<p><strong>英伟达</strong>(NVDA 0.87%) 和 <strong>博通</strong>(AVGO 0.71%) 是人工智能 (AI) 半导体领域的领先企业，这两家芯片设计公司在各自的细分市场中占据主导地位。</p>
<p>英伟达控制着数据中心图形处理单元 (GPU) 的市场，这一市场因训练 AI 模型所需的大量计算能力而蓬勃发展。另一方面，博通在定制 AI 处理器市场中占据了绝大部分份额，该市场因 AI 推理而逐渐受到关注。</p>
<p>然而，在过去一年中，这两只股票在市场上的表现截然不同，博通的涨幅为 45%，远远超过英伟达的 9% 的涨幅。这是否意味着博通是两者中更好的 AI 股票？让我们来看看。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjE5NTUvYWktd3JpdHRlbi1vbi1jaXJjdWl0LWJvYXJkLmpwZyZ3PTcwMA?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="700" height="376" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjE5NTUvYWktd3JpdHRlbi1vbi1jaXJjdWl0LWJvYXJkLmpwZyZ3PTcwMA"/></p>
<p>图片来源：Getty Images。</p>
<h2>支持博通的理由</h2>
<p>博通的定制 AI 处理器目前需求旺盛，因为云计算巨头正在大量部署这些处理器用于 AI 推理（即经过训练的 AI 模型根据新数据得出结论）。预计到 2027 年，该公司将有三家客户在其云集群中各自部署超过 100 万个定制 AI 处理器。</p>
<p>这将比去年每个云集群中客户部署的 30,000 个定制 AI 处理器大幅增长。</p>
<p>其定制 AI 处理器需求如此旺盛的原因在于，与 GPU 相比，它们在执行设计任务时更高效，从而降低了运营成本。有报告显示，该公司的定制 AI 芯片速度可比 GPU 快两到三倍，并且功耗降低了 30%。</p>
<p>这就是为什么像 <strong>Meta Platforms</strong>、<strong>微软</strong>、<strong>Alphabet</strong> 的 Google、<strong>亚马逊</strong> 等超大规模云计算公司一直在为其服务器构建定制 AI 芯片。而使用博通 AI 芯片的客户数量预计将从目前的三家增加到七家。该芯片制造商目前为 Alphabet、Meta 和字节跳动设计芯片，并且有迹象表明它可能会将 <strong>Oracle</strong>、xAI 和 <strong>软银</strong> 等公司纳入其客户名单。</p>
<p>该公司 AI 客户基础的潜在扩展可能有助于其维持在定制 AI 处理器市场中令人印象深刻的 70% 市场份额。考虑到定制 AI 芯片市场预计到 2030 年将实现 32% 的年增长率，这可能为长期的卓越收入增长铺平道路。</p>
<p>毫不奇怪，分析师们已经开始上调博通未来几个财年的收入预期。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/59af19fbd17a2f420a5fa82112d9703c.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="720" height="380" original-src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/59af19fbd17a2f420a5fa82112d9703c.png"/></p>
<p>AVGO 当前财年的收入预期数据来源于 YCharts。</p>
<p>因此，博通可能会在长期内继续成为顶级 AI 股票，因为它正在建立一个稳固的客户基础，并且正在充分利用定制 AI 芯片的丰厚机会，得益于其出色的市场份额。但这是否足以帮助其股票的上涨幅度超过英伟达呢？</p>
<h2>支持英伟达的理由</h2>
<p>尽管博通销售的定制芯片在处理 AI 工作负载方面的受欢迎程度不断上升，但英伟达销售的 GPU 的需求依然强劲。该公司最新的季度报告显示，收入同比增长 69%，达到 441 亿美元。这一增幅快于博通上一季度 20% 的收入增长。</p>
<p>英伟达的数据中心收入同比增长 73%，得益于其 Blackwell AI 芯片的需求。相比之下，博通的 AI 收入增长相对较慢，为 46%。</p>
<p>因此，尽管英伟达的收入基数更大，但其增长速度远快于博通。英伟达之所以继续在 AI 芯片领域占据主导地位，是因为它专注于提高 GPU 的推理性能，这帮助其客户降低了运营成本。</p>
<p>在 AI 收入方面，英伟达仍然遥遥领先于竞争对手，数据中心 GPU 的市场份额超过 90%。这使得公司在未来很长一段时间内能够维持其令人印象深刻的增长水平。</p>
<p>麦肯锡预测，到 2030 年，全球在 AI 数据中心的投资将达到 5.2 万亿美元。这将为公司的数据中心业务提供充足的增长空间，去年财年的水平为 1150 亿美元。这一丰厚的机会解释了为什么英伟达预计将与博通的预期增长持平，甚至超过博通。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/9d31b31ccbf8c30f8aa2f38e30820e15.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="720" height="380" original-src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/9d31b31ccbf8c30f8aa2f38e30820e15.png"/></p>
<p>NVDA 当前财年的收入预期数据来源于 YCharts。</p>
<p>此外，英伟达的 AI 机会不仅限于数据中心。该公司的游戏和 AI 个人电脑 (PC) 业务在上一季度同比增长 42%。其汽车业务的销售增长了 72%。</p>
