校正紀錄
本檔為 AI 語音轉寫（英文逐字稿＋中文對譯），落地前已校正下列誤植；未列出者為原文。 - Granite Rapids「Intel 4 製程節點」／俄勒岡「Intel 4 production」／「addressing Intel 4」→ Intel 3（CEO 答 Ben Reitzes，00:42:03；同一場 CEO 開場與 CFO 均稱 Granite Rapids 為 Intel 3，俄勒岡 2H27 為 Intel 3 投產；英文與中文對譯皆改） - 愛爾蘭「Intel 3.2 installation」→ Intel 3（無 Intel 3.2 節點，依上下文與 Granite Rapids 愛爾蘭產出） - 中文對譯「月牙島」→ Crescent Island（Intel 推論 GPU 代號，現名 Intel GPU D-Series） - 00:34:28 Dave Zinsner「more in the third quarter and even more in the fourth quarter」→ 第四季與第一季（期間錯置：第三季已結束；同人 00:48:38 答覆明言庫存調整最顯著為 4Q26 與 1Q27，並與 CFO 稱調整至少延續到 1Q27 相符） - 00:45:11 Stacy Rasgon 提問中文對譯「客戶的資金充裕」→ 客戶端庫存清理（client flush），「利用率」→ 稼動率 - 00:49:43 Vivek Arya 提問中文對譯「明年目標約 300 億美元中段」→ 約 340 億美元中段（英文原文 mid-$30 billion；4Q26 DCAI 隱含約 85 億美元年化） - 00:45:11 Stacy Rasgon 提問「gross margins on those parts remain below 10.7%」→ [數字存疑]：10.7% 與毛利率語境不符（疑為轉寫誤植），CFO 實際回答僅稱 18A 稼動不足、客製化晶片毛利低於公司平均，未對應此數字 - 00:44:20 CEO「next generation product, Panther Lake, will be ahead of AMD」→ [待確認]：Panther Lake 為客戶端 18A 產品，與該段討論的伺服器 CPU 市占語境不符（疑為伺服器產品代號被誤轉）；開頭 Memo 區塊「並以 Panther Lake 領先」沿用同一疑點，未採用 - 財務交叉驗算：3Q26 合併營收 165 億美元；DCAI 73＋CCPG 81＝154 億美元，餘約 11 億美元為 Foundry 外部營收 4.11 億美元與其他（Foundry 營收 67 億美元含對 DCAI／CCPG 的內部銷售，合併時沖銷），合理；DCAI 營業利益約 30 億美元／73 億美元＝約 41%（CFO 口述 42%，國泰 memo 記 41.5%，屬四捨五入差異）；CCPG 23 億美元／81 億美元＝28%；QoQ 驗算：DCAI 62.6→73 億美元約 +17%、CCPG 88.8→81 億美元約 -9%、Foundry 57.7→67 億美元約 +16%，均與口述一致（2Q26 基數取自庫內 UBS 資料）；4Q26 指引中點 155 億美元，DCAI 季增中十位數百分比（約 84 億美元）加 CCPG 降逾 20%（約 64 億美元以下）與中點大致相符 - 開頭 Memo 區塊（AI 摘要）與逐字稿衝突處一律以逐字稿為準；毛利率 QoQ 逐字稿為「約 200 個基點」，國泰 memo 記 +2.3ppts（口述概數差異，memo 採 CFO 口述約 2ppts） - 刪除站方募款行與免責警語行
Memo 亮點 • Intel 在 2026 年第三季表現強勁，營收（165 億美元）、毛利率（44.1%，環比提升 200 個基點）及每股盈餘（0.52 美元，優於指引的 0.38 美元）均超出預期。DCAI 營收達 73 億美元，環比增長 17%，年增近 80%，涵蓋超大規模、企業及 Neo Cloud 客戶的廣泛成長。專用矽晶片營收環比增長超過 50%，年增翻倍以上。然而，客戶端事業群（CCPG）表現疲弱，營收環比下降 9% 至 81 億美元，受限於記憶體短缺及 IT 預算有限的影響。 [CFO - 00:20:03] • Intel 於 2026 年 8 月完成 230 億美元的股權發行，強化資產負債表，並促進資本快速部署以推動成長。現金及短期投資結餘達 540 億美元，借款額度為 150 億美元。 [CFO - 00:21:24] • Intel 持續面臨供應限制，尤其是先進有機基板短缺，以及以色列工廠發生的悲劇性事故，預計將對第四季營收造成 3 億美元影響，毛利率下降 200 個基點，且預期 2027 年第一季將有類似影響。 [CFO - 00:28:11] • Intel 的專用矽晶片業務在過去三年成長三倍，預計未來三年將再成長三倍，成為主要成長動能。 [CFO - 00:33:50] • Intel 宣佈收購以色列量子軟體供應商 Classiq，定位為全方位堆疊、具營收能力的量子運算公司。 [CEO - 00:18:02] 總體經濟 • 2026 年第三季的需求環境較前幾季更為平衡，資料中心動能強勁，但因記憶體價格上漲及 IT 預算有限，客戶端 PC 表現疲弱。 [CEO - 00:01:55] 地緣政治 • 2026 年 10 月初，Intel 以色列工廠發生悲劇事故，導致長時間停工，影響第四季 10 奈米伺服器出貨，預計第四季及 2027 年第一季營收各減少 3 億美元。 [CEO - 00:06:02] [CFO - 00:39:31] 產業循環週期 • 產業正面臨史上最嚴重的供應短缺之一，主要因超級智慧（AI）需求前所未有。供應限制預計將持續至 2027 年及 2028 年。 [CEO - 00:02:29] [CFO - 00:26:14] 產業供需 • DCAI 產品需求持續大幅超過供應。公司在晶圓及基板兩方面均受限，基板產能擴充預計將於 2027 年下半年影響業務。 [CFO - 00:22:39] [CFO - 00:33:23] • PC 需求因記憶體短缺及高價而疲弱，2026 年 PC 總可用市場（TAM）預計下降 12%，2027 年再降 10%。庫存調整預計持續至 2027 年第一季。 [CFO - 00:26:59] [CFO - 00:34:11] 產業狀況 • 產業正經歷記憶體緊縮，影響 PC 需求並導致客戶端庫存大幅調整。PC 調整速度在過去兩個月加快（根據音訊日期：20261029 推斷）。 [CEO - 00:07:48] [CFO - 00:48:53] 獲利 • 2026 年第三季非 GAAP 毛利率為 44.1%，環比提升 200 個基點，優於指引。非 GAAP 每股盈餘為 0.52 美元，高於指引的 0.38 美元。DCAI 營業利潤為 30 億美元（佔營收 42%），環比增加 6 億美元。CCPG 營業利潤為 23 億美元（佔營收 28%），環比持平。Intel Foundry 報告營業虧損 19 億美元，環比改善 2.36 億美元。 [CFO - 00:20:51] 公司展望、未來成長動能 • Intel 預期 DCAI 將持續強勁成長，專用矽晶片成長速度快於整體 DCAI。公司對長期雙位數營收成長、顯著槓桿效應及毛利率改善持樂觀態度。PC 市場短期內仍將疲弱，但隨 AI 工作負載演進，預計將迎來復甦。 [CFO - 00:33:59] • Intel 正投資於突破性技術，如矽光子學、神經形態運算、先進材料及量子運算，旨在推動下一波運算浪潮。 [CEO - 00:17:43] 市場競爭策略 • Intel 謹慎面對激烈競爭，幾乎所有無晶圓廠公司都在競相滿足前所未有的 AI 驅動需求。公司預期將以 Coral Rapids 與 AMD 競爭，並以 Panther Lake 領先。明年市佔率將主要取決於相較競爭者的供應改善。 [CEO - 00:15:16] 營收 • 2026 年第三季營收為 165 億美元。DCAI 營收為 73 億美元（環比增長 17%，年增近 80%）。CCPG 營收為 81 億美元（環比下降 9%，年減 5%）。Intel Foundry 營收為 67 億美元（環比增長 16%）。外部 Foundry 營收為 4.11 億美元，環比增加 1.18 億美元。 [CFO - 00:20:29] 訂單 • Wildcat Lake 需求超過供應，Nova Lake 設計訂單預計在上市時將是 Panther Lake 的兩倍。 [CEO - 00:08:27] 產品組合 • Granite Rapids 現為 Intel 伺服器產品組閤中最大產品系列。Wildcat Lake 是成本優化的 Intel 18A 客戶端 CPU，單位數量環比增約 70%，已售罄。Nova Lake 是首款 Intel 18A-P 客戶端產品，進度超前，設計訂單預計為 Panther Lake 的兩倍。 [CFO - 00:23:01] 上游廠商 • Intel 感謝基板、記憶體、晶圓代工及設備供應商在擴大供應方面的合作。公司正與基板供應商密切合作，包括在日本的直接接觸，以確保供應分配。 [CEO - 00:03:45] [CFO - 00:41:10] 下游客戶 • OEM 夥伴積極管理 PC 庫存以配合銷售放緩。多家客戶有意簽訂長期合約以確保 CPU 供應。 [CEO - 00:07:55] [CEO - 00:56:12] 同業 • AMD 指引伺服器部門營收成長 70%，ARM 亦快速成長。Intel 預期將以 Coral Rapids 與 AMD 競爭，並以 Panther Lake 領先。 [Joseph Moore - 00:44:05] [CEO - 00:44:25] 稼動率 • Intel 在晶圓及基板兩方面均受供應限制。公司正重新分配俄勒岡州的 18A 晶圓以投入 Intel 3 生產，釋放更多產能用於資料中心晶圓。基板產能提升對滿足需求至關重要。 [CFO - 00:43:29] 存貨庫存 • OEM 夥伴積極管理庫存以配合 PC 銷售放緩。Intel 預期 2026 年第四季及 2027 年第一季將有顯著庫存調整，可能延續至第二季。 [CEO - 00:07:55] [CFO - 00:48:53] 新產品／新技術 • Granite Rapids 採用 Intel 3 製程，是成長最快的伺服器產品之一。Clearwater Forest（Intel 18A）已開始出貨並產生營收，2027 年需求強勁。Diamond Rapids（Intel 18A-P）正在取樣，預計 2027 年量產。Crescent Island 推出針對推論優化的 GPU，早期反饋良好。Panther Lake（Intel 18A）已成功量產，Nova Lake（Intel 18A-P）進度超前。 [CEO - 00:04:14] • Intel 於 2026 年 10 月發布業界標準的 Intel 14A 0.9 PDK，符合產業標準的良率與效能要求。預計 2027 年第一季推出 1.0 PDK，促進外部晶圓代工業務的客戶合作。 [CEO - 00:10:07] 產品價格 • 今年迄今 PC 系統終端價格顯著上漲，對已有限的 IT 預算造成額外壓力。 [CEO - 00:07:35] 出貨量 • Intel 預期產業伺服器 CPU 出貨量在 2026 及 2027 年均將成長超過 30%。若產業供應增加，成長幅度將更大。 [CFO - 00:26:42] 成本毛利 • 2026 年第三季毛利率環比提升，主要因 Intel 3 及 Intel 18A 成本改善及產品組合更佳。Intel 3 成本較第一季降低約 15%，出貨量環比成長約 15%。Intel 18A 成本自第一季起下降約 40%，良率優於內部預期。 [CFO - 00:20:59] • Granite Rapids 現已開始帶來利潤貢獻。Panther Lake 毛利率有所改善，但尚未達到或超過公司平均水平。 [CFO - 00:46:34] 原物料／關鍵零組件 • 產業普遍缺乏先進有機基板以用於 EMIB 封裝，影響 Intel 擴大產能的能力。 [CEO - 00:05:41] 折舊 • 由於資本支出增加，折舊費用可能上升，成為未來一年毛利率的逆風因素。 [Stacy Rasgon - 00:45:34] 銷售／管理／研發費用 • 2026 年第三季非 GAAP 營運費用控制得宜，有助於優於預期的營運槓桿。預計 2026 年第四季非 GAAP 營運費用約為 44 億美元，全年約為 163 億美元。 [CFO - 00:21:12] 擴廠規劃 • Intel 正加速無塵室建設，包括亞利桑那州的 Fab 62，並探索在俄亥俄州加速建設的機會。愛爾蘭、俄勒岡、亞利桑那、新墨西哥及馬來西亞的產能也將陸續上線。 [CEO - 00:11:35] [CFO - 00:30:10] 營業利益 • DCAI 營業利潤為 30 億美元（佔營收 42%），環比增加 6 億美元。CCPG 營業利潤為 23 億美元（佔營收 28%），環比持平。Intel Foundry 報告營業虧損 19 億美元，環比改善 2.36 億美元。 [CFO - 00:22:47] 業外損益 • 2026 年 8 月股權發行帶來的額外利息收入，約為第三季每股盈餘貢獻一美分。 [CFO - 00:21:43] 稅率 • 2026 年第四季指引包含非 GAAP 基礎下約 11% 的稅率。 [CFO - 00:27:59] 股本、增資、可轉換債券、庫藏股 • 2026 年第四季完全攤薄股數預計為 54.4 億股，代表 2026 年 8 月股權發行後的完整一季股數。 [CFO - 00:29:39] 現金、現金流 • 2026 年第三季營運現金流為 51 億美元。Intel 季末持有現金及短期投資 540 億美元，借款額度 150 億美元。公司預期 2027 年因重大投資將無法產生正向自由現金流，但新製程節點預期至少有 20% 投資報酬率。 [CFO - 00:21:21] 併購 • Intel 宣佈擬收購以色列量子軟體供應商 Classiq，推動量子運算商業化進程。 [CEO - 00:18:02] 長短期借款 • Intel 於 2026 年第三季末擁有 150 億美元的借款額度，較先前的 100 億美元增加。 [CFO - 00:21:24] 管理層人事異動 • 過去 18 個月，Intel 大幅調整人力規模，裁撤中階管理層及官僚體系，精簡高階主管團隊，並建立幾乎全新的領導團隊。 [CEO - 00:13:02] Transcript Presentation Speaker01
(00:00:00)Thank you for standing by, and welcome to Intel Corporation's Third Quarter 2026 Earnings Conference Call. At this time, all participants are in listen-only mode. After the speaker's presentation, there will be a question-and-answer session. To ask a question during this session, please press star-one-one on your telephone. If your question has been answered and you wish to remove yourself from the queue, simply press star-one-one again. As a reminder, today's program is being recorded. Now, I would like to introduce your host for today's program, Mr. John Pitzer, Corporate Vice President of Investor Relations.
