1
00:00:00,080 --> 00:00:03,120
Speaker 1: Shares of Intel popping today is the chip maker predicted

2
00:00:03,200 --> 00:00:06,120
Speaker 1: a return to sales growth in the fourth quarter, fueled

3
00:00:06,120 --> 00:00:09,239
Speaker 1: by rebound in the personal computer market, but also a

4
00:00:09,240 --> 00:00:13,360
Speaker 1: more competitive product lineup. Joining us now is Intel CEO

5
00:00:13,440 --> 00:00:16,120
Speaker 1: Pat Gelsinger. And look, Pat, there was quite a long

6
00:00:16,160 --> 00:00:18,920
Speaker 1: list of things that investors cheered, right. This is the

7
00:00:18,960 --> 00:00:22,520
Speaker 1: third quarter where the market's basically said, Pat, we believe

8
00:00:22,560 --> 00:00:27,200
Speaker 1: you on the turnaround story, but on your to do list,

9
00:00:27,520 --> 00:00:29,159
Speaker 1: where do you think you are and what do you

10
00:00:29,160 --> 00:00:32,000
Speaker 1: think you have left to do on that turnaround story?

11
00:00:32,840 --> 00:00:35,159
Speaker 2: Yeah? Thanks Ed, And you know, overall, hey, it was

12
00:00:35,200 --> 00:00:38,080
Speaker 2: a great as we said, just a clean beat and

13
00:00:38,159 --> 00:00:41,560
Speaker 2: raise on all the financial metrics, but even more important

14
00:00:41,960 --> 00:00:45,080
Speaker 2: was the operational performance. Say, and you know, as we said, hey,

15
00:00:45,120 --> 00:00:49,440
Speaker 2: getting back to process leadership, and we delivered key milestones

16
00:00:49,440 --> 00:00:51,360
Speaker 2: and we still have at least another year or two

17
00:00:51,440 --> 00:00:55,240
Speaker 2: to go on getting that done, but major milestones starting

18
00:00:55,240 --> 00:00:58,400
Speaker 2: to deliver foundry customers. You know, I promised one at

19
00:00:58,400 --> 00:01:00,200
Speaker 2: the start of the year, and now we have three

20
00:01:00,280 --> 00:01:04,560
Speaker 2: on our most advanced process technology, major packaging wins, and

21
00:01:04,640 --> 00:01:08,520
Speaker 2: of course the product execution, you know, clean launch of

22
00:01:08,600 --> 00:01:12,560
Speaker 2: the AIPC generation, but also the server business, getting back

23
00:01:12,600 --> 00:01:16,560
Speaker 2: to profitability ahead of schedule and a little bit better

24
00:01:16,600 --> 00:01:21,080
Speaker 2: performance there and delivering the AI Everywhere message with our

25
00:01:21,120 --> 00:01:25,320
Speaker 2: accelerators our server product line. So a really excellent quarter

26
00:01:25,360 --> 00:01:27,479
Speaker 2: and I'm just so grateful for the Intel team. It's

27
00:01:27,520 --> 00:01:30,520
Speaker 2: been a journey and we are clearly coming back.

28
00:01:31,280 --> 00:01:34,120
Speaker 1: A pat You've talked to investors and indeed to Caroline

29
00:01:34,200 --> 00:01:37,959
Speaker 1: and I about these new customers for the foundry business.

30
00:01:38,640 --> 00:01:40,600
Speaker 1: When do we get names? When are you going to

31
00:01:40,600 --> 00:01:42,119
Speaker 1: announce who these customers are?

32
00:01:43,400 --> 00:01:45,880
Speaker 2: Well? You two things there, Ed. One is it's not

33
00:01:46,120 --> 00:01:49,800
Speaker 2: generally the practice of the foundry industry for the foundry

34
00:01:49,840 --> 00:01:53,760
Speaker 2: to be declaring their customer names. So one, it's not practice,

35
00:01:53,760 --> 00:01:57,120
Speaker 2: and also many of the customers consider it confidential and

36
00:01:57,200 --> 00:02:00,680
Speaker 2: part of their competitive advantage and how and what technologies

37
00:02:00,720 --> 00:02:03,840
Speaker 2: they choose. So I can't promise names, but we're going

38
00:02:03,920 --> 00:02:06,760
Speaker 2: to characterize them as best we can. And as we said,

39
00:02:06,760 --> 00:02:10,480
Speaker 2: these are high performance and AI customers. And we've really

