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

1 

5 
    
Estimated interest component of rental expense

46 

50 
Total

$

114 

$

96 
   
     
Ratio of earnings before taxes and fixed charges,
  to fixed charges


26 


15