英特爾 (INTC) 2026 Q3 法說會逐字稿

Thank you for standing by, and welcome to the Intel Corporation's third-quarter 2026 earnings conference call. (Operator Instructions) As a reminder, today's program is being recorded.

感謝各位耐心等候，歡迎參加英特爾公司 2026 年第三季財報電話會議。(接線員指示) 提醒各位，今天的會議將會錄音。

And now I'd like to introduce your host for today's program, Mr. John Pitzer, Corporate Vice President of Investor Relations. Please go ahead, sir.

現在我想介紹今天節目的主持人：投資人關係企業副總裁 John Pitzer 先生。先生，請開始。

Thank you, Jonathan, and good afternoon to everyone joining us today. By now, you should have received a copy of the Q3 earnings release and presentation. Both are available on our investor relations website, intc.com.

謝謝你，Jonathan，也向今天加入我們的各位致上午安。此刻各位應已收到第三季財報新聞稿與簡報。兩者皆可於我們的投資人關係網站 intc.com 取得。

For those joining us online today, the presentation is also available in our webcast window. I’m joined today by our CEO, Lip-Bu Tan, and our CFO, Dave Zinsner. Lip-Bu will open on comments on third quarter results and progress on our strategic priorities. Dave will then discuss overall financial results, including fourth quarter guidance before we transition to answer your questions.

對於今天線上參與的各位，簡報也可在我們的網路直播視窗中取得。今天與我一同出席的有我們的執行長陳立武（Lip-Bu Tan）以及財務長 Dave Zinsner。立武將先就第三季業績與我們在策略優先事項上的進展發表開場談話。接著 Dave 將說明整體財務結果，包括第四季展望，之後我們將進入問答。

Before we begin, please note that today’s presentation does contain forward-looking statements based on the environment as we currently see it. As such, they are subject to various risks and uncertainties. It also contains references to non-GAAP financial measures that we believe provide useful information to our investors.

在開始之前，請注意今天的簡報包含以前瞻性陳述為主的內容，係基於我們目前所見的環境。因此，這些陳述可能受到各種風險與不確定性影響。簡報亦包含對非 GAAP 財務衡量指標的引用，我們相信這些資訊對投資人具有參考價值。

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 the actual results to differ materially from our expectations. They also provide additional information on our non-GAAP financial measures, including reconciliation where appropriate to our corresponding GAAP financial measures.

我們的財報新聞稿、最新的 Form 10-K 年報，以及向美國證券交易委員會（SEC）提交的其他文件，提供了更多關於特定風險因素的資訊；這些因素可能導致實際結果與我們的預期出現重大差異。上述文件亦提供我們非 GAAP 財務衡量指標的補充資訊，包括在適當情況下與相對應 GAAP 財務衡量指標的調節表。

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

那麼，接下來我把時間交給立武。

Good afternoon, and thank you for joining us. The demand environment in Q3 was more balanced than previous quarters. Strong momentum in DCAI drove upside and enabled the strongest revenue growth for the segment in 15 years. This was partially offset by weakness in CCPG, driven by the industry-wide impacts from higher memory prices and limited IT budgets.

各位午安，感謝各位加入。第三季的需求環境較前幾季更為均衡。DCAI 的強勁動能帶動業績超出預期，並使該事業群創下 15 年來最強的營收成長。不過，CCPG 的疲弱部分抵銷了上述表現，主要原因是記憶體價格上漲及 IT 預算受限所帶來的全產業影響。

The industry continues to navigate one of the most significant supply shortages in the history, driven by the unprecedented demand for super intelligence. Against this backdrop, I am pleased by the progress we make growing our server supply in Q3. I am mindful about the ongoing challenges we face in the future quarters to keep pace with the server demand. The successful completion of our equity offering in August provided us with the necessary financial resources to capture the growth ahead.

在「超級智慧」前所未有的需求推動下，產業仍在應對史上最嚴重的供給短缺之一。在此背景下，我對我們在第三季擴增伺服器供應方面所取得的進展感到欣慰。同時，我也清楚未來幾季要跟上伺服器需求仍面臨持續挑戰。我們於 8 月成功完成股權發行，為我們把握未來成長提供了必要的財務資源。

I am very pleased to add new sovereign funds and long-term growth investor in addition to our existing shareholders. We are deploying this capital quickly and prudently. We expect CapEx and purchase commitments for key components to increase significantly over the next several quarters. I want to thank our substrate memory foundry equipment suppliers for their strong partnership and collaborations as we work together to expand supply and support growing demands.

我也非常高興在既有股東之外，新增了主權基金與長期成長型投資人。我們正迅速且審慎地部署這筆資金。我們預期未來幾季資本支出（CapEx）以及關鍵零組件的採購承諾將顯著增加。我也要感謝我們的載板、記憶體、晶圓代工與設備供應商，在我們共同擴充供應、支援成長需求的過程中展現強力的夥伴關係與合作。

Turning to business units. First, DCAI. Within our server business, we are making steady progress on our roadmap. Granite Rapids on Intel 3 has become one of the fastest-ramping server products. Clearwater Forest, our first Intel 18A server products, is shipping for revenue.

接著談各事業單位。首先是 DCAI。在我們的伺服器業務中，我們正穩健推進產品藍圖。採用 Intel 3 的 Granite Rapids 已成為導入速度最快的伺服器產品之一。Clearwater Forest——我們首款 Intel 18A 伺服器產品——已開始出貨並認列營收。

Demand for 2027 is significant, especially in CPU dense agentic rack scale infrastructure. Diamond Rapids, our first Intel 18A-P server product, is sampling and on track to ramp in 2027, with strong interest for inference and agentic workloads. We were pleased to recently announce an agreement with Oracle Cloud Infrastructure to deploy our latest generation CPUs to support their AI build-out.

2027 年的需求相當可觀，尤其是在 CPU 高密度的代理式（agentic）機櫃級（rack-scale）基礎設施方面。Diamond Rapids——我們首款 Intel 18A-P 伺服器產品——已開始送樣，並按計畫於 2027 年放量，且在推論與代理式工作負載方面獲得強烈關注。我們也很高興近期宣布與 Oracle Cloud Infrastructure 達成協議，將部署我們最新一代 CPU，以支援其 AI 擴建。

I also want to acknowledge headwinds limiting our progress to meet this extremely high AI-driven demand. First, Intel 3 yield and cycle time continue to improve, but I am demanding significant execution from the team. Second, even as our Intel 3 wafer outputs ramps quickly, an industry-wide shortage of advanced organic substrates for our EMIB packaging is also impacting our ability to scale output. Finally, early this month, an unfortunate and tragic accident led to an extended shutdown in our Israel factory.

我也想說明一些限制我們滿足這項極高 AI 驅動需求的逆風因素。第一，Intel 3 的良率與週期時間持續改善，但我要求團隊在執行上必須有顯著提升。第二，即使 Intel 3 的晶圓產出快速爬坡，產業對用於我們 EMIB 封裝的先進有機載板仍普遍短缺，這也影響我們擴大量產的能力。最後，本月初一場不幸且悲痛的事故，導致我們以色列工廠長時間停工。

While the teams have worked quickly to address the situation, it will impact our Q4 10-nanometer server shipments. Purpose-built silicon remains our fastest-growing business segment, tripling over the last three years and poised to triple again over the next few years. We see further growth opportunity with both existing and new potential customers, including AI labs, and expanding our IP portfolio to meet the needs of a wider array of customers. Lastly, we recently unveiled our Intel GPU D-Series inference-optimized GPU. Early feedback is encouraging.

雖然團隊已迅速處理相關狀況，但這將影響我們第四季 10 奈米伺服器出貨。專用矽（purpose-built silicon）仍是我們成長最快的業務區塊，過去三年成長了三倍，並有望在未來幾年再成長三倍。我們看到來自既有與潛在新客戶的進一步成長機會，包括 AI 實驗室；同時也在擴充我們的 IP 產品組合，以滿足更廣泛客戶的需求。最後，我們近期發表了 Intel GPU D 系列、針對推論最佳化的 GPU；初期回饋令人鼓舞。

Performance is tracking well. This is new market for us, and it will take time to scale, but customer engagements are progressing towards firm commitments. Turning to our client business, in recent weeks, our customers began signaling a PC slowdown based on the memory prices and availability. Year-to-date system endpoint prices have increased significantly, placing additional pressure on already limited IT budgets.

效能表現符合預期。這對我們而言是新市場，擴大規模需要時間，但與客戶的合作正朝向具體承諾推進。再談用戶端業務：近幾週，我們的客戶開始因記憶體價格與供應狀況而釋出 PC 市場放緩的訊號。年初至今系統終端價格已大幅上升，對原本就有限的 IT 預算造成額外壓力。

The pace of this PC correction has accelerated over the last two months as our OEM partners are aggressively managing inventory to match the softer sell-through. We expect the current environment to persist until memory availability and prices begin to normalize. While the next few quarters will be challenging for the PC market, our roadmap continues to strengthen, and our long-term outlook remains positive. We have successfully ramped Panther Lake on Intel 18A, and demand for the Wildcat Lake is outstripping supply.

過去兩個月，隨著 OEM 夥伴積極管理庫存以符合較疲弱的終端銷售（sell-through），這波 PC 修正的速度已加快。我們預期目前環境將持續，直到記憶體供應與價格開始回歸正常。雖然接下來幾季 PC 市場將充滿挑戰，但我們的產品藍圖持續強化，長期展望仍然正向。我們已成功將採用 Intel 18A 的 Panther Lake 放量，且 Wildcat Lake 的需求已超過供給。

Nova Lake, our first Intel 18A-P client product, is tracking ahead of schedule, with design wins expected to be twice those of Panther Lake at launch. We look forward to sharing more at CES in January. As the market normalizes, we expect this portfolio drives meaningful share gains. Intel Foundry execution continued to improve consistently.

Nova Lake——我們首款 Intel 18A-P 用戶端產品——進度超前，預期在上市時的設計導入（design wins）將是 Panther Lake 的兩倍。我們期待在 1 月的 CES 分享更多資訊。隨著市場回歸常態，我們預期此產品組合將帶來顯著的市佔提升。Intel Foundry 的執行表現也持續穩定改善。

During the quarter, Intel 3 and Intel 18A yields both increased again, with Intel 18A improving at a double-digit rate. Wafer output on both nodes exceeded expectations. Intel 18A-P remains on track for launch by year-end across our internal product portfolio, and external customer engagement continues to build. We are engaged with a couple of highly strategic customers, and I am increasingly confident that our Intel 18A-P will be an attractive node for external foundry customers.

