<p>自从特朗普总统在 4 月 2 日宣布新的关税议程以来，股市一直经历着剧烈的波动。尤其是科技股，因恐惧和不确定性而受到广泛抛售的影响。</p>
<p>自本月初宣布关税以来，截至 4 月 18 日，<strong>纳斯达克综合指数</strong> 已下跌 7.5%。</p>
<p>在关税消息公布后，最初受到重大打击的一只纳斯达克股票是半导体公司 <strong>博通</strong>（AVGO -2.19%）。股价一度下跌 20%，随后反弹，目前实际下跌不到 1%。</p>
<p>该股票复苏的最大因素之一是公司最近宣布的股票回购计划。管理层表示，董事会批准在 12 月 31 日前回购最多 100 亿美元的股票。</p>
<p>让我们探讨一下是什么促使管理层考虑回购，以及投资者为何现在可能想要增持股票。</p>
<h2>尽管面临关税的短期阻力，博通的未来依然光明</h2>
<p>我将这些关税政策视为美国谈判新贸易协议的一种机制。在短期内，这种情况可能会在投资界造成混乱。目前关于哪些国家正在与特朗普政府讨论新贸易协议以及这些谈判的进展情况仍有很多未知数。</p>
<p>然而，聪明的投资者知道，不应过于分心于不断变化的关税言辞。</p>
<p>相反，让我们看看人工智能（AI）行业的一些长期利好因素，并探讨大型科技公司所采取的举措为何对博通有利。</p>
<ul>
<li><strong>云计算巨头：</strong> 几个月前，大型科技公司公布了 2024 年第四季度和全年财报。在 AI 领域最具影响力的开发者中，云计算巨头 <strong>微软</strong>、<strong>亚马逊</strong> 和 <strong>谷歌</strong> 名列其中。他们在 2025 年对 AI 基础设施的支出预计将接近 2600 亿美元。更重要的是，博通表示它已经与一些云计算巨头合作。这一点非常重要，因为数据中心基础设施支出的增加应该对博通的网络和定制硅服务形成利好。</li>
<li><strong>Meta Platforms：</strong> 计划在今年增加资本支出的 “七大巨头” 之一是 Meta Platforms。管理层预测，今年的资本支出可能高达 650 亿美元，比去年增加 67%。在过去几年中，Meta 的一个重点是设计自己的硅芯片，以减少对 <strong>英伟达</strong> 芯片组的过度依赖。Meta 一直在与博通合作这个项目，考虑到该公司似乎在加大对 AI 的投入，我认为持续的基础设施支出对博通来说是一个重大利好。</li>
</ul>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTQ5MjgvZ2V0dHlpbWFnZXMtMTE0ODE5NjIwMS0yLmpwZyZ3PTcwMA?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTQ5MjgvZ2V0dHlpbWFnZXMtMTE0ODE5NjIwMS0yLmpwZyZ3PTcwMA"/></p>
<p>图片来源：Getty Images。</p>
<h2>为什么现在是购买博通股票的好时机</h2>
<p>尽管博通股票在过去两周有所回升，但截至目前，股价仍下跌 26%。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/97be49cd8a9414cf0059257eeda63229.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/97be49cd8a9414cf0059257eeda63229.png"/></p>
<p>数据来源于 YCharts。</p>
<p>股票回购有时可以被解读为管理层认为股票被低估的信号。如上图所示，博通的持续抛售使公司的估值降至约一年以来的最低水平，基于前瞻市盈率（P/E）倍数。</p>
<p>上述估值压缩可能表明股票被超卖，但我认为现在有一个更微妙的理由可以抓住股票。</p>
<p>回购计划可能需要几个季度，甚至几年才能完成。但如上所述，博通当前的 100 亿美元回购计划仅持续到年底。无论公司是否回购全部 100 亿美元，管理层在未来八个月内只要股价相较历史水平仍然低迷，极有可能会回购一些股票。</p>
<p>当你考虑到博通因 AI 最大领导者持续的基础设施和数据中心支出而展现出的强劲前景时，股票现在看起来就像是一个便宜的选择。尽管面临关税带来的短期波动，现在是购买这只领先的 AI 成长股的机会。</p>

博通

<p>博通（AVGO）在市场因新关税而波动的情况下宣布了 100 亿美元的股票回购，这导致其股价最初下跌了 20%。尽管最近有所回升，但该股票今年仍下跌了 26%。此次回购表明管理层认为股票被低估。随着主要科技公司在人工智能领域的大规模基础设施支出，博通的前景依然强劲，使其在短期不确定性中仍然成为一个潜在的吸引人投资机会</p>

<p>Ever since President Donald Trump announced a new tariff agenda on April 2, the stock market has been experiencing outsized volatility. Technology stocks in particular have been vulnerable to widespread selling, driven by fear and uncertainty.</p>
<div class="lb-trans"><p>自从特朗普总统在 4 月 2 日宣布新的关税议程以来，股市一直经历着剧烈的波动。尤其是科技股，因恐惧和不确定性而受到广泛抛售的影响。</p>
</div><p>Since the tariffs were announced earlier this month, the <strong>Nasdaq Composite</strong> has fallen 7.5% as of April 18.</p>
<div class="lb-trans"><p>自本月初宣布关税以来，截至 4 月 18 日，<strong>纳斯达克综合指数</strong> 已下跌 7.5%。</p>
</div><p>One Nasdaq stock that initially took a big hit following the tariff news is semiconductor company <strong>Broadcom</strong>(AVGO -2.19%). Shares fell as much as 20% before rebounding, and they're actually down less than 1% as of this writing.</p>
