<p>生成性人工智能（AI）的出现是 <strong>英伟达</strong>（NVDA +1.66%）的巨大催化剂。该公司长期以来一直拥抱 AI，并为在 AI 驱动的未来中蓬勃发展做好了准备。公司借助 AI 浪潮达到了 4 万亿美元的估值，使其成为全球最有价值的公司。</p>
<p>然而，一些投资者注意力短暂，追逐最新的闪亮事物。另一些人则担心 AI 的采用不可避免地会放缓，或者所谓的泡沫会破裂，导致英伟达的股票暴跌。尽管公司交出了 创纪录的业绩，但仍然存在疑虑。</p>
<p><strong>博通</strong>（AVGO +1.19%）刚刚提供了迄今为止最清晰的证据，表明对 AI 的需求持续加速。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84NTkzMzAvYS1wZXJzb24tc3RhcmluZy1pbnRlbnRseS1hdC1hLXN0b2NrLWNoYXJ0LmpwZyZ3PTM4NDA?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84NTkzMzAvYS1wZXJzb24tc3RhcmluZy1pbnRlbnRseS1hdC1hLXN0b2NrLWNoYXJ0LmpwZyZ3PTM4NDA"/></p>
<p>图片来源：Getty Images。</p>
<h2>像破碎的唱片</h2>
<p>博通公布了其 2026 财年第一季度（截至 11 月 2 日）的业绩，结果令人瞩目。公司实现了 193 亿美元的创纪录收入，同比增长 29%，推动调整后的每股收益（EPS）达到 2.05 美元，增长 28%。</p>
<p>作为参考，分析师的共识预期为 191.4 亿美元的收入和 2.02 美元的调整后 EPS，因此博通的业绩远超预期。</p>
<p>对 AI 硬件的持续需求使公司的业绩达到了新的高度。基于 AI 的收入同比飙升 106%，达到 84 亿美元，标志着连续第 12 个季度的 AI 增长。运营现金流为 82.6 亿美元，同比增长 35%，而自由现金流为 80 亿美元，增长 33%，占收入的 41%。</p>
<p>博通还给投资者提供了其他看涨的理由。首席执行官霍克·谭透露，OpenAI 是新的客户，并且与 AI 初创公司 Anthropic 的合作关系将从 2027 年的 1 千兆瓦的张量处理单元（TPU）计算扩展到 3 千兆瓦。他还确认，<strong>Meta Platforms</strong> 与博通的定制加速器开发 “仍然活跃”，尽管有相反的报道。</p>
<p>展开</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vYXJ0L2NvbXBhbnlsb2dvcy9tYXJrL0FWR08ucG5nJnc9MTI4?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="博通股票报价" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vYXJ0L2NvbXBhbnlsb2dvcy9tYXJrL0FWR08ucG5nJnc9MTI4"/></p>
<h2>NASDAQ: AVGO</h2>
<p>博通</p>
<p>今日变动</p>
<p>(1.19%) $3.73</p>
<p>当前价格</p>
<p>$317.57</p>
<h3>关键数据点</h3>
<p>市值</p>
<p>$1.5T</p>
<p>日内区间</p>
<p>$312.05 - $322.63</p>
<p>52 周区间</p>
<p>$138.10 - $414.61</p>
<p>成交量</p>
<p>1.4M</p>
