<p>TradingKey - <strong>芯片巨头</strong> <strong>博通</strong> <strong>正经历自 2020 年 3 月以来最严重的市场抛售，股价在财报发布后三天内暴跌 18%。</strong></p>
<p>财报后的下滑使得超过 <strong>3000 亿美元的市值蒸发，这一金额大致相当于其芯片竞争对手 AMD 目前的市场价值。</strong></p>
<p><img src="https://imageproxy.pbkrs.com/https://resource.tradingkey.com/uploads/20251216/avgo-19c92e94a5504dc9a332515b760c9874.jpg?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="1537" height="619" original-src="https://imageproxy.pbkrs.com/https://resource.tradingkey.com/uploads/20251216/avgo-19c92e94a5504dc9a332515b760c9874.jpg"/></p>
<p>道琼斯市场数据表明，博通目前的市值为 1.605 万亿美元，已被 Meta（1.632 万亿美元）超越，失去了美国第六大公司的排名。</p>
<p><strong>尽管近期下滑，博通的股价年初至今仍上涨超过 45%。虽然该公司的股票在过去一年中经历了 25 次超过 5% 的波动，但这三天的连续暴跌仍然显得不寻常。</strong></p>
<p><strong>这种剧烈波动可能源于投资者重新评估一个基本问题，即在对 AI 泡沫的担忧加剧的背景下，&#34;高增长是否能证明高估值是合理的&#34;。</strong></p>
<p>在市场较为平静的时期，博通的强劲表现可能会消除疑虑。然而，随着 AI 投资热潮的加剧，任何业绩疲软的迹象都可能被市场放大。</p>
<h2>为什么强劲的财报未能阻止抛售？</h2>
<p>博通报告了强劲的第四季度收入为 180.1 亿美元（同比增长 28%）和净利润为 97.1 亿美元（同比增长 39%）。此外，其 AI 芯片收入激增 74%，订单积压达到 730 亿美元。</p>
<p><strong>然而，这些令人印象深刻的数字无法掩盖一个核心担忧：管理层警告称毛利率将出现 100 个基点的环比下降，引发市场对 AI 业务盈利能力的怀疑。</strong></p>
<p><strong>阅读更多：&#34;</strong> <strong>博通的 AI 收入飙升 70%，但因毛利担忧和客户内部调整股价下跌</strong> <strong>&#34;</strong></p>
<p>博通首席执行官霍克·谭表示，2026 年对人工智能的需求&#34;难以预测&#34;，打破了市场对该股的先前乐观预期。</p>
<p>值得注意的是，博通在过去 12 个月的资本支出仅为 6.23 亿美元，远低于英伟达和甲骨文投资的数百亿美元。该公司还未披露其 AI 基础设施投资计划。尽管与 Anthropic 和 OpenAI 达成了数十亿美元的订单，但市场对其交付能力仍持怀疑态度。</p>
<p>TD Cowen 分析师约书亚·布哈特指出，尽管投资者对博通与 OpenAI 的深入合作抱有很高期望，但财报未能明确该业务如何转化为收入或具体时间表。</p>
<p>令市场失望的是，博通宣布将向一位未透露姓名的第五位客户交付 10 亿美元的定制芯片，预计在明年年底前完成。这个数字远低于华尔街对其与 OpenAI 合作规模的预期。</p>
<p>布哈特解释称，这种不确定性让投资者感到不安；市场需要明确的路线图，而不是模糊的承诺。</p>
<h2>AI 供应链受到冲击</h2>
<p><strong>随着博通的股价在三天内暴跌超过 17%，AI 供应链的两个核心支柱——&#34;谷歌生态系统&#34;和&#34;OpenAI 生态系统&#34;——同时遭受重大打击。</strong></p>
<p><img src="https://imageproxy.pbkrs.com/https://resource.tradingkey.com/uploads/20251216/ai-ecosystem-50c234b6e7a848e1bfb5a744184c760e.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="500" height="294" original-src="https://imageproxy.pbkrs.com/https://resource.tradingkey.com/uploads/20251216/ai-ecosystem-50c234b6e7a848e1bfb5a744184c760e.png"/></p>
<p>作为关键参与者，博通的收益虽然创下历史新高，但 AI 业务收入预测未能达到华尔街异常高的预期。因此，市场开始质疑 AI 基础设施投资的回报周期。</p>
<p>与此同时，核心&#34;OpenAI 生态系统&#34;公司甲骨文在财报后披露，为 ChatGPT 所有者 OpenAI 建设的数据中心的完工日期可能从 2027 年推迟到 2028 年。这一消息动摇了市场对 AI 基础设施发展速度的信心。</p>
<p>随着&#34;谷歌生态系统&#34;和&#34;OpenAI 生态系统&#34;都面临信心危机，整个 AI 供应链的估值逻辑正在重新评估。投资者现在在思考：我们是否过于乐观地高估了 AI 采用的速度和规模？</p>
<h2>为什么 “完美 100” 不再足够？华尔街要求 “200”</h2>
<p><strong>与此同时，市场上出现了一个更深层次的问题：为什么</strong> <strong>英伟达</strong> <strong>、甲骨文和 CoreWeave 等 AI 概念股在报告强劲财报后仍遭遇抛售？显然，即使在财务数据上超出预期也不足以满足华尔街的要求。</strong></p>
<p>或许答案在于 <strong>华尔街对 AI 概念股的预期已从&#34;完美的 100 分&#34;上升到&#34;强制性的 200 分&#34;。</strong> 当投资者开始质疑订单的可持续性和行业繁荣的持久性时，即使是最强劲的季度业绩也难以平息市场的焦虑。</p>
<p>博通在三天内蒸发的 3000 亿美元市值凸显了即使超出预期的表现也无法安抚投资者对估值的&#34;恐高症&#34;。</p>
<p>&#34;这并不是对博通的否定，而是对整个 AI 投资理论的重新定价，&#34;一位对冲基金经理坦言。&#34;市场正在从 ‘相信一切’ 转向 ‘需要证据’。投资者不再满足于概念和预期；他们要求看到切实的盈利能力和明确的回报路径。&#34;</p>
<p>了解更多</p>

博通

<p>博通的股票在三天内下跌了 18%，市值蒸发了 3000 亿美元，尽管其财报表现强劲。对人工智能盈利能力和利润率下降的担忧引发了市场的怀疑。市场要求对盈利能力有明确的证据，并需要人工智能投资的路线图，这导致了对人工智能股票估值的重新评估</p>

