英特爾 (INTC) 2025 Q2 法說會逐字稿

Thank you for standing by and welcome to Intel Corporation's second 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, Mr. John Pitzer, Vice President, Investor Relations. Please go ahead, sir.

感謝您的支持，歡迎參加英特爾公司 2025 年第二季財報電話會議。（操作員指示）提醒一下，今天的節目正在錄製，現在我想介紹今天節目的主持人，投資者關係副總裁約翰·皮策先生。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 Q2 earnings release and earnings presentation, both of which are available on our investor website, intc.com.

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二季度收益報告和收益簡報的副本，這兩份副本都可以在我們的投資者網站 intc.com 上找到。

For those joining us online today, the earnings presentation is also available in our webcast window. I am joined today by our CEO, Lip-Bu Tan; and by our CFO, David Zinsner. Lip-Bu will open with comments on our second quarter results as well as provide an update on our strategy and priorities.

對於今天在線加入我們的用戶，收益報告也可以在我們的網路廣播視窗中查看。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 將首先評論我們的第二季度業績，並提供我們的策略和優先事項的最新資訊。

Dave will then discuss our overall financial results, including third quarter guidance before we transition to answer your questions. 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.

在我們回答您的問題之前，戴夫將討論我們的整體財務業績，包括第三季指引。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。

It also contains references to non-GAAP financial measures that we believe provide useful information to our investors. Our earnings release, most recent annual report on Form 10-K and other filings with the SEC provide more information on specific risk factors that could cause actual results to differ materially from our expectations.

它還包含對非公認會計準則財務指標的引用，我們認為這些指標可以為我們的投資者提供有用的信息。我們的收益報告、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。

They also provide additional information on our non-GAAP financial measures, including reconciliations where appropriate to our corresponding GAAP financial measures. With that, let me turn things over to Lip-Bu.

它們還提供了有關我們的非 GAAP 財務指標的更多信息，包括與我們相應的 GAAP 財務指標適當的對帳。說完這些，讓我把話題交給 Lip-Bu。

Thank you, John, and let me add my welcome. We had a solid Q2, with revenue above the high end of our guidance. This reflects strong demand across our business and good execution by the team. As expected, headline profitability was impacted by several one-time items and impairments. But I am pleased by the underlining operating performance in the quarter, even as we have more work to do.

謝謝你，約翰，請容許我表達我的歡迎。我們第二季業績穩健，營收高於預期上限。這反映了我們業務的強勁需求和團隊的良好執行力。正如預期的那樣，整體獲利能力受到多項一次性項目和減損的影響。但我對本季的經營業績感到滿意，儘管我們還有許多工作要做。

Dave will go through our detailed financials shortly. Today, I want to provide you with updates on four major initiatives where we have started to make progress, and we'll continue to focus in coming quarters. Our organization and culture, our foundry strategy, our core x86 franchise and our AI strategy.

戴夫很快就會仔細檢查我們的財務詳細情況。今天，我想向大家介紹我們已經開始取得進展的四項主要舉措的最新情況，我們將在未來幾季繼續關注這些舉措。我們的組織和文化、我們的代工策略、我們的核心 x86 特許經營權和我們的 AI 策略。

First, on organization and culture. Over the last three months, I have completed a systematic review of every organization and function reporting to the CEO. These reviews included detailed analysis of headcount, skill sets, spending, site distribution, executive population and restructuring plans.

第一，關於組織和文化。在過去的三個月裡，我對向執行長報告的每個組織和職能部門進行了系統性審查。這些審查包括對員工人數、技能組合、支出、站點分佈、高階主管人數和重組計劃的詳細分析。

We have much work to do in building a clean and streamlined organization, which we have started in earnest and has remained an area of focus for me during Q3. Our goal is to reduce inefficiencies and redundancies and increase accountability at every level of the company.

我們在建立一個乾淨、精簡的組織方面還有很多工作要做，我們已經認真地開始這項工作，而這仍然是我在第三季關注的重點領域。我們的目標是減少低效率和冗餘，並提高公司各層面的責任感。

As mentioned in our Q1 earnings call, we need to right size and scale back the company while ensuring that we are retaining our best internal talents and hiring the best external talents from industry and universities. During Q2, we completed the majority of the actions needed to achieve our year-end target of 75,000 employees.

正如我們在第一季財報電話會議上提到的那樣，我們需要調整公司規模並縮減規模，同時確保保留我們最好的內部人才並從行業和大學聘用最好的外部人才。在第二季度，我們完成了實現年底 75,000 名員工目標所需的大部分行動。

This will hard but necessary decisions, and we reduce management layers by approximately 50% in the process. We are on track to implement our return-to-office mandate starting September. These actions are necessarily not just to reduce our operating expenses but to make the company more agile, collaborative and vibrant to simplify our business and improve our product and process execution.

這將是艱難但必要的決定，在此過程中我們將減少約 50% 的管理層級。我們將按計劃從九月開始實施重返辦公室的規定。這些措施不僅是為了降低我們的營運費用，而且是為了使公司更加靈活、協作和充滿活力，從而簡化我們的業務並改善我們的產品和流程執行。

Next, on our foundry strategy. I continue to believe that our heritage and expertise in semiconductor technology development and manufacturing remains a very valuable and vital asset. I also fully appreciate the strategic importance of the US domiciled semiconductor manufacturing.

接下來談談我們的代工策略。我始終相信，我們在半導體技術開發和製造方面的傳統和專業知識仍然是一項非常寶貴和重要的資產。我也充分認識到美國半導體製造業的戰略重要性。

Transforming this unique asset into a robust foundry business requires us to take a systematic approach and act from the position of strength. The foundry business is a service business. that relies on foundational principle of trust.

要將這項獨特資產轉變為強大的鑄造業務，我們需要採取系統化的方法並從實力出發採取行動。代工業務是一種服務業務，依賴信任的基本原則。

We need to demonstrate to our customers that we can deliver wafers on time with high quality, reliability and yield that we can manufacture their products at scale. We need to have process and packaging technology that is not only competitive but more importantly, is designed to meet the needs of our customers.

我們需要向客戶證明，我們能夠按時交付高品質、高可靠性和高產量的晶圓，並且能夠大規模生產他們的產品。我們需要的製程和包裝技術不僅要具有競爭力，更重要的是，要能滿足客戶的需求。

In addition, we also need to develop a rich and diverse ecosystem of IP and EDA partners who will enable our customers to seamlessly design chips using our process. And finally, perhaps most importantly, we need to build capacity smartly and carefully on a schedule that meets the needs of our customers and support the economics of our business.

此外，我們還需要開發豐富多樣的 IP 和 EDA 合作夥伴生態系統，使我們的客戶能夠使用我們的流程無縫設計晶片。最後，也許是最重要的一點，我們需要按照滿足客戶需求並支持業務經濟的時間表，明智而謹慎地建立產能。

This approach is fundamentally different than the path we have been on for the last four years. Unfortunately, the capacity investment we made over the last several years were well ahead of demand and were unwise and excessive.

這種方法與我們過去四年所走的道路有著根本的不同。不幸的是，過去幾年我們所做的產能投資遠遠超出了需求，是不明智和過度的。

Our factory footprint has become needlessly fragmented. Going forward, we will grow our capacity based solely on the volume commitments and deploy CapEx lockstep with the tangible milestones and not before. As part of this new financial discipline, we have decided not to continue with our manufacturing projects in Germany and Poland.

我們的工廠足跡變得毫無必要地分散。展望未來，我們將僅根據產量承諾來擴大產能，並根據實際的里程碑同步部署資本支出，而不是提前部署。作為這項新財務紀律的一部分，我們決定不再繼續在德國和波蘭開展製造項目。

We also plan to consolidate our assembly and test operation in Costa Rica into larger existing sites in Vietnam and Malaysia, and we will further slow the pace of construction in Ohio to ensure our spending is aligned with market demand.

我們還計劃將位於哥斯達黎加的組裝和測試業務整合到越南和馬來西亞現有的更大的工廠中，並且我們將進一步減緩俄亥俄州的建設速度，以確保我們的支出與市場需求保持一致。

Importantly, based on the progress we have already made in Ohio, we have flexibility to accelerate work as needed to meet customer needs. Turning specifically to process technology development. On Intel 18A, we will continue to make steady progress on our yield and performance targets.

重要的是，基於我們在俄亥俄州已經取得的進展，我們可以靈活地根據需要加快工作以滿足客戶的需求。具體來說，轉向製程技術開發。在英特爾 18A 上，我們將繼續在產量和性能目標上取得穩步進展。

Intel 18A is the foundation of at least next three generations of Intel client and server products, and we remain committed to ramping this technology to scale. Intel 18A and Intel 18A-P are critical nodes for Intel products and will drive meaningful wafer volumes well into the next decade.

Intel 18A 是至少未來三代英特爾用戶端和伺服器產品的基礎，我們將繼續致力於擴大這項技術的規模。英特爾 18A 和英特爾 18A-P 是英特爾產品的關鍵節點，將在未來十年推動晶圓產量的大幅成長。

Our foundry and product teams remain focused on enabling Panther Lake to launch this year. Once we get our own product ramping in high volume, we will be in better position to attract external customers to this technology. The Intel 18A family is also important as we continue to advance our work for the US government within the Secure Enclave programs as well as for other initial committed customers.

我們的代工和產品團隊仍然致力於讓 Panther Lake 在今年上市。一旦我們自己的產品能夠大規模生產，我們將更有能力吸引外部客戶使用這項技術。英特爾 18A 系列也很重要，因為我們將繼續推進為美國政府在安全區域計畫以及其他初始承諾客戶所進行的工作。

On Intel 14A, the foundry technology team is continuing to focus on the basic building blocks, technology definitions and transistor architecture, process flow, design enablement, PDKs as foundational IPs and test chips to validate and improve performance and defect density.