(00:00:00)感謝您的耐心等待，歡迎參加英特爾公司 2026 年第三季度財報電話會議。此時，所有參與者均處於僅聽模式。在演講者的報告後，將會有問答環節。在此環節中，如需提問，請在您的電話上按星號一一。如果您的問題已經得到回答，並希望退出排隊，請再次按星號一一。提醒您，今天的會議正在錄音。現在，我想介紹今天節目的主持人，英特爾投資者關係部副總裁約翰·皮策（John Pitzer）先生。
Speaker01
(00:00:31)Please go ahead, sir.
(00:00:31)請您開始，先生。
John Pitzer - Intel, Investor Relation
(00:00:33)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. For those joining us online today, the presentation is also available in our webcast window. I am joined today by our CEO, Lip-Bu Tan, and our CFO, Dave Zinsner. Lip-Bu will open with 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 your questions.
(00:00:33)謝謝你，喬納森，下午好，感謝今天加入我們的每一位。到目前為止，您應該已經收到第三季度財報和簡報的副本。這兩份資料均可在我們的投資者關係網站上獲得，網址為 intc.com。對於今天在線參加的朋友們，簡報也可以在我們的網絡直播窗口中查看。今天我與我們的首席執行官林博坦（Lip-Bu Tan）和首席財務官戴夫·辛斯納（Dave Zinsner）一起參加。林博坦將首先對第三季度的業績和我們的戰略優先事項進行評論。然後，戴夫將討論整體財務結果，包括第四季度的指導，然後我們將轉向您的問題。
John Pitzer - Intel, Investor Relation
(00:01:08)Before we begin, please note that today's presentation contains forward-looking statements based on the environment as we currently see it. As such, these statements are subject to various risks and uncertainties. The presentation also includes 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 SEC filings provide more information on specific risk factors that could cause actual results to differ materially from our expectations.
(00:01:08)在我們開始之前，請注意，今天的簡報包含基於我們目前所見環境的前瞻性聲明。因此，這些聲明受到各種風險和不確定性的影響。簡報中還包括對非公認會計原則（non-GAAP）財務指標的引用，我們認為這些指標為我們的投資者提供了有用的信息。我們的財報、最近的 10-K 表格年報以及其他 SEC 文件提供了更多有關可能導致實際結果與我們預期有重大差異的具體風險因素的信息。
John Pitzer - Intel, Investor Relation
(00:01:39)They also provide additional information on our non-GAAP financial measures, including reconciliation to corresponding GAAP financial measures where appropriate. With that, let me turn it over to Lip-Bu.
(00:01:39)它們還提供了有關我們的非公認會計原則財務指標的附加信息，包括在適當的情況下與相應的公認會計原則財務指標的調節。有鑑於此，讓我把時間交給林博坦。
Lip-Bu Tan - Intel, CEO
(00:01:51)Good afternoon, and thank you for joining us. The demand environment in Q3 was more balanced than in 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 industry-wide impacts from higher memory prices and limited IT budgets. The industry continues to navigate one of the most significant supply shortages in history, driven by unprecedented demand for superintelligence. Against this backdrop, I am pleased with the progress we made growing our server supply in Q3.
(00:01:51)下午好，感謝您加入我們。第三季度的需求環境比之前的幾個季度更為平衡。DCAI 的強勁勢頭推動了增長，使該部門實現了 15 年來最強的收入增長。這在一定程度上被 CCPG 的疲軟所抵消，後者受到行業普遍影響的推動，包括更高的記憶體價格和有限的 IT 預算。行業仍在應對歷史上最嚴重的供應短缺之一，這是由於對超智能的需求前所未有。在這種背景下，我對我們在第三季度增長伺服器供應方面所取得的進展感到滿意。
Lip-Bu Tan - Intel, CEO
(00:02:53)I remain mindful of the ongoing challenges we face in future quarters to keep pace with server demand. The successful completion of our equity offering in August provided us with the necessary financial resources to capture the growth ahead. I am very pleased to welcome new sovereign funds and long-term growth investors alongside our existing shareholders. We are deploying this capital quickly and prudently. We expect capital expenditures and purchase commitments for key components to increase significantly over the next several quarters.
(00:02:53)我仍然意識到未來幾個季度我們在跟上伺服器需求方面面臨的持續挑戰。我們在八月份成功完成的股權發行為我們提供了必要的財務資源以捕捉未來的增長。我非常高興能夠歡迎新的主權基金和長期增長投資者，與我們現有的股東一起。我們正在迅速而謹慎地部署這筆資本。我們預計資本支出和購買承諾對於關鍵組件將在接下來的幾個季度顯著增加。
Lip-Bu Tan - Intel, CEO
(00:03:45)I want to thank our substrate, memory, foundry, and equipment suppliers for their strong partnership and collaboration as we work together to expand supply and support growing demand. Turning to business units, starting with 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 product, is shipping for revenue, and demand for 2027 is significant. Especially in CPU-dense agentic rack-scale infrastructure.
(00:03:45)我想感謝我們的基板、記憶體、代工和設備供應商，感謝他們在我們共同努力擴大供應和支持增長需求方面的強大合作。轉向業務單位，首先是 DCAI，在我們的伺服器業務中，我們在路線圖上穩步推進。Granite Rapids 在英特爾 3 上已成為增長最快的伺服器產品之一。Clearwater Forest，我們的第一款英特爾 18A 伺服器產品，已開始出貨並產生收入，2027 年的需求非常可觀。特別是在 CPU 密集型的代理機架基礎設施中。
Lip-Bu Tan - Intel, CEO
(00:04:44)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. I also want to acknowledge headwinds limiting our progress in meeting 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.
(00:04:44)Diamond Rapids，我們的第一款英特爾 18A-P 伺服器產品，正在進行取樣，並計劃在 2027 年增長，對推理和代理工作負載的興趣強烈。我們很高興最近宣佈與甲骨文雲基礎設施達成協議，部署我們最新一代的 CPU 以支持他們的 AI 建設。我還想承認限制我們在滿足這一極高 AI 驅動需求方面進展的逆風。首先，英特爾 3 的良率和週期時間仍在改善，但我對團隊的執行要求很高。
Lip-Bu Tan - Intel, CEO
(00:05:41)Second, even as our Intel 3 wafer output ramps quickly, an industry-wide shortage of advanced organic substrates for our EMIB packaging is impacting our ability to scale output. Finally, early this month, an unfortunate and tragic accident led to an extended shutdown at our Israel factory. 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.
(00:05:41)其次，即使我們的英特爾 3 晶圓產量迅速增長，行業普遍缺乏先進的有機基板，影響了我們的產量擴張能力。最後，本月初，一起不幸且悲慘的事故導致我們以色列工廠的長時間停工。雖然團隊迅速努力解決這一情況，但這將影響我們第四季度的 10 納米伺服器出貨。專用矽仍然是我們增長最快的業務部門。
Lip-Bu Tan - Intel, CEO
(00:06:30)It has tripled over the last three years and is poised to triple again over the next few years. We see further growth opportunities with both existing and new potential customers, including AI labs, and are expanding our IP portfolio to meet the needs of a wider array of customers. Lastly, We recently unveiled our Crescent Island Inference Optimized GPU. Early feedback has been encouraging. Performance is tracking well. This is a new market for us, and it will take time to scale. However, customer engagements are progressing toward firm commitments.
(00:06:30)在過去三年中增長了三倍，並有望在未來幾年再次增長三倍。我們看到與現有和新潛在客戶（包括 AI 實驗室）進一步增長的機會，並正在擴大我們的 IP 組合以滿足更廣泛客戶的需求。最後，我們最近推出了我們的 Crescent Island 推理優化 GPU。早期反饋非常鼓舞人心。性能表現良好。這對我們來說是一個新市場，擴展需要時間。然而，客戶的參與正在朝著堅定的承諾邁進。
Lip-Bu Tan - Intel, CEO
(00:07:21)Turning to our client business, in recent weeks, our customers have begun signaling a PC slowdown due to memory prices and availability. Year-to-date system endpoint prices have increased significantly, placing additional pressure on already limited IT budgets. The pace of the PC correction has accelerated over the last two months. 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.
(00:07:21)轉向我們的客戶業務，最近幾周，我們的客戶開始表示由於記憶體價格和供應的原因，PC 市場正在放緩。今年迄今為止，系統端點價格顯著上漲，對已經有限的 IT 預算施加了額外壓力。在過去兩個月中，PC 市場的修正速度加快。我們的 OEM 合作夥伴正在積極管理庫存，以匹配較低的銷售量。我們預計目前的環境將持續，直到記憶體供應和價格開始正常化。
Lip-Bu Tan - Intel, CEO
(00:08:15)While the next few quarters will be challenging for the PC market, our roadmap continues to strengthen. Our long-term outlook remains positive. We have successfully ramped Panther Lake on Intel 18A, and demand for Wildcat Lake is outstripping supply. 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 to drive meaningful share gains.
(00:08:15)雖然接下來幾個季度對 PC 市場來說將是挑戰，但我們的產品路線圖仍在不斷增強。我們的長期展望仍然積極。我們已成功推進 Panther Lake 在 Intel 18A 上的進展，Wildcat Lake 的需求超過供應。Nova Lake，我們的第一款 Intel 18A-P 客戶產品，進展超出預期，預計在推出時的設計贏得將是 Panther Lake 的兩倍。我們期待在一月的 CES 上分享更多信息。隨著市場正常化，我們預計這個產品組合將推動顯著的市場份額增長。
Lip-Bu Tan - Intel, CEO
(00:09:07)Intel Foundry execution continues to improve consistently. During the quarter, Intel 3 and Intel 18A yields both increased again. Intel 18A yields improved 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. I am increasingly confident that our Intel 18A-P will be an attractive node for external foundry customers.
