Intel Corporation (INTC) Earnings Call Transcript & Summary

Welcome to Intel's CES press conference. We hoped, obviously, to be together in person today with a live audience, but in the interest of health and safety and through the power of some technology, we're thrilled to be here with you virtually today from Las Vegas. You know the technology shown at CES every year always amazes me. And this year, more than ever, it makes me grateful for the technologists out there who are dedicated to advancing innovation. We're living in a world where the digitization of everything has become accelerated, transforming how we live, work and play. This acceleration has been driven by what we call the 4 technology superpowers: ubiquitous computing; cloud-to-edge infrastructure; pervasive connectivity; and AI. Each one of these technologies are powerful on their own, but together, they reinforce and amplify each other. And at Intel, we're harnessing these technology superpowers to deliver world-changing technology. We're making ubiquitous computing a reality, helping people to interact with a constantly changing face of technology. We're creating infrastructure that spans cloud to the edge to help process the massive amounts of data while addressing the demands for lower latency and higher bandwidth. We're driving pervasive connectivity, enabling technology to seamlessly communicate with everyone and everything. And we're bringing intelligence to it all with our advancements in AI. Today, I'm going to be joined by leaders from across Intel, including the Vice President of the Visual Compute Group, Lisa Pearce; and the CEO of Mobileye, Professor Amnon Shashua. Together, we'll highlight how we're unleashing these superpowers in 3 specific areas: First, the incredible advancements we're making with industry-leading PC experiences; second, the momentum and progress in our graphics business; and finally, the new advancements in automated driving solutions coming from Mobileye. Our time together is going to be action-packed with announcements every few minutes, so let's just dive right in. And let's start with the technology that's closest to my heart, the PC. Now the PC is one of the most essential tools of modern times. And we're committed to advancing client innovation further to deliver purposeful computing experiences to unlock people's potential and bring that idea of ubiquitous computing to life. Just last quarter, we launched our 12th Gen Intel Core desktop processors headlined by the world's best gaming processor, the Intel Core i9-12900K. And the response has been just incredible. We're on pace to have our fastest enthusiast desktop ramp of all time. And it's no surprise. We created the 12th Gen Core family of processors with a superior performance to unlock the experiences that matter most to people, from gaming to creating, communication, collaboration and more. 12 Generation Intel Core represents our most significant breakthrough in x86 architecture in more than a decade. Built on our Intel 7 process node, these processors are Intel's first performance hybrid design featuring 2 core architectures, performance cores and efficient cores. And with Intel Thread Director built in, we can ensure that the right workloads move to the right cores to deliver the best experience possible. And today, we're going to expand the 12th Gen family further, starting with the announcement that we're in production of our brand-new 12th Gen Intel Core KS series processor. This processor takes performance to all new heights. It has a whopping 5.5-gigahertz single-core turbo right out of the box. And with optimizations for performance cores, we can get above 5 gigahertz on multi-core performance. And I've got Chuck here with me today to show you that processor in action. Hey, Chuck.

Thanks, GB. Here I have the game, HITMAN 3, which has been optimized for our new performance hybrid architecture. Now the high frequencies and the intelligent use of P and E-cores seamlessly working together result in unrivaled game play. So you can see the game here. And GB said you would get those P-cores at above 5 gigahertz, but you'll see those are hitting 5.2 gigahertz across all cores right out of the box.

Wow, that's incredible, Chuck. And we'll ship this new enthusiast desktop part to OEM customers by the end of this quarter. The platform technology we've showcased today isn't limited to just our desktop lineup. I'm thrilled to announce that starting today, we're bringing our new hybrid architecture to performance laptops with the launch 8 brand-new 12th Gen H-series mobile processors. With up to 14 cores and clock speeds up to 5 gigahertz, our 12th Gen H-series delivers up to 40% higher performance than our prior generation. The result is the world's best mobile gaming platform. And we've tested it against everyone. And I've invited Chuck back up to show it to you in action.

