英特爾 (INTC) 2024 Q3 法說會逐字稿

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

感謝您的耐心等待，歡迎參加英特爾公司 2024 年第三季財報電話會議。 （操作員指示）提醒一下，今天的節目正在錄製中。現在我想介紹一下今天節目的主持人，投資者關係公司副總裁 John Pitzer 先生。請繼續，先生。

Thank you, Jonathan. By now, you should have received a copy of the Q3 earnings release and earnings presentation, both of which are available on our Investor Relations website, intc.com. For those joining us online today, the earnings presentation is also available in our webcast window.

謝謝你，喬納森。到目前為止，您應該已經收到了第三季收益發布和收益簡報的副本，這兩份文件都可以在我們的投資者關係網站 intc.com 上找到。對於今天在線加入我們的人來說，收益演示也可以在我們的網路廣播視窗中觀看。

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.

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 reference to non-GAAP and segment 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原則和部門財務指標的參考，我們認為這些指標為我們的投資者提供了有用的資訊。

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

我們的收益發布、最新的 10-K 表格年度報告以及向 SEC 提交的其他文件提供了有關可能導致實際結果與我們的預期存在重大差異的特定風險因素的更多資​​訊。它們還提供有關我們的非公認會計原則和部門財務指標的更多信息，包括與我們相應的公認會計原則財務指標相適應的調節表。

With that, let me turn things over to Pat.

那麼，讓我把事情交給帕特。

Thank you, John, and good afternoon, everyone. I appreciate you joining us today. We delivered Q3 revenue above the midpoint of our guidance, and we made significant progress on our cost reduction plan. That said, Q3 profitability was negatively impacted by the charges we referenced on our Q2 call. This reflects the aggressive actions we are taking to lower our cost, improve our efficiency, and enhance our market competitiveness. Dave will go into these charges in detail shortly.

謝謝約翰，大家下午好。我很感謝你今天加入我們。我們第三季的收入高於我們指導的中點，並且我們在成本削減計劃方面取得了重大進展。也就是說，第三季的獲利能力受到我們在第二季電話會議中提到的費用的負面影響。這反映了我們為降低成本、提高效率和增強市場競爭力所採取的積極行動。戴夫將很快詳細討論這些指控。

Operationally, Q3 results exceeded our expectations as we achieved key milestones across Intel Foundry and Intel Products. Underlying trends in the business are improving at a measured pace, and our outlook for Q4 is modestly above current consensus.

在營運方面，第三季的業績超出了我們的預期，我們在英特爾代工和英特爾產品方面實現了關鍵里程碑。業務的基本趨勢正在穩步改善，我們對第四季度的展望略高於目前的共識。

Overall, our stepped-up focus on efficiency and execution across the business is having a positive impact. We have a lot more ahead and we are acting with urgency to deliver on our priorities. We need to fight for every inch and execute better than ever before, and our teams are embracing this mindset as we build a leaner, more profitable Intel.

總體而言，我們對整個業務的效率和執行力的加強關注正在產生積極的影響。我們還有很多事情要做，我們正在緊急行動以實現我們的優先事項。我們需要為每一寸而奮鬥，並比以往任何時候都執行得更好，在我們建立一個更精簡、更盈利的英特爾時，我們的團隊正在接受這種心態。

Now let me provide more detail starting with an update on our cost reduction plan that we announced three months ago. First, we completed the vast majority of our head count actions during Q3 and we are on track to our greater than 15% workforce reduction before the end of the year.

現在讓我提供更多詳細信息，首先介紹我們三個月前宣布的成本削減計劃的最新情況。首先，我們在第三季完成了絕大多數的人員統計行動，預計在年底前裁員 15% 以上。

These were hard but necessary changes that are reducing complexity and making us a leaner, faster and more agile company. Second, we have reduced our capital expenditures by over 20% relative to the plan we had entering the year. We are now well positioned with our shell ahead strategy to react quickly to market demand.

這些都是艱難但必要的改變，它們降低了複雜性，使我們成為一家更精簡、更快、更敏捷的公司。其次，與今年的計畫相比，我們的資本支出減少了 20% 以上。我們現在已經做好了充分準備，我們的先行策略可以對市場需求做出快速反應。

With our transition to EUV now complete and the launch of Intel 18A on the horizon, we have a more normal cadence of no development at Intel 14A and beyond. In addition, our teams are maniacally focused on improving fab productivity, allowing us to produce more with less over time.

隨著我們向 EUV 的過渡現已完成，並且英特爾 18A 即將推出，我們的節奏更加正常，不再開發英特爾 14A 及更高版本。此外，我們的團隊瘋狂地致力於提高晶圓廠的生產力，使我們能夠隨著時間的推移以更少的投資生產更多的產品。

Third, we have begun to simplify and streamline parts of our portfolio to unlock efficiencies and create value. We are reestablishing product portfolio leadership by narrowing our focus on fewer projects with the top priority being to maximize the value of our x86 franchise across the client, edge, and data center markets.

第三，我們已經開始簡化我們的部分投資組合，以提高效率並創造價值。我們正在透過將重點縮小到更少的項目來重建產品組合的領導地位，首要任務是最大限度地提高我們在客戶端、邊緣和資料中心市場的 x86 特許經營權的價值。

As part of our portfolio simplification, we will move our edge business into CCG and refocus our NEX portfolio on networking and telco. We will also integrate our software business into our core business units to foster more integrated solutions that address our customers' most difficult challenges.

作為我們產品組合簡化的一部分，我們將把我們的邊緣業務轉移到 CCG，並將我們的 NEX 產品組合重新聚焦於網路和電信。我們也將把我們的軟體業務整合到我們的核心業務部門中，以培育更整合的解決方案來解決客戶最困難的挑戰。

We are evaluating other portfolio actions, which we will communicate when appropriate, and we plan to provide new segment reporting that reflects these portfolio shifts in Q1 of 2025.

我們正在評估其他投資組合行動，我們將在適當的時候進行溝通，並計劃在 2025 年第一季提供反映這些投資組合變化的新分部報告。

Related to our cost and efficiency actions, the restructuring charges we took in Q3 were significant and necessary to right size the company as we reduced spending by over $10 billion in 2025. There was also a sizable impairment mostly related to Intel 7 equipment and space, reflecting excess COVID era spending that we have concluded cannot migrate to more advanced nodes now that we've fully transitioned to EUV processing.

與我們的成本和效率行動有關，我們在第三季度採取的重組費用非常高，並且是調整公司規模所必需的，因為我們在2025 年減少了超過100 億美元的支出。值，主要與英特爾7 設備和空間有關，鑑於我們已經完全過渡到 EUV 處理，我們得出的結論是，新冠疫情時代的過度支出無法遷移到更先進的節點。

From a broader financial perspective, the actions we took in Q3 go a long way towards delivering 2025 financial commitments we outlined last quarter. Specifically, we plan to reduce nonproduct cost of sales by $1 billion, lower OpEx to $17.5 billion and drive gross and net CapEx to between $20 billion to $23 billion and $12 billion to $14 billion, respectively. We expect adjusted free cash flow to be positive next year, and we will focus on decreasing leverage and improving liquidity.

從更廣泛的財務角度來看，我們在第三季採取的行動對於實現我們上季度概述的 2025 年財務承諾大有幫助。具體來說，我們計劃將非產品銷售成本降低10 億美元，將營運支出降低至175 億美元，並將總資本支出和淨資本支出分別推至200 億至230 億美元和120 億至140 億美元之間。我們預計明年調整後的自由現金流將為正值，我們將專注於降低槓桿率和改善流動性。

Let me go into greater detail on the business, starting with Intel products. We continue to focus on our core x86 franchise and the ecosystems we have developed over 30-plus years of investing. They are a tangible source of value and differentiation for Intel, our partners and our collective customers and help to cement the x86 architecture as uniquely positioned to meet customer demands going forward.

讓我從英特爾產品開始更詳細地介紹這項業務。我們繼續專注於我們的核心 x86 特許經營權以及我們 30 多年來投資開發的生態系統。它們是英特爾、我們的合作夥伴和集體客戶的有形價值和差異化來源，有助於鞏固 x86 架構的獨特地位，以滿足未來客戶的需求。

We are taking steps to supercharge and further unlock the value of our x86 franchise. We intend to drive new levels of customization, compatibility and scalability needed to meet current and future demands of next-generation computing. And we see this unlocking a range of meaningful opportunities across all our businesses.

我們正在採取措施增強並進一步釋放 x86 特許經營權的價值。我們打算推動客製化、相容性和可擴展性達到新的水平，以滿足下一代運算當前和未來的需求。我們看到這為我們所有業務釋放了一系列有意義的機會。

I am particularly excited about our recent announcement with AMD to create the x86 ecosystem advisory group. We are bringing together leaders from across the ecosystem to help shape the future of x86 with a focus on simplifying software development, ensuring interoperability and interface consistency across vendors and equipment developers with standardized architectural tools and guidelines.

我對我們最近宣布與 AMD 共同創建 x86 生態系統諮詢小組感到特別興奮。我們將整個生態系統的領導者聚集在一起，幫助塑造 x86 的未來，重點是簡化軟體開發，透過標準化的架構工具和指南確保供應商和設備開發人員之間的互通性和介面一致性。

Broadcom, Dell, Google, HPE, HP Inc., Lenovo, Meta, Microsoft, Oracle, Red Hat, have signed on as founding members as have industry luminaries, Linus Torvalds, and Tim Sweeney.

Broadcom、戴爾、Google、HPE、惠普公司、聯想、Meta、微軟、甲骨文、紅帽以及業界傑出人士 Linus Torvalds 和 Tim Sweeney 都已簽約成為創始成員。

Turning to our product segments. In CCG, we continue to lead the AIPC category. In September at IFA, we launched our Intel Core Ultra 200V Series processors formerly named Lunar Lake. This is the most efficient family of x86 processors ever created, setting a new standard for mobile AI performance and significantly outperforming competitor platforms. Luna Lake's combination of superior performance at comparable and competitive battery life positions us well to continue to define and lead the AIPC category.

轉向我們的產品領域。在 CCG 中，我們繼續引領 AIPC 類別。 9 月，我們在 IFA 上推出了英特爾酷睿 Ultra 200V 系列處理器（以前稱為 Lunar Lake）。這是迄今為止最高效的 x86 處理器系列，為行動 AI 性能樹立了新標準，並且性能顯著優於競爭對手平台。 Luna Lake 結合了卓越的性能和可比且具有競爭力的電池壽命，使我們能夠繼續定義和引領 AIPC 類別。

We also continue to nurture the most robust AIPC ecosystem in the industry with more than 100 ISVs, 300 applications and 500 AI models powered by Core Ultra, and we remain on track to ship more than 100 million AIPCs cumulative by the end of 2025.

