情交給帕特。

Thank you, John, and good afternoon, everyone. Q2 profitability was disappointing despite continued progress on product and process roadmaps. With our new operating model firmly in place, we are accelerating actions to improve profitability and capital efficiency by more than $10 billion in 2025, which I will discuss shortly.

謝謝約翰，大家下午好。儘管產品和工藝路線圖持續取得進展，第二季度的獲利能力仍令人失望。隨著新營運模式的落實，我們正在加速採取行動，到 2025 年將獲利能力和資本效率提高超過 100 億美元，我很快就會對此進行討論。

For the quarter, we delivered sequential revenue growth in line with our forecast despite the unexpected timing of new export control restrictions announced in May. Q2 profitability was below our expectations, due in part by our decision to more quickly ramp Core Ultra AI CPUs as well as other selective actions we took to better position ourselves for future quarters, which Dave will address fully in his comments.

儘管 5 月意外地宣布了新的出口管制限制，但本季的營收季增符合我們的預測。第二季的獲利能力低於我們的預期，部分原因是我們決定更快地推出Core Ultra AI CPU，以及我們為未來幾季更好地定位而採取的其他選擇性行動，戴夫將在他的評論中詳細闡述這一點。

We previously signaled that our investments to define and drive the AI PC category would pressure margins in the near-term. We believe the trade-offs are worth it. The AI PC will grow from less than 10% of the market today to greater than 50% in 2026. We know today’s investments will accelerate and extend our leadership and drive significant benefits in the years that come.

我們先前曾表示，我們對定義和推動人工智慧 PC 類別的投資將在短期內對利潤率造成壓力。我們相信這種權衡是值得的。 AI PC 的市佔率將從目前不到 10% 成長到 2026 年的 50% 以上。

Our efforts will culminate with the introduction of Panther Lake in the second half of 2025. Panther Lake is our first client CPU on Intel 18A, a much more performant and cost-competitive process, which will additionally allow us to bring more of our tiles in-house, meaningfully improving our overall profitability.

我們的努力將在2025 年下半年推出Panther Lake 時達到頂峰。我們能夠將更多的切片引入-house，有意義地提高了我們的整體盈利能力。

Another important driver of improved financial performance is the cost-reduction plan we announced today. This plan represents structural improvements enabled by our new operating model, which we are pulling forward to adjust to current business trends.

改善財務表現的另一個重要推動因素是我們今天宣布的成本削減計劃。該計劃代表了我們新的營運模式所帶來的結構性改進，我們正在推動這一模式以適應當前的業務趨勢。

Having separate financial reporting for Intel Products and Intel Foundry clarifies and focuses roles and responsibilities across the company. It also enables us to eliminate complexity and maximize the impact of our resources. Taking a clean sheet view of the business is allowing us to take swift and broad-based actions beginning this quarter. As a result, we expect to drive a meaningful reduction in our spending and headcount beginning in the second half of this year.

英特爾產品和英特爾代工廠的獨立財務報告可以明確並集中整個公司的角色和責任。它還使我們能夠消除複雜性並最大限度地發揮我們資源的影響。對業務進行全面的了解使我們能夠從本季度開始採取迅速且廣泛的行動。因此，我們預計從今年下半年開始，我們將大幅削減支出和員工人數。

We are targeting a headcount reduction of greater than 15% by the end of 2025, with the majority of this action completed by the end of this year. We do not do this lightly, and we have carefully considered the impact this will have on the Intel family. These are hard but necessary decisions. Our actions will reduce OpEx to approximately $20 billion in 2024, and we see a bigger impact next year, with 2025 OpEx targeted at $17.5 billion, more than 20% below prior estimates.

我們的目標是到 2025 年底裁員 15% 以上，其中大部分行動在今年年底完成。我們不會輕易這樣做，我們仔細考慮了這將對英特爾家族產生的影響。這些都是艱難但必要的決定。我們的行動將在 2024 年將營運支出減少至約 200 億美元，明年我們將看到更大的影響，2025 年營運支出目標為 175 億美元，比先前的估計低 20% 以上。

We expect further benefits in 2026, with OpEx to decline in absolute dollars yet again. Even as we lower overall spending, we will continue to fund the investments needed to deliver our strategy.

我們預計 2026 年將帶來更多收益，營運支出以絕對美元計算將再次下降。即使我們降低整體支出，我們仍將繼續為實現我們的策略所需的投資提供資金。

Our new operating model is also driving benefits to our capital requirements, giving us the transparency to more rigorously scrutinize every project and every dollar of capital. As a result, we now expect gross CapEx in 2024 to be between $25 billion and $27 billion. That is a reduction of over 20% from our plan entering the year and additionally reflects expectations for softer second-half demand.

我們的新營運模式也提高了我們的資本要求，使我們能夠更透明地嚴格審查每個項目和每一美元資本。因此，我們現在預計 2024 年的總資本支出將在 250 億美元至 270 億美元之間。這比我們今年的計畫減少了 20% 以上，也反映出對下半年需求疲軟的預期。

Combined with strong execution of our smart capital strategy, including our second SCIP with Apollo, we expect net capital spending in 2024 of between $11 billion and $13 billion. These benefits will carry forward to next year, as well.

結合我們智慧資本策略的強大執行，包括與 Apollo 合作的第二個 SCIP，我們預計 2024 年的淨資本支出將在 110 億至 130 億美元之間。這些好處也將延續到明年。

For 2025, gross capital spending is targeted between $20 billion and $23 billion and net capital spending between $12 billion to $14 billion. Increased capital efficiency has a positive impact to gross margins over time, but we will also accelerate improvements by generating roughly $1 billion of savings in non-variable cost of sales in 2025.

2025年，總資本支出目標介於200億至230億美元之間，淨資本支出目標介於120億至140億美元之間。隨著時間的推移，資本效率的提高會對毛利率產生積極影響，但我們也將透過在 2025 年在非可變銷售成本方面節省約 10 億美元來加速改進。

Once again, these reductions do not impact our ability to execute our plan. We designed our smart capital strategy to enable us to conservatively manage the day-to-day business to trend-line growth, while maintaining the operational flexibility to quickly and cost-effectively capture upside when it comes.

再次強調，這些減少不會影響我們執行計劃的能力。我們設計了智慧資本策略，使我們能夠保守地管理日常業務以實現趨勢線成長，同時保持營運靈活性，以便在機會出現時快速且經濟高效地捕捉優勢。

We are taking the added step of suspending the dividend at the beginning of the fourth quarter, recognizing the importance of prioritizing liquidity to support the investments needed to execute our strategy. We reiterate our long-term commitment to a competitive dividend as cash flows improve to sustainably higher levels.

我們認識到優先考慮流動性以支持執行我們策略所需的投資的重要性，因此將在第四季度初採取暫停派息的額外措施。我們重申，隨著現金流改善至可持續的較高水平，我們對有競爭力的股利的長期承諾。

Reductions across OpEx, CapEx, and cost of sales total well over $10 billion in direct savings in 2025 and provide clear line of sight to a sustainable model with the ongoing financial resources and liquidity needed to support our long-term strategy.

到 2025 年，營運支出、資本支出和銷售成本的減少總額將遠遠超過 100 億美元，並為永續模式提供清晰的視野，並提供支持我們長期策略所需的持續財務資源和流動性。

We remain confident that we have, and will continue to make, the investments needed to drive long-term shareholder value, and we view cost discipline as the compass that drives effective execution, helping teams stay on track to both prioritize and achieve measurable results.

我們仍然相信，我們已經並將繼續進行推動長期股東價值所需的投資，我們將成本紀律視為推動有效執行的指南針，幫助團隊保持正軌，確定優先順序並實現可衡量的結果。

The operational and capital improvements we are driving will be especially important as we manage the business through the near-term. While we expect to deliver sequential revenue growth through the rest of the year, the pace of the recovery will be slower than expected, which is reflected in our Q3 outlook. Specifically, Q3 will be impacted by a modest inventory digestion in CCG, with DCAI and our more cyclical businesses of NEX, Altera and Mobileye trending below our original forecasts.

當我們管理近期業務時，我們正在推動的營運和資本改善將特別重要。雖然我們預計今年剩餘時間收入將實現環比成長，但復甦速度將慢於預期，這在我們的第三季展望中得到了反映。具體來說，第三季將受到 CCG 適度庫存消化的影響，DCAI 以及我們的 NEX、Altera 和 Mobileye 等更具週期性的業務的趨勢低於我們最初的預測。

Our outlook reflects industrywide conditions, without any meaningful change in our market share expectations. As we look into Q4, normal seasonal revenue growth has historically been in a range of flat to up 5% quarter over quarter. With improved client inventory levels exiting Q3, we see Q4 revenue at the high end of that range.

我們的前景反映了整個行業的狀況，我們的市場份額預期沒有任何有意義的變化。當我們展望第四季時，歷史上正常的季節性收入成長一直在環比持平到成長 5% 的範圍內。隨著第三季客戶庫存水準的改善，我們預計第四季度的營收將處於該範圍的高端。

Let me now provide more details by our key business units starting with Intel Foundry. A key part of our strategy is returning to process leadership with our aggressive five-nodes-in-four-years march, and the finish line is officially within sight. We are well into the ramp of Intel 4, Intel 3; and Intel 20A is being readied for production next quarter.

現在讓我從英特爾代工廠開始提供我們主要業務部門的更多詳細資訊。我們策略的關鍵部分是透過四年內五個節點的積極進軍，重返流程領導地位，終點線正式指日可待。我們已經進入了 Intel 4、Intel 3 的升級階段； Intel 20A 已準備好在下個季度投入生產。

On Intel 18A, we released the 1.0 PDK last month and are on track to be manufacturing-ready by the end of this year with production wafer start volumes in the first half of 2025. Panther Lake for client is now running Windows and looking very healthy. This is the first microprocessor to use RibbonFet, PowerVia and advanced packaging, achieving a significant milestone.

在英特爾18A 上，我們上個月發布了1.0 PDK，預計將在今年年底前做好生產準備，晶圓生產將在2025 年上半年開始量產。非常健康。這是第一款使用 RibbonFet、PowerVia 和先進封裝的微處理器，實現了一個重要的里程碑。

Clearwater Forest for server, which also includes Foveros Direct and other key advanced packaging capabilities, is booted and likewise looking very healthy. These are the first of many Intel 18A products on track to bring Intel 18A to the mass market.

Clearwater Forest 伺服器版還包括 Foveros Direct 和其他關鍵的高級打包功能，已啟動且看起來同樣非常健康。這些是將英特爾 18A 推向大眾市場的眾多英特爾 18A 產品中的第一款。

Importantly, the launch of 18A will be our fifth node in four years, completing a historic pace of design and process innovation, and returning Intel to process leadership.Our team is resolute and determined to finish what we started, and once we do, it will unlock further growth and value creation across our foundry and product businesses.

重要的是，18A的推出將是我們四年來的第五個節點，完成了設計和工藝創新的歷史性步伐，並使英特爾重新回到工藝領先地位。我們做到了，它就完成了。

Our investments in a global footprint of leading-edge capacity continues to weigh on near-term profitability, but long term they position us to profitably participate in the largest and fastest growing parts of the semiconductor market. We continue to expect the investments we’re driving through this year to put us on a course for meaningful financial traction, with operating profits for Intel Foundry troughing in 2024 and then driving to break-even.

我們對全球領先產能的投資持續影響短期獲利能力，但從長遠來看，它們使我們能夠有利地參與半導體市場最大、成長最快的部分。我們仍預期今年的投資將使我們走上有意義的財務牽引之路，英特爾代工廠的營業利潤將在 2024 年觸底，然後達到收支平衡。

To help accelerate (technical difficulty) our Foundry Services business. Kevin has led large foundry and fabless businesses outside Intel and is a great addition to our leadership team. He has hit the ground running and is spending considerable time with current and future foundry customers as we ramp our process, packaging, and chipset capabilities for the AI era.