The new H-series processors deliver incredible real-world gaming play experiences, and we're not just talking 1 or 2 games. You can see here, we are running the popular game, HITMAN 3, against the best Compassco offer in the market today. When we tested it in our lab, we say that our systems got 49% higher frame rates. And we have Riftbreaker at 27% higher FPS; Mount & Blade II: Bannerlord at 23%; and Total War: Three Kingdoms at 47%. As you can see, across the board, we beat the competition on those top games available today.

Thanks, Chuck. I love seeing the breadth of performance leadership here, and we expect to maintain that leadership through 2022 and beyond. Now the 12th Generation Core H-series isn't just good at one thing, though. We designed the processor family to conquer multiple high-intensity workloads at the same time, meaning that people can game, create, record without compromise. And no one knows this better than Tokki, a content creator and Twitch streamer, who's been putting our Core H-series processor through the paces. And we're not just joined by Tokki here on stage with me today. We're also joined by all of her fans around the world because she's right in the middle of a match. So thank you very much for being here with me today.

Thank you. Yes, GB. Thank you so much for having me.

Yes. So one, I know you've been putting the processor through the paces. So tell us about your experience so far.

Absolutely. So I understand that I'm one of the few who has had the opportunity to test out the new 12th Gen device. And I have to say, seriously, wow, like I genuinely didn't know what I was missing until now. I mean, it's no secret that I love gaming.

Yes.

But to be totally honest with you, my real love, my real passion is streaming itself and connecting with my community. And by the way, look at how many of them are here.

Yes. I can see, you're blowing up over here on the screen. That's great.

I've been doing this for some time. I've been streaming professionally for about 3 years now. And to be honest with you, in the past, there was always some element to my stream that was compromised, whether that was some frame rate issues or just a laggy stream in general, which no one likes. And I have to say that with the new 12th Gen device, all of those issues and worries are a concern in the past. I'm so excited for it.

No. I love gaming, streaming, all without compromise. It's a huge theme for us. So thank you, and thanks to all your fans around the world for joining us here live at CES.

Thank you. Yes. Give a high five.

High five virtually in the air. Okay. Great. Well, hey, we've shown that the 12th Generation H-series processors are great for gamers and streamers. So now let's also show the experiences they unlock for creators. Whether you're a hobbyist, a studio animator or doing other creation kind of task, we built the 12th Generation Core for you. And with our performance and efficient cores, you can execute performance-heavy tasks, like encoding or rendering, while working on background tasks like file transfers, web browsing and more, all at the same time without compromise. But to truly appreciate it, you've got to see this in action. So in our ongoing work with our creator community, we know that the virtual production in real-time 3D engines is one of the hottest trends in this growing industry. It reduces the lag time between creation and finalization without sacrificing quality. And I'm thrilled to share that we have Rich Hurrey, an expert in the field of animation and visual effects and the Co-Founder and President of Kitestring, to show you this process in real time. So welcome, Rich. Thank you for joining me.

Thank you, GB, and I'm super honored to be here today. It's funny seeing all this innovation, it really is, for me personally, a driving force for my creative journey as a character technical artist. And really to that fact, all the advancements we're seeing in the industry now was the inspiration for my team to create Ozone in the first place, which is our technology for creating high-quality characters for film, TV and games. Ozone Rig Studio allows for a rig-once-animate-anywhere approach to production, allowing artists to work in Maya, Modo, Unreal, Unity and really any application over time. So anyway...

No. That's great. I know you brought us some things to show us in action. So I guess...

I do, I do, I do. So this scene I was working on last week on the road, and honestly, I had to say this laptop with these new processors, I'm getting workstation-level performance on the go.

That's great. That's great.

It's awesome. So anyway, let's take a look at the scene here, and I'm going to show the process of taking animation from one environment to another really quickly. So let's do this. I'm going to hit play on this. And it's pretty easy. So what we do is we'll just export an Ozone clip here out of Maya, and then we'll take that, and then we'll bring it into Unreal. And let it play, we'll see that we've got the same animation here running in the real-time environment. Now if I wanted to make a change, now in the past, I'd have to go back into my animation environment and I'd have to make a change, and I had to reexport it bringing in, it would really take me totally out of my flow. But with Ozone Rig Studio, I can come in here and I can make changes live. So we're going to select the mushroom puppy here. Take that there. We call it...

I like mushroom puppy.

