Thanks,Trey. Q3, 2019 was the best quarter in our company's history. We generated $19.2 billion in revenue and a $1.42 in non-GAAP EPS, exceeding our guidance by $1.2 billion and $0.18, respectively. We've achieved record revenue both overall and in our data centric businesses while making continued progress on our strategic priorities. Simply put, our ambitions have never been greater. We are growing share in a large and expanding $300 billion market opportunity fueled by the exponential growth of data, which is reshaping computing. I want to start with a recap of our May Analyst Day and our three priorities; accelerating growth, improving execution, and deploying capital for attractive returns. First, growth. It starts with the core belief. We are at a key inflection point with the exponential growth of data creating massive demand for semiconductors.
Cloud workloads are diversifying, networks are transforming, and more computing performance is moving to the edge. We've been on a multi-year journey to reposition the company's portfolio to take advantage of this industry catalyst. Today we have the product and technology leadership that uniquely positions us to capitalize on these trends and we're investing in the IP required to help our customers win the inflections of the future. The opportunity is massive. As we told you in May, we expect to generate $85 billion in revenue and $6 in EPS in three to four years. But that doesn't happen just by saying it. Achieving this goal means delivering on our operational and financial priorities every 90 days. Growth starts with our core business for our workload optimized platforms are winning in a highly competitive marketplace.
It's now been nine quarters since the first Xeon Scalable processor launched and we're proud to have delivered over 23 million units as customers rely on Xeon to power their data-centric workloads. In the third quarter, leading cloud customers ramped our second-generation Xeon Scalable processors with AWS, Google, and Alibaba deploying instances based on Cascade Lake. Customers including BP and TU Darmstadt selected our highest performance Xeon Scalable platform, the 9200 series for their most demanding workloads. One key reason customers are choosing Xeon Scalable is the platform's built-in workload acceleration for AI.
With the combination of Intel deep learning boost and AVX-512 technologies, we're seeing advantages of up to 9x in AI influence versus competitors' CPUs. We also see cloud and enterprise momentum building for our breakthrough memory technology, Intel Optane. This quarter we announced a strategic collaboration with Oracle. Oracle is incorporating the high performance capabilities of Intel Optane, DC persistent memory into its next generation Exadata platform, which powers high performance database infrastructure at most of the world's leading banks, telecoms, and retailers. And in Client Computing, we're excited that all our major PC OEM customers have Ice Lake designs with 18 already shipping out of a total 30 expected to launch this year. We recently announced the next generation of Intel Xeon W- and X-series processors for high-end desktops. These platforms lead the industry in bringing Intel deep learning boost powered AI acceleration into high-end PCs and mainstream workstations for the first time. Available soon, these products deliver performance and value that give enthusiasts and creators more reasons to keep choosing Intel.
We've also embarked on a multi-year program called Project Athena that charts a course for the PC ecosystem to raise the bar on laptop innovation. Amazing devices like the Dell XPS 13, two-in-one, and the HP Elite Dragonfly, that meet the Project Athena spec are already available. Our PC and server franchises are vital, but our ambitions are even greater. We're extending our product leadership to power, and increasing the 5G and AI enabled world. We have multi-billion dollar networking and IoT edge businesses, delivering double-digit growth, and AI is driving significant revenue across our product portfolio. We began investing 10 years ago in network, IT, SOC capabilities, and software, so that we could drive workload convergence on Intel's silicon. Today, we achieved number one share in the network and silicon market, with expected 2019 revenue of more than $5 billion growing at 12% this year. We're also well positioned for 5G deployments in 2020 and expect to grow our market segment share and wireless base stations to 40% by 2022. And we're ready for the next market inflection as 5G enabled significant new IoT and edge growth opportunities that extend from in-network and on-premise edge equipment to smart connected endpoints. Winning here means blending the right compute performance per watt with the emerging killer apps of the edge. Computer vision and AI Inference acceleration, these are the differentiating capabilities that have propelled our IOTG and Mobileye businesses to leadership share and a combined annual revenues approaching $5 billion. The businesses are also growing quickly, up 18% year-to-date excluding Wind River. We're only at the bend of the curve in the edge opportunity, and we're investing to lead. Finally, Artificial Intelligence.
