Intel Opening Keynote

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that could cause actual results to differ materially from those expressed or implied in such statements for more information on the factors that could cause actual results to differ materially see our most recent earnings release and SEC filings at www inc.com so here's the thing all the greatness in the world every feat every breakthrough every game-changing Paradigm shifting accomplishment you admire out there didn't come from out there see greatness true greatness your greatness it can be easy to lose sight of but it's here inside inside all of us inside you and greatness that can always grow greater all it needs is ignition so let's hit that switch push the throttle kick that door wide open after all we know a thing or two about what's inside how to amplify it how to multiply it accelerate it so you're not just leaning into the future you're launching into it with more Ingenuity inside more creativity inside more security innovation intelligence because that greatness inside you that is your superpower helping you unleash it that's [Music] [Applause] ours please welcome to the stage chief executive officer LIF food [Applause] tan well good afternoon thank you so much for coming to uh Vision 2025 and uh one would thanks all the sponsor that we have and also we have a great line of uh Workshop speakers and I will hopefully you will get something out of it uh during the trip well first of all I want to really uh grateful that for your presentence and also your support I'm excited to lead Intel at this defining moment uh in our history uh it has been my 14 days very short time since I joined the company and thank you for your support and uh this is not a long time but long enough for me to have some clear uh observations and plan to go forward and this is a perfect place to share them with all of you my number one priority since my first day on the job has been spending time with customers I have trusted relationships and friendship with many of the customer over the decades because of our relationship and my humility they give me very feedback uh it is very clear from the early conversation we have a lot of hard work ahead there are areas we have fallen short of your expectation I will pull together strong teams to correct the past mistakes and starting to earn your trust my motto is very simple under promise and over over deliver that have been my trademark uh I will not be satisfied until we Delight all of you I have been spending time also with our technical teams many of The Architects Engineers I personally reach out under my leadership Intel will be an engineering focused company one of my top priorities is to ret and recruit top talents engineering and that's Empower Innovation and grow I believe Intel has lost some of these talents over the years I want to create a culture of innovation empowerment our ambition is ultimately create the best products and become the best Foundry over the years and it would require us to unleash the power of our Engineers before I talk some of the way I think we can do that let me share a little bit of my background I was born in Malaysia Joo and moved to Singapore and grown up in Singapore I did my undergrad studies in physics actually quantum physics at nyang technology University and I served a few years a trustee and I also advising the school then I moved to us and I received my graduate degree in nuclear engineering at MIT nuclear engineering and so it's interesting background and my education give me a deep understanding of how to solve hard technical problems through engineering design after Tre My Island accident happened I decide not to finish my PhD even though I finished all my courses instead I moved to San Francisco my mom was very worried about me uh ask my brothers and sister they are all professor in University how I drop out the school and uh but at least my my brother came by and visit and replied to my mom he's okay and I fall in love with Silicon Valley Silicon Valley I founded Warden International group of venture funds when I started only managed $3 million and uh only a few family friend invest with me and over the years I built a 5 billion under management it's a name inspired by a thinker a poet and a philosophy at admire Henry David too how many of them you read the book and and uh it's amazing book one of my favorite quote he has is rather than love than money and fame give me the truth that really speaks to me all my life because I always want to have my customer my team my partner my wife to give me the truth likewise they also expect me to give it truth then we can together fix problems and move forward as a team I also admire him because he's a contran and if you visit his cabin how he built is a is a beautiful handcraft and I was uh stay there for almost half an hour to look at every corner how he built to the detail and that is the c manip a lot of our business is about building craftsmanship it's more science actually more art than science you need to have that style as a venture capitalist I always work to find a hidden opportunity where other were not looking when semiconductor were not popular 20 years ago I double down I still remember I visit two tier one venture capital from that I respect and admire when I set that meeting they all come in the conference room after I talk about semiconductor half of the team just left and the other half is sympathetic try to listen to me and then to the end there's only two guy left in the room they ask me in a whisper do you have software service or AI startup that we can talk about so it's not very popular I took contran long-term view that you know even my investor asking me are you crazy and all the tier one Venture firm already thought that it's a sunset industry even some of the professor in the University they thought it's a sunset industry I decid to Double Down being a contran and it really pay off and include I invest a lot in the semiconductor and then some of them like the high speeed connectivity like cradle like sta lab and then now in the photonics in celesia thought Ai and some of the cooling technology that badly needed and then some of this processor is a lot of high power and how do you bring the power down with microfluidic Cooling and that's something is really exciting to me and some of the infrastructure you have to move to photonics uh and I call it the photonic fibric platform and some new material seos getting to a level that I think you need some new material now gum nitrite silicon carbide and Indian fight to next