Exhibit 12.1
| Intel Corporation | 
| Statement Setting Forth the Computation | 
| of Ratios of Earnings to Fixed Charges | 
| (in millions) | 
| Six Months Ended | |
| June 30, | July 1, | ||||
| 2001 | 2000 | ||||
| Income before taxes | $ | 1,252 | $ | 7,943 | |
| Add fixed charges net of capitalized interest | 57 | 44 | |||
| Income before taxes and fixed charges (net of capitalized interest) | $ | 
 | $ | 
 | |
| Fixed charges: | |||||
| Interest | $ | 25 | $ | 21 | |
| Capitalized interest | 3 | 4 | |||
| Estimated interest component of rental expense | 32 | 23 | |||
| Total | $ | 60 | $ | 48 | |
| Ration of Earnings before taxes and fixed charges, to fixed charges | 
 | 
 | |||