英特爾 (INTC) 2025 Q1 法說會逐字稿

Thank you for standing by, and welcome to the Intel Corporation's first quarter 2025 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, John Pitzer, Corporate Vice President, Investor Relations. Please go ahead, sir.

感謝您的支持，歡迎參加英特爾公司 2025 年第一季財報電話會議。（操作員指令）。提醒一下，今天的節目正在錄製中。現在我想介紹今天節目的主持人，投資者關係公司副總裁約翰‧皮策 (John Pitzer)。先生，請繼續。

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

謝謝你，喬納森，祝今天參加我們的所有人下午好。到目前為止，您應該已經收到了第一季財報和財報演示文稿，均可在我們的投資者關係網站 intc.com 上取得。對於今天在線上觀看的觀眾，也可以在我們的網路直播視窗中查看財報簡報。

I'm joined today by our CEO, Lip-Bu Tan; and our CFO, David Zinsner. Lip-Bu will open with comments on our first quarter results as well as some initial observations, priorities and actions that he is driving. Dave will then discuss our overall financial results, including second quarter guidance. We will then transition to answer your questions.

今天與我一同出席的還有我們的執行長 Lip-Bu Tan 和財務長 David Zinsner。Lip-Bu 將首先對我們的第一季業績發表評論，並介紹一些初步觀察、優先事項和他正在推動的行動。戴夫隨後將討論我們的整體財務業績，包括第二季的指引。然後我們將轉而回答您的問題。

Before we begin, please note that today's discussion contains forward-looking statements based on the environment as we currently see it, and as such, are subject to various risks and uncertainties. We -- 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，今天的討論包含基於我們目前所見環境的前瞻性陳述，因此受各種風險和不確定性的影響。我們—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資訊。

Our earnings release and 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 financial measures including reconciliations were appropriate to our corresponding GAAP financial measures.

我們的收益報告和最新的 10-K 表年度報告以及向美國證券交易委員會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具體風險因素的更多資訊。他們還提供了有關我們的非 GAAP 財務指標的附加信息，包括與我們相應的 GAAP 財務指標相適應的調整表。

With that, let me turn things over to Lip-Bu.

說完這些，讓我把話題交給 Lip-Bu。

Thank you, John, and let me add my welcome. I joined Intel five weeks ago. The reason I'm here is simple, I love our company, I saw the challenges we were facing and I could not sit on the sidelines, knowing I had the opportunity to turn things around and put us back on the path to gain market share and drive sustainable growth. Q1 was a step in the right direction, driven by Dave and Michelle's leadership, we delivered revenue, gross margins, EPS above our guidance.

謝謝你，約翰，請容許我表達我的歡迎。我五週前加入英特爾。我來這裡的原因很簡單，我熱愛我們的公司，我看到了我們面臨的挑戰，我不能袖手旁觀，我知道我有機會扭轉局面，讓我們重新走上贏得市場份額和推動可持續增長的道路。第一季朝著正確的方向邁出了一步，在戴夫和米歇爾的領導下，我們實現了高於預期的收入、毛利率和每股盈餘。

I want to thank them both as well as our teams for the good execution, especially with the ongoing macroeconomic uncertainty. Our goal now is to build on this progress, but it won't be easy. There are many areas we need to improve, and there's no quick fixes. We must remain laser-focused on execution.

我要感謝他們以及我們的團隊的出色執行，特別是在當前宏觀經濟不確定的情況下。我們現在的目標是繼續推進這項進程，但這並不容易。我們有許多方面需要改進，而且沒有快速解決方案。我們必須全神貫注於執行。

One of my biggest learning so far is that we need to fundamentally transform our culture and the way in which we operate. Organizational complexity and bureaucracies have been suffocating the innovation and agility we need to win. It takes too long for decisions to get made. New ideas and people who generate them have not been given the room or resources to incubate and grow. The unnecessary silos have led to bad execution.

到目前為止，我最大的收穫之一就是我們需要從根本上改變我們的文化和運作方式。組織的複雜性和官僚主義一直在扼殺我們取勝所需的創新和敏捷性。做出決定需要太長時間。新想法和產生這些想法的人沒有得到孵化和成長的空間或資源。不必要的孤島導致了糟糕的執行。

I'm here to fix this. I'm taking swift actions to simplify the way we do business and drive transparency and accountability across the company. We will empower smaller teams to move faster and make better decisions, and we will significantly reduce the number of layers that get in their way.

我來這裡就是為了解決這個問題。我正在迅速採取行動，簡化我們的經營方式，並提高整個公司的透明度和責任感。我們將授權小型團隊更快地行動並做出更好的決策，並且我們將大大減少阻礙他們的層級數量。

As a first step, I have flattened the structure of my leadership team, all critical product, manufacturing and G&A functions, which were spread over two to three layers are now directly reporting to me. This will allow me to get closer to our product and engineering groups and work directly with them to close the gaps with competition more quickly.

作為第一步，我已經扁平化了領導團隊的結構，所有關鍵的產品、製造和一般及行政職能部門（這些部門之前分佈在兩到三層）現在都直接向我匯報。這將使我能夠更接近我們的產品和工程團隊，並直接與他們合作，以更快地縮小與競爭對手的差距。

I will apply the same streamlining approach across the company with a focus on empowering our engineering talents to create great products and make it easier for our customers to do business with us. To accelerate this simplification, we are taking more costs out of the business. The lower our call calendar 2025 and calendar 2026 OpEx targets. We now expect OpEx of $17 billion this year and $16 billion next year.

我將在整個公司推行同樣的精簡方法，重點是增強我們的工程人才的能力，創造出優秀的產品，並使我們的客戶更容易與我們開展業務。為了加速這一簡化過程，我們正在從業務中削減更多成本。我們的 2025 年和 2026 年營運支出目標越低。我們現在預計今年的營運支出為 170 億美元，明年為 160 億美元。

In addition, as we continue to identify ways to operate our manufacturing network more efficiently, I have directed our teams to find additional $2 billion of savings in our gross CapEx, taking our target for this year to $18 billion.

此外，隨著我們繼續尋找更有效地運作製造網路的方法，我已指示我們的團隊在我們的總資本支出中再節省 20 億美元，使我們今年的目標達到 180 億美元。

We will continue to take a closer look at our existing factory footprint to ensure that we are making the most efficient use of our in-store capacity before committing to any additional spending. I will continue to make the needed investment to reignite innovation, even as we reduce our overall expenses by minimizing projects and programs that have been taking attention away from our core client and server business.

我們將繼續仔細研究我們現有的工廠足跡，以確保在承諾任何額外支出之前，我們能夠最有效地利用店內容量。我將繼續進行必要的投資以重新激發創新，即使我們透過盡量減少那些分散我們對核心客戶和伺服器業務注意力的專案和計劃來降低整體開支。

They will include revitalizing our engineering call. I'm rebuilding our engineering talent pool with urgency by promoting strong leaders internally, bringing back critical lost talent and recruiting new people. In addition, we are mandating a four day per week return to office policy, effective Q3 2025. I know firsthand the power of teamwork and this action is necessary to reinstill a more collaborative working environment, improving efficiency and boost in innovation. By eliminating inefficiencies and transforming how we do business, I strongly believe we can reduce our costs while securing our future.

它們將包括重振我們的工程呼叫。我正在緊急重建我們的工程人才庫，透過在內部提拔強有力的領導者、挽回關鍵的流失人才並招募新人才。此外，我們將強制實施每週四天返回辦公室的政策，該政策將於 2025 年第三季生效。我親身體驗過團隊合作的力量，這項措施對於重建更具協作性的工作環境、提高效率和促進創新是必要的。我堅信，透過消除低效率並改變我們的經營方式，我們可以降低成本，同時確保我們的未來。

Many of you have asked about my longer-term strategic plan. It is appropriate question. It's little bit too soon for me to provide all the details, but let me share with you my priorities. First, the best products always win, and this is very important that we refocus our core franchise to start building best-in-class products again. We have a good foundation, our ecosystem in client and data center computing is valuable and durable and we still maintain a large market share in both.

你們中許多人詢問我的長期戰略計劃。這是一個恰當的問題。現在提供所有細節還為時過早，但請允許我與大家分享我的優先事項。首先，最好的產品總是會獲勝，這對於我們重新聚焦核心特許經營權並再次開始打造一流的產品非常重要。我們擁有良好的基礎，我們在客戶端和資料中心運算領域的生態系統是寶貴且持久的，我們仍然在這兩個領域中保持著很大的市場份額。

My focus will be ensuring that our team built products that are highly competitive and meet the needs of our customers as we enter a new era of computing defined by AI agents and reasoning models. To achieve this, we are taking a holistic approach to redefine our portfolio to optimize our products for new and emerging AI workloads. We are making necessary adjustments to our product road map so that we are positioned to make the best-in-class products, while staying laser-focused on execution, and ensuring on-time delivery.

隨著我們進入由人工智慧代理和推理模型定義的新運算時代，我的工作重點是確保我們的團隊打造出具有高度競爭力並滿足客戶需求的產品。為了實現這一目標，我們採取整體方法重新定義我們的產品組合，以針對新興的人工智慧工作負載優化我們的產品。我們正在對產品路線圖進行必要的調整，以便我們能夠製造出一流的產品，同時專注於執行並確保按時交付。

However, I want to emphasize that this is not a quick fix here. These changes will take time. Our goal is to become the platform of choice for our customers. This requires us to radically evolve our design and engineering mindset and anticipate the needs of our customers well in advance. I have received direct feedback from many of our largest customers, who are also close personal friends. I'm taking this feedback to heart and using it to inform and change our approach to product and platform design.

然而，我想強調的是，這不是一個可以快速解決的問題。這些改變需要時間。我們的目標是成為客戶首選的平台。這要求我們從根本上改變我們的設計和工程思維，並提前預測客戶的需求。我收到了許多最大客戶的直接回饋，他們也是我們的親密朋友。我會認真考慮這些回饋，並利用它來指導和改變我們的產品和平台設計方法。

Second, we need to refine our AI strategy with a focus on emerging areas of interest. My experience helping successfully fund and incubate many start-ups in this space provides unique insights that we will leverage in this front. Our goal will be to take our integrated system and platform view to develop full stack AI solutions that enable more accuracy, power efficiency and security for our enterprise customers. Our goal will be to enable the next wave of computing defined by reasoning models, Agentic AI and physical AI.