在英特爾 14A 上，代工技術團隊繼續專注於基本建置模組、技術定義和電晶體架構、製程、設計支援、PDK 作為基礎 IP 和測試晶片，以驗證和提高效能和缺陷密度。

Designing 14A at its inception, as a foundry notes from the ground up, better positions us to meet specific customer requirements and address a broadened segment of the market. This work is being driven and informed by direct import from large external customers and from our own internal product teams.

正如一家從頭開始設計的代工廠所指出的那樣，在 14A 誕生之初就對其進行設計，可以讓我們更好地滿足特定客戶的需求，並拓展市場。這項工作是由來自大型外部客戶和我們自己的內部產品團隊的直接進口推動和指導的。

A key expect of prudently pursuing our foundry ambition is also making sure we maintain sensible optionality for our internal product teams. They will continue to work closely with both internal and external foundry partners.

謹慎追求我們的代工目標的一個關鍵期望是確保我們為內部產品團隊保持合理的可選性。他們將繼續與內部和外部代工合作夥伴密切合作。

They will do their homework and make process and supplier decisions based on what is best for our end customers against criteria of performance, cost, yield and time to market. Our external foundry strategy has always been rooted in the economic reality of semiconductor manufacturing.

他們會做好充分的準備，並根據性能、成本、產量和上市時間等標準，根據對我們的最終客戶最有利的原則制定流程和供應商決策。我們的外部代工策略始終植根於半導體製造的經濟現實。

Up to and through Intel 18A, we could generate a reasonable return on our investments with only Intel Products. The increase in capital costs at Intel 14A make it clear that we need both Intel Products and a meaningful external customer to drive acceptable returns on our deployed capital. And I will only invest when I'm confident those returns exist.

直至英特爾 18A，我們僅使用英特爾產品就能獲得合理的投資回報。英特爾 14A 資本成本的增加清楚地表明，我們需要英特爾產品和有意義的外部客戶來推動我們部署的資本獲得可接受的回報。只有當我確信有這些回報時，我才會投資。

I'm intimately familiar with the foundry and fabless ecosystem, having helped created over the last two decades. I'm using that experience to put our Intel Foundry on a more solid footing for the future. I will do so while being prudent with our capital and ensure we can deliver attractive returns on the investment we make. I do not subscribe to the belief that if you build it, they will come. Under my leadership, we will build what customers need, when they need it and earn their trust to consistent execution.

我非常熟悉代工廠和無晶圓廠生態系統，並在過去二十年中幫助創建了它。我正在利用這些經驗為我們的英特爾代工廠的未來奠定更堅實的基礎。我將謹慎使用我們的資本，並確保我們所做的投資能帶來可觀的回報。我不相信只要你建好了，他們就會來。在我的領導下，我們將在客戶需要的時候生產他們所需要的產品，並透過一致的執行贏得他們的信任。

Next on to our core x86 franchise. In clients, our top priority is delivering our first Panther Lake SKU by year-end, followed by additional SKUs in the first half of 2026. The successful launch of the Panther Lake will solidify our strong share in the notebook market across consumer and enterprise. We still have gaps to close in the high-end desktop market. But I'm encouraged by our unmatched go-to-market reach.

接下來是我們的核心 x86 系列。對於客戶，我們的首要任務是在年底前交付第一個 Panther Lake SKU，然後在 2026 年上半年交付更多 SKU。Panther Lake 的成功推出將鞏固我們在消費和企業筆記型電腦市場的強大份額。我們在高階桌上型電腦市場仍有差距需要彌補。但我對我們無與倫比的市場影響力感到鼓舞。

Our x86 ecosystem and the progress we are making on Nova Lake due out at the end of 2026. In traditional service, we continue to have solid position in AI host nodes and storage where our single trait performance has been optimized for those workloads.

我們的 x86 生態系統和我們在 Nova Lake 上的進展預計將於 2026 年底推出。在傳統服務中，我們在 AI 主機節點和儲存方面繼續保持穩固的地位，我們的單一特徵效能已針對這些工作負載進行了最佳化。

Granite Rapids is ramping as planned, and we continue to see good demand for our more established server products, but sustainable share improvement in this market will take time. Specifically, we need to improve in broader hyperscale workloads where performance to work is a key differentiator. I have also taken steps to correct past mistakes regarding multi-threading capabilities on our key costs.

Granite Rapids 正在按計劃擴大規模，我們也繼續看到市場對我們更成熟的伺服器產品的良好需求，但該市場的可持續份額提升仍需要時間。具體來說，我們需要在更廣泛的超大規模工作負載方面進行改進，其中工作效能是關鍵的區別因素。我還採取了一些措施來糾正過去有關我們關鍵成本的多線程功能方面的錯誤。

I'm also making progress on bringing in new leadership in our data center business, and look forward to being able to announce these changes next quarter. Longer term, my directive to our silicon and platform teams is to define products with clean and simple architecture, better cost structure to simplify our SKU stack, all will enable a path to a robust product margin.

我在為資料中心業務引入新領導層方面也取得了進展，並期待能夠在下個季度宣布這些變化。從長遠來看，我對我們的矽片和平台團隊的指示是定義具有乾淨、簡單的架構的產品，更好的成本結構以簡化我們的 SKU 堆疊，所有這些都將為實現強勁的產品利潤鋪平道路。

I'm also instituting a policy where every major chip design needs to be personally reviewed and approved by me before tape out. I have already begun this process. This discipline will improve our execution speed and move up towards a first-time right mindset while also saving development costs.

我還制定了一項政策，每個主要的晶片設計在流片前都需要經過我的親自審查和批准。我已經開始這個過程了。這種紀律將提高我們的執行速度，並朝著第一次就正確的思維模式邁進，同時節省開發成本。

Finally, turning to AI. In the past, we approached AI with a traditional silicon and training centric mindset without a cohesive silicon systems software stack and strategy. While we do need to build and consolidate upon our silicon franchise based upon our x86 CPU and our Xe GPUs.

最後，轉向人工智慧。過去，我們以傳統的以矽和訓練為中心的思維方式來對待人工智慧，而沒有一個有凝聚力的矽系統軟體堆疊和策略。雖然我們確實需要基於我們的 x86 CPU 和 Xe GPU 來建立和鞏固我們的矽片專營權。

We recognize the need to move up the obstruction stack into system and software. This is the area where Intel has traditionally been weak or entirely absent. But we intend to incubate and grow this important skill sets and capabilities under my leadership. This will take time but it will be vital for Intel to stay relevant in the next wave of computing.

我們認識到需要將阻塞堆疊向上移動到系統和軟體中。這是英特爾傳統上較弱或完全缺席的領域。但我們打算在我的領導下培養和發展這些重要的技能和能力。這需要時間，但對於英特爾在下一波運算浪潮中保持相關性至關重要。

In addition, we see the AI market continuing to evolve, and we are concentrating our effort on areas we believe we can disrupt and differentiate like inference and agentic AI. We need to start by first understanding emerging and real AI workloads, then work backwards to design software, systems and silicon to enable best outcome for those particular workloads.

此外，我們看到人工智慧市場不斷發展，我們正集中精力於我們認為可以顛覆和區分的領域，例如推理和代理人工智慧。我們需要先了解新興和真實的人工智慧工作負載，然後再反向設計軟體、系統和矽片，以便為這些特定的工作負載提供最佳結果。

We will strive to become the compute platform of choice, but we will also work towards a full stack AI solution and I look forward to sharing more on our strategy in the coming months.

我們將努力成為首選的運算平台，但我們也將致力於提供全端 AI 解決方案，我期待在未來幾個月分享更多關於我們策略的資訊。

Underpinning all of these efforts is a strong focus on improving our balance sheet. We continue to maintain solid liquidity but despite meaningful capital spending offsets. Our last full fiscal year of positive adjusted free cash flow was 2021.

所有這些努力的基礎是高度重視改善我們的資產負債表。儘管有大量資本支出抵消，我們仍繼續保持穩健的流動性。我們上一個調整後自由現金流為正的完整財年是 2021 年。

This is completely unacceptable, how we allocate our owners' capital and the return we generate for them are of paramount importance to me. We have several major levers to generate better cash flow, including driving operating leverage and managing our capital outlays.

這是完全不可接受的，我們如何分配所有者的資本以及為他們創造的回報對我來說至關重要。我們有幾個主要槓桿來產生更好的現金流，包括提高營運槓桿和管理我們的資本支出。

I discussed earlier the actions we have taken to reduce operating expenses and improve execution. I'm very confident in our ability to hit our operating expenses targets for 2025 and 2026, respectively. We have already lowered our CapEx guidance from the beginning of the year by roughly $5 billion year-to-date, while purchasing commitments make further reduction in 2025 difficult. We will continue to work to reduce capital spending in 2026.

我之前討論過我們為降低營運費用和提高執行力而採取的行動。我對我們分別實現 2025 年和 2026 年營運費用目標的能力非常有信心。從年初至今，我們已經將資本支出指引降低了約 50 億美元，而採購承諾使得 2025 年進一步削減變得困難。2026年我們將繼續努力減少資本支出。

Lastly, as it relates to our non-core assets. We successfully monetized a portion of our ownership of Mobileye earlier this month. and we look forward to closing the Altera transaction with Silver Lake this quarter.

最後，這與我們的非核心資產有關。我們本月稍早成功地將 Mobileye 的部分所有權貨幣化。我們期待本季完成與 Silver Lake 的 Altera 交易。

I will evaluate other opportunities as we continue to sharpen our focus around our core business and strategy. I believe the actions we have taken during my first few months are steering us in the right direction. That said, I also know that turning the company around will take time and require patients.

隨著我們繼續加強對核心業務和策略的關注，我將評估其他機會。我相信我們在我上任頭幾個月採取的行動正引導我們朝著正確的方向前進。話雖如此，我也知道扭轉公司的情況需要時間並且需要耐心。

We have a lot to fix in order to move the company forward. and I'm determined to drive the changes necessary to improve our performance. I am equally (inaudible) that as we execute we will rebuild this company and have a bright future.

為了推動公司向前發展，我們有很多事情需要解決。我決心推動必要的變革，以提高我們的業績。我同樣（聽不清楚）相信，只要我們執行，我們就會重建這家公司，並擁有光明的未來。

I will now turn it over to Dave to go into more detail on the financials.

