<p>交易关键 - 半导体巨头博通（Broadcom，AVGO）在美国东部时间 12 月 11 日星期四市场收盘后发布了强劲的 2025 财年第四季度财报，收入同比激增 28.2%，达到 180.2 亿美元。<strong>该公司在收入和 EBITDA 利润方面均创下新的季度记录</strong>。此外，AI 芯片收入跃升 74%，达到 82 亿美元。</p>
<p>在财报发布后，博通的股票在周四的盘后交易中最初上涨了 4%，但随后反转，曾一度下跌超过 5%。分析师表示，这一下降可能源于首席执行官霍克·谭（Hock Tan）宣布的 730 亿美元 AI 产品积压，这一数字显然未能满足投资者的预期。</p>
<h2>AI 收入激增是否以利润为代价？</h2>
<p>根据财报和电话会议，博通的 AI 半导体收入在第四季度同比激增 74%，<strong>主要得益于 XPU（定制 AI 芯片或 ASIC）和数据中心芯片。</strong> 值得注意的是，XPU 业务本身增长超过 100%。谷歌的 TPU 由谷歌和博通共同设计，不仅在谷歌内部使用，还获得了包括苹果在内的其他客户，后者将其用于模型训练。</p>
<p>未来 AI 半导体业务的收入也充满希望。博通在第三季度和第四季度分别从 Anthropic 获得了价值 100 亿美元和 110 亿美元的最新一代 Ironwood TPU 机架系统订单。此外，博通还签署了另一份价值 10 亿美元的订单。首席执行官霍克·谭在电话会议上表示，公司目前的 AI 产品订单积压总额达到 730 亿美元。</p>
<p>然而，尽管收入增长强劲，博通发出了警告：由于 AI 产品销售，公司整体利润率正在下降，预计 2026 年第一季度将下降 1%。<strong>这种转变主要归因于博通的战略重定位，从单纯的 “芯片供应商” 转变为 “完整机架系统提供商”。</strong> 本质上，为了通过提供更便捷的 “一站式” 解决方案来吸引和留住客户，博通开始销售完整的机架。这些综合机架不仅包括芯片，还包括博通自身不生产的低利润组件，如服务器、电源和冷却系统，从而拖累了整体利润率。</p>
<p>然而，值得注意的是，这种 “整体销售” 模式直接推动了收入，因为完整机架系统的售价高于单个芯片。此外，这种 “一站式服务” 显著提升了客户便利性，促进了客户粘性，便于建立长期合作关系，从而稳定了收入来源。</p>
<p>博通并不是唯一选择提供完整服务器解决方案的供应商。<strong>英伟达（Nvidia）</strong> 也提供全面的机架解决方案，如其 DGX 和 HGX 系统。<strong>像 AMD 和 HPE 这样的公司</strong> 也逐渐向提供集成解决方案转型，反映了半导体行业的更广泛趋势。因此，博通毛利率的下降并不一定意味着整体竞争力的降低。</p>
<h2>科技巨头转向自研芯片：博通与谷歌的合作能走多远？</h2>
<p><strong>越来越多的科技公司选择自研芯片，以减少对外部供应商的依赖，这对博通构成了关键的外部风险。</strong> 分析师表示，博通在周四盘后的下跌可能源于市场对其与谷歌长期合作关系的担忧。</p>
<p>自 2015 年谷歌开始设计其第一代 TPU（TPU v1）以来，博通与谷歌保持了深度合作。谷歌负责 TPU 的高层架构设计，而博通则负责谷歌解决方案的工程实施和物理设计。尽管两家公司密切合作，但博通的投资者现在担心谷歌可能会完全内部化其芯片设计工作。</p>
<p>博通首席执行官霍克·谭对此可能性表示不太可能。他暗示，作为大型语言模型的领先开发者，谷歌 <strong>有核心使命保持其在模型和算法方面的领导地位，</strong> 并与通用芯片巨头英伟达竞争。谭表示，将精力转向自研芯片以增强工程和物理设计能力将适得其反。博通的价值在于执行谷歌缺乏专业知识的方面，使谷歌能够专注于顶层架构创新，而不必应对大规模、高产出的工程挑战。</p>
<p>当然，除了完全内部开发，谷歌还可以选择绕过博通，与其他芯片公司进行设计。例如，谷歌的 TPU v7 采用了混合开发模式，<strong>博通仅负责核心计算芯片和高速互连（SerDes）技术，</strong> 而联发科技则负责 I/O 模块和后端物理设计等部分。</p>
<p>然而，这一举措恰恰凸显了博通的不可或缺性。博通仍然是半导体行业的领导者，拥有将最先进的芯片设计（如 3nm 或 5nm 工艺技术）转化为产品所需的良率优化和工程经验。<strong>博通还拥有一些在高速互连技术方面最先进的技术知识产权，</strong> 这是谷歌的 TPU 芯片高度依赖的关键能力，而其他芯片公司无法复制。</p>
<p><strong>尽管博通的 “稳固地位” 已然确立，但仍需考虑议价能力下降和技术壁垒削弱的风险。</strong> 谷歌已经与另一家芯片供应商联发科技展开合作，特别是针对像 TPU v7e 这样的低性能芯片版本。博通目前最大的技术壁垒在于其高速互连技术，但竞争对手正在迅速赶上。Marvell 展示了其 3nm 224G SerDes IP，而 Cadence 的 224G SerDes IP 也展现了强劲的性能和低比特错误率。</p>
<p>了解更多</p>

博通

<p>博通在 2025 财年第四季度报告了 282% 的同比收入增长，达到 180.2 亿美元，其中人工智能芯片收入增长了 74%，达到 82 亿美元。尽管如此，由于对利润率的担忧以及谷歌等客户可能进行内部芯片开发，股价下跌超过 5%。博通转向销售完整机架系统对利润率产生了影响。该公司有 730 亿美元的人工智能产品订单积压，但预计 2026 年第一季度利润率将下降 1%</p>

<p>TradingKey - Semiconductor giant Broadcom (AVGO) reported robust fourth-quarter fiscal 2025 earnings after market close on Thursday, December 11, U.S. Eastern Time, with revenue soaring 28.2% year-over-year to $18.02 billion. <strong>The company achieved new quarterly records for both revenue and EBITDA profit</strong>. Furthermore, AI chip revenue jumped 74% to $8.2 billion.</p>