第二，我們需要完善我們的人工智慧策略，並專注於新興領域。我曾成功資助和孵化該領域的許多新創企業，這些經驗為我們提供了一些獨特的見解，我們將在這方面加以利用。我們的目標是透過整合系統和平台視圖來開發全端 AI 解決方案，為我們的企業客戶提供更高的準確性、能源效率和安全性。我們的目標是實現由推理模型、代理人工智慧和物理人工智慧定義的下一波運算浪潮。

Third, we need to build trust with foundry customers. We have a lot of important building blocks in place including the ramp of Intel 18A in second half of 2025 to support the launch of our first Pentium Lake SKU by year-end with additional SKUs coming in the first half of 2026. However, I know from my years at Cadence Design that success in foundry business requires more than process technology, manufacturing capabilities alone. It is first and foremost, a customer service business built on foundational principle of trust. And we need to instill customer service mindset across our foundry business.

第三，我們需要與代工客戶建立信任。我們已經做好了很多重要的建置模組，包括 2025 年下半年推出的英特爾 18A，以支援我們在年底前推出第一款 Pentium Lake SKU，並在 2026 年上半年推出更多 SKU。然而，根據我在 Cadence Design 工作多年的經驗，我知道代工業務的成功需要的不僅僅是工藝技術和製造能力。首先，它是建立在信任基本原則上的客戶服務業務。我們需要在整個代工業務中灌輸客戶服務理念。

Success in foundry relies on recognizing that each customer use different design tools, methodologies and styles. As a foundry, we need to ensure that our process technologies can be easily used by a variety of customers, each with a unique way of building their products. To do this, we are more rapidly embracing industry standard EDA tools and best design practices.

鑄造廠的成功取決於認識到每個客戶使用不同的設計工具、方法和風格。作為一家代工廠，我們需要確保我們的製程技術能夠被各種客戶輕鬆使用，每個客戶都有其獨特的產品製造方式。為了實現這一目標，我們正在更快地採用業界標準 EDA 工具和最佳設計實踐。

Here again, there's no quick fix, but we will make the necessary changes to our road map to deliver on the commitments we make to our foundry customers. We must learn to delight our customers by building wafers that meet their required power, performance, area, cost, quality, yield, reliability and on time schedule. While we are currently focused on delivering Intel 18A, we are also working closely with customers to define the critical KPIs to ensure online delivery of Intel 14A.

再次強調，這個問題沒有快速解決辦法，但我們將對我們的路線圖做出必要的改變，以兌現我們對代工客戶的承諾。我們必須學會透過製造滿足客戶要求的功率、性能、面積、成本、品質、產量、可靠性和按時進度的晶圓來取悅客戶。雖然我們目前專注於交付英特爾 18A，但我們也在與客戶密切合作，定義關鍵 KPI，以確保英特爾 14A 的線上交付。

Lastly, we need to strengthen our balance sheet. Our business is capital intensive and we have important investment to make at the time when our financial performance is not where it needs to be. This means we need to be prudent with capital. In addition to new targets of OpEx, CapEx, we will also look to further monetize noncore assets. I'm very pleased to have Silver Lake as an investor in Altera and welcome on board Raghib to help drive the business to its potential.

最後，我們需要加強我們的資產負債表。我們的業務是資本密集的，當我們的財務表現沒有達到應有的水準時，我們就需要進行重要的投資。這意味著我們需要謹慎使用資本。除了營運支出、資本支出的新目標外，我們還將尋求進一步將非核心資產貨幣化。我很高興銀湖資本成為 Altera 的投資者，並歡迎 Raghib 加入，幫助公司充分發揮其潛力。

In addition, we have made the decision not to spin off Intel Capital, but to work with the team to monetize our existing portfolio while being more selective on new investments that support the strategy. We need to get our balance sheet healthy and start the process of deleveraging this year. As we are building the new Intel, you can expect us to stay humble, drive the necessary changes to delight our customers.

此外，我們決定不剝離英特爾投資，而是與團隊合作，將我們現有的投資組合貨幣化，同時更有選擇性地進行支持該策略的新投資。我們需要讓我們的資產負債表健康，並在今年開始去槓桿進程。在我們打造新英特爾的過程中，您可以期待我們保持謙遜，推動必要的變革以取悅我們的客戶。

My moto has always been to under-promise and over-deliver. And I will be not satisfied until we regain the trust of our customers, putting the company on a sustainable path of gaining shares and growing revenue and deliver consistent returns for our shareholders.

我的座右銘一直是少承諾多兌現。我不會滿足，直到我們重新贏得客戶的信任，使公司走上永續發展的道路，增加股票和收入，並為股東帶來持續的回報。

With that, I will turn it over to Dave.

說完這些，我會把麥克風交給戴夫。

Thank you, Lip-Bu. Our Q1 results mostly reflected our view entering the year that our two biggest markets were poised for growth. On the client side, the end of service for Windows 10, the expected growing adoption of AI PCs and an aging installed base following the COVID era refresh pointed to a PC TAM growing 3% to 5%.

謝謝你，Lip-Bu。我們第一季的業績主要反映了我們今年的觀點，即我們兩個最大的市場將迎來成長。在客戶端，Windows 10 服務的終止、人工智慧 PC 的預期普及以及 COVID 時代更新後安裝基礎的老化，都表明 PC TAM 將增加 3% 至 5%。

Similarly, on the traditional server side, delayed infrastructure upgrades driven by the rapid adoption of AI servers in 2024, supported double-digit CPU core growth this year on a roughly flat units. More recently, the economic landscape has become increasingly uncertain driven by shifting trade policies, persistent inflation and increased regulatory risk. While we have yet to see a meaningful change in customer buying patterns, we think it's prudent to manage the business with a level of conservatism going into the second half of the year.

同樣，在傳統伺服器方面，2024 年人工智慧伺服器的快速採用推動了基礎設施升級的延遲，支援今年 CPU 核心數量在基本持平的情況下實現兩位數增長。最近，受貿易政策變化、持續通膨和監管風險增加的影響，經濟情勢變得越來越不確定。雖然我們尚未看到客戶購買模式發生重大變化，但我們認為在下半年以一定程度的保守態度管理業務是明智之舉。

First quarter revenue was $12.7 billion, coming in at the high end of our guidance range, driven by better-than-expected Xeon sales. Similar to Q4 2024, we believe Q1 revenue benefited from customer purchasing behavior in anticipation of potential tariffs, though it is difficult to quantify the magnitude.

第一季營收為 127 億美元，達到我們預期範圍的高端，這得益於 Xeon 銷售量好於預期。與 2024 年第四季類似，我們認為第一季的營收受益於客戶預期潛在關稅的購買行為，儘管很難量化其幅度。

Non-GAAP gross margin was 39.2%, approximately 3 percentage-points above our guidance on much stronger-than-expected demand for Raptor Lake, combined with improved cost for Meteor Lake. While we continue to see the mix of AI PCs growing throughout the year, the rate of growth off a lower-than-expected Q1 will be lower.

非公認會計準則毛利率為 39.2%，比我們的預期高出約 3 個百分點，原因是 Raptor Lake 的需求遠強於預期，加上 Meteor Lake 成本的改善。雖然我們全年仍會看到人工智慧個人電腦的份額不斷增長，但低於預期的第一季的成長率將會更低。

We delivered first quarter earnings per share of $0.13 versus our guidance of breakeven EPS driven by higher revenue, stronger gross margin and lower operating expenses. I was particularly pleased to see our spending down $400 million sequentially and $700 million year over year as we continue to focus on optimizing our cost structure.

我們第一季的每股收益為 0.13 美元，而我們的預期是每股盈虧平衡，這得益於更高的收入、更高的毛利率和更低的營運費用。我特別高興地看到，由於我們繼續專注於優化成本結構，我們的支出比上一季下降了 4 億美元，比去年同期下降了 7 億美元。

Q1 operating cash flow was $800 million. We had gross CapEx of $6.2 billion with offsets of $1.7 billion in the quarter resulting in an adjusted free cash flow of negative $3.7 billion. We ended the quarter with a cash balance of $21 billion and received $1.1 billion from CHIPS grants and $1.9 billion for the final close of our NAND business sale to SK Hynix.

第一季經營現金流為8億美元。本季我們的總資本支出為 62 億美元，抵銷額為 17 億美元，導致調整後的自由現金流為負 37 億美元。本季結束時，我們的現金餘額為 210 億美元，其中從 CHIPS 撥款中獲得了 11 億美元，從向 SK Hynix 出售 NAND 業務的最終成交中獲得了 19 億美元。

Moving to segment results for Q1. As previewed on our Q4 '24 earnings, we updated our segment reporting for Q1 2025. Details can be found in the appendix to our earnings deck and in our Q1 '25 10-Q. The following commentary reflects the updated segmentation and accompanying recasted 2024 financials.

轉向第一季的分部業績。正如我們在 2024 年第四季財報中所預測的那樣，我們更新了 2025 年第一季的分部報告。詳細資訊請參閱我們的收益報告附錄和 2025 年第一季 10-Q 報告。以下評論反映了更新後的細分情況以及隨之重鑄的 2024 年財務狀況。

Intel products revenue was $11.8 billion, down 10% sequentially, but above our expectations. CCG revenue was down 13% quarter over quarter, below typical seasonality and in line with our expectation with higher-than-expected volumes offset by product mix and competitive pressure. DCAI revenue was down 5% sequentially and above expectations driven by hyperscaler demand for host CPUs for AI servers and storage compute. Operating profit for Intel Products was $2.9 billion, 25% of revenue and down $632 million quarter-over-quarter on lower revenue, partially offset by reduced operating expenses.

英特爾產品營收為 118 億美元，季減 10%，但高於我們的預期。CCG 營收季減 13%，低於典型的季節性，符合我們的預期，高於預期的銷售量被產品組合和競爭壓力所抵銷。DCAI 營收季減 5%，且高於預期，這得益於超大規模對 AI 伺服器和儲存運算的主機 CPU 的需求。英特爾產品的營運利潤為 29 億美元，佔收入的 25%，環比下降 6.32 億美元，原因是收入下降，但營運費用減少部分抵消了這一影響。

Intel Foundry, delivered revenue of $4.7 billion, up 8% sequentially on pull-ins of Intel 7 wafers and increased advanced packaging services. Intel foundry operating loss in Q1 was $2.3 billion, roughly flat quarter over quarter and in line with expectations. Structural cost improvements were offset by start-up costs associated with the ramp of products on Intel 18A.

