从 Cadence 到 Intel：CEO 的转型策略

大家好，我是 Anirudh Devgan，Cadence 的 CEO。对于不了解 Cadence 的朋友，我们就在此地。我们是设计芯片、半导体芯片和电子系统的软件领先供应商。如你所知，在 AI 时代，半导体变得更为关键。这可能是人类建造过的最复杂的东西，而且它们都是借助软件设计的，复杂到无法手工完成。我们有幸与所有领先的科技公司合作。我很高兴来到这里，也很荣幸赞助这场盛会。这两位先生是我的好友和导师，也是我们领域非常熟悉的人。John 在我任职 Cadence 的大部分时间里担任董事长，Cadence 和我都从他的领导和建议中受益匪浅。Lip-Bu 是我的前任 Cadence CEO，他雇佣了我。我与他密切合作了 10 年，从他身上学到了很多。能来到这里真是莫大的荣幸，我期待聆听 John 和 Lip-Bu 的对话。谢谢。

Hello, I'm Anirudh Devgan. I'm CEO of Cadence. For those who don't know what Cadence is, we are based right here. We are the leading provider of software to design chips, semiconductor chips and electronic systems. As you know, in this age of AI, semiconductors become even more critical. It's probably the most complex things humans have ever built. And they are all designed with the help of software. They're too complicated to be designed by hand. We have the privilege of working with all the leading tech companies. It's great to be here, and we are glad to sponsor this phenomenal event. These two gentlemen are great friends and mentors of mine, and people very familiar with our space. John was chairman of Cadence for most of the time I've been at Cadence. Cadence and I really benefited from his leadership and advice. Lip-Bu is my predecessor as CEO of Cadence. He hired me. I worked very closely with him for 10 years, and I learned so much from Lip-Bu. It's a real honor to be here, and I really look forward to hearing from John and Lip-Bu. Thank you.

好吧，我有些笔记，但我不打算看。我们看看效果如何。

Okay, well, I have some notes, but I'm not going to look at them. So, we'll see how this goes.

我认识 Lip-Bu 超过 22 年了。我会简短介绍，因为对话才是重点。Lip-Bu 在马来西亚出生并长大，本科在马来西亚读物理专业。19 岁时，他移民到美国，进入麻省理工学院学习核工程，并获得了硕士学位。然后他搬到湾区，做过几份工程工作，其中一份我认为是在风投领域。他在旧金山大学获得了 MBA，可能是在晚上读的。27 岁时，他创立了 Walden International，专注于半导体和软件初创公司。这些在当时并不是风投最热门的领域，所以他有点逆向投资者的味道。但 Walden 取得了巨大成功。多年来，它支持了数百家美国公司，在美国创造了 5 万个就业岗位，市值达到 4000 亿美元。所以这是一个巨大的成功。实际上，它也在全球投资，特别是在亚洲。我们在 2004 年相识。当时我已经在 Cadence 董事会任职大约 12 年。一年后，2005 年，我成为董事长。三年后，突然 Lip-Bu 和我成了 Cadence 的联合临时 CEO。这有点突然。Cadence 当时陷入困境，我们与 CEO 分道扬镳。还有第三个人，Kevin Palatnik，CFO，在所谓的 CEO 办公室。但突然我们要负责运营公司，直到找到永久 CEO。我们聘请了一家猎头公司。所以我近距离观察了他。他立即全身心投入这个临时工作，以至于两周后我就想，也许我们面前就有永久 CEO。我先告诉猎头公司把他放进候选人池。两周后我说，忘掉池子，他就是我们要找的人。他完成了一次惊人的转型。例如，股价，如果你知道 72 法则，在他担任 CEO 的 13 年里，股价翻了六倍。这太不可思议了。现在，大约一年前，他加入了英特尔，几乎正好一年。他正在推动另一场伟大的转型。这就是我们将在对话中讨论的内容。我应该提一下，Seifert 和英特尔其实早有渊源。英特尔联合创始人 Gordon Moore 曾在 Seifert 顾问委员会任职多年。最后讲一个小故事。2004 年我们相识，他加入了 Cadence 董事会。有一次我和他站在某个招待会上，或者可能是排队吃午饭，我记不清了。我只是想找话题聊天，于是我说：“天哪，我想我以前从没见过叫 Lip-Bu 的人。”他停顿了一下，说：“我也没见过。”所以，既然你知道他是独一无二的，我想听完我们的对话你会更加确信这一点。就这些。