Creepy cute, and I type in cute instead of jaw, so we'll do that. You can see that now I can literally change this on the fly in context. I don't have to kind of jump out of my flow. And if I go here, we'll do it to our other characters, Zoe, and I can do the same thing with her. So I'm going to go ahead, instead of jaw, we're going to look at her brow controls. And I'm going to add a little bit of concern. So I can do this, and I could just bring up her brows.

A little more, yes.

Yes, right? And it really shows some concern. But again, I didn't have to come out of my flow. I get to work in context. And on this laptop, I can work in real time.

No. I love it. I love that we're able to keep you in the flow with that performance. And you don't have to jump out and then come back and -- seems like a real game-changer.

It is a fantastic way to work. And Ozone Rig Studio is designed to enable feature film quality characters, whether you're in games, virtual production or in a traditional animation pipeline. It really allows artists to work in context, in real time. And honestly, just like your new family of processors, all without compromise.

That's fantastic. Well, Rich, thank you very much for showing us live, It is fantastic. It's very, very exciting. So from gaming to creating our 12th generation core H-series processors deliver superior laptop performance. And as part of one of the most open and robust ecosystems in the industry, we're proud to be working with our partners to deliver choice in design and experience. Now today, I'm pleased to introduce more than 20 new designs powered by the H-series processors from partners, including Dell, Gigabyte, HP, Lenovo, MSI, Razer, Republic of Gamers and more. [Presentation]

Love it. And this is just the beginning. In total, we'll deliver more than 100 new designs this year. And Chuck, I believe you've got one of Acer's newest designs with you here today.

That's right, GB. This is the new Predator Triton 500 SE. This device features the perfect mix of technology in an incredibly sleek design to fill your gaming from anywhere. This includes the 12th Gen Core, up to 32 gigs of DDR5 memory, high-speed PCI Gen 4 storage and Intel WiFi 6E is built into every 1210 platform, so you can have confidence in an uncompromised on-the-go experience.

We're not only bringing this architecture and performance to the enthusiast and gaming space. We're also bringing it to thinner and lighter laptops. And with that, I'm very excited to announce we're in production and shipping a new product line called the 12th Gen Intel Core P-series. This family includes 6 brand-new processors, delivering up to twice the performance above our 11th Gen U-series systems in market today. So Chuck, let's show everyone what they can expect from the P-series.

Happy to GB. The new P-series devices are tailor-made for performance needed in a variety of thin light laptops and cutting-edge designs like these from Acer, Dell, HP and this system here from Lenovo. So the new ways we are working, collaborating and creating can be done anywhere without missing a beat.

Well, thanks, Chuck. Those are some great moves there. And as you've heard today, our Intel execution is back. And we're moving in a more accelerated pace than ever. In total, we are delivering 28 new 12th Generation Intel core mobile processors across our HP and traditional U-series product lines that will result in more than 350 more mobile designs this year. And with our next-generation processors, codenamed Raptor Lake on track already booting Windows, you can expect even more advancements from us in performance and choice coming later in 2022. Now the innovation we're driving with our CPUs is just part of the story. As you know, we've been on a mission to deliver the best PC experience with our Intel Evo platform. Since its launch, we've delivered more than 100 Evo-verified designs from our leading OEM partners. We co-engineer and test each design against real-world conditions to ensure these are the best experiences on the planet. To date, we've gone through 2 generations. And today, I'm pleased to announce the third generation of our Intel Evo spec. In this spec, we're adding new technologies to the platform, including Intel WiFi 6E; background dynamic noise reduction using the AI engine built right into the platform; and for people looking for additional performance, we're extending the spec to include select 12th Gen H-series designs and an option that includes our new Intel Arc discrete graphics that you're going to hear more about later. Now Chuck, over to you to show how Dell leveraged all of this new technology into one of their upcoming Evo designs.

So GB, with these new technologies added to the platform, we're able to engineer incredibly powerful devices like this brand-new Dell Precision Mobile workstation. This is a gorgeous ground-up redesign that features our H-series 45-watt processor, an Arc discrete graphics alongside a powerful platform that supports consistent responsiveness, all-day battery life and more. And really, to have a 45-watt processor, a discrete card in something that looks like a U chassis is incredible.