英特爾代工業務實現營收 47 億美元，季增 8%，得益於英特爾 7 代晶圓的採購和先進封裝服務的增加。英特爾第一季晶圓代工營運虧損為 23 億美元，較上季基本持平，符合預期。結構成本的改善被與英特爾 18A 產品升級相關的啟動成本所抵銷。

Turning to All Other. Revenue came in at $943 million and was down 15% sequentially, slightly above expectations. The three primary components of All Other are Mobileye, Altera and IMS. Collectively, the category delivered $103 million of operating profit.

轉向所有其他。營收為 9.43 億美元，季減 15%，略高於預期。All Other 的三個主要組成部分是 Mobileye、Altera 和 IMS。總體而言，該類別實現了 1.03 億美元的營業利潤。

As Lip-Bu stated, we announced on April 14, our intention to sell 51% of Altera to Silver Lake Partners for an almost $9 billion valuation with Intel receiving net cash proceeds of $4.4 billion. We believe the value of our remaining 49% stake in Altera will grow over time through our partnership with Silver Lake and with the addition of Raghib Hussain as the CEO. We expect this deal to close in the second half of 2025, at which point we expect to deconsolidate Altera from our financial results.

正如 Lip-Bu 所說，我們在 4 月 14 日宣布，我們打算以近 90 億美元的估值將 Altera 51% 的股份出售給 Silver Lake Partners，英特爾將獲得 44 億美元的淨現金收益。我們相信，透過與 Silver Lake 的合作以及 Raghib Hussain 擔任首席執行官，我們在 Altera 剩餘的 49% 股份的價值將隨著時間的推移而增長。我們預計交易將於 2025 年下半年完成，屆時我們預計將把 Altera 從我們的財務表現中剔除。

Now turning to guidance. Historically, average sequential growth in Q2 has been roughly flat with Q1. However, the very fluid trade policies in the US and beyond as well as regulatory risks have increased the chance of an economic slowdown with the probability of a recession growing. This makes it more difficult to forecast how we will perform for the quarter and for the year even as the underlying fundamentals supporting growth I discussed earlier, remain intact.

現在轉向指導。從歷史上看，第二季的平均連續成長率與第一季大致持平。然而，美國及其他國家貿易政策的反覆無常以及監管風險增加了經濟放緩的可能性，陷入衰退的可能性也在增加。儘管我之前討論過的支撐成長的基本面依然完好，但這也讓我們更難預測本季和全年的表現。

While we have offsets, including a global, highly diversified manufacturing footprint to help mitigate tariffs, we will certainly see cost increase, and we feel it prudent to anticipate a TAM contraction. The biggest risk we see is the impact of a potential pullback in investment in spending as businesses and consumers react to higher costs and the uncertain economic backdrop.

雖然我們採取了抵消措施，包括全球高度多樣化的製造足跡來幫助減輕關稅，但我們肯定會看到成本增加，我們認為預計 TAM 會收縮是謹慎的。我們看到的最大風險是，隨著企業和消費者對更高的成本和不確定的經濟背景做出反應，投資支出可能會回落。

As a result, we're forecasting a wider-than-normal Q2 revenue range of $11.2 billion to $12.4 billion, down 2% to 12% sequentially. The -- within Intel products, we expect DCAI to decline at a faster rate than CCG. We expect Intel Foundry revenue down quarter over quarter due to pull-ins to Q1, lower wafer and advanced packaging volume and capacity constraints in Intel 7, which we expect to persist for the foreseeable future. For all Other, we expect revenue for the sum of those parts to be roughly flat sequentially.

因此，我們預測第二季營收範圍將高於正常水平，為 112 億美元至 124 億美元，季減 2% 至 12%。在英特爾產品中，我們預期 DCAI 的下降速度將比 CCG 更快。我們預計英特爾晶片代工收入將環比下降，原因是第一季的拉動、晶圓和先進封裝產量的下降以及英特爾 7 的產能限制，我們預計這種情況在可預見的未來將持續下去。對於所有其他業務，我們預計這些部分總和的收入將大致保持持平。

At the midpoint of $11.8 billion, we expect gross margin of approximately 36.5% on lower revenue and mix to our outsourced and lower-margin client products with a tax rate of 12% and breakeven EPS, all on a non-GAAP basis.

以 118 億美元的中間值，我們預計毛利率約為 36.5%，收入較低，且外包和低利潤客戶產品組合，稅率為 12%，每股收益盈虧平衡，以上均基於非 GAAP 基礎。

As you think about the full year, we recommend you start by using the last 10-year seasonality to model sequential changes in revenue, but be mindful of the significant uncertainty in markets today, especially due to the potential for meaningful tariffs and tight supply on our older nodes. We expect noncontrolled income or NCI and -- to net to zero in Q2 and for the full year to be approximately $500 million on a GAAP basis. NCI is still expected to grow in fiscal year 2026 and to an updated range of $1.3 billion to $1.5 billion on a GAAP basis and meaningfully increase further in future years.

當您考慮全年時，我們建議您首先使用過去 10 年的季節性來模擬收入的連續變化，但請注意當今市場的巨大不確定性，特別是由於可能出現有意義的關稅和舊節點的供應緊張。我們預計第二季非控制性收入或 NCI 淨額將為零，全年非控制性收入或 NCI 淨額將達到約 5 億美元（以 GAAP 計算）。NCI 預計在 2026 財年仍將實現成長，並根據 GAAP 準則將營收範圍更新至 13 億美元至 15 億美元，且在未來幾年將進一步大幅成長。

As Lip-Bu discussed earlier, we're simplifying our organizational structure and the way we work across Intel so that we innovate faster and adapt more quickly where needed to better serve our customers. As a result, we now expect 2025 OpEx of $17 billion, $500 million lower than prior expectations with a 2026 OpEx target of $16 billion. We are likely to have restructuring 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.

正如 Lip-Bu 之前所討論的，我們正在簡化我們的組織結構和整個英特爾的工作方式，以便我們能夠更快地創新，並在需要時更快地適應，從而更好地服務我們的客戶。因此，我們現在預計 2025 年營運支出為 170 億美元，比先前的預期低 5 億美元，2026 年營運支出目標為 160 億美元。我們可能會產生與這些行動相關的重組費用，其中一些費用可能會計入我們的非公認會計準則績效中。由於我們尚未估算這些費用，因此它們不包括在我們的指導中。

These spending reductions will be driven by numerous broad-based transformation activities. Key 2025 focus areas will be refocusing our portfolio, eliminating organizational complexity, transforming our engineering functions and continuing to drive to leading SG&A efficiency.

這些支出削減將受到許多廣泛的轉型活動的推動。2025 年的重點領域將是重新調整我們的產品組合、消除組織複雜性、轉變我們的工程功能並繼續推動領先的銷售、一般和行政管理 (SG&A) 效率。

As Lip-Bu stated, we anticipate our 2025 gross capital investment will now be approximately $18 billion, which is below our previous guide of $20 billion, reflecting further operational efficiencies and better utilization of our construction in progress. While gross CapEx is down, we maintain our range for 2025 net CapEx to be approximately $8 billion to $11 billion due to uncertainty regarding timing of the US government fulfilling their obligations in our CHIPS agreement. Beginning the process of delevering our balance sheet in 2025 remains a top priority for us as evidenced by our lower OpEx and CapEx targets and the value unlock across our noncore assets.

正如 Lip-Bu 所說，我們預計 2025 年的總資本投資將達到約 180 億美元，低於我們先前預測的 200 億美元，這反映了進一步的營運效率和對在建工程的更好利用。雖然總資本支出下降，但由於美國政府履行 CHIPS 協議中義務的時間存在不確定性，我們將 2025 年淨資本支出範圍維持在約 80 億美元至 110 億美元之間。從 2025 年開始降低資產負債表的槓桿率仍然是我們的首要任務，這從我們降低的營運支出和資本支出目標以及非核心資產的價值釋放中可以看出。

I'll wrap up by saying that Q1 was a solid quarter to start even as the rest of the year is more uncertain. We will closely manage what's in our control and react quickly as the environment evolves. I'm encouraged by Lip-Bu's leadership and focus on enhancing our competitive position, improving our balance sheet and setting us on a path to deliver consistent returns to our shareholders.

總而言之，儘管今年剩餘時間的情況更加不確定，但第一季仍然是一個穩健的開局。我們將密切管理我們所能控制的事情，並隨著環境的變化迅速做出反應。我對立武的領導能力感到鼓舞，他致力於提高我們的競爭地位，改善我們的資產負債表，並讓我們走上為股東帶來持續回報的道路。

With that, let me turn the call back over to John to begin the Q&A.

說完這些，讓我把電話轉回約翰開始問答環節。

Thank you, Dave. We will now transition to the Q&A portion of our call. Michelle Johnson Holthaus, CEO of Intel products will be joining Lip-Bu and Dave during the Q&A session. As a reminder, we would ask that each of you ask one question and a brief follow-up question where applicable.

謝謝你，戴夫。我們現在將進入電話會議的問答部分。英特爾產品執行長 Michelle Johnson Holthaus 將與 Lip-Bu 和 Dave 一起參加問答環節。提醒一下，我們要求你們每個人提出一個問題，並在適用的情況下提出一個簡短的後續問題。

With that, Jonathan, can we take the first question, please?

喬納森，我們可以回答第一個問題嗎？

Ross Seymore, Deutsche Bank.

德意志銀行的羅斯·西摩。

Welcome to Intel. Lite, the first question is for you. You talked a lot about increasing the flexibility and speed at Intel and unfortunately having to shrink the head count to do so, how we balance fixing the road map with also filling the foundry and making sure you have the unit volumes there. It seems like the flexibility and speed goals would be more quickly adopted and capitalized by going to foundry, but you have the need to fill your own Intel foundry. So balancing the internal product road map versus the foundry side of things is basically the question.

歡迎來到英特爾。Lite，第一個問題是問你的。您談了很多關於提高英特爾的靈活性和速度的問題，不幸的是，為了實現這一目標，我們必須減少員工人數，我們如何在修復路線圖和填補代工廠之間取得平衡，並確保那裡有足夠的產量。看起來，透過代工廠可以更快地實現靈活性和速度目標，但您需要填補自己的英特爾代工廠。因此，平衡內部產品路線圖與代工方面的問題基本上就是問題所在。

Yeah, Ross, thank you so much for the questions. So a couple of things. One is clearly the approach is basically to flatten the organization to a number of layers and so that we can really focus on the right products and then deliver the customer solution. And then in terms of the product and road map, I think, clearly, we'd like to focus on what is the killing product that we want to have and a laser focus on make sure that we deliver on time, on the performance and then the power so that make sure that we meet the customer requirements.