<p>平均成交量</p>
<p>31M</p>
<p>毛利率</p>
<p>64.71%</p>
<p>股息收益率</p>
<p>0.76%</p>
<p>首席执行官还提供了强劲的第二季度展望，预计收入为 220 亿美元，同比增长 47%，远超华尔街对 204 亿美元的预期。博通通常低估承诺而高于交付，因此即使是其强劲的展望也可能是保守的。谭还预计 AI 半导体收入将激增 140%，达到 107 亿美元。</p>
<h2>什么 AI 放缓？</h2>
<p>虽然这些结果显然对博通投资者是个利好，但它们也有更广泛的影响。正如我之前提到的，英伟达报告了创纪录的业绩，但在其 轰动的财务报告 后，股价却下跌。博通的业绩及管理层的相关评论证实了英伟达首席执行官黄仁勋在公司财报电话会议上所说的 “代理 AI 已达到拐点”。</p>
<p>他之前曾驳斥关于 AI 泡沫的说法，“从我们的角度来看，我们看到的情况非常不同。” 黄还表示，AI 的采用正在向下游发展——超越超大规模公司——并提到 “使用其 AI 系统和芯片的客户极为多样化”。</p>
<p>展开</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vYXJ0L2NvbXBhbnlsb2dvcy9tYXJrL05WREEucG5nJnc9MTI4?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="英伟达股票报价" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vYXJ0L2NvbXBhbnlsb2dvcy9tYXJrL05WREEucG5nJnc9MTI4"/></p>
<h2>NASDAQ: NVDA</h2>
<p>英伟达</p>
<p>今日变动</p>
<p>(1.66%) $2.99</p>
<p>当前价格</p>
<p>$183.04</p>
<h3>关键数据点</h3>
<p>市值</p>
<p>$4.4T</p>
<p>日内区间</p>
<p>$180.06 - $184.70</p>
<p>52 周区间</p>
<p>$86.62 - $212.19</p>
<p>成交量</p>
<p>178M</p>
<p>平均成交量</p>
<p>175M</p>
<p>毛利率</p>
<p>71.07%</p>
<p>股息收益率</p>
<p>0.02%</p>
<p>谭表示，AI 的需求正在加速。“事实上，今天我们有望在 2027 年实现来自芯片，仅来自芯片的 AI 收入超过 1000 亿美元。” 作为参考，该公司 2025 财年的总收入不到 640 亿美元，突显了仍然存在的机会的巨大规模。</p>
<p>这种加速的需求，进一步为英伟达描绘了美好的前景。该公司的 图形处理单元（GPU） 是处理 AI 的黄金标准。英伟达在这一领域占据主导地位，根据 IoT Analytics 的数据，控制了 92% 的数据中心 GPU 市场。大多数专家一致认为，随着 AI 的采用向下游发展，对这些处理器的需求将会上升，从而使英伟达受益。</p>
<p>自 2023 年初 AI 兴起以来，英伟达和博通都实现了指数级增长，股票价格回报率分别为 1150% 和 467%。根据他们最近的季度业绩，AI 领导者继续实现惊人的增长，尽管有相反的担忧。</p>
<p>另一方面，市场的不确定性——在压倒性证据面前——为那些希望在这两家行业巨头中开始投资的精明投资者提供了机会。博通的市盈率为 31 倍，而英伟达的市盈率仅为 22 倍（截至本文撰写时）。这些都是对预计在下个季度分别增长 47% 和 77% 的公司的吸引人倍数。</p>
<p>我认为，证据的绝大多数表明英伟达是一个值得购买的股票。博通也是如此。</p>

