<p><strong>英伟达</strong>(NVDA -2.20%) 继续主导进入人工智能 (AI) 数据中心的芯片市场。该公司刚刚报告了又一个巨大的增长季度，股票接近历史新高。</p>
<p>仍然有理由购买英伟达的股票，但投资者不应将所有资金投入一个篮子里（无意双关）。英伟达并没有捕捉到所有的 AI 半导体需求。像 <strong>Alphabet</strong> 的 Google 和 <strong>亚马逊</strong> 这样的超大规模公司正在为其云服务设计特定 AI 工作负载的定制芯片，这为其他领先的半导体公司创造了巨大的增长。</p>
<p><strong>博通</strong>(AVGO -2.90%) 和 <strong>台积电</strong>(TSM -2.04%) 的股票最近分别上涨了 73% 和 29%——两者均超过了英伟达过去一年 18% 的回报。这些芯片股票可以扩大您对数据中心市场中 AI 芯片日益增长需求的投资。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjE0MjgvYXJ0aWZpY2lhbC1pbnRlbGxpZ2VuY2UtY2hpcC1idWxsLW1hcmtldC5qcGcmdz03MDA?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="700" height="393" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjE0MjgvYXJ0aWZpY2lhbC1pbnRlbGxpZ2VuY2UtY2hpcC1idWxsLW1hcmtldC5qcGcmdz03MDA"/></p>
<p>图片来源：Getty Images。</p>
<h2>1. 博通</h2>
<p>博通是定制 AI 加速器 (XPUs) 和数据中心及其他市场的网络解决方案的顶级供应商。其网络业务提供帮助以高速移动数据的组件，这在超大规模公司转向更先进的 AI 工作负载时至关重要。</p>
<p>博通已连续五个季度实现 20% 或更高的收入增长。具体而言，最近一个季度与 AI 相关的收入同比增长了 46%。博通将这一增长转化为强劲的利润，上个季度自由现金流达到 64 亿美元，收入的高达 43% 的利润率。</p>
<p>包括博通的以太网网络产品在内的 AI 网络收入同比增长了 170%，几乎占其 AI 总收入的一半。这一网络领域的惊人增长表明，为创造下一波 AI 应用和服务，计算能力正在大幅提升。</p>
<p>博通还提供 XPUs，这些芯片在特定工作负载上比英伟达的通用芯片更具成本效益。博通预计至少有三家客户将在 2027 年之前部署 100 万个定制的 AI 加速集群，并在上次财报电话会议上报告称，这些大型超大规模公司在近期继续投资的计划是 “坚定不移” 的。</p>
<p>定制芯片需求的长期前景应在未来几年支持股东回报。事实上，管理层预计定制 XPU 的需求将在 2026 年之前加速。该股票并不便宜，前瞻市盈率为 38，但这一机会可能值得这一溢价。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjE0MjgvdGFpd2FuLXNlbWljb25kdWN0b3ItdHNtYy1mYWJyaWNhdGlvbi1vZi1zZW1pY29uZHVjdG9yLWNoaXAtd2FmZXJzX3RzbWMuanBnJnc9NzAw?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="700" height="420" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjE0MjgvdGFpd2FuLXNlbWljb25kdWN0b3ItdHNtYy1mYWJyaWNhdGlvbi1vZi1zZW1pY29uZHVjdG9yLWNoaXAtd2FmZXJzX3RzbWMuanBnJnc9NzAw"/></p>
<p>图片来源：台积电。</p>
<h2>2. 台积电</h2>
<p>台积电（也称为 TSMC）在全球芯片行业供应链中扮演着至关重要的角色。根据 Counterpoint 的数据，它是最大的芯片代工厂，市场份额超过 65%。它为多家公司制造芯片，包括英伟达、博通、<strong>超威半导体</strong> 和 <strong>苹果</strong>，以及超大规模公司。</p>
<p>在一个巨大的季度后，股票飙升至新高，期间以美元计的收入同比增长 35%。尽管由于季节性需求趋势，智能手机收入疲软，占公司收入的四分之一以上，但这一强劲增长依然显著。</p>
<p>台积电在尖端芯片制造技术上投资了数十年，以满足客户对世界上最先进芯片的需求。其竞争优势基于卓越的制造能力和巨大的芯片制造能力，使其每年能够生产超过 1600 万片 12 英寸等效晶圆。这些优势使台积电在过去 12 个月内实现了高达 41% 的利润率。</p>
<p>台积电计划在 2025 年将其芯片 - 晶圆 - 基板 (CoWoS) 的产能翻倍，表明对英伟达和其他客户所面临的需求的支持正在增长。台积电最近宣布了一项 1650 亿美元的重大投资，以在美国启动新的制造设施，并在其他地区扩展计划。</p>
<p>AI 加速器收入在 2024 年增长了三倍，管理层预计在 2025 年将翻倍。到 2029 年，该公司预计 AI 芯片的需求将以超过 40% 的年化率增长。</p>
<p>目前，台积电的股票可能是芯片股票中最具价值的。该股票的交易价格仅为 2025 年收益预期的 23 倍，尽管分析师预计年化收益增长为 21%。虽然对于芯片股票而言，超过 20 的收益倍数在历史上被认为是昂贵的，但这些公司正在经历一次千载难逢的增长潮，可能会在本十年末为投资者带来优异的回报。</p>