<p>TradingKey - <strong>Chip giant</strong> <strong>Broadcom</strong> <strong>is experiencing its most severe market sell-off since March 2020, with shares tumbling 18% in three days after its earnings report.</strong></p>
<div class="lb-trans"><p>TradingKey - <strong>芯片巨头</strong> <strong>博通</strong> <strong>正经历自 2020 年 3 月以来最严重的市场抛售，股价在财报发布后三天内暴跌 18%。</strong></p>
</div><p>The post-earnings slide saw more than <strong>$300 billion in market capitalization evaporate, a sum roughly equivalent to the current market value of its chip competitor, AMD.</strong></p>
<div class="lb-trans"><p>财报后的下滑使得超过 <strong>3000 亿美元的市值蒸发，这一金额大致相当于其芯片竞争对手 AMD 目前的市场价值。</strong></p>
</div><p><img src="https://imageproxy.pbkrs.com/https://resource.tradingkey.com/uploads/20251216/avgo-19c92e94a5504dc9a332515b760c9874.jpg" alt="" original-src="https://resource.tradingkey.com/uploads/20251216/avgo-19c92e94a5504dc9a332515b760c9874.jpg"/></p>
<p>Dow Jones Market Data shows Broadcom's market capitalization, now $1.605 trillion, has been overtaken by Meta ($1.632 trillion), stripping it of its rank as the sixth-largest U.S. company.</p>
<div class="lb-trans"><p>道琼斯市场数据表明，博通目前的市值为 1.605 万亿美元，已被 Meta（1.632 万亿美元）超越，失去了美国第六大公司的排名。</p>
</div><p><strong>Even with the recent decline, Broadcom's stock is still up more than 45% year-to-date. While the company's shares have experienced over 5% swings 25 times in the past year, this three-day consecutive plunge remains unusual.</strong></p>
<div class="lb-trans"><p><strong>尽管近期下滑，博通的股价年初至今仍上涨超过 45%。虽然该公司的股票在过去一年中经历了 25 次超过 5% 的波动，但这三天的连续暴跌仍然显得不寻常。</strong></p>
</div><p><strong>This drastic volatility likely stems from investors re-evaluating the fundamental question of whether &#34;high growth can justify high valuations&#34; amidst escalating concerns about an AI bubble.</strong></p>
<div class="lb-trans"><p><strong>这种剧烈波动可能源于投资者重新评估一个基本问题，即在对 AI 泡沫的担忧加剧的背景下，&#34;高增长是否能证明高估值是合理的&#34;。</strong></p>
</div><p>In calmer market periods, Broadcom's strong performance might have quelled doubts. However, as the AI investment frenzy intensifies, any hint of performance weakness risks being amplified by the market.</p>
<div class="lb-trans"><p>在市场较为平静的时期，博通的强劲表现可能会消除疑虑。然而，随着 AI 投资热潮的加剧，任何业绩疲软的迹象都可能被市场放大。</p>
</div><h2>Why Did Strong Earnings Fail to Prevent the Sell-off?</h2>
<div class="lb-trans"><h2>为什么强劲的财报未能阻止抛售？</h2>
</div><p>Broadcom reported robust fourth-quarter revenue of $18.01 billion (+28% year-over-year) and a net profit of $9.71 billion (+39% year-over-year). Furthermore, its AI chip revenue surged by 74%, with an order backlog reaching $73 billion.</p>
<div class="lb-trans"><p>博通报告了强劲的第四季度收入为 180.1 亿美元（同比增长 28%）和净利润为 97.1 亿美元（同比增长 39%）。此外，其 AI 芯片收入激增 74%，订单积压达到 730 亿美元。</p>
</div><p><strong>Yet, these impressive figures couldn't overshadow a core concern: management warned of a 100-basis-point sequential decline in gross margins, sparking market skepticism about the AI business's profitability.</strong></p>
<div class="lb-trans"><p><strong>然而，这些令人印象深刻的数字无法掩盖一个核心担忧：管理层警告称毛利率将出现 100 个基点的环比下降，引发市场对 AI 业务盈利能力的怀疑。</strong></p>