我們也持續培育業界最強大的AIPC 生態系統，擁有超過100 個ISV、300 個應用程式和500 個由Core Ultra 提供支援的AI 模型，並且我們仍有望在2025 年底之前累計交付超過1 億個AIPC 。

Next up is Arrow Lake, which launched earlier this month and brings the power of the AIPC to the desktop, delivering a huge leap in performance per watt and bringing an NPU to enthusiast desktop and entry workstation platforms for the first time. All of this is paving the way toward the launch of Panther Lake in the second half of 2025. Panther Lake will be our first client CPU on Intel 18A, a more performant and cost competitive process that will allow us to bring more wafers home and improve overall profitability.

接下來是 Arrow Lake，它於本月初推出，將 AIPC 的強大功能帶到了桌面上，實現了每瓦性能的巨大飛躍，並首次將 NPU 引入了發燒友桌面和入門工作站平台。所有這些都為2025 年下半年推出Panther Lake 鋪平了道路。能夠將更多晶圓帶回家並改善整體獲利能力。

Overall, we are making good progress in CCG. Our share position is strong with a product road map and ecosystem that is increasingly setting us apart from our competition, especially in the enterprise market as customers continue to see increasing value from our vPro solutions.

總體而言，我們在 CCG 方面取得了良好的進展。我們的產品路線圖和生態系統使我們在競爭中脫穎而出，尤其是在企業市場，因為客戶不斷看到我們的博銳解決方案帶來的價值不斷增加，我們的市場份額地位穩固。

Turning to DCAI. Our focus is squarely on delivering powerful AI systems that provide enterprise customers with greater choice and flexibility, optimal performance per watt and lower total cost of ownership. And this quarter's launches significantly enhance our market competitiveness even as we recognize we have more work to do. We launched our latest Xeon 6 product, codenamed Granite Rapids, which doubles the performance of the prior gen with increased core counts, memory bandwidth and embedded AI acceleration.

轉向 DCAI。我們的重點是提供強大的人工智慧系統，為企業客戶提供更多的選擇和靈活性、最佳的每瓦效能和更低的總擁有成本。儘管我們意識到我們還有更多工作要做，但本季的發布顯著增強了我們的市場競爭力。我們推出了最新的 Xeon 6 產品，代號為 Granite Rapids，它的性能是上一代產品的兩倍，增加了核心數量、記憶體頻寬和嵌入式 AI 加速。

The new Xeon 6 is tailor-made to handle compute-intensive workloads with exceptional efficiency from edge to data center and cloud environments. This solidifies our position as the head node of choice in AI servers. Greater than 70% of (technical difficulty) servers are already using Intel Xeon as the host CPU. And we have a significant opportunity to build on this as we continue reestablishing Xeon's competitive strength and market leadership.

全新至強 6 專為處理運算密集型工作負載而量身定制，從邊緣到資料中心和雲端環境均具有卓越的效率。這鞏固了我們作為人工智慧伺服器首選頭節點的地位。超過 70% 的（技術難度）伺服器已經使用 Intel Xeon 作為主機 CPU。隨著我們持續重建至強的競爭實力和市場領導地位，我們有一個重要的機會在此基礎上再接再厲。

This quarter, we also launched our Gaudi 3 AI accelerator, which delivers twice the networking bandwidth and 1.5x the memory bandwidth of its predecessor for large language model efficiency. While the Gaudi 3 benchmarks have been impressive, and we are pleased by our recent collaboration with IBM to deploy Gaudi 3 as a service on IBM Cloud, the overall uptake of Gaudi has been slower than we anticipated as adoption rates were impacted by the product transition from Gaudi 2 to Gaudi 3 and software ease of use. As a result, we will not achieve our target of $500 million in revenue for Gaudi in 2024.

本季度，我們還推出了 Gaudi 3 AI 加速器，它的網路頻寬是其前身的兩倍，記憶體頻寬是其前身的 1.5 倍，可實現大型語言模型效率。雖然 Gaudi 3 基準測試令人印象深刻，而且我們很高興最近與 IBM 合作將 Gaudi 3 作為 IBM Cloud 上的服務部署，但 Gaudi 的整體採用速度比我們預期的要慢，因為採用率受到產品轉型的影響從Gaudi 2 到Gaudi 3 以及軟體的易用性。因此，我們將無法實現 2024 年為高第帶來 5 億美元收入的目標。

That said, taking a longer-term view, we remain encouraged by the market available to us. There is clear need for solutions with superior TCO based on open standards, and we are continuing to enhance the Gaudi value proposition.

儘管如此，從長遠來看，我們仍然對現有市場感到鼓舞。顯然需要基於開放標準的具有卓越 TCO 的解決方案，我們正在繼續增強 Gaudi 的價值主張。

In NEX, we announced last month that we will be focusing the business on networking and telco as part of our efforts to simplify our portfolio, drive productivity and enhance our market position. We will move our edge business into CCG, which creates a meaningful opportunity to more efficiently leverage our core client business and extend our leadership to a wide range of vertical edge solutions, especially as AI on the edge accelerates. As a [simpler, more] focused NEX, we are better positioned to gain profitable share in the most attractive markets.

在 NEX 方面，我們上個月宣布，我們將把業務重點放在網路和電信領域，作為我們簡化產品組合、提高生產力和增強市場地位的努力的一部分。我們將把我們的邊緣業務轉移到CCG，這創造了一個有意義的機會，可以更有效地利用我們的核心客戶業務，並將我們的領導地位擴展到廣泛的垂直邊緣解決方案，特別是隨著邊緣人工智慧的加速發展。作為一家[更簡單、更]專注的 NEX，我們更有能力在最具吸引力的市場中獲得獲利份額。

In networking, we continue to further open source Ethernet solutions for connectivity through our Ultra Accelerator Link and Ultra Ethernet Consortium.

在網路方面，我們繼續透過 Ultra Accelerator Link 和 Ultra Ethernet Consortium 進一步開源乙太網路連接解決方案。

Let me now turn to Intel Foundry. A key part of our strategy is returning to process leadership through disciplined execution of our road map. Intel 18A, our fifth node in four years is healthy and continues to progress well at this stage in the development process. Our lead vehicles for Intel 18A, Panther Lake and Clearwater Forest have met early 18A milestones ahead of next year's launches.

現在讓我談談英特爾代工廠。我們策略的關鍵部分是透過嚴格執行我們的路線圖來回歸流程領導地位。英特爾 18A 是我們四年來的第五個節點，運作狀況良好，並且在開發過程的現階段繼續取得良好進展。我們針對 Intel 18A、Panther Lake 和 Clearwater Forest 的主要車輛在明年發布之前就已經達到了早期的 18A 里程碑。

In addition, we have seen good traction with the release of our 1.0 PDK last quarter and the material increase in the engagements and the number of RFQs we are actively quoting. While we will not win them all, we are confident in our head-to-head position based on feedback from potential customers.

此外，我們看到上季 1.0 PDK 的發布帶來了良好的吸引力，我們積極報價的訂單量和詢價數量也大幅增加。雖然我們不會贏得所有這些，但根據潛在客戶的回饋，我們對我們的正面競爭地位充滿信心。

Most recently, as announced, we are finalizing a multiyear, multibillion dollar commitment by AWS to expand our existing partnership to include a new custom Xeon 6 chip on Intel 3 and a new AI fabric chip on Intel 18A.

最近，正如我們所宣布的，我們正在敲定AWS 的一項多年期、數十億美元的承諾，以擴大我們現有的合作夥伴關係，包括基於Intel 3 的新定制Xeon 6 芯片和基於Intel 18A 的新AI 結構晶片。

Beyond AWS, we added two additional 18A wafer design wins this quarter from compute-centric companies, and our pipeline of potential wafer designs has grown nicely over the quarter. Given our leadership in advanced packaging capabilities, we also added multiple back-end design wins this quarter.

除了 AWS 之外，我們本季還從以計算為中心的公司中獲得了另外兩個 18A 晶圓設計勝利，並且我們的潛在晶圓設計管道在本季度取得了良好的增長。鑑於我們在先進封裝能力方面的領先地位，我們在本季度還獲得了許多後端設計勝利。

We were also awarded an additional $3 billion in direct funding under the Secure Enclave program to produce leading edge semiconductors for the US government. We are proud to be the US government's partner of choice to fortify the domestic semiconductor supply chain and ensure the US maintains its leadership in advanced manufacturing, microelectronic systems, and process technology.

我們還根據 Secure Enclave 計劃獲得了額外 30 億美元的直接資金，用於為美國政府生產領先的半導體。我們很榮幸成為美國政府選擇的合作夥伴，以加強國內半導體供應鏈，並確保美國在先進製造、微電子系統和製程技術方面保持領先地位。

Moving forward, as we shared last month, we are creating clear separation for Intel Foundry by establishing the business as an independent subsidiary. This is important to our external foundry customers and will give us future flexibility to evaluate independent sources of funding and optimize the capital structure of Intel Foundry and Intel Products. We are in the process of forming a fiduciary Board for the new foundry subsidiary which will include independent directors with deep semiconductor experience.

展望未來，正如我們上個月分享的那樣，我們將透過將英特爾代工業務建立為獨立子公司來明確分離該業務。這對我們的外部代工廠客戶非常重要，並將為我們未來評估獨立資金來源並優化英特爾代工廠和英特爾產品的資本結構提供靈活性。我們正在為新的代工子公司組成信託委員會，其中將包括具有豐富半導體經驗的獨立董事。

In our all other category, our number one priority is to unlock shareholder value. For Altera, revenue increased 14% sequentially and operating profit turned positive in Q3. We also announced the introduction of our new midrange and small form factor products, Agilex 5 and Agilex 3 to serve broad market customers and segments. With an increasingly competitive road map, the business is well positioned to show continued top and bottom line improvements.

在我們所有其他類別中，我們的首要任務是釋放股東價值。 Altera第三季營收季增14%，營業利益轉正。我們也宣布推出新的中型和小型產品 Agilex 5 和 Agilex 3，為廣泛的市場客戶和細分市場提供服務。隨著競爭日益激烈的路線圖，該業務處於有利位置，可以顯示持續的收入和利潤改善。

Consistent with what we have said previously, we remain focused on selling a stake in Altera on a path to its IPO in the coming years. To that end, we have begun discussions with potential investors and expect to conclude in early 2025.

與我們之前所說的一致，我們仍然專注於出售 Altera 的股份，以在未來幾年實現 IPO。為此，我們已開始與潛在投資者進行討論，預計將於 2025 年初結束。

For Mobileye, the company continues to be a leader in the development and deployment of advanced driver assistance systems. And by providing Mobileye with separation and autonomy, we have enhanced its ability to capitalize on growth opportunities and accelerate its path to creating even greater value. The company recently hosted an AI event laying out a comprehensive strategy for camera-centric compound AI systems providing a full range of autonomous driving solutions.

對於 Mobileye 來說，該公司繼續成為先進駕駛輔助系統開發和部署的領導者。透過為 Mobileye 提供分離和自主權，我們增強了其利用成長機會並加速創造更大價值的能力。該公司最近舉辦了一場人工智慧活動，為以攝影機為中心的複合人工智慧系統制定了全面策略，提供全方位的自動駕駛解決方案。

Wrapping up, our Q3 results reflect heightened focus, discipline, and execution you can expect moving forward. We are rigorously managing our costs and improving our profitability to create long-term shareholder value. We are carefully managing our cash to strengthen our balance sheet and improve our liquidity. And we are staying closely connected with customers and partners as we innovate to meet their most challenging needs.