幫助加速（技術難度）我們的代工服務業務。 Kevin 曾領導英特爾以外的大型代工和無晶圓廠業務，是我們領導團隊的重要補充。他已經開始投入工作，並花費大量時間與當前和未來的代工客戶合作，幫助我們提高人工智慧時代的製程、封裝和晶片組能力。

We are also pleased to welcome Naga Chandrasekaran from Micron later this month to lead our Foundry Manufacturing and Supply Chain organization. He brings more than 20 years of leadership and deep technical, R&D, and manufacturing expertise that will help advance our priorities.

我們也很高興在本月稍後歡迎美光科技的 Naga Chandrasekaran 來領導我們的代工製造和供應鏈組織。他擁有 20 多年的領導能力和深厚的技術、研發和製造專業知識，這將有助於推進我們的優先事項。

Overall, our foundry team is driving excellent collaboration with our design ecosystem partners. In Q2, Ansys, Cadence, Siemens, and Synopsys all announced the availability of reference flows for Intel’s embedded multi-die interconnect bridge advanced packaging technology.

總體而言，我們的鑄造團隊正在推動與設計生態系統合作夥伴的良好合作。第二季度，Ansys、Cadence、Siemens 和 Synopsys 都宣布推出適用於英特爾嵌入式多晶片互連橋先進封裝技術的參考流程。

EMIB makes it possible to cost-effectively scale to a larger silicon area by connecting multiple die in a single package, which simplifies the design process and offers design flexibility. These same partners also declared readiness for Intel 18A designs, and we will be collaborating closely with the ecosystem in the second half to prepare for next year’s 18A launches.

EMIB 透過在單一封裝中連接多個晶片，可以經濟高效地擴展到更大的矽面積，從而簡化了設計流程並提供了設計靈活性。這些合作夥伴也宣佈為英特爾 18A 設計做好準備，我們將在下半年與生態系統密切合作，為明年的 18A 發布做好準備。

Beyond Intel 18A, we are well underway on Intel 14A and Intel 10A development. Even as we continue to extend leadership and innovation on our process roadmap, we are transitioning to a more normal cadence of node development. The normalized cadence will have positive implications for both pace and magnitude of on-going R&D and capital spending requirements.

除了英特爾 18A 之外，我們還在順利進行英特爾 14A 和英特爾 10A 開發。即使我們繼續在流程路線圖上擴大領導力和創新，我們也正在過渡到更正常的節點開發節奏。正常化的節奏將對正在進行的研發和資本支出需求的速度和規模產生正面影響。

Let’s now turn to Intel Products. In our largest and most profitable business, CCG, we continue to strengthen our position and execute well against our roadmap. The AI PC category is transforming every aspect of the compute experience, and Intel is at the forefront of this category-creating moment.

現在讓我們轉向英特爾產品。在我們規模最大、利潤最高的業務 CCG 中，我們繼續鞏固我們的地位，並按照我們的路線圖執行良好。 AI PC 類別正在改變運算體驗的各個方面，而英特爾處於這一類別創建時刻的最前沿。

Intel Core Ultra volume more than doubled sequentially in Q2 and is already powering AI capabilities across more than 300 applications and 500 AI models. This is an ongoing testament to the strong ecosystem we have nurtured through 40 years of consistent investments.

英特爾酷睿 Ultra 銷量在第二季度連續增長了一倍多，並已為 300 多個應用程式和 500 個人工智慧模型提供人工智慧功能。這是我們透過 40 年來持續投資培育的強大生態系統的持續證明。

We have now shipped more than 15 million Windows AI PCs since our December launch – multiples more than all of our competitors combined, and we remain on track to ship more than 40 million AI PCs by year-end and over 100 million accumulative by the end of 2025.

自12 月推出以來，我們目前已售出超過1500 萬台Windows AI PC，是所有競爭對手總和的數倍，並且我們仍有望在年底前交付超過4000 萬台AI PC，到年底累計出貨量將超過1 億台。

Lunar Lake, our next generation AI PC, which achieved production release ahead of schedule in July, will be the next industrywide catalyst for device refresh. Lunar Lake delivers superior performance at half the power, with 50% better graphics performance and 40% more power efficiency versus the prior generation.

我們的下一代 AI PC Lunar Lake 已於 7 月提前量產，將成為下一個全行業設備更新的催化劑。與上一代相比，Lunar Lake 以一半的功耗提供卓越的效能，圖形效能提高 50%，能源效率提高 40%。

Lunar Lake delivers 3x more TOPs gen-on-gen with our enhanced NPU and will be the ultimate AI CPU on the shelf for the holiday cycle. Microsoft has qualified Lunar Lake to power more than 80 new Copilot plus PCs across more than 20 OEMs, which will begin to ship this quarter.

Lunar Lake 以我們增強的 NPU 提供了 3 倍以上的 TOP，並將成為假日週期貨架上的終極 AI CPU。 Microsoft 已通過 Lunar Lake 認證，為 20 多家 OEM 的 80 多款新型 Copilot plus PC 提供支持，這些 PC 將於本季度開始發貨。

Lunar Lake will quickly be joined by Arrow Lake, which will scale AI to the desktop category next quarter. And as mentioned earlier, we are already gearing up to launch Panther Lake next year to further extend our leadership position. So very good progress in CCG and a super strong roadmap over the next 18 months.

Arrow Lake 很快就會加入 Lunar Lake 的行列，後者將於下個季度將 AI 擴展到桌面類別。如同前面所提到的，我們已經準備好在明年推出 Panther Lake，以進一步擴大我們的領導地位。 CCG 取得了非常好的進展，並且在未來 18 個月內製定了非常強大的路線圖。

Let me now turn to DCAI. This is one of the most important areas of focus as we work to improve our performance and market position. We have a strong foundation on which to build, including the more than 130 million Xeons powering data centers around the world today. And our roadmap is designed to build upon this vast install base to deliver greater performance and efficiency; enable AI solutions that are open, flexible and scalable; and reduce total cost of ownership for customers.

現在讓我來談談 DCAI。這是我們努力提高業績和市場地位時最重要的關注領域之一。我們擁有堅實的基礎，包括當今為全球資料中心提供支援的超過 1.3 億個至強處理器。我們的路線圖旨在建立在這個龐大的安裝基礎上，以提供更高的性能和效率；實現開放、靈活和可擴展的人工智慧解決方案；並降低客戶的總擁有成本。

We took some important steps forward this quarter, starting with the launch of Xeon 6 with E-core processors, formerly code-named Sierra Forest. This is our first Intel 3 product, and it is particularly well suited for high-density, scale-out workloads. It drives performance up, power down, and dramatic rack consolidation.

本季我們採取了一些重要步驟，首先推出了採用 E 核心處理器的 Xeon 6（以前代號為 Sierra Forest）。這是我們的首款 Intel 3 產品，特別適合高密度、橫向擴展工作負載。它可以提高效能、降低功耗並實現顯著的機架整合。

The early adopters are already seeing 25% better performance per watt versus competitive solutions. This will be followed by Xeon 6 with P-core, code-named Granite Rapids, which delivers greater performance for the most demanding workloads and will begin shipping this quarter.

早期採用者已經發現，與競爭解決方案相比，每瓦效能提高了 25%。隨後將推出代號為 Granite Rapids 的 P 核 Xeon 6，它可以為最苛刻的工作負載提供更高的性能，並將於本季度開始發貨。

Looking to the future, we are excited about the launch of Clearwater Forest, our first Intel 18A server product featuring our industry-leading hybrid bonding. Clearwater Forest has achieved power-on and is on-track to launch in 2025.

展望未來，我們對 Clearwater Forest 的推出感到非常興奮，這是我們的首款 Intel 18A 伺服器產品，具有業界領先的混合綁定功能。 Clearwater Forest 已啟動並預計於 2025 年推出。

As we re-establish Xeon’s competitive position, we are strongly positioned as the head node of choice in AI servers. We are also focused on improving our accelerator roadmap. We’re delivering a combination of performance, flexibility and value that is very compelling to customers, particularly cloud and enterprises seeking scalable, cost-effective GenAI solutions. Our focus on open models, open developer frameworks and reference designs combining Xeon with accelerators through OPEA or Open Platform for Enterprise AI, are gaining considerable market traction.

隨著我們重新確立至強的競爭地位，我們已成為人工智慧伺服器首選的頭節點。我們也致力於改進我們的加速器路線圖。我們提供的效能、靈活性和價值相結合，對客戶（尤其是尋求可擴展、經濟高效的 GenAI 解決方案的雲端和企業）來說非常有吸引力。我們專注於開放模型、開放開發框架以及透過 OPEA 或企業人工智慧開放平台將至強與加速器相結合的參考設計，正在獲得相當大的市場吸引力。

Launching in Q3, Gaudi 3 will take our accelerator performance to the next level, at just two-thirds the cost of competitive offerings. To put it into perspective, we expect Gaudi 3 to deliver roughly 2x performance per dollar on both inference and training versus H100. Gaudi 3 has strong ecosystem support including Dell Technologies, Hewlett Packard Enterprise, Lenovo, Supermicro, Foxconn, Gigabyte, Inventec, Quanta Cloud Technolog,y and Wistron.

Gaudi 3 將於第三季推出，將把我們的加速器效能提升到一個新的水平，而成本僅為競爭產品的三分之二。從長遠來看，我們預計 Gaudi 3 在推理和訓練方面的表現是 H100 的大約 2 倍。 Gaudi 3擁有強大的生態系統支持，包括戴爾科技、惠普企業、聯想、超微、富士康、技嘉、英業達、廣達雲科技和緯創資通。

Turning to NEX, we continued to see stability in Q2 while introducing new products that will expand our leadership in edge and networking into the future. As a founding member of the Ultra Ethernet Consortium, we announced an array of AI-optimized scale-out Ethernet solutions, including the Intel AI Network Interface Card and foundry chiplets, which will launch next year.

談到 NEX，我們在第二季度繼續保持穩定，同時推出新產品，這將擴大我們在未來邊緣和網路領域的領導地位。身為超乙太網路聯盟的創始成員，我們宣布推出一系列人工智慧優化的橫向擴展乙太網路解決方案，包括明年推出的英特爾人工智慧網路介面卡和代工小晶片。

Our recent IPU adapter for the enterprise supported by Dell Technologies and Red Hat, broadens access to the solution co-developed with Google Cloud. We expect the IPU to be accretive to growth and profitability as it becomes an increasingly important part of acceleration in the AI data center.

我們最近為 Dell Technologies 和 Red Hat 支援的企業提供了 IPU 適配器，擴大了對與 Google Cloud 共同開發的解決方案的存取。我們預計 IPU 將促進成長和獲利，因為它成為人工智慧資料中心加速過程中越來越重要的一部分。

We also announced the creation of the Ultra Accelerator Link, a new industry standard dedicated to advancing high-speed, low-latency communication for scale-up AI systems communication in data centers. Combined with a growing number of use cases of AI on the edge, NEX is well positioned to be an accretive growth driver in 2025 and beyond.

我們也宣布創建 Ultra Accelerator Link，這是一項新的行業標準，致力於推進高速、低延遲通信，以擴大資料中心中的人工智慧系統通訊。結合越來越多的邊緣人工智慧用例，NEX 完全有能力成為 2025 年及以後的成長驅動力。

Lastly, as Altera reaches full operational separation by year end, we are actively working toward capitalizing the business to generate proceeds for Intel on a path to an IPO in the coming years. We are excited to provide Altera with the mandate, focus, and resources to realize their growth opportunities and execute their strategy. We expect their increased autonomy will help to drive value for our shareholders, similar to the decisions we made with Mobileye two years ago and IMS last year.