I have known Lip-Bu for more than 22 years. I'm going to keep this introduction short because the conversation is the main thing. Lip-Bu was born and raised in Malaysia. He was a physics major as an undergraduate in Malaysia. At age 19, he immigrated to the United States, enrolled at MIT in nuclear engineering. He got a master's degree at MIT. Then he moved to the Bay Area. He had a couple of jobs in engineering. He had one job, I think, in venture capital. He got an MBA at the University of San Francisco, maybe that was at night. At age 27, he founded Walden International. Walden International specialized in semiconductor and software startups. Those were not particularly the most popular areas in venture capital at the time, so he was a bit of a contrarian investor. But Walden was a huge success. Over the years, it supported hundreds of American companies, creating 50,000 jobs in the US, and $400 billion in market capitalization. So it's a big success. But actually, it was also investing all over the world, particularly in Asia. We met in 2004. I'd been on the Cadence board for about a dozen years already. One year later, in 2005, I became chairman. Three years later, suddenly Lip-Bu and I were co-interim CEOs of Cadence. It was kind of sudden. Cadence was struggling. We parted ways with the CEO. There was a third person in what was called the office of the CEO, Kevin Palatnik, the CFO. But suddenly we're supposed to be running the company until we found a permanent CEO. We hired a search firm. So I saw him up close. Immediately he poured himself into this interim job, so much so that in two weeks I thought, well, maybe we have the permanent CEO right in front of us. First I told the search firm to put him in the pool you're looking at. Then two weeks later I said forget the pool, he's our guy. It was an amazing turnaround that he accomplished. For instance, the stock price, for those of you who know the rule of 72, the stock doubled six times in his 13 years as CEO. So that was incredible. Now he joined Intel about a year ago, almost exactly a year ago. He's trying to move another great turnaround. That's what we're going to talk about in the conversation. I should say that Seifert and Intel actually go back a ways. Gordon Moore, the co-founder of Intel, was on the Seifert advisory board for many years. I'll just conclude with one little story. In 2004 we met. He joined the Cadence board. I found myself standing with him at some reception, or maybe we were standing in line for lunch. I can't remember. I was just trying to make conversation. So I said, "Boy, I don't think I've ever met anybody named Lip-Bu before." And he paused and he said, "Neither have I." So, now that you know that he's one of a kind, I think you'll conclude that even stronger after our conversation. That's it.

好的。

Okay.

谢谢你，John。

Thank you, John.

谢谢。就像我说的，我们是朋友，认识很久了。所以我要问他的第一个问题与 Cadence 有关，以及同样的策略在英特尔是否奏效。他 2009 年 1 月成为 Cadence CEO 时，多次拜访了我们所有主要客户。他无处不在：韩国、中国、日本、德克萨斯州奥斯汀，到处都去。他问他们，实际上是倾听他们，这很新鲜，他请他们给作为供应商的 Cadence 打分。分数并不好看。但 Lip-Bu 倾听了，并承诺我们会改进等等。在第一年里，他改变了客户关系的性质：从 Cadence 是供应商变成了 Cadence 是合作伙伴。这对转型帮助巨大。所以我的问题是，你在英特尔也在做同样的事吗？

Thank you. Like I say, we're friends and we've known each other a long while. So, the first thing I would ask him about will be related to Cadence and whether the same playbook is working at Intel. When he got to Cadence as CEO, that was January of 2009, he visited all of our major customers multiple times. He was everywhere. He was in Korea, China, Japan, Austin, Texas, all over the place. He asked them, actually he listened to them, which was new, and he asked them to grade Cadence as a supplier. The grades were not pretty. But Lip-Bu listened and he made pledges that we're going to deliver and so forth. Over the first year, he changed the nature of the customer relationship. It changed from Cadence being a supplier to Cadence being a partner. That was hugely helpful in the turnaround. So, my question is, are you doing that again at Intel?