40
00:02:10,480 --> 00:02:14,080
Speaker 2: seen the surge of interest in using the Intel technologies

41
00:02:14,080 --> 00:02:18,080
Speaker 2: and foundry for different AI offerings in the marketplace. And

42
00:02:18,120 --> 00:02:21,560
Speaker 2: that's both a wafer but also a packaging and this

43
00:02:21,680 --> 00:02:24,200
Speaker 2: idea of advanced packaging. I mean, in addition to the

44
00:02:24,240 --> 00:02:26,960
Speaker 2: three on the wafer side, we had two advanced packaging

45
00:02:27,000 --> 00:02:31,160
Speaker 2: customers in AI and that revenue materializes more rapidly and

46
00:02:31,280 --> 00:02:34,680
Speaker 2: six more in the pipeline. So overall a really substantial

47
00:02:34,760 --> 00:02:37,800
Speaker 2: look quarter, and the AI space in particular has been

48
00:02:37,840 --> 00:02:40,080
Speaker 2: the customers that have seen the most enthusiasm.

49
00:02:40,440 --> 00:02:43,480
Speaker 3: Let's talk about the AI space because the running of

50
00:02:43,520 --> 00:02:45,840
Speaker 3: AI models is where you see your future. It's not

51
00:02:45,880 --> 00:02:48,560
Speaker 3: all just about the foundation models. It's actually the running

52
00:02:48,600 --> 00:02:51,880
Speaker 3: of them, not the building. But can you just relieve

53
00:02:51,919 --> 00:02:54,079
Speaker 3: some of the anxiety coming from investors about a lack

54
00:02:54,120 --> 00:02:56,960
Speaker 3: of clarity over data center future and indeed, what is

55
00:02:57,000 --> 00:02:58,919
Speaker 3: it that they need to hear from you? What more

56
00:02:58,960 --> 00:03:01,520
Speaker 3: can you articulate that really makes it clear to them

57
00:03:01,520 --> 00:03:02,760
Speaker 3: that you're going to be front of center in the

58
00:03:02,760 --> 00:03:03,360
Speaker 3: AI race?

59
00:03:04,240 --> 00:03:06,880
Speaker 2: Yeah? Thanks, Carolyn, And you know, really, you know, first

60
00:03:06,960 --> 00:03:10,000
Speaker 2: let's characterize what we're talking about, this idea of creating

61
00:03:10,440 --> 00:03:14,200
Speaker 2: you know, these frontier or foundation models as is described,

62
00:03:14,280 --> 00:03:18,600
Speaker 2: versus using right and the training and the inferencing against

63
00:03:18,639 --> 00:03:20,880
Speaker 2: those models. And I sort of compare it to like

64
00:03:20,960 --> 00:03:24,120
Speaker 2: weather models. Not that many people generate weather models, but

65
00:03:24,200 --> 00:03:26,280
Speaker 2: a lot of people use them. And that's how we

66
00:03:26,320 --> 00:03:29,040
Speaker 2: think about this next phase of AI. How do we

67
00:03:29,080 --> 00:03:32,600
Speaker 2: make this inferencing or the use of the models broadly available.

68
00:03:32,639 --> 00:03:35,240
Speaker 2: And that's going to be you know, in the client,

69
00:03:35,400 --> 00:03:37,920
Speaker 2: right we talked about the AIPC. It's going to be

70
00:03:37,960 --> 00:03:42,800
Speaker 2: at the edge right in retail and manufacturing and supply chains.

71
00:03:43,040 --> 00:03:45,640
Speaker 2: But it's also going to be an on premise data centers.

72
00:03:45,640 --> 00:03:48,320
Speaker 2: And as we've said, instead of taking my data to

73
00:03:48,440 --> 00:03:51,240
Speaker 2: the cloud, I want to bring the AI to my

74
00:03:51,400 --> 00:03:55,320
Speaker 2: data center where the data is already and finally work

75
00:03:55,480 --> 00:03:58,120
Speaker 2: in the cloud and you for the data center proper

76
00:03:58,280 --> 00:04:00,960
Speaker 2: is your question talks about Hey, you know, we knew

77
00:04:00,960 --> 00:04:03,080
Speaker 2: we were going to lose some market share here, right.