最後，隨著 Altera 到年底實現全面營運分離，我們正在積極努力將該業務資本化，為英特爾在未來幾年的 IPO 之路上創造收益。我們很高興為 Altera 提供授權、重點和資源，以實現他們的成長機會並執行他們的策略。我們預計他們增加的自主權將有助於為我們的股東帶來價值，類似於我們兩年前對 Mobileye 和去年對 IMS 做出的決定。

Before I turn to Dave, let me sum up by saying, it has been a hard-fought first half of the year. We have achieved several important milestones, and we are taking clear and decisive actions to improve our sustainable financial performance. We have entered Q3 with a very clear focus and renewed intensity to up our game, and are motivated by the progress we are seeing, as we execute our strategy and realize our vision. That is the mindset driving us forward as we continue to build a stronger Intel. With that, I'll pass it over to Dave.

在我向戴夫求助之前，請容許我總結一下，今年上半年是辛苦的。我們已經實現了幾個重要的里程碑，並且正在採取明確而果斷的行動來改善我們的永續財務表現。我們以非常明確的重點和新的強度進入第三季度，以提高我們的遊戲水平，並為我們在執行策略和實現願景時所看到的進展所激勵。在我們繼續打造更強大的英特爾的過程中，這就是推動我們前進的心態。這樣，我會把它交給戴夫。

Thank you, Pat, and good afternoon, everyone. Second-quarter revenue was $12.8 billion, down 1 point year over year and up 1% sequentially. Revenue was in line with the range we provided in May after receiving notice of an export license restriction which negatively impacted our client business in China.

謝謝帕特，大家下午好。第二季營收為 128 億美元，年減 1 個百分點，季增 1%。收入與我們在五月收到出口許可證限制通知後提供的範圍一致，該限制對我們在中國的客戶業務產生了負面影響。

Intel Products and Intel Foundry both delivered 4% year-over-year growth, offset by headwinds in our more cyclical businesses. Profitability was significantly more challenged versus our previous expectations with Q2 gross margin of 38.7% and EPS of $0.02.

英特爾產品和英特爾代工業務均實現了 4% 的同比增長，但被周期性業務的不利因素所抵消。與我們先前的預期相比，獲利能力面臨更大的挑戰，第二季毛利率為 38.7%，每股收益為 0.02 美元。

Weaker-than-expected gross margin was due to three main drivers: the largest impact was caused by an accelerated ramp of our AI PC product. In addition to exceeding expectations on Q2 Core Ultra shipments, we made the decision to accelerate transition of Intel 4 and Intel 3 wafers from our development fab in Oregon to our high-volume facility in Ireland, where wafer costs are higher in the nearterm. However, this change resulted in approximately $1 billion of capital savings and will improve Intel 4 and Intel 3 gross margin long term as we scale up the Ireland fab.

毛利率低於預期主要由三個因素造成：其中最大的影響是我們的AI PC產品的加速成長。除了超出第二季度 Core Ultra 出貨量的預期外，我們還決定加速將 Intel 4 和 Intel 3 晶圓從俄勒岡州的開發工廠轉移到愛爾蘭的大批量工廠，因為愛爾蘭的晶圓成本近期較高。然而，這項變更節省了約 10 億美元的資本，隨著我們擴大愛爾蘭工廠規模，長期來看將提高英特爾 4 和英特爾 3 的毛利率。

Margins were also impacted by higher-than-typical period charges related to non-core businesses and charges associated with unused capacity. Finally, we saw an unfavorable product mix and more competitive pricing than expected.

利潤率也受到與非核心業務相關的高於典型期間費用以及與未使用產能相關的費用的影響。最後，我們看到了不利的產品組合和比預期更具競爭力的價格。

Q2 operating cash flow was $2.3 billion, up approximately $3.5 billion sequentially on better working capital. Gross CapEx of $5.7 billion was more than offset by $11.5 billion in grants and partner contributions, highlighted by Apollo’s SCIP investment in our Ireland factory operations, resulting in adjusted free cash flow of $8.2 billion.

第二季營運現金流為 23 億美元，由於營運資本改善，較上一季增加約 35 億美元。 57 億美元的資本支出總額被 115 億美元的贈款和合作夥伴捐款所抵消，其中 Apollo 的 SCIP 對我們愛爾蘭工廠業務的投資凸顯了這一點，調整後的自由現金流達到 82 億美元。

Intel Products revenue was $11.8 billion, up 4% year over year. The client business grew 9% year over year as the AI PC ramp contributed to higher volume and ASPs, partially offset by export license restrictions communicated during the quarter.

英特爾產品營收為 118 億美元，較去年同期成長 4%。客戶業務年增 9%，因為 AI PC 的成長推動了銷量和平均售價的提高，但部分被本季傳達的出口授權限制所抵消。

DCAI revenue was roughly flat sequentially and down 3 points year over year. We expect sequential growth in the data center through the second half as demand for traditional servers improves modestly. Revenue for the NEX business was approximately flat both sequentially and year over year, though excluding the previously discussed inventory digestion impacting the telco market, NEX delivered 10% year-over-year growth in the first half.

DCAI 營收與上一季大致持平，年減 3 個百分點。我們預計，隨著對傳統伺服器的需求適度改善，下半年資料中心將較上季成長。 NEX 業務的收入環比和同比基本持平，儘管不包括之前討論的影響電信市場的庫存消化，NEX 上半年實現了 10% 的同比增長。

Q2 operating profit for Intel Products was $2.9 billion, 25% of revenue, and up approximately $400 million year over year on higher revenue and reduced inventory reserves. Intel Foundry delivered revenue of $4.3 billion, down 1 point sequentially and up 4% year over year, driven by increased wafer volume on Intel 7 and our first EUV nodes, Intel 4 and 3.

英特爾產品第二季營業利潤為 29 億美元，佔營收的 25%，由於營收增加和庫存儲備減少，年增約 4 億美元。英特爾代工廠營收 43 億美元，季減 1 個百分點，年增 4%，這得益於英特爾 7 以及我們的首款 EUV 節點英特爾 4 和 3 晶圓產量的增加。

Foundry Services revenue more than doubled sequentially off a small base, including the start of advanced packaging revenue. Foundry operating loss of $2.8 billion was worse sequentially. We expect operating losses to continue at approximately the same rate in Q3, with more than 85% of wafer volume still coming from pre-EUV nodes with an uncompetitive cost structure and power, performance and area deficits reflected in market-based pricing. The continued ramp of our Intel 4 and 3 Ireland facility and elevated R&D and startup cost to support the rapid progression of our leading-edge technology development will also weigh on profitability.

代工服務收入在較小基數的基礎上環比增長了一倍以上，其中包括先進封裝收入的開始。代工廠營業虧損達 28 億美元，季後更為嚴重。我們預計第三季的營運虧損將繼續以大致相同的速度成長，超過85% 的晶圓產量仍來自EUV 之前的節點，其成本結構缺乏競爭力，並且基於市場的定價反映了功率、性能和麵積的不足。我們的英特爾 4 和 3 愛爾蘭工廠的持續擴建以及為支持我們領先技術開發的快速發展而增加的研發和啟動成本也將影響獲利能力。

Mobileye revenue of $440 million improved 84% sequentially due to non-recurrence of the significant inventory drawdown that occurred in Q1. The rapid revenue and margin recovery indicates digestion occurred in an organized, predictable fashion, and we believe it is now complete. However, difficult conditions in China, which are impacting many western automotive suppliers, led Mobileye to lower their revenue and income guidance for the second half.

由於第一季發生的庫存大幅下降不再發生，Mobileye 營收達到 4.4 億美元，季增 84%。收入和利潤率的快速恢復表明消化是以有組織的、可預測的方式進行的，我們相信它現在已經完成。然而，中國的困難情況對許多西方汽車供應商造成了影響，導致 Mobileye 下調了下半年的收入和收入指引。

Altera delivered revenue of $361 million, up 6% sequentially, with operating margins improving 4 points in the quarter. Revenue remains below consumption as inventory positions tied to previous supply constraints are worked down. We expect double-digit sequential revenue growth through the second half as customers return to more normal buying patterns.

Altera 營收達 3.61 億美元，季增 6%，本季營業利潤率提高 4 個百分點。由於與先前供應限制相關的庫存狀況減少，收入仍低於消費。隨著客戶恢復到更正常的購買模式，我們預計下半年營收將達到兩位數的環比成長。

Now turning to our Q3 guidance, weaker spending across consumer and enterprise markets, especially in China, and continued focus on AI server investments in the cloud, have reduced our TAM expectations for 2024. As a result, customer inventory levels are elevated.

現在轉向我們的第三季指引，消費者和企業市場（尤其是中國）的支出疲軟，以及對雲端中人工智慧伺服器投資的持續關注，降低了我們對2024 年TAM 的預期。上升。

We expect customers to reduce inventory over the second half of the year, along with the continued modest negative impact from export controls. These market dynamics should result in below seasonal revenue growth in Q3, with the client business flat-to-down and modest growth in data center and edge markets. With an expectation of healthier inventory positions exiting the quarter, and the continuation of an enterprise refresh cycle, we should see revenue growth at the high end of seasonal in the fourth quarter.

我們預計客戶將在下半年減少庫存，同時出口管制將繼續帶來溫和的負面影響。這些市場動態應該會導致第三季營收成長低於季節性，客戶業務持平，資料中心和邊緣市場溫和成長。預計本季庫存狀況將更加健康，企業更新周期將繼續，我們應該會看到第四季度季度末的收入成長。

We expect gross margins to be moderately weaker sequentially, with modest revenue growth and efficiencies offset by a continued ramp of new manufacturing nodes. While we will continue our work to improve near-term profitability, a heavier dependence on external wafers as we ramp AI PC products over the next several quarters will pressure gross margins.

我們預計毛利率將比上一季略有下降，新製造節點的持續增加將抵消收入和效率的溫和成長。雖然我們將繼續努力提高短期獲利能力，但隨著我們在未來幾季增加人工智慧 PC 產品，對外部晶圓的依賴將更加嚴重，這將對毛利率造成壓力。

As a result of these factors, we expect revenue of $12.5 billion to $13.5 billion in the third quarter. At the midpoint of $13 billion, we expect gross margin of approximately 38%, with a tax rate of 13% and EPS of negative $0.03, all on a non-GAAP basis.

由於這些因素，我們預計第三季的營收為 125 億美元至 135 億美元。在 130 億美元的中位數上，我們預計毛利率約為 38%，稅率為 13%，每股收益為負 0.03 美元，所有這些均基於非 GAAP 基礎。

As Pat discussed earlier, lower-than-anticipated revenue in the back half of the year is putting pressure on gross margins and earnings. We are taking aggressive actions to significantly reduce spending in response. These actions, while difficult, will help streamline the organization to improve productivity and make better decisions more quickly.

正如帕特之前討論的那樣，下半年收入低於預期給毛利率和盈利帶來壓力。我們正在採取積極行動，大幅減少支出。這些行動雖然困難，但將有助於簡化組織，提高生產力並更快地做出更好的決策。

Please note that we are likely to have charges associated with these actions, some of which may be included in our non-GAAP results. Since we have not yet estimated these charges, they are not included in our guidance.

請注意，我們可能會收取與這些操作相關的費用，其中一些費用可能包含在我們的非 GAAP 業績中。由於我們尚未估計這些費用，因此它們未包含在我們的指導中。

Smart Capital continues to guide the pace and breadth of our global capacity expansion, and our new operating model has uncovered opportunities to build and utilize manufacturing capacity more efficiently. Additionally, we have responded to lower revenue by reducing 2024 gross capital investments to a range of $25 billion to $27 billion, with net capital spending of $11 billion to $13 billion, including our SCIP programs.