(00:09:07)Intel 代工的執行持續穩定改善。在本季度，Intel 3 和 Intel 18A 的良率再次提高。Intel 18A 的良率以雙位數的速度改善。兩個節點的晶圓產量均超出預期。Intel 18A-P 仍按計劃在年末前推出，並且外部客戶的參與持續增長。我們正在與幾位高度戰略性的客戶進行接觸。我越來越有信心，我們的 Intel 18A-P 將成為外部代工客戶的吸引力節點。
Lip-Bu Tan - Intel, CEO
(00:10:03)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. On advanced packaging, we are pleased with the progress we are making with EMIB and EMIB-T for our internal products.
(00:10:03)Intel 14A 也仍在按計劃進行。在十月，按照承諾，我們向選定的客戶發布了我們的行業標準 0.9 PDK。這是我們最高品質的 0.9 PDK，在發布時符合行業標準的良率和性能標準。根據代工業務的標準做法，我一直堅持不會披露客戶的詳細信息。話雖如此，我對我們在 14A 上與多個潛在客戶取得的進展感到非常鼓舞。在先進封裝方面，我們對 EMIB 和 EMIB-T 在我們內部產品上的進展感到滿意。
Lip-Bu Tan - Intel, CEO
(00:11:00)Both continue to see significant external customer traction as well. We continue to improve execution, working with our supply chain to secure the capacity needed to meet the demands of our advanced packaging customers. We are also seeing robust progress in the readiness of HBI, which enables 3D chip stacking for our upcoming server products. Across our manufacturing network, additional capacity continues to come online. Intel 3 installation is progressing well in Ireland, as is Intel 18A in both Oregon and Arizona, including Fab 62, our second high-volume 18A fab.
(00:11:00)這兩者也持續吸引了大量外部客戶的關注。我們繼續改善執行，與供應鏈合作以確保滿足我們先進封裝客戶需求所需的產能。我們還在 HBI 的準備工作中看到穩健的進展，這使我們即將推出的伺服器產品能夠實現 3D 晶片堆疊。在我們的製造網絡中，額外的產能持續上線。Intel 3 的安裝在愛爾蘭進展良好，Intel 18A 在俄勒岡州和亞利桑那州的進展也不錯，包括我們的第二個高產量 18A 晶圓廠 Fab 62。
Lip-Bu Tan - Intel, CEO
(00:12:03)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 milestones with the installation of the first major structural truss. We continue to evaluate unique and highly differentiated opportunities to accelerate our Ohio build-out. I hope to share more on this in the near future. Looking to the future, I have always emphasized that rebuilding Intel will be a multi-year journey.
(00:12:03)在新墨西哥州和馬來西亞，我們正在增加產能，以支持明年對先進封裝的強勁客戶需求。在俄亥俄州的新奧爾巴尼，團隊最近在安裝第一個主要結構桁架方面達成了重要的建設里程碑。我們繼續評估獨特且高度差異化的機會，以加速我們在俄亥俄州的建設。我希望在不久的將來分享更多信息。展望未來，我一直強調重建 Intel 將是一個多年的旅程。
Lip-Bu Tan - Intel, CEO
(00:12:53)I remain firmly committed to making it happen. We are only one and a half years into this journey. We have made enormous strides in these 18 months, including a dramatic resizing of our workforce, eliminating middle management and bureaucracy, streamlining our executive ranks, and establishing an almost entirely new leadership team. We have reinstated an engineering-centric culture, streamlined our product portfolio, and put in place a more competitive roadmap for Intel products and Intel Foundry. We still have much more to do.
(00:12:53)我堅定不移地致力於實現這一目標。我們這段旅程才剛剛開始一年半。在這 18 個月中，我們取得了巨大的進展，包括大幅縮減我們的員工人數，消除中層管理和官僚主義，精簡我們的高層管理，並建立了一個幾乎全新的領導團隊。我們已經恢復了以工程為中心的文化，精簡了我們的產品組合，並為 Intel 產品和 Intel 代工制定了更具競爭力的路線圖。我們仍然有很多工作要做。
Lip-Bu Tan - Intel, CEO
(00:13:46)The resurgence in demand for CPUs is a 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 excel at cognitive tasks, deterministic CPUs are far more efficient at inference tasks. GPU reasoning queries can consume multiple watt-hours of energy, A single CPU query could consume only a small amount of energy. 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.
(00:13:46)CPU 需求的復甦對我們的轉型之旅是一個重要的助力。能源效率越來越成為 AI 基礎設施建設中最重要的指標。雖然 GPU 在認知任務中表現出色，但確定性 CPU 在推理任務中效率更高。GPU 推理查詢可能消耗多個瓦時的能量，單一 CPU 查詢可能只消耗少量能量。即使對每個 CPU 的數位代理和服務的代理數量採用保守估計，預計在未來五年內，CPU 的總市場規模將會是巨大的美元和單位 TAM。
Lip-Bu Tan - Intel, CEO
(00:14:52)By our estimates, Server CPU TAM, largely driven by agentic workloads, could increase as much as five times from its current $40 billion to more than $200 billion over five years. This presents an enormous opportunity for Intel. We are, of course, mindful of the fierce competition underway, as nearly every fabless company is racing to meet this unprecedented demand with their own offerings. But Intel is uniquely positioned to benefit from this demand in three ways. First, as the custodian of x86, the most widely deployed ISA, in the world, we are doubling down on x86 innovation and have an exciting top-tier roadmap of CPU innovations in the pipeline.
(00:14:52)根據我們的估算，伺服器 CPU 的 TAM，主要受到代理工作負載的驅動，可能會從目前的 400 億美元增加到超過 2000 億美元，增長幅度可達五倍。這為英特爾帶來了巨大的機會。當然，我們也意識到激烈的競爭，幾乎每一家無晶圓廠公司都在爭相滿足這一前所未有的需求，推出自己的產品。但英特爾在三個方面獨特地定位於受益於這一需求。首先，作為 x86 的管理者，這是全球最廣泛部署的指令集架構，我們正在加倍努力推進 x86 創新，並擁有一個令人興奮的頂級 CPU 創新路線圖在計劃中。
Lip-Bu Tan - Intel, CEO
(00:15:57)Additionally, for the first time, we are offering fully modular, verified instances of our x86 CPUs optimized for custom workloads available to our customers. Second, as one of only three advanced-node semiconductor foundries globally and the only one domiciled in the United States, we are well positioned to support not only our own demand but also that of the broader fabless industry. We are also open to manufacturing any CPUs at scale for our customers, fully agnostic to the underlying ISA.
(00:15:57)此外，首次我們提供完全模組化、經過驗證的 x86 CPU 實例，這些實例針對客戶的自定義工作負載進行了優化。其次，作為全球僅有的三家先進製程半導體代工廠之一，且是唯一一家位於美國的，我們在支持自身需求的同時，也能支持更廣泛的無晶圓廠行業。我們也願意為客戶大規模生產任何 CPU，完全不受基礎指令集架構的限制。
Lip-Bu Tan - Intel, CEO
(00:16:48)Third, as modern computing platforms increasingly become complex systems in the package, our leadership in advanced packaging offers highly differentiated solutions, especially to meet the requirements of the massive AI infrastructure build-out underway. This is why I remain optimistic about the opportunities ahead for Intel, even as we have work to do. Lastly, while we remain focused on executing our near-term priorities, we cannot lose sight of what comes next. Intel has a deep portfolio of technology and IP that positions us to drive the next wave of computing.
(00:16:48)第三，隨著現代計算平台越來越成為包裝中的複雜系統，我們在先進封裝方面的領導地位提供了高度差異化的解決方案，特別是滿足正在進行的大規模 AI 基礎設施建設的需求。這就是為什麼我對英特爾未來的機會保持樂觀，即使我們還有工作要做。最後，雖然我們仍然專注於執行我們的短期優先事項，但我們不能忽視接下來的事情。英特爾擁有深厚的技術和知識產權組合，使我們能夠推動下一波計算的浪潮。
Lip-Bu Tan - Intel, CEO
(00:17:43)We'll continue to invest in breakthrough technologies, including silicon photonics, neuromorphic computing, advanced materials, and quantum computing, which we believe can unlock important new opportunities over time. This week, we announced our intent to acquire Classiq, an Israel-based quantum software provider, moving our quantum efforts from foundational research toward commercialization. Classiq's overarching hardware-agnostic software platform layer provides a gateway for more consumers to explore quantum computing.
(00:17:43)我們將繼續投資於突破性技術，包括矽光子學、類神經計算、先進材料和量子計算，我們相信這些技術隨著時間的推移可以解鎖重要的新機會。本週，我們宣佈有意收購 Classiq，一家以色列的量子軟體供應商，將我們的量子努力從基礎研究推向商業化。Classiq 的整體硬體無關的軟體平台層為更多消費者探索量子計算提供了一個入口。
Lip-Bu Tan - Intel, CEO
(00:18:32)It is a wonderful complement to our already strong internal quantum hardware and software stacks and enables 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. In summary, while we did well in Q3, there is clearly more work to do. I'm disappointed that we were not able to meet strong customer demand this quarter. We face near-term challenges, including manufacturing supply shortages, the unprecedented memory crunch, and the resulting softness in PC demand.
(00:18:32)這是對我們已經強大的內部量子硬體和軟體堆疊的絕佳補充，使我們能夠進一步擴展我們的計算平台產品，包括 QPU 除了 CPU、GPU 和 ASIC。收購後，英特爾將成為一家全堆疊、創造收入的量子計算公司。總結來說，雖然我們在第三季度表現良好，但顯然還有更多工作要做。我對於我們在本季度未能滿足強勁的客戶需求感到失望。我們面臨著短期挑戰，包括製造供應短缺，前所未有的記憶體危機，以及隨之而來的 PC 需求疲軟。
Lip-Bu Tan - Intel, CEO
(00:19:32)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 efforts this quarter. With that, I will turn the call over to Dave for additional details.
(00:19:32)但我對我們的前進道路仍然充滿信心。我們需要緊急解決這些挑戰，而不失去對眼前巨大機會的視野。我想感謝我們的員工、合作夥伴和供應商在本季度的辛勤努力。有鑑於此，我將把電話轉交給 Dave 以獲取更多細節。
Dave Zinsner - Intel, CFO
(00:20:01)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 superintelligence, or AI infrastructure. The results also demonstrate our improving execution as we grow supply to capture the strong demand for AI compute. Third-quarter revenue was $16.5 billion, led by record year-over-year growth in DCAI.
(00:20:01)謝謝你，Lip-Bu。我們交出了強勁的季度業績，超過了我們對收入、毛利率和每股收益的指導預期。這標誌著我們連續第八個季度超過了財務預期。我們的第三季度業績強化了我們的伺服器 CPU 在超智能或 AI 基礎設施建設中的重要角色。這些結果也顯示了我們在增長供應以捕捉 AI 計算強勁需求方面的執行力正在改善。第三季度的收入為 165 億美元，主要由 DCAI 的創紀錄年增長推動。
Dave Zinsner - Intel, CFO
(00:20:35)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 the client segment, where industry-wide PC consumption is being impacted by memory shortages and limited IT budgets. Third-quarter non-GAAP gross margin was 44.1%, approximately 200 basis points higher than Q2 and above our guidance. The sequential improvement was driven by improved costs on Intel 3 and Intel 18A, and a more favorable product mix.
