<p><strong>博通</strong>（AVGO 1.90%）凭借其特定应用集成电路（ASICs）已成为人工智能（AI）芯片市场的关键参与者。由于其成本效益和相较于通用计算芯片系统（如显卡）的性能优势，ASICs 在云服务提供商和超大规模企业中获得了巨大的关注。</p>
<p>这解释了为什么博通的股票在过去一年中上涨了令人印象深刻的 65%，而在此期间，AI 芯片先锋 <strong>英伟达</strong> 的涨幅仅为 30%。这一令人瞩目的增长使博通的市值达到了约 1.3 万亿美元，未来三年内看到这家半导体股票进入 2 万亿美元市值俱乐部并不令人惊讶。</p>
<p>让我们看看博通似乎能够在 2028 年前实现这一里程碑的原因。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjM2NDkvcGVyc29uLWhvbGRpbmctc21hcnRwaG9uZS1zbWlsaW5nLmpwZyZ3PTcwMA?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjM2NDkvcGVyc29uLWhvbGRpbmctc21hcnRwaG9uZS1zbWlsaW5nLmpwZyZ3PTcwMA"/></p>
<p>图片来源：Getty Images。</p>
<h2>博通的增长在未来三年可能会加速</h2>
<p>博通上个月发布了其 2025 财年第二季度的业绩（截至 5 月 4 日的三个月）。该芯片制造商在财年的前六个月的收入同比增长了 22%，达到了 299 亿美元。公司 AI 芯片销售的显著增长在推动这一令人瞩目的增长中发挥了核心作用。</p>
<p>博通的 AI 芯片收入在财年第一季度同比增长了 77%，第二季度则增长了 46%。该公司在上半年销售了价值 85 亿美元的 AI 芯片，这意味着其近 30% 的收入来自这一领域。博通预计在当前季度将销售价值 51 亿美元的 AI 芯片，这将比去年同期增长 60%。</p>
<p>因此，该公司有望在与前一个财年相比，AI 收入实现健康增长，当时其销售了价值 122 亿美元的 AI 芯片。重要的是，博通的 AI 收入仍然有巨大的增长空间，这得益于几个因素。</p>
<p>首先，定制 AI 处理器的采用正在以健康的速度增长。主要的云计算公司，如 <strong>微软</strong>、<strong>谷歌</strong> 的母公司 <strong>Alphabet</strong>、<strong>亚马逊</strong> 以及 AI 巨头如 OpenAI，正在转向定制芯片，以以合理的价格为客户提供尖端性能。例如，微软在去年底发布了两款内部芯片，以加速 AI 工作负载并提高其数据中心基础设施的安全性。</p>
<p>另一方面，谷歌在三个月前发布了其 Ironwood 定制 AI 推理处理器，显著提高了其之前芯片的性能，旨在以成本效益的方式运行 AI 工作负载。同时，OpenAI 据报道正在与博通合作，最终确定其定制 AI 芯片的设计。</p>
<p>博通的定制芯片客户名单现在包括 <strong>Meta Platforms</strong>、字节跳动、<strong>Alphabet</strong> 和 OpenAI。该公司据报道还将为 xAI、<strong>甲骨文</strong> 和 <strong>苹果</strong> 设计芯片。所有这些客户都应该将博通的年度可服务可寻址市场扩展到公司预计到 2027 财年将达到的 600 亿到 900 亿美元的范围之外。</p>
<p>博通在定制 AI 处理器市场上能够获得巨大成功的第二个原因是其在这一领域的稳固市场份额。该公司据报道控制着 70% 的这一利润丰厚的终端市场，其不断增长的客户基础应该能够使其在未来维持这一健康的市场份额。</p>
<p>毫不奇怪，投资银行 TD Cowen 估计，博通的 AI 芯片收入到 2027 年可能增长到每年 500 亿美元，这将是其去年从这一领域获得收入的四倍多。这可能足以使公司达到 2 万亿美元的市值。原因如下。</p>
<h2>AI 驱动的收入增长可能将博通的市值推向 2 万亿美元</h2>
<p>博通在 2024 财年结束时的收入为 516 亿美元，其中 122 亿美元来自 AI。如果公司的其他所有业务部门的收入保持平稳，并且确实在 2027 年实现 500 亿美元的 AI 收入，其年度收入在未来三年内可能会跃升至超过 890 亿美元。这几乎与分析师的预期相符。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/f703a39762269e0fa66a2117670d3193.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/f703a39762269e0fa66a2117670d3193.png"/></p>
<p>数据来源：YCharts。</p>
<p>然而，博通正在吸引的新 AI 客户可能会帮助其表现得更好。但即使公司在三年后实现 890 亿美元的销售，并维持当前的市销率 22.4，其市值也将接近 2 万亿美元。这意味着从当前水平来看将有 60% 的增长。</p>
<p>当然，博通目前的交易估值较高，考虑到其 AI 收入和客户群体的增长速度，这似乎是合理的。因此，寻找购买 AI 增长股票的投资者，即使在过去一年中已经取得了令人瞩目的收益，仍然可以考虑购买博通，因为它似乎在未来三年内还有更大的上升空间。</p>