博通

英伟达

台积电

2 倍做多英伟达 ETF - GraniteShares

南方两倍做多英伟达

南方两倍做空英伟达

英伟达期权收益策略 ETF - YieldMax

1 倍做空英伟达 ETF - Direxion

2 倍做多 NVDA ETF - T-Rex

2 倍做空 NVDA ETF - T-Rex

<p>英伟达在人工智能芯片需求方面继续领先，报告了显著增长，接近历史最高水平。然而，投资者被建议进行多元化投资，因为博通和台积电等公司也在人工智能热潮中受益。博通的人工智能相关收入同比激增 46%，而作为最大的芯片代工厂，台积电报告了 35% 的收入增长。这两家公司在定制人工智能芯片的未来增长中处于良好位置，台积电计划进行大量投资以满足不断增长的需求</p>

<p><strong>Nvidia</strong>(NVDA -2.20%) continues to dominate the lion's share of the chips going into data centers for artificial intelligence (AI). The company just reported another monster quarter of growth, and the stock is closing in on new all-time highs.</p>
<div class="lb-trans"><p><strong>英伟达</strong>(NVDA -2.20%) 继续主导进入人工智能 (AI) 数据中心的芯片市场。该公司刚刚报告了又一个巨大的增长季度，股票接近历史新高。</p>
</div><p>There's still a case for buying Nvidia stock, but investors shouldn't put all their chips in one basket (no pun intended). Nvidia is not capturing all the demand for AI semiconductors. Hyperscalers like <strong>Alphabet</strong>'s Google and <strong>Amazon</strong> are designing custom chips for specific AI workloads in their cloud services, and this is creating tremendous growth for other leading semiconductor companies.</p>
<div class="lb-trans"><p>仍然有理由购买英伟达的股票，但投资者不应将所有资金投入一个篮子里（无意双关）。英伟达并没有捕捉到所有的 AI 半导体需求。像 <strong>Alphabet</strong> 的 Google 和 <strong>亚马逊</strong> 这样的超大规模公司正在为其云服务设计特定 AI 工作负载的定制芯片，这为其他领先的半导体公司创造了巨大的增长。</p>
</div><p>Shares of <strong>Broadcom</strong>(AVGO -2.90%) and <strong>Taiwan Semiconductor Manufacturing</strong>(TSM -2.04%) recently were up 73% and 29%, respectively -- both outperforming Nvidia's 18% return over the last year. These chip stocks can broaden your exposure to the growing demand for AI chips across the data center market.</p>
<div class="lb-trans"><p><strong>博通</strong>(AVGO -2.90%) 和 <strong>台积电</strong>(TSM -2.04%) 的股票最近分别上涨了 73% 和 29%——两者均超过了英伟达过去一年 18% 的回报。这些芯片股票可以扩大您对数据中心市场中 AI 芯片日益增长需求的投资。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjE0MjgvYXJ0aWZpY2lhbC1pbnRlbGxpZ2VuY2UtY2hpcC1idWxsLW1hcmtldC5qcGcmdz03MDA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F821428%2Fartificial-intelligence-chip-bull-market.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>1. Broadcom</h2>
<div class="lb-trans"><h2>1. 博通</h2>
</div><p>Broadcom is a top supplier of custom AI accelerators (XPUs) and networking solutions for data centers and other markets. Its networking business supplies components that help move data at high speeds, which is vital as hyperscalers shift to more advanced AI workloads.</p>
<div class="lb-trans"><p>博通是定制 AI 加速器 (XPUs) 和数据中心及其他市场的网络解决方案的顶级供应商。其网络业务提供帮助以高速移动数据的组件，这在超大规模公司转向更先进的 AI 工作负载时至关重要。</p>
