<p>过去几年对 <strong>英伟达</strong>(NVDA -2.20%) 的投资者来说可谓风起云涌。该公司的图形处理单元（GPU）为人工智能（AI）革命奠定了基础。这些处理器的需求达到了前所未有的水平，推动了收入和利润的激增。这也使得股价飙升，英伟达的市值达到了 4 万亿美元，成为首家突破这一高峰的公司。</p>
<p>然而，在经历了几年的辉煌增长后，英伟达的投资者开始超越热潮，思考这只股票是否已经涨得太快、太远。许多人在寻找证据，以证明人工智能将兑现其炒作，推动未来几个月和几年的更大普及。</p>
<p><strong>博通</strong>(AVGO 12.83%) 刚刚提供了无可争辩的证据，表明人工智能的采用仍在持续。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzIxMDQvcGVyc29uLXJldmlld2luZy1jaGFydHMtYW5kLWdyYXBocy1vbi1hLWNvbXB1dGVyLWFuZC1wcmludG91dHMuanBnJnc9NzAw?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzIxMDQvcGVyc29uLXJldmlld2luZy1jaGFydHMtYW5kLWdyYXBocy1vbi1hLWNvbXB1dGVyLWFuZC1wcmludG91dHMuanBnJnc9NzAw"/></p>
<p>图片来源：Getty Images。</p>
<h2>业绩惊人</h2>
<p>博通公布了其 2025 财年第三季度（截至 8 月 3 日）的业绩，各项重要指标均表现强劲。创纪录的收入为 159.5 亿美元，同比增长 22%，推动调整后的每股收益（EPS）达到 1.69 美元，增长 36%。</p>
<p>作为对比，分析师的共识预期为收入 158.2 亿美元和调整后的 EPS 为 1.66 美元，因此博通的业绩超出预期，且有余地。</p>
<p>人工智能的需求是推动业绩惊人的主要动力，AI 相关收入同比增长 63%，达到 52 亿美元。这也是公司连续第 10 个季度实现 AI 驱动的增长。自由现金流为 70 亿美元，同比增长 47%。</p>
<p>博通还给投资者带来了其他庆祝的理由。首席执行官霍克·谭透露，除了现有的三家超大规模客户外，一家潜在客户已订购其定制的 AI 加速器，成为 “合格客户”，这是博通几个月来一直在暗示的。需求的增加和新客户的加入使公司的订单积压达到了 1100 亿美元。</p>
<p>首席执行官还提升了博通第四季度的展望，现在预计收入为 174 亿美元，比去年同期增长 24%。作为对比，分析师的共识预期为第四季度收入 170.1 亿美元。这表明，尽管展望已经强劲，人工智能的需求仍在超出预期。谭还表示，虽然博通最初预计 2026 年的增长将与 2025 年相似，但他现在看到增长正在加速。</p>
<p>在一项额外的公告中，谭报告称董事会已将他的首席执行官任期延长至至少 2030 年。</p>
<h2>更广泛的影响</h2>
<p>除了对博通投资者的积极影响外，这些结果还提供了对人工智能整体状态的额外洞察。投资者一直担心人工智能的炒作可能已经超前于实际采用。博通加速的业绩为英伟达的季度报告增添了分量，证实了该公司对人工智能需求持续快速增长的主张。</p>
<p>英伟达首席执行官黄仁勋在公司财报电话会议上表示，他预计到 2030 年，人工智能驱动的数据中心支出将达到 3 万亿至 4 万亿美元，较今年 6000 亿美元的预估大幅上升。</p>
<p>此外，博通指出，其不断增加的订单积压部分是由于现有超大规模客户需求的增加，这表明云基础设施提供商正在提升其资本支出（capex），超出之前宣布的增长。</p>
<p>由此，这可能会为英伟达带来额外的增长，因为其 GPU 是人工智能的黄金标准，根据 IoT Analytics 的数据，控制着 92% 的数据中心 GPU 市场。此外，随着人工智能在超大规模数据中心之外的扩展，英伟达在 AI 训练和推理所需处理器方面是合乎逻辑的选择。</p>
<p>自 2023 年初人工智能革命开始以来，英伟达的股票已经飙升超过 1070%（截至本文撰写时）。然而，最近几个月，流行的叙述表明，尽管英伟达和博通都发布了加速的业绩，但人工智能的实施似乎在放缓。证据表明，人工智能的采用仍在以惊人的速度进行。</p>
<p>好消息是，英伟达的股票目前仅以明年预期收益的 27 倍交易，这对于一家预计在当前财年收入增长 58% 的公司来说是一个有吸引力的价格。</p>
<p>作为数据中心 GPU 的领先供应商，英伟达在人工智能领域占据了广阔的市场，尽管股价飙升，但证据表明其增长远未结束。</p>

博通

英伟达

<p>博通最近的财务结果显示出对人工智能的强劲需求，创下了 159.5 亿美元的收入，并且以 63% 的同比增长率实现了以人工智能为中心的收入。首席执行官霍克·谭（Hock Tan）宣布了积极的第四季度展望，预计收入将达到 174 亿美元。这一增长支持了英伟达在人工智能市场的地位，因为博通的结果表明人工智能技术的持续强劲采用。自 2023 年初以来，英伟达的股票已上涨超过 1070%，尽管对人工智能实施放缓的担忧存在，但两家公司均报告需求加速，这表明英伟达投资者的未来前景乐观</p>

