<p>在 2024 年，<strong>英伟达</strong>(NVDA -1.14%) 在人工智能（AI）基础设施方面占据了主导地位。然而，<strong>博通</strong>(AVGO -6.91%) 将在 2025 年寻求挑战这家芯片制造商。</p>
<p>这两只股票在 2024 年表现强劲，截至目前，英伟达的股价上涨超过 170%，而博通上涨约 107%。让我们考虑一下在 2025 年即将到来之际，哪只半导体股票看起来更值得购买。</p>
<h2>AI 基础设施增长</h2>
<p>自 AI 热潮开始以来，英伟达是最大的赢家。作为图形处理单元（GPU）的制造商，该公司的芯片成为 AI 基础设施的支柱。训练大型语言模型（LLM）和运行 AI 推理需要大量计算能力，而 GPU 已被证明是执行这些任务的最佳芯片，因为它们能够同时进行许多计算，这被称为并行处理。</p>
<p>与此同时，英伟达因其 CUDA 软件平台成为 GPU 市场的领导者。该公司最初开发了这款免费软件，以便开发者能够将其芯片编程用于超越加速图形渲染（如视频游戏）的任务，从而销售更多芯片。因此，CUDA 成为开发者学习训练 GPU 的程序，这帮助公司建立了今天所看到的巨大护城河。结果，它在 GPU 市场的份额约为 90%。</p>
<p>强大的 GPU 与 CUDA 带来的广泛护城河的结合，使得公司在大型科技公司竞相开发更强大的 AI 模型时实现了惊人的增长。在截至 2025 年 1 月的 2025 财年前九个月，英伟达的收入激增 135%，达到 912 亿美元，而上个季度其收入飙升 94%，达到 351 亿美元。</p>
<p>随着 AI 模型在变得更加先进时需要指数级增加的计算能力，英伟达的未来增长前景也看起来乐观。事实上，<strong>Alphabet</strong> 的 Llama AI 模型和 xAI 的 Grok 模型的最新版本正在使用比其前身多出 10 倍的 GPU 进行训练。同时，英伟达的超大规模客户（拥有大型数据中心的客户）表示，他们计划在明年增加对 AI 基础设施的支出，因为他们将 AI 视为一项世代机遇。分析师预计该公司明年的收入将增长超过 50%。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MDEyMDUvZ2V0dHlpbWFnZXMtMTQwMjQ1Mjg3Ni5qcGcmdz03MDA?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MDEyMDUvZ2V0dHlpbWFnZXMtMTQwMjQ1Mjg3Ni5qcGcmdz03MDA"/></p>
<p>图片来源：Getty Images。</p>
<p>虽然英伟达在 AI 芯片领域占据主导地位，但博通通过帮助客户开发定制 AI 芯片正在取得进展。其应用特定集成电路（ASIC）是专门为客户的精确需求设计的，可以帮助提高性能和更高效的电力消耗。</p>
<p>Alphabet 是第一家利用博通的技术和专业知识开发自有定制 AI 芯片的公司。结果是一个名为 Trillium 的张量处理单元（TPU），专门设计用于在谷歌的 TensorFlow（一个用于 AI 和机器学习的软件库）中工作。Alphabet 表示，这些 TPU 具有多个特性，如矩阵乘法单元（MXU）和专有互连拓扑，使其与大规模商用 GPU 有所不同，并使其在加速 AI 训练和推理方面理想。</p>
<p>尽管有一些报道表明 Alphabet 希望独立于博通，但博通赢得了 Alphabet 下一代 TPU 的设计合同。同时，该公司获得了四个定制 AI 芯片的新客户。<strong>Meta Platforms</strong> 和抖音母公司字节跳动被广泛认为是公司的既有客户，而 OpenAI 和最近的 <strong>苹果</strong> 则被认为是新获得的客户。</p>
<p>在最新的财报电话会议上，博通表示其三大定制 AI 芯片客户在 2027 财年的可寻址市场在 600 亿美元到 900 亿美元之间，并计划到 2027 年部署 100 万个定制 AI 芯片。同时，它表示其两个新客户可能会增加这一总数。作为参考，Alphabet 花了 15 个月时间设计并在其数据中心内部署其定制 TPU。</p>
<p>虽然博通在 AI 领域的机会很大，但可寻址市场与预期收入之间存在很大差异。该公司还涉及许多与 AI 无关的半导体和软件业务，这些业务的增长速度并不快。该公司在排除收购 VMware 后，上个季度的有机收入仅增长了 11%，分析师目前预计该公司在截至 2025 年 10 月 31 日的财年内收入将增长 18%，而在之后的年份增长 14%。</p>
<h2>估值与结论</h2>
<p>目前，英伟达的估值低于博通，前瞻市盈率（P/E）约为 30，而博通则超过 33。同时，英伟达的收入增长速度远快于博通，预计这种趋势将在 2025 年继续。此外，英伟达持有约 300 亿美元的净现金，而博通则有 483 亿美元的净债务。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/9415ff63bfa57e90f4443a7b63b1bbe9.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/9415ff63bfa57e90f4443a7b63b1bbe9.png"/></p>
<p>NVDA 市盈率（前瞻 1 年）数据来源于 YCharts。</p>
<p>博通通过其对 AI 可寻址市场的评论制造了很多炒作，这推动了其在 12 月的股价。同时，英伟达的股价在年末时表现不佳。但尽管博通获得了动力，英伟达现在是更便宜的股票，并且预计在短期内其收入增长速度将更快。</p>
<p>博通管理层无疑在投资者心中对未来几年谁将成为 AI 芯片赢家产生了一些怀疑。但博通的收益不一定会以英伟达的损失为代价。GPU 仍然比定制芯片更具多样性，并且仍被视为标准。然而，公司也希望有一个除了英伟达之外的选择，以确保其不会变得过于强大。</p>
<p>我认为这两只股票在 2025 年都有成为赢家的潜力，但考虑到目前英伟达的增长优势和更低的估值，我更倾向于选择英伟达。</p>