本季 Intel 3 與 Intel 18A 的良率皆再次提升，其中 Intel 18A 以兩位數幅度改善。兩個製程節點的晶圓產出均超出預期。Intel 18A-P 仍按計畫在年底前於我們內部產品組合中推出，外部客戶的合作洽談也持續升溫。我們正與數家高度策略性的客戶合作，我對 Intel 18A-P 對外部晶圓代工客戶的吸引力愈來愈有信心。

Intel 14A also remains on track. in October, as committed, we released our industry-standard 0.9 PDK to select customers. It is our highest quality 0.9 PDK, meeting industry standard yield and performance criteria at release. As is standard practice in the foundry business, I have consistently maintained that we will not disclose customer details. That being said, I remain highly encouraged by the progress we are making with multiple potential customers on 14A.

Intel 14A 也仍按計畫推進。如先前承諾，我們已於 10 月向特定客戶釋出符合產業標準的 0.9 PDK。這是我們品質最高的 0.9 PDK，在釋出時即符合產業標準的良率與效能準則。依晶圓代工業務的慣例，我一向堅持不會揭露客戶細節。儘管如此，我仍對我們在 14A 上與多家潛在客戶所取得的進展感到高度鼓舞。

On advanced packaging, we are pleased by the progress we are making with EMIB and EMIB-T for our internal products. Both continue to see significant external customer traction as well. We continue to improve on execution, working with our supply chain to secure the capacity to meet the needs of our advanced packaging customers. We are also seeing robust progress in the readiness of HBI, which is an enabler of 3D chip stacking for our upcoming server products.

在先進封裝方面，我們對於在內部產品上推進 EMIB 與 EMIB-T 所取得的進展感到欣慰。兩者也持續獲得外部客戶的顯著採用動能。我們持續提升執行力，並與供應鏈合作，確保產能以滿足先進封裝客戶的需求。我們也看到 HBI 的就緒度取得強勁進展；HBI 是我們即將推出的伺服器產品實現 3D 晶片堆疊的關鍵推動因素。

Across our manufacturing network, additional capacity continues to come online. Intel 3 tool installation is progressing well in Ireland, as is in the ramp of the 18A in both Oregon and Arizona, including Fab 62, our second high-volume 18A fab. In New Mexico and Malaysia, we are adding capacity to support strong customer ramps for advanced packaging next year. In New Albany, Ohio, the team recently achieved important construction milestone with installation of the first major structural truss. And we continue to evaluate unique and highly differentiated opportunity to accelerate our Ohio build-out. And I hope to share more on this in the near future.

在我們的製造網路中，新增產能持續上線。Intel 3 的工具機台安裝在愛爾蘭進展順利；18A 在奧勒岡與亞利桑那的量產爬坡也進展良好，其中包括 Fab 62——我們第二座 18A 高產量晶圓廠。在新墨西哥州與馬來西亞，我們正在擴增產能，以支援明年先進封裝客戶的強勁爬坡需求。在俄亥俄州新奧爾巴尼，團隊近期在施工方面達成重要里程碑，完成首個主要結構桁架的安裝。我們也持續評估一項獨特且高度差異化的機會，以加速俄亥俄州的建置擴張。我希望在不久的將來能分享更多相關資訊。

Looking to the future, I have always emphasized that rebuilding Intel is going to be multi-year journey. And I remain firmly committed to making it happen. We are only one year and a half into this journey. We have made enormous strides in this 18 months, including a dramatic resizing of our workforce, eliminating middle management and bureaucracy, streamlining our executive ranks, and established an almost entirely new leadership team. We have installed once again an engineering-centric culture, streamlining our product portfolio, and put in place a more competitive roadmap for Intel products and Intel Foundry.

展望未來，我一直強調重建 Intel 將是一段跨越多年的旅程。我也仍然堅定承諾要把它實現。我們投入這段旅程才一年半。在這 18 個月中，我們取得了巨大的進展，包括大幅調整人力規模、消除中階管理與官僚體系、精簡高階主管層級，並建立幾乎全新的領導團隊。我們再次建立以工程為核心的文化，精簡產品組合，並為 Intel 產品與 Intel Foundry 制定更具競爭力的產品藍圖。

We still have much more to do. The resurgence in demand for CPU is meaningful tailwind for us along our transformation journey. Increasingly, energy efficiency is becoming the most important metric for the AI infrastructure build-out. While GPUs are great at thinking tasks, deterministic CPU are far more efficient at doing tasks. While GPU reasoning query run as high as multiple watt-hours of energy, a single CPU query could cost only joules of energy.

我們仍有更多工作要做。CPU 需求回升，對我們的轉型旅程而言是一股重要順風。能源效率正日益成為 AI 基礎設施建置中最重要的衡量指標。GPU 擅長「思考」類任務，但在「執行」類任務上，具確定性的 CPU 效率高得多。當 GPU 的推理查詢可能耗能高達數個瓦時時，單次 CPU 查詢可能只需消耗數焦耳的能量。

Applying even conservative estimates to the total number of digital agents and agents served per CPU, it is easy to anticipate a massive dollar and unit TAM for CPUs over the coming five years. By our estimates, server CPU TAM, largely driven by agentic workloads, could increase as much as five times from where it is today, from $40 billion to more than $200 billion over five years. This makes the opportunity for Intel enormous. We are, of course, mindful of fierce competition underway as nearly every fabless company race to meet this unprecedented demand with their own offering.

即使對每顆 CPU 可服務的數位代理（digital agents）數量與代理服務量採用保守估計，也不難預期未來五年 CPU 的總可服務市場（TAM）在金額與出貨量上都將大幅成長。依我們估算，伺服器 CPU 的 TAM（主要由代理型工作負載驅動）在五年內可能較目前成長多達五倍，從 400 億美元提升至超過 2,000 億美元。這使得 Intel 的機會極其龐大。當然，我們也清楚目前競爭非常激烈，幾乎所有無晶圓廠（fabless）公司都在競相以自家產品滿足這前所未有的需求。

But Intel is uniquely positioned to benefit from this demand in three ways.

但 Intel 在三個方面具備獨特優勢，可從這波需求中受益。

First, as a custodian of x86, the most widely deployed ISA in the world, we are doubling down on x86 innovation, have an exciting Tick/Tock roadmap of CPU innovations in the pipeline. In addition, for the first time, we are making fully modular, verified instances of our x86 CPUs optimized for the custom workloads available to our customers.

第一，作為 x86（全球部署最廣泛的 ISA）的守護者，我們正加倍投入 x86 創新，並在產品管線中擁有令人振奮的 Tick/Tock CPU 創新藍圖。此外，我們首次向客戶提供完全模組化、已驗證的 x86 CPU 實例，並針對客製化工作負載進行最佳化。

Second, as one of the just three advanced node semiconductor foundries in the world and the only one domiciled in the US, we are well positioned to support, not only our own demand but also the demands of wider fabless industry. We are also open to building any CPUs at scale for our customers fully agnostic to underlying ISA.

第二，作為全球僅有的三家先進製程半導體晶圓代工廠之一，且是唯一設址於美國的業者，我們不僅能支援自身需求，也能支援更廣泛無晶圓廠產業的需求。我們也願意以大規模為客戶代工任何 CPU，且對底層 ISA 完全保持中立。

Third, as modern computing platforms increasingly become complex system in the package, our leadership in advanced packaging offers highly differentiated solution, especially to meet the requirements of the massive AI infrastructure build-out underway. This is why I remain optimistic on the opportunities ahead for Intel, even as we have works to do.

第三，隨著現代運算平台日益成為複雜的系統級封裝（system in the package），我們在先進封裝的領先地位提供高度差異化的解決方案，特別能滿足目前大規模 AI 基礎設施建置的需求。這也是為什麼即使我們仍有工作要做，我依然對 Intel 未來的機會保持樂觀。

Lastly, while we remain focused on executing against our near-term priorities, we cannot lose sight of what come next. Intel has a deep portfolio of technology and IP that positions us to drive the next wave of computing. We continue to invest in breakthrough technologies, including silicon photonics, neuromorphic computing, advanced materials, and quantum computing that we believe can unlock the important of new opportunities over time.

最後，雖然我們仍專注於執行近期優先事項，但也不能忽視接下來的發展。Intel 擁有深厚的技術與智慧財產（IP）組合，使我們具備推動下一波運算浪潮的定位。我們持續投資於突破性技術，包括矽光子、類神經形態運算、先進材料與量子運算；我們相信這些技術能隨時間推進，開啟重要的新機會。

This week, we announced our intent to acquire Classiq, an Israel-based quantum software provider, moving our quantum efforts from foundational research towards commercialization. Classiq’s overarching hardware-agnostic software platform layer provides a gateway for more consumers to explore quantum computing. It is a wonderful complement to our already strong internal quantum hardware and software stacks and enable us to further extend our compute platform offerings to include QPUs in addition to CPUs, GPUs, and ASICs. Post-acquisition, Intel will become a full stack revenue-generating quantum computing company.

本週，我們宣布有意收購以色列的量子軟體供應商 Classiq，將我們的量子工作從基礎研究推進至商業化。Classiq 的整體硬體無關（hardware-agnostic）軟體平台層，為更多使用者探索量子運算提供入口。這與我們既有強大的內部量子硬體與軟體堆疊相得益彰，並使我們得以進一步擴展運算平台產品，除 CPU、GPU 與 ASIC 外，也納入 QPU。收購完成後，Intel 將成為一家全堆疊、可創收的量子運算公司。

In summary, while we did well in Q3, there’s clearly more work to do. I’m disappointed that we were not able to meet strong customer demand in this quarter. We face near-term challenges, including manufacturing supply shortage, the unprecedented memory crunch, and the resulting softness in PC demand. But I remain confident in our path forward. We need to address these challenges with urgency without losing sight of the massive opportunity in front of us. I want to thank our employees, partners, and suppliers for their tireless effort in this quarter.

總結來說，雖然我們在第三季表現不錯，但顯然仍有更多工作要做。我對於本季未能滿足客戶的強勁需求感到失望。我們面臨短期挑戰，包括製造供應短缺、前所未有的記憶體吃緊，以及由此導致的 PC 需求疲軟。但我仍對我們前進的路徑充滿信心。我們必須以緊迫感處理這些挑戰，同時不失焦於眼前巨大的機會。我要感謝我們的員工、合作夥伴與供應商在本季不懈的努力。

With that, I will turn the call over to Dave for additional details.