智慧資本持續引導我們全球產能擴張的步伐和廣度，我們的新營運模式發現了更有效地建立和利用製造產能的機會。此外，為了因應收入下降，我們將 2024 年總資本投資減少至 250 億至 270 億美元，淨資本支出為 110 億至 130 億美元，其中包括我們的 SCIP 項目。

These adjustments ordinarily would bring us back to approximately break-even adjusted free cash flow, but we now expect adjusted free cash flow to be modestly negative as we make payments related to the restructuring charges necessary to achieve our spending targets.

這些調整通常會使我們恢復到大約盈虧平衡的調整後自由現金流，但我們現在預計調整後自由現金流將適度為負，因為我們支付與實現支出目標所需的重組費用相關的費用。

In 2025, with OpEx of approximately $17.5 billion and net CapEx of $12 billion to $14 billion, we expect to achieve positive adjusted free cash flow. The suspension of the dividend, initial Altera capitalization and positive adjusted free cash flow should significantly improve our liquidity in 2025 and position us to begin the process of meaningfully decreasing our leverage.

到 2025 年，營運支出約為 175 億美元，淨資本支出為 120 億至 140 億美元，我們預計將實現正調整自由現金流。暫停股息、Altera 初始資本和正調整自由現金流應該會在 2025 年顯著改善我們的流動性，並使我們能夠開始有意義地降低槓桿率的過程。

Before I close, let me take a moment to highlight a couple items as you model 2025. As previously mentioned, we expect operating expenses to be reduced from street expectations of $21 billion to approximately $17.5 billion. We will also reduce spending within non-variable cost of sales by approximately $1 billion.

在結束之前，讓我花點時間重點介紹一下 2025 年模型中的幾個項目。我們也將減少約 10 億美元的固定銷售成本支出。

While that will obviously have a positive impact on gross margins, we still only expect a roughly 60% fall-through for gross margin next year. The AI PC is a big winner for the company and the early signals on the performance of Lunar Lake are very positive. We therefore intend to ramp that product significantly next year to meet market demand.

雖然這顯然會對毛利率產生積極影響，但我們仍然預計明年毛利率將下降約 60%。 AI PC 是該公司的大贏家，Lunar Lake 表現的早期訊號非常積極。因此，我們打算明年大幅增加該產品以滿足市場需求。

While the part is great, it was originally a narrowly targeted product, using largely external wafers and not optimized for cost. As a result, our gross margins will likely be up only modestly next year. The good news is the follow-on product, Panther Lake, is internally sourced on 18A and has a muchimproved cost structure.

雖然該部件很棒，但它最初是一個目標狹窄的產品，主要使用外部晶圓，並且沒有針對成本進行最佳化。因此，明年我們的毛利率可能只會小幅成長。好消息是後續產品 Panther Lake 是在 18A 上內部採購的，成本結構得到了很大改善。

As the momentum of AI PCs drives Panther Lake demand, together with the improvements from our new operating model and the cost savings from lower capital spending, we will be in a great position to see meaningful gross margin expansion in subsequent years.

隨著人工智慧 PC 的發展勢頭推動 Panther Lake 需求，加上我們新營運模式的改進以及較低資本支出帶來的成本節約，我們將有能力在未來幾年看到毛利率的大幅增長。

Lastly, the noncontrolled income from Mobileye, Altera and IMS, and the portion of the SCIPs earned by our partners, show up on a line below net income called noncontrolling interest. The NCI adjustment has been negligible so far, but we expect it to be a more meaningful driver, reducing our controlled share of income by approximately $700 million on a GAAP basis in 2025, and increasing as wafer production at our SCIP fabs in Arizona and Ireland increases in subsequent years.

最後，來自 Mobileye、Altera 和 IMS 的非控制收入，以及我們的合作夥伴賺取的 SCIP 部分，顯示在稱為非控制利息的淨收入下方。到目前為止，NCI 的調整可以忽略不計，但我們預計它將成為一個更有意義的驅動因素，以GAAP 計算，到2025 年，我們的受控收入份額將減少約7 億美元，並且隨著我們位於亞利桑那州和愛爾蘭的SCIP 晶圓廠的晶圓產量增加隨後幾年增加。

In closing, the market has not recovered as expected and we are obviously not satisfied with our results. We are responding by aggressively adjusting 2025 spending to achieve profitability and positive adjusted free cash flow that is commensurate with the current market conditions, while continuing to invest in and execute our strategy.

總而言之，市場並沒有像預期那樣恢復，我們顯然對我們的結果不滿意。我們的因應措施是積極調整 2025 年支出，以實現獲利能力和與當前市場狀況相稱的正調整自由現金流，同時繼續投資和執行我們的策略。

In addition to these near-term actions, we are also seeing meaningful opportunities to improve financial results leveraging our new operating model. We remain optimistic that reduced spending, operating efficiencies and more competitive products will keep us on track to our target model of 60% gross margin and 40% operating margin by the end of the decade. I'll now turn it back over to John to start the Q&A.

除了這些近期行動之外，我們還看到了利用新營運模式改善財務表現的有意義的機會。我們仍然樂觀地認為，支出的減少、營運效率的提高和更具競爭力的產品將使我們能夠在本世紀末實現 60% 毛利率和 40% 營業利潤率的目標模型。我現在將其轉回給約翰以開始問答。

Thank you, Dave, we will now transition to the Q&A portion of our call. (Conference Instructions) With that, Jonathan, can we please take the first caller?

謝謝戴夫，我們現在將過渡到電話的問答部分。 （會議說明）那麼，喬納森，我們可以接聽第一個來電者嗎？

Vivek Arya, Bank of America Securities.

Vivek Arya，美國銀行證券公司。

Thanks for taking my question. Pat, big picture, are the challenges, the product issue, market issue, strategic issue, execution issue, I'm just wondering has the core issues been accurately diagnosed, because when we look at your CPU competitor, they appear to be doing much better in this same environment. So I'm curious what is plan B if just cost cuts don't do the job?

感謝您提出我的問題。帕特，大局，是挑戰，產品問題，市場問題，戰略問題，執行問題，我只是想知道核心問題是否已被準確診斷，因為當我們看看你的CPU競爭對手時，他們似乎做了很多事情在同樣的環境下效果更好。所以我很好奇如果僅僅削減成本不起作用，B 計劃是什麼？

Yeah. Thank you, Vivek. I'll start out, would say that this first phase of the recovery, restoration, and rebuilding plan is now well underway. With 18A, PDK 1.0, with Panther Lake, Clearwater Forest powered-on, our geo footprint now starting to take shape. We have more competitive products in every segment of the industry. That said, with that foundation in place, it's time for us to focus on Phase 2, building a more financially sustainable model for the company for the future.

是的。謝謝你，維韋克。首先，我想說的是，恢復、恢復和重建計畫的第一階段目前正在順利進行中。隨著 18A、PDK 1.0 以及 Panther Lake、Clearwater Forest 的啟動，我們的地理足跡現已開始形成。我們在產業的各個細分領域都有更具競爭力的產品。也就是說，有了這個基礎，我們就可以專注於第二階段，為公司未來建立一個財務上更永續的模式。

Many of the new products are yet to ramp into the marketplace and we're just now getting to competitiveness. But we need to build a more sustainable business model for us that allows us to have the financial wherewithal for the long-term journey.

許多新產品尚未進入市場，我們現在才剛獲得競爭力。但我們需要為我們建立一個更永續的商業模式，使我們能夠擁有長期旅程所需的財務資金。

I'd say this rebuilding that we're underway, this is the most significant rebuilding of Intel since the transition from memory to microprocessors four decades ago. We firmly believe in the IDM 2.0 strategy. We're building two world-class companies.

我想說，我們正在進行的重建是自四十年前從記憶體過渡到微處理器以來英特爾最重要的重建。我們堅信IDM 2.0戰略。我們正在建造兩家世界級的公司。

The forensics that we've done this year, this clean sheet exercise as we could describe it, is building a world-class Intel Foundry and building a world-class Intel Products Group. These efforts we believe have identified many opportunities for us to have financial savings.

我們今年所做的取證工作，正如我們所描述的那樣，是一項乾淨的工作，正在建造世界一流的英特爾代工廠並建造世界一流的英特爾產品集團。我們相信這些努力為我們找到了許多節省資金的機會。

We've launched those aggressive steps today. And we believe that with the new products, a better financial position that we've done for a more efficient operation that we see the long-term opportunity for significant value creation for all of our stakeholders.

我們今天已經採取了這些積極的措施。我們相信，透過新產品、更好的財務狀況、更有效率的運營，我們看到了為所有利害關係人創造重大價值的長期機會。

Vivek, do you have a follow-up?

維維克，你有後續行動嗎？

Yeah. Thank you, John. For my follow-up, I'm curious, what impact do the restrictions -- sorry, the restructuring actions have on either your R&D roadmap, your long-term external foundry opportunity, and any CHIPS Act funding?

是的。謝謝你，約翰。對於我的後續行動，我很好奇，這些限制會產生什麼影響——抱歉，重組行動對你們的研發路線圖、你們的長期外部代工機會以及任何《CHIPS 法案》資金有何影響？

I think in the past you had suggested about $15 billion in long-term value from external foundry, is there any impact on those growth targets because of the restructuring action? Just what changes with these restructuring actions? Thank you.

我想您過去曾建議從外部代工廠獲得約 150 億美元的長期價值，重組行動對這些成長目標是否有任何影響？這些重組行動到底發生了什麼變化？謝謝。

Yeah, thank you, Vivek. And fundamentally, we believe our strategy will be maintained even as we get these more efficient steps in place. The CHIPS grants -- taking your questions one-by-one. On the CHIPS side, these are milestone-based investments. We still believe that we're comfortably able to execute against those milestones across the projects that we've announced. So we believe very comfortably that the CHIPS model that we've put in place, we've worked closely with the CHIPS program office in the US government, we're very comfortable on those plans.

是的，謝謝你，維維克。從根本上說，我們相信，即使我們採取了這些更有效的步驟，我們的策略也將得到維持。 CHIPS 資助－一一解答您的問題。在 CHIPS 方面，這些都是具有里程碑意義的投資。我們仍然相信，我們能夠輕鬆地執行我們已宣布的專案中的這些里程碑。因此，我們非常放心地相信我們已經實施的 CHIPS 模式，我們與美國政府的 CHIPS 計畫辦公室密切合作，我們對這些計畫非常滿意。

Also, the foundry, we are seeing a lot of momentum in areas like the advanced packaging areas where we're actually seeing quite a lot of uptake and expansion of those opportunities. So the $15 billion of LDV that we've talked about and the $15 billion revenue by the end of the decade, we're very confident that those are still very solid guidelines for us to be building to.

此外，在代工廠方面，我們在先進封裝領域等領域看到了很大的發展勢頭，我們實際上看到了這些機會的大量採用和擴展。因此，我們談到的 150 億美元的 LDV 以及到本世紀末的 150 億美元的收入，我們非常有信心，這些仍然是我們要努力實現的非常可靠的指導方針。

Obviously, with the capital changes that we've made, we're going to be driving just like a world-class foundry does to be much more efficient with our capital investments and scrutinizing them more carefully. And now that we've paid the capital to catch up, and this catch-up capital, we had no spare capacity, we had no site ahead, shell ahead. We had no capacity to catch up. As those investments are now largely completed, we're able to focus much more on capital efficiency for the future and aligning our capital spend to the market signals as we see to the future of our products as well as the foundry commitments that we have in place.

顯然，隨著我們所做的資本變革，我們將像世界一流的鑄造廠一樣，提高資本投資的效率，並更仔細地審查它們。現在我們已經支付了追趕資金，而這筆追趕資金，我們沒有閒置產能，我們前面沒有場地，前面沒有殼。我們沒有能力追趕。由於這些投資現在已基本完成，我們能夠更加關注未來的資本效率，並根據市場信號調整我們的資本支出，因為我們看到了我們產品的未來以及我們在代工方面的承諾。

Finally, I'll just say, again, we're building this against the market outlook. We're going to flex our investments up and down appropriately. We've now established a model with our smart capital to have that effectiveness that we can scale up and down to market conditions. So we feel like all of the things that we said for our strategy on track and we're now moving into Phase 2 of the execution of that strategy.