英伟达

博通

<p>英伟达和博通正在人工智能芯片市场竞争，英伟达目前由于其主导的 GPU 市场份额和强劲的收入增长而处于领先地位。英伟达在 2025 财年的收入激增了 135%，这得益于对人工智能基础设施需求的增加。相比之下，博通正在开发定制的人工智能芯片，并已与谷歌和 Meta 等主要公司签订合同。尽管博通的人工智能机会相当可观，但其整体增长速度相比英伟达较慢，预计英伟达明年的收入将增长超过 50%。英伟达的估值更为有利，市盈率低于博通</p>

<p>When it came to artificial intelligence (AI) infrastructure in 2024, <strong>Nvidia</strong>(NVDA -1.14%) reigned supreme. However, <strong>Broadcom</strong>(AVGO -6.91%) will be looking to challenge the chipmaker in 2025.</p>
<div class="lb-trans"><p>在 2024 年，<strong>英伟达</strong>(NVDA -1.14%) 在人工智能（AI）基础设施方面占据了主导地位。然而，<strong>博通</strong>(AVGO -6.91%) 将在 2025 年寻求挑战这家芯片制造商。</p>
</div><p>Both stocks have had strong runs in 2024, with Nvidia's stock up over 170% year to date as of this writing and Broadcom up around 107%. Let's consider which semiconductor stock looks like the better buy heading into 2025.</p>
<div class="lb-trans"><p>这两只股票在 2024 年表现强劲，截至目前，英伟达的股价上涨超过 170%，而博通上涨约 107%。让我们考虑一下在 2025 年即将到来之际，哪只半导体股票看起来更值得购买。</p>
</div><h2>AI infrastructure growth</h2>
<div class="lb-trans"><h2>AI 基础设施增长</h2>
</div><p>Since the start of the AI boom, Nvidia has been the biggest winner. As the maker of graphics processing units (GPUs) the company's chips became the backbone of AI infrastructure. Training large language models (LLMs) and running AI inference take a lot of computing power, and GPUs have proven to be the best chips for these tasks as they are able to perform many calculations at the same time in what is called parallel processing.</p>
<div class="lb-trans"><p>自 AI 热潮开始以来，英伟达是最大的赢家。作为图形处理单元（GPU）的制造商，该公司的芯片成为 AI 基础设施的支柱。训练大型语言模型（LLM）和运行 AI 推理需要大量计算能力，而 GPU 已被证明是执行这些任务的最佳芯片，因为它们能够同时进行许多计算，这被称为并行处理。</p>
</div><p>Nvidia, meanwhile, became the market leader in GPUs due to its CUDA software platform. The company originally developed the free software to allow developers to program its chips for tasks beyond speeding up the graphics rendering in things like video games, the job for which they were initially created, in order to sell more chips. As a result, CUDA became the program on which developers learned to train GPUs, which is what has helped create the large moat the company sees today. It currently has about a 90% market share in GPUs as a result.</p>
<div class="lb-trans"><p>与此同时，英伟达因其 CUDA 软件平台成为 GPU 市场的领导者。该公司最初开发了这款免费软件，以便开发者能够将其芯片编程用于超越加速图形渲染（如视频游戏）的任务，从而销售更多芯片。因此，CUDA 成为开发者学习训练 GPU 的程序，这帮助公司建立了今天所看到的巨大护城河。结果，它在 GPU 市场的份额约为 90%。</p>
</div><p>The combination of its powerful GPUs and wide moat due to CUDA led the company to see astronomical growth as large tech companies race to develop more powerful AI models. Through the first nine months of its fiscal 2025 ending in January 2025, Nvidia's revenue surged 135% to $91.2 billion, while last quarter its revenue soared 94% to $35.1 billion.</p>
<div class="lb-trans"><p>强大的 GPU 与 CUDA 带来的广泛护城河的结合，使得公司在大型科技公司竞相开发更强大的 AI 模型时实现了惊人的增长。在截至 2025 年 1 月的 2025 财年前九个月，英伟达的收入激增 135%，达到 912 亿美元，而上个季度其收入飙升 94%，达到 351 亿美元。</p>