(00:20:35)我們的工廠網絡和外部供應鏈的強勁執行推動了超出預期的伺服器 CPU 產出。這一強勁表現部分被客戶端市場的疲軟所抵消，該市場受到記憶體短缺和有限 IT 預算的影響。第三季度的非 GAAP 毛利率為 44.1%，比第二季度高出約 200 個基點，並超過了我們的指導預期。這一環比改善是由於英特爾 3 和英特爾 18A 的成本改善以及更有利的產品組合推動的。
Dave Zinsner - Intel, CFO
(00:21:07)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. Operating cash flow was $5.1 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.
(00:21:07)第三季度的非 GAAP 每股收益為 0.52 美元，與我們的指導預期 0.38 美元相比。上行的原因是收入增加、毛利率增強和紀律性的支出，這三者共同產生了超出預期的營運槓桿。營運現金流為 51 億美元。我們在本季度結束時擁有約 540 億美元的現金和短期投資，此外還有 150 億美元的借貸能力，這是我們新擴展的循環信貸額度，較之前的 100 億美元有所增加。在八月初，我們通過 230 億美元的股權發行進一步加強了我們的資產負債表。
Dave Zinsner - Intel, CFO
(00:21:43)The incremental interest income associated with the offering contributed approximately one cent to Q3 EPS that was not contemplated in our original guidance. Now moving to segment results. DCAI revenue was $7.3 billion, up 17% sequentially and nearly 80% year-over-year. Revenue significantly exceeded our expectations as our factory network and external suppliers supported higher output. The efforts of our teams to increase supply are having a tangible impact. Based on our current outlook, DCAI revenue is on track to finish 2026 nearly $10 billion above the expectations at the start of the year.
(00:21:43)與該發行相關的增量利息收入為第三季度的每股收益貢獻了約一美分，這在我們的原始指導中並未考慮。現在轉向各部門的業績。DCAI 的收入為 73 億美元，環比增長 17%，同比增長近 80%。收入顯著超出我們的預期，因為我們的工廠網絡和外部供應商支持了更高的產出。我們團隊增加供應的努力正在產生實質性的影響。根據我們目前的展望，DCAI 收入有望在 2026 年結束時超出年初預期近 100 億美元。
Dave Zinsner - Intel, CFO
(00:22:24)Q3 growth was broad-based across hyperscale, enterprise, and Neo Cloud customers. We also continue 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 in increasing capacity, demand for DCAI products continues to significantly exceed available supply. DCAI operating profit was $3 billion, representing 42% of revenue and increasing approximately $600 million sequentially. This improvement was driven by higher revenue and lower operating expenses.
(00:22:24)第三季度的增長在超大規模、企業和新雲客戶中廣泛存在。我們也持續看到專用矽的強勁動能，收入按季度增長超過 50%，同比增長超過一倍。儘管我們在增加產能方面取得了進展，但 DCAI 產品的需求仍然顯著超過可用供應。DCAI 的營業利潤為 30 億美元，佔收入的 42%，按季度增長約 6 億美元。這一改善是由於收入增加和營運費用降低所驅動的。
Dave Zinsner - Intel, CFO
(00:23:01)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 codenamed Crescent Island, designed to improve the economics of sustained memory-intensive AI inference.
(00:23:01)Granite Rapids 現在是我們伺服器產品組閤中最大的產品系列，因為我們持續增加愛爾蘭工廠的產出。本月早些時候在開放計算項目全球峰會上，我們展示了選定的 Clearwater Forest 配置，能夠在每個機架上擴展超過 46,000 顆核心，總機架功率約為 133 千瓦，提供每瓦最佳性能。我們還推出了 Intel GPU D 系列，前代代號為 Crescent Island，旨在改善持續記憶密集型 AI 推理的經濟性。
Dave Zinsner - Intel, CFO
(00:23:38)Customer interest in both product families is exceeding 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, resulting in a meaningful adjustment in customer purchasing patterns. Despite the near-term weakness, we observed several positive developments. Our AIPC revenue grew 35% year-over-year, even as total CCPG revenue declined 5%.
(00:23:38)客戶對這兩個產品系列的興趣超出了我們的初步預期。CCPG 收入為 81 億美元，按季度下降 9%，低於我們的預期。我們之前提到過，記憶體短缺可能會對下半年的 PC TAM 造成壓力。這一壓力在第三季度加劇，特別是在季度末，導致客戶購買模式發生了顯著調整。儘管短期內存在疲弱，我們觀察到幾個積極的發展。我們的 AIPC 收入同比增長 35%，即使總 CCPG 收入下降了 5%。
Dave Zinsner - Intel, CFO
(00:24:16)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. 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.
(00:24:16)我們基於 Intel 18A 的客戶產品持續良好增長。Wildcat Lake，我們的成本優化 Intel 18A 客戶 CPU，單位數量按季度增長約 70%，目前已經售罄。最後，我們的邊緣業務更具韌性，得益於邊緣和物理 AI 設計贏得的持續動能。CCPG 營業利潤為 23 億美元，佔收入的 28%，按季度基本持平，主要是由於庫存費用降低。現在轉向 Intel Foundry。Intel Foundry 收入為 67 億美元，按季度增長 16%，主要受益於 Intel 3 和 Intel 18A 的增長超出預期。
Dave Zinsner - Intel, CFO
(00:24:59)External Foundry revenue was $411 million, an increase of $118 million sequentially, primarily due to a non-recurring customer program. 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.
(00:24:59)外部 Foundry 收入為 4.11 億美元，按季度增長 1.18 億美元，主要由於一個非經常性客戶計劃。Intel Foundry 報告的營業虧損為 19 億美元，按季度改善 2.36 億美元，即使我們仍在積極投資以準備明年 Intel 14A 的風險生產。更高的良率、更好的循環時間和增加的工廠利用率持續降低晶圓成本。Intel 3 的成本從第一季度水平改善約 15%，而產量按季度增長中位數的十幾個百分點。
Dave Zinsner - Intel, CFO
(00:25:37)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. Since Q1, Intel 18A client CPUs have grown from less than 5% of revenue to nearly one-third of client CPU revenue. These results represent meaningful progress, although we still have considerable work ahead to deliver a sustainably profitable Foundry business. Now turning to Outlook.
(00:25:37)自第一季度以來，Intel 18A 的成本下降約 40%，反映出良率和循環時間的持續改善。Intel 18A 的良率持續上升，達到行業標準水平，超出我們的內部預測。自第一季度以來，Intel 18A 客戶 CPU 的收入從不到 5% 增長到幾乎佔客戶 CPU 收入的三分之一。這些結果代表了實質性的進展，儘管我們仍然有相當大的工作要做，以實現可持續盈利的 Foundry 業務。現在轉向展望。
Dave Zinsner - Intel, CFO
(00:26:11)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. 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.
(00:26:11)我們數據中心客戶的需求信號持續增強。我們預計行業在 2027 年和 2028 年將持續面臨供應限制。正如 Lip-Bu 所討論的，代理 AI 的採用正在擴大 CPU 計算的角色。AI 工作負載正在從基於提示的響應轉向多步推理、編排和自主持續行動。我們的 CPU 在支持這些工作負載中發揮了核心作用。因此，我們持續看到對我們 DCAI 產品的強勁需求。我們現在預計行業伺服器 CPU 單位在 2026 年和 2027 年都將增長超過 30%。
Dave Zinsner - Intel, CFO
(00:26:49)Growth would be higher in both years if additional industry supply were available. 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. 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 potential improvement in the second half against an easier comparison.
(00:26:49)如果有額外的行業供應，兩年的增長將會更高。同時，PC 市場在 2026 年上半年保持韌性後正在減弱。我們預計 2026 年的 PC 單位 TAM 將下降約 12%，下半年單位下降超過 20%。我們不預期在記憶體供應改善和價格開始正常化之前會有持續的復甦。對於 2027 年，我們計劃 PC 單位 TAM 大約下降 10%。我們預計在上半年同比下降會更為明顯，下半年在較容易的比較下可能會有所改善。
Dave Zinsner - Intel, CFO
(00:27:28)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 entering the market. We also continue to see attractive, longer-term opportunities in edge and physical AI as a GenTech application spreading across the economy. Taking these factors into account, we are guiding Q4 revenue to a range of $15 billion to $16 billion.
(00:27:28)我們對 PC 市場的長期看法保持不變。傳統 PC 將在支持 AI 應用和推動 AI 基礎設施支出的強勁回報中發揮重要作用。此外，我們現在正看到新的代理系統進入市場。我們也持續看到邊緣和物理 AI 作為一種在經濟中擴展的 GenTech 應用的吸引人、長期機會。考慮到這些因素，我們預測第四季度的收入範圍為 150 億到 160 億美元。
Dave Zinsner - Intel, CFO
(00:27:59)At the midpoint of $15.5 billion, we expect a gross margin of 38%, a tax rate of 11%, and EPS of 25 cents, all on a non-GAAP basis. Our guidance includes an impact of approximately $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. Please note that nearly all of the $300 million impact from Fab 28 relates to 10-nanometer server products.
(00:27:59)在 155 億美元的中點上，我們預期毛利率為 38%，稅率為 11%，每股收益為 25 美分，均基於非 GAAP 基準。我們的指引包括約 3 億美元的收入影響和 200 個基點的毛利影響，這是基於我們對 Fab 28 事件的初步評估。按部門劃分，我們預期 DCAI 的收入將按季度增長中十位數百分比，專用矽的增長速度將快於整體 DCAI。請注意，來自 Fab 28 的近 3 億美元影響幾乎全部與 10 納米伺服器產品有關。
Dave Zinsner - Intel, CFO
(00:28:38)We expect CCG revenue to decline more than 20% sequentially as customers rapidly 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. In addition, revenue mix, especially the strong growth expected in purpose-built silicon, is creating difficult quarter-over-quarter comparisons. These headwinds will be partially offset by continued yield and cost improvements on Intel 3 and Intel 18A.
(00:28:38)我們預期 CCG 的收入將按季度下降超過 20%，因為客戶迅速減少庫存周數，並根據他們對 2027 年消費的預期調整採購。第四季度毛利的按季度下降主要反映了在我們的固定成本基礎上，整體收入的降低，因為我們根據當前需求條件調整客戶的晶圓啟動。此外，收入組合，特別是專用矽預期的強勁增長，正在造成季度之間的比較困難。這些逆風將部分被 Intel 3 和 Intel 18A 的持續良率和成本改善所抵消。
Dave Zinsner - Intel, CFO
(00:29:17)We expect non-GAAP operating expenses of approximately $4.4 billion in Q4 and about $16.3 billion for the full year. We expect non-controlling interest, or NCI, to be approximately $250 million in Q4, and currently anticipate NCI of about $1.1 billion in both 2027 and 2028. Lastly, we expect a Q4 fully diluted share count of 5.44 billion, representing a full quarter of shares issued from our August equity offering. Moving to CapEx. Our 2026 gross capital expenditures remain on track to be $20 billion, and we expect 2027 gross capital spending to increase significantly.
(00:29:17)我們預期第四季度的非 GAAP 營業費用約為 44 億美元，全年約為 163 億美元。我們預期第四季度的非控制性權益（NCI）約為 2.5 億美元，並目前預期 2027 年和 2028 年的 NCI 約為 11 億美元。最後，我們預期第四季度的完全稀釋股份數為 54.4 億，這代表了我們八月股權發行的完整季度股份。接下來談談資本支出。我們 2026 年的總資本支出仍然按計劃進行，預計為 200 億美元，我們預期 2027 年的總資本支出將顯著增加。
Dave Zinsner - Intel, CFO
(00:30:00)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. We will remain disciplined in our investments and will not spend a dollar of capital unless we have confidence in the health of our products and process technologies, along with clear evidence of customer demand.
(00:30:00)我們在確保支持增長計劃所需設備方面取得了良好進展，對設備供應商的堅定訂單按季度增長近 40%。我們還在加速潔淨室的建設，包括位於亞利桑那州的 Fab 62，並探索在俄亥俄州加速的機會。儘管資本支出和營運資本增加，我們仍然致力於在 2027 年減少負債。我們將在投資上保持紀律，除非對我們的產品和工藝技術的健康有信心，並有明確的客戶需求證據，否則不會花費一美元的資本。
Dave Zinsner - Intel, CFO
(00:30:36)Our confidence in all three areas is improving. 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. Beyond our core x86 franchise, we are investing in three large opportunities where we have meaningful momentum but relatively modest revenue today.
