来源：内容 编译自 tomshardware 。 据报道，英特尔下一代至强处理器（代号 Diamond Rapids）将采用 9324 针 LGA 插槽的新平台， 这意味着其内存子系统和 PCIe 通道配置将有所改进。但X86 is dead&back周日发布的一份泄露幻灯 片显示，这款新 CPU 可能拥有多达 192 个高性能核心以及 8 个或 16 个 DDR5 内存通道。请注 意，我们讨论的信息来自非官方来源，因此请谨慎对待。 据传，英特尔至强 7 "Diamond Rapids"处理器的规格包括多达 192 个核心、八通道或十六通道内存 子系统以及 500W 的热设计功耗。我们已获悉，英特尔的 Diamond Rapids 处理器将采用第二代 MRDIMM 内 存 模 块 ， 其 数 据 传 输 速 率 将 高 于 现 有 至 强 6 "Granite Rapids" 处 理 器 支 持 的 8800 MT/s。如果这些下一代处理器支持 12,800 MT/s 的内存模块，那么这些 CPU 的整个内存子系统将 支持超过 1.6 TB/s 的峰值带宽，与现有设计（Granite Rapids 约为 84 ...

Core Viewpoint - The CXL (Compute Express Link) market has not yet launched as expected, primarily due to the underperformance of key players like Samsung Electronics and Intel [1][3]. Group 1: Market Status - The CXL market is currently stagnant, with a notable lack of discussions surrounding it, attributed to the weak performance of market leaders Samsung and Intel [3]. - Intel's next-generation server CPU, "Diamond Rapids," which is crucial for CXL's market launch, may face delays due to internal restructuring and layoffs [3][4]. - Samsung is in a holding pattern, waiting for the market to open, as the development of CXL-compatible memory products cannot proceed without corresponding processors [4]. Group 2: Opportunities and Risks - The introduction of CXL may lead to a decline in overall sales of processors and memory, as it aims to utilize existing resources more efficiently, which could negatively impact companies reliant on these sales in the short term [6][7]. - However, CXL-compatible chips are high-value products that could improve the profit structure for both Samsung and Intel, aligning with the semiconductor industry's trend towards high-value offerings to avoid cyclical fluctuations and competition with low-cost manufacturers [7]. - The CXL market is expected to see significant growth by 2026, with hyperscale cloud service providers likely to dominate this market due to their need for improved resource utilization and cost savings [8][9].

Core Insights - Intel's next-generation Xeon performance core processor "Diamond Rapids" is set to launch in 2026, marking a significant development in their product lineup [1][5] - The "Clearwater Forest" processor, which is part of the same series, is expected to sample in the second half of this year and officially launch in the first half of next year [5] - "Diamond Rapids" will be part of the Xeon 7 series, with high core count "-AP" versions utilizing a new LGA9324 socket, while lower core count "-SP" versions may continue to use the LGA4710 socket [5] Product Strategy - The company is satisfied with the execution of "Granite Rapids" and aims to regain market share in the server CPU segment [6] - Future products will focus on customizable x86 chiplets to counter the growing presence of Arm architecture in the data center market [6]

Summary of Intel (INTC) 2025 Conference Call Company Overview - **Company**: Intel Corporation (INTC) - **Date of Conference**: June 03, 2025 - **Key Speaker**: Michelle Johnston Porthouse (MJ) Key Points Industry and Market Demand - The demand environment has shown resilience despite macroeconomic uncertainties, particularly around tariffs [3][5] - Customers are engaging in buying cycles, with enterprise and small to medium businesses showing positive trends, while consumer segments remain sensitive to pricing [3][5] - Scenario planning is being conducted to prepare for potential tariff impacts, with a focus on understanding customer needs and manufacturing capabilities [5][6] Leadership Changes - Lip Bu joined as CEO, focusing on four key areas: reinvigorating the product roadmap, enhancing AI relevance, improving foundry operations, and addressing the balance sheet [7][8] - The organization has been flattened to improve communication and responsiveness to customer needs [8][9] Product Strategy and Manufacturing - The focus has shifted towards ensuring product profitability and gross margins, aiming to exceed 50% [12][13] - A flexible manufacturing strategy is in place, utilizing both internal and external foundries (TSMC, Samsung) to optimize product delivery [14][15] - The product mix is being adjusted to ensure competitiveness, particularly in the face of rising average selling prices (ASPs) from competitors [19][22] Competitive Landscape - Competitors have gained an advantage in ASPs due to a shift in product mix towards higher-end offerings [22][23] - Intel is committed to maintaining its strength in enterprise PCs, emphasizing the importance of manageability and security features [26][27] AI and Future Opportunities - The AI market is viewed as a significant growth opportunity, with Intel's server head nodes for AI performing well [34][35] - There is optimism about the potential for new AI products and partnerships to enhance market presence [36][37] Financial Discipline and Operational Efficiency - A focus on reducing capital expenditures and operational expenses is underway to align with industry best practices [9][10] - Future product approvals will require a demonstrated ability to achieve gross margins above 50% [48][50] Challenges and Outlook - The company is navigating challenges related to tariffs and competitive pressures but remains optimistic about market opportunities, particularly in AI and enterprise solutions [55][56] - The second half of 2025 is expected to bring significant opportunities driven by AI advancements and a Windows 11 refresh [55][56] Additional Insights - The importance of customer relationships and understanding their needs is emphasized as a core strength for Intel [26][27] - The company is exploring both organic and inorganic growth strategies to enhance its AI capabilities [39][40] - ARM competition is acknowledged, particularly in the data center space, but Intel believes in the strength of its x86 architecture and software ecosystem [40][44] This summary encapsulates the key insights and strategic directions discussed during the Intel conference call, highlighting the company's focus on resilience, innovation, and operational efficiency in a competitive landscape.