</div><p>Broadcom has reported five consecutive quarters of 20% or more revenue growth. Specifically, AI-related revenue jumped 46% year over year in the most recent quarter. Broadcom is turning this growth into strong profits, with free cash flow reaching $6.4 billion last quarter, representing a high 43% margin on revenue.</p>
<div class="lb-trans"><p>博通已连续五个季度实现 20% 或更高的收入增长。具体而言，最近一个季度与 AI 相关的收入同比增长了 46%。博通将这一增长转化为强劲的利润，上个季度自由现金流达到 64 亿美元，收入的高达 43% 的利润率。</p>
</div><p>AI networking revenue, including Broadcom's Ethernet networking products, grew 170% year over year, representing nearly half of its total revenue from AI. This incredible growth in networking signals a massive ramp in computing power to create the next wave of AI applications and services.</p>
<div class="lb-trans"><p>包括博通的以太网网络产品在内的 AI 网络收入同比增长了 170%，几乎占其 AI 总收入的一半。这一网络领域的惊人增长表明，为创造下一波 AI 应用和服务，计算能力正在大幅提升。</p>
</div><p>Broadcom is also supplying XPUs, which are more cost-efficient for specific workloads than Nvidia's general-purpose chips. Broadcom sees at least three customers deploying 1 million custom AI-accelerated clusters by 2027, and it reported on the last earnings call that these large hyperscalers are &#34;unwavering&#34; in their plans to continue investing in the near term.</p>
<div class="lb-trans"><p>博通还提供 XPUs，这些芯片在特定工作负载上比英伟达的通用芯片更具成本效益。博通预计至少有三家客户将在 2027 年之前部署 100 万个定制的 AI 加速集群，并在上次财报电话会议上报告称，这些大型超大规模公司在近期继续投资的计划是 “坚定不移” 的。</p>
</div><p>The long-term outlook for custom chip demand should support shareholder returns over the next several years. In fact, management expects custom XPU demand to accelerate through 2026. The stock isn't cheap, trading at a forward price-to-earnings multiple of 38, but the opportunity could justify the premium.</p>
<div class="lb-trans"><p>定制芯片需求的长期前景应在未来几年支持股东回报。事实上，管理层预计定制 XPU 的需求将在 2026 年之前加速。该股票并不便宜，前瞻市盈率为 38，但这一机会可能值得这一溢价。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjE0MjgvdGFpd2FuLXNlbWljb25kdWN0b3ItdHNtYy1mYWJyaWNhdGlvbi1vZi1zZW1pY29uZHVjdG9yLWNoaXAtd2FmZXJzX3RzbWMuanBnJnc9NzAw" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F821428%2Ftaiwan-semiconductor-tsmc-fabrication-of-semiconductor-chip-wafers_tsmc.jpg&amp;op=resize&amp;w=700"/></p>
<p>Image source: Taiwan Semiconductor Manufacturing.</p>
<div class="lb-trans"><p>图片来源：台积电。</p>
</div><h2>2. Taiwan Semiconductor Manufacturing</h2>
<div class="lb-trans"><h2>2. 台积电</h2>
</div><p>Taiwan Semiconductor Manufacturing (also known as TSMC) plays a vital role in the global supply chain for the chip industry. It's the largest chip foundry, with more than 65% market share, according to Counterpoint. It makes chips for several companies, including Nvidia, Broadcom, <strong>Advanced Micro Devices</strong>, and <strong>Apple</strong>, as well as hyperscalers.</p>