接下來，我將把電話會議交給 Dave，請他提供更多細節。

Thank you, Lip-Bu. We delivered a strong quarter, exceeding our guidance for revenue, gross margin, and earnings per share. This marks the eighth consecutive quarter of exceeding our financial expectations. Our Q3 results reinforce the essential role our server CPUs play in the build-out of super intelligence or AI infrastructure. Results also demonstrate our improving execution as we grow supply to capture the strong demand for AI compute.

謝謝你，Lip-Bu。我們交出了一個強勁的季度表現，營收、毛利率與每股盈餘皆超越我們的指引。這是我們連續第八個季度超出財務預期。我們第三季的結果再次強化了伺服器 CPU 在建置超級智慧（super intelligence）或 AI 基礎設施中的關鍵角色。結果也展現出我們在擴增供給、以掌握 AI 運算強勁需求方面的執行力正在改善。

Third quarter revenue was $16.5 billion, led by record year-over-year growth in DCAI. Strong execution across our factory network and external supply chain drove better-than-expected server CPU output. This strength was partially offset by weakness in client, where industry-wide PC consumption is being impacted by memory shortages and limited IT budgets.

第三季營收為 165 億美元，主要由 DCAI 創下創紀錄的年增成長所帶動。工廠網路與外部供應鏈的強勁執行，推動伺服器 CPU 產出優於預期。這股強勢部分被用戶端業務的疲弱所抵銷；在記憶體短缺與 IT 預算受限的影響下，全產業的 PC 消費正受到衝擊。

Third quarter non-GAAP gross margin was 44.1%, approximately 200 basis points higher than Q2 in our guidance. The sequential improvement was driven by improved costs on Intel 3 and Intel 18A, and a more favorable product mix.

第三季非 GAAP 毛利率為 44.1%，約較我們指引中的第二季水準高出 200 個基點。這項季增改善主要來自 Intel 3 與 Intel 18A 的成本改善，以及更有利的產品組合。

Third quarter non-GAAP EPS was $0.52, compared with our guidance of $0.38. The upside was driven by higher revenue, stronger gross margin, and disciplined spending, which together produced better than expected operating leverage.

第三季非 GAAP 每股盈餘（EPS）為 0.52 美元，相較我們指引的 0.38 美元。上行主要由更高的營收、更強的毛利率與嚴謹的支出控管所驅動，三者合力帶來優於預期的營運槓桿。

Operating cash flow was $5.91 billion. We ended the quarter with approximately $54 billion in cash and short-term investments, in addition to $15 billion of borrowing capacity under our new extended revolvers, up from $10 billion previously. In early August, we further strengthened our balance sheet through a $23 billion equity offering. The incremental interest income associated with the offering contributed approximately $0.01 to Q3 EPS that was not contemplated in our original guidance.

營運現金流為 59.1 億美元。本季結束時，我們持有約 540 億美元的現金與短期投資，另加上在新延長循環信貸（revolvers）項下 150 億美元的借款額度，高於先前的 100 億美元。8 月初，我們透過 230 億美元的股權發行進一步強化資產負債表。與該發行相關的新增利息收入，對第三季 EPS 約貢獻 0.01 美元，這並未納入我們原先的指引之中。

Now moving to segment results. DCAI revenue was $7.3 billion, up 17% sequentially and nearly 80% year over year. Revenue was meaningfully ahead of our expectations as our factory network and external suppliers supported higher output. The work our teams have done to increase supply is having a tangible impact. Based on our current outlook, DCAI revenue is on track to finish 2026 nearly $10 billion above expectations entering the year.

現在轉到各事業部門的業績。DCAI 營收為 73 億美元，較前一季成長 17%，年增近 80%。在我們的工廠網路與外部供應商支援更高產出下，營收顯著超出我們的預期。我們團隊為提升供給所做的工作正產生具體成效。依據我們目前的展望，DCAI 營收可望在 2026 年結束時，較年初預期高出近 100 億美元。

Q3 growth was broad-based across hyperscale, enterprise, and neocloud customers. We also continued to see strong momentum in purpose-built silicon, with revenue increasing more than 50% sequentially and more than doubling year over year. Despite our progress to increase capacity, demand for DCAI products continues to meaningfully exceed available supply. DCAI operating profit was $3 billion, representing 42% of revenue and increasing approximately $600 million sequentially. The improvement was driven by higher revenue and lower operating expenses.

第三季成長涵蓋超大規模（hyperscale）、企業與新雲（neocloud）客戶，呈現廣泛的成長動能。我們也持續看到客製化矽（purpose-built silicon）的強勁動能，營收較前一季增加逾 50%，且年增超過一倍。儘管我們已提升產能，DCAI 產品需求仍持續大幅超過可供應量。DCAI 營業利益為 30 億美元，占營收 42%，較前一季增加約 6 億美元。改善主要由更高營收與較低營運費用所帶動。

Granite Rapids is now the largest product family in our server portfolio as we continue to increase output from our Ireland facility. Earlier this month at the Open Compute Project Global Summit, we demonstrated select Clearwater Forest configurations that scale beyond 46,000 cores per rack at approximately 133 kilowatts of total rack power, delivering best-in-class performance per watt. We also introduced the Intel GPU D-Series, formerly code-named Crescent Island, which is designed to improve the economics of sustained memory-intensive AI inference.

隨著我們持續提高愛爾蘭廠的產出，Granite Rapids 現已成為我們伺服器產品組合中最大的產品家族。本月稍早在 Open Compute Project Global Summit 上，我們展示了部分 Clearwater Forest 組態，可在每機架超過 46,000 核心、總機架功耗約 133 千瓦的條件下擴展，提供同級最佳的每瓦效能。我們也推出 Intel GPU D 系列（先前代號 Crescent Island），其設計旨在改善長時間、記憶體密集型 AI 推論的經濟效益。

Customer interest in both product families is running ahead of our initial expectations. CCPG revenue was $8.1 billion, down 9% sequentially and below our expectations. We previously noted that memory shortages could pressure the second half PC TAM. That pressure intensified during Q3, particularly late in the quarter, and resulted in a meaningful adjustment in customer purchasing patterns.

客戶對這兩個產品家族的興趣均超出我們最初的預期。CCPG 營收為 81 億美元，較前一季下滑 9%，且低於我們的預期。我們先前指出，記憶體短缺可能對下半年 PC 的 TAM 造成壓力。該壓力在第三季加劇，尤其在季末更為明顯，並導致客戶採購模式出現顯著調整。

Despite the near-term weakness, we saw several positive developments. Our AI PC revenue grew 35% year-over-year, even as total CCPG revenue declined 5%. Our client products on Intel 18A continue to ramp well. Wildcat Lake, our cost-optimized Intel 18A client CPU, increased units by approximately 70% sequentially and is sold out.

儘管短期疲弱，我們仍看到幾項正面進展。即使 CCPG 總營收下滑 5%，我們的 AI PC 營收仍年增 35%。我們在 Intel 18A 上的用戶端產品持續順利放量。Wildcat Lake（我們以成本最佳化為目標的 Intel 18A 用戶端 CPU）出貨量較前一季增加約 70%，且已售罄。

Lastly, our Edge business was more resilient, supported by continued momentum in Edge and physical AI design wins. CCPG operating profit was $2.3 billion, representing 28% of revenue and approximately flat sequentially, primarily due to lower inventory charges. Turning to Intel Foundry. Intel Foundry revenue was $6.7 billion, up 16% sequentially, driven by better-than-expected growth on Intel 3 and Intel 18A. External foundry revenue was $411 million, an increase of $118 million sequentially, primarily due to a non-recurring customer program.

最後，我們的 Edge 業務展現較強韌性，受惠於 Edge 與實體 AI（physical AI）設計案持續取得勝利所帶動的動能。CCPG 營業利益為 23 億美元，占營收 28%，較前一季約略持平，主要因存貨費用較低。接著談 Intel Foundry。Intel Foundry 營收為 67 億美元，較前一季成長 16%，主要由 Intel 3 與 Intel 18A 的成長優於預期所帶動。外部晶圓代工營收為 4.11 億美元，較前一季增加 1.18 億美元，主要來自一項一次性客戶專案。

Intel Foundry reported an operating loss of $1.9 billion, an improvement of $236 million sequentially, even as we continue to invest aggressively to prepare Intel 14A for risk production next year. Higher yields, better cycle times, and increased factory utilization continue to reduce wafer costs. Intel 3 costs improved approximately 15% from Q1 levels, while volumes increased in the mid-teens sequentially. Intel 18A costs have declined approximately 40% since Q1, reflecting continued yield and cycle time improvements. Intel 18A yields continue their upward trajectory to industry-standard levels ahead of our internal projections.

Intel Foundry 的營業虧損為 19 億美元，較前一季改善 2.36 億美元；即便如此，我們仍持續積極投資，以在明年為 Intel 14A 的風險試產（risk production）做好準備。更高良率、更佳週期時間，以及更高的工廠稼動率，持續降低晶圓成本。Intel 3 成本較第一季水準改善約 15%，同時出貨量較前一季增加約中十位數百分比。Intel 18A 成本自第一季以來下降約 40%，反映良率與週期時間持續改善。Intel 18A 良率持續上升，並在我們內部預估之前達到業界標準水準。

Since Q1, Intel 18A client CPUs have grown from less than 5% of revenue to now nearly one-third of client CPU revenue. These results represent meaningful progress, although we still have considerable work ahead of us to deliver a sustainably profitable foundry business.

自第一季以來，Intel 18A 用戶端 CPU 的營收占比已從不到 5% 成長至目前接近用戶端 CPU 營收的三分之一。這些成果代表我們取得顯著進展，但要打造可持續獲利的晶圓代工業務，我們仍有大量工作要完成。

Now turning to outlook. Demand signals from our data center customers continue to strengthen. We expect the industry to remain supply constrained throughout 2027 and into 2028. As Lip-Bu discussed, the adoption of agentic AI is broadening the role of CPU compute. AI workloads are moving beyond prompt-based responses toward multi-step reasoning, orchestration, and autonomous persistent action.