David Zinsner还补充称，团队当前重心是改善自由现金流，最近的Altera交易将有助于资产负债表去杠 杆化。此外，Panther Lake平台的推进预计将进一步改善利润率，推动形成更好的成本结构。 研报显示，摩根大通对英特尔的股票评级仍为"减持"，在4月25日给出的目标价为20美元。 David Zinsner表示，关于18A制程节点，团队专注于稳健执行，并相信该节点(包括全环绕栅极技术， Gate-All-Around)将带来差异化竞争优势及更好的经济效益。在代工业务方面，团队认为，18A节点是实 现代工成熟度提升的第一步，而14A节点则在设计上完全为代工业务量身打造，将进一步完善。良率提 升方面正在取得实质进展。团队仍以2027年实现代工业务盈亏平衡为目标，前提是"数十亿级别"外部代 工营收的支持。该公司晶圆制造依赖外部合作伙伴的比例为20%-30%。 David Zinsner指出，陈立武认为英特尔在提升芯片设计质量、效率和执行力方面仍有巨大机会。团队认 为英特尔已经拥有强大的生态系统，这在市场中构成了显著的进入壁垒。对于18A制程产品，团队信心 十足，未来向Panther Lake平台的转移 ...

Summary of Intel (INTC) FY Conference Call - May 13, 2025 Company Overview - **Company**: Intel Corporation (INTC) - **Event**: JPMorgan's 53rd Annual Technology Media and Communications Conference - **Key Speaker**: Dave Zinsner, Vice President and Chief Financial Officer Core Industry Insights - **Leadership Transition**: Lip Bu Tan, Intel's new CEO, has been in position for about 60 days and is focused on maintaining the existing strategic direction without massive changes [3][4] - **Strategic Focus**: - Return to leadership in core compute with best-in-class client and server products [4] - Expand leadership in compute to leverage AI workloads [4] - Achieve leadership in advanced manufacturing and grow the foundry business [4] Key Observations and Changes - **Execution Issues**: The primary concern identified by Lip Bu is a lack of execution, which he is addressing by flattening the organization and increasing direct communication with engineering leaders [5][6][7] - **Cultural Transformation**: Emphasis on transforming the culture to eliminate bureaucracy, enhance decision-making, and improve execution accountability [12][16] - **Cost Management**: Operating expenses (OpEx) targeted at $17 billion for the current year and $16 billion for the next year, with a capital expenditure (CapEx) reduction of $2 billion to $18 billion [12] Product and Manufacturing Strategy - **Manufacturing Goals**: Focus on regaining leadership in leading-edge process technologies, which are crucial for core compute performance [22] - **Process Technology**: The 18A process technology is being ramped up, with differentiation through innovative solutions like backside power [24][25] - **Foundry Business**: Intel aims to develop a world-class foundry business, with a focus on customer needs and competitive offerings [28][29] Financial Outlook - **Breakeven Target**: Intel Foundry is expected to reach operating profitability breakeven by 2027, requiring low to mid-single-digit billion revenue from external sources [38][40] - **Cash Flow Management**: Focus on improving operating cash flow, with expectations of better cash flow as new products like Panther Lake ramp up [59][60] Product Development and Market Position - **Chip Design Improvements**: Lip Bu is focused on ensuring products meet customer requirements and improving the design process to avoid delays [46][48] - **Upcoming Products**: The Panther Lake product is expected to launch by the end of the year, with a focus on improving margins through internal production [51][53] - **Server Products**: The Diamond Rapids product is in development, with positive early feedback, but further work is needed to close the performance gap with competitors [55][57] Customer Engagement and Market Dynamics - **Customer Interaction**: Increased emphasis on direct communication between engineers and customers to better understand and meet their needs [19][20] - **Market Trends**: Customers are increasingly looking for second sources for supply, presenting opportunities for Intel Foundry [35] Conclusion - **Overall Strategy**: Intel is focused on executing its existing strategy while improving organizational culture, product development, and customer engagement to regain its competitive edge in the semiconductor industry [11][12][16]