<p>在过去几周，投资者们接连收到公司发布第二季度财报的消息。对于科技投资者来说，人工智能（AI）仍然是推动该行业上涨的主导主题。</p>
<p>在我写这篇文章时（8 月 27 日中午），所有的 “七大巨头” 都已发布财报，唯一的例外是 <strong>Nvidia</strong>（NVDA -3.33%），其财报将在今天晚些时候发布。不过，大型科技公司留下的线索指向一个不可否认的趋势：对 AI 基础设施的支出正在加速。</p>
<p>虽然这对像 Nvidia 和 <strong>Advanced Micro Devices</strong> 这样的图形处理单元（GPU）领导者无疑是利好，但这也为系统集成专家 <strong>Broadcom</strong>（AVGO -3.70%）创造了强大的顺风。</p>
<p>随着 Broadcom 定于 9 月 4 日发布财报，我预测该股票有很好的上涨潜力。</p>
<p>让我们探讨一下我对 Broadcom 即将发布的财报为何持乐观态度，并评估该股票在当前水平是否值得购买。</p>
<h2>跟随大型科技公司的线索</h2>
<p>全球超大规模云服务商如 <strong>Amazon</strong>、<strong>Alphabet</strong>、<strong>Microsoft</strong> 和 <strong>Meta Platforms</strong> 在过去几年中在资本支出（capex）上花费了创纪录的金额。虽然这显然对 Nvidia 和 AMD 有利，但 Broadcom 也在 AI 基础设施投资上悄然受益。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/a2e30869be1835426eb529c85c829035.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/a2e30869be1835426eb529c85c829035.png"/></p>
<p>数据来源：YCharts。</p>
<p>Broadcom 的一个关键 AI 增长驱动力来自其专用集成电路（ASIC）业务。这些定制硅解决方案使客户能够设计针对其独特工作负载优化的芯片。</p>
<p>通过将专门构建的性能与计算能力效率相结合，Broadcom 的 ASIC 帮助超大规模云服务商降低相对于仅依赖 Nvidia 等公司的现成加速器的基础设施总成本。随着训练和推理工作负载的规模扩大并变得越来越复杂，这种解决方案变得极具吸引力。</p>
<p>Broadcom 的网络部门也有望从持续的 AI 基础设施周期中获得实质性收益。随着大型科技公司每年投入数千亿美元用于 GPU 部署，Broadcom 的支持基础设施成为不可或缺的无名英雄。</p>
<p>该公司的高性能交换机、互连和光学组件组合提供低延迟、高带宽的连接，以保持下一代加速器的全速运行。实质上，该公司的网络设备代表了 AI 数据中心建设的基础层 -- 确保在工作负载扩展时的可扩展性和效率。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzEwODcvd29tYW4td29ya3MtaW4tZGF0YS1jZW50ZXItZGF0YWNlbnRlci1nZXR0eS5qcGcmdz03MDA?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzEwODcvd29tYW4td29ya3MtaW4tZGF0YS1jZW50ZXItZGF0YWNlbnRlci1nZXR0eS5qcGcmdz03MDA"/></p>
<p>图片来源：Getty Images。</p>
<h2>管理层看好该股票 -- 你不应该吗？</h2>
<p>以 45 的前瞻市盈率（P/E）倍数来看，Broadcom 的股票显然并没有以折扣价交易。事实上，其倍数接近 AI 革命期间的峰值水平。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/ab250675d5f964c1e98d0512ec0b7870.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/ab250675d5f964c1e98d0512ec0b7870.png"/></p>
<p>数据来源：YCharts。</p>
<p>尽管如此，该公司的董事会在 4 月份批准了一项 100 亿美元的股票回购计划。在高估值下的股票回购可以传达一个强烈的信号：管理层对 Broadcom 的长期增长轨迹充满信心，这一点通过持续的超大规模云服务商投资得以体现。从更微妙的角度来看，有时公司会在管理层认为股票被低估时回购自己的股票。</p>
<p>这些动态可能表明，Broadcom 有望实现持续、强劲的盈利增长，这可能推动进一步的估值扩张 -- 即使在高估值倍数的情况下。</p>
<h2>现在 Broadcom 的股票值得买吗？</h2>
<p>在过去几年中，AI 交易主要围绕 Nvidia 和云超大规模服务商展开。然而，随着基础设施支出的加速，AI 机会的范围正在扩大到其他关键的推动者，如 Broadcom。定制芯片、高性能网络设备和集成系统现在与确保 GPU 同样重要，而 Broadcom 正好处于这一交汇点。</p>
<p>在我看来，Broadcom 正接近其自己的 “Nvidia 时刻” -- 一个潜在的转折点，叙述开始将 Broadcom 视为 AI 基础设施的支柱，而不仅仅是这些顺风的附属受益者。</p>
<p>在这种背景下，我预测 Broadcom 的 9 月财报将强化其在 AI 领域的战略重要性 -- 激发投资者的热情并进一步重新评估该股票。因此，我认为 Broadcom 是一个值得长期持有的投资机会。</p>

博通

<p>这篇文章预测，博通（AVGO）股票将在 9 月 4 日的财报发布后上涨，原因是对人工智能基础设施的投资不断增加。随着主要科技公司加大支出，博通凭借其应用特定集成电路（ASIC）和网络解决方案受益，这些对人工智能数据中心至关重要。尽管市盈率高达 45，但公司 100 亿美元的股票回购计划显示出管理层对其增长的信心。作者认为，博通即将被认可为人工智能基础设施的关键参与者，这使其成为长期投资者的一个引人注目的买入选择</p>