首先，很高兴回来见到你。当 John 邀请我做这场炉边谈话时，我先是拒绝，然后答应了。所以我很高兴来到这里。我见到了很多老朋友。我想说几件事。首先，我本以为 Cadence 之后，我会回到风投投资，开始大量投资。然后我被邀请作为董事会成员介入，后来我退出了。但他们没有放我走，又请我担任 CEO。很多朋友告诉我：“伙计，你不应该做。”以你在 Cadence 的成功，那么多 IPO 的成功，人们只记得最后一次。所以他们警告我不要犯错。然后有几位朋友说：“在你退休之前，拯救这家标志性公司会很棒，它对美国非常重要。”最重要的是，我需要说服我的妻子。所以在结婚 44 周年纪念日后，我得到了许可。她说：“哦，去做吧。”于是，我决定接手。回答你的问题，谦逊是我的个性。在英特尔的第一天，我最大的客户要求共进晚餐。晚餐时，他列了一长串问题。我说：“好的，让我记下来。”他说：“我们很高兴你成为 CEO。过去，你们甚至不想听，还教训我们。”

Well, first of all, delighted to be back to see you. When John asked me to do this fireside, I said no, then I said yes. So, I'm delighted to be here. I met a lot of old friends here. I think a couple of things. First of all, I thought that after Cadence, I would go back to my venture capital investment, starting to make a lot of investments. Then I was asked to step in as a board member, and later on I stepped down. Then they didn't let me go and asked me to be the CEO. Many friends told me, "People, you shouldn't do it." With your success at Cadence, with success with so many IPOs, only people only remember the last one. So they warned me not to make a mistake. Then a couple of friends said, "Before you retire, it'll be great to save this iconic company, and it's so important to the United States." The most important thing, I need to convince my wife. So I got permission after our 44th anniversary. She said, "Oh, just do it." With that, I decided to step in. To answer your question, humility is my personality. On the first day at Intel, my biggest customer requested dinner together. At dinner, he had a long list of problems. I said, "Okay, let me take down notes." He said, "We are so delighted you are the CEO. In the past, you guys didn't even want to listen, and even lectured us."

现在，我们非常高兴能邀请到您。您非常谦逊，会做笔记，然后我会跟进与您的会议，澄清所有问题。我们很高兴现在与他们建立了重要的合作伙伴关系。所以我认为最重要的是要理解真正的问题，作为一名优秀的工程师，要努力找出解决方法。然后最初要了解产品有多糟糕。关键是要与客户建立信任。当时我们的竞争对手，我的一位好朋友，他说我们终于发现了你的秘密：我的供应商把我们当供应商对待，而他们把你当合作伙伴。他们与你分享未来 5 年、10 年的路线图，而我们却没有这个优势。所以这就是谦逊，展现脆弱，实际上你展现的是力量，你不需要告诉他们你有多聪明，而是建立信任，让他们依赖你交付成果，并组建最好的团队来交付和解决问题。我认为这就是成功的秘诀。

Now, we are so delighted to have you. You are so humble. You take notes. And then I follow up with me meeting and clarify all the issue. And then we are delighted right now we have a big partnership with them. And so I think the most important you just have to understanding what is real problem and being a good engineer you try to figure out how to solve it. And then initially try to know how bad the product is. The key point is you just have to build the trust with the customer. And then our competitors at that time, very good friend of mine, he said that finally we find out your secret. My vendors treat us as a vendor. They treat you as a partner. And they share with you next 5-year 10-year roadmap that we don't have that benefit. So that's kind of being humble, show the vulnerability and actually you show strength and it's not you don't need to tell them how smart you are but you build the trust that they count on you to deliver and get the best team to deliver and solve the problem. I think that's kind of the secret of success I think.

所以答案是肯定的，他遵循了同样的策略。

So the answer is yes, he's following the same playbook.

另外，如果你 21 岁就进入麻省理工学院的研究生院，你之前应该没有得过很多不及格或低分。

Also, if you're 21 and getting into a graduate school at MIT, you haven't had a lot of F's and D's before.

好的，关于 Cadence 早期还有一件事，他的一些直接下属会来找他，告诉他他们负责的业务部分取得了多么好的成绩。而 Cadence 当时正陷入困境，就像他接手时的 Intel 一样。所以 Lip-Bu 说：“我们为什么不从低光点而不是高光点开始呢？你为什么不告诉我哪些地方不顺利？”

Okay, one other thing about Cadence's early days, some of his direct reports would come to him and tell him what great things are happening in that part of the business, whatever the direct report was responsible for. And Cadence was struggling just like Intel was struggling when he took over. And so Lip-Bu said "Why don't we start off with the lowlights instead of the highlights? Why don't you tell me what's not working?"

