<p><strong>英伟达</strong>(NVDA 3.08%) 是数据中心图形处理单元 (GPU) 市场的领先者，这些 GPU 正在数据中心中用于人工智能 (AI) 的训练和推理，一些估计认为这家半导体巨头在该市场的份额高达 90%。</p>
<p>好的一面是，英伟达在 AI 芯片市场的主导地位使其在过去几年为投资者带来了显著的增长，这得益于公司收入和盈利的惊人增长。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/063bce95f5d982762831a0b888946ce9.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/063bce95f5d982762831a0b888946ce9.png"/></p>
<p>NVDA 数据来源于 YCharts</p>
<p>但与此同时，英伟达股票的这一显著上涨使其变得昂贵。英伟达的市销率为 29，这在考虑到美国科技行业的销售倍数为 8.2 时显得相当高。其市盈率为 54，也并不便宜。</p>
<p>然而，英伟达的增长速度正是其值得高估值倍数的原因。更重要的是，公司所处的巨大可寻址市场表明，为什么它可以继续证明其估值并在未来带来更多的上行空间。</p>
<p>英伟达并不是投资者现在可以购买的唯一领先的 AI 半导体股票。还有另一只主导的 AI 芯片股票，最近也取得了令人瞩目的增长，并且相对比英伟达便宜。这家公司最近发布了季度业绩，股票大幅上涨。</p>
<p>让我们看看为什么会这样，并检查这只 AI 股票是否能在 2025 年继续超越市场。</p>
<h2>博通的增长因定制 AI 芯片的健康需求而加速</h2>
<p><strong>博通</strong>(AVGO 1.13%) 于 12 月 12 日发布了其 2024 财年第四季度的业绩（截至 11 月 3 日的季度）。公司的收入同比激增 51%，达到 140 亿美元，而非 GAAP（公认会计原则）每股收益增长 28%，达到 1.42 美元。共识预期博通的每股收益为 1.39 美元，其收入几乎与华尔街的预期持平。</p>
<p>博通的有机收入增长（不包括 2023 年 11 月完成的 VMware 收购的收入）为 9%。公司预计 2025 财年第一季度的收入为 146 亿美元，比去年同期增长 22%。此外，这家芯片制造商预计调整后的息税折旧摊销前利润（EBITDA）将占收入的 66%，这将比去年同期的 60% 有所提升。</p>
<p>人工智能在推动博通的收入和盈利增长方面发挥了关键作用。公司在 2024 财年结束时，AI 相关收入为 122 亿美元，较上一个财年的 38 亿美元大幅提升。好的一面是，博通预计其 AI 收入在当前财年也将保持健康增长。</p>
<p>公司预计当前季度 AI 相关收入将同比增长 65%，达到 38 亿美元，占其整体收入的 26%。因此，AI 现在对博通的业绩产生了显著影响，这一趋势可能会继续，因为博通看到定制 AI 处理器和网络芯片的巨大市场。</p>
<p>博通管理层在公司最新的财报电话会议上表示，预计到 2027 财年，定制 AI 和网络芯片的可服务市场将达到 600 亿至 900 亿美元。即使在较低的估计下，这一可寻址机会也相当于博通上个季度生成的 AI 收入的五倍。</p>
<p>好的一面是，博通在这个可寻址市场中处于有利地位，因为它是定制芯片市场的主导者，正式称为应用特定集成电路 (ASIC)。据 <strong>摩根大通</strong> 报道，该公司在这一领域的市场份额在 55% 到 60% 之间。因此，博通的 AI 特定收入在未来三年内以惊人的速度增长的机会相当大。</p>
<h2>更强的盈利增长可能带来更多上行空间</h2>
<p>在博通发布最新报告后，分析师们迅速提高了对其增长的预期。这在图表中显而易见。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/b3db0af6fe561c989700e20ec61da18c.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/b3db0af6fe561c989700e20ec61da18c.png"/></p>
<p>AVGO 当前财年收入预估数据来源于 YCharts</p>
<p>公司在当前财年（上个月开始）的收入预计将比去年 515 亿美元的水平增长 19%。此外，其每股收益预计将增长 28%，达到 6.25 美元，这将比上个财年的 15% 的盈利增长有大幅提升。</p>
<p>然而，考虑到巨大的可寻址机会以及其在市场中的稳固份额，博通有很大机会实现比分析师预期更快的增长。因此，博通股票在 2025 年及以后继续保持其火热的上涨趋势并不令人惊讶，因为预计在未来几个财年内仍将保持健康的两位数增长率。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/c4f28d7873b2c0afc87df580f25e90a5.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/c4f28d7873b2c0afc87df580f25e90a5.png"/></p>
<p>AVGO 下一财年收入预估数据来源于 YCharts</p>
<p>所有这些使博通成为现在值得购买的顶级 AI 股票，尤其是考虑到其市盈率与增长比率 (PEG 比率) 仅为 0.72，依据 Yahoo Finance（基于预计未来五年的盈利增长）。这略低于英伟达的 PEG 比率 0.82。</p>
<p>因此，寻找英伟达替代品的投资者应考虑更仔细地关注博通，因为它有潜力带来更多收益，并且与预计的未来五年增长相比，价格略便宜。</p>

博通

<p>Nvidia 在人工智能芯片市场占据 90% 的份额，推动了显著的增长，但也带来了高估值。相比之下，博通正在崛起为强有力的竞争者，报告显示其收入增长了 51%，盈利增长了 28%，这得益于人工智能的需求。博通的人工智能收入预计将同比增长 65%，对整体收入贡献 26%。分析师预测博通在当前财政年度的收入将增长 19%，并有潜力实现更快的增长，使其成为人工智能领域一个引人注目的投资机会</p>

<p><strong>Nvidia</strong>(NVDA 3.08%) is the top player in the market for data center graphics processing units (GPUs) that are being deployed in data centers for artificial intelligence (AI) training and inference, with some estimates putting the semiconductor giant's share of this market at 90%.</p>