微软

博通

谷歌-A

谷歌-C

<p>博通（AVGO）在人工智能芯片市场上有望实现显著增长，预计到 2028 年市场总值将达到 2 万亿美元。该公司在 2025 财年上半年收入激增 22%，主要得益于人工智能芯片销售增长 77%。微软和谷歌等主要客户正在采用博通的定制芯片，使其市场份额扩大至 70%。分析师预测，人工智能收入到 2027 年可能达到 500 亿美元，从而推动总收入达到 890 亿美元，并支持 2 万亿美元的估值，反映出较当前水平的 60% 的增长</p>

<p><strong>Broadcom</strong>(AVGO 1.90%) has become a key player in the artificial intelligence (AI) chip market thanks to its application-specific integrated circuits (ASICs). ASICs are gaining tremendous traction among cloud service providers and hyperscalers because of their cost-effective nature and performance advantages over general-purpose computing chip systems such as graphics cards.</p>
<div class="lb-trans"><p><strong>博通</strong>（AVGO 1.90%）凭借其特定应用集成电路（ASICs）已成为人工智能（AI）芯片市场的关键参与者。由于其成本效益和相较于通用计算芯片系统（如显卡）的性能优势，ASICs 在云服务提供商和超大规模企业中获得了巨大的关注。</p>
</div><p>This explains why Broadcom stock has shot up an impressive 65% in the past year, which is significantly higher than the 30% gain for AI chip pioneer <strong>Nvidia</strong> during this period. This impressive surge has brought Broadcom's market cap to roughly $1.3 trillion, and it wouldn't be surprising to see this semiconductor stock enter the $2 trillion market cap club in the next three years.</p>
<div class="lb-trans"><p>这解释了为什么博通的股票在过去一年中上涨了令人印象深刻的 65%，而在此期间，AI 芯片先锋 <strong>英伟达</strong> 的涨幅仅为 30%。这一令人瞩目的增长使博通的市值达到了约 1.3 万亿美元，未来三年内看到这家半导体股票进入 2 万亿美元市值俱乐部并不令人惊讶。</p>
</div><p>Let's look at the reasons why Broadcom seems capable of hitting that milestone by 2028.</p>
<div class="lb-trans"><p>让我们看看博通似乎能够在 2028 年前实现这一里程碑的原因。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjM2NDkvcGVyc29uLWhvbGRpbmctc21hcnRwaG9uZS1zbWlsaW5nLmpwZyZ3PTcwMA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F823649%2Fperson-holding-smartphone-smiling.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>Broadcom's growth is likely to accelerate in the next three years</h2>
<div class="lb-trans"><h2>博通的增长在未来三年可能会加速</h2>
</div><p>Broadcom released its fiscal 2025 second-quarter results (for the three months ended May 4) last month. The chipmaker's revenue in the first six months of the fiscal year increased by 22% from the year-ago period to $29.9 billion. The impressive growth in sales of the company's AI chips plays a central role in driving this impressive growth.</p>
<div class="lb-trans"><p>博通上个月发布了其 2025 财年第二季度的业绩（截至 5 月 4 日的三个月）。该芯片制造商在财年的前六个月的收入同比增长了 22%，达到了 299 亿美元。公司 AI 芯片销售的显著增长在推动这一令人瞩目的增长中发挥了核心作用。</p>
</div><p>Broadcom's AI chip revenue jumped 77% year over year in the fiscal first quarter, followed by a 46% increase in Q2. The company has sold $8.5 billion worth of AI chips in the first half of the year, which means that it is getting nearly 30% of its top line from this segment. Broadcom expects to sell $5.1 billion worth of AI chips in the current quarter, which would be a 60% jump from the year-ago period.</p>