是的，我认为它们有些相似。有几件事非常一致。第一，他们都想告诉你好消息。所以我通常告诉他们我只对坏消息感兴趣。作为一名工程师，我喜欢看到问题，然后从错误中学习。在 Intel 也是如此，人们只告诉你所有好消息。然后我说，这是一种哲学：如果你告诉我坏消息，那是我们的问题；如果你不告诉我，那就是你的问题；如果我从客户那里听到，那你就麻烦大了。所以这个哲学仍然适用。

Yeah, I think they kind of similar. And a couple of things very consistent. Number one, they all want to tell you good news. And so I usually tell them that I only interested in bad news. And being an engineer, I like to see the problem. And then actually I learn from the mistake. And so something similar at Intel, people tell you all the good news. And then I said that well, that's a philosophy. If you tell me the bad news, that means that is our problem. If you don't tell me, then it's your problem. And if I hear it from the customer, you're in deep trouble. And so that's kind of the philosophy still apply.

我提出过一个理论：大公司里有两种光速。好消息到达 CEO 的速度是光速，而坏消息到达 CEO 的速度则慢得多。他反对这一点，所以这很好。

I came up with a theory that there were two speeds of light in a big company. There's a speed of light with which good news reaches the CEO, and the much slower pace that bad news reaches the CEO. And he fought that, and so that was good.

现在，让我们回到当下，我最近听了 Intel 的财报电话会议，我听说 Intel 更多是供应问题而非需求问题。

Now, to move more to the present, I listened to the Intel earnings call most recently, and I heard that Intel has more of a supply problem than a demand problem.

好消息是需求强劲。至于供应，我想大家都知道这是一个巨大的担忧。任何减缓 AI 工厂或 AI 增长的因素，内存都是一个大问题。供应链是一个巨大的制约因素。最后，我告诉我的团队文化必须改变。新的 Intel，我们必须谦逊，必须更加开放和透明。我们仍在前进，仍在改变。

So good news is that demand is strong. And then in terms of supply, I think all of you know it's a huge concern. Anything slow down the AI factory or AI growth, memory is a big problem. The supply chain is a huge constraint. Finally, I tell my team the culture got to change. The new Intel, we got to be humble. We have to be more open and transparent. And we're still moving. We are still changing it.

现在，让我们来谈谈你们想知道的问题。问题是，你是如何让特朗普从说你应该被解雇变成你最大的粉丝之一的？这是怎么发生的？

Now, let's get to the question that you guys want to know. Question is, how did you turn around Trump from saying you should be fired to being one of your biggest fans? How did that go?

你想听简短版本还是长篇版本？

Do you want the short story or the longest version?

可能简短版本吧，因为我们还有更多问题。

Probably the short story because we have more questions.

所以，我想你知道那个周四早上 5:30 发生了一件我意想不到的事。我的电话一直响。有人问：“你看新闻了吗？”我说没有。我的习惯是在开始一天工作之前去健身房和游泳。所以我想你可能错过了，你应该看看。然后我立刻意识到，我必须立即辞职，因为利益冲突，没有其他选择。好吧。我的很多好朋友，包括在座的各位，都打电话或发短信问我：“你还好吗？”我非常感谢你们的关心。我唯一能安慰自己的是，我不需要这份工作。我做这件事是为了拯救公司，作为一名优秀的工程师，让我们解决问题吧。让我把自己从画面中移除。所以，让我们想办法帮助 Intel。议程上的第一件事是如何安排与他会面。其次，我必须向我的好朋友求助，我知道他们与白宫关系密切。首先，我认为他本人相当平易近人，他是个商人。然后我试图解释一些问题并加以解决。我说，在你的第一个任期内，我承认我们扭转了 Cadence Design 的局面。他听了非常高兴，我说第二个任期我想让 Intel 再次伟大，他对此很满意。接下来他问我，既然所有 CEO 都失败了，你打算如何扭转局面？我简短地告诉了他我的计划，他有点兴奋，说：“你下周五再来吧，我想拥有公司 10% 的股份。”这就是故事。