是的，羅斯，非常感謝你的提問。有幾件事。顯然，方法之一是將組織扁平化為多個層級，這樣我們就可以真正專注於正確的產品，然後為客戶提供解決方案。然後就產品和路線圖而言，我認為，顯然，我們希望專注於我們想要擁有的殺手級產品，並專注於確保我們按時交付性能和功率，以確保我們滿足客戶的要求。

And then in terms of the foundry, clearly, 18A is very important for us for Panther Lake. And secondly, I think we clearly one by one, improving the yield, the reliability and so that our internal customer can use of that. I think from the product side, they have to do the best they can and depend on whether it's inside or outside and then drive the performance of the products.

就代工廠而言，顯然 18A 對我們的 Panther Lake 來說非常重要。其次，我認為我們正在逐步提高產量和可靠性，以便我們的內部客戶能夠利用這些。我認為從產品方面來說，他們必須盡最大努力，並取決於內部還是外部，然後推動產品的性能。

Ross, do you have a follow-up question?

羅斯，你還有其他問題嗎？

I did have one for Dave. Dave, on the gross margin side of things, you talked a little bit about the slope for the rest of the year, but especially given the strategic changes that Lip-Bu putting into place, the cost cutting and the OpEx side of things and the lower CapEx that you talked about, can you just talk about some of the puts and takes on gross margin if you think about 2025 as a whole and maybe even 2026, what are some of the goals that you have?

我確實為戴夫準備了一個。戴夫，關於毛利率方面，您談到了今年剩餘時間的斜率，但特別是考慮到 Lip-Bu 實施的戰略變化、成本削減和運營支出方面以及您談到的較低資本支出，您能否談談如果考慮整個 2025 年甚至 2026 年，毛利率將受到哪些影響，您的一些目標是什麼？

Yeah. Sure, Ross. And I'll qualify this by saying it's a relatively dynamic industry out there right now given the tariffs and the implications on what that might look like from our TAM and from the macro. So I'm saying this with some murkiness as it relates to the full year picture.

是的。當然，羅斯。我可以這樣說，考慮到關稅以及從我們的 TAM 和宏觀角度來看其可能產生的影響，這目前是一個相對活躍的行業。因此，由於這與全年情況有關，所以我這麼說有些模糊。

I would just say that when we look out through the year, we do expect to see our mix on the client side, move more to the Lunar Lake and so forth. And as you know, Lunar Lake's margins are more under pressure given the memories and package and so that makes the accounting look make it look a little funky. So that will be a headwind to our margins on a go-forward basis.

我只想說，當我們展望全年時，我們確實希望看到我們在客戶端的組合，並更多地轉向 Lunar Lake 等等。而且如你所知，由於內存和軟體包的原因，Lunar Lake 的利潤率面臨更大的壓力，因此會計看起來有點奇怪。因此，這將對我們未來的利潤率造成不利影響。

And in addition, when we look at 18A, we're going to be ramping that through the year. and there's start-up costs associated with that, bringing that up in Arizona. So that's always going to put some pressure on gross margins through the year as well.

此外，當我們考慮 18A 時，我們將在全年加大力度。這與在亞利桑那州開展業務有關，涉及啟動成本。因此，這也會對全年的毛利率帶來一些壓力。

I think as you get into '26, things start to go the other direction. Panther Lake will be ramping more in volume next year. It's a better margin product than Lunar Lake just on the -- on an apples-to-apples basis. But on top of that, as you know, we have 18A on Panther Lake, so it brings the wafers back in to the fabs and we get the margin stacking benefit of that on our -- on a consolidated basis. So we'd expect next year to look better.

我認為，當進入 26 年後，事情就會開始朝著另一個方向發展。明年，Panther Lake 的產量將進一步增加。從同類產品來看，它的利潤率比 Lunar Lake 更高。但除此之外，如您所知，我們在 Panther Lake 上擁有 18A，因此它將晶圓帶回晶圓廠，並且我們在合併基礎上獲得了利潤累積效益。因此我們預計明年的情況會更好。

Of course, all of that is subject ultimately a lot of what is reflected in the margins is how we do on the top line side. And so we got to sort through how tariffs impact us. I think from a tariff perspective, this year could be choppy depending on what ultimately is settled across the US and abroad. But we do have a global supply chain. So we do have the ability to flex to mitigate a lot of the headwinds we face. It's just we can't obviously turn this stuff on a dime, and it's going to take us time to optimize the network to what the rules are in terms of tariffs.

當然，所有這些最終都取決於利潤率，這很大程度上取決於我們在營收方面的表現。因此，我們必須弄清楚關稅對我們的影響。我認為從關稅角度來看，今年的關稅狀況可能會比較不穩定，這取決於美國國內和國外最終達成的協議。但我們確實擁有全球供應鏈。因此，我們確實有能力靈活應對我們面臨的許多阻力。只是我們顯然無法立即改變這一切，我們需要時間來優化網絡，使其符合關稅方面的規則。

Timothy Arcuri, UBS.

瑞銀的提摩西·阿庫裡。

Dave, can you help us -- just also on gross margin, can you help us with sort of what a claim number is for March? You guided 36%, but that was supposed to have some COGS headwinds from the way you accounted for the grants, but it came in -- so sort of what's the clean number for March? And then also, you said that the Q1 number would be the trough. So I know you're guiding Q2 to 36.5%. But like -- could it go lower than what you're guiding?

戴夫，您能幫我們嗎 - 同樣關於毛利率，您能幫我們了解一下三月份的索賠數量是多少嗎？您指導的數字是 36%，但是從您對補助金的核算方式來看，這應該會受到一些 COGS 阻力的影響，但是它已經出來了——那麼 3 月份的淨數字是多少呢？而且您也說過第一季的數字將會是最低谷。所以我知道你預計第二季的成長率將達到 36.5%。但是──它會比你指導的更低嗎？

Yeah. I mean obviously, we thought Q1 would be a trough and it turned out to be better. So that puts some pressure on 2Q now on a relative basis. And like I said, the tariff dynamics to kind of change the that outlook through the year. So that's an additional pressure point for the gross margins through the year.

是的。我的意思是，顯然我們認為第一季會是低谷，但結果卻好多了。因此，這相對而言給第二季度帶來了一些壓力。正如我所說，關稅動態會在全年改變這一前景。因此，這對全年的毛利率來說是一個額外的壓力點。

In terms of the margins for Q1, kind of cleaning that out, I mean, clearly, the biggest benefit to the gross margins was the beat on the top line. We kind of handedly beat top line. That helped out a lot. In addition, we did better -- or we had more of our volume come from Raptor Lake versus Lunar Lake. And so that was mix beneficial to gross margins.

就第一季的利潤率而言，清理一下，我的意思是，顯然，對毛利率最大的好處是營業收入的成長。我們輕鬆擊敗了頂線。這很有幫助。此外，我們的表現更好——或者說，我們的更多流量來自 Raptor Lake，而不是 Lunar Lake。因此，這種組合有利於毛利率。

And then we did, I think, a little bit better job in terms of just managing spending and so forth that helped out. But the two bigger components were the higher revenue in Raptor Lake. I think if you strip those two things out, we would have been much closer to the guide.

然後，我認為我們在管理支出等方面做得更好一些，這很有幫助。但兩個較大的組成部分是 Raptor Lake 的更高收入。我認為，如果去掉這兩件事，我們就會更接近指南。

Tim, do you have a follow-up?

提姆，你還有後續消息嗎？

I do. Yeah. So Lip-Bu, I know the prior policy had been to not announce new third-party foundry customers. How do you think about that? And how can you update us on sort of where you're tracking? Is there anything to help us believe that maybe you can add a Tier 1 customer and maybe this year, if not sooner, I know that they want some power improvements on 18A. But can you kind of talk about that?

我願意。是的。所以 Lip-Bu，我知道之前的政策是不宣布新的第三方代工客戶。您對此有何看法？您能告訴我們您目前所追蹤的情況嗎？有什麼可以幫助我們相信也許您可以增加一級客戶，也許在今年，如果不是更早的話，我知道他們希望在 18A 上進行一些電力改進。但你能談談這個嗎？

Sure. Thanks, Tim. I think the priority one for us is -- for Intel Foundry is ramping our internal customer like the Panther Lake I mentioned earlier. And then the next step is basically build the trust with our foundry customer and the PDK, the schedule to really make sure that we're really robust on that. And then in terms of the process technology, the priority is really focused on yield, reliability.

當然。謝謝，蒂姆。我認為我們的首要任務是——英特爾代工廠正在擴大我們的內部客戶，就像我之前提到的 Panther Lake 一樣。然後，下一步基本上就是與我們的代工客戶和 PDK 建立信任，並製定時間表來真正確保我們在這方面真正穩健。就製程技術而言，首要考慮的是產量和可靠性。

And also, I think it's very important to understanding this is a customer service mindset so that every customer have different design tool methodology style. We want to make sure that we really do the pattern matching so that we really optimize for their solution they want to drive. So I think it's kind of one , two steps, and then we really continue to drive the efficiency and then so that we can really scale the business.

而且，我認為理解客戶服務理念非常重要，這樣每個客戶都有不同的設計工具方法風格。我們希望確保我們確實進行了模式匹配，以便我們可以真正優化他們想要推動的解決方案。所以我認為這就像一兩個步驟，然後我們真正繼續提高效率，然後我們才能真正擴大業務規模。

Joe Moore, Morgan Stanley.

摩根士丹利的喬摩爾。

Great. So a number of elements in your letter and in your comments about kind of improving product execution I guess, five weeks into it, can you give us your assessment of Panther Lake and Clearwater Forest and 18A product portfolio and give us a sense of are those leadership products? Do you still have work to do to get to the leadership position that you want to have?

