<p>2022 年 11 月 30 日，一家名为 OpenAI 的初创公司推出了其大型语言模型（LLM）ChatGPT，改变了世界。在 ChatGPT 问世的两年里，<strong>标准普尔 500 指数</strong> 和 <strong>纳斯达克综合指数</strong> 的总回报分别达到了 52% 和 70%。</p>
<p>在人工智能革命中，最大的赢家之一是半导体股票 <strong>英伟达</strong>，自 ChatGPT 发布以来，其股价飙升了惊人的 717%——这使其成为全球市值最高的公司之一。</p>
<p>显然，投资者在这场人工智能热潮中一直在庆祝英伟达的成功。但如果你考虑更大的局面，可能会问自己在芯片领域还有哪些其他机会也可能具有吸引力。毕竟，英伟达的股票还能继续上涨多久呢？</p>
<p>好在通过一种名为 13F 的报告，投资者能够了解华尔街最聪明的资金正在买入和卖出哪些股票。菲利普·拉丰特是一位亿万富翁投资者，以创立对冲基金 Coatue Management 而闻名。如今，Coatue 管理着大约 270 亿美元的资产，投资于 81 只不同的股票。</p>
<p>根据 Coatue 最近的 13F 报告，该基金在第三季度将其在英伟达的持仓减少了 26%。与此同时，该公司增持了 1,488,666 股人工智能网络和安全专家 <strong>博通</strong>（AVGO 0.98%）的股票——将其持仓增加了 52%。</p>
<p>让我们深入了解博通在芯片领域的地位，并评估现在是否是跟随 Coatue 行动的好时机。</p>
<h2>博通在芯片领域的独特地位</h2>
<p>人工智能工作负载需要大量的训练和推理数据在图形处理单元（GPU）、中央处理单元（CPU）以及内存和存储设备之间移动。博通的核心业务是提供数据中心连接解决方案，能够在这些基础设施之间提供高速、低延迟的连接。</p>
<p>在该公司截至 8 月 4 日的财政第三季度，博通在其半导体解决方案业务中报告了 73 亿美元的收入。虽然这一部门占博通总收入的一半以上，但该部门的销售额同比仅增长了 5%。</p>
<p>尽管这一增长水平看起来平淡无奇，但我看到一些趋势表明博通的未来看起来光明。例如，在半导体部门，人工智能加速器的销售在第三季度增长了三倍以上。同时，该公司的以太网交换机——被称为 Tomahawk 5 和 Jericho3-AI——的销售额同比增长了四倍以上。</p>
<p>考虑到这些潜在的指标，我谨慎乐观地认为博通即将进入一个新的增长阶段，这一阶段将受到对其网络芯片和连接交换机需求加速的推动。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy83OTk0OTMvZ2V0dHlpbWFnZXMtMTc4MDI5OTEyOC5qcGcmdz03MDA?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy83OTk0OTMvZ2V0dHlpbWFnZXMtMTc4MDI5OTEyOC5qcGcmdz03MDA"/></p>
<p>图片来源：Getty Images。</p>
<h2>长期前景看起来光明</h2>
<p>Wedbush 证券的丹·艾夫斯是华尔街最受关注的股票研究技术分析师之一。最近，艾夫斯建议在未来三年内将有超过 1 万亿美元用于人工智能驱动的基础设施。换句话说，随着公司加大对人工智能路线图的投入，数据中心、芯片、GPU、CPU 和连接解决方案的投资预计将大幅增加。</p>
<p>在博通的第三季度财报中，首席执行官霍克·谭提到，以太网和人工智能加速器的增长主要来自大型科技公司，因为 “超大规模客户继续扩展和扩大他们的人工智能集群。”</p>
<p>这些都是博通的好兆头，我对公司在人工智能基础设施日益成为整体人工智能叙事优先事项时，能够获取增量市场份额的能力持乐观态度。</p>
<h2>评估博通的估值</h2>
<p>截至 2024 年，博通的股票已上涨 45%——远远超过了标准普尔 500 指数和纳斯达克指数。然而，尽管表现强劲，博通的估值在最近几个月有所正常化。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/a0f08afdb67a35b55e8bd2e1f9243ecc.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/a0f08afdb67a35b55e8bd2e1f9243ecc.png"/></p>
<p>AVGO 市盈率（前瞻性）数据来自 YCharts。</p>
<p>以 26.2 的前瞻市盈率（P/E）计算，博通的交易估值比英伟达更为合理——后者的前瞻市盈率为 32。从表面上看，英伟达相对于博通的溢价似乎是合理的。该公司的增长速度更快，对其 GPU 和数据中心解决方案的需求似乎也没有减缓的迹象。</p>
<p>然而，正如我上面提到的，长期的顺风因素表明，未来几年人工智能基础设施领域的投资将大幅上升。从另一个角度来看，对英伟达芯片组需求的上升应该会成为博通网络连接解决方案生态系统的催化剂。</p>
<p>在我看来，市场可能低估了博通从这些需求趋势中受益的潜力。因此，我认为现在的股票绝对是个便宜货。我认为博通是人工智能半导体股票中一个被低估的机会，认为该股票是长期投资者的一个不错选择。</p>

