<p><strong>英伟达</strong> 常被誉为顶尖的人工智能（AI）芯片制造商，但 <strong>博通</strong>（AVGO -0.73%）最近的财报证明其正在迎头赶上。</p>
<p>这些数字表现出色，吸引人的增长率是博通在年初至今超越英伟达的部分原因。到 2025 年 10 月 8 日市场收盘时，AVGO 的股价上涨了 49%，而 NVDA 的股价上涨了 41%。</p>
<p>然而，强劲的财报并不是推动博通股价上涨的最大新闻。更大的催化剂是博通与 OpenAI 达成的 100 亿美元交易。博通将为该客户定制芯片。这进一步表明科技巨头们愿意在某些 AI 芯片上多元化，远离英伟达。</p>
<p>博通拥有进一步上涨的催化剂，未来几年可能继续超越英伟达。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzcxOTQvYWktY2hpcC5qcGcmdz03MDA?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzcxOTQvYWktY2hpcC5qcGcmdz03MDA"/></p>
<p>图片来源：Getty Images。</p>
<h2>利润率持续扩大</h2>
<p>博通在截至 8 月 3 日的财政第三季度实现了 22% 的同比收入增长，强劲的收入增长伴随着更好的净利润增长。这家 AI 芯片制造商的净利润达到了 41.4 亿美元，净利润率为 26%。</p>
<p>相比之下，2024 财年第三季度的净亏损为 19 亿美元，原因是一次性非现金税收准备金为 45 亿美元。博通的净利润率一直在上升，今年财政第一季度超过了 35%。</p>
<p>英伟达在最近几个季度的净利润率超过 50%，这表明博通还有更多扩大利润率的空间。收入的增长，加上利润率的扩大，可以为长期投资者提供额外的价值。</p>
<p>博通的市盈率为 92，可能让一些投资者觉得有些高，而英伟达的市盈率为 50。然而，博通的市盈率增长（PEG）比率仅为 0.59，远低于英伟达的 1.32。PEG 比率在考虑公司当前价格和收益时，考虑了公司的未来增长潜力。PEG 比率低于 1 的股票通常被认为是被低估的。</p>
<h2>分析师急于提高他们的目标价</h2>
<p>华尔街对博通的业绩赞不绝口，许多分析师急于提高他们的目标价。<strong>瑞穗</strong> 的分析师关注博通的 AI 收入加速，预计该公司在 2026 财年将产生 390 亿美元的收入。分析师们还认为，博通的 AI 收入在 2027 财年可以达到 600 亿美元，2028 财年可达 750 亿美元。</p>
<p>这些收入预测让投资者了解到，分析师们因博通最近的财报变得多么乐观。与其他科技巨头的任何交易或与现有合作伙伴的扩展合同都可以帮助博通实现这些收入预测。</p>
<h2>博通较小的市值使其在与英伟达的竞争中占据优势</h2>
<p>尽管博通是少数市值达到 1 万亿美元的公司之一，但仍然低于英伟达的 4.3 万亿美元。它们之间几乎有 3 万亿美元的差距，但较小的市值对博通有利。</p>
<p>推动市值为 1.7 万亿美元的股票所需的力量远小于推动市值为 4.3 万亿美元的股票所需的力量。这是博通在年初至今超越英伟达的部分原因，尽管英伟达的收入增长率更高。</p>
<p>然而，投资者对市值为 1.7 万亿美元的公司施加下行压力也更容易，而对市值为 4.7 万亿美元的公司则相对困难。</p>
<p>任何 AI 支出放缓都可能对博通造成伤害，如果更多的 AI 芯片制造商获得市场份额，可能会影响博通未来的利润率。然而，分析师的收入预测和不断上升的 AI 支出表明，目前的反弹可能会持续。</p>
<p>我认为博通在 2026 年有真正超越英伟达的机会。它会是下一个英伟达吗？我们需要拭目以待。</p>

博通

<p>博通在人工智能芯片市场上正在取得进展，今年以来其股价上涨了 49%，超过了英伟达的 41%。与 OpenAI 达成的 100 亿美元定制芯片交易提升了博通的股票表现。该公司报告了 22% 的收入增长和 26% 的净利润率，分析师预计到 2026 财年，人工智能收入将达到 390 亿美元。尽管博通的市值小于英伟达，但其增长潜力和较低的 PEG 比率表明，博通可能会继续上涨，并在未来几年内有可能超过英伟达</p>