總而言之，我們第三季的業績反映了您可以期待的更高的專注、紀律和執行。我們嚴格管理成本並提高獲利能力，以創造長期股東價值。我們正在謹慎管理我們的現金，以加強我們的資產負債表並改善我們的流動性。我們與客戶和合作夥伴保持密切聯繫，並不斷創新以滿足他們最具挑戰性的需求。

Q3 also reflected some very difficult decisions we made to right size the business, and I want to recognize the hard work of our employees. We put some points on the board over the past few months, but we are far from satisfied. We view every quarter as a new opportunity to up our game and continue to execute well, and that is our mindset entering Q4.

第三季也反映出我們為調整業務規模而做出的一些非常困難的決定，我想認可我們員工的辛勤工作。過去幾個月我們在董事會上提出了一些觀點，但我們還遠遠不滿意。我們將每季視為提升遊戲水平並繼續良好執行的新機會，這就是我們進入第四季的心態。

With that, I will now turn it over to Dave.

有了這個，我現在將把它交給戴夫。

Thank you, Pat, and good afternoon, everyone. Third quarter revenue was $13.3 billion, up 4% sequentially and in the upper half of the range we provided in August. Intel Products and Intel Foundry, both delivered sequential revenue growth even as we navigated an inventory drawdown in clients.

謝謝帕特，大家下午好。第三季營收為 133 億美元，季增 4%，處於我們 8 月提供的區間的上半部。即使我們在客戶庫存減少的情況下，英特爾產品和英特爾代工廠都實現了連續的收入成長。

Turning to non-GAAP gross margins. As you know, last quarter, we guided gross margins of 38% but indicated that we expected incremental costs associated with our spending reduction plan and some of those costs would likely impact non-GAAP gross margin.

轉向非公認會計準則毛利率。如您所知，上季度我們指導毛利率為 38%，但表示我們預期與支出削減計畫相關的增量成本，其中一些成本可能會影響非 GAAP 毛利率。

We recognized approximately $3 billion of noncash impairment and accelerated depreciation charges primarily for Intel 7, which are above and beyond our quarter-to-quarter asset adjustments driving our non-GAAP gross margin down to 18% and EPS to a loss of $0.46. This $3 billion charge reduced non-GAAP gross margin by approximately 2,300 basis points and EPS by approximately $0.61 per share.

我們確認了大約30 億美元的非現金減損和加速折舊費用，主要針對英特爾7，這些費用超出了我們的季度資產調整，導致我們的非GAAP 毛利率降至18%，每股收益虧損0.46 美元。這 30 億美元的費用使非 GAAP 毛利率降低了約 2,300 個基點，每股收益降低了約 0.61 美元。

Beyond those impairment charges, we also were impacted by $15.6 billion of charges that are excluded from our non-GAAP results. These charges have three main components: first, we impaired our deferred tax asset balance by nearly $10 billion, which was triggered by cumulative GAAP-based losses over the last three years; second, a $2.6 billion goodwill impairment related to Mobileye, which shows up in our consolidated earnings; and lastly, is $2.2 billion associated with the severance of approximately 15% of our employees aligned with our plan to reduce operating expenses to $17.5 billion and take out $1 billion of other cost of sales next year.

除了這些減損費用之外，我們還受到 156 億美元費用的影響，這些費用不包括在我們的非 GAAP 業績中。這些費用主要由三個部分組成：首先，我們的遞延稅資產餘額減損了近 100 億美元，這是由過去三年基於 GAAP 的累積虧損引發的；其次，與 Mobileye 相關的 26 億美元商譽減損反映在我們的合併收益中；最後，與我們約 15% 員工的遣散費相關的 22 億美元與我們明年將營運費用減少至 175 億美元並扣除 10 億美元其他銷售成本的計劃相一致。

This last charge is the only charge with a cash impact. The tax asset impairment charge will not affect cash taxes going forward, and full details are in the 10-Q, which will be available tomorrow.

最後一項費用是唯一會影響現金的費用。稅務資產減損費用不會影響未來的現金稅，詳細資訊將在明天發布的 10 季報告中提供。

Q3 operating cash flow was $4.1 billion, up approximately $1.8 billion sequentially on better working capital. We had growth CapEx of $6.5 billion in the quarter, resulting in adjusted free cash flow of negative $2.7 billion. We expect the principal cash cost associated with the restructuring charges to land in Q4 '24.

第三季營運現金流為 41 億美元，由於營運資本改善，季增約 18 億美元。本季我們的成長資本支出為 65 億美元，導致調整後自由現金流為負 27 億美元。我們預計與重組費用相關的主要現金成本將在 24 年第四季下降。

We have $24.1 billion of cash and short-term investments, paid down $2.8 billion of debt in the quarter and remain focused on delivering next year as cash from operations continues to improve.

我們擁有 241 億美元的現金和短期投資，在本季度償還了 28 億美元的債務，並繼續專注於明年的交付，因為營運現金持續改善。

Moving to segment results. Intel Products revenue was $12.2 billion, up 3% sequentially. CCG revenue was down 1% quarter-over-quarter as customers work down their inventory as expected. DCAI revenue was up 10% sequentially as demand for traditional servers improved. Revenue per NEX was up double digits sequentially as elements of this business start to recover off a cyclical bottom.

轉向細分結果。英特爾產品營收為 122 億美元，比上一季成長 3%。由於客戶按預期減少庫存，CCG 收入環比下降 1%。隨著傳統伺服器需求的改善，DCAI 營收季增 10%。隨著該業務的各個部分開始從週期性底部復甦，每 NEX 的收入連續增長兩位數。

Q3 operating profit for Intel Products was $3.3 billion, 27% of revenue and up $400 million quarter-over-quarter on higher revenue and reduced operating expenses. Operating income was negatively impacted by a $300 million write-down of accelerator inventory due to reduced revenue expectations.

英特爾產品第三季營運利潤為 33 億美元，佔營收的 27%，由於收入增加和營運支出減少，季增 4 億美元。由於收入預期下降，加速器庫存減記了 3 億美元，對營業收入產生了負面影響。

Intel Foundry delivered revenue of $4.4 billion, up slightly sequentially, driven by increased wafer mix of Intel 4 and 3. Foundry operating loss of $5.8 billion was down sequentially materially driven by the $3 billion impairment charges I discussed earlier. We expect losses to continue at approximately the same rate in Q4 minus this impairment charge.

受英特爾4 代和3 代晶圓混合增加的推動，英特爾代工廠實現收入44 億美元，環比小幅增長。 。我們預計第四季度的損失將繼續以大致相同的速度減去減損費用。

Next year, as we move to nodes with a better cost structure and realize the savings associated with the restructuring actions, we expect operating losses to improve significantly. Additionally, we're intensely focused on driving improved returns on our roughly $8 billion of tangible book value, most of which is associated with Intel Foundry.

明年，隨著我們轉向成本結構更好的節點並實現與重組行動相關的節省，我們預計營運虧損將顯著改善。此外，我們高度重視提高約 80 億美元的有形帳面價值的回報，其中大部分與英特爾代工相關。

Mobileye reported revenue of $485 million and maintained full year guidance for revenue and adjusted operating income. Q3 revenue was down 8% year-over-year, primarily driven by a more than 50% reduction in shipments to China where comparisons will become easier as the exposure is now significantly smaller. Cash generation was quite strong as operating cash flow was well above operating income.

Mobileye 報告收入為 4.85 億美元，並維持全年收入指引和調整後營業收入。第三季營收年減 8%，主要是由於對中國的出貨量減少了 50% 以上，由於現在的風險敞口明顯較小，因此比較將變得更容易。由於經營現金流遠高於營業收入，現金產生相當強勁。

Altera delivered revenue of $412 million, up 14% sequentially, consistent with guidance to support improved lead times by our distribution partners. Operating margins increased sequentially by 900 basis points on better gross margins and spending discipline. For Q4, we expect high single-digit sequential revenue growth as we work with our distribution partners to prepare for the cutover to Altera independent warehouse operations.

Altera 實現收入 4.12 億美元，環比增長 14%，與我們的分銷合作夥伴支持縮短交貨時間的指導一致。由於更好的毛利率和支出紀律，營業利潤率環比增長了 900 個基點。對於第四季度，我們預計收入將實現高個位數連續成長，因為我們與分銷合作夥伴合作，為向 Altera 獨立倉庫業務的轉換做好準備。

Overall, billings remain below consumption as end customers continue to work down inventory tied to previous supply constraints. We anticipate inventory normalization will continue through the first half of next year.

總體而言，由於最終客戶繼續減少與先前供應限制相關的庫存，因此帳單仍低於消耗量。我們預計庫存正常化將持續到明年上半年。

Now turning to our Q4 guidance. We successfully worked down client customer inventory levels in Q3, in line with our expectations and despite continued client customer inventory reductions in Q4, CCG should grow towards the higher end of seasonal off abnormal Q3. Revenue is expected to be flat sequentially across DCAI and NEX businesses in aggregate.

現在轉向我們的第四季指引。我們在第三季度成功降低了客戶庫存水平，符合我們的預期，儘管第四季度客戶庫存持續減少，CCG 應該會向第三季度非正常季節的高端增長。 DCAI 和 NEX 業務的整體收入預計將持平。

Based on these factors, we expect revenue of $13.3 million to $14.3 billion in the fourth quarter. At the midpoint of $13.8 billion, we expect gross margin of approximately 39.5% with a tax rate of 13% and EPS of $0.12, all on a non-GAAP basis. On a GAAP basis, as we continue to execute on our cost actions and portfolio decisions, we expect additional restructuring charges in Q4.

基於這些因素，我們預計第四季營收為 1,330 萬美元至 143 億美元。以 138 億美元的中位數計算，我們預計毛利率約為 39.5%，稅率為 13%，每股收益為 0.12 美元，所有這些均按非公認會計原則計算。根據公認會計原則，隨著我們繼續執行成本行動和投資組合決策，我們預計第四季度將產生額外的重組費用。

We continue to size the business to support trend line revenue growth of 3% to 5% annually with the ability to scale up to 7% to 9% as demand dictates. We anticipate that our 2024 gross and net capital investments will be approximately $25 billion and $11 billion, respectively. Our expectation is for adjusted free cash flow to be negative in 2024 due to the restructuring charges disclosed today and the uncertainty around the timing of capital offsets as we approach year-end.

我們持續調整業務規模，以支援每年 3% 至 5% 的趨勢線營收成長，並能夠根據需求擴大至 7% 至 9%。我們預計 2024 年總資本投資和淨資本投資將分別約為 250 億美元和 110 億美元。由於今天揭露的重組費用以及接近年底的資本抵銷時間的不確定性，我們預計 2024 年調整後自由現金流將為負值。

In 2025, with OpEx of approximately $17.5 billion and gross and net CapEx of $20 billion to $23 billion and $12 billion to $14 billion, respectively, we expect to achieve positive adjusted free cash flow.

