Intel intends to incorporate AI into all platforms that it develops
During the Q2 2023 earnings call, Intel CEO Pat Gelsinger revealed the company’s ambitious plan to integrate AI into all its products. As part of this initiative, Intel will launch Meteor Lake later this year, featuring its first consumer chip with a built-in neural processor for machine learning tasks.
At Microsoft’s Build 2023 conference, they announced a collaboration with Microsoft to advance AI development in personal computing. They also showcased the AI-enabled capabilities of their Meteor Lake client PC processors.
Regarding financials, It reported $12.9 billion in revenue for the quarter ending on July 1, showing a 15 per cent decrease compared to the previous year. They reported a net income of $1.5 billion for the quarter and generated $2.8 billion in cash from operations. For the third quarter, Intel forecasted revenue in the range of approximately $12.9 billion to $13.9 billion.
Pat Gelsinger stated that the company’s Q2 results exceeded their guidance, emphasizing the execution of strategic priorities, including building momentum with their foundry business and delivering on product and process roadmaps. He also highlighted their commitment to leveraging AI growth by championing an open ecosystem and offering silicon solutions to democratize AI across various domains.
Additionally, they announced a notable industry-first implementation called Intel PowerVia in a test chip, which significantly improved performance and efficiency gains. This technology will be integrated into Intel 20A, set to launch in the first half of 2024.
David Zinsner, Intel’s CFO, attributed the positive quarter to strong execution, particularly in progress towards their $3 billion cost savings goal for 2023. He emphasized the company’s focus on operational efficiencies and their Smart Capital strategy to support sustainable growth, financial discipline, and enhance shareholder value.