</div><p>With AI models needing exponentially more computing power as they become more advanced, Nvidia's future growth prospects also look promising. In fact, recent iterations of <strong>Alphabet</strong>'s Llama AI model and xAI's Grok model are being trained using up to 10 times as many GPUs as their predecessors. At the same time, Nvidia's hyperscale customers (those that own huge data centers) have indicated they plan to increase their spending on AI infrastructure next year as they see AI as a generational opportunity. For their part, analysts are projecting the company will grow its revenue by just over 50% next year.</p>
<div class="lb-trans"><p>随着 AI 模型在变得更加先进时需要指数级增加的计算能力，英伟达的未来增长前景也看起来乐观。事实上，<strong>Alphabet</strong> 的 Llama AI 模型和 xAI 的 Grok 模型的最新版本正在使用比其前身多出 10 倍的 GPU 进行训练。同时，英伟达的超大规模客户（拥有大型数据中心的客户）表示，他们计划在明年增加对 AI 基础设施的支出，因为他们将 AI 视为一项世代机遇。分析师预计该公司明年的收入将增长超过 50%。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MDEyMDUvZ2V0dHlpbWFnZXMtMTQwMjQ1Mjg3Ni5qcGcmdz03MDA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F801205%2Fgettyimages-1402452876.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><p>While Nvidia is dominating the AI chip space, Broadcom is making inroads by helping customers develop custom AI chips. Its application-specific integrated circuits, or ASICs, are designed specifically for a customer's precise needs and can help with improved performance and more efficient power consumption.</p>
<div class="lb-trans"><p>虽然英伟达在 AI 芯片领域占据主导地位，但博通通过帮助客户开发定制 AI 芯片正在取得进展。其应用特定集成电路（ASIC）是专门为客户的精确需求设计的，可以帮助提高性能和更高效的电力消耗。</p>
</div><p>Alphabet was the first company to use Broadcom's technology and expertise to develop its own custom AI chip. The result is a tensor-processing unit (TPU) called Trillium designed specifically to work within Google's TensorFlow (a software library for AI and machine learning). Alphabet said these TPUs have several features, such as a matrix multiply unit (MXU) and proprietary interconnect topology, that differentiate them from mass-merchant GPUs and make them ideal for accelerating AI training and inference.</p>
<div class="lb-trans"><p>Alphabet 是第一家利用博通的技术和专业知识开发自有定制 AI 芯片的公司。结果是一个名为 Trillium 的张量处理单元（TPU），专门设计用于在谷歌的 TensorFlow（一个用于 AI 和机器学习的软件库）中工作。Alphabet 表示，这些 TPU 具有多个特性，如矩阵乘法单元（MXU）和专有互连拓扑，使其与大规模商用 GPU 有所不同，并使其在加速 AI 训练和推理方面理想。</p>
</div><p>While there were some reports that Alphabet was looking to just go on its own without Broadcom's help, Broadcom won the design contract for the next generation of Alphabet's TPUs. Meanwhile, the company gained four more custom AI chip customers. <strong>Meta Platforms</strong> and TikTok owner ByteDance are widely believed to be the company's established customers, while OpenAI and more recently <strong>Apple</strong> are thought to be recent customer wins.</p>
<div class="lb-trans"><p>尽管有一些报道表明 Alphabet 希望独立于博通，但博通赢得了 Alphabet 下一代 TPU 的设计合同。同时，该公司获得了四个定制 AI 芯片的新客户。<strong>Meta Platforms</strong> 和抖音母公司字节跳动被广泛认为是公司的既有客户，而 OpenAI 和最近的 <strong>苹果</strong> 则被认为是新获得的客户。</p>
</div><p>On its latest earnings call, Broadcom said its three largest custom AI chip customers had an addressable market of between $60 billion to $90 billion in fiscal 2027 alone and that they were planning on deploying 1 million of its custom AI chips by 2027. Meanwhile, it said its two newer AI chip customers could add to that total. As a reference, it took Alphabet 15 months to have its custom TPUs designed and deployed within its data centers.</p>
