<p><strong>博通</strong>(AVGO 0.19%) 和 <strong>甲骨文</strong>(ORCL -5.05%) 刚刚发布了出色的财报和指引，使这两只科技股达到了历史新高。在过去五年中，博通的股价上涨超过 925%，甲骨文上涨超过 475%——超越了除了 <strong>英伟达</strong> 以外的所有 &#34;七大巨头&#34; 股票（<strong>微软</strong>、<strong>苹果</strong>、<strong>字母表</strong>、<strong>亚马逊</strong>、<strong>Meta Platforms</strong>、<strong>特斯拉</strong>）。</p>
<p>&#34;十位巨头&#34; 通过将博通、甲骨文和 <strong>Netflix</strong> 添加到名单中，为七大巨头提供了更新。合计来看，这三家公司几乎与 <strong>苹果</strong> 拥有相同的市值，并在 <strong>标准普尔 500 指数</strong>(^GSPC -0.05%) 中获得了越来越大的影响力。事实上，十位巨头现在占据了该指数 39.1% 的份额，而七大巨头为 33.7%。</p>
<p>除了这些公司的市值影响外，博通和甲骨文还体现了云计算、基础设施软件和人工智能（AI）方面的突破性进展。</p>
<p>以下是博通和甲骨文为何成为如此主导公司的原因，以及这两只成长股现在是否值得投资。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzMxNTAvYW4tYWJzdHJhY3QtdXB3YXJkLXNsb3BpbmctY2FuZGxlc3RpY2stc3RvY2stY2hhcnQtZmVhdHVyaW5nLXZhcmlvdXMtbnVtYmVycy1pbGx1c3RyYXRpbmctdGhlLWdyb3dpbmctaW1wb3J0YW5jZS1vZi10ZWNoLXN0b2Nrcy1pbi10aGUtbWFya2V0LmpwZyZ3PTcwMA?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzMxNTAvYW4tYWJzdHJhY3QtdXB3YXJkLXNsb3BpbmctY2FuZGxlc3RpY2stc3RvY2stY2hhcnQtZmVhdHVyaW5nLXZhcmlvdXMtbnVtYmVycy1pbGx1c3RyYXRpbmctdGhlLWdyb3dpbmctaW1wb3J0YW5jZS1vZi10ZWNoLXN0b2Nrcy1pbi10aGUtbWFya2V0LmpwZyZ3PTcwMA"/></p>
<p>图片来源：Getty Images。</p>
<h2>博通是投资 AI 的平衡方式</h2>
<p>博通和甲骨文的股价飙升说明了 AI 如何重新定义之前停滞不前的投资理论。几年前，这两家公司常常被视为支付股息的稳健企业。</p>
<p>博通以其成熟的半导体业务而闻名，提供网络、宽带、无线、安全等领域的基础设施。但由于在 2023 年底收购了 VMware 以及其 AI 芯片的开发和采用，该公司如今完全不同。</p>
<p>云计算巨头们正在排队购买博通的 AI 芯片，称为 XPU。XPU 是高度先进的应用特定集成电路（ASIC），专门针对特定功能，尤其擅长处理日益增加的 AI 工作负载。博通不仅设计这些芯片，还制造相关的网络产品，如连接服务器机架内芯片的 Tomahawk 交换机和能够连接超过 100 万个 XPU 集群的 Jericho 以太网交换机。</p>
<p>博通的独特之处在于，它远不止是一个 AI 公司。相反，它是一家高度多元化的公司，受益于 AI 基础设施、AI 软件的建设以及高速连接的增长。</p>
<h2>甲骨文正在严重扰乱现有的云巨头</h2>
<p>甲骨文最新的季度财报完美地展示了博通为何成为接近 1 万亿美元市值的巨头。9 月 9 日，甲骨文表示，其云基础设施部门预计在 2026 财年增长 77%，在 2027 财年增长 78%，在 2028 财年增长 128%，在 2029 财年增长 97%，将成为一个 1440 亿美元的业务。如果甲骨文能接近这些预估，其云业务将远远大于其传统数据库服务部门。</p>
<p>与博通类似，甲骨文曾是一家在科技领域根深蒂固的企业对企业巨头，以稳健的增长和可靠的股息而闻名。但甲骨文现在是一家完全不同的公司。它的优势来自于其竞争性定价模式，使得甲骨文云基础设施（OCI）成为使用其数据库服务的客户的绝佳附加选择。</p>
<p>甲骨文是一家面向企业的公司。而投资于 &#34;三大云&#34; 参与者的投资者，亚马逊、微软和字母表，正在获得许多与云计算无关的复杂因素。在这种情况下，甲骨文已成为投资高增长云业务的最佳方式之一，类似于投资者对英伟达的吸引力。英伟达已成为一家纯粹的 AI 股票，因为其数据中心业务现在远远大于其游戏和专业可视化市场。</p>
<p>博通和甲骨文的股价上涨速度远远超过其盈利增长，因为投资者购买这些股票是基于它们未来几年的潜力，而不是现在的表现。随着分析师根据最近的结果和指引调整目标，未来的盈利预期可能会增加。但目前，博通的未来市盈率高达 54.8，而甲骨文为 48.2。作为对比，英伟达的未来市盈率为 39.5——这意味着投资者对博通和甲骨文的增长更加兴奋。</p>
<h2>博通和甲骨文正在推动市场</h2>
<p>博通和甲骨文的快速增长率和规模证明了为什么现在是忘记七大巨头的时候，使用十位巨头作为市场推动增长股票的更好描述。即使那些没有直接拥有十位巨头的人，也可能通过他们在指数基金和交易所交易基金中的持股受到间接影响。</p>