博通

英伟达

<p>亿万富翁菲利普·拉丰的 Coatue Management 将其在博通的股份增加了 52%，收购了 1,488,666 股，同时将其在英伟达的投资减少了 26%。博通专注于数据中心连接，其半导体解决方案的收入增长了 5%，人工智能加速器的销售增长了三倍。分析师预测，在未来三年内，将有超过 1 万亿美元投资于人工智能基础设施，这将使博通受益。尽管博通在 2024 年获得了 45% 的涨幅，但与英伟达相比，博通的估值仍然具有吸引力，随着对人工智能基础设施需求的上升，进一步增长的潜力依然存在</p>

<p>On Nov. 30, 2022, a start-up called OpenAI changed the world following the introduction of its large language model (LLM), ChatGPT. In the two years since ChatGPT's debut, the <strong>S&amp;P 500</strong> and <strong>Nasdaq Composite</strong> have posted total returns of 52% and 70%, respectively.</p>
<div class="lb-trans"><p>2022 年 11 月 30 日，一家名为 OpenAI 的初创公司推出了其大型语言模型（LLM）ChatGPT，改变了世界。在 ChatGPT 问世的两年里，<strong>标准普尔 500 指数</strong> 和 <strong>纳斯达克综合指数</strong> 的总回报分别达到了 52% 和 70%。</p>
</div><p>One of the biggest winners in the AI revolution is semiconductor stock <strong>Nvidia</strong>, which has gained an eye-popping 717% since the release of ChatGPT -- a move that's propelled it to become one of the world's most valuable companies by market capitalization.</p>
<div class="lb-trans"><p>在人工智能革命中，最大的赢家之一是半导体股票 <strong>英伟达</strong>，自 ChatGPT 发布以来，其股价飙升了惊人的 717%——这使其成为全球市值最高的公司之一。</p>
</div><p>It's obvious that investors have been celebrating Nvidia during this AI frenzy. But if you think about the bigger picture, you may find yourself asking about other opportunities in the chip realm that could also be attractive. After all, how much longer can Nvidia stock keep climbing?</p>
<div class="lb-trans"><p>显然，投资者在这场人工智能热潮中一直在庆祝英伟达的成功。但如果你考虑更大的局面，可能会问自己在芯片领域还有哪些其他机会也可能具有吸引力。毕竟，英伟达的股票还能继续上涨多久呢？</p>
</div><p>Well, thanks to a form called the 13F, investors are able to get an idea of what stocks the smartest money on Wall Street is buying and selling. Philippe Laffont is a billionaire investor best known for founding the hedge fund Coatue Management. Today, Coatue boasts roughly $27 billion in assets under management (AUM) across 81 different stocks.</p>
<div class="lb-trans"><p>好在通过一种名为 13F 的报告，投资者能够了解华尔街最聪明的资金正在买入和卖出哪些股票。菲利普·拉丰特是一位亿万富翁投资者，以创立对冲基金 Coatue Management 而闻名。如今，Coatue 管理着大约 270 亿美元的资产，投资于 81 只不同的股票。</p>
</div><p>According to Coatue's most recent 13F, the fund trimmed its exposure in Nvidia by 26% during the third quarter. At the same time, the firm scooped up 1,488,666 shares of AI networking and security specialist <strong>Broadcom</strong>(AVGO 0.98%) -- increasing its position by 52%.</p>
<div class="lb-trans"><p>根据 Coatue 最近的 13F 报告，该基金在第三季度将其在英伟达的持仓减少了 26%。与此同时，该公司增持了 1,488,666 股人工智能网络和安全专家 <strong>博通</strong>（AVGO 0.98%）的股票——将其持仓增加了 52%。</p>
</div><p>Let's dig into Broadcom's position in the chip landscape and assess whether now is a good time to follow Coatue's move.</p>
<div class="lb-trans"><p>让我们深入了解博通在芯片领域的地位，并评估现在是否是跟随 Coatue 行动的好时机。</p>
</div><h2>Broadcom has a unique position in the chip realm</h2>
<div class="lb-trans"><h2>博通在芯片领域的独特地位</h2>