現在我將把話題交給戴夫，讓他更詳細地介紹財務狀況。

Thank you, Lip-Bu. I'll start by characterizing the prevailing market conditions in Q2. On our Q1 earnings call, we signaled the economic landscape had become increasingly uncertain, driven by shifting trade policies, persistent inflation concerns and increased regulatory risk.

謝謝你，Lip-Bu。我將首先描述第二季的市場狀況。在我們的第一季財報電話會議上，我們表示，受貿易政策變化、持續的通膨擔憂和監管風險增加的影響，經濟情勢變得越來越不確定。

Fortunately, markets largely functioned normally in Q2, enabling the fundamental demand drivers underpinning our core markets to manifest. In client, we saw continued solid demand driven by the end of service for Windows 10 and the aging COVID era installed base.

幸運的是，第二季市場基本上正常運轉，使得支撐我們核心市場的根本需求驅動力得以體現。在客戶端方面，我們看到了持續強勁的需求，這得益於 Windows 10 服務的終止和 COVID 時代安裝基礎的老化。

In addition, AI PCs continue to grow as a percentage of our mix. On the traditional server side, we saw hyperscalers and enterprises continue to refresh their CPU installed base to take advantage of our newer products with better performance within a lower power envelope.

此外，人工智慧個人電腦在我們的產品組合中所佔的比例持續成長。在傳統伺服器方面，我們看到超大規模企業和企業不斷更新其 CPU 安裝基礎，以利用我們的新產品，在更低功耗範圍內獲得更好的效能。

Both dynamics underscore the durable demand within our two largest markets and the enduring strength of the x86 ecosystem. Second quarter revenue was $12.9 billion, coming in above the high end of our guidance range, driven by strength across client and data center.

這兩種動態都凸顯了我們兩個最大市場中的持久需求以及 x86 生態系統的持久實力。第二季營收為 129 億美元，高於我們預期範圍的高端，這得益於客戶和資料中心的強勁成長。

Similar to comments we made in Q4 and Q1, we think it's likely Q2 revenue benefited from customer purchasing behavior to mitigate tariff uncertainty, although it continues to be difficult to quantify.

與我們在第四季度和第一季發表的評論類似，我們認為第二季的收入可能受益於客戶購買行為，從而減輕了關稅的不確定性，儘管這仍然難以量化。

Turning to non-GAAP gross margins and EPS. Last quarter, we indicated that incremental costs associated with our spending reduction plan would likely impact non-GAAP gross margin. But since those costs were not yet calculated they were not included in our Q2 gross margin and EPS guidance of 36.5% and breakeven respectively.

轉向非公認會計準則毛利率和每股盈餘。上個季度，我們表示與我們的支出削減計劃相關的增量成本可能會影響非公認會計準則毛利率。但由於這些成本尚未計算，因此它們未包含在我們的第二季毛利率和每股盈餘預測（分別為 36.5% 和損益平衡）中。

As such, we recognized approximately $800 million of non-cash impairment and accelerated depreciation charges related to excess prior generation tools for which we couldn't find reuse, and approximately $200 million of one-time period costs. These charges resulted in Q2 gross margin of 29.7% and EPS of minus $0.10.

因此，我們確認了約 8 億美元的非現金減損和加速折舊費用，這些費用與我們無法重複使用的多餘上一代工具有關，以及約 2 億美元的一次性成本。這些費用導致第二季毛利率為 29.7%，每股收益為負 0.10 美元。

Excluding these charges, our second quarter non-GAAP gross margin would have been 37.5% and non-GAAP EPS would have been $0.10. Both results ahead of our Q2 guidance. Beyond those costs, we also were impacted by $1.9 billion of charges that are excluded from our non-GAAP results.

剔除這些費用，我們第二季非公認會計準則毛利率應為37.5%，非公認會計準則每股收益應為0.10美元。兩項業績均高於我們第二季的預期。除了這些成本之外，我們還受到了 19 億美元費用的影響，這些費用未計入我們的非 GAAP 業績中。

The large majority of those charges are associated with the severance for our headcount reduction aligned with our restructuring plan. We expect the principal cash cost associated with the restructuring charges to land in Q3 '25.

這些費用中的大部分與我們重組計劃中裁員所產生的遣散費有關。我們預計重組費用相關的本金現金成本將在 2025 年第三季到帳。

While difficult, these decisions have us firmly on track to meet our calendar year 2025 and calendar year 2026 OpEx targets of $17 billion and $16 billion, respectively. Q2 operating cash flow was $2.1 billion with gross CapEx of $4.5 billion in the quarter and net CapEx of $3.1 billion, resulting in adjusted free cash flow of negative $1.1 billion. We have $21.2 billion of cash and short term investments and remain focused on beginning the process of delevering this year as cash from operations continues to improve.

雖然很困難，但這些決定使我們堅定地走在實現 2025 年和 2026 年營運支出目標的道路上，分別為 170 億美元和 160 億美元。第二季營運現金流為 21 億美元，本季總資本支出為 45 億美元，淨資本支出為 31 億美元，導致調整後的自由現金流為負 11 億美元。我們擁有 212 億美元的現金和短期投資，隨著營運現金流的持續改善，我們將繼續致力於今年開始去槓桿進程。

Moving to segment results for Q2. Intel Products revenue was $11.8 billion, up slightly sequentially and above our expectations across client and server. I was pleased by the team's ability to support revenue upside in the quarter as capacity for Intel 7 remains very tight.

轉向第二季的分部業績。英特爾產品營收為 118 億美元，季比略有成長，高於我們對客戶端和伺服器的預期。由於英特爾 7 的產能仍然非常緊張，我很高興看到團隊能夠支持本季的營收成長。

CCG revenue was up 3% quarter-over-quarter and above our expectation with continued PC refresh demand and upside in hedge deployments. Within the quarter, CCG launched a number of AI PCs with key OEM partners announced the expansion of its ARC GPUs for AI use cases tailored to inference and professional workstations, and made its Open Edge platform code available to the developer community, all in support of the growing opportunity for us to compete as AI inference moves to the edge.

由於 PC 更新需求持續成長以及對沖部署增加，CCG 營收季增 3%，高於我們的預期。本季度，CCG 與主要 OEM 合作夥伴推出了多款 AI PC，宣布擴展其 ARC GPU，用於針對推理和專業工作站定制的 AI 用例，並向開發者社區提供其 Open Edge 平台代碼，所有這些都是為了支持我們在 AI 推理向邊緣發展時日益增長的競爭機會。

DCAI revenue was down 5% sequentially, but above expectations, driven by variability in hyperscale demand, partially offset by continued strength in host CPUs for AI servers and storage compute. In addition, we saw upside to plan on the continued ramp of Xeon 6 code-named Granite Rapids.

DCAI 營收季減 5%，但高於預期，這是由於超大規模需求的變化所致，但被 AI 伺服器和儲存運算的主機 CPU 的持續強勁所部分抵消。此外，我們也看到了代號為 Granite Rapids 的 Xeon 6 繼續成長計畫的優勢。

In Q2, DCAI launched three new Xeon 6 processors with Priority core turbo technology to boost AI workloads. One of the Xeon 6 SKUs was selected as the host node for NVIDIA DGX B300 AI accelerated systems.

第二季度，DCAI推出了三款新Xeon 6處理器，採用優先核心睿頻技術來提升AI工作負載。其中一個 Xeon 6 SKU 被選為 NVIDIA DGX B300 AI 加速系統的主機節點。

And the Imperial College London chose Xeon 6 to power its latest HPC supercomputer demonstrating Xeon remains the CPO of choice for AI workloads. Operating profit for Intel Products was $2.7 billion, 23% of revenue and down $250 million quarter-over-quarter, principally driven by the period costs I highlighted earlier.

倫敦帝國學院選擇 Xeon 6 為其最新的 HPC 超級電腦提供動力，證明 Xeon 仍然是 AI 工作負載的首選 CPO。英特爾產品的營業利潤為 27 億美元，佔營收的 23%，比上一季下降 2.5 億美元，主要原因是我之前強調的期間成本。

Intel Foundry delivered revenue of $4.4 billion, down 5% sequentially and above expectations on better-than-forecasted output of Intel 7 wafers and increased advanced packaging services. In Q2, 18A reached a key milestone with the start of production wafers in Arizona, ahead of Intel Products Q4 launch of its next-generation client product code-named Panther Lake.

英特爾代工業務營收為 44 億美元，季減 5%，但由於英特爾 7 代晶圓產量優於預期以及先進封裝服務的增加，營收高於預期。在第二季度，18A 在亞利桑那州開始生產晶圓，達到了一個關鍵的里程碑，趕在英特爾產品第四季度推出其代號為 Panther Lake 的下一代客戶端產品之前。

Intel Foundry released an early version of Intel 14As PDK to lead external customers and at Direct Connect in April, announced an EMIB advanced packaging partnership with Amkor. Intel Foundry operating loss in Q2 was $3.2 billion, down $848 million sequentially, materially driven by the $800 million impairment charges I discussed earlier.

英特爾代工廠發布了英特爾 14As PDK 的早期版本以領先外部客戶，並在 4 月的 Direct Connect 上宣布與 Amkor 建立 EMIB 先進封裝合作夥伴關係。英特爾代工部門第二季的營運虧損為 32 億美元，比上一季減少 8.48 億美元，主要原因是我之前討論過的 8 億美元減損費用。

Turning to All Other. Revenue came in at $1.1 billion and was up 12% sequentially and above expectations. The three primary components of All Other are Mobileye, Altera and IMS Collectively, the category delivered $69 million of operating profit.

轉向所有其他。營收達 11 億美元，季增 12%，高於預期。All Other 的三個主要組成部分是 Mobileye、Altera 和 IMS，該類別共實現了 6,900 萬美元的營業利潤。

Now turning to guidance. Historically, sequential growth in Q3 has been up high single digits. However, we've seen three quarters of revenue growth above our expectations, which we attribute at least in part to customers hedging against tariff uncertainty.