<div class="lb-trans"><p><strong>英伟达</strong>(NVDA 3.08%) 是数据中心图形处理单元 (GPU) 市场的领先者，这些 GPU 正在数据中心中用于人工智能 (AI) 的训练和推理，一些估计认为这家半导体巨头在该市场的份额高达 90%。</p>
</div><p>The good part is that Nvidia's dominant position in the AI chip market has allowed it to deliver remarkable growth to investors in the past couple of years, driven by the impressive growth in the company's revenue and earnings.</p>
<div class="lb-trans"><p>好的一面是，英伟达在 AI 芯片市场的主导地位使其在过去几年为投资者带来了显著的增长，这得益于公司收入和盈利的惊人增长。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/063bce95f5d982762831a0b888946ce9.png" alt="" original-src="https://media.ycharts.com/charts/063bce95f5d982762831a0b888946ce9.png"/></p>
<p>NVDA data by YCharts</p>
<div class="lb-trans"><p>NVDA 数据来源于 YCharts</p>
</div><p>But at the same time, this remarkable rally in Nvidia stock has made it expensive. Nvidia commands a price-to-sales ratio of 29, which is pretty high when we consider that the U.S. technology sector has a sales multiple of 8.2. The earnings multiple of 54 isn't cheap, either.</p>
<div class="lb-trans"><p>但与此同时，英伟达股票的这一显著上涨使其变得昂贵。英伟达的市销率为 29，这在考虑到美国科技行业的销售倍数为 8.2 时显得相当高。其市盈率为 54，也并不便宜。</p>
</div><p>However, the pace at which Nvidia has been growing is the reason why it is deserving of rich valuation multiples. More importantly, the huge addressable opportunity that the company is sitting on indicates why it can keep justifying its valuation and deliver more upside in the future.</p>
<div class="lb-trans"><p>然而，英伟达的增长速度正是其值得高估值倍数的原因。更重要的是，公司所处的巨大可寻址市场表明，为什么它可以继续证明其估值并在未来带来更多的上行空间。</p>
</div><p>Nvidia isn't the only leading AI semiconductor stock that investors can buy right now. There is another dominant AI chip stock that's been clocking impressive growth of late and is relatively cheaper than Nvidia. This company recently released its quarterly results, and the stock soared.</p>
<div class="lb-trans"><p>英伟达并不是投资者现在可以购买的唯一领先的 AI 半导体股票。还有另一只主导的 AI 芯片股票，最近也取得了令人瞩目的增长，并且相对比英伟达便宜。这家公司最近发布了季度业绩，股票大幅上涨。</p>
</div><p>Let's see why that was the case and check if this AI stock can continue crushing the market in 2025.</p>
<div class="lb-trans"><p>让我们看看为什么会这样，并检查这只 AI 股票是否能在 2025 年继续超越市场。</p>
</div><h2>Broadcom's growth is picking up thanks to the healthy demand for custom AI chips</h2>
<div class="lb-trans"><h2>博通的增长因定制 AI 芯片的健康需求而加速</h2>
</div><p><strong>Broadcom</strong>(AVGO 1.13%) released its fiscal 2024 fourth-quarter results (for the quarter ended Nov. 3) on Dec. 12. The company's revenue shot up 51% year over year to $14 billion, while non-GAAP (generally accepted accounting principles) earnings increased by 28% to $1.42 per share. Consensus estimates were projecting Broadcom to deliver $1.39 per share in earnings, and its top line almost matched Wall Street's expectations.</p>
<div class="lb-trans"><p><strong>博通</strong>(AVGO 1.13%) 于 12 月 12 日发布了其 2024 财年第四季度的业绩（截至 11 月 3 日的季度）。公司的收入同比激增 51%，达到 140 亿美元，而非 GAAP（公认会计原则）每股收益增长 28%，达到 1.42 美元。共识预期博通的每股收益为 1.39 美元，其收入几乎与华尔街的预期持平。</p>