偉大的。因此，我想，您在信中和評論中提到了一些關於改進產品執行的內容，五週後，您能否給我們對 Panther Lake 和 Clearwater Forest 以及 18A 產品組合的評估，並讓我們了解這些是否是領導產品？為了獲得自己想要的領導職位，您還需要努力嗎？

Yeah, let me start. I think Michelle will chip in. First of all, I think clearly, our laser focus on execution and in terms of delivery on time, performance that we can meet the customer and industry trends and the workload. So that is number one priority for us. In terms of Panther Lake, clearly, on the 18A is very important. We have the first by the end of this year, then we have additional SKU in the next year. So I think so far, we are very focused on that, Michelle?

是的，讓我開始吧。我認為米歇爾會參與其中。首先，我認為很明顯，我們專注於執行，並在按時交付、性能方面能夠滿足客戶和行業趨勢以及工作量。所以這是我們的首要任務。就 Panther Lake 而言，顯然 18A 非常重要。我們將在今年年底前推出第一批產品，然後在明年推出更多 SKU。所以我認為到目前為止，我們都非常關注這一點，米歇爾？

Yeah. Maybe just to add, Joe, I think -- I talked about this a little bit in our Q4 earnings. Panther Lake really matches what you see in both Meteor Lake and Lunar Lake in the way that we're going to ramp, bringing our first most performant product out first with customers and then the additional SKUs in Q1, which really allows us to line up with the commercial marketplace, that product looks quite good competitively, and we get a lot of customer interest.

是的。也許只是補充一下，喬，我想——我在我們的第四季度收益中談到了這一點。Panther Lake 確實與 Meteor Lake 和 Lunar Lake 非常相似，我們將首先向客戶推出第一款性能最佳的產品，然後在第一季度推出其他 SKU，這確實使我們能夠與商業市場保持一致，該產品看起來非常具有競爭力，並且我們獲得了許多客戶的興趣。

So I think we continue to track well there. You also asked about Clearwater force, and I talked a bit about that and the prioritization between Panther Lake and Clearwater Forest in Q4 as well. And so for Clearwater Forest, it has some very unique packaging that comes to market with it, and therefore, we decided to prioritize getting Panther Lake out first. And then in the first half of 2026, you'll see Clearwater Forest.

所以我認為我們會繼續保持良好的勢頭。您也詢問了 Clearwater 部隊的情況，我也談了一些這方面的內容，以及第四季度 Panther Lake 和 Clearwater Forest 之間的優先順序。因此，對於 Clearwater Forest 來說，它有一些非常獨特的包裝隨其進入市場，因此，我們決定優先推出 Panther Lake。然後在 2026 年上半年，你會看到清水森林。

I would just remind you that Clearwater Forest is an E-core-based product, so it's a derivative, right, of Granite Rapids. And so it will be more of a purpose-built product than your kind of leading performance part in the marketplace. But both -- both are on track for delivery.

我只是想提醒你，Clearwater Forest 是基於 E-core 的產品，所以它是 Granite Rapids 的衍生品。因此，它更像是一種專用產品，而不是市場上領先的性能部件。但兩者都正在按計劃交付。

Joe, do you have a follow-up question?

喬，你還有其他問題嗎？

I do -- the comments that you guys made about 7-nanometer being constrained further -- I'm sorry, Intel 7 being constrained for the foreseeable future. Can you elaborate on why that is and what impact that might have?

我確實如此——你們關於 7 奈米受到進一步限制的評論——對不起，英特爾 7 在可預見的未來將受到限制。您能詳細說明為什麼會這樣以及可能產生什麼影響嗎？

Pretty simply, we're doing better on Raptor Lake and Raptor Lakes and Intel 7 part. And so we obviously plan out our network to be just -- just to the edge in terms of capacity and when things shift meaningfully like they did, we're going to be handing out.

很簡單，我們在 Raptor Lake 以及 Raptor Lakes 和 Intel 7 部分上做得更好。因此，我們顯然計劃將我們的網路容量控制在極限，當情況發生重大變化時，我們就會進行分配。

That said, that's usually a good thing for the factory. When they're constrained, they leverage the network to try to produce more wafers and every waste becomes less expensive as a result. So we do -- we obviously do like that. Ultimately, though, we do want to see these AI PC products. gain more traction in the market, and we're optimistic that happens for the year.

話雖如此，這對工廠來說通常是一件好事。當受到限制時，他們會利用網路嘗試生產更多的晶圓，從而降低每種廢料的成本。所以我們確實如此——我們顯然確實喜歡這樣做。但最終，我們確實希望看到這些 AI PC 產品在市場上獲得更多關注，並且我們對今年實現這一目標持樂觀態度。

Yeah. Maybe just to add on both 7- and 10-nanometer. Obviously, with the macroeconomic concerns that we see and just with the overall economy, we are particularly seeing consumer a stronger N-1 and N-2 demand in the marketplace as those system price points tend to stay rather fixed. And so we've been doing our best to respond to that shift, while at the same time in the Commercial segment, we are seeing that Windows 10 refresh and a strong demand for AI PC.

是的。也許只是添加 7 奈米和 10 奈米。顯然，鑑於我們看到的宏觀經濟問題以及整體經濟，我們尤其看到消費者在市場上對 N-1 和 N-2 的需求更加強勁，因為這些系統價格點往往保持相當固定。因此，我們一直在盡最大努力應對這種轉變，同時在商業領域，我們看到 Windows 10 的更新和對 AI PC 的強勁需求。

I think there's both good and bad news in that. And that, as you see N-1, N-2, as Dave talked about, you see a lot of that gross margin flow to the bottom line. It is also, as the AIPC ramp slows, that's also good for gross margins. But I do want you to walk away with the fact that we continue to invest in the AI PC. We do view this as a long-term growth segment -- we have our AI symposium with all the software vendors this week, and we see a ton of excitement from our customers around Lunar Lake. And so we'll be balancing our portfolio and our mix across our foundries.

我認為這其中有好消息也有壞消息。而且，正如戴夫所說的，當你看到 N-1、N-2 時，你會看到很多毛利率流向了底線。此外，隨著 AIPC 成長放緩，這對毛利率也有好處。但我確實希望你們能夠接受這樣一個事實：我們將繼續在AI PC上投入。我們確實將其視為長期成長領域——本週我們與所有軟體供應商舉行了AI研討會，我們看到許多客戶對Lunar Lake平台表現出極大的熱情。因此，我們將平衡我們的代工廠產品組合和組合。

CJ Muse, Cantor Fitzgerald.

CJ Muse、康托·菲茨傑拉德。

I guess first question for Lip-Bu. You touched on your AI strategy, focusing on new and emerging workloads like reasoning models of Agentic AI and physical AI. Is the plan here to reinvent x86 to succeed in the AI world or perhaps a broader portfolio, including ARM? And then should we be interpreting your focus more on Edge AI?

我想第一個問題應該要問 Lip-Bu。您談到了您的人工智慧策略，重點是新興工作負載，例如 Agentic AI 和實體 AI 的推理模型。該計劃是否旨在重塑 x86 以在 AI 領域取得成功，或者也許是包括 ARM 在內的更廣泛的產品組合？那麼我們是否應該更多地解讀您對 Edge AI 的關注？

Yeah. Good question, CJ I think first of all, as I articulated on the AI strategy, it's very important to understanding the workload and then make sure that we can really deliver and then clearly, we're going to look for partnership with the industry leader to build the purpose per silicon and the software to optimize for that platform. So we like to be the compute platform for doing that.

是的。好問題，CJ，我認為首先，正如我在 AI 策略中闡述的那樣，了解工作量非常重要，然後確保我們能夠真正實現目標，然後顯然，我們將尋求與行業領導者的合作，以構建每個矽片的目的和針對該平台進行優化的軟體。因此我們希望成為實現這一目標的運算平台。

And clearly, I think one of the big areas will be the kind of edge and inference area, and that will be important to have the architecture that are low power and drive efficiency. And so those kind of things that we are exploring some of this new architecture and some of this disruptive platform that we try to build. So stay tuned. Over time, we're going to starting to articulate the sort for that.

顯然，我認為其中一個重要領域是邊緣和推理領域，而擁有低功耗和高效率的架構非常重要。因此，我們正在探索一些新的架構以及我們試圖建立的一些顛覆性平台。敬請關注。隨著時間的推移，我們將開始闡明這一點。

CJ, do you have a follow-up question?

CJ，您還有其他問題嗎？

I do, Joe. Dave, to follow up on the OpEx guide for '25 and '26, do those numbers fully contemplate the head count reductions that you are planning? Or over time, could we see additional savings?

是的，喬。戴夫，為了跟進25年和26年的營運支出指南，這些數字是否充分考慮了您計劃的員工人數削減？或者隨著時間的推移，我們可以看到額外的節省？

I would say Lip-Bu has driven us to think about the company in a leaner, more efficient, faster to execution kind of way. And that's been kind of the underpinning of what we are doing from an OpEx perspective. So it's all of that elimination of bureaucracy, taking out the layers and so forth that drive us to a number that's kind of in the $17 billion range for '25 and $16 billion range for '26.

我想說，立武促使我們以更精簡、更有效率、執行更快的方式思考公司。從營運支出的角度來看，這正是我們所做工作的基石。因此，正是透過消除官僚主義、減少層級等等，我們得以實現 2025 年的目標金額達到 170 億美元，2026 年的目標金額達到 160 億美元。

We are still in the process of working through the details of how we lend to that number. But I feel confident based on his direction, we will land in that ZIP code for those numbers. We have not yet identified what that means from a head count perspective. There's obviously other categories of spend in operating expenses in addition to labor and those will also be looked at and we'll scrutinize and make sure that they're spent in a highly efficient manner.

我們仍在研究如何向該號碼提供貸款的具體細節。但根據他的指導，我有信心，我們將找到這些號碼對應的郵遞區號。我們尚未確定從人數角度來看這意味著什麼。顯然，除了勞動力之外，營運費用中還有其他類別的支出，我們也將對這些支出進行審查，並確保以高效的方式使用這些支出。

And we'll have more details around how we will land the $16 billion number for when we end the second quarter and do the earnings in July, I think we'll have a good sense of what that means. Whether it can be reduced further I think we'll have to see. I think the $16 billion number, we feel very confident we can land. We'll update you in July for sure where that number is with a little bit more precision.

當我們在第二季末和 7 月公佈收益時，我們將公佈更多關於如何實現 160 億美元這一數字的細節，我想我們會清楚地知道這意味著什麼。我認為我們還需要觀察是否能夠進一步降低。我認為我們非常有信心能夠實現 160 億美元這個數字。我們將在 7 月向您更新該數字的更精確的資訊。

I think if you ask Lip-Bu today, he'd probably say there are areas where he would like to invest as well. So to the extent we're freeing up investment, it may go to some other areas that he wants to invest in. So I think $16 billion would probably be the good working assumption, but we'll update you in July, like I said.