最後，我要再說一遍，我們是根據市場前景來建構這個專案的。我們將適當地上下調整我們的投資。我們現在已經利用我們的智慧資本建立了一個模型，該模型具有我們可以根據市場條件擴大或縮小規模的有效性。因此，我們覺得我們為戰略所說的所有事情都步入正軌，我們現在正進入該戰略執行的第二階段。

Thanks, Vivek. Jonathan, can we have the next caller, please?

謝謝，維韋克。喬納森，可以請下一個來電者嗎？

Ross Seymore, Deutsche Bank.

羅斯·西莫爾，德意志銀行。

Hi, guys. Thanks for me asking the question. Want to follow-up on the first two, and Pat, maybe just ask it a different way. Part of what you're saying, it sounds like you're adjusting your spending across the Board to reflect the macro reality, slower growth, et cetera. But it seems like that would be difficult to do if it didn't impact any of the structural dynamics as well.

嗨，大家好。謝謝你問我這個問題。想跟進前兩個問題，帕特，也許只是用不同的方式問。從你所說的部分來看，聽起來你正在全面調整支出，以反映宏觀現實、成長放緩等情況。但如果它不影響任何結構動態，這似乎很難做到。

So I guess the real question is, are there any changes either to your competitiveness, the structure of the company, the long-term, $100 billion target that you just saw weren't happening and therefore felt these cuts were necessary. So do any of the structural changes -- or can you describe any of the structural changes and what the outcome to your financial targets might be?

所以我想真正的問題是，你的競爭力、公司結構、你剛剛看到的 1000 億美元的長期目標沒有發生，因此認為這些削減是必要的，是否會發生任何變化。那麼是否會發生任何結構性變化？ 或者您能否描述任何結構性變化以及您的財務目標可能會產生什麼結果？

Yeah, let me point you back to what I said at the start. We started this forensics, this clean sheet analysis concurrent with the rolling out of our new operational model. We said we have to be a world-class foundry. We are going to benchmark ourselves against world-class foundries, and that's what Intel Foundry is going to become.

是的，讓我帶你回到我一開始所說的。我們開始了這種取證、這種乾淨的分析，同時推出了我們的新營運模式。我們說我們必須成為世界一流的鑄造廠。我們將以世界一流的代工廠為基準，這就是英特爾代工廠將要成為的樣子。

And that's uncovered a lot of things, a lot of inefficiencies, a lot of ways that we can drive our capital footprint more effectively. And every aspect of that business is being analyzed, how we do maintenance, how we procure chemicals, how we run and price wafers and shuttle lots and everything like that. So clean sheet analysis.

這揭示了很多事情，很多效率低下的地方，以及許多我們可以更有效地推動資本足跡的方法。業務的各個方面都在被分析，我們如何進行維護，我們如何採購化學品，我們如何運行和定價晶圓和班車批次等​​等。所以乾淨的床單分析。

Similarly, on the product side, we've done exactly that same analysis, what does a world-class fabulous company look like. And we uncover quite a lot of areas where we don't leverage industry IPs. We're not using our EDA vendors as effectively.

同樣，在產品方面，我們也做了完全相同的分析，世界級的優秀公司是什麼樣的。我們發現了很多我們沒有利用行業知識產權的領域。我們沒有有效地利用我們的 EDA 供應商。

We've done too many steppings. We validate versus build-in design quality. So many of these things are steps that we're taking to be a world-class Fabless company, and these are significant structural steps.

我們已經邁出了太多的一步。我們驗證與內建設計品質。其中許多事情都是我們為成為世界一流的無晶圓廠公司所採取的步驟，而這些都是重要的結構步驟。

We also realized that as an IDM 1.0, we were never built for efficiency. We were built for leadership. And now as we add this focus on efficiency, we see a lot of opportunities.

我們也意識到，作為 IDM 1.0，我們從來不是為了效率而建構的。我們是為領導力而生的。現在，當我們更加關注效率時，我們看到了很多機會。

I'm having each of the four business areas, client, networking, and data center, look at their own portfolios, even though those are the right product areas for us for the future, and similarly, the portfolio of our Intel Foundry business. And that's the work that we've now been undertaking and we're now accelerating based on the less than expected quarterly results, we're accelerating those impacts. We're going to drive that in the second half of this year. We want to get these restructurings done quickly so that we can move forward more aggressively with the product lines next year.

我讓四個業務領域（客戶端、網路和資料中心）分別審視自己的產品組合，儘管這些是我們未來的正確產品領域，同樣，我們的英特爾代工業務的產品組合也是如此。這就是我們現在一直在進行的工作，並且基於低於預期的季度業績，我們正在加速，我們正在加速這些影響。我們將在今年下半年推動這項目標。我們希望盡快完成這些重組，以便明年我們能夠更積極地推進產品線。

In terms of the long-term forecast, we're clearly tempering our view of how fast we can grow in the near-term based on the market conditions. But our model is built that we will scale up or scale down the capital requirements appropriate to the market conditions we see.

就長期預測而言，我們顯然正在根據市場狀況調整我們對短期成長速度的看法。但我們的模型是建立的，我們將根據我們所看到的市場條件擴大或縮小資本要求。

We believe the long-term guidance that we've given you, the 60-40, getting to the Foundry business model we've described, the growth areas that we've said, those are larger portions of our business. We believe those are long-term still achievable in that regard and we're on track for many of those things in the models that we're laying out and today's actions will help accelerate us achieving those.

我們相信，我們為您（60-40）提供的長期指導，涉及我們所描述的代工業務模式，我們所說的成長領域，這些是我們業務的較大部分。我們相信，從長遠來看，這些目標仍然是可以實現的，而且我們正在製定模型中的許多目標，而今天的行動將有助於加速我們實現這些目標。

Ross, do you have a quick follow-up?

羅斯，你有快速跟進嗎？

Yeah, I do. Dave, you went through with the good details of the cost structure and what would change the puts and takes for next year. I wondered -- I know you're not going to guide to 2025 revenue. But the puts and takes from maybe a competitive positioning point-of-view, how you're feeling in CCG, DCAI, primarily relative to the competition, any sort of tailwind, headwind analysis or description for 2025 would be helpful.

是的。戴夫，您詳細介紹了成本結構以及明年的看跌期權和跌跌期權會發生什麼變化。我想知道——我知道你不會指導 2025 年的收入。但是，從競爭定位的角度來看，你對 CCG、DCAI 的感受如何，主要是相對於競爭對手而言，2025 年的任何順風、逆風分析或描述都會有所幫助。

Yeah, sure. On the client side, obviously, we feel very good given our AI PC position, we're leading that new product category. And I think we talked a little bit in the prepared remarks about Lunar Lake, our next product coming in after Meteor Lake and the performance of that. So that looks like a phenomenally good product and position.

好，當然。在客戶端方面，顯然，鑑於我們在人工智慧 PC 領域的地位，我們感覺非常好，我們正在引領新產品類別。我想我們在準備好的評論中討論了一些關於 Lunar Lake 的內容，Lunar Lake 是我們繼 Meteor Lake 之後推出的下一個產品及其性能。所以這看起來是一個非常好的產品和定位。

We're making the early inroads on the AI side of data center and that's only going to grow as we go into next year. Now, the big question is when does the kind of traditional CPU market recover? It has been tempered this year, and of course, affected by other regions of the world like China spending and so forth. That's obviously been a soft space, and so we'll have to see how that plays out.

我們正在資料中心的人工智慧方面取得早期進展，隨著我們進入明年，這只會成長。現在最大的問題是，傳統CPU市場什麼時候才能復甦？今年的情況有所緩和，當然，受到中國支出等世界其他地區的影響。這顯然是一個軟空間，所以我們必須看看結果如何。

And then NEX, obviously, also outside of the telco space is starting to recover. And then we have these other businesses. Altera is starting to recover now. So we're optimistic that next year will be a good year for them. And we'll have to see how Mobileye plays out ultimately.

然後，顯然，電信領域之外的 NEX 也開始復甦。然後我們還有其他業務。 Altera 現在開始復健。因此，我們樂觀地認為明年對他們來說將是美好的一年。我們必須看看 Mobileye 最終的表現如何。

I think on the margin front, I talked about our tempered view of gross margins next year given the ramp of Lunar Lake, which with memory and package and almost all of the material getting sourced outside and we're seeing inflation in that space that is impacting it. But that part is followed by Panther Lake, that comes back into the fab. And I think one of the bigger stories we'll have once we get beyond next year is the resurgence of our internal facilities to start taking on a lot of the capacity that we had to move into the external sources, should provide some meaningful improvement in terms of profitability.

我認為在利潤方面，我談到了考慮到 Lunar Lake 的成長，我們對明年毛利率的看法有所緩和，其中內存和包裝以及幾乎所有材料都從外部採購，我們看到該領域的通膨影響它。但這部分之後是 Panther Lake，它又回到了晶圓廠。我認為，一旦我們跨越明年，我們將面臨的一個更大的故事是我們內部設施的復興，開始承擔我們必須轉移到外部資源的大量能力，應該在以下方面提供一些有意義的改進：盈利能力方面。

And then, of course, we've done a lot, as Pat talked about in terms of restructuring the business and those will start to show up next year but will be even more impactful the following year, including the new operating model. So I think the good news for us is we actually don't need a ton of growth to see our model play out, both in the medium term and long term in terms of gross margins and operating margins. And if we do get the growth, it puts us in an even better position.

當然，正如帕特談到的業務重組方面，我們已經做了很多工作，這些工作將在明年開始顯現，但在下一年將產生更大的影響，包括新的營運模式。因此，我認為對我們來說好消息是，我們實際上不需要大量成長就能看到我們的模式發揮作用，無論是在中期還是長期的毛利率和營業利潤率方面。如果我們確實實現了成長，那麼我們就會處於一個更好的位置。

Thank you, Ross. Jonathan, can we have the next caller, please?

謝謝你，羅斯。喬納森，可以請下一個來電者嗎？

CJ Muse, Cantor Fitzgerald.

CJ 繆斯、坎托·費茲傑拉。

Yeah. Thank you for taking the question. Dave, a follow-up to that prior question. I was hoping you could perhaps speak to how to think about gross margins beyond 2025. It's obviously very hard to offer the leverage when you're investing in both foundry capacity and at the same time outsourcing meaningful tiles to TSM.

是的。感謝您提出問題。戴夫，是之前問題的後續問題。我希望您能談談如何考慮 2025 年之後的毛利率。

So encouraging that you're bringing Panther Lake back in-house, how should we think about incremental margins there? And any of the other moving parts that you've been speaking about on this call, including the unfavorable product mix and the more competitive pricing. Is that just a near-term phenomenon or something else we should be thinking about into '25, '26?

令人鼓舞的是，您將 Panther Lake 帶回內部，我們應該如何考慮那裡的增量利潤？以及您在本次電話會議上談到的任何其他動態部分，包括不利的產品組合和更具競爭力的價格。這只是近期現象還是我們應該在 25、26 年考慮的其他問題？

Yeah. So as I talked about to Ross, CJ, the good news for '26 for us is that, that really begins the shift back to the internal manufacturing footprint for a lot of our tiles and so bringing back more wafers to the internal network will meaningfully improve the cost structure.

是的。因此，正如我與 Ross、CJ 談到的那樣，26 年對我們來說的好消息是，我們的許多瓷磚真正開始轉向內部製造足跡，因此將更多晶圓帶回內部網路將有意義改善成本結構。

The adjustments in CapEx, which are clearly helpful in terms of cash flow in the near term become really beneficial to the cost structure as depreciation becomes less of a headwind for us, so that will also be helpful. And then like I said, we've got all these structural improvements that are coming our way, both from the actions we've taken today, but the new operating model and decisions will get made on a go-forward basis that will just optimize our business model going forward.