So, I think you know that there's something that I'm not expected in that Thursday morning 5:30. My phone kept ringing. And did you see in the news? And I said no. And my routine is go to gym and swim before I start the day. So, I think you'll be on the delay that. You should look at it. And so, immediately I know that I got immediately we resign and the conflict of interest and there's no option. So, okay. And a lot of my good friends and some of you are in the room and then ask call me and text me, are you okay? And I really thank all of you for reaching out. So, the only way I can comfort myself is I don't need this job. And I do it to save the company and so being a good engineer, let's solve the problem. And let's take myself out the picture. So, let's figure out how to help Intel. First on the agenda is how do I set up appointment to see him? And then secondly, I had to reach out to my very good friend for help. And I know they're very close to White House. First of all, I think he's in person, he's quite approachable. He's a businessman. And then I tried to explain some of the issue and to address that. And then I said that about the first your first term I give credit that we turn around Cadence Design. And so, he's very happy to hear that and I say second term I want to make Intel great again and he's happy with that. And then the next thing is he asking me how are you going to turn around in the all the CEO have failed so I give him a short version of what I'm trying to do and he kind of excited about it he said why don't you come back at next Friday I want to own 10% of the company so that's a story.

与此相关的是，美国拥有尖端半导体制造工厂有多重要？

Somewhat related to that, how important is it that the United States have cutting edge semiconductor fabrication plants?

首先，你们所有人都是 Intel 的股东，也是美国的股东。所以我很高兴有你们作为股东。我认为这非常重要。我认为未来几年最大的挑战确实是供应链，这是每个人的首要任务。所以我认为，除了我之前提到的内存，CPU 非常重要，但更重要的是，如今 97% 的高性能芯片只由一家公司生产，而且在美国境外。为了韧性，为了美国的整体利益，我认为 Intel 是唯一一家能够进行设计制造的公司，所有技术都在美国。这也是我介入的原因之一，因为这对所有应用、所有 AI、所有工作负载都至关重要。没有它，我认为将会出现严重问题。所以我日夜工作。把它做好很重要。这不仅仅是技术问题，你还要与客户建立信任。然后客户才会信任你，将数十亿美元的收入托付给你。所以这是一个旅程，不可能一夜之间实现。我们至少需要 100 步才能达到目标。这就是为什么找到合适的团队、合适的技术、合适的生态系统来帮助你很重要。最重要的是，让客户知道他们可以信任你交付的晶圆。他们的收入依赖于你。

First of all, all of you are shareholders of Intel, and so US. So I think I'm delighted to have all of you as a shareholder. And I think it's very important. I think right now the biggest challenge in the next few years is really the supply chain, and that is a top on the list of everyone. And so I think most important besides the memory I talk about, you know, CPU is very important, but even more important today, 97% of all the high performance silicon is only produced by one company and it's outside US. And for the resilience, for the overall United States interest, I think Intel is the only one able to do design manufacturing, all the technology is in US. And that's one of the reasons I stepped in, because this is critical for all the application, all the AI, all the workload. Without that, I think it's going to be a serious problem. And so I think, you know, I work day and night. It's important to get it right. And that is not just a technology, you build the trust with the customer. And then the customer will trust you with billions of dollars of revenue depending on you. So that is a journey. It's not overnight you can make it happen. And we have at least 100 steps to get there. And that's why it's important to get the right team, get the right technology, get the right ecosystem to help you. And most important, get the customer to know they can trust you with the wafer that you're going to deliver. Their revenue depends on you.

听着，Bo，我知道你早在 ChatGPT 问世之前就已经在思考和研究 AI 了。我的问题是，你认为 AI 正走在什么样的道路上？它有哪些方面被过度炒作？又有哪些方面可能被低估了？你对 AI 的未来走向有何看法？

Look, Bo, I know you've been thinking about and working on AI much longer than since ChatGPT was introduced. And my question is what path do you think AI is on? Are there aspects of it that are being overhyped? Are there aspects of it that maybe underappreciated? You know, what's your take on where we're headed in terms of AI?

