<p><strong>博通</strong>（AVGO -0.37%）在人工智能（AI）芯片热潮中，继 <strong>英伟达</strong> 之后，成为最大的受益者之一。这是因为博通设计的应用特定集成电路（ASIC）在寻求更便宜替代品的云服务提供商中大受欢迎，取代了英伟达销售的昂贵显卡。</p>
<p>毫不奇怪，关于英伟达已成立新部门专注于 ASIC 的传闻不胫而走。这些芯片的定制特性意味着它们可以被编程以执行特定任务，这就是它们在 AI 推理应用中逐渐受到关注的原因。</p>
<p>ASIC 在执行其设计任务时所能提供的每瓦特压倒性性能优势，解释了它们为何现在需求旺盛——其他行业参与者也因此受益。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzQ2NzIvcGVyc29uLXNwZWNzLWludGVncmF0ZWQtY2lyY3VpdC5qcGcmdz03MDA?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzQ2NzIvcGVyc29uLXNwZWNzLWludGVncmF0ZWQtY2lyY3VpdC5qcGcmdz03MDA"/></p>
<p>图片来源：Getty Images。</p>
<h2>一家较小的博通竞争对手正在定制 AI 处理器市场中崭露头角</h2>
<p>博通估计，来自仅三家使用其定制 AI 处理器的超大规模客户的可服务市场（SAM）在未来几年可能价值 600 亿至 900 亿美元。考虑到博通最近吸引了新客户，这一数字可能会更高。</p>
<p>然而，博通并不是唯一希望在这个市场中获利的公司。我们已经看到英伟达可能已经将目光投向了这个领域。但值得注意的是，博通有一家较小的竞争对手正在定制 AI 处理器市场中迅速崭露头角，可能会挑战其主导地位。</p>
<p>这家公司是 <strong>迈威尔科技</strong>（MRVL -0.44%）。尽管博通在定制 AI 处理器领域 reportedly 控制着令人印象深刻的 70% 市场份额，但迈威尔正在迅速追赶。它的目标是在 2028 年前占据 20% 的定制 AI 处理器市场份额，较 2023 年的不足 5% 有所提升。早些时候，迈威尔预计到 2028 年在该市场的可寻址收入机会为 550 亿美元，因此到时占据 20% 的市场份额将使其定制 AI 芯片收入达到 110 亿美元。</p>
<p>这将比迈威尔预计在本财年产生的 40 亿美元 AI 收入有显著增长。然而，别惊讶于该公司的 AI 收入在三年后超过 110 亿美元，因为它有能力从博通那里夺取市场份额，同时扩大其可寻址机会。</p>
<p>迈威尔管理层在最新的财报电话会议上指出，预计到 2028 年将占据更新后的 940 亿美元总可寻址市场（TAM）的 20%。该公司在过去四个季度中产生了 72 亿美元的总收入，这意味着仅定制 AI 芯片市场就有能力显著推动其增长。</p>
<p>更重要的是，迈威尔在未来三年内可能会在这个市场中从博通那里夺取更多市场份额，超过其当前的预测。这是因为它现在看到超过 50 个定制 AI 芯片机会，涉及超过 10 个客户，这可能帮助它产生高达 750 亿美元的终身收入。迈威尔已经为三家主要云计算提供商设计了芯片，其更新的产品线表明，它可能会在客户基础上实现显著扩展。</p>
<h2>迈威尔的估值和更健康的增长前景使其成为比博通更好的投资选择</h2>
<p>迈威尔的增长速度快于博通。前者在上一季度的收入同比增长 58%，达到 20 亿美元，远超博通的 22% 增幅，后者的收入为 160 亿美元。此外，迈威尔的收益同比增长超过一倍，而博通的非 GAAP 每股收益增长了 36%。</p>
<p>当然，迈威尔是两者中较小的公司。但这正是它能够通过挑战博通的主导地位而保持更快增长的原因。更好的是，迈威尔的估值远低于博通，前瞻性市盈率仅为 27，而博通为 37。这一切使得迈威尔成为现在值得购买的顶级 AI 股票，因为它有能力通过在利润丰厚的定制 AI 芯片市场中取得更大突破，为投资者带来可观的长期收益。</p>

博通

迈威尔科技

<p>博通正受益于人工智能芯片的繁荣，特别是其应用特定集成电路（ASIC）在云服务提供商中越来越受欢迎。然而，迈威尔科技正作为一个强有力的竞争者崭露头角，目标是在 2028 年前占据 20% 的定制人工智能处理器市场份额。迈威尔的收入增长速度超过博通，其较低的估值使其成为一个有吸引力的投资选择。随着预计可寻址市场达到 940 亿美元，迈威尔有可能显著增加其人工智能收入，挑战博通在该领域的主导地位</p>

