<p>半导体行业是人工智能（AI）革命的驱动力。没有先进的芯片，开发者将无法拥有推动其模型发展的计算能力或将其 AI 软件提供给客户。</p><p><strong>博通</strong>（AVGO 0.98%）为数据中心提供 AI 加速器芯片，这些芯片已成为 <strong>英伟达</strong>（NVDA +1.16%）行业领先的 图形处理单元（GPU） 的热门替代品，因为它们可以完全定制以适应特定的工作负载。这些加速器正受到超大规模云计算公司和 AI 初创企业的热切需求。</p><p>博通的股票从历史高点下跌了 20%，部分原因是由于更广泛的市场在持续的地缘政治紧张局势下经历抛售。这会是一个绝佳的买入机会吗？请继续阅读，了解令人惊讶的答案。</p><figure class="image"><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-dXJsPWh0dHBzOi8vZy5mb29sY2RuLmNvbS9lZGl0b3JpYWwvaW1hZ2VzLzg1OTk1NS90d28tcGVvcGxlLXRhbGtpbmctd2hpbGUtd2Fsa2luZy1wYXN0LXNlcnZlcnMtaW5zaWRlLWEtZGF0YS1jZW50ZXIuanBnAjZ3PTM4NDACNm9wPXJlc2l6ZQ?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-dXJsPWh0dHBzOi8vZy5mb29sY2RuLmNvbS9lZGl0b3JpYWwvaW1hZ2VzLzg1OTk1NS90d28tcGVvcGxlLXRhbGtpbmctd2hpbGUtd2Fsa2luZy1wYXN0LXNlcnZlcnMtaW5zaWRlLWEtZGF0YS1jZW50ZXIuanBnAjZ3PTM4NDACNm9wPXJlc2l6ZQ"/></figure><p>图片来源：Getty Images。</p><h2 id="0tvrr7opm">博通正在为全球顶尖的 AI 公司提供服务</h2><p>英伟达的 GPU 是 AI 开发的最佳即插即用半导体解决方案，但像 <strong>字母表</strong>（GOOG +0.31%）（GOOGL +0.25%）这样的超大规模云计算公司正在寻求更具针对性的硬件以满足其特定需求，因此它们转向博通寻求帮助，设计和制造定制的加速器。</p><p>字母表最新的 AI 加速器被称为 Ironwood 张量处理单元（TPU），该公司用它来训练其最新的 Gemini 3 系列大型语言模型（LLM）。支持 Claude 聊天机器人的领先初创公司 Anthropic 去年下了两笔 TPU 订单，分别价值 100 亿美元和 110 亿美元，这些芯片将通过博通在 2026 年和 2027 年交付。</p><p>ChatGPT 的创造者 OpenAI 和 Facebook 母公司 <strong>Meta Platforms</strong> 是博通目前五个 AI 加速器客户中的另外两个。</p><p>但博通也是 AI 数据中心网络设备的顶级供应商，这一领域的需求同样火爆。其 Tomahawk 6 以太网交换机调节芯片和设备之间信息传输的速度，并提供超过 100 太比特每秒的行业领先容量，非常适合数据密集型的 AI 工作负载。但该公司将在 2027 年推出 Tomahawk 7，容量将翻倍。</p><h2 id="boxaa8noc">收入增长加速，受 AI 相关需求推动</h2><p>博通在其 2026 财年第一季度（截至 2 月 1 日）创下了 193 亿美元的总收入，较去年同期增长 29%。这标志着连续第三个季度的增长加速，AI 相关硬件的需求是推动这一势头的关键因素。</p><p>展开</p><figure class="image"><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-dXJsPWh0dHBzOi8vZy5mb29sY2RuLmNvbS9hcnQvY29tcGFueWxvZ29zL21hcmsvQVZHTy5wbmcCNnc9MTI4AjZvcD1yZXNpemU?