<div class="lb-trans"><p>在关税消息公布后，最初受到重大打击的一只纳斯达克股票是半导体公司 <strong>博通</strong>（AVGO -2.19%）。股价一度下跌 20%，随后反弹，目前实际下跌不到 1%。</p>
</div><p>One of the biggest contributors to the stock's recovery was the company's recent stock buyback announcement. According to management, the board of directors approved the repurchase of up to $10 billion in shares through Dec. 31.</p>
<div class="lb-trans"><p>该股票复苏的最大因素之一是公司最近宣布的股票回购计划。管理层表示，董事会批准在 12 月 31 日前回购最多 100 亿美元的股票。</p>
</div><p>Let's explore what may have compelled management to explore a buyback and why investors may want to consider adding shares right now.</p>
<div class="lb-trans"><p>让我们探讨一下是什么促使管理层考虑回购，以及投资者为何现在可能想要增持股票。</p>
</div><h2>Despite near-term headwinds from tariffs, Broadcom's future still looks bright</h2>
<div class="lb-trans"><h2>尽管面临关税的短期阻力，博通的未来依然光明</h2>
</div><p>I see these tariff policies as a mechanism for the U.S. to negotiate new trade deals. In the near term, a situation like this can cause chaos in the investment world. There are a lot of unknowns about which countries are currently discussing new trade deals with the Trump administration and where these various negotiations stand.</p>
<div class="lb-trans"><p>我将这些关税政策视为美国谈判新贸易协议的一种机制。在短期内，这种情况可能会在投资界造成混乱。目前关于哪些国家正在与特朗普政府讨论新贸易协议以及这些谈判的进展情况仍有很多未知数。</p>
</div><p>However, smart investors know better than to get too distracted by the constantly changing tariff rhetoric.</p>
<div class="lb-trans"><p>然而，聪明的投资者知道，不应过于分心于不断变化的关税言辞。</p>
</div><p>Rather, let's look at some of the secular tailwinds in the artificial intelligence (AI) industry and explore why the moves that big tech is making bode well for Broadcom.</p>
<div class="lb-trans"><p>相反，让我们看看人工智能（AI）行业的一些长期利好因素，并探讨大型科技公司所采取的举措为何对博通有利。</p>
</div><ul>
<li><strong>Cloud hyperscalers:</strong> A few months ago, big tech reported earnings for the fourth quarter and full calendar year 2024. Among AI's most influential developers are cloud hyperscalers <strong>Microsoft</strong>, <strong>Amazon</strong>, and <strong>Alphabet</strong>. Their spending on AI infrastructure in 2025 alone is expected to be nearly $260 billion. What's even better is that Broadcom has said it already works with some of the hyperscalers. This is important because rising infrastructure spending for data centers should be a tailwind for Broadcom's networking and custom silicon services.</li>
<li><strong>Meta Platforms:</strong> Another member of the &#34;Magnificent Seven&#34; that plans to ratchet up its capital expenditures (capex) this year is Meta Platforms. Management forecasts it could spend up to $65 billion in capex this year, a 67% increase from last year. A big focus for Meta over the last couple of years has been designing its own silicon in an effort to move away from an overreliance on <strong>Nvidia</strong> chipsets. Meta has been working with Broadcom on this project, and given that the company appears to be doubling down on its AI ambitions, I see the ongoing infrastructure spending as a major positive for Broadcom.</li>