到 2025 年，營運支出約為 175 億美元，總資本支出和淨資本支出分別為 200 億至 230 億美元和 120 億至 140 億美元，我們預計將實現正調整自由現金流。

Before I close, let me take a moment to remind you of a couple of items as you model 2025 and that today's restructuring and impairment charges are in service to achieve this financial model. First, we are positive on the growing market adoption of the AIPC and our strong product positioning.

在結束之前，讓我花點時間提醒您在建立 2025 年模型時需要注意的幾個事項，以及今天的重組和減損費用正在用於實現此財務模型。首先，我們對 AIPC 不斷增長的市場採用率和我們強大的產品定位持積極態度。

As our mix of outsourced products and CCG grows in calendar year 2025, and we ramp Intel 18A to support Panther Lake, gross margin expansion could be muted, particularly in the second half. We expect gross margin fall-through to significantly improve in 2026 driven by the vastly improved cost structure of Intel 18A, the return of [tiles] to a meaningfully underutilized Intel Foundry and operational efficiencies.

隨著我們的外包產品和 CCG 組合在 2025 年不斷增長，並且我們加大英特爾 18A 的支持力度以支持 Panther Lake，毛利率的增長可能會放緩，尤其是在下半年。我們預計，由於英特爾 18A 成本結構的大幅改善、[tiles] 回歸未充分利用的英特爾代工廠以及營運效率的提高，毛利率下降將在 2026 年顯著改善。

Second, the estimated $700 million on a GAAP basis of noncontrolled income from Mobileye, Altera, IMS and the portion of the SCIPs earned by our partners is expected to be heavily weighted to the second half of 2025 and will continue to grow in future years with the ramping of wafer outs at our SCIP fabs in Arizona and Ireland.

其次，預計到2025 年下半年，來自Mobileye、Altera、IMS 的非受控收入和我們的合作夥伴賺取的SCIP 部分的非受控收入預計將達到7 億美元，預計到2025 年下半年將佔據重要地位，並將在未來幾年繼續成長。

In closing, our profitability remains well below the standards we've set and recognize there's much more work to be done to improve the efficiency of the business. We're encouraged by the progress we made this quarter to right size the spending, and our process and product execution, combined with a strong external customer traction in the quarter, give us confidence our strategy will deliver compelling shareholder returns.

最後，我們的獲利能力仍然遠低於我們設定的標準，並認識到在提高業務效率方面還有很多工作要做。我們對本季在調整支出規模方面取得的進展感到鼓舞，我們的流程和產品執行，再加上本季強大的外部客戶吸引力，使我們有信心我們的策略將帶來令人矚目的股東回報。

I'll now turn it back over to John to start the Q&A.

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 of the call. (Event Instructions)

謝謝戴夫。我們現在將過渡到電話問答。 （活動須知）

Ross Seymore, Deutsche Bank.

羅斯·西莫爾，德意志銀行。

Congrats on solid results. Pat, I want to talk about the 18A transition. Can you just talk about what are the metrics we're going to be able to see externally on this to give people confidence in the ability to ramp it? You've said it's healthy. You've talked about new design wins. But when are some of the true metrics going to come either internally or perhaps even more importantly, externally as your Intel Foundry revenue from an external customer base grows?

祝賀取得了紮實的成果。帕特，我想談談 18A 的過渡。您能否談談我們將能夠從外部看到哪些指標，以讓人們對提升它的能力充滿信心？你都說了這很健康。您談到了新設計的勝利。但是，隨著來自外部客戶群的英特爾代工廠收入的成長，一些真正的指標何時會在內部出現，或者更重要的是，在外部出現？

Yes. Thanks, Ross. And obviously, this was a good quarter on the progress that we had, three new customers, Amazon, which we were public on a few weeks ago, Panther Lake and Clearwater Forest. Internally, two new external customers added to that. So solid progress on it.

是的。謝謝，羅斯。顯然，這是我們取得進展的一個很好的季度，三個新客戶，亞馬遜，我們幾週前公開的，Panther Lake 和 Clearwater Forest。在內部，又增加了兩個新的外部客戶。如此堅實的進展。

Clearly, next year, there's not a lot of financial benefit from it because we're only ramping late in the year. Thus, we'll be giving more qualitative metrics on progress as we go through the year, Ross. We'll continue to update, give LDV updates, lifetime deal value for foundry updates as we go through the year.

顯然，明年，我們不會從中獲得太多的經濟利益，因為我們只是在今年晚些時候才開始增加。因此，羅斯，我們將在這一年中提供更多有關進展的定性指標。我們將在這一年中繼續更新，提供 LDV 更新、鑄造廠更新的終身交易價值。

Clearly, as we get more customers, we'll be updating on that progress. It has much larger impacts on '26 financials as we ramp and bring wafers home as well as move into the better margin structure that we'll have on Panther Lake with 18A and across the product line.

顯然，隨著我們獲得更多客戶，我們將更新這項進展。隨著我們加大產能並將晶圓帶回家，以及進入 Panther Lake 18A 和整個產品線更好的利潤結構，它對 26 年的財務狀況產生了更大的影響。

So we'll be giving clarity in that way, but it will be hard to tie it to specific financials next year, but this is super important for us. For our foundry business, for the industry. So we'll be giving plenty of color as we proceed.

因此，我們將以這種方式進行澄清，但明年很難將其與具體財務數據聯繫起來，但這對我們來說非常重要。對於我們的鑄造業務，對於整個行業。因此，當我們繼續進行時，我們將提供大量的顏色。

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

羅斯，您還有後續問題嗎？

Yes, I do. One for Dave on the gross margin side of things, just somewhat chronologically, ex the charges, it looks like you're about a 41% gross margin in the second -- or excuse me, the third quarter, I know that's not where you want to be overall, but that's much better than you guided.

是的，我願意。戴夫（Dave）的毛利率方面，只是按時間順序排列，除費用外，看起來第二季度的毛利率約為 41％ - 或者對不起，第三季度，我知道這不是你的情況想要整體，但這比你指導的要好得多。

So what was the cause of the upside there? Why is it going down in the fourth quarter? And what are the big picture puts and takes that you're alluding to about the gross margin leverage or lack thereof, especially as we get into the second half of next year?

那麼，上漲的原因是什麼呢？為什麼第四季會下降？您提到的毛利率槓桿或毛利率缺乏的整體前景是什麼，特別是在我們進入明年下半年的時候？

Yes. Good question. Okay. So I would say the third quarter price was really associated with better sell-through of previously reserved inventory. I think that was the thing that upsided us the most in the third quarter. As we look into the fourth quarter, we'll have that better sell-through won't repeat itself. So that will be a fundamental driver of why the gross margins kind of slipped down, absent the impairment charge.

是的。好問題。好的。所以我想說，第三季的價格確實與之前保留的庫存的更好銷售有關。我認為這是第三季為我們帶來最大好處的事情。當我們展望第四季時，我們將看到更好的銷售情況不會重演。因此，如果不考慮減損費用，這將是毛利率下滑的根本原因。

And additionally, we're going to have more start-up costs in the fourth quarter associated with 18A than we did in the third quarter. So that's going to put a little pressure on the gross margins.

此外，第四季與 18A 相關的啟動成本將比第三季更高。因此，這將對毛利率造成一些壓力。

But I do think the 39.5% guide at the midpoint for the fourth quarter is a pretty clean guide. It has less kind of noise around it than some of the previous quarters. So I think it's a good kind of metric to kind of start to inform how '25 will look in terms of gross margins.

但我確實認為第四季中點 39.5% 的指導值是一個相當乾淨的指導值。與前幾季相比，它周圍的噪音較少。因此，我認為這是一個很好的指標，可以幫助我們了解 25 年毛利率的情況。

We're not going to provide guidance yet on '25. It's still early. I would say the puts and takes of it are, for sure, as Pat indicated, we're all in on AIPC and in particular, we're all in on Lunar Lake, which is our next-generation product. As you know, Lunar Lake has the memory in the package, that affects the gross margins, and I think it's going to weigh down the gross margins on the product side of the business for us in '25.

我們不會在 25 年提供指導。現在還早。我想說的是，正如帕特所指出的那樣，我們都在 AIPC 上，特別是在 Lunar Lake 上，這是我們的下一代產品。如您所知，Lunar Lake 的內存在包裝中，這會影響毛利率，我認為它將在 25 年壓低我們業務產品方面的毛利率。

Now as you know, Panther Lake's the next one, the margins get better just at the product level, but also include more mix of wafer wafers internally, which also helps the foundry business. So as we get more volume ramping in '26 and Panther Lake, that's going to be helpful for gross margins.

現在如你所知，Panther Lake 是下一個，利潤率在產品層面變得更好，而且內部也包括更多的晶圓混合，這也有助於代工業務。因此，隨著 26 年和 Panther Lake 銷量的增加，這將有助於提高毛利率。

On the foundry side, we will see improvement next year. You won't see it because we don't report it at that level, but we will see gross margin improvement on the foundry side as we step into '25, partly because of the reductions we talked about. As we talked about, we're going to reduce our spending by more than $10 billion, $1 billion of it is directly in cost of sales associated with the Intel Foundry business getting more efficient in terms of their spend.

在代工方面，我們明年將看到進步。你不會看到它，因為我們沒有在那個水平上報告它，但當我們進入 25 世紀時，我們將看到代工方面的毛利率改善，部分原因是我們談到的削減。正如我們所討論的，我們將減少超過 100 億美元的支出，其中 10 億美元直接用於與英特爾代工業務提高支出效率相關的銷售成本。

Additionally, we're just going to be mixing more to EUV wafers. EUV wafers have a better pricing dynamic, to have a better cost structure on a relative basis. So we see improvement there. And I've been pleased with just the new model of managing the foundry business with a P&L. I've seen all kinds of better decision-making going on, both at foundry and at the product side just to optimize their cost structure in a better way, and that should help as well.

此外，我們將更多地混合到 EUV 晶圓中。 EUV 晶圓具有更好的定價動態，相對而言具有更好的成本結構。所以我們看到了那裡的改善。我對透過損益表管理代工業務的新模式感到滿意。我已經看到各種更好的決策正在發生，無論是在代工廠還是產品方面，只是為了以更好的方式優化其成本結構，這也應該有所幫助。

Longer term, I just think as we continually improve our product portfolio, both in Foundry and Products, that usually commands a better margin profile and also longer term be a tailwind. But not yet, I think, something that shows up meaningfully in '25.

從長遠來看，我只是認為，隨著我們不斷改進我們的產品組合（無論是代工廠還是產品），這通常會帶來更好的利潤率，而且從長遠來看也是有利的。但我認為，在 25 年還沒有出現有意義的事。

And I would just add that as we indicated on our last quarter's earnings call, as we go through this restructuring phase, we're in the next phase of our transformation. With that, we're much more focused on the sustainable business model results, shareholder return, financial disciplines. The first phase is very much about getting back in the game. Getting process in place, getting shell ahead in place, getting our products competitive.