<div class="lb-trans"><p>在最新的财报电话会议上，博通表示其三大定制 AI 芯片客户在 2027 财年的可寻址市场在 600 亿美元到 900 亿美元之间，并计划到 2027 年部署 100 万个定制 AI 芯片。同时，它表示其两个新客户可能会增加这一总数。作为参考，Alphabet 花了 15 个月时间设计并在其数据中心内部署其定制 TPU。</p>
</div><p>While the AI opportunity for Broadcom is large, there is a big difference between an addressable market and expected revenue. The company is also involved in a lot of semiconductor and software businesses outside of AI, which aren't growing as quickly. The company grew organic revenue just 11% last quarter when excluding its acquisition of VMware, and analysts are currently looking for the company to increase its revenue by 18% this fiscal year, ending Oct. 31, 2025, and 14% the year after.</p>
<div class="lb-trans"><p>虽然博通在 AI 领域的机会很大，但可寻址市场与预期收入之间存在很大差异。该公司还涉及许多与 AI 无关的半导体和软件业务，这些业务的增长速度并不快。该公司在排除收购 VMware 后，上个季度的有机收入仅增长了 11%，分析师目前预计该公司在截至 2025 年 10 月 31 日的财年内收入将增长 18%，而在之后的年份增长 14%。</p>
</div><h2>Valuation and verdict</h2>
<div class="lb-trans"><h2>估值与结论</h2>
</div><p>Nvidia currently trades at a cheaper valuation than Broadcom with a forward price-to-earnings (P/E) ratio of about 30 compared to over 33 for Broadcom. Meanwhile, Nvidia is currently growing its revenue much faster, which is expected to continue in 2025. In addition, Nvidia holds about $30 billion in net cash, while Broadcom has $48.3 billion in net debt.</p>
<div class="lb-trans"><p>目前，英伟达的估值低于博通，前瞻市盈率（P/E）约为 30，而博通则超过 33。同时，英伟达的收入增长速度远快于博通，预计这种趋势将在 2025 年继续。此外，英伟达持有约 300 亿美元的净现金，而博通则有 483 亿美元的净债务。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/9415ff63bfa57e90f4443a7b63b1bbe9.png" alt="" original-src="https://media.ycharts.com/charts/9415ff63bfa57e90f4443a7b63b1bbe9.png"/></p>
<p>NVDA PE Ratio (Forward 1y) data by YCharts.</p>
<div class="lb-trans"><p>NVDA 市盈率（前瞻 1 年）数据来源于 YCharts。</p>
</div><p>Broadcom created a lot of hype with its comments on its AI addressable market, which have powered its stock price in December. Meanwhile, Nvidia's stock struggled to close out the year. But while Broadcom grabbed the momentum, Nvidia is now the cheaper stock and it's still expected to grow its revenue much more quickly in the near term.</p>
<div class="lb-trans"><p>博通通过其对 AI 可寻址市场的评论制造了很多炒作，这推动了其在 12 月的股价。同时，英伟达的股价在年末时表现不佳。但尽管博通获得了动力，英伟达现在是更便宜的股票，并且预计在短期内其收入增长速度将更快。</p>
</div><p>Broadcom management has certainly put some doubt in investors' minds when it comes to who will be the big AI chip winner in the coming years. But Broadcom's gains won't necessarily come at Nvidia's expense. GPUs still have more versatility than custom chips and are still considered the standard. However, companies also want an option other than Nvidia to make sure it doesn't become too powerful.</p>
<div class="lb-trans"><p>博通管理层无疑在投资者心中对未来几年谁将成为 AI 芯片赢家产生了一些怀疑。但博通的收益不一定会以英伟达的损失为代价。GPU 仍然比定制芯片更具多样性，并且仍被视为标准。然而，公司也希望有一个除了英伟达之外的选择，以确保其不会变得过于强大。</p>
</div><p>I think both stocks have the potential to be winners in 2025, but I prefer Nvidia at this point given its current superior growth and cheaper valuation.</p>
<div class="lb-trans"><p>我认为这两只股票在 2025 年都有成为赢家的潜力，但考虑到目前英伟达的增长优势和更低的估值，我更倾向于选择英伟达。</p>
</div>

Nvidia vs. Broadcom: Which Is the Better AI Chip Stock to Own in 2025?

- 2024 年，Nvidia 在人工智能基础设施领域占据主导地位。  
- Broadcom 计划在 2025 年挑战 Nvidia，已获得多个定制 AI 芯片客户。  
- Nvidia 预计 2025 年收入将增长超过 50%，而 Broadcom 的增长较慢。  

英伟达与博通：哪只 AI 芯片股票在 2025 年更值得持有？