現在轉到展望。來自資料中心客戶的需求訊號持續轉強。我們預期整個產業在 2027 年全年並延續至 2028 年仍將受供給限制。如 Lip-Bu 所討論，代理式 AI（agentic AI）的採用正在擴大 CPU 運算的角色。AI 工作負載正從以提示（prompt）為基礎的回應，轉向多步推理、編排（orchestration）以及自主且持續的行動。

Our CPUs play a central role in enabling these workloads. As a result, we continue to see strong demand for our DCAI products. We now expect industry server CPU units to grow more than 30% in both 2026 and 2027. Growth would be higher in both years if additional industry supply were available.

我們的 CPU 在支援這些工作負載方面扮演核心角色。因此，我們持續看到 DCAI 產品的強勁需求。我們目前預期，產業伺服器 CPU 出貨量在 2026 與 2027 年均將成長超過 30%。若產業能提供更多供給，這兩年的成長幅度都會更高。

At the same time, the PC market is weakening after remaining resilient during the first half of 2026. We expect the 2026 PC unit TAM to decline approximately 12%, with second-half units down more than 20%. We do not expect a sustained recovery until memory availability improves and pricing begins to normalize.

同時，在 2026 年上半年仍具韌性之後，PC 市場正在走弱。我們預期 2026 年 PC 出貨量 TAM 將下滑約 12%，其中下半年出貨量將下滑超過 20%。在記憶體供應改善且價格開始回歸常態之前，我們不預期會出現持續性的復甦。

For 2027, we’re planning for the PC unit TAM to decline roughly 10%. We expect year-over-year declines to be more pronounced during the first half, with the potential for improvement in the second half against an easier comparison.

對於 2027 年，我們規劃 PC 出貨量 TAM 約下滑 10%。我們預期年減幅度在上半年會更為明顯，而下半年在較容易的比較基期下，可能出現改善。

Our longer-term view of the PC market remains unchanged. Traditional PCs will play an important role in enabling AI applications and driving strong returns on AI infrastructure spending. In addition, we’re just now seeing new agentic systems in the market. We also continue to see attractive longer-term opportunities in Edge and physical AI as agentic applications spread across the economy.

我們對 PC 市場的長期看法維持不變。傳統 PC 將在推動 AI 應用、並為 AI 基礎設施支出帶來強勁報酬方面扮演重要角色。此外，我們才剛開始在市場上看到新的代理式系統（agentic systems）。隨著代理式應用在整體經濟中擴散，我們也持續看到 Edge 與實體 AI 的具吸引力的長期機會。

Taking these factors together, we’re guiding Q4 revenue to a range of $15 billion to $16 billion. At the midpoint of $15.5 billion, we expect a gross margin of 38%, a tax rate of 11%, and EPS of $0.25, all on a non-GAAP basis.

綜合上述因素，我們對第四季營收指引為 150 億至 160 億美元。以中位數 155 億美元計算，我們預期毛利率為 38%、稅率為 11%、每股盈餘（EPS）為 0.25 美元，以上皆以非 GAAP 基礎計算。

Our guidance includes an impact of roughly $300 million to revenue and 200 basis points to gross margin based on our early assessment of the incident at Fab 28. By segment, we expect DCAI revenue to grow mid-teens percent sequentially, with purpose-built silicon growing faster than DCAI overall.

我們的指引包含：根據對 Fab 28 事件的初步評估，對營收約 3 億美元的影響，以及對毛利率約 200 個基點的影響。以事業部門來看，我們預期 DCAI 營收將較前一季成長約中十位數百分比，其中客製化矽的成長速度將快於整體 DCAI。

Please note, almost all of the $300 million impact from Fab 28 is related to 10-nanometer server products. We expect CCPG revenue to decline greater than 20% sequentially as customers move quickly to reduce weeks of inventory and align purchases with their expectations for 2027 consumption. The sequential decline in Q4 gross margin primarily reflects lower overall revenue against our fixed cost base as we adjust client wafer starts to current demand conditions.

請注意，Fab 28 造成的約 3 億美元影響幾乎全部與 10 奈米伺服器產品相關。我們預期 CCPG 營收將較前一季下滑超過 20%，因客戶迅速降低庫存週數，並使採購與其對 2027 年需求消耗的預期一致。第四季毛利率的季減主要反映：在我們調整用戶端晶圓投片以符合當前需求狀況之際，整體營收下降而固定成本基礎相對不變。

In addition, revenue mix, especially the strong growth expected in purpose-built silicon, is creating difficult quarter-on-quarter compares. These headwinds will be partially offset by continued yield and cost improvements on Intel 3 and 18A. We expect non-GAAP operating expenses of approximately $4.4 billion in Q4 and approximately $16.3 billion for the full year. We expect non-controlling interest, or NCI, to be approximately $250 million in Q4, and we currently expect NCI of approximately $1.1 billion in both 2027 and 2028. Lastly, we expect Q4 fully diluted share count of 5.44 billion, representing a full quarter of shares issued for our August equity offering.

此外，營收組合（尤其是預期客製化矽的強勁成長）也使得季度間比較變得更具挑戰。這些逆風將部分被 Intel 3 與 18A 持續的良率與成本改善所抵銷。我們預期第四季非 GAAP 營運費用約為 44 億美元，全年約為 163 億美元。我們預期第四季非控制權益（NCI）約為 2.5 億美元，且目前預期 2027 與 2028 年的 NCI 均約為 11 億美元。最後，我們預期第四季完全稀釋後股數為 54.4 億股，反映我們 8 月股權發行所新增股份的完整一季影響。

Moving to CapEx. Our 2026 gross capital expenditures remains on track to be $20 billion, and we expect 2027 gross capital spending to be up strongly. We have made good progress securing the equipment required to support our growth plans, with firm purchase orders to equipment suppliers increasing nearly 40% sequentially. We’re also accelerating clean room build-outs, including Fab 62 in Arizona, and exploring opportunities to accelerate in Ohio. Despite this increase in capital spending and working capital, we remain committed to deleveraging in 2027.

接著談資本支出（CapEx）。我們 2026 年的總資本支出仍按計畫維持在 200 億美元，我們預期 2027 年的總資本支出將大幅上升。我們在確保支援成長計畫所需設備方面已取得良好進展，對設備供應商的確定採購訂單較前一季增加近 40%。我們也在加速無塵室建置，包括亞利桑那州的 Fab 62，並探索在俄亥俄州加速推進的機會。儘管資本支出與營運資金增加，我們仍致力於在 2027 年去槓桿。

We will remain disciplined as we invest, and we will not spend a dollar of capital, unless we have confidence in the health of our products and process technologies and clear evidence of customer demand. Our confidence in all three is improving.

我們在投資時將持續保持紀律；除非我們對產品與製程技術的健康狀況有信心，且有明確的客戶需求證據，否則我們不會多花一美元的資本。我們對這三者的信心都在提升。

In closing, I want to offer a few words outlining the opportunity we see ahead. Our core server CPU market is growing faster than ever, and edge and physical AI represent meaningful incremental opportunities for client class CPUs, even as we navigate the current market conditions. Importantly, as we improve our product execution and roadmap, we have opportunities to regain share and grow even faster than our underlying markets.

最後，我想用幾句話概述我們所看到的前景機會。我們的核心伺服器 CPU 市場成長速度前所未見；即使我們仍在因應當前市場狀況，邊緣運算與實體 AI 也為用戶端等級 CPU 帶來具意義的增量機會。更重要的是，隨著我們改善產品執行與路線圖，我們有機會重新奪回市占，並以高於底層市場的速度成長。

Beyond our Core x86 franchise, we are investing in three large opportunities where we have meaningful momentum but relatively modest revenue today: purpose-built silicon, advanced packaging, and external wafer foundry. Each represents tens of billions of dollars of new markets where our technology, manufacturing assets, and customer relationships provide us a differentiated opportunity to participate. Taken together, we have line of sight to long-term double-digit revenue growth with meaningful leverage and improving margins.

除了我們的 Core x86 核心業務之外，我們也在投資三個龐大機會：目前我們已具備相當動能，但今日營收仍相對有限——客製化晶片（purpose-built silicon）、先進封裝，以及外部晶圓代工。每一項都代表數百億美元規模的新市場；我們的技術、製造資產與客戶關係，讓我們具備差異化的參與機會。綜合而言，我們已能清楚看見長期兩位數營收成長的路徑，並伴隨顯著的營運槓桿與改善中的毛利率。

We have significant work ahead of us. However, the combination of stronger markets and the cultural changes set into motion by Lip-Bu to improve execution, transparency, and discipline gives us increasing confidence in Intel’s long-term earnings power and free cash flow growth, a solid foundation for building sustainable shareholder value. With that, I’ll turn it over to John to begin the Q&A.

我們前方仍有大量工作要做。然而，更強勁的市場環境，加上 Lip-Bu 所推動、用以提升執行力、透明度與紀律的文化變革，讓我們對英特爾長期獲利能力與自由現金流成長更具信心，並為建立可持續的股東價值奠定堅實基礎。接下來我把時間交給 John，開始問答環節。

Thank you, Dave. As a reminder, please ask one question and a brief follow-up in order to allow us to accommodate as many callers as possible. With that, Jonathan, can we take the first question?

謝謝你，Dave。提醒各位，為了讓我們能接聽更多來電者，請每位只提一個問題並簡短追問一次。那麼，Jonathan，我們可以先接第一個問題嗎？

Timothy Arcuri, UBS.

UBS 的 Timothy Arcuri。

Thanks a lot. Dave, I am wondering, with all the puts and takes and what is going on in PC, I am wondering if you can give us maybe some guardrails, maybe you could say it, next year? It seems like DCAI could grow $10 billion to $15 billion year over year, but PC, I am guessing, is maybe down a touch. Can you just maybe give us guardrails for the year and sort of how to think about the shape of the year?

非常感謝。Dave，我想問的是，考量 PC 市場目前各種利多利空交錯的情況，你是否能給我們一些「護欄」式的指引，也許是針對明年？看起來 DCAI 年增可能有 100 億到 150 億美元，但 PC 我猜可能小幅下滑。你能否給我們一些年度層面的護欄，並談談該如何看待全年走勢的形狀？

Yeah. Thanks, Tim. I am not obviously going to guide next year, but maybe I will give you some qualitative information. I would say at a high level, we see next year as a growth year. We feel like the momentum that we saw in data center this quarter and taking away the impact from Israel, that momentum would have continued into the fourth quarter. We see that continuing next year.