(00:30:36)我們在這三個領域的信心正在提高。最後，我想簡單說幾句我們看到的機會。我們的核心伺服器 CPU 市場增長速度比以往更快，邊緣計算和物理 AI 為客戶級 CPU 提供了有意義的增量機會，即使在當前市場條件下，我們也在努力應對。重要的是，隨著我們改善產品執行和路線圖，我們有機會重新獲得市場份額，並增長速度超過我們的基礎市場。除了我們的核心 x86 業務外，我們正在投資於三個大型機會，這些機會目前有顯著的動力，但收入相對較少。
Dave Zinsner - Intel, CFO
(00:31:15)These are purpose-built silicon, advanced packaging, and external wafer foundry. Each represents tens of billions of dollars in new markets where our technology, manufacturing assets, and customer relationships provide 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. We have significant work ahead of us. However, the combination of stronger markets and the cultural changes set into motion by Lip-Bu Tan to improve execution, transparency, and discipline
(00:31:15)這些是專用矽、先進封裝和外部晶圓代工。每一個都代表著數百億美元的新市場，我們的技術、製造資產和客戶關係提供了參與的差異化機會。綜合來看，我們對長期的雙位數收入增長有清晰的視野，並且有顯著的槓桿和改善的毛利。我們面前有大量的工作。然而，市場的強勁和 Lip-Bu Tan 所推動的文化變革，旨在改善執行、透明度和紀律，
Dave Zinsner - Intel, CFO
(00:31:49)gives us increasing confidence in Intel's long-term earnings power and free cash flow growth, providing a solid foundation for building sustainable shareholder value. With that, I'll turn it over to John to begin the Q&A.
(00:31:49)使我們對 Intel 的長期盈利能力和自由現金流增長充滿信心，為建立可持續的股東價值提供了堅實的基礎。有鑑於此，我將把時間交給 John 開始問答環節。
John Pitzer - Intel, Investor Relation
(00:32:02)Thank you, Dave. As a reminder, please ask one question and a brief follow-up to allow us to accommodate as many callers as possible. With that, Jonathan, can we take the first question?
(00:32:02)謝謝你，Dave。提醒一下，請提問一個問題並簡短跟進，以便我們能夠容納更多的來電者。那麼，Jonathan，我們可以開始第一個問題嗎？
Speaker01
(00:32:12)Certainly. Our first question comes from Timothy Arcuri from UBS. Your question, please.
(00:32:12)當然可以。我們的第一個問題來自 UBS 的 Timothy Arcuri。請問你的問題。
Q&A Timothy Arcuri - UBS
(00:32:19)Thanks a lot. Dave, with all the puts and takes and what's happening in PC, could you provide some guardrails for next year? It seems like DCAI could grow $10 to $15 billion year over year, but PC might be down slightly. Could you give us guardrails for the year and how to think about the shape of the year?
(00:32:19)非常感謝。Dave，考慮到 PC 市場的各種變化，你能為明年提供一些指導嗎？看起來 DCAI 可能會同比增長 100 億到 150 億美元，但 PC 可能會略微下降。你能給我們明年的指導，以及如何看待這一年的形勢嗎？
Dave Zinsner - Intel, CFO
(00:32:44)Yeah, thanks, Tim. I’m not going to provide specific guidance for next year, but I can share some qualitative insights. At a high level, we see next year as a growth year. We feel the momentum we saw in data center this quarter, and excluding the impact from Israel, that momentum would have continued into the fourth quarter. We expect that momentum to continue next year. The only nuance is that in the first half of the year, we are still somewhat constrained. We discussed increasing substrate capacity by 40%, but much of that expansion won't impact us until the latter half of the year.
(00:32:44)是的，謝謝你，Tim。我不會為明年提供具體指導，但我可以分享一些定性的見解。從高層次來看，我們認為明年將是增長的一年。我們感受到本季度數據中心的動力，如果不考慮以色列的影響，這一動力將持續到第四季度。我們預期這一動力將在明年繼續。唯一的細微差別是，在上半年的時候，我們仍然有些受限。我們討論了將基板產能提高 40%，但這一擴張在今年下半年之前不會對我們產生影響。
Dave Zinsner - Intel, CFO
(00:33:24)Additionally, we remain constrained on Intel 3. We are working, as Lip-Bu Tan mentioned, to shift some of our supply to Oregon. However, it will take some time before that capacity comes out of the fab and into products. Nonetheless, we are very optimistic and enthusiastic about our growth opportunities next year. This optimism is particularly focused on the data center business. Furthermore, within DCAI, our purpose-built silicon business has been growing at a threefold rate over the past three years.
(00:33:24)此外，我們在 Intel 3 方面仍然受到限制。正如 Lip-Bu Tan 所提到的，我們正在努力將部分供應轉移到俄勒岡州。然而，這一產能從晶圓廠轉化為產品需要一些時間。儘管如此，我們對明年的增長機會仍然非常樂觀和熱情。這種樂觀特別集中在數據中心業務上。此外，在 DCAI 內部，我們專門設計的矽業務在過去三年中增長了三倍。
Dave Zinsner - Intel, CFO
(00:33:59)We expect that growth to continue at a threefold rate over the next three years. We remain very bullish on this trend through 2027. Clearly, the client segment will be the most challenging to forecast. As I mentioned, we anticipate the TAM declining by about 12% on a unit basis in 2026. We expect approximately a 10% decline next year on a unit basis. That will be one of the key dynamics. Additionally, there will be an ongoing inventory correction. We are currently in the midst of that correction. We have already felt some of its effects.
(00:33:59)我們預計這一增長在未來三年將繼續保持三倍的增長率。我們對 2027 年前的這一趨勢持非常樂觀的態度。顯然，客戶市場將是最具挑戰性的預測領域。正如我提到的，我們預計 2026 年的 TAM 將按單位基準下降約 12%。我們預計明年按單位基準將下降約 10%。這將是關鍵的動態之一。此外，將會有持續的庫存調整。我們目前正處於這一調整的過程中。我們已經感受到了一些影響。
Dave Zinsner - Intel, CFO
(00:34:28)We expect to experience more in the fourth quarter and even more in the first quarter. We believe this correction will extend at least into the first quarter. After that, the inventory correction should begin to subside. We will then return focus to the TAM, which, as I said, we expect to decline about 10%. Entering next year, we will have Nova Lake as our product offering, which we believe is the best lineup we've had in a long time. We believe it covers the full range of client requirements. We are very excited about participating in the client market, and we expect to gain market share next year and beyond, despite the challenges we've faced.
(00:34:28)我們預計在第四季度會經歷更多影響，第一季度則會更多。我們相信這一調整至少會延續到第一季度。之後，庫存調整應該會開始減少。然後我們將重新關注 TAM，正如我所說，我們預計將下降約 10%。進入明年，我們將推出 Nova Lake 作為我們的產品，這是我們很長一段時間以來最好的產品陣容。我們相信它涵蓋了客戶需求的全範圍。我們對參與客戶市場感到非常興奮，儘管面臨挑戰，我們預計明年及以後將獲得市場份額。
Dave Zinsner - Intel, CFO
(00:35:15)Specifically, the memory side has impacted the client segment. Nevertheless, we remain very enthusiastic about our product portfolio. Although you didn't ask, I want to extend the outlook beyond this year. We believe the PC market will experience a renaissance despite current challenges. As AI workloads evolve, there will be significant demand in the client space, whether as PCs or other agentic devices. We find this market to be quite interesting. Of course, it must first overcome the current challenges we face.
(00:35:15)具體來說，記憶體方面影響了客戶市場。儘管如此，我們對我們的產品組合仍然非常熱情。雖然你沒有問，但我想將展望延伸到今年以外。我們相信 PC 市場將在當前挑戰中經歷一次復興。隨著 AI 工作負載的演變，客戶領域將會有顯著需求，無論是作為 PC 還是其他智能設備。我們認為這個市場非常有趣。當然，它必須首先克服我們面臨的當前挑戰。
Dave Zinsner - Intel, CFO
(00:35:50)But in the longer term, the market outlook is very positive.
(00:35:50)但從長遠來看，市場前景非常積極。
John Pitzer - Intel, Investor Relation
(00:35:53)Tim, do you have a quick follow-up question?
(00:35:53)Tim，你有快速的後續問題嗎？
Dave Zinsner - Intel, CFO
(00:35:55)I do. Yes.
(00:35:55)我有。是的。
Timothy Arcuri - UBS
(00:35:55)Dave, you mentioned that capex will increase significantly next year. Many of us are anticipating around $30 billion. The real question is, are you committed to generating free cash flow next year? Or do you think the capex burden will make that difficult?
(00:35:55)Dave，你提到明年的資本支出將大幅增加。我們中的許多人預計約 300 億美元。真正的問題是，你是否承諾明年產生自由現金流？還是你認為資本支出的負擔會使這變得困難？
Dave Zinsner - Intel, CFO
(00:36:14)That's a good question. We haven't finalized the number yet. We typically don't lock it in until late in the year. However, we have a directional understanding of what to expect. We have already placed purchase orders with equipment vendors, considering lead times. So, we have some visibility into upcoming expenditures. We view next year as an investment year. It's unlikely we will generate positive free cash flow next year, but this is due to the significant investment opportunity for growth. When you make the right investments and ramp the node properly, you achieve profitability and a strong return on invested capital.
(00:36:14)這是一個好問題。我們尚未最終確定這個數字。我們通常不會在年底之前鎖定這個數字。然而，我們對預期有一個方向性的理解。我們已經向設備供應商下了訂單，考慮到交貨時間。因此，我們對即將到來的支出有一些可見性。我們將明年視為投資年。明年我們不太可能產生正的自由現金流，但這是因為有重大的增長投資機會。當你進行正確的投資並適當提升節點時，你將實現盈利和強勁的資本回報率。
Dave Zinsner - Intel, CFO
(00:37:01)We discussed this during the equity offering in early August. We expect to achieve at least a 20% ROI on all these nodes as we invest in them. However, next year will be complex, with several factors occurring simultaneously. We're ramping up 18A and Intel 3 to some extent, while also making the necessary investments to position 14A for production starting in 2028. That's a significant amount of investment all occurring within a single year. So I I don't believe this will be a year in which we see positive cash flow.
(00:37:01)我們在八月初的股票發行中討論了這一點。我們預計在投資這些節點時，至少能實現 20% 的投資回報率。然而，明年將會很複雜，幾個因素將同時發生。我們正在逐步提升 18A 和 Intel 3，同時也在進行必要的投資，以便在 2028 年開始生產 14A。這是一筆相當可觀的投資，全部發生在同一年內。所以我我不認為這將是一個我們看到正現金流的年份。
Dave Zinsner - Intel, CFO
(00:37:36)By the way, that is why we raised the capital we did at the beginning of August—to position ourselves for this. Longer term, however, these businesses generate substantial cash flow. If you look at Intel 7 today, which is essentially 10 nanometers 7, that node is already profitable for us. Intel 3 is expected to be profitable next year. So we know we can make these businesses profitable. We know we can generate strong cash flow from them. We expect to achieve a 20% return. We just need to get through what is essentially a bottleneck in 2027 to realize that.
(00:37:36)順便說一下，這就是為什麼我們在八月初籌集了資金——為了讓我們能夠為此做好準備。然而，從長遠來看，這些業務會產生可觀的現金流。如果你看看今天的 Intel 7，基本上是 10 納米 7，這個節點對我們來說已經是盈利的。預計 Intel 3 明年會盈利。所以我們知道我們可以讓這些業務盈利。我們知道我們可以從中產生強勁的現金流。我們預期能達到 20% 的回報。我們只需要度過 2027 年這個實質上的瓶頸，就能實現這一點。
John Pitzer - Intel, Investor Relation
(00:38:11)Thanks, Tim. Jonathan, can we have the next question, please?