<p>Over the past several weeks, investors have been bombarded with a wave of updates as companies reported earnings results for the second calendar quarter. For technology investors, artificial intelligence (AI) remains the dominant theme fueling the sector higher.</p>
<div class="lb-trans"><p>在过去几周，投资者们接连收到公司发布第二季度财报的消息。对于科技投资者来说，人工智能（AI）仍然是推动该行业上涨的主导主题。</p>
</div><p>As I write this (mid-day on Aug. 27), all of the &#34;Magnificent Seven&#34; have posted earnings -- with the lone exception being <strong>Nvidia</strong>(NVDA -3.33%), which reports later today. Still, the breadcrumbs left by big tech point to an undeniable trend: Spending on AI infrastructure is accelerating.</p>
<div class="lb-trans"><p>在我写这篇文章时（8 月 27 日中午），所有的 “七大巨头” 都已发布财报，唯一的例外是 <strong>Nvidia</strong>（NVDA -3.33%），其财报将在今天晚些时候发布。不过，大型科技公司留下的线索指向一个不可否认的趋势：对 AI 基础设施的支出正在加速。</p>
</div><p>While this is undeniably bullish for graphics processing unit (GPU) leaders like Nvidia and <strong>Advanced Micro Devices</strong>, it also creates a powerful tailwind for systems integration specialist <strong>Broadcom</strong>(AVGO -3.70%).</p>
<div class="lb-trans"><p>虽然这对像 Nvidia 和 <strong>Advanced Micro Devices</strong> 这样的图形处理单元（GPU）领导者无疑是利好，但这也为系统集成专家 <strong>Broadcom</strong>（AVGO -3.70%）创造了强大的顺风。</p>
</div><p>With Broadcom slated to report earnings on Sept. 4, I predict the stock is well-positioned to rally.</p>
<div class="lb-trans"><p>随着 Broadcom 定于 9 月 4 日发布财报，我预测该股票有很好的上涨潜力。</p>
</div><p>Let's explore why I'm optimistic about Broadcom's upcoming earnings report, and assess whether the stock is a compelling buy at current levels.</p>
<div class="lb-trans"><p>让我们探讨一下我对 Broadcom 即将发布的财报为何持乐观态度，并评估该股票在当前水平是否值得购买。</p>
</div><h2>Follow big tech's breadcrumbs</h2>
<div class="lb-trans"><h2>跟随大型科技公司的线索</h2>
</div><p>Global hyperscalers such as <strong>Amazon</strong>, <strong>Alphabet</strong>, <strong>Microsoft</strong>, and <strong>Meta Platforms</strong> have been spending record sums on capital expenditures (capex) over the last few years. While this clearly bodes well for Nvidia and AMD, Broadcom has also been a quiet beneficiary of rising AI infrastructure investment.</p>
<div class="lb-trans"><p>全球超大规模云服务商如 <strong>Amazon</strong>、<strong>Alphabet</strong>、<strong>Microsoft</strong> 和 <strong>Meta Platforms</strong> 在过去几年中在资本支出（capex）上花费了创纪录的金额。虽然这显然对 Nvidia 和 AMD 有利，但 Broadcom 也在 AI 基础设施投资上悄然受益。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/a2e30869be1835426eb529c85c829035.png" alt="" original-src="https://media.ycharts.com/charts/a2e30869be1835426eb529c85c829035.png"/></p>
<p>Data by YCharts.</p>
<div class="lb-trans"><p>数据来源：YCharts。</p>