78
00:04:03,120 --> 00:04:05,720
Speaker 2: Those losses happened last year and they're sort of playing

79
00:04:05,760 --> 00:04:09,440
Speaker 2: out of the marketplace. But our roadmap is strong, and

80
00:04:09,480 --> 00:04:13,400
Speaker 2: we over executed in the quarter on our next gen,

81
00:04:13,480 --> 00:04:15,560
Speaker 2: our Gen four product that did a bit better than

82
00:04:15,560 --> 00:04:17,839
Speaker 2: we thought in a lot of AI use cases in

83
00:04:17,880 --> 00:04:21,400
Speaker 2: this area of inferencing. The next generation Gen five, we're

84
00:04:21,440 --> 00:04:23,960
Speaker 2: already ramping that in production and that's going to get

85
00:04:24,040 --> 00:04:27,559
Speaker 2: announced in December. But next year's products we're already seeing

86
00:04:27,600 --> 00:04:29,880
Speaker 2: great health and we're ahead of schedule in those and

87
00:04:29,920 --> 00:04:33,200
Speaker 2: those really improve our competitiveness. And the twenty five products

88
00:04:33,240 --> 00:04:36,360
Speaker 2: will go into fab in the first quarter of next year.

89
00:04:36,400 --> 00:04:39,800
Speaker 2: So our whole roadmap and execution has really improved, and

90
00:04:39,839 --> 00:04:42,680
Speaker 2: we start to see ourselves regaining market share in twenty

91
00:04:42,680 --> 00:04:44,560
Speaker 2: four in that area. And I think that will be

92
00:04:44,600 --> 00:04:47,839
Speaker 2: sort of the final piece of the turnaround story when

93
00:04:48,120 --> 00:04:51,440
Speaker 2: you know the market sees okay, data center is backstrong,

94
00:04:51,520 --> 00:04:54,000
Speaker 2: they're winning in the AI space. You know, that'll be

95
00:04:54,200 --> 00:04:56,680
Speaker 2: the end of the turnaround story and people say, Okay,

96
00:04:56,760 --> 00:04:57,920
Speaker 2: they did it well.

97
00:04:57,960 --> 00:05:01,320
Speaker 3: Going back to that building that trade of data. Can

98
00:05:01,360 --> 00:05:04,120
Speaker 3: you talk a little about stability AI? Of course you've

99
00:05:04,160 --> 00:05:06,680
Speaker 3: got to deal to build their AI supercomputer. Was that

100
00:05:06,960 --> 00:05:10,359
Speaker 3: then really going to you for ultimately what Gaudy can

101
00:05:10,400 --> 00:05:13,440
Speaker 3: provide over what in video would or is it that

102
00:05:13,800 --> 00:05:16,480
Speaker 3: you wanted to really be sort of offering them some

103
00:05:16,560 --> 00:05:18,839
Speaker 3: carrots in the situation to be able to be helping

104
00:05:18,880 --> 00:05:20,120
Speaker 3: with the training of the models.

105
00:05:20,720 --> 00:05:23,280
Speaker 2: Yeah, great question. And you know, now with Goudi, we're

106
00:05:23,320 --> 00:05:26,560
Speaker 2: now delivering performance and benchmarks that are as good as

107
00:05:26,600 --> 00:05:29,559
Speaker 2: the best in the industry. So we've gotten our performance there.

108
00:05:29,839 --> 00:05:31,440
Speaker 2: You know, there was also some of this work that.

109
00:05:31,720 --> 00:05:34,440
Speaker 2: You know, the models were created and much of the

110
00:05:34,600 --> 00:05:38,040
Speaker 2: software industry was working, you know, on the n video platform,

111
00:05:38,120 --> 00:05:39,880
Speaker 2: so we had to do some of the software work

112
00:05:39,920 --> 00:05:43,080
Speaker 2: to get those running on the Gaudy platform. And they're

113
00:05:43,080 --> 00:05:45,880
Speaker 2: looking for more cost effective choices and ones that are

114
00:05:45,920 --> 00:05:49,599
Speaker 2: supply chain available in the industry. And as we're ramping

115
00:05:49,640 --> 00:05:52,559
Speaker 2: our Goudi product line, we're getting that software work done.

116
00:05:52,800 --> 00:05:56,200
Speaker 2: You know, they're priced more competitively. Customers are saying, wow,

117
00:05:56,440 --> 00:05:58,680
Speaker 2: I can do that work and do it at a

118
00:05:58,760 --> 00:06:02,720
Speaker 2: much lower power per formance envelope than the alternatives and

119
00:06:03,120 --> 00:06:06,520
Speaker 2: have a much more cost effective model training and inferencing

120
00:06:06,560 --> 00:06:10,440
Speaker 2: at scale. Okay, you're seeing a real surge of interest,

121
00:06:10,440 --> 00:06:13,560
Speaker 2: and as I said, we doubled our pipeline of customers

122
00:06:13,600 --> 00:06:16,600
Speaker 2: this quarter. You know when we, like others in the industry,

123
00:06:16,640 --> 00:06:19,440
Speaker 2: are now supply chain constrained and we're racing to catch

124
00:06:19,520 --> 00:06:22,120
Speaker 2: up to that demand on our GUDI product line.