</div><p>AI workloads require immense amounts of training and inferencing data moving across graphics processing units (GPUs), central processing units (CPUs), and memory and storage devices. At its core, Broadcom specializes in data center connectivity solutions that offer high-speed, low-latency connections across these various pieces of infrastructure.</p>
<div class="lb-trans"><p>人工智能工作负载需要大量的训练和推理数据在图形处理单元（GPU）、中央处理单元（CPU）以及内存和存储设备之间移动。博通的核心业务是提供数据中心连接解决方案，能够在这些基础设施之间提供高速、低延迟的连接。</p>
</div><p>For the company's fiscal third quarter (ended Aug. 4), Broadcom reported $7.3 billion of revenue in its semiconductor solutions business. While this segment comprises more than half of Broadcom's total revenue base, sales in this division only grew 5% year over year.</p>
<div class="lb-trans"><p>在该公司截至 8 月 4 日的财政第三季度，博通在其半导体解决方案业务中报告了 73 亿美元的收入。虽然这一部门占博通总收入的一半以上，但该部门的销售额同比仅增长了 5%。</p>
</div><p>Although this level of growth may appear mundane, I see some trends that suggest that Broadcom's future looks bright. For example, within the semiconductor segment, sales from AI accelerators more than tripled during the third quarter. Meanwhile, the company's Ethernet switchers -- dubbed Tomahawk 5 and Jericho3-AI -- grew by more than fourfold year over year.</p>
<div class="lb-trans"><p>尽管这一增长水平看起来平淡无奇，但我看到一些趋势表明博通的未来看起来光明。例如，在半导体部门，人工智能加速器的销售在第三季度增长了三倍以上。同时，该公司的以太网交换机——被称为 Tomahawk 5 和 Jericho3-AI——的销售额同比增长了四倍以上。</p>
</div><p>Given these underlying metrics buried underneath the broader semiconductor business unit as a whole, I'm cautiously optimistic that Broadcom is about to enter a new phase of growth underscored by accelerating demand for its networking chips and connectivity switches.</p>
<div class="lb-trans"><p>考虑到这些潜在的指标，我谨慎乐观地认为博通即将进入一个新的增长阶段，这一阶段将受到对其网络芯片和连接交换机需求加速的推动。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy83OTk0OTMvZ2V0dHlpbWFnZXMtMTc4MDI5OTEyOC5qcGcmdz03MDA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F799493%2Fgettyimages-1780299128.jpg&amp;op=resize&amp;w=700"/></p>
<p>Image source: Getty Images.</p>
<div class="lb-trans"><p>图片来源：Getty Images。</p>
</div><h2>The long-term narrative looks bright</h2>
<div class="lb-trans"><h2>长期前景看起来光明</h2>
</div><p>Dan Ives of Wedbush Securities is one of the most closely followed equity research technology analysts on Wall Street. Recently, Ives suggested that more than $1 trillion will be spent on AI-driven infrastructure over the next three years. In other words, investment in data centers, chips, GPUs, CPUs, and connectivity solutions is expected to rise considerably as companies double down on their AI roadmaps.</p>
<div class="lb-trans"><p>Wedbush 证券的丹·艾夫斯是华尔街最受关注的股票研究技术分析师之一。最近，艾夫斯建议在未来三年内将有超过 1 万亿美元用于人工智能驱动的基础设施。换句话说，随着公司加大对人工智能路线图的投入，数据中心、芯片、GPU、CPU 和连接解决方案的投资预计将大幅增加。</p>
</div><p>During Broadcom's third-quarter earnings, CEO Hock Tan alluded that much of the growth from Ethernet and AI accelerators stemmed from big tech, as &#34;hyperscale customers continue to scale up and scale out their AI clusters.&#34;</p>