Yes. I love it. I love that design. It's absolutely stunning. And we're adding more choice so people can pick the right experience that meets their needs, all backed by the Intel Evo promise of delivering the best experiences on the planet. And you can expect us to continue advancing and evolving the spec. Now one of the things that jumped out at us was this need for a better, more unified cross-device experience. According to a recent study, 70% of people access the Internet across multiple devices, and 90% of those people use multiple screens to accomplish a single task. At Intel, we want to unify that experience and make it easier. And with that, I'm pleased to announce that we've acquired Screenovate, a pioneer and leader in delivering technology for advanced interaction between multiple devices based on different operating environments. Now by integrating and building on Screenovate's technology, we intend to enable new interactions with full flexibility across ecosystems, operating systems and form factors. And most importantly, it will be built on top of that Intel Evo promise I just talked about. So Chuck's going to give us a glimpse of what this experience will look like.

Hey, GB. This new Intel technology will break through the communication barriers no matter what your devices are, no matter what OS you're running. So let me give you some examples. The first thing we have is we have my iPhone here, but you can see my iMessages and SMS texts are showing up on my Evo laptop. Not only can I see them, I can easily reply. Now there's also devices that are attached to our phone, such as our watches. So let's go ahead, make sure we got everything in here. We'll go to our health. And you can see I got my heart rate and my oxygen rate right there. I can also take a look at my recently captured ECG captures. So again, all my health data right here on my Evo laptop. Now many people also love second displays when they travel. So let me show you I can take my Android tablet and turn it into a second display. We're going to click on our tablet. We're going to hit extend screen. And you can see how my workflow is already moving across both screens. Now let's take a look at those devices that everybody has in a house, like a smart TV. So I'm going to go here and take a picture real quick. Go to my TV. Let's go take a camera. There you are, GB.

I photo bombed you a little bit there. Sorry, Chuck.

Let's go ahead and project that up to our TV. And you can see it's going to land up right on my TV so I can share it with everybody. See, you caught me by surprise, GB. Now again, here's all our devices. We've got Chromebooks, Android phones, Android watches, smart TVs, Android tablets, iPhones and iWatches, all seamlessly connecting to our Evo platform.

Wow, I love it, Chuck. Thank you so much. This is really going to be a game-changing experience. And I love to see the PC remains the center of it all, enabling all those devices to work seamlessly together. And I'm excited to announce that this experience will be available in exclusive number of Intel Evo platforms for holiday 2022. Now the PC really is one of the most innovative and open platforms ever invented, and we're committed to advancing the experience to ensure it remains the human touch point in a world of ubiquitous computing. To do that, we'll deliver new technologies to the platform, just like I showed, and beyond. And with that, I'm thrilled to welcome Lisa Pearce to share the advancements we're making in our discrete graphics business. Hi, Lisa.

Thanks, GB. To build on the momentum you just shared, I'm excited to announce that we are now shipping our Intel Arc discrete GPUs for 12 Gen Core H-series mobile designs to our leading OEM customers. With our long-standing partnerships with key OEMs, we've enabled rapid integration of Intel Arc into their next-generation platforms. In fact, some of the designs are with us today. This is Alienware's x17 that will enable a premium laptop gaming experience powered by 12th Gen H-series, Intel Arc and Alienware's Cryo-Tech cooling. It's also Alienware's thinnest 17-inch gaming laptop to date. Another example is Lenovo's Ultraportable Yoga. This enables high-performance mobile content creation and enhanced gaming in a multiform-factor device. Together with our partners, we will launch more than 50 mobile and desktop designs, all using Arc. In fact, many of the H-series systems we showed already have Arc integrated. One of the advantages we can offer our customers and gamers is the enhanced experiences that come with combining Intel Arc GPUs and Intel Core platforms, which brings me to Deep Link, a collection of technologies where our CPU and GPU architects have collaborated at the platform level to deliver better experiences with Intel Arc graphics and Intel Core platforms. Our first technology in the Deep Link portfolio is called Dynamic Power Share, where the processor and graphics communicate to have an optimal set of performance levels depending on the workload. When graphics needs more power, it can shift the power from the processor and vice versa. We'll also introduce new gaming features that enable more user choice between performance and battery life and performance while streaming. But today, I want to focus on our next Deep Link technology, Hyper Encode. With the rise of social media, video editing has become a major workload for PCs, and it's very demanding on GPUs but are responsible for both due to coding and encoding of media. Depending on your content, the video export process where modified videos getting coded for occasional sharing can be very time consuming. This diagram is showing the Encode process today with Hyper Encode. Each sequence of frames is processed in order, one block after another on one device. Now with Hyper Encode, this is where we leverage all the technology in the platform and automatically divide the encoding work between the CPU's integrated graphics and the discrete Intel GPU. This speeds up the encoding by 1.4x. Now let's take a look at a demo. [Presentation]