</div><p>Broadcom's organic revenue growth (excluding the revenue from the VMware acquisition completed in November 2023) came in at 9%. The company guided for $14.6 billion in revenue for the first quarter of fiscal 2025, which would be a 22% improvement over the same period last year. Additionally, the chipmaker is expecting adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) to come in at 66% of revenue, which would be a nice increase over the year-ago period's reading of 60% of revenue.</p>
<div class="lb-trans"><p>博通的有机收入增长（不包括 2023 年 11 月完成的 VMware 收购的收入）为 9%。公司预计 2025 财年第一季度的收入为 146 亿美元，比去年同期增长 22%。此外，这家芯片制造商预计调整后的息税折旧摊销前利润（EBITDA）将占收入的 66%，这将比去年同期的 60% 有所提升。</p>
</div><p>AI is playing a key role in driving the solid acceleration in Broadcom's top- and bottom-line growth. The company finished fiscal 2024 with AI-related revenue of $12.2 billion, a huge improvement over the $3.8 billion generated from this segment in the previous fiscal year. The good part is that Broadcom is expecting its AI revenue to keep growing at a healthy rate in the current fiscal year as well.</p>
<div class="lb-trans"><p>人工智能在推动博通的收入和盈利增长方面发挥了关键作用。公司在 2024 财年结束时，AI 相关收入为 122 亿美元，较上一个财年的 38 亿美元大幅提升。好的一面是，博通预计其 AI 收入在当前财年也将保持健康增长。</p>
</div><p>The company forecasts a 65% year-over-year jump in AI-related revenue in the current quarter to $3.8 billion, accounting for 26% of its overall revenue. So, AI is now moving the needle significantly for Broadcom, and that trend is likely to continue thanks to the massive market that Broadcom sees for custom AI processors and networking chips.</p>
<div class="lb-trans"><p>公司预计当前季度 AI 相关收入将同比增长 65%，达到 38 亿美元，占其整体收入的 26%。因此，AI 现在对博通的业绩产生了显著影响，这一趋势可能会继续，因为博通看到定制 AI 处理器和网络芯片的巨大市场。</p>
</div><p>Broadcom management said on the company's latest earnings conference call that it sees the serviceable addressable market for custom AI and networking chips to range of $60 billion to $90 billion by fiscal 2027. Even at the lower end, the addressable opportunity is five times the AI revenue that Broadcom generated last quarter.</p>
<div class="lb-trans"><p>博通管理层在公司最新的财报电话会议上表示，预计到 2027 财年，定制 AI 和网络芯片的可服务市场将达到 600 亿至 900 亿美元。即使在较低的估计下，这一可寻址机会也相当于博通上个季度生成的 AI 收入的五倍。</p>
</div><p>The good part is that Broadcom is in a solid position to corner the lion's share of this addressable market, since it is the dominant player in the market for custom chips, formally known as application-specific integrated circuits (ASICs). The company reportedly controls between 55% and 60% of this space, according to <strong>JPMorgan</strong>. So, there is a solid chance that Broadcom's AI-specific revenue could increase at an incredible pace over the next three years.</p>
<div class="lb-trans"><p>好的一面是，博通在这个可寻址市场中处于有利地位，因为它是定制芯片市场的主导者，正式称为应用特定集成电路 (ASIC)。据 <strong>摩根大通</strong> 报道，该公司在这一领域的市场份额在 55% 到 60% 之间。因此，博通的 AI 特定收入在未来三年内以惊人的速度增长的机会相当大。</p>
</div><h2>Stronger earnings growth could lead to more upside</h2>
<div class="lb-trans"><h2>更强的盈利增长可能带来更多上行空间</h2>