<p>The past few years have been fast and furious for <strong>Nvidia</strong>(NVDA -2.20%) investors. The company's graphics processing units (GPUs) helped lay the foundation for the artificial intelligence (AI) revolution. The demand for these processors has been off the charts, driving an unprecedented surge in revenue and profits. This fueled blistering gains in the stock price, which vaulted Nvidia's market cap to $4 trillion, the first company to ever surpass that lofty benchmark.</p>
<div class="lb-trans"><p>过去几年对 <strong>英伟达</strong>(NVDA -2.20%) 的投资者来说可谓风起云涌。该公司的图形处理单元（GPU）为人工智能（AI）革命奠定了基础。这些处理器的需求达到了前所未有的水平，推动了收入和利润的激增。这也使得股价飙升，英伟达的市值达到了 4 万亿美元，成为首家突破这一高峰的公司。</p>
</div><p>However, after several years of stellar gains, Nvidia investors are looking beyond the buzz and wondering if the stock has simply come too far, too fast. Many are looking for evidence that AI will live up to the hype, fueling greater adoption in the months and years to come.</p>
<div class="lb-trans"><p>然而，在经历了几年的辉煌增长后，英伟达的投资者开始超越热潮，思考这只股票是否已经涨得太快、太远。许多人在寻找证据，以证明人工智能将兑现其炒作，推动未来几个月和几年的更大普及。</p>
</div><p><strong>Broadcom</strong>(AVGO 12.83%) just provided proof positive that the adoption of AI continues unfettered.</p>
<div class="lb-trans"><p><strong>博通</strong>(AVGO 12.83%) 刚刚提供了无可争辩的证据，表明人工智能的采用仍在持续。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzIxMDQvcGVyc29uLXJldmlld2luZy1jaGFydHMtYW5kLWdyYXBocy1vbi1hLWNvbXB1dGVyLWFuZC1wcmludG91dHMuanBnJnc9NzAw" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F832104%2Fperson-reviewing-charts-and-graphs-on-a-computer-and-printouts.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>Blockbuster results</h2>
<div class="lb-trans"><h2>业绩惊人</h2>
</div><p>Broadcom announced the results of its fiscal 2025 third quarter (ended Aug. 3), and the results were robust by every important measure. Record revenue of $15.95 billion climbed 22% year over year, fueling adjusted earnings per share (EPS) of $1.69, which jumped 36%.</p>
<div class="lb-trans"><p>博通公布了其 2025 财年第三季度（截至 8 月 3 日）的业绩，各项重要指标均表现强劲。创纪录的收入为 159.5 亿美元，同比增长 22%，推动调整后的每股收益（EPS）达到 1.69 美元，增长 36%。</p>
</div><p>For context, analysts' consensus estimates called for revenue of $15.82 billion and adjusted EPS of $1.66, so Broadcom cleared expectations with room to spare.</p>
<div class="lb-trans"><p>作为对比，分析师的共识预期为收入 158.2 亿美元和调整后的 EPS 为 1.66 美元，因此博通的业绩超出预期，且有余地。</p>
</div><p>Demand for AI was the driving force behind the stellar results, as AI-centric revenue accelerated 63% year over year to $5.2 billion. This also marked the company's 10th consecutive quarter of AI-fueled growth. Free cash flow clocked in at $7 billion, up 47% year over year.</p>
<div class="lb-trans"><p>人工智能的需求是推动业绩惊人的主要动力，AI 相关收入同比增长 63%，达到 52 亿美元。这也是公司连续第 10 个季度实现 AI 驱动的增长。自由现金流为 70 亿美元，同比增长 47%。</p>
</div><p>Broadcom gave investors other reasons to celebrate. CEO Hock Tan revealed that beyond its three existing hyperscale customers, one prospective customer had ordered production of its custom AI accelerators, becoming a &#34;qualified customer,&#34; something Broadcom has been signaling for months. The combination of higher demand and the new customer increased the company's backlog to $110 billion.</p>
<div class="lb-trans"><p>博通还给投资者带来了其他庆祝的理由。首席执行官霍克·谭透露，除了现有的三家超大规模客户外，一家潜在客户已订购其定制的 AI 加速器，成为 “合格客户”，这是博通几个月来一直在暗示的。需求的增加和新客户的加入使公司的订单积压达到了 1100 亿美元。</p>
</div><p>The chief executive also boosted Broadcom's fourth-quarter outlook and is now guiding for revenue of $17.4 billion, an increase of 24% compared to the prior-year quarter. For context, analysts' consensus estimates were calling for Q4 revenue of $17.01 billion. This illustrates that despite an already robust outlook, demand for AI continues to outpace expectations. Tan went on to say that while Broadcom originally expected its 2026 growth to <em>mirror</em> 2025, he now sees growth accelerating.</p>