我想補充一點，正如我們在上個季度的財報電話會議上所指出的那樣，當我們經歷重組階段時，我們正處於轉型的下一個階段。這樣，我們更關注可持續的商業模式成果、股東回報和財務紀律。第一階段的重點是重新回到遊戲中。讓流程到位，讓外殼領先到位，讓我們的產品具有競爭力。

So I think overall, Ross, we're going to be much more focused on it. Those are the tough actions we've taken this quarter. getting our cost base where we need to be. And overall, the operating margin, the gross margins of the company, overall cost base, CapEx investment, they're just getting a lot more attention from us as we go forward.

所以我認為總的來說，羅斯，我們將更加關注它。這些都是我們本季採取的強硬行動。讓我們的成本基礎達到我們需要的水平。整體而言，營業利潤率、公司毛利率、整體成本基礎、資本支出投資，隨著我們的前進，它們正得到我們更多的關注。

Timothy Arcuri, UBS.

提摩西‧阿庫裡，瑞銀集團。

Pat, I think you mentioned at a conference maybe in September that defect density on 18A is you said sub-0.4, I think. Can you just talk about how that translates to yields? Is that sort of a good enough number to translate into high volume? And what sort of number for, say, defect density does a customer want to see when they're looking at your foundry?

Pat，我想您可能在 9 月的一次會議上提到過，18A 的缺陷密度是您所說的低於 0.4。您能談談這如何轉化為收益率嗎？這個數字足以轉換成高產量嗎？客戶在查看您的代工廠時希望看到什麼樣的數字（例如缺陷密度）？

Yes. Defect density, it's a complex conversation, Tim, because that big die sizes have lower percent yields right, even at the same defect density. So it's very variable depending on the particular die size of the product. So when we said the D0 of less than 0.4, that was a healthy yield number at this phase of the process development, that's not yet a high-volume production yield level.

是的。缺陷密度，這是一個複雜的話題，蒂姆，因為即使在相同的缺陷密度下，大晶片尺寸的成品率也較低。因此，根據產品的特定晶片尺寸，它的變化很大。因此，當我們說 D0 小於 0.4 時，這在製程開發的這個階段是一個健康的良率數字，但還不是大批量生產的良率水準。

But we're not at that phase of the process development yet for 18A. So it's a number that says we are at where we'd want to be at this point in the process development life cycle.

但我們還沒有進入 18A 製程開發的階段。因此，這個數字顯示我們在流程開發生命週期的這一點上處於我們想要的位置。

Clearly, as you bring it to high-volume production, which we'll be doing in the second half of next year, we have to be markedly lower than that in terms of defect density. But we believe that we see all the signs, the signals, and we're managing this very carefully to accomplish that as we get to next year.

顯然，當我們將其投入大批量生產時（我們將在明年下半年進行），我們的缺陷密度必須明顯低於這一水平。但我們相信我們看到了所有的跡象和信號，我們正在非常謹慎地管理這一點，以在明年實現這一目標。

Similarly, as we look at today's Intel 3, we're accomplishing the defect densities with the maturity levels that we'd expect on that. But again, yield in the process technology is something you're never done with, right? You hit key milestones on quality yield and then you go into high-volume production and you continue to work on that going forward.

同樣，當我們審視今天的 Intel 3 時，我們正在以我們期望的成熟度等級來實現缺陷密度。但同樣，工藝技術的良率是您永遠無法完成的事情，對嗎？您在品質產量方面達到了關鍵里程碑，然後進入大批量生產，並繼續為此努力。

I'd also emphasize that the Arizona ramp is important for us as we move to 18A. And that comes online in volume in the second half of next year. And that's all on track as well as we have tool move-ins, EUV tools and qualification now, first wafers coming out of the volume fab in Arizona in Q1 of next year. So overall, we're progressing well, and we'll be giving you updates as we proceed.

我還要強調，當我們轉向 18A 時，亞利桑那州坡道對我們很重要。該產品將於明年下半年大量上線。這一切都在按計劃進行，我們現在已經有了工具搬入、EUV 工具和資格認證，第一批晶圓將於明年第一季從亞利桑那州的批量晶圓廠生產出來。總的來說，我們進展順利，我們將在進展過程中向您提供最新資訊。

Tim, do you have a follow-up question?

提姆，您還有後續問題嗎？

I do. Yes. I have a question on Panther Lake, Pat. So I know that it's coming back in-house, but we do still hear that most tiles are still being outsourced. Can you speak to that? Is that a change? Or was that always the plan? And I guess when you look at Nova Lake on the desktop side, is it still being dual track, meaning that there is still an option that it could be outsourced? Or is it guaranteed to be brought back in-house?

我願意。是的。我有一個關於黑豹湖的問題，帕特。所以我知道它會回到內部，但我們仍然聽說大多數瓷磚仍在外包。你能談談嗎？這是一個改變嗎？或者這一直是計劃嗎？我想當你在桌面端查看 Nova Lake 時，它是否仍然是雙軌的，這意味著仍然可以選擇外包？還是保證能帶回公司內部？

Yes. Thank you. Panther Lake, some tiles would be external, but the majority of the millimeter square in the package are back internal. It's more 70-plus percent of the silicon area is back in-house. So the majority of Panther Lake wafer capacity by a good margin is coming back inside for Intel.

是的。謝謝。 Panther Lake，一些瓷磚將在外部，但包裝中的大部分毫米見方都在內部。超過 70% 的矽片面積都回到了內部。因此，Panther Lake 晶圓產能的大部分將大幅回歸英特爾內部。

Nova Lake, we definitely have some SKUs that we're looking at continuing to leverage externally, but the large majority of Nova Lake and more of the additional tiles have come back in-house as well. So we still have some flexibility in the Nova Lake product, but the large majority of that is committed to the Intel Product or Intel Foundry.

Nova Lake，我們肯定有一些 SKU 正在考慮繼續在外部利用，但 Nova Lake 的絕大多數和更多額外的瓷磚也已回到內部。因此，我們在 Nova Lake 產品上仍然具有一定的靈活性，但其中大部分都致力於英特爾產品或英特爾代工廠。

So overall, we are absolutely executing on the bringing wafer's home strategy that we've laid out. That said, TSMC has been a great partner. Clearly, Lunar Lake has demonstrated the strength of the partnership and one that we'll use selectively in our product lines for the future. But a large percentage of wafers coming home that meaningfully fills our factories that also meaningfully improves the margin structure of Intel and Intel Products.

因此，總的來說，我們絕對正在執行我們制定的晶圓帶回家策略。也就是說，台積電一直是個很好的合作夥伴。顯然，Lunar Lake 展示了合作夥伴關係的實力，我們將在未來的產品線中選擇性地使用這種合作夥伴關係。但有很大一部分晶圓回國，大大滿足了我們工廠的需求，也顯著改善了英特爾和英特爾產品的利潤結構。

C.J. Muse, Cantor Fitzgerald.

C.J.繆斯，坎托·費茲傑拉。

Wanted to follow on that last question. In terms of the optionality in terms of securing leading-edge capacity, obviously, you're all in on 18A. But if that were to get delayed, what do you have in terms of negotiated capabilities in terms of securing capacity in '26, '27. And on the other hand, if 18A proves to be more successful, how are you thinking about time frame being more aggressive in terms of adding capacity in Arizona?

想繼續回答最後一個問題。就確保領先容量的可選性而言，顯然，18A 是您的最佳選擇。但如果這被推遲，那麼在確保 26 年、27 年產能方面的談判能力方面，你有什麼能力。另一方面，如果 18A 被證明更成功，您如何考慮在亞利桑那州增加產能方面更積極的時間框架？

Yes. Thank you, C.J. I'll say we have optionality in the product portfolio that way. We have more resilience in our supply chain than competition does as a result. So we feel quite good about that. We continue to really value the relationship, right, with TSMC and our product portfolio is set up very nicely with respect to G&A capacity.

是的。謝謝你，C.J。因此，我們的供應鏈比競爭對手更具彈性。所以我們對此感覺很好。我們仍然非常重視與台積電的關係，對吧，我們的產品組合在一般管理能力方面建立得非常好。

Given our shell ahead strategy and the investments that we've made over the last several years, we have a lot of flexibility to scale up if market conditions require for our products but also if market conditions require for our foundry customers as well.

鑑於我們的先行策略和過去幾年所做的投資，如果市場條件需要我們的產品，而且如果市場條件也需要我們的代工客戶，我們就有很大的靈活性來擴大規模。

And given the margin stacking nature that we uniquely are able to benefit from -- every wafer we bring home adds to the margin structure of Intel in a meaningful way. So we really are setting ourselves up very nicely for the future.

考慮到我們能夠獨特地受益的利潤疊加性質——我們帶回家的每塊晶圓都以有意義的方式增加了英特爾的利潤結構。所以我們確實為未來做好了很好的準備。

And as we make progress on 18A,18AP, 14A, an aggressive road map, advanced packaging, which is uniquely based on Intel technologies and finding more momentum in our product line, but also in our foundry customers, we really are starting to see the benefits of the long-term strategy that we've put in place with Intel products, with Intel Foundry.

隨著我們在18A、18AP、14A、積極的路線圖、先進封裝（獨特地基於英特爾技術）上取得進展，並在我們的產品線以及我們的代工客戶中找到更多動力，我們確實開始看到我們對英特爾產品和英特爾代工廠實施的長期策略的好處。

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

C.J，您還有後續問題嗎？

I do. Following the better the consensus guide for Q4, could you give us an early read on how you're thinking about seasonality into Q1?

我願意。根據第四季度更好的共識指南，您能否提前了解您對第一季季節性的看法？

Yes. So we're not going to provide, C.J., guidance for Q1. Let's work on Q4, and we can update you in January. But the average seasonality for Q1 is in the 8% to 10% range, and we'll give you more color as we get into next quarter's earnings, whether we are going to be seasonal or see things differently than that.

是的。因此，C.J.，我們不會提供第一季的指導。讓我們研究第四季度，我們可以在一月向您通報最新情況。但第一季度的平均季節性在 8% 到 10% 範圍內，當我們進入下一季度的收益時，我們將為您提供更多信息，無論我們是季節性的還是以不同的方式看待事情。

Yes. And I'd say, overall, it's hard to say. We have geopolitical factors and other things that the world is looking at, and I don't think we have any wisdom beyond that at this point. We're clearly trying to manage the business to a cost structure that we're very comfortable with.

是的。我想說，總的來說，這很難說。我們有地緣政治因素和世界正在關注的其他事情，但我認為目前我們沒有任何除此之外的智慧。顯然，我們正在努力將業務管理到我們非常滿意的成本結構。

But as we indicated by the last question, C.J., we have a lot of flexibility to scale up if necessary or we have the opportunity to do that as well. And overall, there's quite a bit of uncertainty, I think, in the marketplace, so our strategy positions us well to deal with those overall uncertainties that we don't control, but we're very committed to control what we can directly do.

但正如我們在最後一個問題中所指出的，C.J.，如果有必要，我們有很大的靈活性來擴大規模，或者我們也有機會這樣做。總的來說，我認為市場上存在相當多的不確定性，因此我們的策略使我們能夠很好地應對我們無法控制的整體不確定性，但我們非常致力於控制我們可以直接做的事情。

Vivek Arya, Bank of America.