125
00:06:23,160 --> 00:06:26,240
Speaker 1: For a Bloomberg Radio and television audience worldwide, we're speaking

126
00:06:26,279 --> 00:06:29,640
Speaker 1: to the CEO of Intel, Pat Gelsinger. Pat, the story

127
00:06:29,680 --> 00:06:32,760
Speaker 1: of this week has been chip companies entering the PC

128
00:06:32,960 --> 00:06:37,560
Speaker 1: processor market on our architecture. How do you hold off

129
00:06:37,600 --> 00:06:41,520
Speaker 1: those newcomers, you know attention for example one Apple this

130
00:06:41,640 --> 00:06:44,599
Speaker 1: coming Monday, and they have done well in that domain.

131
00:06:46,400 --> 00:06:50,000
Speaker 2: Yeah, and I think of the AI you know, PC

132
00:06:50,279 --> 00:06:53,680
Speaker 2: as an exciting category and this is one that we announced.

133
00:06:54,440 --> 00:06:56,839
Speaker 2: We've been the first company on that and we're now

134
00:06:56,960 --> 00:07:01,599
Speaker 2: ramping our first generation AI PC products called the Core Ultra.

135
00:07:01,960 --> 00:07:04,480
Speaker 2: So others are talking about what they might do in

136
00:07:04,520 --> 00:07:07,800
Speaker 2: a year or two years, we're ramping products in the marketplace.

137
00:07:08,279 --> 00:07:11,520
Speaker 2: Today we announced over one hundred is vs in our

138
00:07:11,720 --> 00:07:15,640
Speaker 2: AI Acceleration program, so they're coming on board and before

139
00:07:15,680 --> 00:07:18,720
Speaker 2: others have their products even shipping in the marketplace, we'll

140
00:07:18,760 --> 00:07:22,080
Speaker 2: be launching our next generation, our Lunar Lake product, which

141
00:07:22,080 --> 00:07:25,320
Speaker 2: we've already demonstrated for next year, and Panther Lake, our

142
00:07:25,360 --> 00:07:29,280
Speaker 2: twenty five product. We're sending that into fab on our leadership,

143
00:07:29,320 --> 00:07:33,040
Speaker 2: Intel eighteen A process technology and Q one. So I

144
00:07:33,080 --> 00:07:35,720
Speaker 2: feel like we have a very strong roadmap. And Hey,

145
00:07:35,800 --> 00:07:39,120
Speaker 2: the idea of an ARM based PC, you know, they've

146
00:07:39,160 --> 00:07:41,360
Speaker 2: always been sort of niche and low end, with the

147
00:07:41,360 --> 00:07:44,080
Speaker 2: exception of Apple, and there it's not ARM, it's Apple

148
00:07:44,160 --> 00:07:47,920
Speaker 2: and their ecosystem. So for the broader windows our market,

149
00:07:48,040 --> 00:07:51,720
Speaker 2: you know, it's always been pretty low end and insignificant

150
00:07:51,760 --> 00:07:54,160
Speaker 2: in the bigger context, and as long as we deliver

151
00:07:54,240 --> 00:07:57,239
Speaker 2: our roadmap, I feel very confident that it's others surge

152
00:07:57,280 --> 00:08:00,240
Speaker 2: into the AIPC space. You know, this is a lift

153
00:08:00,560 --> 00:08:04,520
Speaker 2: to the overall PC market and will be uniquely positioned

154
00:08:04,520 --> 00:08:05,280
Speaker 2: to benefit from that.

155
00:08:06,520 --> 00:08:09,000
Speaker 1: Pat going back just a second to stability in the

156
00:08:09,040 --> 00:08:12,360
Speaker 1: AI supercomputer. That's kind of in the assembled component domain.

157
00:08:12,880 --> 00:08:15,160
Speaker 1: But are you saying or are you able to confirm

158
00:08:15,200 --> 00:08:18,920
Speaker 1: that's a paid relationship with Stability to praise you for

159
00:08:19,120 --> 00:08:19,880
Speaker 1: use of Goudy.