</div><p><strong>Read more: &#34;</strong> <strong>Broadcom's AI Revenue Soars 70% But Shares Fall on Margin Concerns and Client In-House Moves</strong> <strong>&#34;</strong></p>
<div class="lb-trans"><p><strong>阅读更多：&#34;</strong> <strong>博通的 AI 收入飙升 70%，但因毛利担忧和客户内部调整股价下跌</strong> <strong>&#34;</strong></p>
</div><p>Broadcom CEO Hock Tan stated that artificial intelligence demand for 2026 is &#34;difficult to predict,&#34; shattering prior optimistic market expectations for the stock.</p>
<div class="lb-trans"><p>博通首席执行官霍克·谭表示，2026 年对人工智能的需求&#34;难以预测&#34;，打破了市场对该股的先前乐观预期。</p>
</div><p>Notably, Broadcom's capital expenditure over the past 12 months was only $623 million, significantly lower than the tens of billions invested by Nvidia and Oracle. The company also failed to disclose its AI infrastructure investment plans. Despite securing multi-billion dollar orders with Anthropic and OpenAI, the market remains skeptical about its ability to deliver on capacity.</p>
<div class="lb-trans"><p>值得注意的是，博通在过去 12 个月的资本支出仅为 6.23 亿美元，远低于英伟达和甲骨文投资的数百亿美元。该公司还未披露其 AI 基础设施投资计划。尽管与 Anthropic 和 OpenAI 达成了数十亿美元的订单，但市场对其交付能力仍持怀疑态度。</p>
</div><p>TD Cowen analyst Joshua Buchalter pointed out that while investors harbored high expectations for Broadcom's deepening collaboration with OpenAI, the earnings report failed to clarify how this business would translate into revenue or specific timelines.</p>
<div class="lb-trans"><p>TD Cowen 分析师约书亚·布哈特指出，尽管投资者对博通与 OpenAI 的深入合作抱有很高期望，但财报未能明确该业务如何转化为收入或具体时间表。</p>
</div><p>Adding to market disappointment, Broadcom announced a $1 billion custom chip delivery to an unnamed fifth client, expected by the end of next year. This figure fell significantly short of Wall Street's expectations for the scale of its OpenAI partnership.</p>
<div class="lb-trans"><p>令市场失望的是，博通宣布将向一位未透露姓名的第五位客户交付 10 亿美元的定制芯片，预计在明年年底前完成。这个数字远低于华尔街对其与 OpenAI 合作规模的预期。</p>
</div><p>Buchalter explained that such uncertainty unnerves investors; the market demands a clear roadmap, not vague promises.</p>
<div class="lb-trans"><p>布哈特解释称，这种不确定性让投资者感到不安；市场需要明确的路线图，而不是模糊的承诺。</p>
</div><h2>AI Supply Chain Takes a Hit</h2>
<div class="lb-trans"><h2>AI 供应链受到冲击</h2>
</div><p><strong>With Broadcom's stock plummeting over 17% in three days, two core pillars of the AI supply chain—the &#34;Google ecosystem&#34; and the &#34;OpenAI ecosystem&#34;—have simultaneously suffered significant blows.</strong></p>
<div class="lb-trans"><p><strong>随着博通的股价在三天内暴跌超过 17%，AI 供应链的两个核心支柱——&#34;谷歌生态系统&#34;和&#34;OpenAI 生态系统&#34;——同时遭受重大打击。</strong></p>
</div><p><img src="https://imageproxy.pbkrs.com/https://resource.tradingkey.com/uploads/20251216/ai-ecosystem-50c234b6e7a848e1bfb5a744184c760e.png" alt="" original-src="https://resource.tradingkey.com/uploads/20251216/ai-ecosystem-50c234b6e7a848e1bfb5a744184c760e.png"/></p>
<p>As a key player, Broadcom's earnings, while hitting a record high, saw AI business revenue forecasts fall short of Wall Street's exceptionally high expectations. Consequently, the market is beginning to question the return cycle on AI infrastructure investments.</p>