Now of course, for many discrete GPU users, it's all about gaming. And to deliver the best experiences on Arc, we partner with major game developers optimize for Intel devices. As part of that work, I'm excited to announce an exclusive partnership with Kojima Productions and 505 Games. The Director's Cut of Death Stranding will be coming to PCs this spring. This is the definitive version of the game with additional game modes, a new infiltration mission and extra content. We've been working with Kojima on integration of many key Intel technologies. For example, the game will deliver optimal core utilization on 12th Gen Intel Core processors and XeSS, our AI-based image upscaling technology for our GPUs. With the Director's Cut, gamers can explore a vast world of ultra-settings and high performance enabled by XeSS. And we've seen rapid and eager adoption by the gaming ecosystem with our initial titles, including HITMAN 3 and the Riftbreaker, which will all benefit from the enhanced performance and improved visuals of XeSS. We've also been working with 10 leading studios on multiple engines and multiple titles. We're enabling a broad collection of XeSS games throughout 2022. Shipping into Arc to leading mobile OEMs and broad adoption of our new technologies like XeSS and Hyper Encode marks an important milestone under discrete graphics journey. So stay tuned. More excitement is ahead. Back to you, GB.

Wow, thanks, Lisa. That's really exciting stuff. This is such a huge step forward on our XPU journey. We're delivering the computational horsepower of our customers demand in whatever architectural form best suits their application. And you can count on Intel to continue to partner closely with ISVs to ensure their games and applications run best on Intel. And now for the final announcements of the show, I'd like to take everyone on a journey from the client to the edge to show you how Intel and Mobileye are going to drive us into the future. To share more, I'm happy to introduce Amnon Shashua.

Thanks, GB. It's truly a great time to work on autonomous driving. 2021 was really a meaningful and a record year for us. Our revenue rose 40% year-on-year to $1.4 billion. We had 41 new design wins, which again is a record number for us. Those design wins were responsible for 50 million new cars on the road going forward. This year, we also launched 188 new car models with our technology, with our chips. And we also had the 4 industry-first launches; one was with Honda, the first Level 3 system launched in Japan, where we were responsible for the computer vision; the first 8-megapixel camera with a 120-degree field of view launched this year with BMW; Volkswagen, we'll talk about this later; Travel Assist 2.5 with the cloud-based enhancement using our crowdsourced REM technology was launched this year. And our biggest effort in driving us is SuperVision, 11 cameras around the car powered by 2 EyeQ5 chips was launched a month ago with Zeekr, it's a brand of Geely. A few thousands of cars have been shipped already. And through an over-the-air update, more and more advanced features would be delivered to customers. Now one of the reasons of our great success is Ford. And to help us learn more about our long-standing and now expanding relationship, I would like to welcome Jim Farley, Ford CEO. Jim, welcome to CES. I'm delighted you can join me on stage today, even though we are having to meet virtually.

Amnon, thank you. Such a privilege to represent all the team members at Ford. We've been working on safety technology for like a century. So we love working with Mobileye. Your technology is incredible, your vision sensing technology is fundamental on all of our ADAS systems, especially your EyeQ sensing system. So congratulations on all your success.

Thank you, Jim. It's truly a privilege to work with you guys. Our relationship goes back more than a decade together, bringing advanced technology to millions of cars globally. It's a relationship that we are expanding. Can you give us some more color on what's new?