<p>预计这两个市场的 AI 采用率将以良好的速度增长，前景广阔。</p>
<h2>结论</h2>
<p>AI 给博通和英伟达带来了提升。但后者是多个终端市场对 AI 芯片巨大需求的更大受益者，而前者才刚刚起步。此外，如上所述，尽管英伟达是一家更大的公司，但其增长仍优于博通。</p>
<p>更重要的是，尽管英伟达的增长更强劲，但其估值仍低于博通。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/35a380ba86e060fa52ef8c796646eb7a.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="720" height="380" original-src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/35a380ba86e060fa52ef8c796646eb7a.png"/></p>
<p>AVGO 市盈率数据来源于 YCharts；市盈率 = 价格与收益比。</p>
<p>因此，尽管博通股票在过去一年中可能表现优于英伟达，但两家公司在估值和增长特征上的差异表明，后者现在是更好的 AI 股票。如果你在这两只 AI 股票中选择投资，英伟达看起来是更好的选择，尽管博通也不容小觑，因为它正在探索 AI 芯片这一巨大机会的表面。</p>

英伟达

博通

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

半导体 3 倍做多 - Direxion

<p>英伟达和博通是人工智能半导体市场的关键参与者，其中英伟达在数据中心 GPU 领域处于领先地位，而博通则专注于定制 AI 处理器。博通的股票在过去一年中上涨了 45%，这得益于其高效 AI 芯片的强劲需求，而英伟达的股票则上涨了 9%。分析师预测博通将保持其市场份额和收入增长，但英伟达更快的收入增长以及在数据中心 GPU 领域的主导地位表明，它也可能具有显著的上行潜力。这两家公司在人工智能领域的未来增长中都处于良好位置</p>

<p><strong>Nvidia</strong>(NVDA 0.87%) and <strong>Broadcom</strong>(AVGO 0.71%) are the leading players in the artificial intelligence (AI) semiconductor space, with both chip designers being the dominant forces in their respective niches.</p>
<div class="lb-trans"><p><strong>英伟达</strong>(NVDA 0.87%) 和 <strong>博通</strong>(AVGO 0.71%) 是人工智能 (AI) 半导体领域的领先企业，这两家芯片设计公司在各自的细分市场中占据主导地位。</p>
</div><p>Nvidia controls the market for data center graphics processing units (GPUs), which has been thriving thanks to the need for massive computing power required to train AI models. Broadcom, on the other hand, commands the lion's share of the custom AI processor market, which has been gaining traction because of AI inference.</p>
<div class="lb-trans"><p>英伟达控制着数据中心图形处理单元 (GPU) 的市场，这一市场因训练 AI 模型所需的大量计算能力而蓬勃发展。另一方面，博通在定制 AI 处理器市场中占据了绝大部分份额，该市场因 AI 推理而逐渐受到关注。</p>
</div><p>However, both stocks have witnessed divergent fortunes on the market in the past year, with Broadcom's gains of 45% significantly outpacing Nvidia's jump of 9%. Does this make Broadcom the better AI stock of the two? Let's find out.</p>
<div class="lb-trans"><p>然而，在过去一年中，这两只股票在市场上的表现截然不同，博通的涨幅为 45%，远远超过英伟达的 9% 的涨幅。这是否意味着博通是两者中更好的 AI 股票？让我们来看看。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjE5NTUvYWktd3JpdHRlbi1vbi1jaXJjdWl0LWJvYXJkLmpwZyZ3PTcwMA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F821955%2Fai-written-on-circuit-board.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 case for Broadcom</h2>
<div class="lb-trans"><h2>支持博通的理由</h2>
</div><p>Broadcom's custom AI processors are in great demand right now as they are being deployed in huge numbers by cloud hyperscalers for AI inferencing (where a trained AI model draws conclusions based on new data). The company has three customers that are expected to deploy more than 1 million units each of its custom AI processors in their cloud clusters in 2027.</p>