我认为 AI——有些人通过互联网体验已经相当了解——对全世界和整个行业的影响要高出 10 倍甚至更多，而且跨越所有不同的行业职能。我认为 AI 不仅仅是搜索引擎，你可以拥有数百万个智能体来帮助你更好地完成工作。它不只是查找信息，还能帮你预测和提出建议，这非常深远。你现在处理的很多问题，都可以让 AI 来驱动。所以，我们看到生成式 AI 正在发生。现在的大趋势是智能体式 AI，而物理 AI 也即将到来。至于是否被过度炒作？我认为短期内并没有被过度炒作。所以，我认为这对行业和教育来说都是一场巨变。而且在某些方面，基础研究非常迫切，否则我们就会落后。这些是我非常热衷的事情。所以，这既令人兴奋，也在某种程度上令人担忧——如果做得不对，你就会落后。我有三个孙子，年龄从三岁到五岁。我一直在思考，如何让他们在 20、30 年后具备生产力。我和儿子、儿媳讨论后得出结论：沟通技能变得非常重要。你如何与智能体和数字工作者沟通？如何协调它们并做出判断？而且，他们必须在课程中融入 AI，这样才能让他们更有生产力，并能够监督这一切。所以，总的来说，AI 的机会是巨大的。

I think AI, I think some of you know quite well, yeah, experience through the internet. AI is 10 times even more or even more impact to the whole world or the whole industry. And across all the different industry functions. I think AI is something that is not just a search engine. It's something that you can have millions of agents that help you to do the job better. And then it's not just to find information, they can help you to predict and suggest to you. That is very profound. A lot of problems that now you're dealing with, you can really ask the AI to drive it. So, I think Gen AI we all see that happening. Now, the big thing is agentic AI. And then just around the corner is physical AI. And in terms of is it overhyped? I don't think in the short term it's overhyped. So, I think it's just a sea change in terms of for the industry and also for the education. And then in some way I think foundation research is badly needed. And otherwise, you know, we're going to fall behind. So, I think those are the things that I'm very passionate about. So, I think that's something going to be exciting in some way and also some way alarming. If you don't do it right, you're going to fall behind. And then I have three grandsons and they're five to three years old. I've been thinking about how are we going to equip them for 20, 30 years from now to be productive. And then I talked to my son and daughter-in-law. We came to a conclusion: communication skill becomes very important. How do you communicate with the agent and the digital worker? And then you know, how to orchestrate that and make judgment calls. And then in some way they have to adopt AI in their curriculum so that equips them to be more productive and able to supervise all this. So, I think all in all, the AI opportunity is tremendous.

在 Lip-Bu 接受英特尔的工作后，我们有过一次谈话，他提醒我，这不是一年就能扭转局面的，至少需要 5 年。所以，我想问你，如果一切顺利，到 2030 年英特尔会是什么样子？

After Lip-Bu accepted the Intel job, we had a conversation and he reminded me, you know, this is not a one-year turnaround. This is going to take at least 5 years. So, I'm asking you, what will Intel look like in 2030 if things go well?

嗯，我想特朗普总统也问过我同样的问题。我想分享几点我的想法。首先，英特尔仍然有很多人才。但我试图聚焦的几件事之一是问责制，而不是互相指责。所以，非常重要的是：我们拥有问题，我们来解决它。我们如何应对？所以，我认为有几件事。第一，文化变革、领导层变革，然后与客户合作。我们面临复杂的情况。在产品方面，我试图简化产品。我深入研究了所有新产品。我们真的需要重新设计芯片设计的方法。过多的芯片组只会延迟对客户的响应。我们必须做得更好，更优雅。这是一个长期遗留问题，需要时间来修复。接下来，我们有 PC 客户端业务和数据中心业务。我们失去了很多市场份额。我需要推出很多新东西来夺回市场。多线程非常重要；由于某些原因我们失去了它，我们必须把它找回来。下一代产品将具备这一特性。至于晶圆代工，我们刚才谈过了。所以，从长远来看，英特尔有机会，尤其是在生成式 AI 和物理 AI 领域。我们有机会产生影响并做出贡献。其次，正如我向你提到的，我们必须从单纯的硅片升级为平台，提供机架空间来支持客户。客户对我说：‘Lip-Bu，我不只需要你的芯片，我需要你能提供的整个机架。’接下来，你还得向上进入软件栈。这就是为什么我上任后的头 6 个月是加强资产负债表。坦率地说，我非常努力地引进一些人才。一些最优秀的人说：‘Lip-Bu，我不来。这看起来像一家破产公司。我为什么要加入？’直到我筹集了 200 亿美元来加强资产负债表，现在人们开始谈论了。他们说：‘Lip-Bu，现在我们很兴奋能加入你。’所以，我认为你必须一步一步来。我们的资产负债表强健吗？还没有。我们需要真正实现这一点。其次，我认为今年我真正聚焦于执行之年。明年，你会看到我们开始增长业务。过去 5 年我们一直持平甚至下滑。