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-dXJsPWh0dHBzOi8vZy5mb29sY2RuLmNvbS9hcnQvY29tcGFueWxvZ29zL21hcmsvQVZHTy5wbmcCNnc9MTI4AjZvcD1yZXNpemU"/></figure><h2 id="1icmhvhvh">NASDAQ: AVGO</h2><p>博通</p><p>今日变动</p><p>(-0.98%) $-3.40</p><p>当前价格</p><p>$342.35</p><h3 id="3fdc20u2">关键数据点</h3><p>市值</p><p>$1.6 万亿</p><p>日内区间</p><p>$340.85 - $353.13</p><p>52 周区间</p><p>$138.10 - $414.61</p><p>成交量</p><p>130 万</p><p>平均成交量</p><p>3200 万</p><p>毛利率</p><p>64.96%</p><p>股息收益率</p><p>0.71%</p><p>AI 产品 在博通第一季度的总收入中占 840 亿美元，同比增长惊人的 106%。根据管理层的指导，AI 收入预计在当前第二季度（截至 5 月 4 日）达到 107 亿美元，使公司的总收入达到 220 亿美元。这些数字分别代表了 143% 和 47% 的同比增长率，因此博通似乎正在建立更强的势头。</p><p>对 AI 数据中心硬件的巨大需求赋予了博通惊人的定价权，这极大地推动了其底线。该公司第一季度的净收入为 73 亿美元，同比增长 33%。这很重要，因为收益往往推动股票价格。</p><h2 id="6pty5xmrn">你应该在下跌时买入博通股票吗？</h2><p>投资者是否应该在博通最近 20% 的回调后买入该股票，可能完全取决于他们的时间视野。现在的价格并不便宜，因此在接下来的几个月里不太可能产生剧烈的收益，但从长远来看可能会带来强劲的回报。</p><p>博通股票 的市销率（P/S）为 23.5，是其 10 年平均值 9.5 的两倍多。这在短期内几乎没有上升空间，但基于公司快速加速的收入增长，这只股票可能对愿意持有三到五年的投资者具有吸引力。</p><figure class="image"><img src="https://pub.pbkrs.com/uploads/2026/a9bcd9d63ba1f5b033f74e25b231fbcc?x-oss-process=style/lg" alt="AVGO 市销率图表" width="720" height="441" original-src="https://pub.pbkrs.com/uploads/2026/a9bcd9d63ba1f5b033f74e25b231fbcc"/></figure><p>AVGO 市盈率 数据来自 YCharts</p><p>此外，博通的 市盈率（P/E） 为 64.5，是 <strong>纳斯达克 100</strong> 指数的两倍，后者的市盈率为 30.9。换句话说，博通相对于一篮子大型科技同行可能被高估了——为了提供一些额外的视角，英伟达的股票市盈率仅为 36.3：</p><figure class="image"><img src="https://pub.pbkrs.com/uploads/2026/bb0524680021cac472bc408e8b1e5243?x-oss-process=style/lg" alt="AVGO 市盈率图表" width="720" height="456" original-src="https://pub.pbkrs.com/uploads/2026/bb0524680021cac472bc408e8b1e5243"/></figure><p>AVGO 市盈率 数据来自 YCharts</p><p>根据雅虎财经，华尔街预计博通在 2026 财年的收入将增长 63%，2027 财年将进一步增长 44%，公司的每股收益预计将以更快的速度增长。因此，正如我提到的，这只股票在未来的基础上看起来更具吸引力，但这意味着投资者必须承诺持有数年，而不是数月，以最大化获得正回报的机会。</p>