資本支出的調整顯然對短期現金流有幫助，對成本結構也確實有利，因為折舊對我們來說不再是不利因素，因此這也將有所幫助。然後就像我說的，我們已經從我們今天採取的行動中得到了所有這些結構性改進，但新的營運模式和決策將在前進的基礎上做出，這只會優化我們未來的商業模式。

I think '26 should be a good year for us in terms of gross margins. We'll save the actual number for a later date when we have more visibility into how things are playing out. From a mix perspective, it's probably not going to be a big headwind or tailwind for us, just strict mix. Other than, as we move towards more leading-edge wafers, the margins on those wafers are significantly better than the margins in pre-EUV nodes.

我認為就毛利率而言，26 年對我們來說應該是個好年。當我們更清楚地了解事情的進展時，我們將保存實際數字。從混合的角度來看，這對我們來說可能不會是一個很大的逆風或順風，只是嚴格的混合。除此之外，隨著我們轉向更先進的晶圓，這些晶圓的利潤率明顯優於 EUV 之前節點的利潤率。

So that will be one factor that will certainly help us. In that regard, that also helps us on the pricing side because, obviously, from a wafer perspective, we get better pricing on EUV wafers as opposed to pre-EUV wafers.

因此，這肯定是對我們有幫助的因素之一。在這方面，這對我們在定價方面也有幫助，因為顯然，從晶圓的角度來看，與 EUV 之前的晶圓相比，我們在 EUV 晶圓上獲得了更好的定價。

And then ultimately, I think on pricing, it will really come down to -- when we have a competitive process and we have competitive products running on a competitive process and we're delivering what the customers want, that helps us in terms of the pricing dynamic. And we're getting to the place as Pat talked about where we're starting to deliver on all those fronts. And so I feel good about our opportunity to realize that in the form of pricing as we progress through the next few years.

最後，我認為在定價方面，它實際上會歸結為——當我們有一個競爭性的流程，我們有競爭性的產品在競爭性的流程上運行，並且我們正在提供客戶想要的東西，這對我們有幫助定價動態。當帕特談到我們將開始在所有這些方面提供服務時，我們就到了這個地步。因此，隨著我們在未來幾年的進展，我們有機會以定價的形式實現這一點，我對此感到非常高興。

And just one thing to add on top of that, just to clarify, with Panther Lake already powered on, right, and showing good health, that is a product that we start ramping in the second half of next year, right? So we'll start to see some of those benefits.

除此之外，還要補充一件事，只是為了澄清一下，Panther Lake 已經啟動，對吧，並且表現出良好的健康狀況，這是我們在明年下半年開始推出的產品，對嗎？所以我們將開始看到其中的一些好處。

But obviously, the huge volume benefits of that really are in '26, where we'll be very aggressive at bringing both the wafers home on a more competitive process with a more competitive product with Panther Lake, offsetting the volumes of Lunar Lake, which is almost entirely outsourced. So we bring Tiles home with a more competitive product and a more competitive process, and that really is, I'll say, the story that will start to unfold as we talk to you more next year.

但顯然，巨大的銷量優勢確實體現在26 年，屆時我們將非常積極地將兩種晶圓帶回家，採用更具競爭力的工藝，並與Panther Lake 一起提供更具競爭力的產品，抵消Lunar Lake 的銷售量。因此，我們為 Tiles 帶來了更具競爭力的產品和更具競爭力的流程，我想說，這確實是我們明年與您進行更多交談時將開始展開的故事。

CJ, do you have a quick follow-up?

CJ，有快速跟進嗎？

Yeah. Just a quick one on OpEx. You gave us the $17.5 billion for all of calendar '25, but could you share with us what you think the exit rate would look like? I'm coming to around $4.25 billion, is that in the ballpark?

是的。簡單介紹一下營運支出。您為我們提供了 25 年全年 175 億美元的資金，但您能否與我們分享您認為退出率會是多少？我的估值約為 42.5 億美元，這個數字在大概範圍內嗎？

Yeah. I'll say, given that some of the actions we're taking will go through at least the early part of next year, we're going to enter at a higher number than we're going to exit, I'll give you that. And we should be down in '26 relative to '25. Give me some time as we progress through the year to start to fine-tune the budget for '26, and I'll give you more clarity around that.

是的。我想說的是，考慮到我們正在採取的一些行動至少要在明年初進行，我們進入的人數將多於退出的人數，我會給你那。相對於 25 年，我們在 26 年的表現應該會下降。隨著今年的進展，請給我一些時間來開始微調 26 年的預算，我將向您提供更清晰的資訊。

Thank you, CJ, and Jonathan, can we have the next question, please?

謝謝 CJ 和喬納森，我們可以問下一個問題嗎？

Joe Moore, Morgan Stanley,

喬摩爾，摩根士丹利，

Great. Thank you. You talked about the server roadmap with Sierra Forest shipping and Granite Rapids shipping this quarter. Can you talk about how that -- where that puts you competitively? Do you think you're kind of have closed the gap or is it leadership product, and obviously, Clearwater for us is the longer-term focus, but where are we in the interim?

偉大的。謝謝。您談到了本季 Sierra Forest 航運和 Granite Rapids 航運的伺服器路線圖。您能談談這如何讓您具有競爭力嗎？你認為你已經縮小了差距，還是它是領先產品，顯然，Clearwater 對我們來說是長期關注的焦點，但在此期間我們在哪裡？

Yeah, thank you. And obviously, Sierra Forest, E-core product, very efficient, but a new category for us, so we have to go win sockets with it. Early customer feedback, very positive. As we said, greater than 25% TCO value that they're seeing from it, but it's early in its ramp.

是的，謝謝。顯然，Sierra Forest，E-core 產品，非常高效，但對我們來說是一個新類別，所以我們必須用它來贏得插座。早期的客戶回饋非常正面。正如我們所說，他們從中看到了超過 25% 的 TCO 價值，但它還處於上升的早期階段。

Granite Rapids is really the peak core, I'll say, the more traditional Xeon for us. And we'll start that ramp this quarter. But we'll take as anything in the server market. Winning back share, winning back sockets is a longer-term cycle for that. But a lot of encouraging signs for Granite Rapids, even though a lot of the data center energy right now is on the AI build-out as you know.

我想說的是，Granite Rapids 確實是巔峰核心，對我們來說是更傳統的 Xeon。我們將在本季開始加速。但我們會把伺服器市場上的任何東西都看成是這樣。贏回份額、贏回插座是一個長期週期。但花崗岩急流有很多令人鼓舞的跡象，儘管現在資料中心的大部分精力都花在了人工智慧的建設上，正如你所知。

So in this environment, we're largely facing a period where much of the investment energy is going into the AI footprint. So we're having to fight to win those sockets back. But Granite Rapids looks very positive.

因此，在這種環境下，我們很大程度上面臨著一個大部分投資精力都投入到人工智慧領域的時期。所以我們必須努力奪回這些插座。但花崗岩急流看起來非常正面。

The early health of Clearwater Forest is really spectacular. This is a really stunning technical achievement with the new design, 8A, this level of health, this are early in a major server product is really spectacular. The new Foveros Direct and should have substantial TCO benefits for next year.

克利爾沃特森林的早期健康狀況確實令人驚嘆。這是一個真正令人驚嘆的技術成就，採用全新的設計，8A，這種健康水平，這在早期的大型伺服器產品中確實很壯觀。新的 Foveros Direct 明年應該會帶來可觀的 TCO 優勢。

And then the next P-Core version of that on 18A is also showing very good -- not fab yet but showing a very good design progress. So we feel like the roadmap gets more competitive. And with it, we believe our market share position is fairly, I'll say, static. So year on year, we do see that overall the arm market share is more modest in the second half this year, so the x86 share. And we're stabilizing our overall position in the marketplace. We believe as we then go to fight to win back.

然後 18A 上的下一個 P 核版本也表現得非常好——雖然還不是很出色，但顯示出非常好的設計進展。所以我們覺得路線圖變得更有競爭力。有了它，我們相信我們的市場份額地位是相當靜態的。因此，與去年同期相比，我們確實看到今年下半年 ARM 的整體市佔率更為溫和，x86 的市佔率也是如此。我們正在穩定我們在市場中的整體地位。我們相信，然後我們就會去戰鬥以贏回勝利。

One of the good things that we've seen for our server market is the AI head nodes where we're quite advantaged, and we're seeing a lot of interest in Xeon being the head node of choice for anybody's accelerator, including ours. So a lot of things to unpack there, but we do feel like our position is stabilizing and strengthening with our products and the roadmap only improves from here.

我們在伺服器市場看到的一件好事是人工智慧頭節點，我們在這方面非常有優勢，而且我們看到人們對至強成為任何加速器（包括我們的加速器）首選的頭節點很感興趣。因此，有很多東西需要解開，但我們確實覺得我們的產品地位正在穩定和加強，路線圖只會從這裡開始改進。

Joe, do you have a follow-up?

喬，你有後續行動嗎？

Yeah. Just on the notion that AI has kind of stolen some of the focus from server, it seems like we would be looking at a ceiling in overall power budgets in a couple of years that would mean we need to invest in traditional server ecosystems and maybe do a significant refresh.

是的。就人工智慧已經從伺服器上竊取了一些注意力的觀點來看，我們似乎會在幾年內看到總體電力預算的上限，這意味著我們需要投資傳統的伺服器生態系統，也許會這樣做一次重大的重新整理.

Do you see any indications of that and given that? I perceive you guys are stronger in enterprise than in cloud right now, like how are you positioned to take advantage of that when it does come?

您是否看到任何跡象並考慮到這一點？我認為你們現在在企業領域比在雲端領域更強大，例如當它到來時，你們如何定位以利用它？

Yeah. Thanks, Joe. And we do think that the enterprise market is a more favorable market for us, and we do have some early indications of a positive cycle there. But I'll say it's too early to give you any real firm indications. But we are starting to see, I'll say, better buying behavior, better signals from our OEMs in the enterprise market.

是的。謝謝，喬。我們確實認為企業市場對我們來說是一個更有利的市場，而且我們確實有一些積極循環的早期跡象。但我想說，現在給你任何真正確定的跡象還為時過早。但我想說，我們開始看到，我們的原始設備製造商在企業市場上有更好的購買行為和更好的訊號。

Similarly, for the cloud market, we do believe there will be a refresh cycle as people get their AI strategies in place. The TCO benefits of a server refresh now as we start talking about 3x, 4x consolidation ratios that they can have on their traditional, cloud environments there, container, delivery environments, these are quite substantial.

同樣，對於雲端市場，我們確實相信，隨著人們制定人工智慧策略，將會出現一個更新週期。現在，當我們開始談論他們在傳統雲端環境、容器、交付環境上可以擁有的 3 倍、4 倍整合率時，伺服器更新的 TCO 優勢非常可觀。

So we do believe that as our products get to be more competitive, and there is a natural refresh cycle on that. The markets will be more favorable for the traditional CPU market. But of course, the story is CPU plus GPU, right, and that's the bigger message that we'll be delivering.

因此，我們確實相信，隨著我們的產品變得更具競爭力，並且會有一個自然的更新周期。市場將更有利於傳統CPU市場。當然，故事是 CPU 加 GPU，對吧，這是我們要傳遞的更大資訊。

And obviously, as Gaudi 3 starts shipping the CPU plus GPU use cases like we've described with OPEA, that will also help us for positioning on both sides of the cloud and the enterprise market for both CPU and GPU. That's the strategy that we're building toward.

顯然，隨著 Gaudi 3 開始提供 CPU 加 GPU 用例，就像我們在 OPEA 中所描述的那樣，這也將有助於我們在雲端兩側以及 CPU 和 GPU 的企業市場上進行定位。這就是我們正在努力實現的策略。

Thank you, Joe. Jonathan, can we have the next question, please?