AI is becoming a pervasive use case. According to IDC, 75% of enterprise applications will use AI by 2021, and that's why we're infusing AI in everything we build. But this isn't just about the future. We are driving meaningful AI revenue Inside Intel now. With products spanning from the Data Center to the Edge, we expect to generate more than $3.5 billion in AI driven data-centric revenue in 2019, up more than 20% year-over-year.
We're confident in our growth, but we also need to improve our execution on multiple fronts. First, supply, we've increased our output in response to stronger-than-expected demand. We've invested record levels of CapEx the last two years to expand our capacity and support our customers' growth. With that investment, we've increased our 14-nanometer capacity 25% this year, while also ramping 10-nanometer production. We expect our second-half PC client supply will be up double-digits compared to the first-half, and we expect to further increase our PC client supply by mid-to-high single-digits in 2020, but that growth hasn't been sufficient.
We're letting our customers down, and they're expecting more from us. PC demand has exceeded our expectations and surpassed third-party forecasts. We now think the market is stronger than we forecasted back in Q2, which has made building inventory buffers difficult. We are working hard to regain supply demand balance, but we expect to continue to be challenged in the fourth quarter. Our manufacturing process node execution is also improving.
We have Fabs and Oregon in Israel and volume production on 10-nanometer and will soon start 10-nanometer production in Arizona. Yields are improving ahead of expectations for both client and data center products. The Intel 10-nanometer product era has begun and our new 10th Gen Core Ice Lake processors are leading the way. In Q3, we also shipped our first 10-nanometer Agilex FPGAs. And in 2020, we'll continue to expand our 10-nanometer portfolio with exciting new products including an AI Inference Accelerator, 5G base station SoC, Xeon CPUs for server storage and network and a discrete GPU.
This quarter we've achieved power on exit for our first discrete GPU DG1 an important milestone. As we discussed at the May Investor Meeting, we are accelerating the pace of process node introductions and moving back to a two to two-and-a-half year cadence. Our process technology and design engineering teams are working closely to ease process design complexity and balance schedule, performance, power and cost. We are on track to launch our first 7-nanometer based products, a data center focused discrete GPU in 2021 two years after the launch of 10-nanometer. We are also well down the engineering path on 5-nanometer.
Last, a few thoughts on our capital deployment priorities. We are confident in our future and our Board has approved an additional $20 billion share buyback authorization. We have an excellent balance sheet generate strong free cash flow and continue to invest in R&D and CapEx to grow. We've also returned 100% free cash flow to shareholders over the last 10 years. At the same time we're making trade-offs. While we've increased R&D spending by more than a $1 billion since 2015, we have reduced our total spending by nine points over the same period. Additionally, we have established clear criteria for our big bets like Mobileye, 5G and memory and storage. Our ambitions are to play a larger role in our customers' success and generate attractive returns for our shareholders. And if we can't do both, we'll take swift action. We are making great progress with our Mobileye acquisition.
We've now shipped over 12 million IQ devices this year, up more than 40% over the same period last year. And in the third quarter, we delivered record revenue and secured six major new design wins totaling nearly 10 million lifetime units. We've increased our investment in 5G, but we've also announced our 5G smartphone modem exit and the sale of the IMFT fab to Micron. We expect those to close in the fourth quarter and we continue to take steps to improve 3D NAND profitability and reduced memory CapEx investments, while evaluating a variety of partnership options that can accelerate the path to profitability and improve returns. We are confident in our multi-year business plan and consistent with that we are increasing our buyback commitment. We expect to repurchase approximately 20 billion shares over the next 15 months to 18 months. We will fund the buyback from proceeds we generate from partnerships and/or non-core asset dispositions and by returning approximately 100% of 2020 free cash flow to investors. In summary, our energies are focused on accelerating our growth, improving our execution and allocating our capital wisely. Thanks to the team for a great quarter. And now, I'll hand the call over to George for more details on our Q3 results and business outlook.