</div><p>One of Broadcom's key AI growth drivers comes from its application-specific integrated circuits (ASICs) business. These custom silicon solutions allow customers to design chips that are optimized for their unique workloads.</p>
<div class="lb-trans"><p>Broadcom 的一个关键 AI 增长驱动力来自其专用集成电路（ASIC）业务。这些定制硅解决方案使客户能够设计针对其独特工作负载优化的芯片。</p>
</div><p>By integrating purpose-built performance with compute power efficiency, Broadcom's ASICs help hyperscalers lower their total cost of infrastructure relative to relying solely on off-the-shelf accelerators from the likes of Nvidia. This becomes highly desirable as training and inferencing workloads scale and become increasingly complex as more sophisticated AI use cases unfold.</p>
<div class="lb-trans"><p>通过将专门构建的性能与计算能力效率相结合，Broadcom 的 ASIC 帮助超大规模云服务商降低相对于仅依赖 Nvidia 等公司的现成加速器的基础设施总成本。随着训练和推理工作负载的规模扩大并变得越来越复杂，这种解决方案变得极具吸引力。</p>
</div><p>Broadcom's networking division is also positioned to benefit materially from the ongoing AI infrastructure cycle. As big tech continues to pour hundreds of billions of dollars annually into GPU deployment, Broadcom's supporting infrastructure becomes an indispensable unsung hero.</p>
<div class="lb-trans"><p>Broadcom 的网络部门也有望从持续的 AI 基础设施周期中获得实质性收益。随着大型科技公司每年投入数千亿美元用于 GPU 部署，Broadcom 的支持基础设施成为不可或缺的无名英雄。</p>
</div><p>The company's portfolio of high-performance switches, interconnects, and optical components delivers low-latency, high-bandwidth connectivity to keep next-generation accelerators running at full speed. In essence, the company's networking gear represents a foundational layer of AI data center construction -- ensuring scalability and efficiency as workloads expand.</p>
<div class="lb-trans"><p>该公司的高性能交换机、互连和光学组件组合提供低延迟、高带宽的连接，以保持下一代加速器的全速运行。实质上，该公司的网络设备代表了 AI 数据中心建设的基础层 -- 确保在工作负载扩展时的可扩展性和效率。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzEwODcvd29tYW4td29ya3MtaW4tZGF0YS1jZW50ZXItZGF0YWNlbnRlci1nZXR0eS5qcGcmdz03MDA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F831087%2Fwoman-works-in-data-center-datacenter-getty.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>Management likes the stock -- shouldn't you?</h2>
<div class="lb-trans"><h2>管理层看好该股票 -- 你不应该吗？</h2>
</div><p>With a forward price-to-earnings (P/E) multiple of 45, Broadcom certainly isn't trading at a discount. In fact, its multiple sits near peak levels seen during the AI revolution.</p>
<div class="lb-trans"><p>以 45 的前瞻市盈率（P/E）倍数来看，Broadcom 的股票显然并没有以折扣价交易。事实上，其倍数接近 AI 革命期间的峰值水平。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/ab250675d5f964c1e98d0512ec0b7870.png" alt="" original-src="https://media.ycharts.com/charts/ab250675d5f964c1e98d0512ec0b7870.png"/></p>
<p>Data by YCharts.</p>