Well, when we first gotten into the ADAS systems and now into Level 2, the mapping technology was something that was a concern, and your REM mapping technology in our future versions of BlueCruise are really important for our hands-free driving solutions. And a lot of applications where there's not concrete lanes, and it's really a safety critical for us to have lane centering in those situations. Your technology is second to none.

Great. We're very excited to deploy Maps across the Ford family. The Maps add cloud-based enhancements that provide value to end users. So Jim, how will the Ford-Mobileye future look like?

Well, further out, I think Ford and Mobileye are working on a number of innovations. This has been a long relationship, and we trust each other. But what I'm most excited about as a CEO is working on your open platform on a whole new generation of autonomous technologies that are going to really change customers' lives, moving from safety to doing all sorts of new things inside the vehicle, and it's thanks to your technology.

That's right. Our new EyeQ 6 High and EyeQ Ultra, which I'll talk about tomorrow during Under the Hood technical deep dive that I'll give tomorrow, gives Ford and the industry a platform for innovation that's directly tied into the EyeQ functionality.

Well, the progress is great. I love how the teams are working together. Amnon, it's been great to work with you specifically, and your team of technologists are really so broad. I mean we just couldn't offer the systems that we do at Ford without you, and we're betting on Mobileye for our future.

Thank you. Thank you, Jim, for joining us. It's truly a privilege to work with you and your team. And a great 2022 for all of us. Thank you. Now I'd like to turn to another one of Mobileye's longstanding customers, Volkswagen. Volkswagen recently debuted a state-of-the-art driving assistance system called Travel Assist 2.5. It is the first system to widely apply Mobileye's unique REM crowdsourced mapping technology. Production vehicles equipped with Mobileye technology are gathering road segment data via driving assist systems. Those are harvested, sent to the cloud. And then in the cloud, we have automatic map-creation algorithms that we have been developing over the past 5 years. Those maps are sent back to vehicles. And onboard the vehicle, there is a localization process being done, where the car localizes itself in the map, and all the map data is kind of a cloud-based assistance to the driving assist. Of course, it's powering our AV technology. But in the context of what we'll be seeing right now, it's a cloud-based enhancement for driving assist. I was in Munich 2 weeks ago and met with the Volkswagen Group Chairman of the Board, Dr. Herbert Diess, and we went for a drive to see how it works. I would like to share with you some of our conversation. [Presentation]