現在轉向指導。從歷史上看，第三季的連續成長率一直保持在高個位數。然而，我們已經看到三個季度的收入成長超出了我們的預期，這至少部分歸因於客戶對沖關稅不確定性。

As such, while we believe the underlying fundamentals of our core markets support growth, we feel it prudent to continue to plan for a below seasonal second half of 2025. As such, for Q3, we're forecasting a revenue range of $12.6 billion to $13.6 billion, down to -- up 6% sequentially.

因此，雖然我們相信核心市場的基本面支持成長，但我們認為繼續為 2025 年下半年低於季節性的業績做計劃是明智之舉。因此，我們預測第三季的營收將在 126 億美元至 136 億美元之間，季減至 6%。

Within Intel Products, we expect more strength in CCG. We expect Intel Foundry revenue down slightly quarter-over-quarter due to capacity constraints in Intel 7, which we expect to persist through the second half of the year and reduced expectations for external advanced packaging revenue.

在英特爾產品領域，我們預期 CCG 將擁有更強的實力。我們預計英特爾代工收入將環比略有下降，原因是英特爾 7 的產能限制，我們預計這種情況將持續到今年下半年，並且外部先進封裝收入的預期降低。

For All Other, we expect revenue for the sum of those parts to be roughly flat sequentially. At the midpoint of $13.1 billion, we expect a gross margin of approximately 36% on an increased mix of outsourced products, the early ramp of Panther Lake and increased costs associated with tariffs.

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。在 131 億美元的中間點，我們預計毛利率約為 36%，這得益於外包產品組合的增加、Panther Lake 的早期增長以及與關稅相關的成本的增加。

We forecast a tax rate of 12% and breakeven EPS all on a non-GAAP basis. We're forecasting 2025 OpEx of $17 billion, with a 2026 OpEx target of $16 billion. We expect non-controlled income or NCI, to be approximately $250 million to $300 million in both Q3 and Q4 on a GAAP basis. NCI is still expected to grow meaningfully in fiscal year 2026.

我們預測稅率為 12%，且每股盈餘將達到損益平衡，且全部基於非 GAAP 計算。我們預測 2025 年營運支出為 170 億美元，2026 年營運支出目標為 160 億美元。我們預計，根據 GAAP 計算，第三季和第四季的非控制性收入或 NCI 約為 2.5 億至 3 億美元。預計 NCI 在 2026 財年仍將顯著成長。

In Q2, we took tangible steps to increase focus on our core business while leveraging non-core assets to shore up the balance sheet. We raised approximately $900 million through the Mobileye offering, and we are on track to complete the stake sale of Altera in Q3.

在第二季度，我們採取了實際措施，更加關注核心業務，同時利用非核心資產來支撐資產負債表。我們透過 Mobileye 募集了大約 9 億美元，並且預計在第三季完成 Altera 的股份出售。

Our guidance includes Altera for the full quarter, but we will deconsolidate at deal close. Once the deconsolidation is complete, we will recognize our remaining Altera investment within equity investments on the balance sheet.

我們的指導包括整個季度的 Altera，但我們將在交易結束時將其拆分。一旦拆分完成，我們將在資產負債表的股權投資中確認剩餘的 Altera 投資。

On the income statement, we will recognize our proportional share of Altera's net income on a one quarter lag through gains and losses on equity investments net, which is excluded from our non-GAAP results. As a result, it is likely our Q3 non-GAAP results will reflect only a portion of the financial results for Altera.

在損益表中，我們將透過股權投資淨損益確認我們在 Altera 淨收入中所佔的比例，該淨收入滯後一個季度，不包括在我們的非 GAAP 結果中。因此，我們的第三季非 GAAP 業績可能僅反映 Altera 財務表現的一部分。

Moving to CapEx. We anticipate 2025 gross capital investment will be approximately $18 billion and forecast $8 billion to $11 billion for net CapEx. Better utilization of our construction and progress will allow us to deploy more overall CapEx in 2025 than in 2024, and we expect the improved utilization to continue in 2026, resulting in lower gross and net CapEx next year.

轉向資本支出。我們預計 2025 年總資本投資約為 180 億美元，淨資本支出預計為 80 億至 110 億美元。更好地利用我們的建設和進度將使我們能夠在 2025 年部署比 2024 年更多的整體資本支出，並且我們預計利用率的提高將在 2026 年繼續，從而導致明年的總資本支出和淨資本支出降低。

Beginning the process of delevering our balance sheet in 2025 remains a top priority for us. I'll wrap up by saying Q2 operationally was the third consecutive solid quarter, reflecting our commitment to maintaining a high say-do ratio, closely managed within our control and react quickly as the environment evolves.

從 2025 年開始降低資產負債表槓桿率仍然是我們的首要任務。最後我想說的是，第二季的營運狀況是連續第三個季度保持穩健，這反映了我們致力於保持較高的發言權，在我們的控制範圍內進行嚴密管理，並隨著環境的變化迅速做出反應。

I have confidence that the strategic priorities we've established are the right ones, and I'm optimistic about our ability to execute on them while acknowledging there are no quick fixes.

我相信我們所製定的策略重點是正確的，並且我對我們執行這些策略的能力充滿信心，同時也承認沒有快速解決方案。

With that, I'll turn it over to John to start the Q&A.

接下來，我會把時間交給約翰開始問答。

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

謝謝你，戴夫。我們現在將進入電話會議的問答部分。（活動說明）喬納森，我們可以回答第一個問題嗎？

Ross Seymore from Deutsche Bank.

德意志銀行的羅斯·西莫爾。

Hi guys, thanks for asking a question. Lip-Bu, the first one for you, and thank you for walking through the strategic details that you're putting into place. It seems like fixing the foundry side is based on trust, as you said before, and that trust seems in its origin in fixing the x86 side of the business. So I guess my question is, how fast can you fix that?

大家好，感謝您提問。Lip-Bu，我是第一個發言者，感謝您詳細介紹了您正在實施的策略細節。正如您之前所說，修復代工方面的問題似乎是基於信任，而這種信任似乎源於修復 x86 業務方面的問題。所以我想我的問題是，你能多快解決這個問題？

I know you are having to sign off on every tape out, but is the trust that 18A can ramp dependent upon Nova Lake and Diamond Rapids, are we talking 2022 what are the sort of steps we need to see to build that trust in your x86 business so that the foundry business can ramp?

我知道您必須簽署每一條磁帶，但對 18A 能否依靠 Nova Lake 和 Diamond Rapids 實現量產的信任，我們談論的是 2022 年嗎？我們需要採取哪些步驟來建立對 x86 業務的信任，以便代工業務能夠實現量產？

Ross, thank you so much for a good question. First of all, we focus on the 18A so far the last two months, and I have twice a week review with the team, and we make steady progress on our technology towards the yield performance target and reliability.

羅斯，非常感謝你提出這麼好的問題。首先，過去兩個月以來，我們一直專注於 18A，我每週與團隊進行兩次評審，我們的技術在產量表現目標和可靠性方面取得了穩步進展。

So I think as you mentioned, 18A is a foundation for at least three generations of our Intel client and server business products and we are committed to ramp that. And so far, give me the confidence is we're engaging with external ecosystem partners to help us to look at the yield and how can we improve, and that in the past, we didn't engage that. So I really see that the feedback from the partners that, hey, the culture, the intensity for our team is really focused on the yield performance and then really like the attitude on that.

所以我認為，正如您所提到的，18A 是我們至少三代英特爾客戶端和伺服器業務產品的基礎，我們致力於提升這一點。到目前為止，讓我有信心的是，我們正在與外部生態系統合作夥伴合作，幫助我們了解收益以及如何改進，而過去我們並沒有參與其中。因此，我確實看到了來自合作夥伴的回饋，嘿，我們團隊的文化和強度確實集中在收益表現上，然後我真的很喜歡這種態度。

So, so far, I think, give me a lot of confidence that we can launch our Panther Lake SKU by the end of the year. And then -- and also, I think the external customer include the Secure Enclave with the US government. And then with the sufficient internal volume and that showed the good progress that we can have a better attraction to our external customers.

所以，到目前為止，我認為，我很有信心我們可以在今年年底推出我們的 Panther Lake SKU。然後 — — 而且，我認為外部客戶包括美國政府的安全區域。然後，有了足夠的內部交易量，這表明我們取得了良好的進展，可以更好地吸引外部客戶。

So I think this is a process to kind of build the trust with the customer. They can count on us on the reliability, the yield and we can deliver on time, on scale to really supporting them. And then they're going to just put the resources in on their revenue based on our foundry.

所以我認為這是與客戶建立信任的過程。他們可以信賴我們的可靠性和產量，而且我們能夠按時、按規模交付，真正為他們提供支援。然後他們就會將資源投入到基於我們代工廠的收入中。

So there's a lot of responsibility for us to deliver with high quality. That's something that I feel very committed and we like what we see. I gave me a lot of more confidence.

因此，我們肩負著提供高品質產品的重大責任。這是我非常投入的事情，我們也對所看到的結果感到滿意。給了我更多信心。

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

羅斯，你還有後續問題嗎？

I do, one, potentially a little nearer term for Dave, on the gross margin side. You mentioned that the gross margin was guided down a bit sequentially for a couple of different reasons. Can you dive a little more deeply into those?

我認為，對於戴夫來說，在毛利率方面可能是一個更接近術語的問題。您提到，由於幾個不同的原因，毛利率較上季略有下降。您能更深入地探討一下這些嗎？

And perhaps more importantly, just what do you see as the tailwinds and headwinds to gross margin as we look, say, into next year? I know you're not going to guide it specifically, but just some of the puts and takes would be great. Thank you.

或許更重要的是，展望明年，您認為毛利率的順風逆風是什麼？我知道你不會具體指導它，但只是一些投入和收穫就很棒了。謝謝。

Yeah, okay, thanks Ross. Yeah, let's just delve into the gross margins for the third quarter. I'd say the predominant driver of the lower gross margin in the third quarter is Lunar Lake. We expect a pretty significant ramp in Lunar Lake in the third quarter.