<p>除了在主要指数中的基础性角色外，十位巨头可能会影响更广泛的市场情绪。如果标准普尔 500 指数持续创下新高，可能是因为十位巨头。如果经历重大抛售，可能是因为一些关键巨头下跌。你可能还看到关于标准普尔 500 指数相对于其历史估值昂贵的头条新闻。这是因为许多十位巨头的估值更多是基于其未来收益，而非当前利润。因此，投资者只有在具备高风险承受能力、长期投资视野，并相信这些公司能够实现高度乐观的预期时，才应接触这些股票。</p>
<p>值得注意的是，这些公司之间可能存在的关联。例如，甲骨文的强劲季度业绩在 9 月 10 日使博通和英伟达飙升，因为甲骨文是这些芯片制造商的重要客户。增加的人工智能支出用于扩展 OCI，使博通和英伟达受益。尽管甲骨文在标准普尔 500 指数中所占比例不足 2%，但其业绩对标准普尔 500 指数的影响远大于其股价的单独波动。</p>

甲骨文

博通

<p>博通和甲骨文报告了卓越的收益，推动其股价创下历史新高。在过去五年中，博通的股价上涨超过 925%，而甲骨文的股价上涨超过 475%，表现优于大多数 “七大科技巨头”。这两家公司现在成为 “十巨头” 之一，在标准普尔 500 指数中占据了 39.1% 的份额，正在获得显著的影响力。它们在人工智能和云计算方面的进展正在重塑投资视角，博通的人工智能芯片和甲骨文的云计算增长预计将进一步扰动市场</p>

<p><strong>Broadcom</strong>(AVGO 0.19%) and <strong>Oracle</strong>(ORCL -5.05%) just delivered exceptional earnings reports and guidance that sent both tech stocks to all-time highs. Over the last five years, Broadcom is up over 925% and Oracle is up over 475% -- outperforming every &#34;Magnificent Seven&#34; stock ( <strong>Microsoft</strong>, <strong>Apple</strong>, <strong>Alphabet</strong>, <strong>Amazon</strong>, <strong>Meta Platforms</strong>, <strong>Tesla</strong>) except one -- <strong>Nvidia</strong>.</p>
<div class="lb-trans"><p><strong>博通</strong>(AVGO 0.19%) 和 <strong>甲骨文</strong>(ORCL -5.05%) 刚刚发布了出色的财报和指引，使这两只科技股达到了历史新高。在过去五年中，博通的股价上涨超过 925%，甲骨文上涨超过 475%——超越了除了 <strong>英伟达</strong> 以外的所有 &#34;七大巨头&#34; 股票（<strong>微软</strong>、<strong>苹果</strong>、<strong>字母表</strong>、<strong>亚马逊</strong>、<strong>Meta Platforms</strong>、<strong>特斯拉</strong>）。</p>
</div><p>The &#34;Ten Titans&#34; provide an update to the Magnificent Seven by adding Broadcom, Oracle, and <strong>Netflix</strong> to the list. Combined, these three companies have nearly the same market cap as <strong>Apple</strong>, and are gaining increasing influence in the <strong>S&amp;P 500</strong>(^GSPC -0.05%). In fact, the Ten Titans now make up 39.1% of the index compared to 33.7% for the Magnificent Seven.</p>
<div class="lb-trans"><p>&#34;十位巨头&#34; 通过将博通、甲骨文和 <strong>Netflix</strong> 添加到名单中，为七大巨头提供了更新。合计来看，这三家公司几乎与 <strong>苹果</strong> 拥有相同的市值，并在 <strong>标准普尔 500 指数</strong>(^GSPC -0.05%) 中获得了越来越大的影响力。事实上，十位巨头现在占据了该指数 39.1% 的份额，而七大巨头为 33.7%。</p>
</div><p>Beyond the market cap influence of these names, Broadcom and Oracle embody groundbreaking advancements in cloud computing, infrastructure software, and artificial intelligence (AI).</p>
<div class="lb-trans"><p>除了这些公司的市值影响外，博通和甲骨文还体现了云计算、基础设施软件和人工智能（AI）方面的突破性进展。</p>
</div><p>Here's why Broadcom and Oracle have become such dominant companies, and whether either growth stock is a buy now.</p>
