Harlan Sur
JPMorgan Chase & Co, Research Division

All right. Good afternoon, and thank you for attending the second day of JPMorgan's 54th Annual Technology, Media Communications Conference. My name is Harlan Sur. I'm the U.S. semiconductor, semiconductor capital equipment analyst for the firm. It is my pleasure to welcome Lip-Bu Tan, Chief Executive Officer of Intel.

Lip-Bu, one of the semiconductor industry's most accomplished leaders, right, bringing decades of experience, spanning venture capital, EDA and advanced chip design as Founder of Walden International and former CEO of Cadence Design Systems, he built a track record of disciplined execution, customer-focused transformation.

Lip-Bu received the Robert N. Noyce Award in 2022, which is the semiconductor industry's highest honor, right? Since taking the helm at Intel in March of 2025, Lip-Bu has fundamentally reshaped the company, flattening its management structure, strengthening its balance sheet and retaining and attracting great talent.

So Lip-Bu, thank you very much for joining us today.

Lip-Bu Tan
CEO & Director

Thank you for inviting me.

Harlan Sur
JPMorgan Chase & Co, Research Division

Yes, absolutely. I'm going to read the safe harbor statement very quickly. Before we begin, please note that today's discussion may contain forward-looking statements that are subject to various risks and uncertainties and may reference non-GAAP financial measures. Please refer to Intel's most recent earnings release and annual report on Form 10-K and other filings with the SEC for more information on the risk factors that could cause actual results to differ materially and additional information on Intel's non-GAAP financial measures, including reconciliations where appropriate to the corresponding GAAP