AVGG

费城交易所 半导体 ETF - iShares

AVGU

<p>博通报告称，其人工智能收入同比增长 106%，达到 84 亿美元，为 2026 年第一季度创纪录的 193 亿美元收入做出了贡献。该公司预计到 2027 年，人工智能半导体收入将激增 140%，达到 107 亿美元。这一增长支持了英伟达关于持续的人工智能需求的论断，尽管市场存在怀疑。英伟达在数据中心 GPU 市场占有 92% 的份额，预计也将显著增长。在市场不确定性中，这两家公司都经历了显著的股价上涨，提供了投资机会</p>

<p>The emergence of generative artificial intelligence (AI) was a massive catalyst for <strong>Nvidia</strong>( NVDA +1.66%). The company has long embraced AI and positioned itself to thrive in an AI-driven future. The company has ridden the AI wave to a $4 trillion valuation, making it the world's most valuable company.</p>
<div class="lb-trans"><p>生成性人工智能（AI）的出现是 <strong>英伟达</strong>（NVDA +1.66%）的巨大催化剂。该公司长期以来一直拥抱 AI，并为在 AI 驱动的未来中蓬勃发展做好了准备。公司借助 AI 浪潮达到了 4 万亿美元的估值，使其成为全球最有价值的公司。</p>
</div><p>Yet some investors have a short attention span, chasing the latest shiny object. Others fear that the adoption of AI will inevitably slow, or that the so-called bubble will burst, sending Nvidia stock plummeting. Despite the company delivering record-breaking results, doubts remain.</p>
<div class="lb-trans"><p>然而，一些投资者注意力短暂，追逐最新的闪亮事物。另一些人则担心 AI 的采用不可避免地会放缓，或者所谓的泡沫会破裂，导致英伟达的股票暴跌。尽管公司交出了 创纪录的业绩，但仍然存在疑虑。</p>
</div><p><strong>Broadcom</strong>( AVGO +1.19%) just provided the clearest evidence to date that demand for AI continues to accelerate.</p>
<div class="lb-trans"><p><strong>博通</strong>（AVGO +1.19%）刚刚提供了迄今为止最清晰的证据，表明对 AI 的需求持续加速。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84NTkzMzAvYS1wZXJzb24tc3RhcmluZy1pbnRlbnRseS1hdC1hLXN0b2NrLWNoYXJ0LmpwZyZ3PTM4NDA" alt="A person staring intently at a stock chart." original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F859330%2Fa-person-staring-intently-at-a-stock-chart.jpg&amp;w=3840&amp;op=resize"/></p>
<p>Image source: Getty Images.</p>
<div class="lb-trans"><p>图片来源：Getty Images。</p>
</div><h2>Like a broken record</h2>
<div class="lb-trans"><h2>像破碎的唱片</h2>
</div><p>Broadcom announced the results of its 2026 fiscal first quarter (ended Nov. 2), and the results were telling. The company delivered record revenue of $19.3 billion, up 29% year over year, driving adjusted earnings per share (EPS) of $2.05, an increase of 28%.</p>
<div class="lb-trans"><p>博通公布了其 2026 财年第一季度（截至 11 月 2 日）的业绩，结果令人瞩目。公司实现了 193 亿美元的创纪录收入，同比增长 29%，推动调整后的每股收益（EPS）达到 2.05 美元，增长 28%。</p>
</div><p>For context, analysts' consensus estimates were for revenue of $19.14 billion and adjusted EPS of $2.02, so Broadcom sailed past expectations.</p>
<div class="lb-trans"><p>作为参考，分析师的共识预期为 191.4 亿美元的收入和 2.02 美元的调整后 EPS，因此博通的业绩远超预期。</p>
</div><p>Continuing demand for AI hardware lifted the company's results to fresh heights. AI-based revenue soared 106% year over year to $8.4 billion, marking the 12th consecutive quarter of AI-centric growth. Operating cash flow of $8.26 billion grew 35%, while free cash flow of $8 billion climbed 33% to 41% of revenue.</p>
<div class="lb-trans"><p>对 AI 硬件的持续需求使公司的业绩达到了新的高度。基于 AI 的收入同比飙升 106%，达到 84 亿美元，标志着连续第 12 个季度的 AI 增长。运营现金流为 82.6 亿美元，同比增长 35%，而自由现金流为 80 亿美元，增长 33%，占收入的 41%。</p>
</div><p>Broadcom gave investors other reasons to be bullish. CEO Hock Tan revealed that OpenAI was a new customer, and that the company's relationship with AI start-up Anthropic would expand from 1 gigawatt of Tensor Processing Unit (TPU) compute to 3 gigawatts in 2027. He also confirmed that <strong>Meta Platforms</strong>' custom accelerator development with Broadcom was &#34;alive and well,&#34; despite published reports to the contrary.</p>
<div class="lb-trans"><p>博通还给投资者提供了其他看涨的理由。首席执行官霍克·谭透露，OpenAI 是新的客户，并且与 AI 初创公司 Anthropic 的合作关系将从 2027 年的 1 千兆瓦的张量处理单元（TPU）计算扩展到 3 千兆瓦。他还确认，<strong>Meta Platforms</strong> 与博通的定制加速器开发 “仍然活跃”，尽管有相反的报道。</p>
</div><p>Expand</p>