<div class="lb-trans"><p>博通的 AI 芯片收入在财年第一季度同比增长了 77%，第二季度则增长了 46%。该公司在上半年销售了价值 85 亿美元的 AI 芯片，这意味着其近 30% 的收入来自这一领域。博通预计在当前季度将销售价值 51 亿美元的 AI 芯片，这将比去年同期增长 60%。</p>
</div><p>So, the company is on track to register a healthy jump in AI revenue compared to the previous fiscal year, when it sold $12.2 billion worth of AI chips. Importantly, Broadcom's AI revenue still has tremendous room for growth, thanks to a couple of factors.</p>
<div class="lb-trans"><p>因此，该公司有望在与前一个财年相比，AI 收入实现健康增长，当时其销售了价值 122 亿美元的 AI 芯片。重要的是，博通的 AI 收入仍然有巨大的增长空间，这得益于几个因素。</p>
</div><p>First, the adoption of custom AI processors is increasing at a healthy pace. Major cloud computing companies such as <strong>Microsoft</strong>, <strong>Alphabet</strong>'s Google, <strong>Amazon</strong>, and AI giants such as OpenAI are turning to custom chips to deliver cutting-edge performance to their customers at reasonable prices. Microsoft, for instance, released two in-house chips late last year to speed up AI workloads and improve the security of its data center infrastructure.</p>
<div class="lb-trans"><p>首先，定制 AI 处理器的采用正在以健康的速度增长。主要的云计算公司，如 <strong>微软</strong>、<strong>谷歌</strong> 的母公司 <strong>Alphabet</strong>、<strong>亚马逊</strong> 以及 AI 巨头如 OpenAI，正在转向定制芯片，以以合理的价格为客户提供尖端性能。例如，微软在去年底发布了两款内部芯片，以加速 AI 工作负载并提高其数据中心基础设施的安全性。</p>
</div><p>Google, on the other hand, revealed its Ironwood custom AI inferencing processor three months ago, delivering a significant increase in performance over its previous chips with the aim of running AI workloads in a cost-effective manner. Meanwhile, OpenAI is reportedly working with Broadcom to finalize the design of its custom AI chip.</p>
<div class="lb-trans"><p>另一方面，谷歌在三个月前发布了其 Ironwood 定制 AI 推理处理器，显著提高了其之前芯片的性能，旨在以成本效益的方式运行 AI 工作负载。同时，OpenAI 据报道正在与博通合作，最终确定其定制 AI 芯片的设计。</p>
</div><p>Broadcom's client list for its custom chips now includes the likes of <strong>Meta Platforms</strong>, ByteDance, Alphabet, and OpenAI. The company is reportedly going to design chips for xAI, <strong>Oracle</strong>, and <strong>Apple</strong> as well. All these customers should expand Broadcom's annual serviceable addressable market well beyond the $60 billion to $90 billion range that the company is forecasting by fiscal 2027.</p>
<div class="lb-trans"><p>博通的定制芯片客户名单现在包括 <strong>Meta Platforms</strong>、字节跳动、<strong>Alphabet</strong> 和 OpenAI。该公司据报道还将为 xAI、<strong>甲骨文</strong> 和 <strong>苹果</strong> 设计芯片。所有这些客户都应该将博通的年度可服务可寻址市场扩展到公司预计到 2027 财年将达到的 600 亿到 900 亿美元的范围之外。</p>
</div><p>The second reason why Broadcom is on track to win big from the custom AI processor market is its solid market share in this space. The company reportedly controls 70% of this lucrative end market, and its growing customer base should allow it to sustain this healthy share in the future.</p>