我想如果你今天問立武，他可能會說他也有一些想投資的領域。因此，在我們釋放投資的範圍內，資金可能會流向他想要投資的其他一些領域。因此我認為 160 億美元可能是不錯的假設，但我們會在 7 月向您更新，就像我說的。

Vijay Rakesh, Mizuho.

瑞穗的 Vijay Rakesh。

I was just wondering, as you look at the data center side, how do you see that playing out through the year? Sorry, you kind of cited June.

我只是想知道，當您看資料中心方面時，您認為它在今年會如何發展？抱歉，您好像提到了六月。

Vijay, I apologize. Can you restate that? You broke up a little bit at the beginning of the question.

維傑，抱歉。你能再說一次嗎？你在問題一開始就有點崩潰了。

Just wondering how the data center side would play out the rest of the year as you look at the second half, especially?

只是想知道，尤其是在下半年，資料中心方面在今年剩餘時間內會如何發展？

Yeah. Thank you for the question. As we look at Q1, we saw higher-than-expected growth really driven by a few hyperscalers. We are optimistic about the rest of the year. If you look at the product road map we have with Granite Rapids coming out and Xeon 6, some of the traditional consolidation that, that drives as well as being the CPO choice as the AI had noted, and we are starting to see some improvement in telco as well.

是的。謝謝你的提問。回顧第一季度，我們發現成長高於預期，這確實由少數超大規模企業推動。我們對今年剩餘時間的表現持樂觀態度。如果你看一下我們的產品路線圖，你會發現 Granite Rapids 和 Xeon 6 都已推出，其中一些傳統的整合，正如 AI 所指出的，也是 CPO 的選擇，我們也開始看到電信領域的一些進步。

However, as Dave and everyone has talked about, we still do see a large macro concern, and so we need to continue to understand what that means. Much like we talked about before in client, we are seeing strong demand on older gen parts in data center as well, and we're working through that from a supply perspective.

然而，正如戴夫和大家所談論的，我們仍然看到一個巨大的宏觀擔憂，因此我們需要繼續了解這意味著什麼。就像我們之前在客戶那裡談到的那樣，我們也看到資料中心對老一代零件的需求強勁，我們正在從供應的角度來解決這個問題。

As stated in last quarter's earnings, I talked about our main goal being to stabilize market segment share, create margin and drive up ASPs. And so those are things that we're going to be laser-focused on for the remainder of the year. We do have a good product portfolio. We do see strength both in hyperscalers and enterprise, but rest of world is where we really see a market segment share challenge. And so that's where we'll be focused.

如上個季度的收益所述，我們的主要目標是穩定市場佔有率、創造利潤並提高平均售價。所以，這些都是我們在今年剩餘時間要重點關注的事情。我們確實擁有良好的產品組合。我們確實看到了超大規模企業和企業的優勢，但在世界其他地區，我們真正看到的是市場份額的挑戰。這就是我們關注的重點。

Vijay, do you have a follow-up question?

Vijay，您還有其他問題嗎？

Congratulations on the US segment, just looking at CapEx, this is for Dave. Any thoughts on how you would look at CapEx through that time frame, '25, '26? Are you looking at rationalizing that given the footprint that you have?

恭喜美國分部，僅查看資本支出，這是給戴夫的。您對於 25、26 年期間的資本支出有何看法？您是否正在考慮根據您所擁有的足跡來合理化這一做法？

In '25, we think we can operate to an $18 billion number as we talked about. I would just tell you, we have $50 billion or so of assets under construction that are -- a lot of which are is equipment that's still in bubble wrap. So we're, in some ways, taking more aggressive approach to driving better return on what we've spent already. And that's allowing us to spend less in capital.

正如我們所說的，我們認為在 25 年我們可以實現 180 億美元的目標。我只想告訴你，我們有價值約 500 億美元的資產正在建設中——其中許多是仍包裹在泡沫包裝中的設備。因此，從某種程度上來說，我們正在採取更積極的方式來提高我們已經支出的回報。這使得我們可以減少資本支出。

I think that story probably plays out next year as well, although I think it's too early to talk about guidance for CapEx for next year. We're going to leverage our assets under construction next year as well. Longer term, this is a high-intensity model, obviously. We've talked about roughly having 25% capital intensity as we look at this in a full IDM model. I think that's probably a good working assumption on a long-term basis.

我認為這個故事可能也會在明年上演，儘管我認為現在談論明年的資本支出指引還為時過早。明年我們也將利用正在建設中的資產。從長遠來看，這顯然是一個高強度的模型。當我們在完整的 IDM 模型中觀察這一點時，我們討論過資本密集度大約是 25%。我認為從長遠來看這可能是一個很好的工作假設。

Stacy Rasgon, Bernstein Research.

拉斯貢（Stacy Rasgon），伯恩斯坦研究公司。

I wanted to go back to that 7-nanometer constraint or capacity constrained. So you say you see a lot of demand for Raptor, like I guess I'm just surprised given how good Meteor Lake and Lunar Lake are supposed to be. Like why are you seeing so much more demand for the older generation parts versus new ones? Or is it -- I mean, are you pushing the older gen stuff like because the margins are better. Like what's going on there?

我想回到 7 奈米限製或容量限制的問題。所以你說你看到對 Raptor 的需求很大，就像我猜我只是對 Meteor Lake 和 Lunar Lake 有多好感到驚訝。為什麼老一代零件的需求比新一代零件高很多？或者是——我的意思是，您是否正在推廣老一代產品，因為利潤率更高。那裡發生了什麼事？

Yeah. Thanks for the question, Stacy. We're not pushing the old parts based on margins. What we're really seeing is much greater demand from our customers for N-1 and N-2 products so that they can continue to deliver system price points that consumers are really demanding. As we've all talked about, the macroeconomic concerns and tariffs, have everybody kind of hedging their bets and what they need to have from an inventory perspective. And Raptor Lake is a great part.

是的。謝謝你的提問，史黛西。我們不會為了利潤而推銷舊零件。我們真正看到的是客戶對 N-1 和 N-2 產品的需求越來越大，以便他們可以繼續提供消費者真正需要的系統價格點。正如我們都談到的，宏觀經濟問題和關稅使得每個人都在對沖自己的賭注以及從庫存角度來看他們需要什麼。猛禽湖 (Raptor Lake) 是其中很棒的一部分。

Meteor Lake and Lunar Lake are great as well, but come with a much higher cost structure not only for us but at the system ASP price points for our OEMs as well. And so as you think about an OEM perspective, they've also ridden those cost curves down from a Raptor Lake perspective, and it allows them to offer that product at a better price point. So I really just think it's macroeconomics, the overall economy and how they're hedging their bets.

Meteor Lake 和 Lunar Lake 也很棒，但不僅對我們來說，而且對我們的 OEM 來說，系統 ASP 價格點的成本結構也高得多。因此，當您從 OEM 的角度考慮時，他們也從 Raptor Lake 的角度降低了這些成本曲線，這使得他們能夠以更優惠的價格提供該產品。所以我真的認為這只是宏觀經濟學、整體經濟以及他們如何規避風險。

Stacy, do you have a follow-up?

史黛西，你還有後續消息嗎？

I do a follow up on that. So what does that imply for the Panther Lake launch, which I guess is going to happen, you said by year-end. So I guess, we'll get at least one SKU by December, most of it comes next year, but if that's happening like in the midst of a macro event tariffs, like who knows like -- how do I think about like the launch of those new products, given like demand synergy pivoting back to the older products? And the environment hasn't even gotten bad yet.

我對此進行了跟進。那麼這對 Panther Lake 的發布意味著什麼？我猜它將會在今年年底發布。所以我想，到 12 月我們會得到至少一個 SKU，大部分會在明年推出，但如果這種情況發生在宏觀事件關稅之中，誰知道呢——考慮到需求協同效應轉向舊產品，我該如何考慮推出這些新產品？而且環境還沒變壞。

Yeah. I think it's a very fair question. The Panther Lake launch matches exactly what we did on both Meteor Lake and Lunar Lake in regards to timing. So it's very aligned with how customers like to take products to market. Panther Lake is a great product, both from a performance and price perspective for our customers. So I think you'll see a strong uptake of that product, right?

是的。我認為這是一個非常公平的問題。就時間而言，Panther Lake 的發布與 Meteor Lake 和 Lunar Lake 的發布完全一致。因此，這與客戶喜歡將產品推向市場的方式非常一致。對於我們的客戶來說，無論從性能或價格角度來看，Panther Lake 都是一款出色的產品。所以我認為你會看到該產品的強勁需求，對嗎？

We still see very strong commercial demand for AI PC as they're deploying their fleets as they're doing their upgrades, they want to future-proof their products and have that AI capability. So I don't think you're going to see that change in commercial. And if you look at our traditional ramps for these types of products, we tend to go faster in commercial first and then consumers come on board. And so we'll have to balance where is the economy at the end of the year, but I feel very bullish about the Panther Lake product and our customer feedback.

我們仍然看到對 AI PC 的商業需求非常強勁，因為他們在部署他們的機隊時正在進行升級，他們希望他們的產品面向未來並擁有 AI 功能。所以我認為你不會在商業上看到這種變化。如果你看一下我們針對這類產品的傳統成長方式，我們傾向於先在商業領域加快步伐，然後再讓消費者加入。因此，我們必須平衡年底的經濟狀況，但我對 Panther Lake 產品和我們的客戶回饋非常樂觀。

Srini Pajjuri, Raymond James.

Srini Pajjuri，雷蒙德‧詹姆斯。

Michelle, I want to go back to the comments you made about the server market. In particular, about the Q2 guidance, I'm just curious as to why Q2 is tracking a little bit weaker. And then as we look out to the next few quarters, I know you talked about granite ramping and also potentially TAM growing from a per core basis in double digits. But at the same time, we do have incremental competition from ARM, especially in head nodes, where I think you guys have done well. So I'm just wondering how to think about maybe talk about why the guidance is a little softer for Q2 and then how to think about your market share for the next few quarters?