<p><strong>Broadcom</strong>(AVGO -0.37%) is turning out to be one of the biggest beneficiaries of the artificial intelligence (AI) chip boom after <strong>Nvidia</strong>. That's because the application-specific integrated circuits (ASICs) that Broadcom designs have been a huge hit among cloud service providers looking for cheaper alternatives to the expensive graphics cards that Nvidia sells.</p>
<div class="lb-trans"><p><strong>博通</strong>（AVGO -0.37%）在人工智能（AI）芯片热潮中，继 <strong>英伟达</strong> 之后，成为最大的受益者之一。这是因为博通设计的应用特定集成电路（ASIC）在寻求更便宜替代品的云服务提供商中大受欢迎，取代了英伟达销售的昂贵显卡。</p>
</div><p>Not surprisingly, there are rumors that Nvidia has established a new department to focus on ASICs. The custom nature of these chips means that they can be programmed to perform specific tasks, which is why they are now gaining traction for AI inference applications.</p>
<div class="lb-trans"><p>毫不奇怪，关于英伟达已成立新部门专注于 ASIC 的传闻不胫而走。这些芯片的定制特性意味着它们可以被编程以执行特定任务，这就是它们在 AI 推理应用中逐渐受到关注的原因。</p>
</div><p>The overwhelming performance per watt advantage that ASICs are capable of delivering over graphics processing units (GPUs) while performing the tasks they are designed for explains why they are now in great demand -- and other industry players are also benefiting.</p>
<div class="lb-trans"><p>ASIC 在执行其设计任务时所能提供的每瓦特压倒性性能优势，解释了它们为何现在需求旺盛——其他行业参与者也因此受益。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzQ2NzIvcGVyc29uLXNwZWNzLWludGVncmF0ZWQtY2lyY3VpdC5qcGcmdz03MDA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F834672%2Fperson-specs-integrated-circuit.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>A smaller Broadcom rival is cutting its teeth in the lucrative custom AI processor market</h2>
<div class="lb-trans"><h2>一家较小的博通竞争对手正在定制 AI 处理器市场中崭露头角</h2>
</div><p>Broadcom estimates that its serviceable addressable market (SAM) from just three hyperscale customers that are using its custom AI processors could be worth $60 billion to $90 billion in the next couple of years. That figure could head higher considering that Broadcom has brought new customers on board lately.</p>
<div class="lb-trans"><p>博通估计，来自仅三家使用其定制 AI 处理器的超大规模客户的可服务市场（SAM）在未来几年可能价值 600 亿至 900 亿美元。考虑到博通最近吸引了新客户，这一数字可能会更高。</p>
</div><p>However, Broadcom isn't the only company that's looking to make the most of this market. We have seen that Nvidia may have already set its sights on this space. But it is worth noting that Broadcom has a smaller competitor that's rapidly gaining traction in the custom AI processor market and could challenge its dominance.</p>
<div class="lb-trans"><p>然而，博通并不是唯一希望在这个市场中获利的公司。我们已经看到英伟达可能已经将目光投向了这个领域。但值得注意的是，博通有一家较小的竞争对手正在定制 AI 处理器市场中迅速崭露头角，可能会挑战其主导地位。</p>
</div><p>That company is <strong>Marvell Technology</strong>(MRVL -0.44%). While Broadcom is reportedly controlling an impressive 70% share of the custom AI processor space, Marvell is quickly gaining ground. It is targeting a 20% market share of custom AI processors by 2028, up from less than 5% in 2023. Earlier, Marvell was projecting an addressable revenue opportunity of $55 billion in this market by 2028, so a 20% share of this space by then would have brought its custom AI chip revenue to $11 billion.</p>
<div class="lb-trans"><p>这家公司是 <strong>迈威尔科技</strong>（MRVL -0.44%）。尽管博通在定制 AI 处理器领域 reportedly 控制着令人印象深刻的 70% 市场份额，但迈威尔正在迅速追赶。它的目标是在 2028 年前占据 20% 的定制 AI 处理器市场份额，较 2023 年的不足 5% 有所提升。早些时候，迈威尔预计到 2028 年在该市场的可寻址收入机会为 550 亿美元，因此到时占据 20% 的市场份额将使其定制 AI 芯片收入达到 110 亿美元。</p>