<div class="lb-trans"><p>博通在定制 AI 处理器市场上能够获得巨大成功的第二个原因是其在这一领域的稳固市场份额。该公司据报道控制着 70% 的这一利润丰厚的终端市场，其不断增长的客户基础应该能够使其在未来维持这一健康的市场份额。</p>
</div><p>Not surprisingly, investment banking firm TD Cowen estimates that Broadcom's AI chip revenue could grow to $50 billion a year in 2027, which would be more than four times the revenue it generated from this segment last year. That could be sufficient for the company to get to a $2 trillion market cap. Here's why.</p>
<div class="lb-trans"><p>毫不奇怪，投资银行 TD Cowen 估计，博通的 AI 芯片收入到 2027 年可能增长到每年 500 亿美元，这将是其去年从这一领域获得收入的四倍多。这可能足以使公司达到 2 万亿美元的市值。原因如下。</p>
</div><h2>AI-fueled revenue growth could send Broadcom's market cap to $2 trillion</h2>
<div class="lb-trans"><h2>AI 驱动的收入增长可能将博通的市值推向 2 万亿美元</h2>
</div><p>Broadcom finished fiscal 2024 with $51.6 billion in revenue, $12.2 billion of which came from AI. If the company's revenue from all other segments remains flat and it indeed generates $50 billion in AI revenue by 2027, its annual revenue could jump to just over $89 billion within the next three years. This is almost in line with what analysts are anticipating.</p>
<div class="lb-trans"><p>博通在 2024 财年结束时的收入为 516 亿美元，其中 122 亿美元来自 AI。如果公司的其他所有业务部门的收入保持平稳，并且确实在 2027 年实现 500 亿美元的 AI 收入，其年度收入在未来三年内可能会跃升至超过 890 亿美元。这几乎与分析师的预期相符。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/f703a39762269e0fa66a2117670d3193.png" alt="" original-src="https://media.ycharts.com/charts/f703a39762269e0fa66a2117670d3193.png"/></p>
<p>Data by YCharts.</p>
<div class="lb-trans"><p>数据来源：YCharts。</p>
</div><p>However, the new AI customers that Broadcom is bringing on board could help it do better than that. But even if the company manages to achieve $89 billion in sales after three years and maintains its current price-to-sales ratio of 22.4, its market cap will hit almost $2 trillion. That points toward 60% gains from current levels.</p>
<div class="lb-trans"><p>然而，博通正在吸引的新 AI 客户可能会帮助其表现得更好。但即使公司在三年后实现 890 亿美元的销售，并维持当前的市销率 22.4，其市值也将接近 2 万亿美元。这意味着从当前水平来看将有 60% 的增长。</p>
</div><p>Of course, Broadcom is trading at a premium valuation right now, and that seems justified considering the pace at which its AI revenue and clientele are growing. So, investors looking to buy an AI growth stock can still consider buying Broadcom even after the impressive gains that it has delivered in the past year, as it seems built for more upside over the next three years.</p>
<div class="lb-trans"><p>当然，博通目前的交易估值较高，考虑到其 AI 收入和客户群体的增长速度，这似乎是合理的。因此，寻找购买 AI 增长股票的投资者，即使在过去一年中已经取得了令人瞩目的收益，仍然可以考虑购买博通，因为它似乎在未来三年内还有更大的上升空间。</p>
</div>

Prediction: This Artificial Intelligence (AI) Stock Could Hit a $2 Trillion Valuation by 2028

- Broadcom 在人工智能芯片市场中占据重要地位，股价过去一年上涨 65%。  
- 公司预计到 2027 年 AI 芯片收入将达 500 亿美元，推动市值接近 2 万亿美元。  
- 主要客户包括微软、谷歌和 OpenAI，市场份额达到 70%。  

预测：这只人工智能（AI）股票可能在 2028 年达到 2 万亿美元的市值