好的，謝謝羅斯。是的，讓我們深入研究一下第三季的毛利率。我認為第三季毛利率下降的主要原因是 Lunar Lake。我們預計 Lunar Lake 在第三季將出現相當顯著的成長。

And I've made this comment, I think, multiple times on calls, but it's got the memory in the package. And so we kind of pass it on at the same cost we bought it, and that really has a negative impact on the way the gross margins look optically.

我認為我已經在通話中多次說過這個評論，但它在包裹中得到了記憶。因此，我們以購買時相同的成本將其轉嫁出去，這確實對毛利率的視覺效果產生了負面影響。

And so as we mix (inaudible) Lunar Lake, that's obviously going to be a headwind to us in terms of gross margins as expected, but perhaps having a little bit more of a significant transition from 2Q to 3Q. We thought we'd have probably more volume in 2Q.

因此，當我們混合（聽不清楚）Lunar Lake時，這顯然會對我們的毛利率造成不利影響，但也許從第二季到第三季會有更顯著的轉變。我們認為第二季的銷售量可能會更大。

The second big driver of gross margins is the ramp that Lip-Bu, just talked about of Panther Lake. Obviously, we're in the early stages of the maturity of Panther Lake. So the cost of per wafer is going to be higher. And so that is going to drive some headwinds. Obviously, as Lip-Bu said, yields improved. More importantly, volumes increase, that reduces the cost. And so that will transition to a tailwind ultimately.

毛利率的第二大驅動力是 Lip-Bu 剛才談到的 Panther Lake 的成長。顯然，我們正處於 Panther Lake 成熟的早期階段。因此每片晶圓的成本將會更高。因此這將會帶來一些阻力。顯然，正如 Lip-Bu 所說，收益率有所提高。更重要的是，產量增加，成本降低。因此最終將會轉為順風。

I think next year, the big benefit for us is this significant ramp in Panther Lake, given that we're bringing a fair amount of wafers back inside, so that drives a lower cost and we get the better cost structure of Panther Lake showing up with the higher volumes, that's clearly going to be beneficial to us in terms of gross margin.

我認為明年對我們來說最大的好處是 Panther Lake 產量的大幅提升，因為我們將把相當數量的晶圓帶回內部，從而降低成本，並且隨著產量的增加，我們將獲得更好的 Panther Lake 成本結構，這顯然會對我們的毛利率有利。

That said, a lot of this will be determined on mix, and we'll have to see how things play out through next year, in terms of the mix. The last thing I'd say, and maybe this -- maybe even a little bit more longer term than you asked the question, Ross, is the way we think about foundry, we -- as we ramp more leading-edge nodes, that is going to be a benefit to us in terms of gross margins.

也就是說，這在很大程度上將取決於混合，我們必須觀察明年混合情況如何發展。我想說的最後一件事，也許這——也許比你問的問題更長遠一點，羅斯，是我們對代工的看法，我們——隨著我們推出更多前沿節點，這將在毛利率方面為我們帶來好處。

We think foundry gross margins will expand next year, and that will be a continuing story out for several years. The other side of things is the product side. And I think there are three levers to products. One is pricing. And as Lip-Bu said, he's really focused on bringing out products that customers really value.

我們認為代工毛利率明年將會擴大，並且這種情況將持續數年。事情的另一面是產品方面。我認為產品有三個槓桿。一是定價。正如 Lip-Bu 所說，他真正專注於推出客戶真正重視的產品。

And as that becomes a reality, it will show up in the pricing that will help out -- help us on gross margin. The second is the cost structure and Lip-Bu is also really focusing on cleaner designs, simpler designs, driving more efficient use of silicon and so forth.

當這成為現實時，它將體現在定價中，這將有助於我們提高毛利率。第二是成本結構，Lip-Bu 也真正注重更乾淨的設計、更簡單的設計，推動更有效率的矽利用等等。

And so as we get better cost structure as well over time, and there are products on the road map that already have it even as POR, we'll see improvement in gross margins. And then in the near term, all of this is going on, I'm looking at all the other extraneous things that drive cost of sales, how many samples we do, how we run the fabs and so forth and driving improvements there to position us for better gross margins.

因此，隨著時間的推移，我們的成本結構也會得到改善，而且路線圖上的產品已經具備了 POR 的能力，我們將看到毛利率的提高。然後在短期內，所有這些都在進行中，我正在研究所有其他影響銷售成本的無關因素，我們做了多少個樣品，我們如何運營晶圓廠等等，並推動這些方面的改進，以獲得更好的毛利率。

Ross, thanks for the question. Jonathan, can we have the next question, please?

羅斯，謝謝你的提問。喬納森，我們可以問下一個問題嗎？

Timothy Arcuri from UBS.

瑞銀的提摩西·阿庫裡。

Thanks a lot. Lip-Bu, I wanted to ask about the foundry strategy. You did add a bunch of risk factors and language on 14A that kind of seems to leave the door open to kind of walking away from its development. And I know you did talk about some of that.

多謝。Lip-Bu，我想問代工策略。你確實在 14A 中添加了一堆風險因素和語言，這似乎為放棄其發展留下了空間。我知道你確實談論了其中的一些內容。

But if I'm an outside customer, and I'm looking at your road map, and I see this hedging on 14A, why would I engage? I guess how do you sort of marry the hedging of 14A development with turning to build an external foundry business? I guess I kind of read it as maybe a hard pivot away from foundry and doing what's right for the product business. But can you sort of talk about that?

但如果我是外部客戶，並且正在查看您的路線圖，並且看到 14A 上的這種對沖，我為什麼要參與？我想問一下，您如何將 14A 開發的對沖與建立外部鑄造業務結合？我想我可能把它解讀成遠離代工並做對產品業務有利的事情的艱難轉變。但你能談談這個嗎？

Yeah, very good question. So I think on the 14A, first of all, I think the team is laser-focused on building up the basic building blocks technology, definition, transistor architecture, process flow, design enablement, PDK and foundation IP and the test chip to verify and improve the performance and the defect density. Saying that, clearly, we learned quite a lot on the mistake we make on the 18A and now we apply into the 14A. So I think we learn a lot.

是的，非常好的問題。因此我認為，在 14A 上，首先，我認為團隊專注於構建基本構建塊技術、定義、晶體管架構、製程流程、設計支援、PDK 和基礎 IP 以及測試晶片，以驗證和提高性能和缺陷密度。話雖如此，顯然，我們從 18A 所犯的錯誤中吸取了很多教訓，現在我們將這些教訓應用到 14A 中。所以我認為我們學到了很多。

And secondly, we also reach out to the outside the partners to helping us with short term the data and how can we improve the yield. And per month, and so that we can drive that give me a lot of confidence we can get there.

其次，我們也聯繫外部合作夥伴，幫助他們取得短期數據以及如何提高收益率。而且每個月，這樣我們就可以推動，這讓我很有信心我們能夠到達那裡。

But even more important, we are engaging with customers that are going to enable us and with clear milestone to execute in terms of process development and with PDK, with all the different IP that we need to really put it together.

但更重要的是，我們正在與客戶合作，這將使我們能夠在流程開發和 PDK 方面實現明確的里程碑，以及我們真正需要整合的所有不同 IP。

So I think that gave me a lot of more confidence that this time, we have customers are engaging early enough in the inception. And also, we learned from our mistake, and we can learn quicker and then get a better result.

所以我認為這給了我更多的信心，這一次，我們的客戶在一開始就參與得足夠早。而且，我們從錯誤中學到了教訓，我們可以學得更快，然後得到更好的結果。

So I think all in all, I think I gave a lot of more confidence the team is laser-focused and the feedback from the partners and outside the world, the culture is changing. And you guys are really focused on the yield and rather than just the performance.

所以我認為總的來說，我認為我給了更多的信心，團隊集中精力，來自合作夥伴和外界的回饋，文化正在改變。你們真正關注的是產量，而不僅僅是性能。

So I think that part, I think, will be able to enable us. Plus the other part is we really engage with all the external EDA and IP provider, and make sure that we have the whole program together to do the pattern matching for the customer. And the good news is customers are excited.

所以我認為這部分將能夠幫助我們。另外，另一部分是我們真正與所有外部 EDA 和 IP 提供者合作，並確保我們擁有整個程式來為客戶進行模式匹配。好消息是顧客們都很興奮。

The 14A is a process node. But clearly, I want to make sure that until I see the internal customer, external customer volume commitment before I put CapEx into the operation. So that is something that we had -- to meet my requirement in terms of performance and yield, it's a lot of responsibility to be serving our customer, make sure that we can deliver the result, consistent, reliable results to them so that their debt revenue can depend on us.

14A 是一個過程節點。但顯然，我想確保在我看到內部客戶、外部客戶的數量承諾之前，我將資本支出投入營運。所以這就是我們所必須的——為了滿足我在性能和收益方面的要求，我們肩負著為客戶服務的重大責任，確保我們能夠為他們提供一致、可靠的結果，以便他們的債務收入能夠依賴於我們。

Tim, do you have a quick follow-up question?

提姆，你還有一個快速的後續問題嗎？

I do, yeah. Yeah, I guess I just kind of wonder like how an external customer would continue to be engaged. But the question really is for Dave. So Dave, you talked about CapEx coming down next year. what is maintenance CapEx? Like how much can you cut CapEx next year? Could you take like $5 billion out of gross CapEx next year? If you can give some sense on that?

是的，我知道。是的，我想我只是有點好奇外部客戶將如何繼續參與。但這個問題其實是針對戴夫的。那麼戴夫，您談到明年資本支出將會下降。什麼是維護資本支出？例如，明年你能削減多少資本支出？明年你能從總資本支出中拿出 50 億美元嗎？您能對此給出一些解釋嗎？

Thanks. Yeah, okay, good question. Actually, let me unpack it a little bit. I would say why CapEx can come down next year is we bought a lot over the last few years, quite honestly. And we have to digest that and that enables us to deploy more capital than we have to spend, which I guess, is a good thing at this point.