</div><p>That would have been a substantial increase over the $4 billion AI revenue that Marvell is expected to generate in the ongoing fiscal year. However, don't be surprised to see the company's AI revenue turning out to be higher than $11 billion after three years as it has the ability to take share away from Broadcom, along with an expansion in its addressable opportunity.</p>
<div class="lb-trans"><p>这将比迈威尔预计在本财年产生的 40 亿美元 AI 收入有显著增长。然而，别惊讶于该公司的 AI 收入在三年后超过 110 亿美元，因为它有能力从博通那里夺取市场份额，同时扩大其可寻址机会。</p>
</div><p>Marvell management pointed out on its latest earnings conference call that it expects to corner 20% of an updated $94 billion total addressable market (TAM) by 2028. The company has generated $7.2 billion in total revenue in the past four quarters, which means the custom AI chip market alone has the ability to significantly supercharge its growth.</p>
<div class="lb-trans"><p>迈威尔管理层在最新的财报电话会议上指出，预计到 2028 年将占据更新后的 940 亿美元总可寻址市场（TAM）的 20%。该公司在过去四个季度中产生了 72 亿美元的总收入，这意味着仅定制 AI 芯片市场就有能力显著推动其增长。</p>
</div><p>What's more, Marvell could take away more share from Broadcom in this market in the next three years than it is currently projecting. That's because it now sees more than 50 custom AI chip opportunities across more than 10 customers, which could help it generate a whopping $75 billion in lifetime revenue. Marvell has already been designing chips for three major cloud computing providers, and its updated pipeline suggests that it could witness a significant expansion in its customer base.</p>
<div class="lb-trans"><p>更重要的是，迈威尔在未来三年内可能会在这个市场中从博通那里夺取更多市场份额，超过其当前的预测。这是因为它现在看到超过 50 个定制 AI 芯片机会，涉及超过 10 个客户，这可能帮助它产生高达 750 亿美元的终身收入。迈威尔已经为三家主要云计算提供商设计了芯片，其更新的产品线表明，它可能会在客户基础上实现显著扩展。</p>
</div><h2>Marvell's valuation and healthier growth prospects make it a better bet than Broadcom</h2>
<div class="lb-trans"><h2>迈威尔的估值和更健康的增长前景使其成为比博通更好的投资选择</h2>
</div><p>Marvell is growing at a faster pace than Broadcom. The former's revenue shot up by 58% year over year in the previous quarter to $2 billion, far exceeding the 22% spike in Broadcom's top line to $16 billion. Additionally, Marvell's earnings more than doubled year over year, while Broadcom reported a 36% increase in its non-GAAP earnings per share.</p>
<div class="lb-trans"><p>迈威尔的增长速度快于博通。前者在上一季度的收入同比增长 58%，达到 20 亿美元，远超博通的 22% 增幅，后者的收入为 160 亿美元。此外，迈威尔的收益同比增长超过一倍，而博通的非 GAAP 每股收益增长了 36%。</p>
</div><p>Of course, Marvell is the smaller company of the two. But that's precisely why it has the ability to keep growing at a faster pace by challenging Broadcom's dominance. Even better, Marvell is way cheaper than Broadcom with a forward earnings multiple of just 27 as compared to Broadcom's reading of 37. All this makes Marvell a top AI stock to buy right now, as it has the ability to deliver impressive long-term gains to investors by making a bigger dent in the lucrative custom AI chip market.</p>
<div class="lb-trans"><p>当然，迈威尔是两者中较小的公司。但这正是它能够通过挑战博通的主导地位而保持更快增长的原因。更好的是，迈威尔的估值远低于博通，前瞻性市盈率仅为 27，而博通为 37。这一切使得迈威尔成为现在值得购买的顶级 AI 股票，因为它有能力通过在利润丰厚的定制 AI 芯片市场中取得更大突破，为投资者带来可观的长期收益。</p>
</div>

Meet the Company Challenging Broadcom's AI Chip Dominance (Hint: It's Not Nvidia)

- Broadcom 在人工智能芯片热潮中成为主要受益者，预计市场价值可达 600 亿至 900 亿美元。  
- Marvell 计划到 2028 年占据 20% 的定制 AI 处理器市场份额，预计收入将显著增长。  
- Marvell 增长速度快于 Broadcom，且估值更具吸引力，成为投资者的优选。  

了解一下正在挑战博通 AI 芯片主导地位的公司（提示：这家公司不是英伟达）