米歇爾，我想回到你對伺服器市場的評論。特別是關於第二季的指引，我只是好奇為什麼第二季的走勢會稍微弱一些。然後，當我們展望接下來的幾個季度時，我知道您談到了花崗岩的成長，以及潛在的 TAM 從每個核心以兩位數成長。但同時，我們確實面臨來自 ARM 的日益激烈的競爭，特別是在頭部節點方面，我認為你們在這方面做得很好。所以我只是想知道如何思考，也許可以談談為什麼第二季的預期會稍微寬鬆一些，以及如何考慮未來幾季的市佔率？

Yeah. Thank you for the question. As I look at Q1, I mean, we had a few hyperscalers that were particularly strong in Q1. And so you could call that hedging your bets or doing pull-ins or just balancing out their portfolio, but we don't expect to continue to see that into Q2. And so when we look at the overall macro demand, the concern around tariffs and restrictions as well as the stronger demand for older generation parts there's more demand there than we currently can supply, and so you have to balance that as well.

是的。謝謝你的提問。當我回顧第一季時，我的意思是，我們有幾個在第一季表現特別強勁的超大規模企業。因此，您可以稱之為對沖賭注或進行拉動或只是平衡他們的投資組合，但我們預計這種情況不會在第二季度繼續出現。因此，當我們考慮整體宏觀需求、對關稅和限制的擔憂以及對老一代零件的更強勁的需求時，我們會發現那裡的需求超過了我們目前的供應能力，因此你也必須平衡這一點。

And then as I've continued to say, we're going to do everything we can to stabilize market segment share, but that also creates a lot of margin and ASP pressure that we need to balance throughout the year. And so Granite Rapids is a great product. We are seeing excitement from our customers around that, particularly in the consolidation, particularly with edge, AI, a lot of excitement from customers about finding ways to be able to offer service revenue there.

正如我一直說的，我們將竭盡全力穩定市場份額，但這也會帶來很大的利潤率和平均售價壓力，我們需要在全年平衡這些壓力。所以 Granite Rapids 是一款很棒的產品。我們看到客戶對此感到興奮，特別是在整合方面，特別是邊緣和人工智慧，許多客戶對於找到能夠在那裡提供服務收入的方法感到興奮。

But at the same time, as you said, there is good competition. And so we're just being, I think, very prudent in what the year looks like. We understand there is competition, but we've got a good product portfolio. But as Lip-Bu said, we want a very strong say-do ratio. So we're going to commit to a number that we can beat.

但同時，正如您所說，也存在著良性競爭。所以我認為，我們對今年的情況非常謹慎。我們知道存在競爭，但我們擁有良好的產品組合。但正如立武所說，我們希望有非常強大的發言權和行動力。因此，我們將致力於實現一個我們可以超越的數字。

Srini, do you have a quick follow-up?

Srini，您有什麼後續問題嗎？

Yeah. And then on Panther Lake, I know Lip-Bu said it's a priority to ramp 18A with Panther Lake. I know in the past, your target was to, I guess, bring in 70% of the die in-house to 18A. I'm just wondering if that's still the target. And then as we look forward to Nova, has the decision about internal versus external being made yet if so, maybe you can give us some color on that as to what percent or how you think about internal versus external mix for Nova Lake.

是的。然後關於 Panther Lake，我知道 Lip-Bu 說過利用 Panther Lake 來提升 18A 水位是當務之急。我知道，過去你的目標是將 70% 的晶片內部生產至 18A。我只是想知道這是否仍然是目標。然後，當我們期待 Nova 時，是否已經做出了關於內部還是外部的決定，如果是這樣，也許您可以給我們一些說明，關於 Nova Lake 的內部和外部混合比例或您如何看待。

Yeah. Both are great questions. When we look at 18A, our goal of bringing everything in-house, getting to a 70%, approximately 70% mix remains steadfast, and there's no change to that POR and Panther Late helps us get on that journey. Pat talked about this in Q3, I talked about it in Q4. One of the great strengths we have is the fact that we do have optionality when it comes to where we build our products. We build products with TSMC, Samsung and Intel.

是的。這兩個問題都很好。當我們看 18A 時，我們的目標是將所有東西帶入內部，達到 70% 左右的混合率，這一點仍然堅定不移，而且 POR 和 Panther Late 幫助我們踏上這一旅程這一點也沒有改變。帕特在第三季度談到了這一點，我在第四季度談到了這一點。我們的一大優勢是，我們在產品生產地點上擁有自主選擇權。我們與台積電、三星和英特爾合作生產產品。

And so when you look at Nova Lake, really what we have done is we've optimized at the SKU level, the process node that we're going to use. And so when you look at Nova Lake, you'll see product both at TSMC and UEC product internal to Intel. But when you look at the aggregate of Nova Lake, we will build more wafers on Intel process than we are on Panther Lake. So that commitment to continue to drive wafer growth with our internal foundry partners remains steadfast and there's no change to strategy there.

因此，當您查看 Nova Lake 時，我們實際上所做的是在 SKU 層級進行了最佳化，也就是我們將要使用的製程節點。因此，當您查看 Nova Lake 時，您會看到台積電的產品和英特爾內部的 UEC 產品。但是當你看 Nova Lake 的總量時，我們會發現我們在英特爾製程上製造的晶圓比在 Panther Lake 上製造的晶圓要多。因此，我們與內部代工合作夥伴繼續推動晶圓成長的承諾依然堅定不移，且策略沒有改變。

I'd just add one other thing that just I come over the top of the organization on is we are going to continue to balance internal and external manufacturing of wafers. We do that because that's part of our capital strategy to maintain a reasonable capital intensity relative to the business. So just as much as we're pushing on filling the fab and making sure we're utilizing all of our assets and leveraging the investments we've made on the process side, we also want to make sure that we're not overinvesting in capital and or left ultimately with a bad answer from a return on asset perspective. So that's part of our smart capital strategy is always to keep a certain percentage of our wafer capacity outside.

我只想補充一點，我剛從組織高層了解到，我們將繼續平衡晶圓的內部和外部製造。我們這樣做是因為這是我們資本策略的一部分，即維持相對於業務合理的資本強度。因此，在我們努力填補晶圓廠產能、確保利用所有資產並利用我們在製程方面所做的投資的同時，我們也希望確保我們不會在資本上過度投資，或者最終從資產回報率的角度得到糟糕的答案。因此，我們的智慧資本策略的一部分是始終將一定比例的晶圓產能保留在外部。

Thomas O'Malley, Barclays.

巴克萊銀行的托馬斯·奧馬利。

This one is for Dave a little more shorter term. Just if you look at the first 20-something days of the quarter here, I was surprised that you saw a little bit of weakness on the client side. Obviously, data center down a little bit more. But could you maybe just give us an update if you're seeing any pull-ins, any changes in dynamics from a geography perspective, any customer behaviors that are looking any different for the first couple of days this quarter just as it helps as a framework for the entire market and then also for you guys as well?

對 Dave 來說，這個期限稍微短一些。如果你看一下本季的前 20 幾天，我很驚訝地發現客戶端出現了一些疲軟跡象。顯然，資料中心的下降幅度更大一些。但是，如果您看到任何吸引力、從地理角度來看的任何動態變化、本季度頭幾天任何客戶行為有任何不同，您能否向我們提供最新消息，因為它有助於作為整個市場的框架，然後也對您們有幫助？

Yeah. I would just say that for the first, whatever day that help. I didn't count it, so I'm assuming it is 20 days. We are off to a relatively strong start. But what we are anticipating and what's built into our guidance that the macro is going to start to catch up to the implications of the tariffs. And so June is likely to be softer than our strong start to the quarter. But so far, we're off to a strong start. Of course, I can't completely rule out that it might continue through the whole quarter, in which case, we're probably looking at the higher end of the guidance. But for now, we've built in the expectation that tariffs will start to weigh on the macro.

是的。我只想說，對於第一天來說，無論哪一天都會有幫助。我沒有計算過，所以我假設是20天。我們的開局相對強勁。但我們的預期和指導思想是，宏觀經濟將開始趕上關稅的影響。因此，六月的業績可能比本季初的強勁表現更為疲軟。但到目前為止，我們的開局很好。當然，我不能完全排除這種情況可能會持續整個季度，在這種情況下，我們可能會考慮更高預期。但就目前而言，我們已經預期關稅將開始對宏觀經濟產生壓力。

Tom, do you have a follow-up?

湯姆，你還有後續消息嗎？

Yeah, I do. Michelle, in December, when we chatted when you first took over the job, you spoke about products being first and specifically, we talked about the data center side of things. And I think earlier to CJ's question, you addressed the edge. But if you look at the products that you've had with Gaudi, Falcon Shores inside the data center specifically. Could you talk about what the strategy will be going forward? Are you planning on launching a new product? I think at the time you said, we need to learn with what we've already had. So we're not starting from scratch, but any update to that strategy, particularly inside the data center.

是的，我知道。米歇爾，去年 12 月，當您剛接手這份工作時，我們聊天時，您談到產品是第一位的，具體來說，我們談到了資料中心方面的事情。我認為之前在回答 CJ 的問題時您已經提到了邊緣問題。但如果你看一下 Gaudi、Falcon Shores 在資料中心內使用的產品。能談談未來的戰略嗎？您計劃推出新產品嗎？我想當時您說過，我們需要利用已有的知識來學習。因此，我們並不是從零開始，而是對該策略進行任何更新，特別是在資料中心內部。

Yeah. I'm glad that you asked. Actually, in the first five weeks that Lip-Bu's been here, he and Sachin has spent a significant amount of time relooking at our whole AI strategy, our portfolio of assets how we need to come to market to be able to compete in that marketplace. You've heard Lip-Bu really talk about the fact that we want a workload first approach. And so in Q4, I talked about the fact that we weren't going to build Falcon Shores, right, and that we were going to stay with the POR Jaguar Shore.

是的。我很高興你問這個問題。實際上，在 Lip-Bu 上任後的前五周里，他和 Sachin 花了大量時間重新審視我們的整個人工智慧策略、我們的資產組合以及我們如何進入市場才能在該市場中競爭。您已經聽到 Lip-Bu 真正談論過我們想要採用工作量優先的方法這一事實。因此在第四季度，我談到了我們不會建造 Falcon Shores 的事實，我們將繼續使用 POR Jaguar Shore。

So we still have the Jaguar shores product on our road map and Sachin and Lip-Bu over the coming months or so, we'll start to talk externally about what our AI road map looks like. what we'll do in between then. And then as we really dive in with our customers on that workload road map, what needs to change. But I think you'll see us be quite aggressive. We know that, that is a segment of the data center market that we're not competing in today, and we need a robust portfolio as all the customers are looking for alternatives.