好的，謝謝 Tim。我顯然不會對明年提供正式指引，但我可以給你一些定性的資訊。整體而言，我們把明年視為成長的一年。我們覺得本季在資料中心看到的動能——若排除以色列事件的影響——原本會延續到第四季。我們也看到這股動能會延續到明年。

The only little nuance is the first half of the year, we are still a bit constrained. We talked about putting 40% more capacity in substrates, but a lot of that does not hit us until the back half of the year. In addition, we are still constrained on Intel 3, and we’re going to work towards moving, as Lip-Bu said, some of our supply into Oregon, but it’s going to take a while before that comes out of the fab and gets into products.

唯一需要補充的細節是，上半年我們仍會有些受限。我們談到在基板（substrates）方面增加 40% 產能，但其中很大一部分要到下半年才會反映出來。此外，我們在 Intel 3 上仍受限；正如 Lip-Bu 所說，我們會努力把部分供應移到奧勒岡州，但要等一段時間，晶圓從晶圓廠出來並進入產品仍需要時間。

But we’re very optimistic and enthusiastic about the opportunities for us next year in terms of growth on the data center business. In addition, we talked about, within DCAI, we also have purpose-built silicon. That business has been growing at a 3x rate over the last three years. We see that growing at a 3x rate in the next three years. We’re really bullish about that throughout 2027.

但我們對明年在資料中心業務的成長機會非常樂觀、也很振奮。另外，我們也提到，在 DCAI 之內我們還有客製化晶片（purpose-built silicon）。這項業務在過去三年以 3 倍速度成長。我們也預期未來三年仍將以 3 倍速度成長。我們對此一路到 2027 年都非常看多。

Obviously, the client is going to be the most difficult to call. As I talked about, we see TAM declining in 2026 by about 12% on a unit basis. We think that’s going to be about 10% next year on a unit basis. That will be one dynamic.

顯然，用戶端（client）會是最難判斷的部分。如我所說，我們看到 2026 年 TAM 以出貨量（unit）計將下滑約 12%。我們認為明年以出貨量計大約會下滑 10%。這會是一個影響因素。

There’s going to be this kind of inventory correction. We’re in the throes of that right now. We felt a little bit of it in the third quarter. We’re going to feel a lot of it in the fourth quarter. We think it extends at least out into the first quarter. After that, I think you’ll start to see the inventory correction part of this start to wane, and we’ll be back into more of what’s going to go on on the TAM side, which, as I said, we’re thinking about 10% down.

另外還會有一波庫存修正。我們現在正處於這個過程之中。第三季我們已感受到一點。第四季我們會感受到更多。我們認為至少會延續到第一季。之後，我認為你會開始看到庫存修正的影響逐漸減弱，我們會回到更偏向 TAM 端的變化；如我所說，我們目前的看法是約下滑 10%。

The one added piece of this is we come into next year with Nova Lake as our product offering, and we think this is the best set of products we’ve had in a very long time. We think it covers the gamut of what’s required to participate in client. We’re very excited about it.

另外補充一點：我們明年將以 Nova Lake 作為產品供應，我們認為這是我們很長一段時間以來最好的產品組合。我們認為它涵蓋了參與用戶端市場所需的各個面向。我們對此非常興奮。

We think next year and in the future years, we’re in a kind of a market share gain type of environment for our clients. So, obviously, unfortunate that we’ve run into this challenge on the memory side and its impact on client, but we are very enthusiastic about the product set. You didn’t ask this question, but I’ll just extend it out beyond this year.

我們認為明年以及往後幾年，我們在用戶端將處於一種市占提升的環境。所以，雖然很不幸我們在記憶體端遇到這個挑戰並影響到用戶端，但我們對產品組合仍非常有信心。你沒有問這個，但我就把時間軸延伸到今年之後一併說明。

We do think that the PC is going to go through a renaissance despite this. And we think that as AI workloads start to shift around, there’s going to be a lot of workload required in the client space, either as a PC or as some kind of agentic box. And so we do see this market as being pretty interesting. It’s got to obviously get through this bit of challenge that we have, but longer term, feel really good about the market.

我們確實認為 PC 會經歷一次復興，儘管目前有這些狀況。我們認為，隨著 AI 工作負載開始重新分配，用戶端領域將需要承載大量工作負載，不論是以 PC 的形式，或是某種具代理能力（agentic）的盒子。因此我們認為這個市場相當有意思。當然它必須先度過我們目前面臨的這段挑戰，但長期來看，我們對這個市場感覺非常好。

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

Tim，你有一個簡短的追問嗎？

I do, yeah. Dave, you did say that CapEx is going to be up a lot next year. I think a lot of us are thinking kind of like $30 billion, but I guess the real question is, are you committed to generating free cash flow next year, or do you think because of the CapEx burden that that will be hard? Thanks.

有的。Dave，你確實提到明年的資本支出會大幅增加。我想很多人都在想可能接近 300 億美元，但我真正的問題是：你們是否承諾明年要產生自由現金流？還是你認為因為資本支出的負擔，這會很困難？謝謝。

Yeah, it is a good question. Yeah. We have not exactly locked into the number. We do not do that until we get towards the end of this year. But we have a directional understanding of what is likely to happen. And we have been putting POs in place with equipment vendors given the lead time, so we have some sense of what is going to happen.

是的，這是個好問題。是的。我們還沒有把數字完全定下來。我們通常要到今年接近年底才會這麼做。不過，我們對可能會發生的情況已有方向性的理解。而且考量到交期，我們已經開始向設備供應商下採購訂單（PO），所以對接下來會發生什麼也有一定的掌握。

I think next year is an investment year for us as we look at the year. Probably not a dynamic where we are going to have positive free cash flow next year, but it is because we see this as a tremendous opportunity to invest into the growth. And one thing that we have seen is you make the right investments, you ramp the node in the right way, you see profitability, and you see return on invested capital. And we talked about this as we were doing the equity offering at the beginning of August, that we think we should be getting at least 20% ROI on all of these nodes as we invest in them.

我認為明年對我們來說是投資年，從我們看待明年的角度來說。明年大概不會出現自由現金流為正的情況，但這是因為我們把它視為一個極佳的機會，去投資於成長。而我們看到的一點是：做出正確的投資、以正確的方式拉升（ramp）製程節點，就能看到獲利能力，也能看到投入資本報酬（ROIC）。我們在八月初進行股權募資時也談到過，我們認為在投資這些節點時，所有節點至少應該能帶來 20% 的投資報酬率（ROI）。

But next year is going to be one of those years where there’s a couple of things going on at the same time. We’re ramping 18A, we’re ramping Intel 3 to some extent, and we’re making the appropriate investments to position 14A to begin production in 2028. That’s a lot of investment all hitting us in one year. So I don’t think that this will be a year in which we see positive cash flow.

但明年會是那種同時有幾件事一起發生的年份。我們在拉升 18A，也在某種程度上拉升 Intel 3，同時也在進行適當的投資，讓 14A 能在 2028 年開始量產。這是一大筆投資在同一年同時落到我們身上。所以我不認為這會是一個我們能看到正向現金流的年份。

And by the way, that is why we raised the money that we did at the beginning of August, was to get ourselves positioned to do this. Longer term though, these businesses generate lots of cash flow. If you look at Intel 7 today, kind of 10 nanometer, 7, that’s already a profitable node to us.

順帶一提，這也是我們在八月初募到那筆資金的原因，就是為了讓我們能就位、做好這些事情的準備。但從更長期來看，這些業務會產生大量現金流。如果你看今天的 Intel 7，大概就是 10 奈米、7（奈米）那一代，對我們而言那已經是一個獲利的節點。

Intel 3 is going to be profitable next year for us. So we know we can make these businesses profitable. We know we can generate good cash flow from them. We know we can get 20% return. We just got to get through what is basically a knothole here in 2027 to go realize that.

Intel 3 明年也會對我們來說是獲利的。所以我們知道我們能讓這些業務獲利。我們知道我們能從中產生良好的現金流。我們知道我們能達到 20% 的報酬。我們只是需要度過 2027 年這個基本上像是「瓶頸」的關卡，才能去實現這些。

Thanks, Tim. Jonathan, can we have the next question, please?

謝謝你，Tim。Jonathan，可以請下一位提問嗎？

Ben Reitzes, Melius.

Ben Reitzes，Melius。

Yeah. Thanks a lot, guys. I wanted to ask about some of the issues that you noted for 4Q and that may linger into 1Q, and see if you can size them versus prior expectations, and then when they get better. You cited execution. Obviously, the Israel situation, which is $300 million, wondering what that is going to be in the quarters after that and when that is solved, and sorry that happened, by the way.

是的。非常感謝，各位。我想問一下你們提到的第四季（4Q）一些問題，以及可能延續到第一季（1Q）的影響，看看你們能否相對於先前預期來量化其規模，並說明何時會改善。你們提到了執行面（execution）。顯然還有以色列的情況，影響是 3 億美元，我想知道之後幾個季度會是什麼情況、何時能解決；另外也很遺憾發生這件事。

And then the client, and in the context that the guide is about $1.8 billion below the street, maybe you can go through those three things? How big they are to the cut of $1.8 billion and when they get better, that would be great. Thanks a lot.

然後還有客戶端（client），在指引（guide）比市場共識（street）低大約 18 億美元的背景下，也許你們可以把這三件事逐一說明？它們各自對這 18 億美元下修的貢獻有多大，以及何時會改善，若能說明就太好了。非常感謝。

Yeah. So Israel, the client, and what was the third one?

好的。所以是以色列、客戶端，第三個是什麼？

Just relative to the guide and street.

就是相對於指引和市場共識的差異。

Yeah. Okay. Yeah, so --

好的。是的，所以——

The execution, Dave. There was an actual comment around execution, and Lip-Bu made some comments. I am wondering how big that was in terms of the guidance cut.

執行面，Dave。之前有一段評論提到執行面，Lip-Bu 也做了一些評論。我想知道就指引下修而言，那部分的影響有多大。

Okay. Well, on Israel, we have been shut down for about two weeks. We feel like we are going to be starting up production here by the end of this week. While we are doing that, we are trying to assess all the wafers that are in the line and what is usable and what is not usable from those materials. This is somewhat of an early assessment, both really of 4Q and of 1Q.

好的。關於以色列，我們已經停工大約兩週了。我們覺得在本週末前就會開始恢復生產。在此同時，我們正在評估產線上的所有晶圓，哪些材料可用、哪些不可用。這在某種程度上仍屬於初步評估，涵蓋第四季（4Q）以及第一季（1Q）。

But I think the current thinking is that we will have about a $300 million impact to the fourth quarter. That is likely to be similar in the first quarter. We think most of the write-offs of wafers or scrapping of wafers is likely to all happen in the fourth quarter. That is what is driving the 200 base. So I would not expect to see additional scrapping going on in the first quarter.