<div class="lb-trans"><p>交易关键 - 半导体巨头博通（Broadcom，AVGO）在美国东部时间 12 月 11 日星期四市场收盘后发布了强劲的 2025 财年第四季度财报，收入同比激增 28.2%，达到 180.2 亿美元。<strong>该公司在收入和 EBITDA 利润方面均创下新的季度记录</strong>。此外，AI 芯片收入跃升 74%，达到 82 亿美元。</p>
</div><p>Following the earnings release, Broadcom's stock initially climbed 4% in after-hours trading on Thursday, but subsequently reversed course, dropping over 5% at one point. Analysts suggested this decline might stem from CEO Hock Tan's announcement of a $73 billion AI product backlog, a figure that reportedly fell short of investor expectations.</p>
<div class="lb-trans"><p>在财报发布后，博通的股票在周四的盘后交易中最初上涨了 4%，但随后反转，曾一度下跌超过 5%。分析师表示，这一下降可能源于首席执行官霍克·谭（Hock Tan）宣布的 730 亿美元 AI 产品积压，这一数字显然未能满足投资者的预期。</p>
</div><h2>AI Revenue Boom at the Expense of Margins?</h2>
<div class="lb-trans"><h2>AI 收入激增是否以利润为代价？</h2>
</div><p>Based on its earnings report and conference call, Broadcom's AI semiconductor revenue surged 74% year-over-year in the fourth quarter, <strong>primarily driven by XPU (custom AI chips, or ASICs) and data center chips.</strong> Notably, the XPU business itself grew by over 100%. Google's TPUs, co-designed by Google and Broadcom, are not only utilized internally by Google but have also secured other clients, including Apple, which employs them for model training.</p>
<div class="lb-trans"><p>根据财报和电话会议，博通的 AI 半导体收入在第四季度同比激增 74%，<strong>主要得益于 XPU（定制 AI 芯片或 ASIC）和数据中心芯片。</strong> 值得注意的是，XPU 业务本身增长超过 100%。谷歌的 TPU 由谷歌和博通共同设计，不仅在谷歌内部使用，还获得了包括苹果在内的其他客户，后者将其用于模型训练。</p>
</div><p>Future revenue from the AI semiconductor business also holds significant promise. Broadcom secured orders worth $10 billion and $11 billion from Anthropic in Q3 and Q4, respectively, for its latest-generation Ironwood TPU rack systems. Furthermore, Broadcom signed another order valued at $1 billion. CEO Hock Tan stated on the conference call that the company currently boasts an AI product order backlog totaling $73 billion.</p>
<div class="lb-trans"><p>未来 AI 半导体业务的收入也充满希望。博通在第三季度和第四季度分别从 Anthropic 获得了价值 100 亿美元和 110 亿美元的最新一代 Ironwood TPU 机架系统订单。此外，博通还签署了另一份价值 10 亿美元的订单。首席执行官霍克·谭在电话会议上表示，公司目前的 AI 产品订单积压总额达到 730 亿美元。</p>
</div><p>However, despite this robust revenue growth, Broadcom issued a warning: the company's overall profit margins are declining due to AI product sales, with an expected 1% decrease in Q1 2026. <strong>This shift is primarily attributed to Broadcom's strategic repositioning from being a mere &#34;chip supplier&#34; to a provider of &#34;complete rack systems.&#34;</strong> In essence, to attract and retain clients by offering more convenient, &#34;one-stop&#34; solutions, Broadcom has started selling full racks. These comprehensive racks include not only chips but also lower-margin components such as servers, power supplies, and cooling systems not manufactured by Broadcom itself, consequently dragging down overall profit margins.</p>