<div class="lb-trans"><p>以下是博通和甲骨文为何成为如此主导公司的原因，以及这两只成长股现在是否值得投资。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzMxNTAvYW4tYWJzdHJhY3QtdXB3YXJkLXNsb3BpbmctY2FuZGxlc3RpY2stc3RvY2stY2hhcnQtZmVhdHVyaW5nLXZhcmlvdXMtbnVtYmVycy1pbGx1c3RyYXRpbmctdGhlLWdyb3dpbmctaW1wb3J0YW5jZS1vZi10ZWNoLXN0b2Nrcy1pbi10aGUtbWFya2V0LmpwZyZ3PTcwMA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F833150%2Fan-abstract-upward-sloping-candlestick-stock-chart-featuring-various-numbers-illustrating-the-growing-importance-of-tech-stocks-in-the-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>Broadcom is a balanced way to invest in AI</h2>
<div class="lb-trans"><h2>博通是投资 AI 的平衡方式</h2>
</div><p>Broadcom and Oracle's surging stock prices illustrate how AI is redefining previously stagnant investment theses. Just a few years ago, both companies were often viewed as dividend-paying stalwarts.</p>
<div class="lb-trans"><p>博通和甲骨文的股价飙升说明了 AI 如何重新定义之前停滞不前的投资理论。几年前，这两家公司常常被视为支付股息的稳健企业。</p>
</div><p>Broadcom was known for its established semiconductor business, providing the nuts and bolts behind networking, broadband, wireless, cybersecurity, and more. But the company is completely different today due to its acquisition of VMware in late 2023 and the development and adoption of its AI chips.</p>
<div class="lb-trans"><p>博通以其成熟的半导体业务而闻名，提供网络、宽带、无线、安全等领域的基础设施。但由于在 2023 年底收购了 VMware 以及其 AI 芯片的开发和采用，该公司如今完全不同。</p>
</div><p>Cloud computing giants are lining up to buy Broadcom's AI chips, known as XPUs. XPUs are highly advanced application-specific integrated circuits (ASICs) that are tailored to a specialized function and are especially good at handling increasing AI workloads. Broadcom doesn't just design the chips, it also makes associated networking products, like Tomahawk switches that link chips within a server rack, and Jericho Ethernet fabric routers, which enable the connection of over 1 million XPU clusters across multiple data centers.</p>
<div class="lb-trans"><p>云计算巨头们正在排队购买博通的 AI 芯片，称为 XPU。XPU 是高度先进的应用特定集成电路（ASIC），专门针对特定功能，尤其擅长处理日益增加的 AI 工作负载。博通不仅设计这些芯片，还制造相关的网络产品，如连接服务器机架内芯片的 Tomahawk 交换机和能够连接超过 100 万个 XPU 集群的 Jericho 以太网交换机。</p>
</div><p>Broadcom is unique because it is far bigger than just an AI play. Rather, it is a highly diversified company that benefits from the buildout of AI infrastructure, AI software, and the growth of high-speed connectivity.</p>
<div class="lb-trans"><p>博通的独特之处在于，它远不止是一个 AI 公司。相反，它是一家高度多元化的公司，受益于 AI 基础设施、AI 软件的建设以及高速连接的增长。</p>