維韋克·阿里亞 (Vivek Arya)，美國銀行。

For the first one, I want to go back to 2025 and how we should kind of actually look at it. I think at one point, [in the] trend line of 3% to 5% growth top line. Is that how we should think about sales? And then on the gross margin side, Dave, you said that muted expansion, [identify] look at your Q4 of 39.5%, is that sort of what you imply for 2025?

對於第一個，我想回到 2025 年，以及我們應該如何實際看待它。我認為在某一時刻，[處於] 3% 至 5% 成長頂線的趨勢線。我們應該這樣看待銷售嗎？然後在毛利率方面，戴夫，你說擴張緩慢，[確定]看看你的第四季的 39.5%，這就是你對 2025 年的暗示嗎？

And I asked that because I think at some other point, you also mentioned headwinds in the second half of '25. So that got me confused as to whether it could dip below these levels. So just -- I know you're not giving '25 outlook, but you did give a trend line number and you did kind of give us the 39.5% metric. So any color would be very useful.

我問這個問題是因為我認為在其他時候，您也提到了 25 年下半年的逆風。所以這讓我很困惑，不知道它是否會跌破這些水平。所以，我知道您沒有給出 25 年的前景，但您確實給出了趨勢線數字，並且確實給了我們 39.5% 的指標。所以任何顏色都會非常有用。

Yes. So on revenue growth, again, we're not going to (technical difficulty) for 2025. I'd say just that we are managing the business in terms of how we're investing in the business to a 3% to 5% growth rate next year, but over time, in our minds. And things turn out to be better, then that's good fall through to us from a profitability perspective.

是的。因此，就收入成長而言，我們不會在 2025 年實現（技術難度）。隨著時間的推移，在我們的腦海中。事實證明情況變得更好，那麼從獲利角度來看，這對我們來說是件好事。

I wasn't suggesting that you take the 39.5%, you move it every quarter. Clearly, every quarter is going to have some unique aspects to it. Only that 39.5% was a quarter in which it was clean, and it was a good proxy to start the calculation for the full year of '25.

我並不是建議你採用 39.5%，你每季都會調整它。顯然，每個季度都會有一些獨特的方面。只有 39.5% 是一個乾淨的季度，它是開始計算 25 年全年的一個很好的指標。

You're right, yes, we do see more headwind in the second half versus the first half given Lunar Lake becoming a more meaningful part of the volume over time for 2025. Again, that starts to improve in the following year as Panther Lake becomes more and more meaningful part of the volume for the client business in 2026.

你是對的，是的，我們確實看到下半年比上半年有更多的逆風，因為Lunar Lake 隨著時間的推移將在2025 年成為交易量中更有意義的一部分。 Lake 成為到 2026 年，這對客戶業務量來說將是越來越有意義的部分。

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

Vivek，您還有後續問題嗎？

So maybe one for Pat. Pat, what does the future look like for Intel's data center if there is no competitive AI product. Is just being CPU-centric good enough? At what point does the CPU get commoditized like custom chips or replaced with ARM-based products. What is Intel's AI strategy right now?

所以也許是給帕特的。 Pat，如果沒有有競爭力的人工智慧產品，英特爾資料中心的未來會是什麼樣子。僅僅以 CPU 為中心就足夠了嗎？ CPU 何時會像客製化晶片一樣商品化或被基於 ARM 的產品取代。英特爾目前的人工智慧策略是什麼？

Yes. Thank you, Vivek. Maybe three different perspectives just to highlight. Number one is the CPU plays an increasing role in data center AI compute. So and even in cloud-based environments today, head nodes are an area of strength for Intel's Xeon already, as I reflected in my comments.

是的。謝謝你，維韋克。也許有三個不同的觀點只是為了強調。第一，CPU 在資料中心人工智慧運算中發揮越來越重要的作用。因此，即使在當今基於雲端的環境中，頭節點也已經是英特爾至強的優勢領域，正如我在評論中所反映的那樣。

As you go into enterprise AI, we expect to place a more prominent role, databases, embedding, refinement or much more attuned to CPU workloads. And our strategy there is CPU plus accelerator or CPU plus Gaudi. So we see the enterprise use cases having a very long life associated with them going forward.

當您進入企業人工智慧時，我們希望發揮更重要的作用，資料庫、嵌入、細化或更適合 CPU 工作負載。而我們的策略有CPU加加速器或CPU加Gaudi。因此，我們看到企業用例在未來具有很長的生命週期。

Second, as I said, Gaudi 3, good product and seeing good early interest from customers. We mentioned the IBM win, but a good pipeline of activities there. So Xeon plus accelerator in that regard.

其次，正如我所說，Gaudi 3，好的產品，並且看到客戶的早期興趣。我們提到了 IBM 的勝利，但那裡有很好的活動管道。所以Xeon加上這方面的加速器。

And as we launched this quarter, we also have the x86 ecosystem advisory. We are breathing life into the x86 architecture, and we're seeing extraordinary interest from the industry, from luminaries and how we build on that momentum.

當我們本季推出時，我們也提供了 x86 生態系統諮詢。我們正在為 x86 架構注入活力，我們看到了業界、傑出人士的極大興趣以及我們如何在此勢頭的基礎上再接再厲。

So we definitely want to be very front footed with x86 for a full range of use cases, but also the AI use cases as well and the industry's quite interested in joining us participating and expanding world's greatest architecture of all time, the most industry influence, the broadest number of ISVs and applications and continuing that momentum forward.

因此，我們絕對希望在 x86 的全方位用例以及人工智慧用例方面處於領先地位，並且業界非常有興趣與我們一起參與和擴展世界上有史以來最偉大的架構，最具行業影響力，最大數量的ISV和應用程序，並繼續保持這一勢頭。

Aaron Rakers, Wells Fargo.

亞倫·雷克斯，富國銀行。

Yes. I appreciate it. The -- two questions, if I can as well. So first on the foundry business as you guys ramp that, we start to focus on the ramp of 18A looking forward, given the pipeline of the design wins that you guys have talked about.

是的。我很感激。兩個問題，如果我也可以的話。因此，首先在代工業務上，隨著你們的發展，我們開始關注未來 18A 的發展，考慮到你們所談論的設計勝利的管道。

I'm curious, how large is your external piece of that, call it, $4.4 billion revenue in this most recent quarter, I think it was about $77 million last quarter. And how do we think about the pace of that kind of inflecting higher as we look out into '25, '26? And I'm just curious how you would define success in that external business.

我很好奇，你的外部收入有多大，最近一個季度的收入為 44 億美元，我認為上個季度約為 7,700 萬美元。當我們展望「25」、「26」時，我們如何看待這種走高的步伐？我只是好奇你如何定義外部業務的成功。

Yes. So overall, the external foundry business will be a modest portion, right, of the foundry business for the next couple of years. The foundry revenues will be dominated by the internal products as we've been building that portfolio for many years. So we'll ramp as we go through the rest of the decade.

是的。因此，整體而言，未來幾年外部代工業務將僅佔代工業務的一小部分。代工收入將由內部產品主導，因為我們多年來一直在建立該產品組合。因此，我們將在這十年的剩餘時間裡加大力度。

We said our financial objectives by the end of the decade, our $15 billion plus of external foundry revenue. We'll be giving periodic updates on LDV, lifetime deal value of external foundry customers as we go forward. And indicators like we did this quarter of new design wins, new customers coming on online. But the reported numbers for Intel Foundry will be substantially dominated by the Intel products for the next couple of years.

我們說到本世紀末我們的財務目標是外部代工收入達到 150 億美元。隨著我們的發展，我們將定期更新 LDV、外部代工廠客戶的終身交易價值。像我們本季所做的指標一樣，新設計獲勝，新客戶上線。但英特爾代工廠的報告數據在未來幾年將主要由英特爾產品主導。

That said, we saw a nice growth, right, quarter-on-quarter in the external foundry business, and we did break profitable for the advanced packaging portion of that business in Q3. So we are seeing nice growth characteristics, nice business characteristics, and we'll be giving more updates as we go forward.

也就是說，我們看到外部代工業務季度環比增長良好，而且我們在第三季度該業務的先進封裝部分確實實現了盈利。因此，我們看到了良好的成長特徵、良好的業務特徵，並且隨著我們的前進，我們將提供更多更新。

Dave, anything to add on that?

戴夫，還有什麼要補充的嗎？

No, I mean, other than it was up a bit this quarter, but still dominated by internal business within the Intel Foundry business.

不，我的意思是，除了本季略有上升之外，但仍然由英特爾代工業務的內部業務主導。

Aaron, do you have a follow-up question?

亞倫，你還有後續問題嗎？

Yes, I do. Real quickly on the server side of the business kind of off the prior question. I guess there's a continual discussion or debate of like Intel's positioning as far as stabilizing or recapturing share position in x86 service. I'm curious as we think about Granite Rapids, we think about Clearwater Forest and Diamond Rapids, how do you characterize your ability to kind of your views of recapturing share in that server CPU market?

是的，我願意。在業務的伺服器端很快就解決了先前的問題。我猜想，關於英特爾在 x86 服務中穩定或重新奪回市場份額的定位，人們一直在討論或爭論。我很好奇，當我們想到 Granite Rapids、Clearwater Forest 和 Diamond Rapids 時，您如何描述您重新奪回該伺服器 CPU 市場份額的能力？

Yes. Thank you, Aaron. And I'd say our goal is stabilize our position and grow from that position. And this was a solid quarter for our execution. Clearly, Xeon 6, Granite Rapids and Sierra Forest now fully shipping and available are important milestones. Obviously, the AWS deal was a very nice deal because it reinforces Xeon, but also our expanding role of customization.

是的。謝謝你，亞倫。我想說，我們的目標是穩定我們的地位，並從這個地位開始成長。對於我們的執行來說，這是一個堅實的季度。顯然，Xeon 6、Granite Rapids 和 Sierra Forest 現已全面發貨並可用，這是重要的里程碑。顯然，AWS 交易是一筆非常好的交易，因為它強化了 Xeon，同時也增強了我們在客製化方面的作用。

So I'll say the first order of business is hold share and then regain share. The strength that we've seen for Xeon is the AI head nodes, these AI use cases. We have very good performance on Granite Rapids for AI use cases.

所以我想說，首要任務是持有份額，然後重新獲得份額。我們看到的 Xeon 的優勢在於 AI 頭節點，這些 AI 用例。我們在 Granite Rapids 的 AI 用例上取得了非常好的表現。

And as we look to the future, getting just more competitive on basic power performance per core and fighting for share there is clearly the initiatives that we have underway. Clearwater Forest powered on, right, showing health of 18A, Diamond Rapids will shortly go into fab. So the road map is in good solid shape as well.

當我們展望未來時，在每個核心的基本功率性能上更具競爭力並爭奪市場份額顯然是我們正在採取的舉措。 Clearwater Forest 已通電（右），顯示 18A 的運作狀況，Diamond Rapids 很快就會進入工廠。因此，路線圖也處於良好的狀態。

So I'd say, overall, we feel that is a good pathway. And if I add to the last question as well for AI, I'd also emphasize that all of the energy has been in training. And all of us all of that associated with cloud-based training. But training is creating the weather model, not using it.