<div class="lb-trans"><p>首席执行官还提升了博通第四季度的展望，现在预计收入为 174 亿美元，比去年同期增长 24%。作为对比，分析师的共识预期为第四季度收入 170.1 亿美元。这表明，尽管展望已经强劲，人工智能的需求仍在超出预期。谭还表示，虽然博通最初预计 2026 年的增长将与 2025 年相似，但他现在看到增长正在加速。</p>
</div><p>In a bonus announcement, Tan reported that the board of directors had extended his tenure as CEO until <em>at least</em> 2030.</p>
<div class="lb-trans"><p>在一项额外的公告中，谭报告称董事会已将他的首席执行官任期延长至至少 2030 年。</p>
</div><h2>&#34;Broad&#34;er implications</h2>
<div class="lb-trans"><h2>更广泛的影响</h2>
</div><p>Beyond the positive implications for Broadcom investors, the results provide additional insight into the general state of AI. Investors have been concerned that the AI hype machine may have gotten ahead of actual adoption. Broadcom's accelerating results add weight to Nvidia's quarterly report, confirming the company's assertion that demand for AI continues at a rapid rate.</p>
<div class="lb-trans"><p>除了对博通投资者的积极影响外，这些结果还提供了对人工智能整体状态的额外洞察。投资者一直担心人工智能的炒作可能已经超前于实际采用。博通加速的业绩为英伟达的季度报告增添了分量，证实了该公司对人工智能需求持续快速增长的主张。</p>
</div><p>Nvidia CEO Jensen Huang said during the company's earnings call that he expects data center spending fueled by AI will reach between $3 trillion and $4 trillion by 2030, fueled by accelerating demand for AI, up from estimates of $600 billion this year.</p>
<div class="lb-trans"><p>英伟达首席执行官黄仁勋在公司财报电话会议上表示，他预计到 2030 年，人工智能驱动的数据中心支出将达到 3 万亿至 4 万亿美元，较今年 6000 亿美元的预估大幅上升。</p>
</div><p>Furthermore, Broadcom noted that its increasing backlog was partially the result of increasing demand from its existing hyperscale customers, suggesting that cloud infrastructure providers are boosting their capital expenditures (capex), above and beyond the increases previously announced.</p>
<div class="lb-trans"><p>此外，博通指出，其不断增加的订单积压部分是由于现有超大规模客户需求的增加，这表明云基础设施提供商正在提升其资本支出（capex），超出之前宣布的增长。</p>
</div><p>By extension, this will likely translate to additional growth for Nvidia, as its GPUs are the gold standard for AI, controlling a dominant 92% of the data center GPU market, according to IoT Analytics. Furthermore, as AI expands downstream beyond the hyperscale data center, Nvidia is the logical choice when it comes to the processors needed for both AI training and inference.</p>
<div class="lb-trans"><p>由此，这可能会为英伟达带来额外的增长，因为其 GPU 是人工智能的黄金标准，根据 IoT Analytics 的数据，控制着 92% 的数据中心 GPU 市场。此外，随着人工智能在超大规模数据中心之外的扩展，英伟达在 AI 训练和推理所需处理器方面是合乎逻辑的选择。</p>
</div><p>Since the dawn of the AI revolution in early 2023, Nvidia stock has soared more than 1,070% (as of this writing). In recent months, however, the popular narrative suggests the implementation of AI is slowing, despite Nvidia and Broadcom both posting accelerating results. The evidence is clear that AI adoption continues at a remarkable pace.</p>
<div class="lb-trans"><p>自 2023 年初人工智能革命开始以来，英伟达的股票已经飙升超过 1070%（截至本文撰写时）。然而，最近几个月，流行的叙述表明，尽管英伟达和博通都发布了加速的业绩，但人工智能的实施似乎在放缓。证据表明，人工智能的采用仍在以惊人的速度进行。</p>
</div><p>On the bright side, Nvidia stock is currently trading for just 27 times next year's expected earnings, which is an attractive price to pay for a company expected to grow revenue by 58% during its current fiscal year.</p>
<div class="lb-trans"><p>好消息是，英伟达的股票目前仅以明年预期收益的 27 倍交易，这对于一家预计在当前财年收入增长 58% 的公司来说是一个有吸引力的价格。</p>
</div><p>As the leading provider of data center GPUs, Nvidia has staked out a vast territory in the AI landscape and despite the stock's blistering gains, the evidence suggests its run is far from over.</p>
<div class="lb-trans"><p>作为数据中心 GPU 的领先供应商，英伟达在人工智能领域占据了广阔的市场，尽管股价飙升，但证据表明其增长远未结束。</p>
</div>

Broadcom CEO Hock Tan Just Delivered Incredible News for Nvidia Stock Investors

- Nvidia 的 GPU 促进了人工智能革命，推动收入和利润激增。  
- Broadcom 第三季度营收达 159.5 亿美元，同比增长 22%，AI 相关收入增长 63%。  
- Nvidia 预计数据中心支出将于 2030 年达 3 至 4 万亿美元，AI 需求持续强劲。

博通首席执行官 Hock Tan 刚刚为英伟达股票投资者传递了令人振奋的消息