因此，我們的路線圖上仍然有 Jaguar Shores 產品，在接下來的幾個月裡，Sachin 和 Lip-Bu 將開始對外討論我們的 AI 路線圖是什麼樣的，以及在此期間我們會做什麼。然後，當我們真正與客戶一起深入研究工作負載路線圖時，需要做出哪些改變。但我想你會看到我們相當積極。我們知道，這是資料中心市場中我們目前尚未參與競爭的一個領域，我們需要一個強大的產品組合，因為所有客戶都在尋找替代品。

Vivek Arya, Bank of America Securities.

Vivek Arya 的美國銀行證券。

Lip-Bu for the first one, you said there are no quick fixes. So how much time realistically should investors be prepared for in terms of Intel's turnaround? Is it one year, two years, three years? And related to that, what are the right metrics to measure that progress? Is it share gains? Is it gross margin? Is it free cash flow? So basically, what metrics are you optimizing for? And what is the time line in order to achieve that?

Lip-Bu，首先，您說沒有快速解決方案。那麼，投資人應該為英特爾的扭轉局勢準備多少時間呢？是一年、兩年、還是三年？與此相關，衡量這項進展的正確指標是什麼？是股票收益嗎？是毛利率嗎？它是自由現金流嗎？那麼基本上，您要優化哪些指標呢？實現這目標的時間表是怎樣的？

Vivek, a good question. So I think in the clear day, there's no quick fix and as you described. And as we're working through the road map and quickly update with the team and then defining what is the new workload look like in terms of the CPU, GPU and AI and then driving the -- some short-term and some longer-term products. And then shorter term, we may embrace some of the disruptive technology that is out there, and we can partner with them to bring the market faster and that meet the customer requirement. So I think stay tuned. I mean those are the things that we are working on.

Vivek，這個問題問得好。所以我認為，在清楚的情況下，沒有快速解決辦法，正如你所描述的。我們正在製定路線圖並與團隊快速更新，然後定義 CPU、GPU 和 AI 方面的新工作負載，然後推動一些短期和一些長期產品。從短期來看，我們可能會採用一些現有的顛覆性技術，並與他們合作，以更快地進入市場並滿足客戶的需求。所以我認為請繼續關注。我的意思是，這些就是我們正在努力的事情。

In terms of the matrix, clearly, we want to have the best products, and that is really especially addressing the edge. It's got to be a power efficient and also able to drive the performance that we like. And time to market is critical on schedule. And so those are the things that we look at in terms of matrix to really deliver what the industry wants and customers want, and that's something that we're working on.

就矩陣而言，顯然，我們希望擁有最好的產品，而這實際上尤其要解決邊緣問題。它必須高效節能，並且能夠實現我們想要的性能。按時上市至關重要。因此，這些都是我們從矩陣角度考慮的事情，以真正滿足行業和客戶的需求，而這正是我們正在努力的。

Vivek, do you have a quick follow-up?

Vivek，您有什麼後續問題嗎？

So on the IDM structure, Lip-Bu, given your experience in the industry, what we have seen from the outside is that the most successful businesses in semis are either fabless or a dedicated foundry. And a few years ago, when Intel started to give out financials for the manufacturing business, the hope was that, that would turn it around. But what we have seen is just consistently negative gross margin. So do you think that just 18A progress is sufficient, just kind of low single-digit top line growth is sufficient to make this business viable? So at what point do you need to rethink whether this IDM structure regardless of the way financials are broken out, does it make sense?

因此，關於IDM結構，Lip-Bu，根據您在該行業的經驗，我們從外部看到的是，半導體領域最成功的企業要么是無晶圓廠，要么是專門的代工廠。幾年前，當英特爾開始公佈其製造業務的財務數據時，人們希望這能扭轉局面。但我們看到的只是持續負的毛利率。那麼，您是否認為僅 18A 的進步就足夠了，僅憑某種低個位數的營收成長就足以使這項業務可行？那麼，在什麼時候你需要重新考慮這種 IDM 結構是否合理，無論財務狀況如何細分？

Right. That's a good question. So I think, clearly, we want to have that kind of balance approach. One is our -- the foundry got to be able to deliver the product that internal customer needs and also can serve our Intel customer well and -- so that we make them the simplicity and also online scheduled to deliver. And then meanwhile, in that respect, we clearly view TSMC as our partner.

正確的。這是個好問題。所以我認為，顯然我們希望採取這種平衡的方法。一是我們的代工廠必須能夠交付內部客戶需要的產品，同時也能很好地服務我們的英特爾客戶，這樣我們才能讓他們輕鬆並按計劃在線交付。同時，在這方面，我們明確地將台積電視為我們的合作夥伴。

And they have been very good partners to have. And Morris and (inaudible) are very long-time friend of mine. And we also met recently tried to find area we can collaborating and so that we can create a win-win situation. And then meanwhile, we continue to drive the efficiency of the yield that 18A and also look at with the customer, what can we do on the 14A and then so that we can really wisely effectively using some of the foundry capacity footprint that we have.

他們是非常好的合作夥伴。莫里斯和（聽不清楚）是我的老朋友。我們最近也舉行了會議，試圖尋找可以合作的領域，以便創造雙贏的局面。同時，我們繼續提高 18A 的產量效率，並與客戶一起研究我們可以在 14A 上做些什麼，然後我們才能真正明智有效地利用我們擁有的一些代工產能。

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

喬納森，我們還有時間回答最後一個問題。

Aaron Rakers, Wells Fargo.

富國銀行的 Aaron Rakers。

I guess maybe the first question would be is just as I think about the guidance that you gave and more importantly, the operating expense structure that you talked about in '25 and '26. Just to be very clear, -- that's exclusive of the pending divestiture of the 51% stake in Altera. I guess that's just a point of clarification.

我想也許第一個問題是，正如我所想，您給出的指導，更重要的是，您在 25 年和 26 年談到的營運費用結構。需要明確的是，這不包括即將剝離的 Altera 51% 股份。我想這只是一個澄清點。

Yeah. Let me decide what exclusive means. But essentially, the $17 billion in '25 and the $16 billion in '26 actually assume Altera's OpEx is in that number. Now obviously, as soon as we deconsolidate it won't be. So the target of the 16 will come down dollar for dollar for what Altera is spending in terms of OpEx. But given that it hasn't closed, we don't know the timing of when it closes, it was a little difficult to provide anything with that built into the forecast. So we just included it .

是的。讓我來決定「獨家」的意思。但本質上，25 年的 170 億美元和 26 年的 160 億美元實際上假設 Altera 的營運支出在這個數字中。顯然，一旦我們解除合併，情況就不會如此。因此，16 的目標將根據 Altera 在營運支出方面的支出而下降。但鑑於它尚未關閉，我們不知道它何時關閉，因此很難在預測中提供任何相關資訊。所以我們只是把它包括在內。

Aaron, do you have a follow-up?

亞倫，你還有後續消息嗎？

I do, and it's maybe more strategic back to kind of the core data center AI strategy. And I know it's early days, but I'm curious of how you think about rack scale networking and the pieces that Intel has internally to really compete in the cloud infrastructure AI build-out? Is it UCIE? Is there other pieces of the building blocks that you think strategically is needed to really drive if it's with Jaguar Shores or how that strategy plays out around the networking scale-up side

是的，這可能更具戰略意義，回歸到核心資料中心 AI 戰略。我知道現在還為時過早，但我很好奇您如何看待機架規模網路以及英特爾內部在雲端基礎設施 AI 建設中真正參與競爭的部分？是 UCIE 嗎？如果與 Jaguar Shores 合作，您是否認為從戰略角度來看，還需要其他基礎要素來真正推動這一進程，或者該戰略如何在網路擴展方面發揮作用

Yeah, it's a good question. So let me start first and then Michelle will add on to it. So clearly, the rack scale approach of the system, I think, is very important that we need to have a full scale into hardware and software to do it and then clearly, leverage on our XPU, our CPU and GPU approach and then to drive that. And I think there will be something that we're going to work on and then come up with the chilling product that we can really launch the product.

是的，這是個好問題。讓我先開始，然後米歇爾再補充。因此，很明顯，我認為系統的機架規模方法非常重要，我們需要全面考慮硬體和軟體來實現這一點，然後明確利用我們的 XPU、CPU 和 GPU 方法來推動它。我認為我們會做一些工作，然後推出令人心寒的產品，然後我們就可以真正推出產品了。

Yeah. Maybe I would just add that we are seeing great success with the IPU products that we've built. We will see at least double-digit -- or excuse me, doubling of that revenue from '24 to '25. We also see optics as a critical element of that rack scale architecture as well. And I think I would just remind everybody that Intel is the only foundry out there that has an optics-based foundry option for our customers.

是的。我可能只想補充一點，我們所製造的 IPU 產品取得了巨大的成功。我們將看到至少兩位數——或者對不起，從24年到25年，收入將翻倍。我們也將光學視為機架規模架構的關鍵要素。我想我只是想提醒大家，英特爾是唯一一家為客戶提供基於光學的代工選擇的代工廠。

And so we're very optimistic that those two things add to the overall opportunity to build out that rack scale architecture. Also just our Open x86. What we are seeing is that customers do love the x86 ecosystem, the software around it. And if they can build out an AI infrastructure with x86, they're very interested in doing that, we already have one large custom design win, and I would expect more.

因此，我們非常樂觀地認為，這兩件事將增加建構機架規模架構的整體機會。也只是我們的 Open x86。我們看到的是，客戶確實喜歡 x86 生態系統及其周圍的軟體。如果他們能夠用 x86 建造 AI 基礎設施，他們會非常感興趣，我們已經贏得了一個大型客製化設計，我期待更多。

Now with that, thank you for joining us today. We have a clear opportunity to strengthen our business in both products and foundry. We have clear priorities to better serve our customers and create value to our shareholders. I look forward to work ahead as we build the new Intel. Thank you.

現在，感謝您今天加入我們。我們有明顯的機會加強我們在產品和代工方面的業務。我們有明確的優先事項，以便更好地服務我們的客戶並為股東創造價值。我期待在我們打造新英特爾的過程中繼續努力。謝謝。

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

女士們、先生們，感謝各位參加今天的會議。該計劃確實就此結束。您現在可以斷開連線。再會。