Exhibit 12.1

INTEL CORPORATION
STATEMENT SETTING FORTH THE COMPUTATION
OF RATIOS OF EARNINGS TO FIXED CHARGES

(in millions)

Nine Months Ended


Sept. 28,

Sept. 29,

2002

2001



Income before taxes

$

2,857 

$

1,389 

  
Add fixed charges net of capitalized interest

113 

91 



Income before taxes and fixed
  charges (net of capitalized interest)

$


2,970 


$


1,480 



    
Fixed charges:
   
Interest

$

67 

$

41 

     
Capitalized interest

    
Estimated interest component of rental expense

46 

50 



Total

$

114 

$

96 

   

     
Ratio of earnings before taxes and fixed charges,
  to fixed charges


26 


15