generation of application overall I make 251 semiconductor related investment of this we have 43 IPOs and 25 successful m& then I expand towards a Content creation like some of you may familiar called type phas I was earlier investor in that company and then search and uh I used to use a lot of Google Search now I changed to perplexity search and it's a very interesting different way of conversation search that I like and then software in know cloud service and also AI safety related area so I invest quite a bit of this company and uh together thought AI virtual Ai and many of this genetic area of AI most recently I've been focused on generative and agentic AI as well as application in life sciences and medical Innovation and a good friend of mine he built this using the brain wave to help Parkinson patient to how to using semiconductor to drive 82% accuracy of the conversations and some of the medical Innovation is amazing and uh my exper expent and VC prepar me well for 12 years as a CEO of Caden design when they asked me to step in as a CEO to turn around the company and first of all what I did is I change the culture of one team change the culture of innovation and Delight our customer a deeply partnership with the customer to find a solution in addition to Growing our core Eda uh business I also decided IP is very important through multiple acquisition and I basically put the cash we have I bought Denali some of you may be familiar and I bought tensilica and I bought new semi for highspeed 30 and that's critical and so that will help accelerate our design process and it grow to more than 10% Revenue I always like to see where is the the other 10% growth that we can see by new innovation and new area that we can move in then we move also aggressively into system design enablement uh that is the now system modeling system analysis that expanding our addressable market and create a new Revenue stream and all this transformed the company from low single digit growth to double digit growth uh went from having no new organic development culture in the RO map to have every year 12 to 14 new product organically developed rather than buying from outside and we grow our addressable Market three time and delivering 3,200 per in shareholder return and that's reach out to almost 7 75 billion market cap most important we become the trusted partner to customer that we they knew they could count on us overall this experience taught me a lot my time in at Warden trained me to how to build company from startup with small team and focus and address what company need and my time at Cadence CEO helped me to understand design methodology uh Foundry ecosystem and what it takes to Delight customers I also spent two years at the Intel board and I learned a lot from our Engineers about our problem the challenges we face and how to fix them all this have prear me prepared me well on taking on this very challenging task to build a new Intel this is a iconic and essential company that is important to the industry and also to the United States I care deeply about Intel success and have many mentors from Intel over the years who inspire me some of you may remember Albert U some of you may remember Shan Malone and some of them you may know Daddy permuda they are very close friend of mine I learn a lot about semiconductor IND the stre from all these mentors of mine some of the people asking me Dio why take on this job now at this stage in your career the answer is very simple I love this company it was very hard for me to watch its struggle I simply cannot stay on the sideline knowing that I could help turn things around I also fully recognize it won't be easy uh you have been in a tough period for quite a long time for Intel we fell behind on Innovation as a result we have been too slow to adapt and to meet your needs you deserve better and we need to improve and we will please be brutally honest with us this is what I expect you this week and I believe uh harsh feedback is most valuable I learn a lot by give it from customer and when you give me honors feedback then I need to know what to do I learned the lesson firsthand at Kaden design when I took over during my initial one major customer review I asked them to create my products and the executive said Lio none of the vendor will even dare to ask this question and I said I got to know how bad my product is so just for information we got a lot of d a lot of e and many F and that's humiliating and I learned a lot and because in my career in the academic and never get anything below B is humiliating but it's really ignite me to change and that's a turning point for the company we will reinvent how we engage with the customer and it began today and really looking forward to build the trust with you I have competitor at the past tell me Lio customer treat us as their vendor but they treat you as a true partner and at Intel I would love to expect you to do the same to me I won't be rest until I see the same way it start with the culture we have to Foster inside the company the culture change and the most important and valuable lesson I learned in the college beside the class classroom and research Labs it was a basketball court I used to play uh power forward in Singapore for my college and uh I learned a lot teams win championship even though sometime I scor 38 point and uh not individuals is really finally we win the championship and I found my teammates that can shoot three-pointers and that helped me to kind of inside outside and we win and we work hard every day after school and we fight to win every game and learn from our mistakes and always ask how can we make the differ and we review it the video and how to improve that that's why some of you know that I'm a big Warrior fan and I love the game and I really enjoy the teamwork how they pass the ball without even looking at looking at it and you know your uh teammate is the other side to receive and this is the kind of team I would like to build at Intel most important we need to stri every day to extend our your your dream fully dedicate to your success to make that happen we're going to refocus the company on essential ingredient of innovation and clearly I need to focus on strengthen my balance sheets and I need to really Drive efficiency and I need to really regroup the talent we have and attract some of the new Talent with the Clear Vision of what we're going to do Innovation start with incubation and we are big company sometime prevent new ideas years from having room to develop and grow and I like to really practice the startup day one culture and going