<div class="lb-trans"><p>博通的定制 AI 处理器目前需求旺盛，因为云计算巨头正在大量部署这些处理器用于 AI 推理（即经过训练的 AI 模型根据新数据得出结论）。预计到 2027 年，该公司将有三家客户在其云集群中各自部署超过 100 万个定制 AI 处理器。</p>
</div><p>That would be a big jump over the 30,000 units of its custom AI processors deployed in each cloud cluster by its customers last year.</p>
<div class="lb-trans"><p>这将比去年每个云集群中客户部署的 30,000 个定制 AI 处理器大幅增长。</p>
</div><p>The reason its custom AI processors are in such great demand is because of their ability to perform the tasks they are designed for more efficiently when compared to GPUs, thereby lowering the operating cost. Reports suggest that the company's custom AI chips can be two to three times faster than GPUs, and they consume 30% less power.</p>
<div class="lb-trans"><p>其定制 AI 处理器需求如此旺盛的原因在于，与 GPU 相比，它们在执行设计任务时更高效，从而降低了运营成本。有报告显示，该公司的定制 AI 芯片速度可比 GPU 快两到三倍，并且功耗降低了 30%。</p>
</div><p>This is the reason hyperscalers such as <strong>Meta Platforms</strong>, <strong>Microsoft</strong>, <strong>Alphabet</strong>'s Google, <strong>Amazon</strong>, and others have been building custom AI chips for their servers. And the number of customers using Broadcom's AI chips is likely to go up to seven from the current three. The chipmaker reportedly designs chips for Alphabet, Meta, and ByteDance at present, and there are indications that it could add the likes of <strong>Oracle</strong>, xAI, and <strong>SoftBank</strong> to its list as well.</p>
<div class="lb-trans"><p>这就是为什么像 <strong>Meta Platforms</strong>、<strong>微软</strong>、<strong>Alphabet</strong> 的 Google、<strong>亚马逊</strong> 等超大规模云计算公司一直在为其服务器构建定制 AI 芯片。而使用博通 AI 芯片的客户数量预计将从目前的三家增加到七家。该芯片制造商目前为 Alphabet、Meta 和字节跳动设计芯片，并且有迹象表明它可能会将 <strong>Oracle</strong>、xAI 和 <strong>软银</strong> 等公司纳入其客户名单。</p>
</div><p>This potential expansion of the company's AI customer base could help it sustain its impressive 70% share of the custom AI processor market. This could pave the way for outstanding revenue growth in the long run considering that the custom AI chip market is expected to clock an annual growth rate of 32% through 2030.</p>
<div class="lb-trans"><p>该公司 AI 客户基础的潜在扩展可能有助于其维持在定制 AI 处理器市场中令人印象深刻的 70% 市场份额。考虑到定制 AI 芯片市场预计到 2030 年将实现 32% 的年增长率，这可能为长期的卓越收入增长铺平道路。</p>
</div><p>Not surprisingly, analysts have been ramping up Broadcom's revenue estimates for the next couple of fiscal years.</p>
<div class="lb-trans"><p>毫不奇怪，分析师们已经开始上调博通未来几个财年的收入预期。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/59af19fbd17a2f420a5fa82112d9703c.png" alt="" original-src="https://media.ycharts.com/charts/59af19fbd17a2f420a5fa82112d9703c.png"/></p>