160
00:08:20,720 --> 00:08:23,000
Speaker 2: Oh yeah, yeah, this is a is a major customer

161
00:08:23,440 --> 00:08:26,600
Speaker 2: and we'll be building that with them, of course, working

162
00:08:26,600 --> 00:08:29,960
Speaker 2: closely with them, but this is a paid customer relationship,

163
00:08:30,160 --> 00:08:34,599
Speaker 2: you know. We also see quite another set around our OEMs.

164
00:08:34,600 --> 00:08:38,160
Speaker 2: We announced the major partnership with Dell right for not

165
00:08:38,200 --> 00:08:41,679
Speaker 2: only Xeon's but also Goudy's as they come on premise

166
00:08:41,720 --> 00:08:45,040
Speaker 2: and their cloud offerings. We've seen a big upsurge in

167
00:08:45,400 --> 00:08:48,200
Speaker 2: Goudy interest in the Intel Developer Cloud. We had a

168
00:08:48,240 --> 00:08:51,960
Speaker 2: five x increase in the developers on our Developer cloud,

169
00:08:52,160 --> 00:08:55,040
Speaker 2: much of that on the Goudy platform. And then I said,

170
00:08:55,080 --> 00:08:59,200
Speaker 2: we saw you well over a billion dollars last quarter.

171
00:08:59,280 --> 00:09:03,800
Speaker 2: We've appily doubled that this quarter of goudy demand worldwide,

172
00:09:03,840 --> 00:09:08,440
Speaker 2: and those are largely paid customer engagements. So overall, we're

173
00:09:08,480 --> 00:09:11,560
Speaker 2: just seeing a surge of interest with stability, AI, Dell

174
00:09:11,679 --> 00:09:12,440
Speaker 2: and many others.

175
00:09:14,000 --> 00:09:18,200
Speaker 1: Pat we every earnings look to your forecast for the

176
00:09:18,240 --> 00:09:22,480
Speaker 1: PC market, and you're slightly more positive than consensus in

177
00:09:22,559 --> 00:09:25,480
Speaker 1: terms of literally how many PCs you think will ship

178
00:09:25,480 --> 00:09:28,480
Speaker 1: around the world this year. I guess part of that

179
00:09:28,600 --> 00:09:31,559
Speaker 1: is baked into your sales forecast for the current period

180
00:09:31,640 --> 00:09:35,319
Speaker 1: as well. What gives you that confidence and why is

181
00:09:35,360 --> 00:09:38,199
Speaker 1: it that consumers will return to buying PCs?

182
00:09:39,080 --> 00:09:41,360
Speaker 2: Yeah, And there's probably three different factors there, you know.

183
00:09:41,440 --> 00:09:43,960
Speaker 2: One is I say, hey, we gave this two hundred

184
00:09:44,000 --> 00:09:48,680
Speaker 2: and seventy million ish PCs being sold through this year,

185
00:09:48,960 --> 00:09:51,080
Speaker 2: and we said that earlier in the year. Many thought

186
00:09:51,080 --> 00:09:53,480
Speaker 2: that we were too optimistic. Hey, we look at it

187
00:09:53,480 --> 00:09:57,240
Speaker 2: today and we're almost spot on with our accuracy on

188
00:09:57,280 --> 00:10:01,440
Speaker 2: that forecast. Second, we've seen the industry, you know, not

189
00:10:01,520 --> 00:10:05,920
Speaker 2: just Intel, but the industry overall. Inventory levels are now healthy,

190
00:10:06,280 --> 00:10:08,520
Speaker 2: you know, and we look at our selling rate versus

191
00:10:08,559 --> 00:10:11,680
Speaker 2: sellout rate. You know, the product is selling through I'd

192
00:10:11,679 --> 00:10:14,040
Speaker 2: also say, hey, we're off to a good start in

193
00:10:14,120 --> 00:10:16,120
Speaker 2: Q four. We're a couple of weeks into the quarter,

194
00:10:16,160 --> 00:10:19,120
Speaker 2: and as I said on the earnings call, really good

195
00:10:19,160 --> 00:10:22,000
Speaker 2: start to Q four as well. And you know seasonality

196
00:10:22,080 --> 00:10:25,440
Speaker 2: is a bit above in Q four historical levels. We

197
00:10:25,480 --> 00:10:28,360
Speaker 2: also have things like Windows ten end of service coming

198
00:10:28,360 --> 00:10:33,559
Speaker 2: from Microsoft. You know Microsoft's about to release their copilot products.