<div class="lb-trans"><p>数据来源：YCharts。</p>
</div><p>Even so, the company's board of directors authorized a $10 billion stock buyback program back in April. Share buybacks at elevated valuations can point to a strong signal: Management remains confident in Broadcom's long-term growth trajectory, underscored by ongoing hyperscaler investment. On a more subtle note, sometimes companies repurchase their own shares when management thinks the stock is undervalued.</p>
<div class="lb-trans"><p>尽管如此，该公司的董事会在 4 月份批准了一项 100 亿美元的股票回购计划。在高估值下的股票回购可以传达一个强烈的信号：管理层对 Broadcom 的长期增长轨迹充满信心，这一点通过持续的超大规模云服务商投资得以体现。从更微妙的角度来看，有时公司会在管理层认为股票被低估时回购自己的股票。</p>
</div><p>These dynamics could suggest that Broadcom is positioned for sustained, robust earnings growth, which could fuel further valuation expansion -- even in the face of a premium multiple.</p>
<div class="lb-trans"><p>这些动态可能表明，Broadcom 有望实现持续、强劲的盈利增长，这可能推动进一步的估值扩张 -- 即使在高估值倍数的情况下。</p>
</div><h2>Is Broadcom stock a buy right now?</h2>
<div class="lb-trans"><h2>现在 Broadcom 的股票值得买吗？</h2>
</div><p>For the last few years, the AI trade has largely surrounded Nvidia and the cloud hyperscalers. Yet as infrastructure spending accelerates, the scope of the AI opportunity is broadening to other mission-critical enablers such as Broadcom. Custom chips, high-performance networking equipment, and integrated systems are now just as essential as securing GPUs -- and Broadcom sits squarely at this intersection.</p>
<div class="lb-trans"><p>在过去几年中，AI 交易主要围绕 Nvidia 和云超大规模服务商展开。然而，随着基础设施支出的加速，AI 机会的范围正在扩大到其他关键的推动者，如 Broadcom。定制芯片、高性能网络设备和集成系统现在与确保 GPU 同样重要，而 Broadcom 正好处于这一交汇点。</p>
</div><p>In my eyes, Broadcom is approaching its own &#34;Nvidia moment&#34; -- a potential inflection where the narrative begins to recognize Broadcom as a supporting pillar of AI infrastructure and not simply an ancillary beneficiary of these tailwinds.</p>
<div class="lb-trans"><p>在我看来，Broadcom 正接近其自己的 “Nvidia 时刻” -- 一个潜在的转折点，叙述开始将 Broadcom 视为 AI 基础设施的支柱，而不仅仅是这些顺风的附属受益者。</p>
</div><p>Against this backdrop, I predict that Broadcom's September earnings report will reinforce its strategic importance in the AI landscape -- fueling investor enthusiasm and a further rerating of the stock. For these reasons, I see Broadcom as a compelling opportunity to buy and hold over a long-term time horizon.</p>
<div class="lb-trans"><p>在这种背景下，我预测 Broadcom 的 9 月财报将强化其在 AI 领域的战略重要性 -- 激发投资者的热情并进一步重新评估该股票。因此，我认为 Broadcom 是一个值得长期持有的投资机会。</p>
</div>

Prediction: This Monster Artificial Intelligence (AI) Chip Stock Will Soar in September (Hint: It's Not Nvidia)

- 投资者近期关注科技公司第二季度财报，AI 主题推动行业上涨。  
- Broadcom 受益于 AI 基础设施投资，预计其 9 月财报将显示强劲增长。  
- 公司管理层的股票回购计划显示对长期增长的信心。  

预测：这只巨型人工智能（AI）芯片股票将在九月大涨（提示：不是英伟达）