to work as a day one startup and a big startup and then we're going to really Drive some new ideas giving Engineers freedom to innovate from within my weekend usually pack with a lot of uh engineers and Architects and they had some brilliant idea they want to change the world and that's where I get excited to work closely with them I will also put resources behind people and ideas where we can see the opportunity to innovate and we can free some of this uh uh you know the infrastructure to really Drive Innovation and Empower them most importantly we will simplify the way we work bureaucracy kill innovation in my career I see how small focused team and move very fast and innovate and take on incumbents and we're going to practice that in inail we may not be perfect in the beginning but eventually you can count on it I will make it perfect this will unleash the potential I know exist across my team it will also help us attract new Talent from outside and they can join us and enter this most exciting period of creating uh Innovation and creating the new Intel uh some of you know my email address if you are interested call me I will spend time with you we are operating in the very Dynamic fast moving uh industry technology adoptions and disruption are accelerating faster than ever this is being driven by the one transformation Force called ai ai is not new but you know with all the data massive data available you can really Drive some of the new way of learning new way of interpreting and new way to even prog forecast the future and this is uh really reshaping many of the companies I involv and shaping our daily life can you imagine the agent help you to decide and move some of the mundane uh process I love agents and some of them are using it for the starter AI is driving a total architectural change to the Computing especially in the cloud computing no code low code you know the software 2.0 later on I'll talk about this is driving the hypers skill Innovation massive computational power and new data capacity this will accelerate us to move forward and some of the in infrastructure as I mentioned earlier mov into the phonics area and also I have invest in three Quantum Computing company and this is coming I keep a very close eye it will coming sooner than we all thought AI is also revolutionized how we discover create and interact with contents to gener Ai and intelligent agents and then some of my friend they are really working on to become the control center of the all the AIS and some of them talking to me Liu we would love to have Intel computer platform that we can base on and build all this CER apps and agents and I love it I said when can I come to your house to talk about that AI is also expanding into physical world you may heard of uh humanoid uh robotics uh I'm very big fan of that this is the new frontier it will redefine Industrials from Auto to manufacture uring it will create the new era of Robotics and intelligence system embedded everywhere around us I have a lot of experience in this du area stay tuned uh from the Intel perspective that will create great opportunity for us going forward at Intel we will re redefine some of our strategy and then free up the bandwidth and uh some of the non-core business we will spin it off but really focus on our Core Business and how to expand that using Ai and software 2.0 it would require a foundation found Dimension uh shift how we approach product design in the past Intel approach has been inside out we design Hardware then you figure out developing the software to make it work the world have changed uh you had to flip that around going forward we will start with the problem what you're trying to solve and the workloads you need to handle are enable then we work backward from that that require embrace the software 2.0 uh mentality which mean that having software first designed the mindset I invest quite a few uh the software Point 2.0 uh startup and some will be really

exciting the game changing we will use Aid driven system design to accelerate the development of new compute architect Ure platform I know from my time uh Lear running cadence that we adopt the AI and drive uh significant performance and power efficiency and more than double digit and you can see a game change and how to help customer to be more productive in their design and it would also help us to enable new compute intensive models and application and agent that we are going to be enjoy in the years to come all of this will fundamentally reshape our approach to the hardware the world is moving forward to power purpose bu silicon that design and optimize for specific workload that you try to address and you open the door for the new 86 Solutions I also believe we can play an important role in developing custom silicon that tailor for specific application that you need to enable uh last weekend I spent quite a bit time with three major data and AI platform they love to work with us in term of Define the next 86 solution and I was fascinating and very exciting of the opportunity we have already started Deep dive with my engineering team to Kickstart this transformation will begin reimagine our portfolio at the same time I am equally focused on our immediate priority both products and Foundry let me talk about that let's start with products I'm a big believer the best product always win and uh team begin to refocus here last year and Will Remain the top priority for us going forward there's a few area that's non negotiating for for me first we had Dev develop delivered the Great great performance that is essential to enable your workload of the future we have to anticipate the future we must deliver great efficiency uh to essential to enable AI in the increasing power constraint world the power today we have no way to even meet the AI croud infrastructure we try to build and that's something that I pay a lot of attention that's the main reason I rejoin MIT uh at Advisory Board because of my Nuclear engineering they that Lio the future is Fusion uh and nuclear and Li please come back and help us so I'm delighted to be part of that uh brainstorming future and we must deliver great quality on time delivery without exception and we have to have a culture of firsttime pass and we're not there and uh I will Implement that so stay tuned and there something that is no negotiation for me because it's essential part of earning customer trust those are the not Stars it will take time but we start from today s I send the data I start Michelle and the team will give you deep dive tomorrow morning and today I will just highlight a