199
00:10:33,760 --> 00:10:36,679
Speaker 2: But I'd say the sizzle in the marketplaces around this

200
00:10:36,880 --> 00:10:41,280
Speaker 2: AIPC braw new use cases for the PC. And I've

201
00:10:41,320 --> 00:10:44,680
Speaker 2: compared it to the Centrino moment of twenty years ago

202
00:10:44,760 --> 00:10:48,839
Speaker 2: when Centrino really ushered Wi Fi at scale into the industry.

203
00:10:49,080 --> 00:10:51,040
Speaker 2: And we think that's exactly what's going to happen with

204
00:10:51,080 --> 00:10:54,679
Speaker 2: the AIPC. It will be a driver of new applications

205
00:10:54,679 --> 00:10:57,800
Speaker 2: and use cases for the PC and bringing a bit

206
00:10:57,800 --> 00:11:01,080
Speaker 2: more excitement, a bit acceleration, more users coming into the

207
00:11:01,120 --> 00:11:04,800
Speaker 2: marketplace because it's going to give significant new capabilities to

208
00:11:04,880 --> 00:11:05,679
Speaker 2: PC users.

209
00:11:05,960 --> 00:11:07,760
Speaker 3: Is that what gives you your gross margin level of

210
00:11:07,800 --> 00:11:11,120
Speaker 3: sixty percent? Again, is that where the confidence comes from.

211
00:11:11,559 --> 00:11:14,800
Speaker 2: Well, to get our overall gross margins up above sixty percent,

212
00:11:14,920 --> 00:11:18,400
Speaker 2: I need the whole business to improve. Carolyn, Obviously, We're

213
00:11:18,679 --> 00:11:21,120
Speaker 2: making good progress in the PC. You know, I also

214
00:11:21,200 --> 00:11:24,440
Speaker 2: need to improve my factory network. And as we get

215
00:11:24,440 --> 00:11:28,600
Speaker 2: back to leadership. We finished this super aggressive five nodes

216
00:11:28,640 --> 00:11:31,520
Speaker 2: in four years. You know, I'm churning through capital very

217
00:11:31,600 --> 00:11:34,600
Speaker 2: rapidly to get back to leadership. That's a big factor

218
00:11:34,840 --> 00:11:37,360
Speaker 2: getting the data center business healthy. Going back to one

219
00:11:37,360 --> 00:11:40,440
Speaker 2: of your earlier questions, another factor in getting back to

220
00:11:40,679 --> 00:11:43,560
Speaker 2: our margin structures. One of the other things we did

221
00:11:43,559 --> 00:11:46,880
Speaker 2: this quarter was also have great operational success on our

222
00:11:46,920 --> 00:11:49,680
Speaker 2: cost saving initiatives, and we said, you know, we would

223
00:11:49,720 --> 00:11:52,760
Speaker 2: result in three billion savings. You know, we've also cleaned

224
00:11:52,840 --> 00:11:55,880
Speaker 2: up the company. I've exited ten businesses since I've been here,

225
00:11:56,240 --> 00:11:58,600
Speaker 2: and now we think we're finished with that phase and

226
00:11:58,600 --> 00:12:01,080
Speaker 2: we just get focused on growth, owing the company again

227
00:12:01,120 --> 00:12:03,640
Speaker 2: to the future. So part of its growth, part of

228
00:12:03,640 --> 00:12:06,520
Speaker 2: it's this focus areas across the businesses, and part of

229
00:12:06,559 --> 00:12:09,840
Speaker 2: it is just increased operational discipline. But this quarter's results

230
00:12:10,000 --> 00:12:11,800
Speaker 2: were well on our way to accomplishing that.

231
00:12:12,160 --> 00:12:14,600
Speaker 3: And you talk of operations there and we didn't get

232
00:12:14,640 --> 00:12:16,080
Speaker 3: time to talk about it, but we know that you

233
00:12:16,120 --> 00:12:19,080
Speaker 3: do indeed have operations in Israel, and we think of

234
00:12:19,440 --> 00:12:23,320
Speaker 3: your own employees and your infrastructure there at this time, Pat,

235
00:12:23,400 --> 00:12:25,760
Speaker 3: so thank you very much for spending some time with

236
00:12:25,840 --> 00:12:27,960
Speaker 3: us and walking us through your numbers. Intel CEO Pat

237
00:12:28,000 --> 00:12:28,720
Speaker 3: Gelsinger there