(00:38:11)謝謝你，Tim。Jonathan，我們可以進入下一個問題嗎？
Speaker01
(00:38:13)Certainly. Our next question comes from Ben Reitzes of Melius Research. Your question, please.
(00:38:13)當然可以。我們的下一個問題來自 Melius Research 的 Ben Reitzes。請問你的問題。
Ben Reitzes - Melius Research
(00:38:20)Thanks a lot, guys. I wanted to ask about some of the issues you noted for Q4 that may linger into Q1, and if you can size them relative to prior expectations and when they might improve. You mentioned execution, obviously the Israel situation, which is $300 million, and I'm wondering what the impact will be in the quarters after that and when it will be resolved. And sorry that happened, by the way. And then the client segment. Given that the guidance is about $1.8 billion below the street, could you go through those three factors, how much each contributed to the $1.8 billion cut, and when they will improve? That would be great.
(00:38:20)非常感謝，大家。我想詢問一下你們在第四季度提到的一些問題，這些問題可能會延續到第一季度，並且如果你們能相對於之前的預期來評估它們，以及它們何時會改善。你提到了執行，顯然以色列的情況是 3 億美元，我想知道這在之後的幾個季度會有什麼影響，以及何時會解決。順便說一下，對於發生這種情況我感到抱歉。然後是客戶部分。鑑於指引比市場預期低約 18 億美元，你能否詳細說明這三個因素，各自對 18 億美元的減少貢獻了多少，以及它們何時會改善？那會很好。
Ben Reitzes - Melius Research
(00:39:03)Thanks a lot.
(00:39:03)非常感謝。
Dave Zinsner - Intel, CFO
(00:39:05)So, Israel, the client, and what was the third factor?
(00:39:05)那麼，以色列、客戶，第三個因素是什麼？
John Pitzer - Intel, Investor Relation
(00:39:09)Just relative to the guidance and the street, yes.
(00:39:09)只是相對於指引和市場，是的。
Ben Reitzes - Melius Research
(00:39:13)Okay. Regarding execution, Dave, there was a comment around execution from Lip-Bu. He made some remarks. I'm wondering how significant that was in terms of the guidance reduction.
(00:39:13)好的。關於執行，Dave，Lip-Bu 提到了一些執行方面的評論。他發表了一些評論。我想知道這在指引減少方面的重要性有多大。
Dave Zinsner - Intel, CFO
(00:39:23)Okay. On Israel, we've been shut down for about two weeks. We expect to resume production by the end of this week. While restarting, we're assessing all wafers in the line to determine what is usable and what is not. This is an early assessment affecting both Q4 and Q1. Current thinking is that there will be about a $300 million impact in Q4. A similar impact is expected in Q1. We believe most wafer write-offs or scrap will occur in Q4, which is driving the 200 basis points impact. I don't expect additional scrapping in Q1, but keep in mind this is still early.
(00:39:23)好的。在以色列，我們已經停工大約兩週。我們預計在本週末恢復生產。在重新啟動的同時，我們正在評估生產線上的所有晶圓，以確定哪些是可用的，哪些是不可用的。這是一個早期評估，影響到第四季度和第一季度。當前的想法是第四季度將會有約 3 億美元的影響。預計第一季度也會有類似的影響。我們相信大多數晶圓的報廢或廢料將發生在第四季度，這驅動了 200 個基點的影響。我不預期在第一季度會有額外的報廢，但請記住，這仍然是早期階段。
Dave Zinsner - Intel, CFO
(00:40:13)We're actively reviewing the situation and will provide updates as we proceed. On the client side, it will reset to this level, and typically you see a similar inventory correction quarter to quarter. So I would expect it to be generally similar, except for a seasonal effect in Q1 on the client segment. Therefore, whatever level we see in Q4, we anticipate a seasonal decline in the following quarter. Um, Beyond that, from an execution perspective, while there are some negatives, much of the execution has been very positive.
(00:40:13)我們正在積極審查情況，並會在進展中提供更新。在客戶方面，它將重置到這個水平，通常你會看到每季度類似的庫存修正。所以我預期它會大致相似，除了第一季度在客戶部分的季節性影響。因此，無論我們在第四季度看到什麼水平，我們預期在下一季度會有季節性下降。嗯，除此之外，從執行的角度來看，雖然有一些負面因素，但大部分的執行表現非常積極。
Dave Zinsner - Intel, CFO
(00:41:00)Lip-Bu and the team have done an excellent job improving Intel 3 yields and 18A yields. They have also been working closely with substrate vendors. Lip-Bu was in Japan engaging with many substrate vendors to ensure we receive the appropriate supply allocation. So, I believe we are as well positioned as anyone to deliver supply effectively. The supply situation is tight. It will remain tight through the next quarter. Tightness is expected to continue into the first half of the year. However, I think we have positioned ourselves well so that beyond that period, we should see healthy growth in the data center business.
(00:41:00)Lip-Bu 和團隊在改善 Intel 3 的良率和 18A 的良率方面做得非常出色。他們還與基板供應商密切合作。Lip-Bu 在日本與許多基板供應商進行接洽，以確保我們獲得適當的供應分配。所以，我相信我們的供應能力與任何人一樣，能夠有效地提供供應。供應情況緊張。在接下來的季度中，供應情況將保持緊張。緊張的情況預計將持續到今年上半年。不過，我認為我們已經做好了準備，因此在那段時間之後，我們應該會看到數據中心業務的健康增長。
John Pitzer - Intel, Investor Relation
(00:41:36)Ben, do you have a quick follow-up question?
(00:41:36)Ben，你有快速的後續問題嗎？
Ben Reitzes - Melius Research
(00:41:39)Yes, regarding server velocity, given the shortages, do you have an idea when you expect to ramp and grow in line with the market, which is over $200 billion? Based on your comments, is that more likely in the second half of next year? Thanks.
(00:41:39)是的，關於伺服器速度，考慮到短缺，你預計何時能夠與市場（超過 2000 億美元）同步增長？根據你的評論，這更可能在明年下半年嗎？謝謝。
Lip-Bu Tan - Intel, CEO
(00:42:03)That's a good question. Ben, first of all, I think the server segment... The largest revenue driver for us is Granite Rapids. That's on the Intel 3 process node. We are clearly continuing to improve efficiency in terms of yield. Secondly, we are also expanding capacity. Dave mentioned the Oregon facility. We plan to have Intel 3 production in Oregon in the second half of next year to meet customer demand. Overall, addressing Intel 3 is important. We also have Clearwater Forest coming up, which is shipping revenue on Intel 18A, where we expect capacity. Then Diamond Rapids will arrive in 2027 on Intel 18A-P, and Coral Rapids will come in 2028 on Intel 14A. We expect to be in good shape with these.
(00:42:03)這是一個好問題。Ben，首先，我認為伺服器部門……對我們來說，最大的收入驅動因素是 Granite Rapids。這是在 Intel 3 製程節點上。我們顯然在提高產量效率方面持續改進。其次，我們也在擴大產能。Dave 提到了俄勒岡州的設施。我們計劃在明年下半年在俄勒岡州進行 Intel 3 的生產，以滿足客戶需求。總體而言，解決 Intel 3 的問題非常重要。我們還有 Clearwater Forest 即將推出，這是基於 Intel 18A 的出貨收入，我們預計會有產能。然後 Diamond Rapids 將在 2027 年基於 Intel 18A-P 推出，而 Coral Rapids 將在 2028 年基於 Intel 14A 推出。我們預計這些會有良好的表現。
John Pitzer - Intel, Investor Relation
(00:43:09)Thanks, Ben. Jonathan, can we have the next question, please?
(00:43:09)謝謝，Ben。Jonathan，我們可以進入下一個問題嗎？
Speaker01
(00:43:12)Certainly. Our next question comes from Joseph Moore of Morgan Stanley. Please go ahead with your question.
(00:43:12)當然可以。我們的下一個問題來自摩根士丹利的 Joseph Moore。請提出你的問題。
Joseph Moore - Morgan Stanley
(00:43:18)Along similar lines, does the PC weakness give you an opportunity to reallocate wafers and accelerate that transition?
(00:43:18)在類似的情況下，PC 的疲弱是否給你提供了重新分配晶圓和加速轉型的機會？
Dave Zinsner - Intel, CFO
(00:43:28)The answer is yes. We are taking 18A wafers offline in Oregon to put Intel 3 into production, which were originally intended for Panther Lake products. So, we see an opportunity to free up some capacity to produce more data center wafers. Keep in mind, we are constrained not only on wafers but also on substrates. It's important to ramp substrate production to meet demand. Ensuring substrate availability is critical for this ramp.
(00:43:28)答案是肯定的。我們正在將俄勒岡州的 18A 晶圓下線，以投入 Intel 3 的生產，這些晶圓原本是為 Panther Lake 產品準備的。因此，我們看到有機會釋放一些產能，以生產更多的數據中心晶圓。請記住，我們不僅在晶圓上受到限制，還在基板上受到限制。提高基板生產以滿足需求是非常重要的。確保基板的可用性對於這一增產至關重要。
John Pitzer - Intel, Investor Relation
(00:44:00)Joe, do you have a follow-up question?
(00:44:00)Joe，你有後續問題嗎？
Joseph Moore - Morgan Stanley
(00:44:02)Yes, I do. How do you see server market share evolving next year? You mentioned 30% unit growth. AMD has guided to 70% revenue growth. The ARM segment appears to be growing rapidly. Given your constraints, how do you expect market share to play out?
(00:44:02)是的，我有。你如何看待明年伺服器市場份額的演變？你提到 30% 的單位增長。AMD 預測 70% 的收入增長。ARM 部門似乎正在迅速增長。考慮到你的限制，你預計市場份額會如何變化？
Lip-Bu Tan - Intel, CEO
(00:44:20)That's a good question. We have a clear roadmap. We are confident in our product lineup. Regarding Coral Rapids, we expect to be competitive with AMD. The next-generation product, Panther Lake, will be ahead of AMD. So, stay tuned. We will continue to drive leadership. The CPU business remains our core franchise. We are determined to succeed there. This presents a strong opportunity for us to advance.
(00:44:20)這是一個好問題。我們有明確的路線圖。我們對我們的產品線感到自信。關於 Coral Rapids，我們預計將與 AMD 競爭。下一代產品 Panther Lake 將領先於 AMD。所以，請繼續關注。我們將繼續推動領導地位。CPU 業務仍然是我們的核心業務。我們決心在這方面取得成功。這為我們提供了一個強大的機會來推進。
Dave Zinsner - Intel, CFO
(00:44:49)Additionally, I believe market share next year will largely depend on supply; the better we improve supply relative to competitors, the better our market share will be.
(00:44:49)此外，我相信明年的市場份額將在很大程度上取決於供應；我們相對於競爭對手改善供應的程度越好，我們的市場份額就會越好。
John Pitzer - Intel, Investor Relation
(00:45:02)Jonathan, can we have the next question, please?
(00:45:02)Jonathan，我們可以進入下一個問題嗎？
Speaker01
(00:45:05)Certainly. Our next question comes from Stacy Rasgon of Bernstein Research. Please go ahead with your question.
(00:45:05)當然可以。我們的下一個問題來自於 Bernstein Research 的 Stacy Rasgon。請提出你的問題。
Stacy Rasgon - Bernstein Research
(00:45:11)Hi, everyone. Thank you for taking my questions. I want to delve into gross margins a bit. I understand the 38% guidance would have been around 40% if not for the unfortunate situation in Israel. Looking into next year, how should I think about the overall drivers? Clearly, there is a client flush and possibly utilization issues, which are negatives. Depreciation is likely to increase due to CapEx, which is also a negative. As 18A and Intel 3 ramp up, I understand yields are improving, but can you tell us if the gross margins on those parts remain below 10.7% [數字存疑], and whether that mix shift is a headwind, along with ASICs, packaging, and other factors?