<p><strong>Nvidia</strong> is often heralded as the top artificial intelligence (AI) chipmaker, but <strong>Broadcom</strong>'s (AVGO -0.73%) recent earnings report proved that it's gaining ground.</p>
<div class="lb-trans"><p><strong>英伟达</strong> 常被誉为顶尖的人工智能（AI）芯片制造商，但 <strong>博通</strong>（AVGO -0.73%）最近的财报证明其正在迎头赶上。</p>
</div><p>The numbers were great, and attractive growth rates are part of the reason why Broadcom has outperformed Nvidia year to date. AVGO shares are up by 49% in 2025 through market close Oct. 8, while NVDA stock has gained 41%.</p>
<div class="lb-trans"><p>这些数字表现出色，吸引人的增长率是博通在年初至今超越英伟达的部分原因。到 2025 年 10 月 8 日市场收盘时，AVGO 的股价上涨了 49%，而 NVDA 的股价上涨了 41%。</p>
</div><p>However, a strong earnings report wasn't even the biggest news item that pushed Broadcom stock higher. The bigger catalyst is a $10 billion deal Broadcom reportedly struck with OpenAI. Broadcom will create custom chips for the client. This further demonstrates that tech giants are willing to diversify away from Nvidia for some of their AI chips.</p>
<div class="lb-trans"><p>然而，强劲的财报并不是推动博通股价上涨的最大新闻。更大的催化剂是博通与 OpenAI 达成的 100 亿美元交易。博通将为该客户定制芯片。这进一步表明科技巨头们愿意在某些 AI 芯片上多元化，远离英伟达。</p>
</div><p>Broadcom has the catalysts to rise higher, and it may continue to outperform Nvidia over the next few years.</p>
<div class="lb-trans"><p>博通拥有进一步上涨的催化剂，未来几年可能继续超越英伟达。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzcxOTQvYWktY2hpcC5qcGcmdz03MDA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F837194%2Fai-chip.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>Profit margins continue to expand</h2>
<div class="lb-trans"><h2>利润率持续扩大</h2>
</div><p>Broadcom posted 22% year-over-year revenue growth in the fiscal third quarter -- which ended Aug. 3 -- and the strong top-line growth came with even better bottom-line growth. The AI chipmaker brought in $4.14 billion in net profits, resulting in a 26% net profit margin.</p>
<div class="lb-trans"><p>博通在截至 8 月 3 日的财政第三季度实现了 22% 的同比收入增长，强劲的收入增长伴随着更好的净利润增长。这家 AI 芯片制造商的净利润达到了 41.4 亿美元，净利润率为 26%。</p>
</div><p>That's compared to a $1.9 billion net loss in Q3 FY24, which was due to a one-time, noncash tax provision of $4.5 billion. Broadcom's net profit margin has been trending higher, getting above 35% in the fiscal first quarter of this year.</p>
<div class="lb-trans"><p>相比之下，2024 财年第三季度的净亏损为 19 亿美元，原因是一次性非现金税收准备金为 45 亿美元。博通的净利润率一直在上升，今年财政第一季度超过了 35%。</p>
</div><p>Nvidia has been delivering 50%-plus net profit margins in recent quarters, suggesting Broadcom has more room to expand its margins. Rising revenue, combined with profit margin expansion, can present additional value to long-term investors.</p>
<div class="lb-trans"><p>英伟达在最近几个季度的净利润率超过 50%，这表明博通还有更多扩大利润率的空间。收入的增长，加上利润率的扩大，可以为长期投资者提供额外的价值。</p>
</div><p>Broadcom may look frothy to some investors with a 92 price-to-earnings ratio, while Nvidia sports a 50 P/E ratio. However, Broadcom has a price/earnings-to-growth (PEG) ratio of only 0.59, which is much lower than Nvidia's 1.32. The PEG ratio factors in a company's future growth potential when considering its current price and earnings. A stock with a PEG ratio under 1 is usually considered undervalued.</p>