few specific priority that I see in client Computing we would drive strong Innovation that's a long have been area of strength but competition have increased they change the workload and we need to cannot be stand still we have to move forward to meet those requirement it will continue strengthen our product and Ro map and then we were also looking forward to shipping pent Lake on 18a later this year we also remain focused on building the industry broadest ecosystem of isv and application AI application we will leverage our cap capabilities in client to help enable the AI Edge that's the next Frontier in data center we need to strengthen our offering we lost quite a bit of talents that's my top priority to recruit some of the best talent in the industry to come back and then to rejoin or join Intel you have told me we need greater performance and efficiency and also lower your total cost of ownership especially you scale your AI investment our latest Zeon portfolio is step forward to enhance our competitiveness we will work to drive contined Improvement as CPU uh will play a increasing important role in AI inferencing with low power efficient power in the broader AI data area I'm not happy with our current position I know that you are not happy either uh you have I have heard uh the feedback loud and clear is a time to turn the new page we are going to learn to write the lesson from the past mistakes and working towards a competitive system that we can provide you it won't happen overnight but I I know we can get there and as we strengthen our Intel products I equally committed to build the Great Foundry Global demand for chip production is growing and you need Supply change that are flexible resilient and secure Intel Foundry play a crucial role we will continue to advance our Foundry strategy to meet our needs I have a weekly update uh for my team leaders and then I go down to the weat on the engineering side how can we improve the processed technology and then uh I will keep you posted and uh you had to satisfy my requirement I have a very high bar uh I'm working directly with my team and then understanding where we are and then Define the clear path going forward include clearly to B uh strengthen my balance sheet to drive more efficiency put the right people in the right place and to scale the business Foundry is a service business and that is built on the foundational principle of trust that is very important and also realize that every Foundry customer have their own unique design methodology and style of design and that part I learn a lot from my Cadence day and this is something that we need to learn and how to adopt each different customer they all have their preference IP vendors and their preference Ed uh partners and then to optimize the performance quality and yield we're not going to change that uh we're going to listen to the customer and then focus on which pattern recognition which Eda player which IP they use and we optimize and drive the performance the yield that they need this is uh ecosystem I know extremely well and I'm leaning in to help Advance our goals we continue to advancing our 18a as well our future node 14a 18a is set to win high volum production in the second half this year with pental lake that is our own requirement we need to have that and I laser focus weekly review that and also approaching our new uh first external tape out uh we're going to be planning to do that it will keep continue the improvement with yield quality and customer service to move our Foundry business forward it will take some time you know I'm very patient I always like to build business for the long term to build a successful model and very important for me you need two or three very important customer they're going to help us to drive the performance and yield and I have no thisp customer customer very well and then I will depend on them to help us and then to really improve over time we are the only American company that design and Manufacturing Advanced chips that mean that we have a essential role uh we are called to play The Foundry ecosystem especially in us I have been very pleased to see Trump Administration focus on strengthen the American Technology and Manufacturing leadership and I'm looking forward they asking me what can we help and definitely I will come to get their help to do you know what we need to do I'm looking forward to work closely with them to advance this share goals Let's uh I will talk more about the Intel Foundry at our Direct Connect event at the end of April hope many of you will join us then and whether The Foundry of the product or priority is the same we are here to serve you and earn your trust I won't be happy and satisfied until we consistently delivering our promise on time on quality to exceed your expectation and we have to earn it and we know that uh we're deeply committed to the journey and I personally are committed uh to this journey it you know people asking me when I was at Kaden how long you'll be there and I told them I will be there as long as a company need even though the board asking me just do three months I stay on 15 years uh to make sure that we really deliver and Delight customer and people asking me why on Earth you take on this challenging job and uh I commit a long term as again the answer people ask me how long you could wa Inta I'll be here as long as the company need so we I'm deeply committed to this journey under my leadership we will return Our Roots into a engineering first company and follow the full step that I learned so much from Albert U and D Puda it will start acting like a startup day one again will listen closely and act on your input most importantly uh we will create a products and then solve the problem and drive your success and with humility and know I urge you to help me and I can't do it alone I need your help as a customer give me honors feedback and um many people know I I don't have a high ego to just meeting with another CEO I go down to the six seven layer down Engineers to get your feedback so stay tuned uh you will see me a lot and that's the moment uh you demand from us and what we deserve from us and with that I just want to wish all of you have a wonderful uh you know Intel Vision there's a lot of track you can go to there's a lot of networking social event and uh you know just building the networking is fantastic and then uh all the best I wish you all enjoy that thank you so [Applause] [Music] much e e e e e e e e e e e e e e e e e e e e e e e e e e e e e e for

2025-04-01 18:18

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