(00:45:11)嗨，大家好。感謝你們回答我的問題。我想深入探討一下毛利率。我瞭解到，如果不是以色列的不幸情況，38% 的指引本來會在 40% 左右。展望明年，我應該如何看待整體驅動因素？顯然，客戶端庫存清理（client flush）以及可能的稼動率問題都是負面因素。由於資本支出，折舊可能會增加，這也是一個負面因素。隨著 18A 和 Intel 3 的提升，我瞭解到產量正在改善，但你能告訴我們這些部件的毛利率是否仍低於 10.7% [數字存疑]，以及這種組合變化是否會成為阻力，還有 ASIC、包裝和其他因素？
Stacy Rasgon - Bernstein Research
(00:45:52)On the other hand, perhaps a mix shift toward servers is a positive, and pricing might help. I'm trying to get a sense of gross margin evolution in this environment, given all these factors, as it seems quite complex. I'm hoping
(00:45:52)另一方面，或許向伺服器的組合變化是正面的，價格也可能有所幫助。考慮到所有這些因素，我想了解在這種環境下毛利率的演變，因為這似乎相當複雜。我希望
Dave Zinsner - Intel, CFO
(00:46:06)you can help clarify a bit. That's a good question, Stacy. There are definitely many moving parts. From a margin perspective, the Israel impact is likely to be primarily a Q4 event. I don't expect significant scrapping in Q1. Typically, if we identify issues, we scrap them in the same quarter. Xeon demand remains very strong. I believe I mentioned that Granite Rapids is now margin accretive for us. Growth in Granite Rapids benefits gross margins. We will also continue focusing on both Intel 3 and 18A. We are concentrating on their structural costs, yields, throughput, and related factors.
(00:46:06)你能幫我澄清一下。這是一個好問題，Stacy。確實有很多變數。從毛利的角度來看，以色列的影響可能主要是在第四季度。我不預期在第一季度會有顯著的報廢。通常，如果我們發現問題，我們會在同一季度報廢。Xeon 的需求仍然非常強勁。我相信我提到過 Granite Rapids 現在是對我們的毛利有貢獻。Granite Rapids 的增長有利於毛利。我們也將繼續專注於 Intel 3 和 18A。我們正在集中精力於它們的結構成本、產量、通量和相關因素。
Dave Zinsner - Intel, CFO
(00:46:49)We performed very well in Q3. We expect to improve further in Q4. Our goal is to sustain that progress throughout the year. You're correct about 18A. The loading won't be at the desired level. We're addressing this partly by deploying Intel 3 in Oregon, but there will still be some underloading for 18A, which will be a headwind. Another headwind, though positive in the long term, is our purpose-built silicon business, which is in early stages and has margins below the corporate average. However, we see tremendous growth there, and Lip-Bu and I have decided to focus on driving gross profit.
(00:46:49)我們在第三季度表現非常好。我們預期在第四季度會進一步改善。我們的目標是全年保持這一進展。你對 18A 的看法是正確的。裝載量不會達到預期水平。我們部分通過在俄勒岡州部署 Intel 3 來解決這個問題，但 18A 仍會有一些裝載不足，這將成為阻力。另一個阻力，雖然從長期來看是正面的，是我們專用矽晶片業務，這仍處於早期階段，毛利低於公司平均水平。然而，我們在那裡看到了巨大的增長，Lip-Bu 和我已經決定專注於推動毛利。
Dave Zinsner - Intel, CFO
(00:47:29)Our strategy is to grow gross profit. That will increase earnings. It may put some pressure on operating margin percentage next year, but it should be beneficial to the bottom line. Considering all these factors, though difficult to quantify, I would still expect a 40 to 60% fall-through. That's likely our target. So, if we have growth next year, we should see gross margin expansion based on that rule of thumb. It may not happen every quarter, but on a year-over-year basis, it should be in that range.
(00:47:29)我們的策略是增長毛利。這將增加收益。這可能會對明年的營業利潤率造成一些壓力，但應該對底線有利。考慮到所有這些因素，雖然難以量化，我仍然預期會有 40% 到 60% 的轉化率。這可能是我們的目標。所以，如果明年有增長，我們應該會根據這個經驗法則看到毛利的擴張。這可能不會每個季度都發生，但從年到年來看，應該會在那個範圍內。
John Pitzer - Intel, Investor Relation
(00:48:02)Stacy, do you have a follow-up question?
(00:48:02)Stacy，你有後續問題嗎？
Stacy Rasgon - Bernstein Research
(00:48:04)Yes, I do. I wanted to ask about PCs. Q3 was probably the worst quarter for PCs I've seen in at least 20 years, maybe more, sequentially. And It sounds like customers probably built inventory in Q3. Can you confirm that? It also seems they are flushing out a lot of that inventory in Q4. I get the sense this might continue even into Q1. It sounds like you believe conditions will improve in the second half, particularly regarding memory supply. What gives you confidence that memory supply will actually improve?
(00:48:04)是的，我有。我想問一下關於 PC 的情況。第三季度可能是我在至少 20 年內見過的最糟糕的 PC 季度，甚至可能更長，按季度計算。而且聽起來客戶可能在第三季度建立了庫存。你能確認這一點嗎？似乎他們在第四季度也在清理大量庫存。我感覺這可能會持續到第一季度。聽起來你相信下半年條件會改善，特別是在記憶體供應方面。什麼讓你有信心記憶體供應會實際改善？
Stacy Rasgon - Bernstein Research
(00:48:37)If you listen
(00:48:37)如果你聽
Dave Zinsner - Intel, CFO
(00:48:38)to the memory experts, they seem to suggest that it won't. Let me be clear. Yes, that's a good question. Stacey, let me be clear. We believe that Q4 and Q1 will likely be the two quarters with the most significant inventory correction. That impacts us more than the TAM declines. We expect to see this in Q4 and Q1, possibly extending slightly into Q2. After that, recovery should occur, theoretically returning to a state where billings to us roughly match consumption. So, we anticipate some recovery from that point.
(00:48:38)記憶體專家的話，他們似乎暗示這不會發生。讓我澄清一下。是的，這是一個好問題。Stacey，讓我澄清一下。我們相信第四季和第一季將可能是最重要的庫存調整的兩個季度。這對我們的影響超過了 TAM 的下降。我們預期在第四季和第一季會看到這一點，可能會稍微延續到第二季。之後，理論上應該會出現恢復，回到一個狀態，我們的開票大約與消耗相匹配。所以，我們預期從那時起會有一些恢復。
Dave Zinsner - Intel, CFO
(00:49:13)However, make no mistake, we are not optimistic about memory in the next year. We expect it will impact the TAM. We forecast TAM will decline by 10% on a units basis next year. Then we'll have to see in 2028 whether conditions improve. Our expectation is that memory will not improve in 2027.
(00:49:13)不過，請不要誤會，我們對明年的記憶體並不樂觀。我們預期這將影響 TAM。我們預測明年 TAM 將在單位基礎上下降 10%。然後我們將在 2028 年看看條件是否改善。我們的預期是 2027 年記憶體不會改善。
John Pitzer - Intel, Investor Relation
(00:49:33)Thank you, Stacey. Jonathan, can we have the next question, please?
(00:49:33)謝謝你，Stacey。Jonathan，我們可以進入下一個問題嗎？
Speaker01
(00:49:36)Certainly. Our next question comes from Vivek Arya of Bank of America Securities.
(00:49:36)當然。我們的下一個問題來自美國銀行證券的 Vivek Arya。
Vivek Arya - Bank of America
(00:49:43)Vivek Arya, thank you for your question. For the first question, if I take your implied data center guidance for Q4, it appears to be about $8.5 billion. Annualized, that suggests a mid-$30 billion target for next year. I'm curious, is that a realistic floor? Can you do better? Is there potential for ASP expansion given demand outstripping supply? Or are there other factors we should consider when evaluating the size of your data center business in 2027?
(00:49:43)Vivek Arya，謝謝你的問題。對於第一個問題，如果我採用你對第四季的隱含數據中心指導，似乎約為 85 億美元。年化計算，這暗示明年的目標約為 340 億美元中段（原文 mid-$30 billion）。我很好奇，這是一個現實的底線嗎？你能做得更好嗎？鑒於需求超過供應，是否有 ASP 擴張的潛力？或者在評估你在 2027 年的數據中心業務規模時，我們應該考慮其他因素嗎？
Dave Zinsner - Intel, CFO
(00:50:19)Yes, I think that's a good starting point. That's the right way to think about it. We expect the first half of 2027 to be tighter in terms of wafers and substrates. However, we've invested heavily in increasing Intel 3 wafer output and improving yields to produce more product. Additionally, investments with substrate vendors will unlock capacity in the second half of the year. Therefore, we anticipate significant growth in 2027. Keep in mind, our purpose-built silicon, or ASIC business, is included in that business unit.
(00:50:19)是的，我認為這是一個好的起點。這是正確的思考方式。我們預期 2027 年上半年在晶圓和基板方面會更緊張。不過，我們已經在大幅增加 Intel 3 晶圓產量和提高良率方面進行了大量投資，以生產更多產品。此外，與基板供應商的投資將在下半年釋放產能。因此，我們預期 2027 年會有顯著增長。請記住，我們專門設計的矽或 ASIC 業務包含在該業務單位中。
Dave Zinsner - Intel, CFO
(00:51:04)This contributes substantially to the growth seen in Q4. We expect that trend to continue into 2027.
(00:51:04)這對第四季的增長貢獻很大。我們預期這一趨勢將持續到 2027 年。
John Pitzer - Intel, Investor Relation
(00:51:13)Vivek, do you have a follow-up?
(00:51:13)Vivek，你有後續問題嗎？
Vivek Arya - Bank of America
(00:51:16)Yes, thank you. I was hoping for an update on engagements with external customers in your foundry, both on the packaging side and, more importantly, Lip-Bu, on the wafer processing side. Are you expecting external customers for Intel 18A-P, or should we assume all engagements will be on Intel 14A? When do you think Intel will gain the confidence to move customers from evaluation to tape-out or tangible revenue? We are all eager to know when to start modeling external revenue for Intel over the next few years.
(00:51:16)是的，謝謝。我希望能獲得有關你們代工廠與外部客戶的合作更新，無論是在包裝方面，還是更重要的，Lip-Bu，在晶圓處理方面。你們是否預期會有外部客戶使用 Intel 18A-P，還是我們應該假設所有合作都將在 Intel 14A 上進行？你認為 Intel 何時會獲得信心，讓客戶從評估轉向流片或實際收入？我們都渴望知道何時開始為 Intel 建模外部收入，未來幾年。
Vivek Arya - Bank of America
(00:51:59)Thank you.
(00:51:59)謝謝。
Lip-Bu Tan - Intel, CEO
(00:52:00)Good. Vivek, thank you very much for the question. The first question you asked is about packaging. Our EMIB packaging is making great progress. We have been very focused on capacity and substrate supply. We are ensuring we secure the capacity we need and improve yield profiles for substrate materials. Additionally, we focus on yield improvements and cycle time reductions. Under the leadership of Seok-Hee Lee, who previously worked at SK Hynix, we have made significant progress.