<div class="lb-trans"><p>在博通的第三季度财报中，首席执行官霍克·谭提到，以太网和人工智能加速器的增长主要来自大型科技公司，因为 “超大规模客户继续扩展和扩大他们的人工智能集群。”</p>
</div><p>These are good signs for Broadcom, and I'm optimistic about the company's ability to capture incremental market share as AI infrastructure becomes more of a priority in the AI narrative as a whole.</p>
<div class="lb-trans"><p>这些都是博通的好兆头，我对公司在人工智能基础设施日益成为整体人工智能叙事优先事项时，能够获取增量市场份额的能力持乐观态度。</p>
</div><h2>Taking a look at Broadcom's valuation</h2>
<div class="lb-trans"><h2>评估博通的估值</h2>
</div><p>So far in 2024, shares of Broadcom have gained 45% -- handily outperforming both the S&amp;P 500 and Nasdaq. Yet despite this strong performance, Broadcom's valuation has normalized a bit in recent months.</p>
<div class="lb-trans"><p>截至 2024 年，博通的股票已上涨 45%——远远超过了标准普尔 500 指数和纳斯达克指数。然而，尽管表现强劲，博通的估值在最近几个月有所正常化。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/a0f08afdb67a35b55e8bd2e1f9243ecc.png" alt="" original-src="https://media.ycharts.com/charts/a0f08afdb67a35b55e8bd2e1f9243ecc.png"/></p>
<p>AVGO PE Ratio (Forward) data by YCharts.</p>
<div class="lb-trans"><p>AVGO 市盈率（前瞻性）数据来自 YCharts。</p>
</div><p>At a forward price to earnings (P/E) of 26.2, Broadcom is trading at a much more reasonable valuation compared to Nvidia -- which boasts a forward P/E of 32. On the surface, Nvidia's premium over Broadcom may appear warranted. The company is growing at a much faster rate, and demand for its GPUs and data center solutions doesn't appear to be slowing down at all.</p>
<div class="lb-trans"><p>以 26.2 的前瞻市盈率（P/E）计算，博通的交易估值比英伟达更为合理——后者的前瞻市盈率为 32。从表面上看，英伟达相对于博通的溢价似乎是合理的。该公司的增长速度更快，对其 GPU 和数据中心解决方案的需求似乎也没有减缓的迹象。</p>
</div><p>However, as I mentioned above, secular tailwinds suggest that investment across the entirety of the AI infrastructure spectrum should rise considerably over the next few years. Looked at another way, rising demand for Nvidia's chipsets should serve as a catalyst for Broadcom's ecosystem of network connectivity solutions.</p>
<div class="lb-trans"><p>然而，正如我上面提到的，长期的顺风因素表明，未来几年人工智能基础设施领域的投资将大幅上升。从另一个角度来看，对英伟达芯片组需求的上升应该会成为博通网络连接解决方案生态系统的催化剂。</p>
</div><p>In my eyes, the market may be discounting Broadcom's potential to benefit from these demand trends. For that reason, I think the stock is an absolute steal right now. I see Broadcom as an under-the-radar opportunity among AI semiconductor stocks, and think the stock is a great option for long-term investors.</p>
<div class="lb-trans"><p>在我看来，市场可能低估了博通从这些需求趋势中受益的潜力。因此，我认为现在的股票绝对是个便宜货。我认为博通是人工智能半导体股票中一个被低估的机会，认为该股票是长期投资者的一个不错选择。</p>
</div>

Billionaire Philippe Laffont Just Raised Coatue's Stake in This Artificial Intelligence (AI) Semiconductor Stock by 52% (Hint: It's Not Nvidia)

- OpenAI 的 ChatGPT 发布后，Nvidia 股价上涨 717%，成为市值最高公司之一。  
- Coatue Management 减持 Nvidia 26%，增持 Broadcom 52%，显示市场动态。  
- Broadcom 在 AI 基础设施中前景乐观，预计未来增长潜力巨大。  

亿万富翁菲利普·拉丰刚刚将 Coatue 在这只人工智能（AI）半导体股票中的持股比例提高了 52%（提示：这不是 NVIDIA）