謝謝你，喬。喬納森，我們可以問下一個問題嗎？

Timothy Arcuri, UBS.

提摩西‧阿庫裡，瑞銀集團。

Sure, thanks. Dave, can you again explain how June gross margin was so much worse than you thought just three months ago? I mean, revenue is basically in line. I know you talked about mix, but it seems like it was probably a pretty small part of it mix was and it was really more of the decisions around Intel 4 and Intel 3. So can you just explain again, I'm not sure -- I understand why that was such a big.

當然，謝謝。戴夫，您能否再次解釋一下 6 月份毛利率為何比您三個月前想像的要差得多？我的意思是，收入基本上是一致的。我知道你談到了混合，但看起來這可能只是混合的一小部分，而且實際上更多的是圍繞英特爾 4 和英特爾 3 的決定。為什麼這麼大。

Yeah. Okay. That was the biggest one. I'll just say that there were a couple of other things that we had to do some write-offs related to legacy businesses that impacted us. Our utilization was a bit lower that did impact us. But the biggest one was the shift.

是的。好的。那是最大的一個。我只想說，我們還必須對一些與影響我們的遺留業務相關的其他事情進行沖銷。我們的利用率有點低，這確實影響了我們。但最大的一個是轉變。

We were originally planning to ramp Meteor Lake, Intel 3, and even run production on Intel 4 -- Intel 4, and then run production on Intel 3 in Oregon, which is our TD fab, our process technology fab, our development fab. We made the decision to more quickly shift all of that over to Ireland.

我們最初計劃擴大Meteor Lake、Intel 3，甚至在Intel 4 上運行生產——Intel 4，然後在俄勒岡州的Intel 3 上運行生產，這是我們的TD 工廠、我們的製程技術工廠、我們的開發工廠。我們決定更快地將所有這些轉移到愛爾蘭。

And it's a good move because it saves capital. We don't have to spend capital twice essentially. And it starts to mature the Intel 4 and Intel 3 processes in Ireland more quickly.

這是一個很好的舉措，因為它節省了金錢。我們本質上不必花費兩次資金。並且它開始在愛爾蘭更快地成熟英特爾 4 和英特爾 3 工藝。

The downside of that is the wafers are expensive right now. And so we get this kind of early ramp of the product at a much higher wafer cost that we're pushing through the system and that puts pressure on the margins.

缺點是目前晶圓價格昂貴。因此，我們以更高的晶圓成本獲得了這種產品的早期量產，我們正在透過系統推動這種成本，這給利潤率帶來了壓力。

That's going to carry into next quarter. I mean, we will do better in next quarter, obviously, but we're going to do more volume and the margins will be below the corporate average because while we're improving the wafer cost, it's not -- still not to the point where it's above corporate average yet. And so it will weigh down on margins for the third quarter as well.

這將延續到下個季度。我的意思是，顯然，我們在下個季度會做得更好，但我們將增加產量，利潤率將低於公司平均水平，因為雖然我們正在改善晶圓成本，但仍然沒有達到這一點目前仍高於企業平均。因此，這也將拖累第三季的利潤率。

After that, we start -- it gets more and more mature, the cost structure gets better, and the situation on Meteor Lake will improve meaningfully.

之後，我們開始——它變得越來越成熟，成本結構變得更好，流星湖的情況將會得到有意義的改善。

Tim, do you have a quick follow-up?

提姆，你有快速跟進嗎？

Yeah. Pat, can you just talk about the foundry strategy given the CapEx cut? My question is how you sort of execute on the plan with this lower CapEx. I mean kind of on one hand, you keep -- we keep talking about bringing all these wafers back in-house to help gross margin in 2026.

是的。 Pat，您能談談考慮到資本支出削減的代工策略嗎？我的問題是，您如何以較低的資本支出執行該計劃。我的意思是，一方面，我們一直在談論將所有這些晶圓帶回公司內部，以提高 2026 年的毛利率。

But I also hear about a lot more outsourcing to TSMC even in real-time so, is the cut more that some of your foundry customers are maybe structurally deciding that they're not as committed? I'm just trying to understand how you can cut CapEx and still execute on this strategy. Thanks.

但我也聽說有更多的外包給台積電，即使是實時的，所以，削減更多是因為你的一些代工廠客戶可能在結構上決定他們不那麼忠誠嗎？我只是想了解如何在削減資訊支出的同時仍然執行該策略。謝謝。

Yeah, thank you. And at the highest level, the Foundry strategy unchanged. And we've built capacity corridor for Foundry customers. However, until we have committed orders, we're going to be modest on how much equipment we put against the shells and the sites that we have in place.

是的，謝謝。在最高層，Foundry 戰略沒有改變。我們也為 Foundry 客戶建立了產能走廊。然而，在我們下達訂單之前，我們將對砲彈和現有地點放置的設備數量保持謙虛。

And how much of that corridor we keep available, how much flexibility working with our equipment suppliers that we need, for that will be a subject of careful scrutiny as we go forward. We've also made some adjustments in the capital investment that we need to support our current view of market forecast.

我們保留了多少可用的走廊，我們需要與我們的設備供應商合作有多大的靈活性，因為這將是我們前進過程中仔細審查的主題。我們也對資本投資進行了一些調整，以支持我們目前的市場預測觀點。

So all of those are, say, are adjustments. The big thing is now that we're finishing this phase of aggressive build-out, right, and as you think about what we had to catch up, we had no EUV capacity. We had no shell ahead, side ahead capacity.

所以所有這些都是調整。現在最重要的是，我們正在完成這一階段的積極建設，對吧，當你想到我們必須趕上什麼時，我們沒有 EUV 產能。我們沒有前方砲彈、側邊前方的能力。

We had no capacity to pull tiles home. As those come into place, we've been making substantial capital investments over the last couple of years, and now we're focused on how we harvest those investments in '24, '25, and '26.

我們沒有能力把瓷磚拉回家。隨著這些措施的落實，我們在過去幾年中一直在進行大量資本投資，現在我們的重點是如何在 24 年、25 年和 26 年收穫這些投資。

So we're putting much more aggressive view of capital utilization, how much capital require ahead of working with the suppliers to be more efficient in our capital dollars, just like a foundry does. And for that, we'll point you back to -- again, we're going to be a world-class fabless company. Intel Products, we're going to be a world-class Foundry with Intel Foundry.

因此，我們對資本利用採取了更積極的態度，在與供應商合作之前需要多少資本才能更有效地利用我們的資本，就像鑄造廠一樣。為此，我們將再次提醒您，我們將成為一家世界一流的無晶圓廠公司。英特爾產品，我們將透過英特爾代工廠成為世界一流的代工廠。

The last point I'd make here on this is a lot of the early success that we're having with Foundry customers is advanced packaging. And there, the capital requirements are not as significant as required for wafer capacity. So we believe very much that we're seeing a surge of interest there.

我要在此指出的最後一點是，我們與 Foundry 客戶取得的許多早期成功都是先進封裝。在那裡，資本要求不像晶圓產能要求那麼重要。所以我們非常相信我們看到人們的興趣激增。

Customers in advanced packaging are clearly interested in us for capacity, but increasingly for our most advanced packaging technology. So that's an area that we believe we have as, and we've described before, as the on-ramp for Intel Foundry and that's continuing to look very good.

先進封裝領域的客戶顯然​​對我們的產能感興趣，但對我們最先進的封裝技術也越來越感興趣。因此，我們相信我們已經將這一領域作為英特爾代工廠的入口，並且看起來仍然非常好。

The final point is the Intel Foundry capacity will be aligned with, right, to the first order, the Intel product requirements. And clearly, there's a lot of Tiles externally in '25, we bring those home in '26, that's when we'll start to really, as Dave said, see the benefits of the model that we've put in place. Tiles coming home, leadership process technology, leadership products start in '25, deliver big-time in '26 and beyond.

最後一點是，英特爾代工產能將首先與英特爾產品要求保持一致。顯然，25 年有很多外部 Tiles，我們在 26 年將它們帶回家，正如戴夫所說，那時我們將開始真正看到我們所採用的模型的好處。瓷磚回家、領先工藝技術、領先產品從 25 年開始，在 26 年及以後交付輝煌。

Thanks, Tim. Jonathan, do we have the next caller, please?

謝謝，蒂姆。喬納森，請問有下一個來電者嗎？

Srini Pajjuri, Raymond James.

斯里尼·帕朱里，雷蒙德·詹姆斯。

Thank you. A couple of follow-ups. Dave, on the move from Oregon to Ireland fab, you talked about that being a gross margin headwind. Can you talk about how much -- can you clarify how much of a headwind that is right now? And also when it's fully loaded on a like-for-like basis, how much of a headwind do you think that's going to be on an ongoing basis?

謝謝。一些後續行動。戴夫，在從俄勒岡州搬到愛爾蘭工廠時，您談到這是毛利率的逆風。可以談談目前的逆風有多大嗎？而且，當它在同類基礎上滿載時，您認為這種情況會持續存在多大的阻力？

I'm sorry, the second question is how much will the headwind be on --?

抱歉，第二個問題是逆風會有多大──？

On ongoing basis.

持續進行。

Ongoing basis. Yeah.

處於持續進行狀態。是的。

Okay. All right. So I think the best way to think about it is, we were 400 basis points or so off on the gross margin taking into account. Revenue was part of it. It was a meaningful chunk of that 400 basis points. There was the write-offs related to legacy businesses and the mix and underutilization also affected. And it wasn't an insignificant amount. But that was a good portion of that 400 basis points, let's call it that.

好的。好的。因此，我認為最好的思考方式是，考慮到毛利率，我們的毛利率下降了 400 個基點左右。收入是其中的一部分。這是 400 個基點中有意義的一部分。與遺留業務相關的沖銷以及混合和利用不足也受到影響。這並不是一個小數目。但這是 400 個基點的很大一部分，我們就這樣稱呼吧。

And that will be the case in the third quarter probably given the increase. I think we're talking about a 50% increase in Meteor Lake quarter-over-quarter in the third quarter. Beyond that, it's going to start to become less and less to the point where it's actually not going to be a headwind.

考慮到成長，第三季可能會出現這種情況。我認為我們正在討論第三季 Meteor Lake 環比增長 50%。除此之外，它會開始變得越來越少，以至於實際上不會成為逆風。

Yes, it becomes a tailwind. As the Ireland factory ramps, a production factory will have a lower cost per wafer start than a TV factory like Oregon. So it becomes a headwind as we go into next year.

是的，它成為順風。隨著愛爾蘭工廠的擴建，生產工廠的每片晶圓啟動成本將低於俄勒岡州等電視工廠。因此，當我們進入明年時，這將成為一種逆風。

Tailwind as we go into -- Now as we -- now the challenge for next year will be we'll now be ramping Lunar Lake next year. Lunar Lake has the memory in the package, so we're going to have to essentially buy that at a price and turn around and include that in our price at 0% margin. So that puts some negative pressure on the margins.

當我們進入順風時——現在我們——明年的挑戰將是我們明年將擴大月球湖。 Lunar Lake 的記憶體包含在包裝中，因此我們必須以一定的價格購買它，然後以 0% 的利潤將其包含在我們的價格中。因此這給利潤率帶來了一些負面壓力。

And additionally, it's got more of the content sourced externally, and as you know, we're seeing some inflation. So that one then becomes more of the -- Meteor Lake starts to be helpful, but Lunar Lake starts to become a drag on the Intel Products margins, which is why we're tempered in terms of our outlook for margins next year because we're going to have a lot of improvements on the Intel Foundry side. It's going to be tempered on the product side and it's really going to be because of Lunar Lake.