謝謝。是的，好的，好問題。實際上，讓我稍微解釋一下。我想說，為什麼明年資本支出會下降，老實說，是因為過去幾年我們買了很多東西。我們必須消化這一點，這使我們能夠部署比支出更多的資本，我想，這在目前是一件好事。

So that's what's driving the fundamental view that we should be down in CapEx. It's not really moving into maintenance CapEx, I would say. But I -- but to kind of ballpark a number, I'd say probably half our CapEx is -- our normalized CapEx, call it, this $18 billion level for this year is probably what you consider sustaining or maintenance CapEx.

所以這就是我們應該降低資本支出的根本觀點。我想說，這實際上並沒有轉向維護資本支出。但我 — — 但大致來說，我想說我們的資本支出可能有一半是 — — 我們的正常資本支出，今年的 180 億美元水平可能是您認為的維持或維護資本支出。

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

謝謝。喬納森，我們可以問下一個問題嗎？

Joseph Moore from Morgan Stanley.

摩根士丹利的約瑟夫·摩爾。

Great, thank you. You mentioned again the Intel 7 being in short supply through the end of the calendar year. Can you talk about what's driving that? Is there -- are you going to be able to drive more volume to the Intel four products. And what you have to add wafer structure in Intel 7. So I'm just kind of curious what's going on with that.

太好了，謝謝。您再次提到英特爾 7 在年底前將出現供應短缺。您能談談是什麼原因導致這現象的發生嗎？您是否能夠提高英特爾四款產品的銷售量？並且您必須在英特爾 7 中加入晶圓結構。所以我只是有點好奇到底發生了什麼事。

Yeah, I mean, Raptor Lake is doing really well. I mean that's the biggest driver of it. That's why back to my comments around Lunar Lake ramping next quarter. What we're really seeing a lot of strength in is (inaudible) Lake right now.

是的，我的意思是，Raptor Lake 表現得非常好。我的意思是這是最大的驅動力。這就是為什麼我要回顧我對下個季度 Lunar Lake 成長的評論。我們現在真正看到的是（聽不清楚）Lake 的巨大優勢。

I think the price points of Raptor Lake are, I think, where a lot of consumers and enterprises are buying PCs. And so that's what's kind of pulling it in. But I do suspect that we'll see mixes change.

我認為 Raptor Lake 的價格點是許多消費者和企業購買 PC 的價位。這就是吸引它的原因。但我確實懷疑我們會看到混合物的變化。

You mentioned Intel Core 3 Meteor Lake. And of course, we all are ramping -- we are the process of ramping Granite Rapids, which will drive more volume of Intel Core 3. So we're already building out the capacity and wafer outs in that area.

您提到了英特爾酷睿 3 Meteor Lake。當然，我們都在加大力度——我們正在加大 Granite Rapids 的產量，這將推動英特爾酷睿 3 的銷量增加。因此，我們已經在該地區建造產能和晶圓出口。

Joe, do you have a follow-up question?

喬，你還有其他問題嗎？

Yeah, I do. Coming back to the CapEx. I mean you still have the large amount of construction in progress that hasn't yet been productively employed. Are you going to be able to get full value out of that? I know there was a shell first strategy? Is it going to continue to persist that there's a large amount of that? Or will you start appreciating that at some point?

是的，我知道。回到資本支出。我的意思是，仍有大量在建工程尚未有效利用。您能從中獲得全部價值嗎？我知道有一個 shell first 策略？這種現象還會持續存在嗎？或者你會在某個時候開始欣賞這一點嗎？

Yeah, there was a big chunk of it that was Arizona, actually, and we actually flipped that at the beginning of this quarter. So that's obviously already ramping on 18A. So we actually saw it come in, I think it was north of $50 billion at the end of 2Q, $50 billion. And I think we're at this point now down into the kind of mid to high 30s. So we've made a significant move in the right direction.

是的，實際上其中很大一部分是亞利桑那州，我們實際上在本季初就將其翻轉了。因此，這顯然已經在 18A 上加速。所以我們實際上看到了它的流入，我認為在第二季末它已經超過了 500 億美元，500 億美元。我認為我們現在正處於 35 到 39 左右的水平。因此，我們朝著正確的方向邁出了重大一步。

Construction products or assets under construction is a mix of equipment and buildings. And -- so the other thing that we're doing is trying to use more of that. And so that will also bring the number down. So we should have a steady improvement in that number through the rest of this year, and the goal is to kind of drive it down further next year.

建築產品或在建資產是設備和建築物的混合。所以——我們正在做的另一件事就是嘗試更多地利用這一點。這樣一來，數字也會下降。因此，今年剩餘時間內，這一數字應該會穩定提高，我們的目標是明年進一步下降。

That said, we are going to want to continue to have optionality on fab white space. And that's -- while we are slowing down Ohio, we're not stopping Ohio. So we're going to continue to make investments and there will be assets under construction or construction in progress on our balance sheet to make sure we have flexibility as the demand drivers change.

也就是說，我們希望繼續在晶圓廠空白區域擁有可選性。也就是說——雖然我們正在減緩俄亥俄州的發展，但我們並沒有阻止俄亥俄州的發展。因此，我們將繼續進行投資，並且我們的資產負債表上會有在建資產或在建工程，以確保我們在需求驅動因素發生變化時具有靈活性。

Thanks, Joe. Jonathan, can we have the next question?

謝謝喬。喬納森，我們可以問下一個問題嗎？

Benjamin Reitzes from Melius.

來自 Melius 的 Benjamin Reitzes。

Hey guys, thanks for the question. I wanted to ask about servers. I may have missed it, but what's the trend you're expecting into the third quarter? And what are your thoughts about share losses there? And when perhaps those dissipate a bit into the following year.

嘿夥計們，謝謝你的提問。我想問一下有關伺服器的問題。我可能錯過了，但您預計第三季的趨勢是什麼？您對那裡的股價下跌有何看法？也許這些影響到明年就會逐漸消散。

So okay, I'll take. We're not giving out the guidance by business unit. We're roughly up a little bit. We'll have to see how things play out between servers and CPUs. As far as share goes, obviously, we're not where we want to be in terms of a competitive portfolio, and that's what Lip-Bu is really focused on improving.

好吧，我接受。我們不會按業務部門給出指導。我們大致上升了一點。我們必須觀察伺服器和 CPU 之間的情況如何。就份額而言，顯然，就競爭性投資組合而言，我們還沒有達到我們想要達到的水平，而這正是 Lip-Bu 真正致力於改進的。

That said, Granite Rapids is a better part Diamond Rapids is the next part will be a better part. So we think we continually improve our relative competitive position, but to really be where we want to be still take some work.

話雖如此，《Granite Rapids》還是一部比較好的作品，而《Diamond Rapids》的下一部將會是比較好的作品。因此，我們認為我們會不斷提高我們的相對競爭地位，但要真正達到我們想要的水平，仍然需要付出一些努力。

And so I think the great thing about it is we actually have held share relatively well despite our position in the market in terms of performance. And I think it's a good testament to the x86 ecosystem and the strength of that and our particular capabilities in the x86 system in terms of the ecosystem that we provide and to our customers.

因此，我認為最棒的是，儘管我們在市場上的表現不佳，但我們實際上仍然保持著相對較好的份額。我認為這很好地證明了 x86 生態系統的實力以及我們在 x86 系統方面的特殊能力，就我們為客戶提供的生態系統而言。

Ben, do you have a follow up?

本，你還有後續消息嗎？

Yeah. I was wondering if Lip-Bu would mind expanding on his commentary around the AI strategy. Obviously, you're going to be updating that at some point, if you don't mind clarifying when that will be. But what do you -- are you inferring that you have a GPU centric strategy or something else? And how should we be thinking about how you're going to attack that market?

是的。我想知道 Lip-Bu 是否介意詳細說明他對 AI 策略的評論。顯然，您將在某個時候更新它，如果您不介意說明具體時間的話。但你怎麼看——你是否推斷你有一個以 GPU 為中心的策略或其他什麼？我們該如何考慮如何進軍該市場？

Thanks. Yeah, very good question. So I think we're going to unfold our AI strategy in the months to come. But let me just share with you, I think we're going to look at it from where are we going to target and focus. And first of all, it's the inference side and also the agentic AI, and that is really taking off.

謝謝。是的，非常好的問題。所以我認為我們將在未來幾個月內展開我們的人工智慧策略。但讓我與你們分享一下，我想我們將從哪裡來看待這個問題，我們將瞄準哪裡，關注哪裡。首先，它是推理方面，也是代理人工智慧，而且正在真正起飛。

And we want to provide that interception on that. And then we're going to take a different approach. We're going to look at the whole system software to the silicon and then drive the performance. And agentic AI is very important is the accurate and speed. So I think with all this AI compute is going to be even more intensive.

我們希望對此進行攔截。然後我們將採取不同的方法。我們將研究整個系統軟體直至矽片，然後提高其性能。而代理AI很重要的一點就是準確性和速度。所以我認為所有這些人工智慧運算將會更加密集。

But the workload is a little bit different. So we want to look at how can we intercept using our franchise of 8086 and then with the accelerator and then somehow drive that whole become the compute platform of the future. And so those are the things that we're in the drawing board. We are working on it, and then we will share with you when we are ready.

但工作量有點不同。因此，我們想看看如何使用我們的 8086 特許經營權進行攔截，然後使用加速器，然後以某種方式推動整個成為未來的運算平台。這些都是我們正在規劃的事情。我們正在努力，準備好後我們會與大家分享。

And we, so far, the engagement with customers, they love what we are, and basically, we have to put the team, and we are delighted we add on a few team members come on board and also we're going to focus on adding more software talent, so in a way that we can really drive some of this opportunity and bigger player in this opportunity.

到目前為止，我們與客戶的互動，他們喜歡我們所做的一切，基本上，我們必須組建團隊，我們很高興我們增加了一些團隊成員，同時我們將專注於增加更多的軟體人才，這樣我們才能真正抓住這個機會，並在這個機會中扮演更重要的角色。

And thanks for the question. Jonathan, can we have the next question, please?