所以我想說，總的來說，我們認為這是一條很好的路。如果我也為人工智慧添加最後一個問題，我還要強調所有的精力都花在訓練上了。我們所有人都與基於雲端的培訓相關。但訓練是創建天氣模型，而不是使用它。

And increasingly, I think every analyst is putting more and more attention to how do we use those models? How do we inferencing against them? How do we retrain for our localized data? How do we complement that with RAG and database and [beddings], and all of those are areas that are much more CPU centric. So the strength of our CPU and its unique power in some of these AI use cases as well as something we see the market coming more toward us and the strength that we've traditionally had.

我認為每個分析師都越來越關注我們如何使用這些模型？我們如何推斷它們？我們如何重新訓練在地化資料？我們如何用 RAG、資料庫和[基礎設施] 來補充這一點，所有這些領域都更加以 CPU 為中心。因此，我們的 CPU 的優勢及其在某些人工智慧用例中的獨特功能，以及我們看到的市場越來越向我們傾斜以及我們傳統上擁有的優勢。

Srini Pajjuri, Raymond James.

斯里尼·帕朱里，雷蒙德·詹姆斯。

Pat, I have a question on the foundry side, in particular, the packaging business you have. I know, even though there's a lot of skepticism about 18A but I think you guys have pretty good packaging technology, and it's proven, I believe, if I look at EMIB and Foveros, et cetera.

派特，我有一個關於鑄造廠方面的問題，特別是你們的包裝業務。我知道，儘管對 18A 有很多懷疑，但我認為你們擁有相當好的封裝技術，並且我相信，如果我看看 EMIB 和 Foveros 等，它就得到了證明。

So my question is, given the tightness in the packaging industry right now, I would have thought we would see more interest in your packaging services. So I'm just curious as to why we are not seeing that. Is it because it's -- I guess there must be some nuances of using your packaging with TSM wafers. I'm just curious as to why we are not seeing more interest.

所以我的問題是，鑑於目前包裝行業的緊張，我以為我們會對你們的包裝服務產生更多興趣。所以我只是好奇為什麼我們沒有看到這一點。是因為 - 我想使用 TSM 晶圓的包裝一定存在一些細微差別。我只是好奇為什麼我們沒有看到更多的興趣。

Well, I'd say we do see significant interest in this area and moving your supply chain, though, is complicated and takes qualification time, and many of these designs were first designed on cowos, and now they're looking at Foveros, and then they're looking at the unique technologies that we have like EMIB as well. So we actually see very good momentum in that area.

嗯，我想說的是，我們確實看到了人們對這一領域的濃厚興趣，但行動供應鏈很複雜並且需要資格認證時間，其中許多設計最初是在cowos 上設計的，現在他們正在考慮Foveros，並且然後他們也會研究我們擁有的獨特技術，例如 EMIB。所以我們實際上在該領域看到了非常好的勢頭。

Now those aren't as revenue-producing as wafer design, so they're not nearly, right, as large in size. But the pipeline of activities is very strong. And the quarter-on-quarter improvements we saw were largely driven by advanced packaging. Most of the external revenue that we'll see, which will be nicely up year-on-year as we go into '25 [and] the external foundry will be advanced packaging, and we also see healthy margins for that technology as well.

現在，這些技術的創收能力不如晶圓設計，因此它們的尺寸也沒有那麼大。但活動的管道非常強大。我們看到的季度環比改善主要是由先進封裝推動的。我們將看到的大部分外部收入，隨著我們進入 25 年，外部收入將同比大幅增長，並且外部代工廠將採用先進封裝，我們也看到該技術的可觀利潤。

So moving supply chain is always hard and slow, but the progress that we've seen already the design wins that we already include in our LDV and then the pipeline of additional designs that we are engaging in, all of it give us great optimism that this becomes a foundational piece of our foundry business for the long term. And as I noted in an earlier comment, we did see our advanced packaging now as a profitable business as a standalone by itself as well.

因此，行動供應鏈總是艱難而緩慢的，但我們已經看到了設計勝利的進展，我們已經將其包含在我們的LDV 中，然後是我們正在參與的其他設計的管道，所有這些都讓我們非常樂觀從長遠來看，這將成為我們鑄造業務的基礎。正如我在之前的評論中指出的那樣，我們確實看到我們的先進封裝現在作為一個獨立的業務也是一項有利可圖的業務。

Srini, do you have a follow-up question?

Srini，您還有後續問題嗎？

Yes, I do. I guess a question on the gross margin side, Dave. I guess there are two issues impacting your PC gross margins. One, the wafer outsourcing and the other, you said packaging of the memory. I'm just curious how much of an impact that memory packaging is having on your gross margin? I suppose that helps your ASPs, but I guess it hurts your gross margin percent. So just curious to know how much of an impact that's having.

是的，我願意。我猜想是關於毛利率方面的問題，戴夫。我認為有兩個問題會影響您的個人電腦毛利率。一是晶圓外包，二是你說的記憶體封裝。我只是好奇內存封裝對你們的毛利率有多大影響？我想這對你的平均售價有幫助，但我想這會損害你的毛利率。所以只是想知道這會產生多大的影響。

And then maybe for Pat, architecturally, why do we need to, I guess, combine memory in one package? And is this something that's going to be ongoing? Or is it just a one-off with, I guess, Lunar and Meteor Lake?

然後也許對於帕特來說，從架構上來說，我猜為什麼我們需要將記憶體組合到一個包中？這會持續下去嗎？或者我猜這只是月球和流星湖的一次性事件？

Yes. And just to be clear, it's exclusive to Lunar Lake, but not Meteor Lake. And it's having a pretty meaningful impact, a significant impact on Lunar Lake's gross margins, and originally, we were like 1/3 of the volume in terms of our expectations next year on Lunar Lake when we recognized how important the AIPC market would be and how good this part was competitively. We pushed the volume significantly up. And so that has put some reasonable pressure on the gross margins for the total company.

是的。需要明確的是，它是月湖獨有的，而不是流星湖。它產生了非常有意義的影響，對 Lunar Lake 的毛利率產生了重大影響，最初，當我們認識到 AIPC 市場的重要性時，我們對明年 Lunar Lake 的預期銷量只有 1/3。力有多好。我們大幅提高了音量。因此，這給整個公司的毛利率帶來了一些合理的壓力。

Yes. And maybe architecturally, the second half of that question, Lunar Lake was initially designed to be a niche product that we wanted to achieve highest performance and great battery life capability and then AIPC occurred. And with AIPC, it went from being a niche product to a pretty high-volume product.

是的。也許從架構上來說，這個問題的後半部分，Lunar Lake 最初被設計為利基產品，我們希望實現最高的性能和出色的電池壽命能力，然後 AIPC 出現了。有了 AIPC，它就從小眾產品變成了一個相當大批量的產品。

Now relatively speaking, I'm talking about 50 million, 100 million units, but a meaningful portion of our total mix from a relatively small piece of it as well. So as that shift occurred, obviously, this became a bigger margin implication, both for Lunar Lake and for the company overall.

現在相對而言，我談論的是 5,000 萬、1 億台，但也是我們總組合中相對較小的一部分中有意義的一部分。因此，隨著這種轉變的發生，顯然，這對 Lunar Lake 和整個公司來說都產生了更大的利潤影響。

But we were very pleased to have the option to scale Lunar Lake and higher volume because of the momentum energy around the AIPC category. That's at a volume product and a volume industry like the PC industry, you don't want to have volume memory going for that channel. It's not a good way to run the business.

但由於 AIPC 類別的動量能量，我們非常高興能夠選擇擴展 Lunar Lake 並提高容量。這是在大批量產品和大批量行業（如 PC 行業）中，您不希望為該通道提供大容量記憶體。這不是經營業務的好方法。

So it really is, for us, a one-off with Lunar Lake. That will not be the case with Panther Lake, Nova Lake and its successors as well. We'll build it in a more traditional way with memory off package in the CPU, GPU, NPU and I/O capabilities in the package. But volume memory will be off package in the road map going forward.

所以對我們來說，這確實是月球湖的一次經驗。 Panther Lake、Nova Lake 及其後續產品也不會出現這種情況。我們將以更傳統的方式建構它，將記憶體封裝在 CPU 中，GPU、NPU 和 I/O 功能封裝在其中。但在未來的路線圖中，卷內存將被取消。

And we won't have this kind of impact that we're dealing with for '25 in the margin structure, specifically around Lunar Lake. But again, it's a great product. and we're happy that we have it in the portfolio, and we've scaled it [coming] through with the enthusiasm of the AIPC category.

我們不會在 25 年的利潤結構中遇到這種影響，特別是在月球湖周圍。但話又說回來，這是一個很棒的產品。我們很高興將其納入產品組合中，並且我們已經憑藉 AIPC 類別的熱情對其進行了擴展。

Chris Caso, Wolfe Research.

克里斯‧卡索，沃爾夫研究中心。

Yes. I guess the first question is on both CapEx and OpEx as you go through next year. And I think you were a bit clear about what the plans are and what the resulting free cash flow is. I guess, Dave, the question is how much flex maybe in those numbers,

是的。我想第一個問題是關於明年的資本支出和營運支出。我認為您對計劃是什麼以及由此產生的自由現金流有一點清楚。我想，戴夫，問題是這些數字中可能有多少彈性，

I guess as you go through '25 and '26 as well given the fact that you do have to invest in new technology nodes, how much flex is there for changes in market conditions. Also recognize that you don't have pretty much revenue growth in the plan for that as well.

我想當你經歷「25」和「26」時，考慮到你確實必須投資新技術節點，市場條件的變化有多少彈性。也要認識到，您的計劃中也沒有太多的收入成長。

Yes. I think on the $17.5 billion for OpEx, that's a pretty firm plan. I mean, obviously, we can make some adjustments here or there, if necessary. But we think we've rightsized the investments to invest in the most important areas that Pat and the team want to pursue. And so that, I would say, is relatively firm, maybe there's just a little bit of variability there that we can make adjustments as we kind of progress through the year.

是的。我認為對於 175 億美元的營運支出來說，這是一個相當堅定的計劃。我的意思是，顯然，如果有必要，我們可以在這裡或那裡進行一些調整。但我們認為我們已經調整了投資規模，投資於帕特和團隊想要追求的最重要領域。因此，我想說，這是相對穩定的，也許只有一點點變化，我們可以隨著這一年的進展進行調整。

The CapEx, there are three components to CapEx. There is what we're going to invest for the process, advancing the process. There's investment associated with this shell ahead and there's investments associated with capacity. We're always going to make those investments to advance the process. That will always be the case.

資本支出由三個部分組成。我們將為這個過程投資，推進這個過程。有與前方外殼相關的投資，也有與容量相關的投資。我們總是會進行這些投資來推進這項進程。情況永遠如此。

Shell ahead, we will, but we have largely caught up, I think. And so now we're going to be more measured, I think, as we look to increasing our shell capacity. And then capacity itself then becomes the flash, the tooling out of shells, and we're kind of modulating that based on what we see in terms of demand and, of course, managing it relative to cash flow.