</div><h2>Oracle is heavily disrupting incumbent cloud giants</h2>
<div class="lb-trans"><h2>甲骨文正在严重扰乱现有的云巨头</h2>
</div><p>Oracle's latest quarter perfectly represents why Broadcom has become a behemoth that is closing in on $1 trillion in market cap. On Sept. 9, Oracle said that its cloud infrastructure segment is expected to grow 77% in fiscal 2026, 78% in fiscal 2027, 128% in fiscal 2028, and 97% in fiscal 2029 to become a $144 billion business. If Oracle comes remotely close to these estimates, its cloud business will become far larger than its legacy database services segment.</p>
<div class="lb-trans"><p>甲骨文最新的季度财报完美地展示了博通为何成为接近 1 万亿美元市值的巨头。9 月 9 日，甲骨文表示，其云基础设施部门预计在 2026 财年增长 77%，在 2027 财年增长 78%，在 2028 财年增长 128%，在 2029 财年增长 97%，将成为一个 1440 亿美元的业务。如果甲骨文能接近这些预估，其云业务将远远大于其传统数据库服务部门。</p>
</div><p>Like Broadcom, Oracle was once an entrenched business-to-business giant in tech, known for its stodgy growth and reliable dividend. But Oracle is now a completely different company. Its strength comes from its competitive pricing model, which makes Oracle Cloud Infrastructure (OCI) a great add-on for customers that use its database services.</p>
<div class="lb-trans"><p>与博通类似，甲骨文曾是一家在科技领域根深蒂固的企业对企业巨头，以稳健的增长和可靠的股息而闻名。但甲骨文现在是一家完全不同的公司。它的优势来自于其竞争性定价模式，使得甲骨文云基础设施（OCI）成为使用其数据库服务的客户的绝佳附加选择。</p>
</div><p>Oracle is an enterprise-facing company. Whereas investors in the &#34;big three&#34; cloud players, Amazon, Microsoft, and Alphabet, are getting a lot of moving parts that have nothing to do with cloud computing. In this vein, Oracle has become one of the best ways to invest in high-octane cloud growth, somewhat similar to how investors are drawn to Nvidia. Nvidia has become a pure-play AI stock because its data center business is now magnitudes larger than its gaming and professional visualization markets.</p>
<div class="lb-trans"><p>甲骨文是一家面向企业的公司。而投资于 &#34;三大云&#34; 参与者的投资者，亚马逊、微软和字母表，正在获得许多与云计算无关的复杂因素。在这种情况下，甲骨文已成为投资高增长云业务的最佳方式之一，类似于投资者对英伟达的吸引力。英伟达已成为一家纯粹的 AI 股票，因为其数据中心业务现在远远大于其游戏和专业可视化市场。</p>
</div><p>Broadcom and Oracle's stock prices are running up far faster than they are growing earnings because investors are buying these stocks for where they could be years from now rather than where they are today. Forward earnings estimates will probably increase as analysts adjust their targets based on recent results and guidance. But for now, Broadcom's forward price-to-earnings ratio is a staggering 54.8 compared to 48.2 for Oracle. For context, Nvidia's forward P/E is 39.5 -- meaning investors are even more excited about Broadcom and Oracle's growth.</p>
