Exhibit 12.1

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

(in millions)

	Three Months Ended
	March 30,		March 31,
	2002		2001
Income before taxes	$	1,317		$	906
Add fixed charges net of capitalized interest		37			28
Income before taxes and fixed
charges (net of capitalized interest)	$	1,354		$	934
Fixed charges:
Interest	$	24		$	12
Capitalized interest		--			1
Estimated interest component of rental expense		13			16
Total	$	37		$	29
Ratio of earnings before taxes and fixed charges,   to fixed charges		37			32