<div class="lb-trans"><p>然而，尽管收入增长强劲，博通发出了警告：由于 AI 产品销售，公司整体利润率正在下降，预计 2026 年第一季度将下降 1%。<strong>这种转变主要归因于博通的战略重定位，从单纯的 “芯片供应商” 转变为 “完整机架系统提供商”。</strong> 本质上，为了通过提供更便捷的 “一站式” 解决方案来吸引和留住客户，博通开始销售完整的机架。这些综合机架不仅包括芯片，还包括博通自身不生产的低利润组件，如服务器、电源和冷却系统，从而拖累了整体利润率。</p>
</div><p>It is noteworthy, however, that this &#34;overall sales&#34; model directly boosts revenue, as the selling price of a complete rack system is higher than that of individual chips. Moreover, this &#34;one-stop service&#34; significantly enhances customer convenience, fostering greater customer stickiness and facilitating long-term partnerships, thereby stabilizing revenue streams.</p>
<div class="lb-trans"><p>然而，值得注意的是，这种 “整体销售” 模式直接推动了收入，因为完整机架系统的售价高于单个芯片。此外，这种 “一站式服务” 显著提升了客户便利性，促进了客户粘性，便于建立长期合作关系，从而稳定了收入来源。</p>
</div><p>Broadcom is not the only supplier choosing to offer complete server solutions. <strong>Nvidia</strong> also provides comprehensive rack solutions, such as its DGX and HGX systems. <strong>Companies like AMD and HPE</strong> are also gradually moving towards offering integrated solutions, reflecting a broader trend within the semiconductor industry. Therefore, Broadcom's decline in gross margin does not necessarily indicate a reduction in overall competitiveness.</p>
<div class="lb-trans"><p>博通并不是唯一选择提供完整服务器解决方案的供应商。<strong>英伟达（Nvidia）</strong> 也提供全面的机架解决方案，如其 DGX 和 HGX 系统。<strong>像 AMD 和 HPE 这样的公司</strong> 也逐渐向提供集成解决方案转型，反映了半导体行业的更广泛趋势。因此，博通毛利率的下降并不一定意味着整体竞争力的降低。</p>
</div><h2>Tech Giants Turn to Self-Developed Chips: How Far Can Broadcom-Google Partnership Go?</h2>
<div class="lb-trans"><h2>科技巨头转向自研芯片：博通与谷歌的合作能走多远？</h2>
</div><p><strong>A growing number of technology companies are opting for in-house chip development to reduce reliance on external suppliers, posing a key external risk for Broadcom.</strong> Analysts suggest Broadcom's after-hours decline on Thursday likely stemmed from market concerns over its long-term partnership with Google.</p>
<div class="lb-trans"><p><strong>越来越多的科技公司选择自研芯片，以减少对外部供应商的依赖，这对博通构成了关键的外部风险。</strong> 分析师表示，博通在周四盘后的下跌可能源于市场对其与谷歌长期合作关系的担忧。</p>
</div><p>Broadcom has maintained a deep collaboration with Google since the latter began designing its first-generation TPU (TPU v1) in 2015. Google handled the high-level architectural design for TPUs, while Broadcom was responsible for the engineering implementation and physical design of Google's solutions. Although the two companies work closely, Broadcom investors are now concerned that Google might fully internalize its chip design efforts.</p>
<div class="lb-trans"><p>自 2015 年谷歌开始设计其第一代 TPU（TPU v1）以来，博通与谷歌保持了深度合作。谷歌负责 TPU 的高层架构设计，而博通则负责谷歌解决方案的工程实施和物理设计。尽管两家公司密切合作，但博通的投资者现在担心谷歌可能会完全内部化其芯片设计工作。</p>