So REM is truly a game-changer. It's lean data, automated map creation in the cloud. Let me show you some of under the hood of what we just seen while I was driving with Herbert. You see here in this clip, as we are driving, we are going to take a right. And this ruled road, there are no lane marks. Now the 2 magenta lines are the central drivable paths. You see there is one oncoming and one, the path that we are driving through. So without the map data, it would not have been possible to do lane centering in this kind of road. Either the car would not be -- either the technology would not be available or the car would center itself in the middle of the road not being aware that there is also an oncoming path. Another piece of under the hood, while we're driving there, you see that there are traffic lights. The REM map technology can associate traffic lights with drivable paths. This is a very important feature not yet available at -- in the Travel Assist 2.5, where you can provide a very powerful customer function to prevent cars from running a red light. It's not enough just to detect the red light. One needs to know the relevancy of each traffic light with a drivable path, and this is also provided by the map data. You can see here just a top view of one of the sections in that area, the richness of the data, the accuracy of the data. All of this is really a very, very strong amplification of what you can do, both with driving assist and later with the autonomous driving. If we look at the coverage, we have 2.5 million kilometers of road covered in Europe. In terms of the amount of data collected in 2021, it's around 4 billion kilometers of data being collected. Today, we have about 25 million kilometers of data every day, collected every day. So going forward to 2022, it's going to be around 10 billion kilometers of data going forward for 2022. This kind of data allows us to efficiently expand our footprint in terms of autonomous vehicle testing into many different territories. And if we're testing in Israel, we're testing in Munich, Detroit, New York City, Tokyo, Paris. Tokyo, Paris is new. I'll show a bit of what we have. This is in Paris. Before I run the clip, this is a joint cooperation with RATP Group. It's a public -- a major public transport operator in France. Galeries LaFayette employees can use the autonomous test car with the safety driver, of course, to go from the offices to their home. And the application -- the top layer application is powered by Moovit, which is a company that we acquired about a year ago. So let me run this clip. It's a bit fast forwarded, but you can see the richness of the driving situation. After all, it's Paris. Paris is very, very difficult scene to drive in, even for a human driver. And you can see the kind of testing we can do, the smoothness of the drive. Here is another testing site in Tokyo. I'll run this clip. Again, the richness of pedestrians, the roads are narrow, obstacles, pedestrian crossing zones and so forth. So you can see that our REM data provides us geographic scalability to allow us to do testing really worldwide in a very, very efficient manner. Talking about driving assist. If we take the premium driving assist with map data to its fullest extreme, you have what we call SuperVision. The first launch is with Zeekr, a brand of Geely. It was launched about 1 month, 1.5 months ago. There are a few thousands of vehicles already delivered to customers, 11 surround cameras, 8 megapixels, powered by 2 EyeQ5 chips. The ECU, that entire board, is designed and provided by Mobileye. And the kind of driving that you saw on the previous 2 clips is what this car would be able to do with over-the-air update that would be delivered throughout 2022. Just to show you an example, this is in Israel. We're testing the vehicle with the kind of software that will be delivered in a few months in China. And you can see the traffic lights taking turns. It's all -- the same kind of performance that you saw in the previous 2 clips, in Paris and in Tokyo, the Zeekr car will be able to do. So a few thousands of vehicles have been shipped, and over-the-air update during the next few months would gradually bring the capabilities of this vehicle to the navigate on pilot, point-to-point, hands-free driving but as a Level 2 system. Together with Zeekr, we also announced just this week the first design win for our consumer Level 4 platform. It's going to be -- start of production early 2024. It's going to be powered by 6 EyeQ5 chips, an ECU that we also designed, and will be ready for 2024 launch. Going back to our chips. Our EyeQ chips, we have been designing, manufacturing them for the past 16 years. We just announced 100 million chips being delivered since 2004. EyeQ's are very, very efficient. It's a combination of hardware and software. It's purpose-built, has a very, very low power consumption, very high-performance computing. And there are 100 million cars on the road powered by EyeQ chips. And I'm happy to announce we have 3 new generations of next generation of EyeQ. In the Under the Hood session, I will provide more details. It's EyeQ 6 and EyeQ Ultra, I'm showing here the crown jewel. EyeQ Ultra is an AV-on-chip. It is roughly equivalent to 10 EyeQ5s. It's on the 5-nanometer process. There are 4 families of accelerators that Mobileye has designed for many, many years. There are 64 accelerator cores in this chip divided into 2 parts of 32 such that we can provide with an external MCU and ASIL-D system. There is a GPU and ISP for visualization. Power consumption is very, very light. It's way below 100 watts. It's 176 tops. And it's important to mention that tops is -- not everything is about tops. The fact that we have a very, very diverse set of cores allows us to be very, very efficient. Take, for example, the 2 -- the clips that I've shown you with our 2 EyeQ5 system, 2 EyeQ5 is only 30 tops, and we can do an end-to-end perception, driving policy and control. EyeQ Ultra will have also 12 risk 5 cores. Each is 24 threads. So it's a very, very powerful chip. We'll be able to provide the full electronics of an autonomous car in the 2025 timeframe, way below $1,000, not the chip, the full electronics, the full ACO. And this is propelling us to a 2025 timeframe of a consumer AV, which I think is going to be a very, very exciting milestone. So there are many more details to talk about, many more things to show. I'll do that tomorrow with the Under the Hood session, an hour long Under the Hood session. So thank you, and back to you, GB.

Thanks, Amnon. Today, we gave you just a glimpse of the advancements we're delivering from the client to the edge, and we'll continue to harness the superpowers and drive this accelerated pace of innovation to deliver world-changing technology throughout 2022 and beyond. And now for the final announcement of the day, I'm excited to share that Intel will host our second Intel on event called Intel Vision on May 10 and 11. Alongside our customers and partners, we'll showcase how companies are leveraging Intel technology to help solve some of the world's most pressing business challenges. We can't wait to see you there. And with that, thank you, stay safe and let's make 2022 a great one.