但目前的想法是，第四季大約會有 3 億美元的影響。第一季的影響可能也會是類似的規模。我們認為大部分晶圓的沖銷（write-off）或報廢（scrapping）很可能都會在第四季發生。這就是推動那 200 個基點（bp）影響的原因。因此我不預期第一季還會出現額外的報廢。

But just keep in mind, it is early. We are going through all of that as we speak, and we will of course update you as we go along. I think on the client side, obviously, it is going to reset to this level, and we are going to have, I think, usually you have a very similar inventory correction quarter to quarter. So I would expect it to generally be similar other than you will have a seasonality effect in Q1 on client as well. So the likelihood is that whatever the level that we are talking about for the fourth quarter, we will see somewhat of a seasonal decline next quarter.

但請記住，現在還很早。我們正在同步處理與盤點這些情況，當然也會在後續進展中向各位更新。我想在客戶端方面，顯然它會重置到目前這個水準，而我認為通常每一季都會出現非常類似的庫存修正。所以我預期整體上會大致相近，只是第一季在客戶端也會有季節性因素。因此很可能我們在談的第四季水準，到了下一季會因季節性而略有下滑。

Beyond that, I think from an execution perspective, I have to think about some of the negative things, but a lot of the execution has been really positive. Lip-Bu and the team have done a very good job driving Intel 3 yields, driving 18A yields, and working with the substrate vendors. Lip-Bu was in Japan talking to many of the substrate vendors to make sure that we were getting allocated the appropriate supply.

再往下談執行面，我得想一下有哪些負面的部分，但其實很多執行面是非常正面的。Lip-Bu 和團隊在推動 Intel 3 良率、推動 18A 良率，以及與載板（substrate）供應商合作方面做得非常好。Lip-Bu 也曾到日本與多家載板供應商會談，以確保我們能獲得適當的供應配額。

So I think we are as well positioned as anyone out there in terms of delivering supply. It is tight. It is going to be tight this next quarter. It is going to be tight into the first half. But I think we positioned ourselves well so that beyond that, we should start to see some pretty healthy growth in the data center business.

所以我認為就供應交付能力而言，我們的準備程度不輸任何同業。供應確實吃緊。接下來這一季會很緊。一直到上半年都會偏緊。但我認為我們已經把自己布局得很好，因此在那之後，我們應該會開始看到資料中心業務相當健康的成長。

Ben, do you have a quick follow-up?

Ben，你有簡短的追問嗎？

Yeah. Then just with regard to the server velocity, there are shortages and whatnot, but do you have an idea for when you think you can ramp and grow in line with the market that is going on that $200 billion-plus? Is that more second half next year based on your commentary? Thanks.

有的。關於伺服器出貨速度（server velocity），目前有短缺等等因素，但你們是否有一個時間點的判斷：何時你們能夠拉升並且跟上市場的成長步調？那個市場規模是 2,000 億美元以上。依你剛才的評論，這會比較像是明年下半年嗎？謝謝。

Yeah, good question. I think, Ben, first of all, I think the server, the biggest revenue for us is the Granite Rapids. That is on the Intel 3. Clearly, we are continuing to drive efficiency in term of yield. Secondly, we also try to expand the capacity. I think Dave mentioned about Oregon.

是的，好問題。我想，Ben，首先對我們來說最大的伺服器營收來源是 Granite Rapids。它是採用 Intel 3。很明顯地，我們會持續在良率方面推動效率提升。第二，我們也會嘗試擴充產能。我想 Dave 提到過俄勒岡（Oregon）。

We are planning to have that Intel 3 in the second half of next year to be in the production so that we can supply some of the demand from the customer. I think, overall, I think we will be good to address the Intel 3. Clearly, we have the Clearwater Forest, coming up. And then we are in the shipping in revenue that is on 18A. We should have capacity for that. Diamond Rapids, that will be 2027, where the 18A-P will be ready for that. Of course, the Coral Rapids coming up in 2028, that will be on the 14A. Those, I think, will be in pretty good shape.

我們規劃在明年下半年讓 Intel 3 進入量產，以便能夠供應客戶端的部分需求。我想整體而言，我們應該能夠很好地因應 Intel 3 的需求。很明顯地，Clearwater Forest 即將推出。接著我們也會開始出貨並認列採用 18A 的營收；我們應該有足夠的產能來支撐。Diamond Rapids 會在 2027 年推出，屆時 18A-P 也會準備就緒。當然，Coral Rapids 會在 2028 年推出，將採用 14A。我認為這些進度整體都會相當不錯。

Thanks, Ben. Jonathan, can we have the next question, please?

謝謝你，Ben。Jonathan，可以請你安排下一個問題嗎？

Joseph Moore, Morgan Stanley.

Joseph Moore，摩根士丹利。

Yeah. Along those same lines, does the PC weakness give you the opportunity to reallocate wafers and sort of address some of this and accelerate that transition?

是的。沿著同樣的脈絡，PC 市場疲弱是否讓你們有機會重新分配晶圓，某種程度上解決部分問題並加速那個轉換？

Answer, yes. What we’re taking offline to put Intel 3 into Oregon is 18A wafers, which we’re generally going to build Panther Lake products. We see the opportunity with some of that capacity freed up to go produce more data center wafers.

答案是肯定的。我們為了把 Intel 3 導入奧勒岡而下線的，是 18A 晶圓；這些晶圓原本通常會用來生產 Panther Lake 產品。我們看到機會：在釋放出部分產能後，可以去生產更多資料中心用的晶圓。

Just keep in mind that we’re not only constrained on the wafer side, we’re also constrained on the substrate side. So it’s important we get the substrate piece of this ramped up to be able to meet the demand.

但請記住，我們不只是在晶圓端受限，在載板端也同樣受限。因此，讓載板這一塊的擴產爬坡到位、以滿足需求，是很重要的。

Joe, do you have a follow-up question?

Joe，你有追問嗎？

Yeah, I do. How do you see server market share next year? I think you talked about 30% unit growth. AMD has guided to 70% revenue growth. The Arm camp seems to be growing quite quickly. I understand you’re constrained, but how do you sort of see market share playing out?

有的。你們怎麼看明年的伺服器市占？我記得你們提到出貨量成長 30%。AMD 指引營收成長 70%。Arm 陣營看起來也成長得很快。我理解你們受限於供給，但你們怎麼看市占會如何演變？

Sure. I think that’s a good question. Clearly, we have a roadmap. We like what we have. In term of Coral Rapids, we’ll be competitive to AMD. Then next generation product, the Tip Top, will be ahead of the AMD on that. I think stay tuned. We’ll continue to drive leadership. CPU is really our franchise. We are determined to drive success there. I think that’s a good opportunity for us to really drive that.

當然。我覺得這是個好問題。很明顯地，我們有產品路線圖。我們對手上的規劃很有信心。就 Coral Rapids 而言，我們會對 AMD 具備競爭力；而下一代產品 Tip Top 會領先 AMD。我想請大家拭目以待。我們會持續推動領先地位。CPU 真的是我們的核心事業。我們決心要在那裡取得成功。我認為這對我們而言是個很好的機會，能夠真正把它推上去。

Yeah, I’d say maybe one other addition is I really see market share next year being a function of supply, and the more we can improve our supply on a relative basis, the better we’ll do in terms of market share.

我想再補充一點：我認為明年的市占很大程度會取決於供應；我們相對供應能力改善得越多，市占表現就會越好。

Can we have the next question, please, Jonathan?

Jonathan，可以請下一個問題嗎？

Stacy Rasgon, Bernstein Research.

Stacy Rasgon，Bernstein Research。

Hi, guys. Thanks for taking my questions. I wanted to dig into gross margins a little bit. I get that the 38% guidance, I guess, would’ve been 40% without the unfortunate situation in Israel. But as I’m looking into next year, how do I think about the overall drivers? Clearly, I have a client flush and maybe utilization issue, which is a negative. I’ve got depreciation probably going up from CapEx, which is a negative.

嗨，各位。謝謝讓我提問。我想更深入談一下毛利率。我理解 38% 的指引，如果不是以色列那個不幸事件，應該會是 40%。但當我看向明年時，我該如何思考整體驅動因素？很明顯地，我看到客戶端去化庫存（client flush）以及可能的產能利用率問題，這是負面因素。我也看到因資本支出帶來的折舊可能上升，這也是負面因素。

Then maybe as Intel 18A and Intel 3 ramp, I get the yields are getting better, but I guess you can tell us if the gross margins on those parts are still below 10/7, and I wonder if that mix shift is a headwind, plus ASICs and packaging and everything.

接著，隨著 Intel 18A 與 Intel 3 爬坡，我知道良率在改善，但我想你們可以說明一下：這些產品的毛利率是否仍低於 10/7？我也想知道這樣的產品組合轉移是否會形成逆風，再加上 ASIC、封裝等等。

Maybe on the other side, though, maybe mix towards servers as a positive, maybe pricing helps. I’m just trying to get a feeling of the gross margin evolution in this kind of an environment, given all of those puts and takes, because it just seems like there’s a lot of them. I’m hoping that you could tackle that.

不過在另一邊，伺服器占比提高可能是正面因素，定價也可能有幫助。我只是想在這種環境下，綜合這些利多利空，掌握毛利率演進的感覺，因為看起來變數真的很多。希望你們能夠說明一下。

Yeah.

好的。

You can help with that a little bit.

你可以稍微協助回答一下。

That’s a good question, Stacy. There are definitely a lot of moving pieces. I think from a margin perspective, the Israel piece, probably on a margin basis is going to be really more of a Q4 event. I don’t expect a significant amount in Q1 in terms of scrapping.

Stacy，這是個好問題。確實有很多變動因素。我想就毛利率而言，以色列那一塊在毛利率上的影響，可能主要會反映在第四季。我不預期第一季在報廢（scrapping）方面會有顯著影響。

Usually, if we can identify it, we’ll scrap it in the quarter we have. Xeon demand remains really strong, and I think I mentioned Granite Rapids is now margin accretive for us, so growth in Granite Rapids is helpful to gross margins. We will also continue to be focused on both Intel 3 and 18A. Their structural costs is what we can focus on more is yields, throughput, all of those. We did very well in Q3. We expect to do better in Q4, and the goal is to continue to drive that through the year.