</ul>
<div class="lb-trans"><ul>
<li><strong>云计算巨头：</strong> 几个月前，大型科技公司公布了 2024 年第四季度和全年财报。在 AI 领域最具影响力的开发者中，云计算巨头 <strong>微软</strong>、<strong>亚马逊</strong> 和 <strong>谷歌</strong> 名列其中。他们在 2025 年对 AI 基础设施的支出预计将接近 2600 亿美元。更重要的是，博通表示它已经与一些云计算巨头合作。这一点非常重要，因为数据中心基础设施支出的增加应该对博通的网络和定制硅服务形成利好。</li>
<li><strong>Meta Platforms：</strong> 计划在今年增加资本支出的 “七大巨头” 之一是 Meta Platforms。管理层预测，今年的资本支出可能高达 650 亿美元，比去年增加 67%。在过去几年中，Meta 的一个重点是设计自己的硅芯片，以减少对 <strong>英伟达</strong> 芯片组的过度依赖。Meta 一直在与博通合作这个项目，考虑到该公司似乎在加大对 AI 的投入，我认为持续的基础设施支出对博通来说是一个重大利好。</li>
</ul>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTQ5MjgvZ2V0dHlpbWFnZXMtMTE0ODE5NjIwMS0yLmpwZyZ3PTcwMA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F814928%2Fgettyimages-1148196201-2.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>Why now is a great time to buy Broadcom stock</h2>
<div class="lb-trans"><h2>为什么现在是购买博通股票的好时机</h2>
</div><p>Despite the recovery in Broadcom shares over the last two weeks, the stock is still down 26% so far this year.</p>
<div class="lb-trans"><p>尽管博通股票在过去两周有所回升，但截至目前，股价仍下跌 26%。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/97be49cd8a9414cf0059257eeda63229.png" alt="" original-src="https://media.ycharts.com/charts/97be49cd8a9414cf0059257eeda63229.png"/></p>
<p>Data by YCharts.</p>
<div class="lb-trans"><p>数据来源于 YCharts。</p>
</div><p>Stock buybacks can sometimes be interpreted as a sign that management believes shares are undervalued. As the chart above illustrates, the ongoing sell-off in Broadcom has brought the company's valuation to its lowest level in about a year based on a forward price-to-earnings (P/E) multiple.</p>
<div class="lb-trans"><p>股票回购有时可以被解读为管理层认为股票被低估的信号。如上图所示，博通的持续抛售使公司的估值降至约一年以来的最低水平，基于前瞻市盈率（P/E）倍数。</p>
</div><p>The valuation compression seen above might suggest the stock is oversold, but I see a more subtle reason to pounce on shares right now.</p>
<div class="lb-trans"><p>上述估值压缩可能表明股票被超卖，但我认为现在有一个更微妙的理由可以抓住股票。</p>
</div><p>Buyback programs can take several quarters, or even years, to complete. But as mentioned above, Broadcom's current $10 billion repurchase program only runs through the end of the year. Whether the company buys back the full $10 billion or not, it's highly likely management will be repurchase some shares over the next eight months as long as they remain depressed compared to historical levels.</p>
<div class="lb-trans"><p>回购计划可能需要几个季度，甚至几年才能完成。但如上所述，博通当前的 100 亿美元回购计划仅持续到年底。无论公司是否回购全部 100 亿美元，管理层在未来八个月内只要股价相较历史水平仍然低迷，极有可能会回购一些股票。</p>
</div><p>When you also factor in Broadcom's robust prospects thanks to ongoing infrastructure and data center spending by AI's biggest leaders, the stock ends up looking like a bargain right now. Despite the near-term volatility from tariffs, now is an opportunity to buy the dip in this leading AI growth stock.</p>
<div class="lb-trans"><p>当你考虑到博通因 AI 最大领导者持续的基础设施和数据中心支出而展现出的强劲前景时，股票现在看起来就像是一个便宜的选择。尽管面临关税带来的短期波动，现在是购买这只领先的 AI 成长股的机会。</p>
</div>

在纳斯达克抛售期间值得大力买入的人工智能股票回购股票