(00:52:00)好的。Vivek，非常感謝你的問題。你問的第一個問題是關於包裝的。我們的 EMIB 包裝正在取得很大進展。我們一直非常專注於產能和基板供應。我們確保獲得所需的產能並改善基板材料的良率。此外，我們專注於提高良率和縮短週期時間。在 Seok-Hee Lee 的領導下，他曾在 SK Hynix 工作，我們取得了顯著進展。
Lip-Bu Tan - Intel, CEO
(00:52:38)An expert in process integration, he has done a fabulous job and is very dedicated. I believe we will gain significant capacity over the next two years in terms of substrate material, and we are also improving yield day by day. Overall, stay tuned; we have a couple of customers ready to announce in the next two quarters. Clearly, we always wait for the customer to decide when to announce, and we respond accordingly. Regarding the 18A-P, we are making great progress in volume production at Panther Lake. Additionally, with Wildcat Lake, internally, we are quite happy with the performance, and currently,
(00:52:38)他是一位流程整合專家，做得非常出色且非常專注。我相信在接下來的兩年中，我們在基板材料方面將獲得顯著的產能提升，並且我們的良率也在日益改善。總的來說，請持續關注；我們有幾位客戶準備在接下來的兩個季度內宣佈。顯然，我們總是等待客戶決定何時宣佈，我們會相應地做出反應。關於 18A-P，我們在 Panther Lake 的量產方面取得了很大進展。此外，對於 Wildcat Lake，我們內部對其表現感到相當滿意，目前，
Lip-Bu Tan - Intel, CEO
(00:53:28)we have inbound interest from external customers. We are working intensively with them, and they are very pleased with the yield. Right now, we are focused on die size to ensure we can deliver to them and that the IP is ready. So, for 18A-P, stay tuned; we have made good progress. On 14A, we have made tremendous progress, having announced the 0.9 PDK, which we have already released to select customers. They have responded very actively and are working closely with us. Additionally, in terms of performance, yield, defect density, and variation, we are making continuous improvements.
(00:53:28)我們已經收到了外部客戶的興趣。我們正在與他們密切合作，他們對良率非常滿意。現在，我們專注於晶片尺寸，以確保我們能夠交付給他們，並且 IP 已經準備好。因此，對於 18A-P，請持續關注；我們已經取得了良好的進展。至於 14A，我們也取得了巨大的進展，已經宣佈了 0.9 PDK，並已經向選定的客戶發布。他們的反應非常積極，並且與我們密切合作。此外，在性能、良率、缺陷密度和變異方面，我們正在持續改進。
Lip-Bu Tan - Intel, CEO
(00:54:11)We are improving daily on these metrics. So far, we are very pleased with the progress. We expect to have the 1.0 PDK ready by Q1 next year, enabling us to start engaging with customers who want to use our fab for their products. So, stay tuned. Again, we will announce details about some customers when they are ready. Thanks, Vivek. Jonathan, can we have the next question, please?
(00:54:11)我們在這些指標上每天都在改善。到目前為止，我們對進展感到非常滿意。我們預計在明年第一季度準備好 1.0 PDK，這將使我們能夠開始與希望使用我們的晶圓廠生產產品的客戶接洽。所以，請持續關注。再次強調，我們會在一些客戶準備好時宣佈詳細信息。謝謝，Vivek。Jonathan，我們可以進入下一個問題嗎？
Speaker01
(00:54:34)Certainly. Our next question comes from Harlan Sur of JP Morgan. Your question, please.
(00:54:34)當然可以。我們的下一個問題來自 JP Morgan 的 Harlan Sur。請問你的問題。
Harlan Sur - JP Morgan
(00:54:40)Yes, good afternoon. Thanks for taking my question. Starting in the second half of this year, there are several new GPU and XPU platform launches, most of which will continue ramping through the first half of next year. Given the strong CPUs attached to these platforms and many of them being Intel x86 GPU-based platforms, and considering the overall supply dynamics remain tight, though the team is bringing on more capacity, yields are improving, as you mentioned. Given all this, should we anticipate continued sequential growth in DC AI in the first quarter?
(00:54:40)是的，下午好。感謝你回答我的問題。從今年下半年開始，有幾個新的 GPU 和 XPU 平台推出，其中大多數將在明年上半年持續增長。考慮到這些平台上強大的 CPU，以及許多平台基於 Intel x86 GPU，並且考慮到整體供應動態仍然緊張，儘管團隊正在增加更多產能，如你所提到的，良率正在改善。鑒於這一切，我們是否應該預期在第一季度 DC AI 會持續增長？
Dave Zinsner - Intel, CFO
(00:55:25)I would avoid providing too much guidance for the quarter. However, your overall premise is correct. There will be strong demand drivers for CPUs. We expect this demand to continue throughout next year. We are working on the supply side to ensure we can meet customer needs. We likely will not fully meet all requirements, but I believe we will be in a more challenging situation in the first half of the year compared to the second half. So, that is an additional data point to consider when modeling. Beyond that, I prefer to wait another quarter to see how things develop before guiding on Q1's data center results.
(00:55:25)我會避免對這個季度提供過多的指導。不過，你的整體前提是正確的。對於 CPU 將會有強勁的需求驅動。我們預計這一需求將在明年持續。我們正在供應方面努力，以確保能夠滿足客戶需求。我們可能無法完全滿足所有需求，但我相信我們將會在上半年的情況會比下半年更具挑戰性。所以，這是一個額外的數據點，供建模時考慮。除此之外，我更願意再等一個季度，看看情況如何發展，再對第一季度的數據中心結果進行指導。
Lip-Bu Tan - Intel, CEO
(00:56:08)To add, you clearly saw our announcement with Oracle. We also have multiple customers who are interested in signing long-term agreements with us to secure CPU rollouts. These are encouraging signs of high CPU demand.
(00:56:08)此外，你明顯看到了我們與 Oracle 的公告。我們還有多位客戶有興趣與我們簽訂長期協議，以確保 CPU 的推出。這些都是高 CPU 需求的鼓舞人心的跡象。
John Pitzer - Intel, Investor Relation
(00:56:30)Harlan, do you have a follow-up question?
(00:56:30)Harlan，你有後續問題嗎？
Harlan Sur - JP Morgan
(00:56:33)Yes. Regarding factors within the team's control and reflecting continued improvements in yield, reliability, and manufacturability, I recall that in Q2, both Panther Lake and Granite Rapids gross margins were below the corporate average. However, as Intel 3 and 18A saw further yield improvements in Q3, you mentioned that Xeon 6 Granite Rapids on Intel 3 was accretive to gross margins in Q3. Did the team also improve Core Series 3 Panther Lake gross margins above the low-to-mid 40% level in Q3?
(00:56:33)是的。關於團隊控制範圍內的因素，並反映出良率、可靠性和可製造性的持續改善，我記得在第二季度，Panther Lake 和 Granite Rapids 的毛利率都低於公司平均水平。然而，隨著 Intel 3 和 18A 在第三季度進一步改善良率，你提到 Xeon 6 Granite Rapids 在 Intel 3 上對第三季度的毛利率有貢獻。團隊是否也在第三季度將 Core Series 3 Panther Lake 的毛利率提高到低至中 40% 的水平以上？
Dave Zinsner - Intel, CFO
(00:57:10)We have definitely made meaningful improvements in Panther Lake's gross margins. While it is not yet at or above the corporate average, we have made significant progress. This is a matter of continuing to improve yields, throughput, and achieving the right scale. These efforts will be accretive to gross margins over time. It's just not quite there yet.
(00:57:10)我們在 Panther Lake 的毛利率上確實取得了有意義的改善。雖然尚未達到或超過公司平均水平，但我們已經取得了顯著進展。這是一個持續改善良率、產量和達到正確規模的問題。隨著時間的推移，這些努力將對毛利率產生積極影響。只是目前還沒有完全達到。
John Pitzer - Intel, Investor Relation
(00:57:32)Thanks, Harlan. Jonathan, we have time for one last question, please.
(00:57:32)謝謝，Harlan。Jonathan，我們還有時間進行最後一個問題，請。
Speaker01
(00:57:35)Certainly. Our final question today comes from CJ Muse of Cantor Fitzgerald. Your question, please.
(00:57:35)當然可以。我們今天的最後一個問題來自 Cantor Fitzgerald 的 CJ Muse。請問您的問題。
CJ Muse - Cantor Fitzgerald
(00:57:42)Thank you for taking the question. My first question is about CapEx. You mentioned a significant increase; I'm curious how you are thinking about spending on WFE versus buildings. In the past, you've indicated that the majority of incremental spend was on buildings. I wanted to confirm if that is still the direction you are heading.
(00:57:42)感謝您提出問題。我第一個問題是關於資本支出。您提到有顯著的增加；我想知道您對於在設備與建築上的支出有何看法。過去，您曾表示大部分的增量支出是在建築上。我想確認這是否仍然是您目前的方向。
Dave Zinsner - Intel, CFO
(00:58:03)Yes, we have a significant ramp in equipment spending this quarter, and it is expected to be even more substantial next quarter. So, much of what we are spending on now is equipment. We have made the necessary investments. In many cases, we are putting the finishing touches on some of the space, with most of the spend going toward equipment. The only exception is that we are still in the heavy construction phase in Ohio. But aside from that, the focus is really on equipment.
(00:58:03)是的，我們在這個季度的設備支出有顯著的增長，預計下個季度會更加可觀。所以，我們現在的支出大部分是用於設備。我們已經進行了必要的投資。在許多情況下，我們正在對一些空間進行最後的修整，大部分的支出都用於設備。唯一的例外是我們仍然在俄亥俄州的重建設階段。但除此之外，重點確實是在設備上。
CJ Muse - Cantor Fitzgerald
(00:58:34)CJ, do you have a quick follow-up? Yes, I do. On the PC side, I know you've mentioned a 10% decline in units next year for the industry. Could you comment on how you are thinking about mix shifts and their potential impact on your pricing? Thank you.
(00:58:34)CJ，您有快速的後續問題嗎？是的，我有。在個人電腦方面，我知道您提到明年行業單位將下降 10%。您能否評論一下您對於產品組合變化及其對定價的潛在影響的看法？謝謝。
Dave Zinsner - Intel, CFO
(00:58:52)By mix shift, do you mean shifts between low-end and high-end products? Is that correct?
(00:58:52)您所說的產品組合變化，是指低端和高端產品之間的變化嗎？是這樣嗎？
CJ Muse - Cantor Fitzgerald
(00:58:56)Yes, exactly.
(00:58:56)是的，正是如此。
Dave Zinsner - Intel, CFO
(00:58:58)We have seen strong relative demand for Panther Lake. Although the overall market is declining, Panther Lake is holding its own. We have also put significant effort into Wildcat Lake, which is a cost-optimized product. Wildcat Lake has experienced significant growth. It is arriving at the right time, given its cost optimization, and we are seeing strong focus there. Looking ahead to next year, we will introduce Nova Lake. An important aspect of Nova Lake is that it fills a gap in our high-end desktop portfolio.
(00:58:58)我們看到對 Panther Lake 的相對需求強勁。雖然整體市場在下降，但 Panther Lake 仍然保持穩定。我們也對 Wildcat Lake 投入了大量精力，這是一款成本優化的產品。Wildcat Lake 經歷了顯著的增長。考慮到其成本優化，這正是時候，我們在這方面看到強烈的關注。展望明年，我們將推出 Nova Lake。Nova Lake 的一個重要方面是它填補了我們高端桌面產品組閤中的空白。
Dave Zinsner - Intel, CFO
(00:59:39)Nova Lake addresses that gap effectively. I expect us to perform well on a mix basis, with better traction in the high-end desktop segment. We will see how it develops. We believe we will be a market share gainer next year with the Nova Lake portfolio. Of course, we will monitor the market and see how things unfold.
(00:59:39)Nova Lake 有效地解決了這一空白。我預期我們在產品組合方面的表現會很好，在高端桌面市場會有更好的吸引力。我們將觀察其發展情況。我們相信明年在 Nova Lake 產品組閤中會獲得市場份額。當然，我們會監控市場，看看情況如何發展。
Lip-Bu Tan - Intel, CEO
(01:00:08)With that, I want to thank everyone for joining us today. We made good progress this quarter on our journey to transform Intel, but there is still much work ahead. I look forward to seeing many of you throughout the quarter and providing another update in January.
(01:00:08)在此，我想感謝大家今天的參與。在我們轉型 Intel 的旅程中，我們在這個季度取得了良好的進展，但仍然有很多工作要做。我期待在整個季度中見到許多人，並在一月提供另一個更新。
Speaker01
(01:00:34)Thank you, ladies and gentlemen, for your participation in today's conference. This concludes the program. You may now disconnect. Have a good day.
(01:00:34)謝謝各位今天參加會議。本次節目到此結束。您現在可以斷開連接。祝您有美好的一天。