Well, I think President Trump asked me the same thing. Well, I think in a couple of things if I can share my inspiration. So, I think, you know, Intel still has a lot of talent. But I think a couple of things I try to focus on is accountability. And rather than pointing fingers. So, it's very important: we own the problem. Let's fix it. How do we address it? So, I think a couple of things. One is first of all, culture change, the leadership change, and then work with the customer. So, we have a complex situation. We have the product side. I try to simplify the product. I deep dive with all the new products. You know, that we have to really redesign the methodology of designing chips. And too many chiplets just delay the responsiveness to the customer. We have to do it much better, in a more elegant way. It's a long history that we need to fix and it takes time to fix it. The next thing is, you know, we have the PC client business. And then we have the data center. We lost a lot of market share. I need to put a lot of new things coming back. Multi-threading is so important; for some reason we lost it and then we have to put that back. And the next product will come up with that. And then on the foundry we just talked about. So, I think in the long run, Intel has a chance, especially in generative AI, physical AI. We have a chance to make an impact and contribute. And then secondly, as I mentioned to you, we have to move up from just a silicon to become more of a platform, a rack space to support the customer. And customers request me, 'Lip-Bu, I don't need just your chip, I need the whole rack you can provide.' Then the next thing you have to go up into the software stack. And that's why the first 6 months I came on board is to strengthen my balance sheet. And to be candid with you, I worked very hard to bring some of the talent in. And some of the best people said, 'Lip-Bu, I'm not coming in. It looks like a bankrupt company. Why should I join?' So, until I raised that $20 billion to strengthen the balance sheet, now people are talking. They said, 'Lip-Bu, now we are excited to come and join you.' So, I think you just have to take one step at a time. Are we strong in balance sheet? Not yet. And we need to really generate that. And then secondly, I think this year I try to really focus as a year of execution. Next year, I think you're going to see that we start to grow the business. We have been flat for the last 5 years and declining.

所以，你们——你们指的是英特尔——在命名上很有办法。他们的尖端技术是 18A，下一代技术是 14A。现在，我的问题是——这应该是个大问题。用通俗的话说，14A 能做什么 18A 做不到的事？

So, you guys have — you guys meaning Intel — you have a way with names. So, their cutting-edge technology is 18A and their next technology is 14A. Now, my question is — and that's supposedly a big one. What can 14A do in layman's terms that 18A can't do?

是的，所以我认为，客户来找我们，你需要有一个路线图。你不能只停留在 18A 或 14A。人们想知道你是否有一条持续发展的道路。如果我要转向你，我需要一个能与你共同前进多年的路线图。所以，这些都是我们必须考虑的事情。至于回答你关于 14A 的问题，它与 18A 有何不同？我认为我们将拥有更高的性能。其次，我们在功耗、面积等方面有一些改进，所以有很多破坏性的改进需要做。我们从修复中学到的一切实际上都是资产，因为我认为很多经验将应用到 14A 上。所以我们只需要应用同样的方法，确保能够建立客户的信任。

Yes, so I think you know, for customers to come to us, you need to have a roadmap. You cannot just stop at 18A or 14A. People want to know whether you have a path to continue. If I'm going to shift to you, I have a roadmap to go forward with you for multiple years. So, I think those are the things that we have to think through. And then in terms of answering your question on the 14A, how is it different from 18A? I think we'll have higher performance. And then secondly, you know, we have some improvements in terms of power, in terms of area, and so there's a lot of destruction that we have to improve. All the things that we are learning from fixing it are actually an asset because many I think will be applied to 14A. And so we just have to apply the same playbook to make sure that we can build trust from the customer.