<div class="lb-trans"><p>展开</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vYXJ0L2NvbXBhbnlsb2dvcy9tYXJrL0FWR08ucG5nJnc9MTI4" alt="Broadcom Stock Quote" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Fart%2Fcompanylogos%2Fmark%2FAVGO.png&amp;w=128&amp;op=resize"/></p>
<h2>NASDAQ: AVGO</h2>
<div class="lb-trans"><h2>NASDAQ: AVGO</h2>
</div><p>Broadcom</p>
<div class="lb-trans"><p>博通</p>
</div><p>Today's Change</p>
<div class="lb-trans"><p>今日变动</p>
</div><p>(1.19%) $3.73</p>
<div class="lb-trans"><p>(1.19%) $3.73</p>
</div><p>Current Price</p>
<div class="lb-trans"><p>当前价格</p>
</div><p>$317.57</p>
<div class="lb-trans"><p>$317.57</p>
</div><h3>Key Data Points</h3>
<div class="lb-trans"><h3>关键数据点</h3>
</div><p>Market Cap</p>
<div class="lb-trans"><p>市值</p>
</div><p>$1.5T</p>
<div class="lb-trans"><p>$1.5T</p>
</div><p>Day's Range</p>
<div class="lb-trans"><p>日内区间</p>
</div><p>$312.05 - $322.63</p>
<div class="lb-trans"><p>$312.05 - $322.63</p>
</div><p>52wk Range</p>
<div class="lb-trans"><p>52 周区间</p>
</div><p>$138.10 - $414.61</p>
<div class="lb-trans"><p>$138.10 - $414.61</p>
</div><p>Volume</p>
<div class="lb-trans"><p>成交量</p>
</div><p>1.4M</p>
<div class="lb-trans"><p>1.4M</p>
</div><p>Avg Vol</p>
<div class="lb-trans"><p>平均成交量</p>
</div><p>31M</p>
<div class="lb-trans"><p>31M</p>
</div><p>Gross Margin</p>
<div class="lb-trans"><p>毛利率</p>
</div><p>64.71%</p>
<div class="lb-trans"><p>64.71%</p>
</div><p>Dividend Yield</p>
<div class="lb-trans"><p>股息收益率</p>
</div><p>0.76%</p>
<div class="lb-trans"><p>0.76%</p>
</div><p>The chief executive also provided a robust second-quarter outlook, guiding for revenue of $22 billion, an increase of 47% year over year, well ahead of Wall Street's expectations of $20.4 billion. Broadcom tends to underpromise and overdeliver, so even its robust outlook might be conservative. Tan also expects AI semiconductor revenue to surge 140% to $10.7 billion.</p>
<div class="lb-trans"><p>首席执行官还提供了强劲的第二季度展望，预计收入为 220 亿美元，同比增长 47%，远超华尔街对 204 亿美元的预期。博通通常低估承诺而高于交付，因此即使是其强劲的展望也可能是保守的。谭还预计 AI 半导体收入将激增 140%，达到 107 亿美元。</p>
</div><h2>What AI slowdown?</h2>
<div class="lb-trans"><h2>什么 AI 放缓？</h2>
</div><p>While the results are clearly a plus for Broadcom investors, they have broader implications. As I mentioned earlier, Nvidia reported record-breaking results, yet the stock fell in the wake of its blockbuster financial report. Broadcom's results -- and the accompanying commentary from management -- corroborate Nvidia CEO Jensen Huang's assertion during the company's earnings call that &#34;agentic AI has reached an inflection point.&#34;</p>
<div class="lb-trans"><p>虽然这些结果显然对博通投资者是个利好，但它们也有更广泛的影响。正如我之前提到的，英伟达报告了创纪录的业绩，但在其 轰动的财务报告 后，股价却下跌。博通的业绩及管理层的相关评论证实了英伟达首席执行官黄仁勋在公司财报电话会议上所说的 “代理 AI 已达到拐点”。</p>
</div><p>He has previously quashed talk of an AI bubble, &#34;From our vantage point, we see something very different.&#34; Huang also suggested that AI adoption was moving downstream -- beyond the hyperscalers -- citing &#34;an extreme diversity of customers&#34; using its AI systems and chips.</p>
<div class="lb-trans"><p>他之前曾驳斥关于 AI 泡沫的说法，“从我们的角度来看，我们看到的情况非常不同。” 黄还表示，AI 的采用正在向下游发展——超越超大规模公司——并提到 “使用其 AI 系统和芯片的客户极为多样化”。</p>
</div><p>Expand</p>
<div class="lb-trans"><p>展开</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vYXJ0L2NvbXBhbnlsb2dvcy9tYXJrL05WREEucG5nJnc9MTI4" alt="Nvidia Stock Quote" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Fart%2Fcompanylogos%2Fmark%2FNVDA.png&amp;w=128&amp;op=resize"/></p>
<h2>NASDAQ: NVDA</h2>
<div class="lb-trans"><h2>NASDAQ: NVDA</h2>
</div><p>Nvidia</p>
<div class="lb-trans"><p>英伟达</p>
</div><p>Today's Change</p>
<div class="lb-trans"><p>今日变动</p>
</div><p>(1.66%) $2.99</p>
<div class="lb-trans"><p>(1.66%) $2.99</p>
</div><p>Current Price</p>
<div class="lb-trans"><p>当前价格</p>
</div><p>$183.04</p>
<div class="lb-trans"><p>$183.04</p>