<p>AVGO Revenue Estimates for Current Fiscal Year data by YCharts.</p>
<div class="lb-trans"><p>AVGO 当前财年的收入预期数据来源于 YCharts。</p>
</div><p>So, Broadcom is likely to remain a top AI stock over the long run as it is building up a solid customer base and is on its way to making the most of the lucrative opportunity in custom AI chips thanks to its outstanding market share. But will that be enough to help its stock deliver more upside than Nvidia?</p>
<div class="lb-trans"><p>因此，博通可能会在长期内继续成为顶级 AI 股票，因为它正在建立一个稳固的客户基础，并且正在充分利用定制 AI 芯片的丰厚机会，得益于其出色的市场份额。但这是否足以帮助其股票的上涨幅度超过英伟达呢？</p>
</div><h2>The case for Nvidia</h2>
<div class="lb-trans"><h2>支持英伟达的理由</h2>
</div><p>While the popularity of custom chips sold by Broadcom to tackle AI workloads has been increasing, the demand for GPUs sold by Nvidia continues to remain strong as well. The company's latest quarterly report showed a 69% year-over-year increase in revenue to $44.1 billion. That was faster than the 20% increase in Broadcom's revenue in the previous quarter.</p>
<div class="lb-trans"><p>尽管博通销售的定制芯片在处理 AI 工作负载方面的受欢迎程度不断上升，但英伟达销售的 GPU 的需求依然强劲。该公司最新的季度报告显示，收入同比增长 69%，达到 441 亿美元。这一增幅快于博通上一季度 20% 的收入增长。</p>
</div><p>And Nvidia's data center revenue increased 73% year over year thanks to the demand for its Blackwell AI chips. Broadcom's AI revenue growth, on the other hand, was relatively slower at 46%.</p>
<div class="lb-trans"><p>英伟达的数据中心收入同比增长 73%，得益于其 Blackwell AI 芯片的需求。相比之下，博通的 AI 收入增长相对较慢，为 46%。</p>
</div><p>So despite its larger revenue base, Nvidia is growing much faster than Broadcom. The reason Nvidia continues to be the dominant player in AI chips is because it has focused on improving the inference performance of its GPUs, which is helping its customers reduce operating costs.</p>
<div class="lb-trans"><p>因此，尽管英伟达的收入基数更大，但其增长速度远快于博通。英伟达之所以继续在 AI 芯片领域占据主导地位，是因为它专注于提高 GPU 的推理性能，这帮助其客户降低了运营成本。</p>
</div><p>And it remains miles ahead of its rivals in AI revenue, with a 90%-plus share in data center GPUs. This puts the company in a terrific position to sustain its impressive levels of growth for a long time to come.</p>
<div class="lb-trans"><p>在 AI 收入方面，英伟达仍然遥遥领先于竞争对手，数据中心 GPU 的市场份额超过 90%。这使得公司在未来很长一段时间内能够维持其令人印象深刻的增长水平。</p>
</div><p>McKinsey is forecasting an investment of $5.2 trillion worldwide in AI data centers by 2030. That would leave abundant room for growth in the company's data center business from the previous fiscal year's level of $115 billion. This lucrative opportunity suggests why Nvidia is expected to match, or even exceed, Broadcom's projected growth.</p>