</div><p>Broadcom CEO Hock Tan dismisses this possibility as unlikely. He implied that Google, as a leading developer of large language models, <strong>has a core mission to maintain its leadership in models and algorithms,</strong> and to compete with general-purpose chip giant Nvidia. Diverting efforts to in-house chip development to enhance engineering and physical design capabilities would be counterproductive, Tan suggested. Broadcom's value lies in executing aspects where Google lacks expertise, allowing Google to focus on top-level architectural innovation without grappling with large-scale, high-yield engineering challenges.</p>
<div class="lb-trans"><p>博通首席执行官霍克·谭对此可能性表示不太可能。他暗示，作为大型语言模型的领先开发者，谷歌 <strong>有核心使命保持其在模型和算法方面的领导地位，</strong> 并与通用芯片巨头英伟达竞争。谭表示，将精力转向自研芯片以增强工程和物理设计能力将适得其反。博通的价值在于执行谷歌缺乏专业知识的方面，使谷歌能够专注于顶层架构创新，而不必应对大规模、高产出的工程挑战。</p>
</div><p>Of course, beyond fully in-house development, Google could also choose to bypass Broadcom and engage other chip companies for design. For instance, Google's TPU v7 adopted a hybrid development model, <strong>where Broadcom was only responsible for the core compute die and high-speed interconnect (SerDes) technology,</strong> while MediaTek handled parts such as the I/O modules and back-end physical design.</p>
<div class="lb-trans"><p>当然，除了完全内部开发，谷歌还可以选择绕过博通，与其他芯片公司进行设计。例如，谷歌的 TPU v7 采用了混合开发模式，<strong>博通仅负责核心计算芯片和高速互连（SerDes）技术，</strong> 而联发科技则负责 I/O 模块和后端物理设计等部分。</p>
</div><p>However, this move precisely underscores Broadcom's indispensability. Broadcom remains a leader in the semiconductor industry, possessing the yield optimization and engineering experience necessary to transform the most advanced chip designs (such as 3nm or 5nm process technology) into products. <strong>Broadcom also holds some of the most advanced technical IP in high-speed interconnect technology,</strong> a critical capability that Google's TPU chips heavily rely on and which other chip companies cannot replicate.</p>
<div class="lb-trans"><p>然而，这一举措恰恰凸显了博通的不可或缺性。博通仍然是半导体行业的领导者，拥有将最先进的芯片设计（如 3nm 或 5nm 工艺技术）转化为产品所需的良率优化和工程经验。<strong>博通还拥有一些在高速互连技术方面最先进的技术知识产权，</strong> 这是谷歌的 TPU 芯片高度依赖的关键能力，而其他芯片公司无法复制。</p>
</div><p><strong>Despite Broadcom's &#34;firmly established position,&#34; it must still account for the risks of declining bargaining power and eroding technological barriers.</strong> Google is already collaborating with another chip vendor, MediaTek, particularly for lower-performance chip versions like the TPU v7e. Broadcom's most significant technological barrier currently lies in its high-speed interconnect technology, yet competitors are rapidly catching up. Marvell has demonstrated its 3nm 224G SerDes IP, while Cadence's 224G SerDes IP has also shown robust performance and low bit error rates.</p>
<div class="lb-trans"><p><strong>尽管博通的 “稳固地位” 已然确立，但仍需考虑议价能力下降和技术壁垒削弱的风险。</strong> 谷歌已经与另一家芯片供应商联发科技展开合作，特别是针对像 TPU v7e 这样的低性能芯片版本。博通目前最大的技术壁垒在于其高速互连技术，但竞争对手正在迅速赶上。Marvell 展示了其 3nm 224G SerDes IP，而 Cadence 的 224G SerDes IP 也展现了强劲的性能和低比特错误率。</p>
</div><p>Find out more</p>
<div class="lb-trans"><p>了解更多</p>
</div>

博通的 AI 收入增长了 70%，但由于对利润率的担忧以及客户内部化的举措，其股价下跌