通常如果我們能辨識出來，就會在當季進行報廢。Xeon 需求仍然非常強勁，而且我想我提過 Granite Rapids 現在對我們而言已具毛利增厚（margin accretive），因此 Granite Rapids 的成長有助於提升毛利率。我們也會持續聚焦在 Intel 3 與 18A。就其結構性成本而言，我們更能著力的會是良率、產出率（throughput）等各項指標。我們在第三季做得很好，預期第四季會更好，目標是全年持續推進。

You’re right, on 18A. The loading isn’t going to be where we want it. We’re fixing a little bit of that with putting Intel 3 in Oregon. Nevertheless, there will be a little bit of a underloading scenario for 18A that’s going to be a little bit of a headwind. The other headwind for us, which is, I think, a positive, viewed the right way, is our purpose-built silicon business, and it’s kind of in its early stages. Its margins are below the corporate average.

你說得對，關於 18A，目前的投片載入（loading）還沒達到我們想要的水準。我們透過把 Intel 3 放到奧勒岡來稍微改善這點。儘管如此，18A 仍會有些許投片不足（underloading）的情況，這會帶來一些逆風。另外一個對我們的逆風——但我認為從正確角度看其實是正面——是我們的客製化矽（purpose-built silicon）業務，目前仍在早期階段。它的毛利率低於公司平均。

But we see tremendous growth there, and Lip-Bu and I have really decided to focus on driving the gross profit. We’re just going to grow the gross profit. That’ll grow the earnings. It may put a little pressure on the operating margin percentage through next year, but I think it will be goodness at the bottom line. I think when you put all that together, and it’s so many puts and takes, it’s hard to quantify, I’d still lean towards the 40/60 fall through.

但我們看到那裡有非常可觀的成長，而 Lip-Bu 和我也已經決定把重點放在推動毛利額（gross profit）。我們就是要把毛利額做大。這會帶動獲利成長。它可能會在明年對營業利益率百分比帶來一些壓力，但我認為對最終盈餘（bottom line）是好事。把這些全部加總起來——利多利空太多，很難量化——我仍會傾向於 40/60 的落差傳導（fall through）。

That’s probably what we’re shooting for. If we have a growth year next year, we should see gross margin expansion, given that kind of rule of thumb. It may not work out every quarter that way, but I think when you look at it on a year-over-year basis, it’s going to be in that kind of range.

這大概是我們努力的目標。如果明年是成長的一年，依照這個經驗法則，我們應該會看到毛利率擴張。每一季未必都會完全照這樣發生，但如果以年對年來看，我認為會落在這樣的區間。

Stacy, do you have a follow-up question?

Stacy，你有追問嗎？

I do, yeah. I guess, I wanted to ask about PCs. Q3 was probably the worst Q3 I have seen for PCs in at least 20 years, maybe more sequentially. It does sound like customers probably built inventory in Q3, I guess. Can you confirm that?

是的，我有。我想，我想問一下 PC 的情況。Q3 可能是我至少 20 年、甚至更久以來見過最差的 PC 第三季（以季比季來看）。聽起來客戶可能在 Q3 建了庫存，我想。你能確認一下嗎？

Then it sounds like that they are flushing out a bunch in Q4. I kind of get and maybe even in Q1. It sounds like you think things get better in the second half as, I suppose, memory supply improves. What gives you confidence that memory supply is actually going to improve? If you listen to memory, guys, they seem to be suggesting that it won’t.

然後聽起來他們在 Q4 正在大量去化，我大概理解，甚至可能延續到 Q1。聽起來你認為下半年會變好，因為我猜記憶體供給會改善。是什麼讓你有信心記憶體供給真的會改善？如果你聽記憶體廠的說法，他們似乎在暗示不會。

Yeah, let me be clear.

是的，讓我說清楚。

What happens if that is?

如果真的是那樣會怎麼樣？

Yeah, it is a good question. Stacy, let me be clear. You are dead on that Q4, Q1 are going to be likely the two quarters in which there is most of the inventory correction, and that impacts us more than the TAM declines. So we will see that in the first, let us call it Q4, Q1, maybe stretching a little bit into Q2.

是的，這是個好問題。Stacy，讓我說清楚。你說得完全正確：Q4、Q1 很可能是庫存修正最集中的兩個季度，而這對我們的影響會大於 TAM 下滑的影響。所以我們會在前面——就稱作 Q4、Q1——看到這個影響，可能還會稍微延伸到 Q2。

After that, it does recover back to theoretically where billings to us are somewhat equivalent to consumption. So we get a little bit of a recovery from that. But make no mistake, we are not optimistic about next year in terms of memory.

之後，理論上會回復到對我們的出貨（billings）與終端消耗（consumption）大致相當的水準。所以我們會從那裡看到一些回升。但不要誤會，我們對明年記憶體的看法並不樂觀。

We think that it is going to impact the TAM. We think TAM will be down 10% on a units basis next year. Then we will have to see in 2028 whether things improve. But our expectation is that it does not improve in 2027.

我們認為這會影響 TAM。我們認為明年 TAM 以出貨量（units）計會下滑 10%。然後我們要到 2028 年再看情況是否改善。但我們的預期是 2027 年不會改善。

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

謝謝你，Stacy。Jonathan，請給我們下一個問題。

Vivek Arya, Bank of America Securities.

美國銀行證券（Bank of America Securities）的 Vivek Arya。

Thanks for taking my question. For the first one, if I take your, I think, implied DCAI guidance for Q4, that puts it at about $8.5 billion or so. And if I annualize that’s mid-$30 billion in terms of a conceptual target for next year.

謝謝讓我提問。第一個問題，如果我用你們對 Q4 的 DCAI 指引（我想是隱含的）來推算，大概是 85 億美元左右。如果把它年化，概念上明年的目標大概是 300 多億美元的中段。

So I am curious, is that a doable floor? Can you do better? Is there kind of ASP expansion just given demand is outstripping supply, or are there other factors we should keep in mind as we think about how large your data center business could be in 2027?

所以我想問，這算是一個可達成的底線嗎？你們能做得更好嗎？在需求大於供給的情況下，是否會有 ASP（平均售價）擴張？或者在思考你們 2027 年資料中心業務可能做到多大時，還有其他因素需要注意？

Yeah. I think that’s a good starting point. I think that’s the right way to think about it. What we would characterize is that the first half of 2027 is likely to be tighter in terms of wafers and substrates. We’ve put a lot of work in place, both in terms of, as I talked about, increasing our wafer output of Intel 3, improving yields as a freeway to get more product, and the investments we’ve made in the substrates with vendors unlock that capacity in the back half of the year.

是的，我認為那是個不錯的起點。我認為那樣思考是對的。我們會這樣描述：2027 年上半年在晶圓與載板方面可能會比較吃緊。我們已經做了很多工作，包括如我提到的，提高 Intel 3 的晶圓產出、提升良率作為取得更多產品的捷徑，以及我們與供應商在載板上的投資，會在下半年釋放那部分產能。

We do expect it to be a big growth year. Keep in mind also that we roll our purpose-built silicon, our ASICs business in under that business unit. That’s part of what’s driving a lot of the growth in the fourth quarter. Again, we expect that to continue in 2027.

我們確實預期那會是成長很大的一年。也請記得，我們把客製化矽（purpose-built silicon）、也就是我們的 ASIC 業務，納入該事業部之下。這也是推動第四季成長的主要因素之一。同樣地，我們預期 2027 年會持續如此。

Vivek, do you have a follow-up?

Vivek，你有追問嗎？

Yeah. Thank you. I was hoping to get an update on engagements with external customers in your foundry, both on the packaging side and then also more importantly, Lip-Bu, on the wafer processing side. Are you expecting external customers for Intel 18A, or should we assume that all the engagements will be on Intel 14A?

有的，謝謝。我想請你更新一下你們晶圓代工（foundry）與外部客戶的合作進展，包含封裝端，以及更重要的——Lip-Bu——在晶圓製程端的進展。你們是否預期 Intel 18A 會有外部客戶，還是我們應該假設所有合作都會在 Intel 14A 上？

When do you think Intel gets the confidence to move them from sort of the evaluation to the tape-out or tangible revenue column? We are all kind of set in terms of when we should start modeling external revenue for Intel over the next few years. Thank you.

你認為 Intel 什麼時候會有信心把他們從「評估」階段推進到 tape-out（投片）或可見營收的欄位？我們都在設定未來幾年應該從何時開始把 Intel 的外部營收納入模型。謝謝。

Good. Vivek, thank you so much for the question. So I think clearly, first question you have is about the packaging. Our EMIB making great progress. We have been very focused on capacity on the substrate, make sure that we can secure the capacity we need and also the yield profile for the capacity from substrate for material. Secondly, we focus on the yield, and we are improving substantially. And then, thirdly is the cycle time.

好的。Vivek，非常感謝你的問題。我想你第一個問題很明確是在問封裝。我們的 EMIB 進展非常好。我們一直非常專注在載板產能，確保能取得我們需要的產能，同時也確保載板材料供應的產能良率曲線（yield profile）。第二，我們聚焦在良率，而且正在大幅改善。第三則是週期時間（cycle time）。

So far, under the leadership of Seok-Hee Lee, he used to be CEO of SK Hynix, expert in the process integration. He has done a fabulous job, very dedicated. I think we get a lot of capacity in the next two years in term of the substrate material, and we are also improving the yield as the day go by.

到目前為止，在 Seok-Hee Lee 的領導下——他曾是 SK 海力士的 CEO，是製程整合方面的專家——他做得非常出色，也非常投入。我認為未來兩年我們在載板材料方面會取得大量產能，同時我們的良率也在日復一日地改善。

Overall, I think we are going to have some stay tuned. We are going to have couple of customer ready to announce in next two quarter. Clearly, we always want to wait for the customer, if they want to announce, we will respond to that.

整體來說，我想我們會請大家拭目以待。接下來兩個季度，我們會有幾個客戶準備好可以宣布。當然，我們一向希望等客戶方願意宣布；如果他們要宣布，我們就會配合回應。

And then secondly, on the 18A-P, we are making great progress in volume production from Panther Lake and clearly on the Wildcat Lake. So I think those, internally, we have been using. The yield, we are quite happy with the performance.