感謝您的提問。喬納森，我們可以問下一個問題嗎？

William Stein from Truist Securities.

Truist Securities 的 William Stein。

Great. Thank you for taking my question. Lip-Bu, I'd also like to lean into this AI topic a little bit because I think you might not have used the words full stack, but that's certainly what it sounds like. And so when I think about the opportunity that Intel has, I guess, I thought of it as do you want to be sort of like NVIDIA, but NVIDIA already has a very established position.

偉大的。感謝您回答我的問題。Lip-Bu，我也想稍微談談這個人工智慧話題，因為我認為您可能沒有使用「全端」這個詞，但它聽起來確實是這個意思。因此，當我考慮英特爾所擁有的機會時，我想，我想到的是，你是否想成為像 NVIDIA 那樣的公司，但 NVIDIA 已經擁有非常穩固的地位。

You have cloud service providers doing ASICs and you have AMD trying to do the same thing. So it sounds almost like your aiming to be the third or arguably the fourth supplier in a market where there's really only two successful and so far NVIDIA and some of its customers.

雲端服務供應商正在做 ASIC，而 AMD 也在嘗試做同樣的事情。因此，這聽起來幾乎就像您的目標是成為市場上第三或第四家供應商，而這個市場上實際上只有兩家公司取得成功，到目前為止，只有 NVIDIA 及其一些客戶。

And I wonder to what degree you have considered or still considering another approach like doing ASICs to establish a better position in this market. I hope that question makes sense, but any clarification and education you could provide us will help a lot, I think. Thank you.

我想知道您在多大程度上考慮過或仍在考慮另一種方法，例如使用 ASIC 來在這個市場上建立更好的地位。我希望這個問題有意義，但我認為您能為我們提供的任何澄清和教育都會有很大幫助。謝謝。

Yeah, very good question. Thank you. And then first of all, I think you are correct. And what I described about the system software is a full stack solution we try to provide. And then clearly, we are behind and we have tried to find the area that we can really weigh in and then drive a different solution and service.

是的，非常好的問題。謝謝。首先，我認為你是對的。我所描述的系統軟體是我們嘗試提供的全端解決方案。顯然，我們落後了，我們試圖找到我們真正能夠發揮作用的領域，然後推動不同的解決方案和服務。

And I think meanwhile, we want to play into our strength in the 86, so that we can really play in that whole orchestrating what is the workload and then how do we optimize that. And then the other part is also important.

同時，我認為我們希望在 86 中發揮我們的優勢，這樣我們才能真正參與整個協調工作，了解工作量是多少，然後如何優化它。另一部分也很重要。

Look at some of the new architecture, and that's why I'm embracing some of the startup and some of the incubating idea so that we can bring that in. Back to your -- another question that you have is the ASIC, so we are also very open working with the system company providing the AI platform that it can be a purpose build and so that really drive that performance. So absolutely, we're going to drive that opportunity.

看看一些新的架構，這就是為什麼我接受一些新創公司和一些孵化想法，以便我們能夠將其引入。回到您的問題——您的另一個問題是 ASIC，因此我們也非常願意與提供 AI 平台的系統公司合作，使其成為有目的的構建，從而真正推動性能。因此，我們絕對會抓住這個機會。

Will, do you have a follow-up question?

威爾，你還有其他問題嗎？

Yeah. I'd like to maybe just ask about the write-downs in the quarter. It sounds like that was equipment, but I wonder if there was any inventory in that as well. And maybe any clarification on what you're writing down to the degree, I think it would help us. Thank you.

是的。我可能只是想問一下本季的減損情況。聽起來那是設備，但我想知道其中是否也有任何庫存。也許對您所寫內容的任何澄清，我認為這都會對我們有所幫助。謝謝。

Okay, yeah. We did have inventory write-downs, but we weren't isolating that. That's just part of the normal cost of sales roll up. The write -- this particular write-down that we're isolating mostly -- was roughly around impairments of equipment.

好的，是的。我們確實有庫存減記，但我們並沒有將其隔離。這只是正常銷售成本累積的一部分。減記——我們主要隔離的這個特定減記——大致與設備損壞有關。

And then there was another couple of hundred million dollars that was kind of an adjustment in terms of how we take some certain extraneous costs originally through inventory and now moving it more to a period cost. The equipment, it was kind of a bunch of different things, but I would say -- I'll give you one of the bigger ones that was an example. We had some tools that we had bought.

然後還有另外幾億美元，這是一種調整，即我們如何將一些額外的成本從最初通過庫存轉移到期間成本。這些設備有很多種，但我想說的是──我會給你一個較大的例子。我們有一些購買的工具。

They were sitting in assets under construction, relatively had tools in the line that were older tools, and we took the opportunity since we had an extra excess amount is we took the newer tools, put them in line, took the older tools out.

他們坐在正在建造的資產中，相對而言，生產線上的工具都是較舊的工具，而我們抓住機會，因為我們有多餘的量，所以我們把較新的工具放在生產線上，把較舊的工具拿出來。

They had a higher net book value than the value we can get in the open marketplace if we sell them. So we wrote them down to that value and they'll be held in assets held for sale. So it was things of that nature. Like I said, mostly older tools that we just couldn't find a purpose for.

它們的淨帳面價值高於我們在公開市場上出售它們所能獲得的價值。因此，我們將它們減記為該價值，並將其保留在待售資產中。所以這就是那種性質的事情。就像我說的，大多數都是較舊的工具，我們只是找不到它們的用途。

Thanks Will. Jonathan, can we have the next question?

謝謝威爾。喬納森，我們可以問下一個問題嗎？

Stacy Rasgon from Bernstein Research.

伯恩斯坦研究公司的史黛西·拉斯貢（Stacy Rasgon）。

Hi guys, thanks for taking my questions. For the first one, I wanted to touch on 18A and 14A. So you said 18A would be supplying the next three generations of Intel Products. So I guess that's 2026, '27 and '28. So I guess that would suggest 14A if it comes out, would be 2029 at the earliest. I guess, number one, is that timing correct?

大家好，感謝你們回答我的問題。首先，我想談談 18A 和 14A。所以您說 18A 將供應下一代三代英特爾產品。所以我猜是 2026、2027 和 2028 年。所以我猜想如果 14A 推出的話，最早也要到 2029 年。我想，第一，時間正確嗎？

And then just within that, given the plans or at least the contingency plans to maybe not do 14A I mean, I guess that suggests that if 14A dies, does the foundry strategy die with it? And can you run a sustainable business just on internal volume with 18A and increasing outsource at 14A doesn't do what it needs to do.

然後就在那範圍內，考慮到計劃或至少應急計劃可能不會做 14A，我的意思是，我想這表明如果 14A 消亡，那麼代工戰略是否會隨之消亡？並且，僅依靠 18A 的內部交易量就能開展可持續業務，而增加 14A 的外包量並不能達到預期的效果。

Stacy, it's a good question. So first of all, I think the -- as I mentioned earlier, 18A is important to us. for the generation of internal product. And then when we're ready, then we can go outside with more confidence to get a customer to support us. And then on the 14A, same as 14A from TSMC the timing is all in the '28, '29.

史黛西，這是個好問題。首先，我認為——正如我之前提到的，18A 對我們很重要，用於內部產品的生成。當我們準備好了，我們就可以更有信心地出去尋求客戶的支援。然後對於 14A，與台積電的 14A 相同，時間都在 '28、'29 年。

So that's no different, no change. And clearly, we are laser-focused on the process technology with the two engaging customer and with clear milestones to deliver. And then clearly, I think we're going to learn a lot. And we're not going to put any CapEx until we see the yield performance and also our internal customer and external customer feedback and the volume commitment that we put the CapEx in.

所以這沒有什麼不同，也沒有什麼改變。顯然，我們專注於與兩位客戶合作的製程技術，並設定了明確的里程碑。顯然，我認為我們將會學到很多東西。在我們看到收益表現以及內部客戶和外部客戶的反饋以及我們投入資本支出的數量承諾之前，我們不會投入任何資本支出。

And so the perception will be very clear, we are committed to the foundry business. And then meanwhile, we're going to be very disciplined in deployment, make sure that we see the volume, see the customer commitments that we have deployed.

因此，我們的看法非常明確，我們致力於代工業務。同時，我們將在部署中非常嚴格，確保我們看到數量，看到我們已經部署的客戶承諾。

Maybe I'll just add one more thing. If I understood the last question, can you still do 18A, I think, is what you said. We actually won't get to peak volumes on 18A until probably the beginning of the next decade. So this is going to be a node that we use for a very long time, and we're expecting a really good ROI on it.

也許我只需要再補充一點。如果我了解最後一個問題，你還能做 18A 嗎，我想，這就是你所說的。實際上，可能要到下一個十年初，18A 的流量才能達到高峰。因此，這將是我們長期使用的節點，我們預期它能帶來非常好的投資報酬率。

We largely are, let's say, calculating that based on the internal uses for it given that most of that is coming internally in the near term. I would say I wouldn't write off 18A as potentially getting external customers at that point. We clearly -- we probably won't get a lot in wave 1 as it seems.

我們主要是根據內部用途來計算，因為短期內大部分資金都將用於內部用途。我想說的是，我不會否認 18A 在那時可能會獲得外部客戶。我們很清楚——看起來我們在第一波可能不會獲得很多東西。

But there will be multiple waves and 18A will be -- will find different use cases over time, and there'll be more opportunities for us to attract internal customers after we do so much improvement in terms of performance and yield on our own products.

但將會有多波浪潮，18A 將會——隨著時間的推移找到不同的用例，在我們對自己的產品的性能和產量做出如此大的改進之後，我們將有更多機會吸引內部客戶。

Stacy, do you have a quick follow-up?

史黛西，你有什麼後續問題嗎？

I do. Thanks. I want to ask about the CapEx. You talked about sustaining CapEx like 50% of the current level, which would be like $9 billion, I guess. Should I be thinking about that as a plausible scenario for next year? I mean if I take the current like run rate for this year, like the gross CapEx in the first half and $18 billion for the year, it suggests like a quarterly run rate of, I don't know, $3.6 billion to be something like $14 billion, $14.5 billion for the year.