殼牌領先，我們會的，但我認為我們基本上已經趕上了。因此，我認為，現在我們將更加謹慎，因為我們希望提高我們的殼容量。然後產能本身就變成了閃存，即脫殼工具，我們根據我們在需求方面看到的情況來調整它，當然，相對於現金流來管理它。

So there obviously is flexibility there as we progress through the year and into the following year. And our goal is to generate free cash flow, to generate adjusted free cash flow next year and there and onwards. So we'll be managing net CapEx accordingly.

因此，隨著我們今年和下一年的進展，顯然存在靈活性。我們的目標是產生自由現金流，在明年以及以後產生調整後的自由現金流。因此，我們將相應地管理淨資本支出。

I guess the one other variable to the net CapEx would be any of the offsets. And of course, we're aggressively pursuing offsets, some of which we know will already show up next year. SCIP will be a component of our offsets next year. We're also going to start to see some more meaningful impact from the investment tax credit next year, which we have already baked into the forecast.

我猜淨資本支出的另一個變數是任何偏移量。當然，我們正在積極尋求補償，我們知道其中一些補償將在明年出現。 SCIP 將成為我們明年抵銷的一部分。我們也將開始看到明年投資稅收抵免的一些更有意義的影響，我們已經將其納入預測。

Chris, the thing I would -- just to add a little bit to that, Chris, would be that now that we've gotten an EUV fleet, right, into our CapEx base, we have a lot more flexibility across that fleet. Largely, the CapEx used for Intel 3, 18A and 14A highly leveraged across it. So we're much more building to overall capacity requirements and not this very rapid 5 nodes, 4 years, get back to a modern fleet of capability.

克里斯，我想補充一點，克里斯，現在我們已經有了一支 EUV 機隊，對吧，進入我們的資本支出基地，我們在該機隊中擁有更多的靈活性。很大程度上，用於 Intel 3、18A 和 14A 的資本支出在整個系統中都得到了高度利用。因此，我們更多地根據總體容量要求進行建設，而不是在 4 年時間內快速透過 5 個節點恢復到現代化的能力。

Obviously, the other point to add to that is now that we have finished this 5 nodes, 4 years, we're progressing to a more normal cadence of new technologies as opposed to this racing through capital. So that will also give us additional flexibility. And I'll say largely with the singular exception of high NA EUV, the bases are almost entirely the same across the 14A node as well.

顯然，另一點需要補充的是，現在我們已經完成了這 5 個節點，4 年時間，我們正在邁向更正常的新技術節奏，而不是透過資本進行競賽。這也將為我們帶來額外的靈活性。我想說的是，除了高 NA EUV 的獨特例外之外，14A 節點上的基礎也幾乎完全相同。

And even at high NA, we've built flexibility into the TD development that we have optionality to include or not include that as a central part of it. So we've built a lot of capacity. Now we're going to leverage that capacity in much more efficient ways for both a overall high-volume manufacturing and a TD leverage going forward.

即使在高 NA 的情況下，我們也在 TD 開發中建立了靈活性，我們可以選擇是否將其作為其核心部分。所以我們已經建立了大量的能力。現在，我們將以更有效的方式利用該產能，以實現整體大批量製造和未來的 TD 槓桿。

Chris, do you have a quick follow-on?

克里斯，你有快速跟進嗎？

I do. And I mean, it's a good segue in the next question, Pat, and it's -- I guess a question about your comments on Better Together. And if you could kind of explain the rationale of why you think that's the case, obviously, there's various opinions on that. And if Intel would be willing or has looked at anything strategic beyond what the current plan is right now.

我願意。我的意思是，帕特，這是下一個問題的一個很好的延續，我想這是一個關於你對 Better Together 的評論的問題。如果你能解釋一下你認為這種情況的理由，顯然，你對此有不同的看法。如果英特爾願意或已經考慮了任何超出當前計劃的策略。

Yes. And I'll just say, we're very comfortable that moving to the subsidiary model as we outlined in the last earnings call, it gives us, I'll say, three things that we're aiming for: greater operational rate integrity, right, as we create that clear separation, the opportunity to be able to communicate that more clearly and definitively to our external customers and then the potential to fund and manage the capital requirements of foundry.

是的。我只想說，我們對轉向子公司模式感到非常滿意，正如我們在上次財報電話會議中概述的那樣，它為我們提供了我們的目標三件事：更高的營運率完整性，是的，當我們建立這種明確的分離時，就有機會能夠更清晰、更明確地與我們的外部客戶進行溝通，然後有可能為代工廠的資本需求提供資金和管理。

That said, the vast majority of volumes through the decade come from Intel Products. The synergies of that co-development and customers [zero] aspect is very substantial as we see it. And the benefits that we get from the overall cash flows and managing the balance sheet of the company as we go forward are highly beneficial as well. So for all those reasons, our simple view of distinct but Better Together.

也就是說，這十年來絕大多數銷售量都來自英特爾產品。如我們所見，共同開發和客戶[零]的協同作用非常巨大。隨著我們的發展，我們從整體現金流和管理公司資產負債表中獲得的好處也是非常有益的。因此，出於所有這些原因，我們提出了「獨特但更好在一起」的簡單觀點。

Jonathan, we've got time for one last question, please.

喬納森，我們有時間回答最後一個問題。

Joe Moore, Morgan Stanley.

喬摩爾，摩根士丹利。

In your opening remarks, you talked about narrowing the product focus and prioritizing x86. Can you talk about, practically speaking, what happens there? Does that mean, are there other areas you're investing less in to focus more on x86? Is that a mindset shift organizational shift? Just what do you mean by that?

在您的開場白中，您談到了縮小產品重點並優先考慮 x86。能具體談談那裡發生了什麼事嗎？這是否意味著您在其他領域的投資較少，而更多地關注 x86？這是思維方式的轉變還是組織的轉變？你這是什麼意思？

Yes. And there's a lot of details behind it, Joe, but I'll just maybe give a couple of quick examples. We, for instance, create complexity in the server product line, [E-course, P-course] across different socket types and that complexity was maybe appropriate when the business was substantially larger and growing.

是的。喬，這背後有很多細節，但我可能只是舉幾個簡單的例子。例如，我們在伺服器產品線中創建了跨不同套接字類型的複雜性，[E-course，P-course]，當業務規模大幅增長且不斷增長時，這種複雜性可能是合適的。

At its current size, it puts too much complexity on our development as well as our customers and the OEM, how many SKUs they're developing. So we've taken steps to simplify the product line, have fewer SKUs to cover the marketplace, and we're focused on the efficiencies associated with that.

按照目前的規模，我們的開發以及我們的客戶和 OEM 以及他們正在開發的 SKU 數量都變得過於複雜。因此，我們已採取措施簡化產品線，減少覆蓋市場的 SKU，並專注於與此相關的效率。

Similarly, in the client product area, simplifying the road map, fewer SKUs to cover it. how are we handling graphics and how that is increasingly becoming a large integrated graphics capabilities. So less need for discrete graphics in the market going forward. So simplifying the road map in those areas.

同樣，在客戶產品領域，簡化了路線圖，用更少的 SKU 來覆蓋它。我們如何處理圖形以及如何日益成為大型整合圖形功能。因此，未來市場對獨立顯示卡的需求將會減少。因此簡化這些領域的路線圖。

And then the steps we took around our CCG and edge business to be able to bring that together for better reach to the market, leveraging our core investments. So a variety of those, but many others behind that as we get ourselves, I'll say, in fighting shape that allows us to leverage our investments, hit our $17.5 billion OpEx that Dave spoke about, and still have a very solid growth in a more profitable way for the future.

然後，我們圍繞 CCG 和邊緣業務採取了措施，以便能夠將其整合在一起，利用我們的核心投資更好地進入市場。因此，各種各樣的因素，但背後還有許多其他因素，我想說的是，當我們處於戰鬥狀態時，我們可以利用我們的投資，達到戴夫談到的175 億美元的運營支出，並且在為未來提供更有利可圖的方式。

Joe, do you have a quick follow-on?

喬，你有快速跟進嗎？

Yes, I do. To the extent that you are kind of prioritizing the x86 leadership that you have does anything shift in the IDM 2.0 model? Is it -- they referenced that the arm's length relationship with IFS is still going really well? Like is that still a focus, is there a benefit to -- if the focus is more on internal foundry versus excess to marrying those business more tightly? Just how do you think about that relationship?

是的，我願意。如果您優先考慮您所擁有的 x86 領導地位，IDM 2.0 模型中是否會發生任何變化？他們提到與 IFS 的獨立交易關係仍然進展順利嗎？就像這仍然是一個焦點，如果重點更多地放在內部代工上，而不是過度地與這些業務更緊密地結合，是否有好處？您如何看待這種關係？

Yes. And clearly, external foundry, right, requires a different view of how you run and manage that business, but the wafers, the cash flows come from the internal business. So this subsidiary model is a key piece of how we're going to drive that cultural transformation but still bring the success of an at-scale leading edge, western-centered foundry model. That is an extraordinary asset for us, for the industry and for the world.

是的。顯然，外部代工廠需要以不同的視角來運作和管理該業務，但晶圓、現金流來自內部業務。因此，這種子公司模式是我們如何推動文化轉型的關鍵部分，但仍帶來大規模領先、以西方為中心的代工模式的成功。這對我們、整個產業和世界來說都是一筆非凡的資產。

So we're very focused on making that successful. This has been an extraordinary journey to accomplish 5 nodes in 4 years and bring us from years behind to a leadership position in technology. And wow, it's just stunning to see what our TD teams have been able to accomplish there.

因此，我們非常專注於使其成功。這是一段非凡的旅程，我們在 4 年內完成了 5 個節點，並讓我們從落後數年達到了技術領先地位。哇，看到我們的 TD 團隊在那裡取得的成就真是令人驚嘆。

But we're not done. We have a lot of work in front of us yet. We're well on our way to completing what will be one of the most seminal restructuring in the history, the steps that we took in our financial restructuring this quarter was very critical to be able to bring us to a point that we can say we have the capacity to and driving to long-term shareholder return.

但我們還沒完成。我們面前還有很多工作要做。我們正在順利完成歷史上最具影響力的重組之一，本季度我們在財務重組中採取的步驟非常關鍵，能夠使我們達到可以說我們有能力並推動長期股東回報。

So maybe just as we wrap up, thank you, as always, for joining the call. We appreciate the opportunity to discuss our progress, the actions we've taken. Q3 was a good step. Now we need to finish the year strong and prepare for 2025. We're determined to get it right, and I look forward to the updates along the way. Thank you and look forward to speaking to you all again soon.

因此，也許就在我們結束時，一如既往地感謝您加入此次電話會議。我們很高興有機會討論我們的進展和我們所採取的行動。第三季是很好的一步。現在，我們需要強勁地結束這一年，並為 2025 年做好準備。謝謝您，並期待很快再次與大家交談。

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。