<div class="lb-trans"><p>麦肯锡预测，到 2030 年，全球在 AI 数据中心的投资将达到 5.2 万亿美元。这将为公司的数据中心业务提供充足的增长空间，去年财年的水平为 1150 亿美元。这一丰厚的机会解释了为什么英伟达预计将与博通的预期增长持平，甚至超过博通。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/9d31b31ccbf8c30f8aa2f38e30820e15.png" alt="" original-src="https://media.ycharts.com/charts/9d31b31ccbf8c30f8aa2f38e30820e15.png"/></p>
<p>NVDA Revenue Estimates for Current Fiscal Year, data by YCharts.</p>
<div class="lb-trans"><p>NVDA 当前财年的收入预期数据来源于 YCharts。</p>
</div><p>Moreover, Nvidia's AI opportunity isn't just limited to data centers. The company's gaming and AI personal computer (PC) business grew 42% year over year in the previous quarter. Its automotive business recorded a 72% sales increase.</p>
<div class="lb-trans"><p>此外，英伟达的 AI 机会不仅限于数据中心。该公司的游戏和 AI 个人电脑 (PC) 业务在上一季度同比增长 42%。其汽车业务的销售增长了 72%。</p>
</div><p>The adoption of AI is projected to increase at a nice clip in both these markets, promising outstanding growth.</p>
<div class="lb-trans"><p>预计这两个市场的 AI 采用率将以良好的速度增长，前景广阔。</p>
</div><h2>The verdict</h2>
<div class="lb-trans"><h2>结论</h2>
</div><p>AI has given Broadcom and Nvidia a lift. But the latter is the bigger beneficiary of the huge demand for AI chips in multiple end markets, while the former is just getting started. Also, as mentioned above, Nvidia's growth is better than Broadcom's even though the former is a much bigger company.</p>
<div class="lb-trans"><p>AI 给博通和英伟达带来了提升。但后者是多个终端市场对 AI 芯片巨大需求的更大受益者，而前者才刚刚起步。此外，如上所述，尽管英伟达是一家更大的公司，但其增长仍优于博通。</p>
</div><p>What's more, Nvidia trades at a cheaper valuation than Broadcom even with its stronger growth.</p>
<div class="lb-trans"><p>更重要的是，尽管英伟达的增长更强劲，但其估值仍低于博通。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/35a380ba86e060fa52ef8c796646eb7a.png" alt="" original-src="https://media.ycharts.com/charts/35a380ba86e060fa52ef8c796646eb7a.png"/></p>
<p>AVGO PE Ratio data by YCharts; PE = price to earnings.</p>
<div class="lb-trans"><p>AVGO 市盈率数据来源于 YCharts；市盈率 = 价格与收益比。</p>
</div><p>So, even though Broadcom stock may have outperformed Nvidia in the past year, the valuation and growth profile of the two companies suggests that the latter is a better AI stock to buy right now. You can't go wrong with Broadcom, either, considering that it is scratching the surface of a huge opportunity in AI chips, but if you're looking to choose from one of these two AI stocks for your portfolio, Nvidia looks like the better option.</p>
<div class="lb-trans"><p>因此，尽管博通股票在过去一年中可能表现优于英伟达，但两家公司在估值和增长特征上的差异表明，后者现在是更好的 AI 股票。如果你在这两只 AI 股票中选择投资，英伟达看起来是更好的选择，尽管博通也不容小觑，因为它正在探索 AI 芯片这一巨大机会的表面。</p>
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Better Artificial Intelligence (AI) Stock: Nvidia vs. Broadcom

- Nvidia 和 Broadcom 是人工智能半导体领域的领先企业。  
- Broadcom 的定制 AI 处理器需求强劲，预计 2027 年将大幅增加。  
- Nvidia 的 GPU 收入增长更快，市场份额超过 90%。

哪只人工智能（AI）股票更好：英伟达与博通