此外，它有更多來自外部的內容，正如你所知，我們看到了一些通貨膨脹。因此，流星湖開始有所幫助，但月球湖開始成為英特爾產品利潤率的拖累，這就是為什麼我們對明年的利潤率前景進行了調整，因為我們「英特爾代工廠方面將會有很多改進。產品方面將會受到鍛煉，這確實是因為 Lunar Lake。

And I was just going to add one thing, as we move the Intel 4, Intel 3 capacity into Ireland, it also gives our TD team more focus on their capital on 18A as well as then 14A and 10A, and we're taking, for instance, the second high NA tool is coming into our Oregon facility. So we're well underway on 14A.

我只想補充一件事，當我們將英特爾 4、英特爾 3 產能轉移到愛爾蘭時，這也讓我們的 TD 團隊更加關注 18A 以及 14A 和 10A 的資本，我們正在採取，例如，第二個高數值孔徑工具即將進入我們俄勒岡州的工廠。所以我們 14A 進展順利。

So part of this was a capacity and cost decision for the long term. Part of it was an AI PC acceleration. But it was also a TD cadence decision and optimizing the use of our TD resources for the next-generation technologies, which are already well underway and showing good early indicators.

因此，其中一部分是長期的產能和成本決策。其中一部分是人工智慧 PC 加速。但這也是一個 TD 節奏決策，並優化了我們對下一代技術的 TD 資源的使用，這些技術已經在順利進行並顯示出良好的早期指標。

Srini, do you have a quick follow-on?

Srini，您有快速跟進嗎？

Yeah. So, Pat, I think in the past, you talked about the foundry business potentially breaking even sometime 2027. And given all the cuts, you seem to at least sound confident that foundry opportunity is not changing, so I'm just curious, do you see a possibility that Foundry business could actually breakeven sooner given all the cuts?

是的。所以，帕特，我想在過去，您談到了代工業務可能在2027 年某個時候實現收支平衡。只是好奇，做嗎？

Yeah. Clearly, that's our objective for Dave and I. You all say -- that said, we have a lot of wood to chop until we complete that journey. The steps that we've taken today are significant. Ones for our operational efficiency that we're putting in place.

是的。顯然，這就是戴夫和我的目標。我們今天採取的步驟意義重大。我們正在實施的旨在提高營運效率的措施。

So clearly that's our operating objective that we have. But as we said, '26 is really this year that many of these wafers come home. Many of the new factory investments come online, the new process technologies.

很明顯，這就是我們的營運目標。但正如我們所說，26 年確實是許多晶圓回家的一年。許多新廠投資、新製程技術都已上線。

So I'd say that '27 timeframe is still a good one, but you can trust that every aspect of what we're doing is to accelerate the profitability. And the significant announcement today of the cost and financial focus will give us, I'll say, the scrutiny and the lens by which to focus our Intel Foundry.

所以我想說，27 年的時間框架仍然是一個不錯的時間框架，但你可以相信，我們所做的每一個方面都是為了加速獲利。我想說，今天關於成本和財務重點的重大公告將為我們提供審查和聚焦英特爾代工廠的鏡頭。

$10 billion next year is a big number and we expect that many of these operational improvements will carry-forward in '26. Dave said, an acceleration of our adjusted free cash flow turning positive. So everything that we're doing is aligned with our thought, Srini.

明年 100 億美元是一個很大的數字，我們預計其中許多營運改善將在 2026 年繼續推進。戴夫說，我們調整後的自由現金流加速轉正。所以我們所做的一切都與我們的想法一致，斯里尼。

Thank you, Srini. Jonathan, we've got time for one more question.

謝謝你，斯里尼。喬納森，我們還有時間再問一個問題。

Matt Ramsay, TD Cowen.

馬特·拉姆齊，TD·考恩。

Yes, good afternoon. Thank you, guys. My first question is on the client space. I think, Dave, you might have mentioned client flat to down in September. I think your primary x86 competitor is going to be up double-digits or I think they mentioned above seasonal, however, you quantify seasonal now.

是的，下午好。感謝你們。我的第一個問題是關於客戶空間。我想，戴夫，你可能有提到客戶在 9 月持平。我認為你的主要 x86 競爭對手將會實現兩位數的成長，或者我認為他們上面提到了季節性，但是，你現在量化季節性。

Maybe you could give us a little color there. There's lots of noise in the system about ARM coming into the client market, I think that impact would be more modest relative to what you described. But if you could kind of give us puts and takes there and how the inventory with OEMs might be affecting what you're guiding for since September. Thanks.

也許你可以給我們一點顏色。系統中有很多關於 ARM 進入客戶端市場的噪音，我認為相對於你所描述的影響會更溫和。但您是否可以向我們介紹 OEM 的庫存可能會如何影響您自 9 月以來的指導。謝謝。

Yeah. I'll take that Matt. We feel very good with our client position, the momentum we have in AI PC. Here we have a very healthy ecosystem as well. And I'll say as the large market share position that we have, we're very focused on sell-in and sell-through in the channel. So I believe our overall view of inventory levels, where our market share is, we're actually quite comfortable in the indications that we've given some inventory sell-through in the third quarter above seasonal in Q4.

是的。我會接受馬特。我們對我們的客戶地位以及我們在 AI PC 領域的發展勢頭感到非常滿意。這裡我們也有一個非常健康的生態系統。我想說的是，由於我們擁有龐大的市場份額，我們非常注重通路的銷售和銷售。因此，我相信我們對庫存水準的總體看法，即我們的市場份額，實際上我們對有跡象表明我們在第三季度的庫存銷售量高於第四季度的季節性庫存感到非常滿意。

Overall, the TAM expansion was low-single-digit, even though we're seeing a lot of enthusiasm around the AI PC and further TAM expansion as we go into '25 as expected now broadly. We'd also say that our position in the commercial portion of this market is very strong with our vPro assets, and we believe we're coming into a refresh cycle on the corporate.

總體而言，儘管我們看到人們對 AI PC 充滿熱情，並且隨著我們進入 25 年，正如現在普遍預期的那樣，TAM 的進一步擴張，但 TAM 的擴張仍處於低個位數。我們還想說，憑藉我們的 vPro 資產，我們在該市場商業部分的地位非常穩固，並且我們相信我們正在進入公司的更新週期。

We also saw things like vPro have great success for customers as they were dealing with the CrowdStrike Blue Screen period. And customers who are vPro customers were able to recover in a day or so, where customers not on vPro took weeks to recover from that. So a lot of reinforcement of the ecosystem, the leadership that we have on AI PC.

我們也看到 vPro 等產品在客戶應對 CrowdStrike 藍屏時期時取得了巨大成功。屬於 vPro 客戶的客戶能夠在一天左右的時間內恢復，而非 vPro 客戶則需要數週時間才能恢復。因此，生態系統得到了很大的加強，我們在人工智慧 PC 上的領導地位。

And as Dave said, Lunar Lake and Panther Lake only make our market position stronger. So I think we're very comfortable and every indication so far this quarter is very solid for those outcomes.

正如 Dave 所說，Lunar Lake 和 Panther Lake 只會讓我們的市場地位更加強大。因此，我認為我們非常放心，本季迄今為止的所有跡象對於這些結果來說都是非常可靠的。

Matt, do you have a quick follow-on?

馬特，你有快速跟進嗎？

Yes, I do. Thanks, John. I wanted to ask -- I think in some of the prepared script and maybe early in the Q&A, Pat, you kind of reiterated the $15 billion funnel for the Foundry business. And I know in the medium term, a lot of that is packaging. But I wanted to ask about the customers that you've engaged with on 18A and maybe early on 14A, how have you seen the charts of the programs that they're planning to bring into your foundry progress in the last few quarters.

是的，我願意。謝謝，約翰。我想問——我認為在一些準備好的腳本中，也許在問答的早期，帕特，你重申了代工業務 150 億美元的漏斗。我知道從中期來看，其中很大一部分是包裝。但我想問一下您在 18A 以及可能在 14A 早期接觸過的客戶，您如何看待他們計劃在過去幾個季度引入您的代工進度的計劃圖表。

Are people still committed to ramping those things? Are they taking PDKs and maybe doing tape-ins? Are things moving forward? Have you seen any acceleration? Have you seen hesitation or maybe wait-and-see from those customers? I'm just trying to figure out how that stuff is progressing on 18A? Thanks.

人們仍然致力於加強這些事情嗎？他們是否正在使用 PDK 並可能進行錄音？事情有進展嗎？你看到加速了嗎？您是否看到這些客戶猶豫或觀望？我只是想知道 18A 的進展如何？謝謝。

Yeah. Let me just clarify, the $15 billion is lifetime deal value of committed deals, right? So this isn't a pipeline. This is committed business that we now have in place. So I just want to clarify that, Matt, because I think your question suggests that the pipeline.

是的。讓我澄清一下，150 億美元是承諾交易的終身交易價值，對嗎？所以這不是管道。這是我們現在已經在進行的承諾業務。所以我只是想澄清這一點，馬特，因為我認為你的問題表明了管道。

There's a lot more in the pipeline. This is $15 billion of committed deals. As you say, a lot of the near-term opportunity has been advanced packaging, and we're seeing a significant expansion of that capability in terms of volume and technology.

還有很多事情正在醞釀。這是 150 億美元的承諾交易。正如您所說，許多近期機會都是先進封裝，我們看到這種能力在數量和技術方面的顯著擴展。

On 18A specifically, a lot of customers have been waiting for the PDK. And now that we released the PDK last month, the 1.0 PDK, we've seen a flurry of activity with the EDA, the IP vendors, and the end customers.

特別是在 18A 上，很多客戶都在等待 PDK。既然我們上個月發布了 PDK，即 1.0 PDK，我們就看到了 EDA、IP 供應商和最終客戶的一系列活動。

So I'd be optimistic that we have good indicators coming in that area in the future, but this was really the starting point for many of them to go from test chips to start looking at production chips, coming based on the PDK that we've just released. So we remain very comfortable with our earlier comments in that area.

因此，我樂觀地認為，我們未來在該領域將有良好的指標，但這確實是他們中的許多人從測試晶片轉向生產晶片的起點，基於我們的 PDK。因此，我們對先前在該領域的評論仍然非常滿意。

I'd say, we do believe that we'll have further updates there, plus we've also indicated, customers are reluctant to put their name out there given the supply base and the traditional operation of the Foundry industry. Overall, things are looking on track for what we've said with a meaningful acceleration in packaging over the last quarter. More updates to come.

我想說的是，我們確實相信我們會在那裡有進一步的更新，我們還表示，考慮到供應基地和鑄造行業的傳統運作，客戶不願意在那裡公開自己的名字。總體而言，事情正在朝著我們所謂的方向發展，上個季度包裝業務顯著加速。更多更新即將到來。

Maybe with that, John, I'll wrap us up. Thank you for joining our call. We appreciate the time as always. And I'd say on a couple of these topics, I hope to see many of you at the Deutsche Bank Technology Conference coming up where we'll have some further updates.

約翰，也許我就可以結束我們的談話了。感謝您加入我們的通話。我們一如既往地珍惜這段時光。我想說的是，關於其中幾個主題，我希望在德意志銀行技術會議上看到你們中的許多人，我們將在會議上提供一些進一步的更新。

I want to reiterate in a quarter like this that we are resolved to finish the audacious turnaround, the building of our process and product key milestones that we've achieved of this phase, but now we have to shift to putting more emphasis on the financial sustainability of our business. We're making difficult decisions as we rightsized. We rebuild a more efficient, leaner, agile Intel for the future and one that we're confident will enable our long-term success. Thanks, and good afternoon, everybody.

我想在這樣的一個季度重申，我們決心完成大膽的轉變，建立我們在這一階段所實現的流程和產品關鍵里程碑，但現在我們必須轉向更加重視財務我們業務的可持續性。在調整規模時，我們正在做出艱難的決定。我們為未來重建一個更有效率、更精簡、更敏捷的英特爾，我們相信它將幫助我們長期成功。謝謝，大家下午好。

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。