</div><h3>Key Data Points</h3>
<div class="lb-trans"><h3>关键数据点</h3>
</div><p>Market Cap</p>
<div class="lb-trans"><p>市值</p>
</div><p>$4.4T</p>
<div class="lb-trans"><p>$4.4T</p>
</div><p>Day's Range</p>
<div class="lb-trans"><p>日内区间</p>
</div><p>$180.06 - $184.70</p>
<div class="lb-trans"><p>$180.06 - $184.70</p>
</div><p>52wk Range</p>
<div class="lb-trans"><p>52 周区间</p>
</div><p>$86.62 - $212.19</p>
<div class="lb-trans"><p>$86.62 - $212.19</p>
</div><p>Volume</p>
<div class="lb-trans"><p>成交量</p>
</div><p>178M</p>
<div class="lb-trans"><p>178M</p>
</div><p>Avg Vol</p>
<div class="lb-trans"><p>平均成交量</p>
</div><p>175M</p>
<div class="lb-trans"><p>175M</p>
</div><p>Gross Margin</p>
<div class="lb-trans"><p>毛利率</p>
</div><p>71.07%</p>
<div class="lb-trans"><p>71.07%</p>
</div><p>Dividend Yield</p>
<div class="lb-trans"><p>股息收益率</p>
</div><p>0.02%</p>
<div class="lb-trans"><p>0.02%</p>
</div><p>Tan said that demand for AI is accelerating. &#34;Today, in fact, we have line of sight to achieve AI revenue from chips, just chips, in excess of $100 billion in 2027.&#34; For context, the company's <em>total</em> revenue for all of fiscal 2025 was less than $64 billion, underscoring the magnitude of the opportunity that remains.</p>
<div class="lb-trans"><p>谭表示，AI 的需求正在加速。“事实上，今天我们有望在 2027 年实现来自芯片，仅来自芯片的 AI 收入超过 1000 亿美元。” 作为参考，该公司 2025 财年的总收入不到 640 亿美元，突显了仍然存在的机会的巨大规模。</p>
</div><p>That accelerating demand, by extension, paints a rosy picture for Nvidia. The company's graphics processing units (GPUs) are the gold standard for processing AI. Nvidia dominates the space, controlling 92% of the data center GPU market, according to IoT Analytics. Most experts concur that as AI adoption moves downstream, demand for these processors will rise, benefiting Nvidia along the way.</p>
<div class="lb-trans"><p>这种加速的需求，进一步为英伟达描绘了美好的前景。该公司的 图形处理单元（GPU） 是处理 AI 的黄金标准。英伟达在这一领域占据主导地位，根据 IoT Analytics 的数据，控制了 92% 的数据中心 GPU 市场。大多数专家一致认为，随着 AI 的采用向下游发展，对这些处理器的需求将会上升，从而使英伟达受益。</p>
</div><p>Since the dawn of AI in early 2023, Nvidia and Broadcom have both grown exponentially, delivering stock price returns of 1,150% and 467%, respectively. Based on their most recent quarterly results, the AI leaders continue to generate stunning growth, despite fears to the contrary.</p>
<div class="lb-trans"><p>自 2023 年初 AI 兴起以来，英伟达和博通都实现了指数级增长，股票价格回报率分别为 1150% 和 467%。根据他们最近的季度业绩，AI 领导者继续实现惊人的增长，尽管有相反的担忧。</p>
</div><p>On the other hand, the market uncertainty -- in the face of overwhelming evidence -- represents an opportunity for savvy investors looking to start a position in either of these industry heavyweights. Broadcom trades at 31 times forward earnings, while Nvidia trades at just 22 times forward earnings (as of this writing). Those are attractive multiples for companies poised to grow revenue by 47% and 77%, respectively, in the coming quarter.</p>
<div class="lb-trans"><p>另一方面，市场的不确定性——在压倒性证据面前——为那些希望在这两家行业巨头中开始投资的精明投资者提供了机会。博通的市盈率为 31 倍，而英伟达的市盈率仅为 22 倍（截至本文撰写时）。这些都是对预计在下个季度分别增长 47% 和 77% 的公司的吸引人倍数。</p>
</div><p>I'd argue that the preponderance of the evidence suggests that Nvidia is a buy. As is Broadcom.</p>
<div class="lb-trans"><p>我认为，证据的绝大多数表明英伟达是一个值得购买的股票。博通也是如此。</p>
</div>

What AI Slowdown?! Nvidia's Biggest Competitor Just Grew Its AI Revenue by 106%

- Broadcom 第一季度营收达 193 亿美元，同比增长 29%。  
- AI 业务收入增长 106%，显示需求持续上升。  
- Nvidia 和 Broadcom 的强劲表现预示 AI 市场前景乐观。

Motley Fool

Leverage Shares 2X Long AVGO Daily ETF

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动态半导体 ETF - Invesco

2 倍做多 NVDA ETF - T-Rex

英伟达期权收益策略 ETF - YieldMax

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博通

2 倍做多英伟达 ETF - Direxion

2 倍做多 AVGO ETF - Direxion

标普半导体 ETF - SPDR

英伟达

半导体 3 倍做多 - Direxion

AI 放缓了吗？！英伟达最大的竞争对手刚刚实现了 AI 收入 106% 的增长