第二，關於 18A-P，我們在 Panther Lake 的量產，以及很明顯在 Wildcat Lake 上，都取得了很好的進展。所以在內部我們一直在使用。良率方面，我們對其表現相當滿意。

Right now, we also have inbound interest from the external customer, and we are intensively working with them, and they are very pleased with the yield. Right now, we are focused on the die size, make sure that we can deliver to them, and also make sure that IP ready for that. So I think 18A-P, stay tuned. We have some good progress on that.

目前我們也收到外部客戶的主動興趣（inbound interest），我們正與他們密集合作，而他們對良率也非常滿意。目前我們聚焦在晶粒尺寸（die size），確保我們能交付給他們，同時也確保相關 IP 已就緒。所以我想 18A-P，請大家拭目以待。我們在這方面有一些不錯的進展。

On the 14A, we make tremendous progress. I think we announced the 0.9 PDK. We already released to our select customers. They already respond very actively working with us.

至於 14A，我們取得了巨大的進展。我想我們已宣布 0.9 版 PDK，並且已經釋出給我們的特定客戶。他們也非常積極地回應並與我們合作。

And then the other part is also, I think in term of performance, yield, all the metrics and defect density and the variation, we are making daily improvement on that. So far, we are very pleased. We should be able to do the one PDK by Q1 next year, and we can start engaging with customer with products that they like to use our fab. So I think stay tuned. Again, we will have time to announce some of the customer when they are ready.

另外一部分是，我想在效能、良率、所有指標、缺陷密度（defect density）以及變異（variation）方面，我們每天都在改善。到目前為止，我們非常滿意。我們應該能在明年 Q1 做到 1.0 版 PDK，並且可以開始與客戶就他們想使用我們晶圓廠（fab）的產品進行合作。所以我想請大家拭目以待。同樣地，等客戶準備好時，我們會有時間宣布部分客戶。

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

謝謝你，Vivek。Jonathan，請給我們下一個問題。

Harlan Sur, JPMorgan.

Harlan Sur，摩根大通。

Yeah, good afternoon. Thanks for taking my question. Commencing second half of this year, there is a number of new GPU and XPU platform launches. And most of these new launches are going to continue to ramp through the first half of next year, given the strong CPU attached to these platforms, and many of them are Intel x86 CPU-based platforms.

是的，下午好。感謝讓我提問。從今年下半年開始，將有多個新的 GPU 與 XPU 平台推出。鑑於這些平台所搭載的 CPU 很強勁，而且其中許多是以 Intel x86 CPU 為基礎的平台，這些新平台中的大多數將會持續放量到明年上半年。

And then in addition to the overall sort of supply dynamics, which remain tight, but the team is bringing on more capacity. Yields are improving, as you mentioned. Given all of this, should we anticipate continued sequential growth in DCAI in the first quarter?

此外，除了整體供應動態仍然吃緊之外，團隊也在導入更多產能。如你所提到的，良率正在改善。綜合以上因素，我們是否應該預期 DCAI 在第一季仍將呈現連續季成長？

Yeah. I would avoid guiding too much the quarter. I think your overall premise is right. There is going to be a strong driver of demand for CPUs. We see that continuing all through next year.

是的。我會避免對單一季度給出過多指引。我認為你的整體前提是正確的。CPU 需求將會有強勁的驅動力。我們看到這種趨勢會延續到明年全年。

We are working on the supply side of the equation to make sure that we can meet what customers need. We will likely not fully meet what they require, but I think we are going to be in a more challenging situation in the first half of the year than we are the second half. So maybe that is one added data point to just make sure that you are using when you are modeling. Outside of that, I would prefer to wait for another quarter and see how things play out before we guide Q1’s data center.

我們正在供應端努力，確保能滿足客戶需求。我們很可能無法完全滿足他們所需要的量，但我認為今年上半年我們面臨的挑戰會比下半年更大。所以也許這是你在建模時可以納入的一個額外資料點。除此之外，我更傾向再等一個季度，看看情況如何發展，再對 Q1 的資料中心表現提供指引。

Harlan, just to add on that, I think now clearly you saw our announcement with Oracle Cloud. And we also have multiple customer, they are all interested to sign up the LTA agreement with us. So that make sure that we can secure the CPU rollout for them. So I think those are encouraging sign that CPU is high demand.

Harlan，我補充一下：我想你現在也清楚看到我們與 Oracle Cloud 的公告。我們也有多家客戶都很有興趣與我們簽署 LTA（長期協議）。這樣可以確保我們能為他們鎖定 CPU 的出貨/導入節奏。所以我認為這些都是 CPU 需求旺盛的正面訊號。

Harlan, do you have a follow-up question?

Harlan，你有追問嗎？

Yeah. On the factors that the team has control over, as a reflection of the continued yield, reliability, manufacturability improvements, I think back in Q2, both Panther Lake and Granite Rapids gross margins were below corporate average. But as Intel 3 and 18A saw further yield improvements in the third quarter, you did mention Xeon 6 Granite Rapids on Intel 3 accretive to gross margins in Q3. Did the team also drive Core Series 3 Panther Lake gross margins above the low/mid 40% level in Q3 as well?

有的。就團隊可控的因素而言，反映在持續的良率、可靠性與可製造性改善上：我回想在 Q2 時，Panther Lake 與 Granite Rapids 的毛利率都低於公司平均。但隨著 Intel 3 與 18A 在第三季良率進一步改善，你確實提到採用 Intel 3 的 Xeon 6 Granite Rapids 在 Q3 對毛利率是增益的。團隊是否也在 Q3 將 Core Series 3 Panther Lake 的毛利率提升到高於 40% 出頭/中段（low/mid 40%）的水準？

Yeah. We have definitely made meaningful improvement on the gross margins of Panther Lake. It’s not yet at or above the corporate average, but we have made huge strides. This is just a matter of grinding it out on yields and throughput and driving the right scale and so forth. And these will be accretive gross margins over time. It’s just not quite there yet.

是的。我們確實在 Panther Lake 的毛利率上取得了顯著改善。目前還沒有達到或高於公司平均，但我們已經有很大的進展。這主要就是在良率與產出（throughput）上持續打磨，並推動適當的規模等。隨著時間推進，這些都會對毛利率帶來增益；只是現在還差一點。

Thanks, Harlan. Jonathan, we’ve got time for one last question, please.

謝謝你，Harlan。Jonathan，我們還有時間再問最後一題。

C.J. Muse, Cantor Fitzgerald.

C.J. Muse，Cantor Fitzgerald。

Yeah, thanks for taking the question. I guess first question, going back to the CapEx, you talked up significantly. Curious how you are thinking about spend on WFE versus buildings. I think in the past you have talked about majority of the incremental spend on buildings. I wanted to confirm that that is still the direction that we are going?

是的，謝謝讓我提問。我想先問資本支出（CapEx），你們提到上調幅度很大。想了解你們如何看待在 WFE（晶圓廠設備）與廠房/建築之間的支出分配。我記得過去你們曾提到新增支出多數會用在廠房/建築。我想確認這仍然是我們前進的方向嗎？

Yeah. So we have, I think, a significant ramp in equipment spend this quarter, and it is expected to be even more significant next quarter. A lot of what we are spending on now is really equipment. We have made the investments. I would call it, in a lot of cases, putting the finishing touches on some of the space and most of the spend is going towards equipment, with the only exception, we are still in the heavy construction phase of Ohio. But outside of that, it is really about equipment.

是的。我們本季的設備支出有顯著拉升，預期下季會更為顯著。我們目前支出的很大一部分其實是設備。我們已經做了相關投資。很多情況下可以說是在一些空間上做最後收尾，而大多數支出都流向設備；唯一的例外是，我們在俄亥俄州仍處於大量施工階段。但除此之外，重點確實是在設備。

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

C.J.，你有簡短追問嗎？

Yeah, I do. On the PC side, I know you’ve talked about units down 10% next year for the industry. Curious if you could comment how you’re thinking about your mix shift, and what impact that might have on your pricing. Thanks so much.

有的。在 PC 端，我知道你們談到明年產業出貨量可能下滑 10%。想請你評論一下你們如何看待產品組合（mix）轉移，以及這可能對你們定價造成什麼影響。非常感謝。

Mix shift in terms of low-end versus high-end and so forth? Is that what you mean?

你說的組合轉移是指入門款對高階款之類的變化嗎？你的意思是這個嗎？

Yeah, exactly.

對，正是。

Yeah. I would say we have seen strong demand in Panther Lake on a relative basis. Obviously the whole market is coming off, but Panther Lake is holding its own. We also put a lot of effort into a product called Wildcat Lake, which is a cost-optimized part. We’ve seen significant growth in Wildcat Lake. It’s coming exactly at the right time because it’s cost optimized, and we’re seeing a lot of focus in that regard.

是的。我會說我們看到 Panther Lake 的相對需求很強。顯然整體市場在降溫，但 Panther Lake 仍能維持表現。我們也在一個名為 Wildcat Lake 的產品上投入很多心力，它是一款成本最佳化的產品。我們看到 Wildcat Lake 有顯著成長。它推出的時點非常剛好，因為它是成本最佳化的，而我們也看到市場在這方面有很高的關注度。

As we go into next year, we’ll have Nova Lake, and I think the important aspect of Nova Lake is we’ve had a bit of a hole in our portfolio for high-end desktop. And Nova Lake filled in that gap. So I would expect us to do pretty well on a mix basis, because we should see better traction on the high-end desktop as well. So we’ll see how it goes. We do feel like we go into the year as a market share gainer with our Nova Lake portfolio, and obviously we will monitor the market and see how things play out.

展望明年，我們會有 Nova Lake。我認為 Nova Lake 的重要之處在於：我們在高階桌上型電腦產品線上曾有一段空缺。而 Nova Lake 補上了這個缺口。因此我預期在產品組合面，我們應該會表現不錯，因為我們也應該會在高階桌機端看到更好的拉動力道。所以就看後續發展。我們確實覺得，憑藉 Nova Lake 產品組合，我們進入明年時會是市占率的提升者；當然我們也會持續觀察市場，看看情勢如何演變。

With that, I want to thank everyone for joining us today. We make good progress this quarter on our journey to transform Intel, but we still have a lot to work ahead of us. I looking forward to seeing many of you throughout the quarter and providing another update in January.

最後，我要感謝各位今天加入我們。本季我們在轉型 Intel 的旅程上取得了良好進展，但前方仍有許多工作要做。我期待在本季期間與各位中的許多人見面，並在一月提供下一次更新。

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

各位女士、先生，感謝您參與今天的電話會議。本次會議到此結束。您現在可以掛線。祝您有美好的一天。