Exhibit 12.1 INTEL CORPORATION STATEMENT SETTING FORTH THE COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES (in millions) Six Months Ended Jun. 28, Jun. 29, 1997 1996 ---------------------- Income before taxes $ 5,625 $ 2,977 Add fixed charges net of capitalized interest 23 13 -------- -------- Income before taxes and fixed charges (net of capitalized interest) $ 5,648 $ 2,990 ======== ======== Fixed charges: Interest $ 14 $ 8 Capitalized interest 5 17 Estimated interest component of rental expense 9 5 -------- -------- Total fixed charges $ 28 $ 30 ======== ======== Ratio of earnings before taxes and fixed charges, to fixed charges 202 100 ======== ========