</div><p>Analysts have rushed to increase their growth expectations from Broadcom following its latest report. This is evident from the chart.</p>
<div class="lb-trans"><p>在博通发布最新报告后，分析师们迅速提高了对其增长的预期。这在图表中显而易见。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/b3db0af6fe561c989700e20ec61da18c.png" alt="" original-src="https://media.ycharts.com/charts/b3db0af6fe561c989700e20ec61da18c.png"/></p>
<p>AVGO Revenue Estimates for Current Fiscal Year data by YCharts</p>
<div class="lb-trans"><p>AVGO 当前财年收入预估数据来源于 YCharts</p>
</div><p>The company's revenue in the current fiscal year, which began last month, is expected to jump 19% from the previous year's reading of $51.5 billion. Additionally, its bottom line is expected to jump by 28% to $6.25 per share, which would be a big increase over the previous fiscal year's earnings growth of 15%.</p>
<div class="lb-trans"><p>公司在当前财年（上个月开始）的收入预计将比去年 515 亿美元的水平增长 19%。此外，其每股收益预计将增长 28%，达到 6.25 美元，这将比上个财年的 15% 的盈利增长有大幅提升。</p>
</div><p>However, there is a good chance that Broadcom may be able to clock faster growth than what analysts are expecting, considering the huge addressable opportunity, as well as its solid share of this market. That's why it won't be surprising to see Broadcom stock maintaining its red-hot rally in 2025 and beyond, as it is expected to maintain healthy double-digit growth rates over the next couple of fiscal years as well.</p>
<div class="lb-trans"><p>然而，考虑到巨大的可寻址机会以及其在市场中的稳固份额，博通有很大机会实现比分析师预期更快的增长。因此，博通股票在 2025 年及以后继续保持其火热的上涨趋势并不令人惊讶，因为预计在未来几个财年内仍将保持健康的两位数增长率。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/c4f28d7873b2c0afc87df580f25e90a5.png" alt="" original-src="https://media.ycharts.com/charts/c4f28d7873b2c0afc87df580f25e90a5.png"/></p>
<p>AVGO Revenue Estimates for Next Fiscal Year data by YCharts</p>
<div class="lb-trans"><p>AVGO 下一财年收入预估数据来源于 YCharts</p>
</div><p>All this makes Broadcom a top AI stock to buy right now, especially considering that it has a price/earnings-to-growth ratio (PEG ratio) of just 0.72, per Yahoo Finance (based on the expected earnings growth it is forecast to deliver over the next five years). That's slightly lower than Nvidia's PEG ratio of 0.82.</p>
<div class="lb-trans"><p>所有这些使博通成为现在值得购买的顶级 AI 股票，尤其是考虑到其市盈率与增长比率 (PEG 比率) 仅为 0.72，依据 Yahoo Finance（基于预计未来五年的盈利增长）。这略低于英伟达的 PEG 比率 0.82。</p>
</div><p>So, investors looking for an alternative to Nvidia should consider taking a closer look at Broadcom, as it has the potential to deliver more gains and is slightly cheaper when compared to the expected growth that it is expected to clock over the next five years.</p>
<div class="lb-trans"><p>因此，寻找英伟达替代品的投资者应考虑更仔细地关注博通，因为它有潜力带来更多收益，并且与预计的未来五年增长相比，价格略便宜。</p>
</div>

Missed Out on Nvidia: 1 No-Brainer Artificial Intelligence (AI) Stock to Buy Before It Crushes the Market in 2025, and Beyond

- Nvidia 在数据中心 GPU 市场占有 90% 的份额，推动了投资者的增长。  
- Broadcom 第四季度收入同比增长 51%，预计 AI 收入将继续增长。  
- 分析师上调 Broadcom 增长预期，预计未来几年将保持健康的双位数增长。  

错过了 Nvidia：1 只在 2025 年及以后击败市场前必须购买的无脑人工智能（AI）股票