<div class="lb-trans"><p>博通和甲骨文的股价上涨速度远远超过其盈利增长，因为投资者购买这些股票是基于它们未来几年的潜力，而不是现在的表现。随着分析师根据最近的结果和指引调整目标，未来的盈利预期可能会增加。但目前，博通的未来市盈率高达 54.8，而甲骨文为 48.2。作为对比，英伟达的未来市盈率为 39.5——这意味着投资者对博通和甲骨文的增长更加兴奋。</p>
</div><h2>Broadcom and Oracle are moving markets</h2>
<div class="lb-trans"><h2>博通和甲骨文正在推动市场</h2>
</div><p>The breakneck growth rates and size of Broadcom and Oracle prove why it's time to forget the Magnificent Seven and use the Ten Titans as a better descriptor for market-moving growth stocks. Even folks who don't own the Ten Titans outright may be indirectly impacted through their holdings in index funds and exchange-traded funds.</p>
<div class="lb-trans"><p>博通和甲骨文的快速增长率和规模证明了为什么现在是忘记七大巨头的时候，使用十位巨头作为市场推动增长股票的更好描述。即使那些没有直接拥有十位巨头的人，也可能通过他们在指数基金和交易所交易基金中的持股受到间接影响。</p>
</div><p>In addition to their foundational role in the major indexes, the Ten Titans will likely make or break broader market sentiment. If the S&amp;P 500 keeps making new highs, it's probably because of the Ten Titans. If it undergoes a major sell-off, it's probably because a few key Titans fell. You may have even seen headlines about how the S&amp;P 500 is expensive relative to its historical valuation. That's because many of the Ten Titans are valued more for their future earnings than their current profits. So investors should only approach these stocks if they have a high risk tolerance, a long-term time horizon, and believe these companies can deliver on highly optimistic expectations.</p>
<div class="lb-trans"><p>除了在主要指数中的基础性角色外，十位巨头可能会影响更广泛的市场情绪。如果标准普尔 500 指数持续创下新高，可能是因为十位巨头。如果经历重大抛售，可能是因为一些关键巨头下跌。你可能还看到关于标准普尔 500 指数相对于其历史估值昂贵的头条新闻。这是因为许多十位巨头的估值更多是基于其未来收益，而非当前利润。因此，投资者只有在具备高风险承受能力、长期投资视野，并相信这些公司能够实现高度乐观的预期时，才应接触这些股票。</p>
</div><p>It's also worth noting the correlation that these companies can have. For example, Oracle's blowout quarter sent Broadcom and Nvidia soaring on Sept. 10 because Oracle is a major customer of these chip makers. Increased AI spending to build out OCI benefits Broadcom and Nvidia. Although Oracle may account for less than 2% of the S&amp;P 500, its results had a significantly larger impact on the S&amp;P 500 than the movement in its stock price alone.</p>
<div class="lb-trans"><p>值得注意的是，这些公司之间可能存在的关联。例如，甲骨文的强劲季度业绩在 9 月 10 日使博通和英伟达飙升，因为甲骨文是这些芯片制造商的重要客户。增加的人工智能支出用于扩展 OCI，使博通和英伟达受益。尽管甲骨文在标准普尔 500 指数中所占比例不足 2%，但其业绩对标准普尔 500 指数的影响远大于其股价的单独波动。</p>
</div>

博通和甲骨文的强劲收益刚刚证明了为什么现在是时候忘记 “七大天王” 了