<div class="lb-trans"><p>台积电（也称为 TSMC）在全球芯片行业供应链中扮演着至关重要的角色。根据 Counterpoint 的数据，它是最大的芯片代工厂，市场份额超过 65%。它为多家公司制造芯片，包括英伟达、博通、<strong>超威半导体</strong> 和 <strong>苹果</strong>，以及超大规模公司。</p>
</div><p>The stock is surging to new highs following a monster quarter, during which revenue in U.S. dollars grew 35% year over year. This strong growth was despite weak smartphone revenue in the quarter, representing over a quarter of the company's revenue, due to seasonal demand trends.</p>
<div class="lb-trans"><p>在一个巨大的季度后，股票飙升至新高，期间以美元计的收入同比增长 35%。尽管由于季节性需求趋势，智能手机收入疲软，占公司收入的四分之一以上，但这一强劲增长依然显著。</p>
</div><p>TSMC has spent decades investing in cutting-edge chip-making technology to meet customer needs for the world's most advanced chips. Its competitive advantage is based on superior manufacturing capabilities and massive chip-making capacity, enabling it to make more than 16 million 12-inch equivalent wafers annually. These advantages enabled TSMC to earn a sky-high profit margin of 41% on a trailing-12-month basis.</p>
<div class="lb-trans"><p>台积电在尖端芯片制造技术上投资了数十年，以满足客户对世界上最先进芯片的需求。其竞争优势基于卓越的制造能力和巨大的芯片制造能力，使其每年能够生产超过 1600 万片 12 英寸等效晶圆。这些优势使台积电在过去 12 个月内实现了高达 41% 的利润率。</p>
</div><p>TSMC is planning to double its chip-on-wafer-on-substrate (CoWoS) capacity in 2025, indicating growing support for the demand that Nvidia and other customers are experiencing. TSMC recently announced a substantial investment of $165 billion to launch new manufacturing facilities in the U.S., in addition to expansion plans in other geographies.</p>
<div class="lb-trans"><p>台积电计划在 2025 年将其芯片 - 晶圆 - 基板 (CoWoS) 的产能翻倍，表明对英伟达和其他客户所面临的需求的支持正在增长。台积电最近宣布了一项 1650 亿美元的重大投资，以在美国启动新的制造设施，并在其他地区扩展计划。</p>
</div><p>AI accelerator revenue tripled in 2024, and management expects it to double in 2025. Through 2029, the company expects demand for AI chips to grow at an annualized rate topping 40%.</p>
<div class="lb-trans"><p>AI 加速器收入在 2024 年增长了三倍，管理层预计在 2025 年将翻倍。到 2029 年，该公司预计 AI 芯片的需求将以超过 40% 的年化率增长。</p>
</div><p>Taiwan Semiconductor shares may be the best value among chip stocks right now. The stock trades at just 23 times 2025 earnings estimates, despite analysts expecting 21% annualized earnings growth. While earnings multiples above 20 are historically expensive for chip stocks, these companies are experiencing a once-in-a-generation growth spurt that will likely deliver excellent returns to investors through the end of the decade.</p>
<div class="lb-trans"><p>目前，台积电的股票可能是芯片股票中最具价值的。该股票的交易价格仅为 2025 年收益预期的 23 倍，尽管分析师预计年化收益增长为 21%。虽然对于芯片股票而言，超过 20 的收益倍数在历史上被认为是昂贵的，但这些公司正在经历一次千载难逢的增长潮，可能会在本十年末为投资者带来优异的回报。</p>
</div>

Should You Buy Nvidia? These Chip Stocks Are Soaring as AI Demand Remains Hot.

- Nvidia 在人工智能数据中心芯片市场占据主导地位。  
- Broadcom 和台积电分别实现 73% 和 29% 的股价增长。  
- 预计 AI 芯片需求将以超过 40% 的年增长率增长。  

你是否应该购买英伟达？随着人工智能需求持续旺盛，这些芯片股票正在大幅上涨