<div class="lb-trans"><p>作为关键参与者，博通的收益虽然创下历史新高，但 AI 业务收入预测未能达到华尔街异常高的预期。因此，市场开始质疑 AI 基础设施投资的回报周期。</p>
</div><p>Concurrently, core &#34;OpenAI ecosystem&#34; company Oracle faced revelations post-earnings that the completion date for its data center being built for ChatGPT owner OpenAI might be delayed from 2027 to 2028. This news has shaken market confidence in the pace of AI infrastructure development.</p>
<div class="lb-trans"><p>与此同时，核心&#34;OpenAI 生态系统&#34;公司甲骨文在财报后披露，为 ChatGPT 所有者 OpenAI 建设的数据中心的完工日期可能从 2027 年推迟到 2028 年。这一消息动摇了市场对 AI 基础设施发展速度的信心。</p>
</div><p>With both the &#34;Google ecosystem&#34; and &#34;OpenAI ecosystem&#34; facing a crisis of confidence, the entire AI supply chain's valuation logic is undergoing reassessment. Investors are now pondering: have we been overly optimistic in overestimating the speed and scale of AI adoption?</p>
<div class="lb-trans"><p>随着&#34;谷歌生态系统&#34;和&#34;OpenAI 生态系统&#34;都面临信心危机，整个 AI 供应链的估值逻辑正在重新评估。投资者现在在思考：我们是否过于乐观地高估了 AI 采用的速度和规模？</p>
</div><h2>Why Is a 'Perfect 100' No Longer Enough? Wall Street Demands a '200'</h2>
<div class="lb-trans"><h2>为什么 “完美 100” 不再足够？华尔街要求 “200”</h2>
</div><p><strong>Concurrently, a deeper question is permeating the market: why have</strong> <strong>Nvidia</strong> <strong>, Oracle, and CoreWeave, among other AI concept stocks, experienced sell-offs even after reporting strong earnings? Seemingly, even exceeding expectations in financial figures is no longer enough to satisfy Wall Street.</strong></p>
<div class="lb-trans"><p><strong>与此同时，市场上出现了一个更深层次的问题：为什么</strong> <strong>英伟达</strong> <strong>、甲骨文和 CoreWeave 等 AI 概念股在报告强劲财报后仍遭遇抛售？显然，即使在财务数据上超出预期也不足以满足华尔街的要求。</strong></p>
</div><p>Perhaps the answer lies in the fact that <strong>Wall Street's expectations for AI concept stocks have escalated from a &#34;perfect score of 100&#34; to &#34;a mandatory score of 200.&#34;</strong> When investors begin to question the sustainability of orders and the longevity of industry prosperity, even the strongest quarterly results struggle to calm market anxieties.</p>
<div class="lb-trans"><p>或许答案在于 <strong>华尔街对 AI 概念股的预期已从&#34;完美的 100 分&#34;上升到&#34;强制性的 200 分&#34;。</strong> 当投资者开始质疑订单的可持续性和行业繁荣的持久性时，即使是最强劲的季度业绩也难以平息市场的焦虑。</p>
</div><p>Broadcom's $300 billion market cap evaporation in three days underscores that even above-expectation performance fails to soothe investors' &#34;fear of heights&#34; regarding valuations.</p>
<div class="lb-trans"><p>博通在三天内蒸发的 3000 亿美元市值凸显了即使超出预期的表现也无法安抚投资者对估值的&#34;恐高症&#34;。</p>
</div><p>&#34;This isn't a repudiation of Broadcom, but rather a repricing of the entire AI investment thesis,&#34; confessed one hedge fund manager. &#34;The market is shifting from 'believing everything' to 'needing evidence.' Investors are no longer content with concepts and expectations; they demand to see tangible profitability and a clear path to returns.&#34;</p>
<div class="lb-trans"><p>&#34;这并不是对博通的否定，而是对整个 AI 投资理论的重新定价，&#34;一位对冲基金经理坦言。&#34;市场正在从 ‘相信一切’ 转向 ‘需要证据’。投资者不再满足于概念和预期；他们要求看到切实的盈利能力和明确的回报路径。&#34;</p>
</div><p>Find out more</p>
<div class="lb-trans"><p>了解更多</p>
</div>

3000 亿美元蒸发：为何博通的 “完美” 财报未能阻止华尔街连续三天的下跌