<div class="lb-trans"><p>博通的市盈率为 92，可能让一些投资者觉得有些高，而英伟达的市盈率为 50。然而，博通的市盈率增长（PEG）比率仅为 0.59，远低于英伟达的 1.32。PEG 比率在考虑公司当前价格和收益时，考虑了公司的未来增长潜力。PEG 比率低于 1 的股票通常被认为是被低估的。</p>
</div><h2>Analysts rush to boost their price targets</h2>
<div class="lb-trans"><h2>分析师急于提高他们的目标价</h2>
</div><p>Wall Street was enamored with Broadcom's results, with many rushing to hike their price targets. <strong>Mizuho</strong> analysts focused on Broadcom's AI revenue acceleration and projected that the company will generate $39 billion in fiscal 2026. The analysts also believe Broadcom's AI revenue can reach $60 billion in fiscal 2027 and $75 billion in fiscal 2028.</p>
<div class="lb-trans"><p>华尔街对博通的业绩赞不绝口，许多分析师急于提高他们的目标价。<strong>瑞穗</strong> 的分析师关注博通的 AI 收入加速，预计该公司在 2026 财年将产生 390 亿美元的收入。分析师们还认为，博通的 AI 收入在 2027 财年可以达到 600 亿美元，2028 财年可达 750 亿美元。</p>
</div><p>Those revenue projections give investors an idea of how bullish analysts have become due to Broadcom's recent earnings report. Any deals with additional tech giants or expanded contracts with existing partners can help Broadcom reach those revenue forecasts.</p>
<div class="lb-trans"><p>这些收入预测让投资者了解到，分析师们因博通最近的财报变得多么乐观。与其他科技巨头的任何交易或与现有合作伙伴的扩展合同都可以帮助博通实现这些收入预测。</p>
</div><h2>Broadcom's smaller market cap gives its an edge against Nvidia</h2>
<div class="lb-trans"><h2>博通较小的市值使其在与英伟达的竞争中占据优势</h2>
</div><p>Although Broadcom is one of the few corporations with a $1 trillion market cap, it still falls short of Nvidia's $4.3 trillion. There's almost a $3 trillion gap between them, but the smaller market cap works in Broadcom's favor.</p>
<div class="lb-trans"><p>尽管博通是少数市值达到 1 万亿美元的公司之一，但仍然低于英伟达的 4.3 万亿美元。它们之间几乎有 3 万亿美元的差距，但较小的市值对博通有利。</p>
</div><p>It doesn't require as much to move a stock with a $1.7 trillion market cap as it does to generate price swings for one with a $4.3 trillion market cap. That's part of the reason Broadcom has outperformed Nvidia year to date, even though Nvidia has a higher revenue growth rate.</p>
<div class="lb-trans"><p>推动市值为 1.7 万亿美元的股票所需的力量远小于推动市值为 4.3 万亿美元的股票所需的力量。这是博通在年初至今超越英伟达的部分原因，尽管英伟达的收入增长率更高。</p>
</div><p>However, it's also easier for investors to put downward pressure on a $1.7 trillion company than a $4.7 trillion company.</p>
<div class="lb-trans"><p>然而，投资者对市值为 1.7 万亿美元的公司施加下行压力也更容易，而对市值为 4.7 万亿美元的公司则相对困难。</p>
</div><p>Any slowdown in AI spending can hurt Broadcom, and if more AI chipmakers gain market share, it can impact Broadcom's future profit margins. However, analysts' revenue forecasts and rising AI spending suggest the current rally can continue.</p>
<div class="lb-trans"><p>任何 AI 支出放缓都可能对博通造成伤害，如果更多的 AI 芯片制造商获得市场份额，可能会影响博通未来的利润率。然而，分析师的收入预测和不断上升的 AI 支出表明，目前的反弹可能会持续。</p>
</div><p>I think Broadcom has a real shot at outperforming Nvidia in 2026. Is it the next Nvidia. We'll have to wait to se.</p>
<div class="lb-trans"><p>我认为博通在 2026 年有真正超越英伟达的机会。它会是下一个英伟达吗？我们需要拭目以待。</p>
</div>

Is Broadcom the Next Nvidia?

- Broadcom 近期财报显示其营收增长 22%，净利润达 41.4 亿美元。  
- 与 OpenAI 签署 100 亿美元定制芯片协议，推动股价上涨。  
- 分析师预计其 AI 收入在 2026 年可达 390 亿美元，前景乐观。

博通会成为下一个英伟达吗？