我願意。謝謝。我想詢問有關資本支出的問題。您談到將資本支出維持在當前水準的 50% 左右，我猜這大約是 90 億美元。我是否應該將其視為明年可能出現的情景？我的意思是，如果我採用今年目前的運行率，例如上半年的總資本支出和全年 180 億美元，那麼季度運行率（我不知道）為 36 億美元，全年運行率約為 140 億美元或 145 億美元。

I guess, I'm trying to figure out like what's a plausible number for where you might land next year given what you see, is $9 billion actually on the table? Or is it closer to $14 billion? Or what do you guys actually have a line?

我想，我想弄清楚，根據您所看到的情況，您明年可能達成的合理數字是多少，90 億美元真的在預算之內嗎？或更接近 140 億美元？或者你們實際上有什麼聯繫？

Yeah, fair question, Stacy. I will give like a ballpark what just we weren't like moving forward with something. But clearly, we're going to -- our assets under construction will not be enough to support all our CapEx investments even with maintenance CapEx next year.

是的，公平地問，史黛西。我會給出一個大概的估計，但我們並沒有任何進展。但顯然，即使加上明年的維護資本支出，我們正在建造的資產也不足以支持我們所有的資本支出投資。

So we haven't quite figured out exactly yet what the plan will look like for next year. We don't lock in our CapEx until early in the year. So that would be, call it, sometime in the January time frame of '26 that will lock in '26 CapEx. But I think it's meaningfully higher than $9 billion. But certainly, we think it's going to be less than $18 billion.

所以我們還沒有完全確定明年的計畫到底是什麼樣的。我們直到年初才鎖定資本支出。因此，我們可以說，在 26 年 1 月的某個時間範圍內，將會鎖定 26 年的資本支出。但我認為它明顯高於 90 億美元。但我們肯定會認為這個數字會低於 180 億美元。

Thanks, Stacy. Jonathan, can we have the next question.

謝謝，史黛西。喬納森，我們可以問下一個問題嗎？

Vivek Arya from Bank of America Securities.

Vivek Arya 的美國銀行證券。

Thanks. For my first question, I wanted to discuss competition in the server CPU market. I see in your 10-Q, you mentioned server ASPs were down 8% from last year because of a competitive environment. I thought that rising cores would mean greater ASP. So just if you could address that.

謝謝。我的第一個問題，我想討論一下伺服器 CPU 市場的競爭。我看到您在 10-Q 中提到由於競爭環境，伺服器 ASP 比去年下降了 8%。我認為核心數量的增加意味著 ASP 的增加。所以如果你能解決這個問題就好了。

But then kind of more medium to longer term Lip-Bu, how impactful is competition from ARM who is claiming to take over half the server market?

但從中長期來看，Lip-Bu，ARM 的競爭有多少影響？ ARM 聲稱佔據了伺服器市場一半以上的份額。

Yeah, good question. So I think that we just look at the server market. Clearly, we still have about 55% market shares. And clearly, we have some mistake we make on the high-end performing server area.

是的，好問題。所以我認為我們只關注伺服器市場。顯然，我們仍然擁有約55％的市佔率。顯然，我們在高階效能伺服器領域犯了一些錯誤。

And one thing is this called synchronized multi-trading and I think used to be an Intel strength, but somehow we overlook it. And then now we are double down, make sure that we will have that performance gap we can narrow.

其中一件事就是所謂的同步多重交易，我認為這曾經是英特爾的優勢，但不知何故我們卻忽略了它。現在我們要加倍努力，確保我們能夠縮小績效差距。

And then meanwhile, we're also engaging with some of the big hyperscale and also high-end enterprise. We learned what are the workload they require, and we're laser focused on getting the product road map clear and simplify and make it easier to work with us. And so I think we take all the staff, we listen to customers.

同時，我們也與一些大型超大規模和高端企業合作。我們了解了他們需要的工作量，並專注於使產品路線圖清晰、簡化，以便於我們更輕鬆地合作。所以我認為我們全體員工都會傾聽顧客的意見。

One thing that I think we changed, we listen to the customer very closely. And then engaging with them early in the product development and definition stage and they love it. And so I think we have a chance to regain back and then with the new products so that we can really drive the success here.

我認為我們改變的一件事是，我們非常仔細地傾聽客戶的意見。然後在產品開發和定義階段的早期與他們接觸，他們很喜歡它。因此我認為我們有機會重新獲得新產品，這樣我們才能真正取得成功。

Vivek, do you have a quick follow-up?

Vivek，您有什麼後續問題嗎？

Yeah. Thank you. Maybe one for Dave on gross margins. So Dave, let's say if your sales grew mid-single digit next year, hypothetically, what will gross margins do when you look at all the puts and takes around the mix of 18A and what you need to outsource? I know you're not giving specific outlook, but let's say, your top line growth, is there a simple formula to look at the gross margins versus the 36% level that you're at right now?

是的。謝謝。也許戴夫的毛利率是多少。那麼戴夫，假設明年你的銷售額增長了中等個位數，那麼當你考慮 18A 組合中的所有投入和產出以及你需要外包的內容時，毛利率會怎樣呢？我知道您沒有給出具體的前景，但是，比如說，您的營業收入增長，是否有一個簡單的公式來查看毛利率與您目前的 36% 水平相比？

Obviously, the devil is in the details on this, but I think a good rule of thumb is that we get somewhere in the 40% to 60% fall-through. Next year, hopefully closer to the higher end of that if things work out in our favor.

顯然，魔鬼藏在細節中，但我認為一個好的經驗法則是，我們的失敗率在 40% 到 60% 之間。明年，如果一切進展順利，我們希望能夠更接近這個目標。

Thank you. Jonathan, we have time for one last question, please.

謝謝。喬納森，我們還有時間回答最後一個問題。

Aaron Rakers from Wells Fargo.

富國銀行的 Aaron Rakers。

Yeah, thanks for taking the question. I want to go back to the server discussion as well. I know in the past, you guys have talked about the progression of 18A and Clearwater Forest, which I can appreciate a lower-volume SKU.

是的，感謝您提出這個問題。我也想回到伺服器討論。我知道過去你們曾討論過 18A 和 Clearwater Forest 的進展，我可以欣賞較低容量的 SKU。

But I'm curious as you think about stabilizing your market share and maybe being able to recapture share, do you think that, that's a function of Diamond Rapids? And if so, can we at all think about the timing of Diamond Rapids 2026, second half of '26? Any clarity on that would be helpful.

但我很好奇，當您考慮穩定市場份額並可能重新奪回份額時，您認為這是 Diamond Rapids 的功能嗎？如果是這樣，我們能否考慮一下 Diamond Rapids 2026 年的舉辦時間，即 2026 年下半年？對此的任何澄清都會有所幫助。

Yeah, it's a good question. I think clearly, we are looking at review our road map. And then you mentioned about Clearwater Forest, than the Diamond Rapid. And clearly, I think the time frame and it's plus and minus six months.

是的，這是個好問題。我認為很明顯，我們正在審查我們的路線圖。然後您提到了 Clearwater Forest，然後是 Diamond Rapid。顯然，我認為時間範圍是正負六個月。

And I think, overall, I think we are pretty much focus on that. And the next generation called Coral Rapids. And clearly, we're going to be reviewed the whole Coral market and that will be in the '28, '29. And we make sure that we have robust products to come out. So I think it's going to be fine-tuned and discussed with the customer, get the validation from the customer.

我認為，總的來說，我們非常關注這一點。下一代被稱為 Coral Rapids。顯然，我們將在 28、29 年對整個 Coral 市場進行審查。我們確保推出強勁的產品。所以我認為這將與客戶進行微調和討論，並獲得客戶的認可。

And then so far, I think we are -- and we can also have a new leader and need some changes I'm making. And then clearly, I think we're going to drive that whole data center is a very important business for us. We're going to be become competitive again.

到目前為止，我認為我們——我們也可以有一位新領導人，需要我做出的一些改變。然後顯然，我認為我們將推動整個資料中心的發展，這對我們來說是一項非常重要的業務。我們將再次變得有競爭力。

Aaron, do you have a quick follow-up?

Aaron，你有什麼後續問題嗎？

Yeah, I do. Thanks, John. So real quickly, just Dave, I want to go back like the skip or the Arizona and the Ireland fabs. Just remind us again how we should be modeling that. I think in the past, you talked about a $500 million headwind this year, and then that going to like $1.3 billion to $1.5 billion next year, and significantly higher in 2027. So any kind of update should we still think about that? Is that increasing just any color?

是的，我知道。謝謝，約翰。所以很快，只是戴夫，我想回到像亞利桑那州和愛爾蘭工廠那樣的地方。再次提醒我們應如何建模。我認為，過去您談到今年的逆風是 5 億美元，而明年這一數字將達到 13 億至 15 億美元，到 2027 年將大幅增加。那麼任何類型的更新我們都應該考慮這一點嗎？那會增加任何顏色嗎？

Yeah, those are roughly the right numbers to forecast. Obviously, as we get out into the '27, '28 time frame, we're kind of hitting the normalized run rates of these skips. So it will be higher than the $1.2 billion to $1.3 billion. We'll update you as we progress.

是的，這些是大致正確的預測數字。顯然，當我們進入 27、28 年的時間範圍時，我們就會達到這些跳躍的正常運行率。因此它將高於 12 億美元至 13 億美元。我們將及時向你通報進度。

Thank you all for joining us today. I must say I have been pleased with the teams and the progress we have made transitioning to a financially disciplined foundry, resetting how we engage with our customers and our partners and simplify our operations. I look forward to discuss our continued progress with you next quarter. Thank you.

感謝大家今天的參與。我必須說，我對我們的團隊以及我們在向財務紀律嚴明的代工廠轉型、重新設定我們與客戶和合作夥伴的互動方式以及簡化營運方面所取得的進展感到滿意。我期待下個季度與您討論我們持續的進展。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。