全球科技股指数 ETF - iShares

费城交易所 半导体 ETF - iShares

北美科技软件股指数 ETF - iShares

<p>博通的股票在市场抛售中下跌了 20%，但其人工智能加速器芯片在谷歌和 OpenAI 等主要科技公司中需求旺盛。该公司报告称，2026 年第一季度的收入创下 19.3 亿美元的纪录，主要得益于与人工智能相关的销售增长了 106%。尽管其市销率和市盈率较高，但博通强劲的增长潜力使其成为愿意持有 3-5 年的投资者的有吸引力的长期投资。分析师预计，2026 财年的收入增长将达到 63%，2027 财年将达到 44%</p>

<p>The semiconductor industry is the driving force behind the artificial intelligence (AI) revolution. Without advanced chips, developers wouldn't have the computing power to push their models forward or serve their AI software to customers.</p>
<div class="lb-trans"><p>半导体行业是人工智能（AI）革命的驱动力。没有先进的芯片，开发者将无法拥有推动其模型发展的计算能力或将其 AI 软件提供给客户。</p>
</div><p><strong>Broadcom</strong>( AVGO 0.98%) supplies AI accelerator chips for data centers, which have become a popular alternative to <strong>Nvidia</strong>'s ( NVDA +1.16%) industry-leading graphics processing units (GPUs), because they can be fully customized to suit specific workloads. These accelerators are experiencing red-hot demand from hyperscalers and AI start-ups alike.</p>
<div class="lb-trans"><p><strong>博通</strong>（AVGO 0.98%）为数据中心提供 AI 加速器芯片，这些芯片已成为 <strong>英伟达</strong>（NVDA +1.16%）行业领先的 图形处理单元（GPU） 的热门替代品，因为它们可以完全定制以适应特定的工作负载。这些加速器正受到超大规模云计算公司和 AI 初创企业的热切需求。</p>
</div><p>Broadcom stock is down 20% from its all-time high, partly because the broader market is in the throes of a sell-off on the back of ongoing geopolitical tensions. Could this be a great buying opportunity? Read on for the surprising answer.</p>
<div class="lb-trans"><p>博通的股票从历史高点下跌了 20%，部分原因是由于更广泛的市场在持续的地缘政治紧张局势下经历抛售。这会是一个绝佳的买入机会吗？请继续阅读，了解令人惊讶的答案。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84NTk5NTUvdHdvLXBlb3BsZS10YWxraW5nLXdoaWxlLXdhbGtpbmctcGFzdC1zZXJ2ZXJzLWluc2lkZS1hLWRhdGEtY2VudGVyLmpwZyZ3PTM4NDA" alt="Two people talking while walking past servers inside a data center." original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F859955%2Ftwo-people-talking-while-walking-past-servers-inside-a-data-center.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>Broadcom is serving some of the world's top AI companies</h2>
<div class="lb-trans"><h2>博通正在为全球顶尖的 AI 公司提供服务</h2>
</div><p>Nvidia's GPUs are the best plug-and-play semiconductor solution for AI development, but hyperscalers like <strong>Alphabet</strong>( GOOG +0.31%)( GOOGL +0.25%) are seeking more targeted hardware to fit their specific requirements, so they are turning to Broadcom to help them design and fabricate custom accelerators.</p>
<div class="lb-trans"><p>英伟达的 GPU 是 AI 开发的最佳即插即用半导体解决方案，但像 <strong>字母表</strong>（GOOG +0.31%）（GOOGL +0.25%）这样的超大规模云计算公司正在寻求更具针对性的硬件以满足其特定需求，因此它们转向博通寻求帮助，设计和制造定制的加速器。</p>
</div><p>Alphabet's latest AI accelerator is called the Ironwood tensor processing unit (TPU), which the company used to train its latest Gemini 3 family of large language models (LLMs). The leading start-up behind the Claude chatbot, Anthropic, placed two orders for TPUs last year worth $10 billion and $11 billion, respectively, and those chips will be delivered through Broadcom in 2026 and 2027.</p>
<div class="lb-trans"><p>字母表最新的 AI 加速器被称为 Ironwood 张量处理单元（TPU），该公司用它来训练其最新的 Gemini 3 系列大型语言模型（LLM）。支持 Claude 聊天机器人的领先初创公司 Anthropic 去年下了两笔 TPU 订单，分别价值 100 亿美元和 110 亿美元，这些芯片将通过博通在 2026 年和 2027 年交付。</p>
</div><p>ChatGPT creator OpenAI and Facebook parent company <strong>Meta Platforms</strong> are two more of Broadcom's five customers for AI accelerators so far.</p>
<div class="lb-trans"><p>ChatGPT 的创造者 OpenAI 和 Facebook 母公司 <strong>Meta Platforms</strong> 是博通目前五个 AI 加速器客户中的另外两个。</p>
</div><p>But Broadcom is also a top supplier of AI data center networking equipment, and demand is through the roof in this segment, too. Its Tomahawk 6 Ethernet switch regulates how fast information travels between chips and devices and it offers an industry-leading capacity of over 100 terabits per second, which is perfect for data-intensive AI workloads. But the company will one-up itself in 2027 when it launches the Tomahawk 7, which will feature <em>double</em> the capacity.</p>
<div class="lb-trans"><p>但博通也是 AI 数据中心网络设备的顶级供应商，这一领域的需求同样火爆。其 Tomahawk 6 以太网交换机调节芯片和设备之间信息传输的速度，并提供超过 100 太比特每秒的行业领先容量，非常适合数据密集型的 AI 工作负载。但该公司将在 2027 年推出 Tomahawk 7，容量将翻倍。</p>
</div><h2>Revenue growth is accelerating, fueled by AI-related demand</h2>
<div class="lb-trans"><h2>收入增长加速，受 AI 相关需求推动</h2>
</div><p>Broadcom generated a record $19.3 billion in total revenue during its fiscal 2026 first quarter (ended Feb. 1), which was a 29% increase from the year-ago period. It marked the third consecutive quarter of accelerating growth, and demand for AI-related hardware has been the key driver of that momentum.</p>
<div class="lb-trans"><p>博通在其 2026 财年第一季度（截至 2 月 1 日）创下了 193 亿美元的总收入，较去年同期增长 29%。这标志着连续第三个季度的增长加速，AI 相关硬件的需求是推动这一势头的关键因素。</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>(-0.98%) $-3.40</p>
<div class="lb-trans"><p>(-0.98%) $-3.40</p>
</div><p>Current Price</p>
<div class="lb-trans"><p>当前价格</p>
</div><p>$342.35</p>
<div class="lb-trans"><p>$342.35</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>$1.6T</p>
<div class="lb-trans"><p>$1.6 万亿</p>
</div><p>Day's Range</p>
<div class="lb-trans"><p>日内区间</p>
</div><p>$340.85 - $353.13</p>
<div class="lb-trans"><p>$340.85 - $353.13</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>1.3M</p>
<div class="lb-trans"><p>130 万</p>
</div><p>Avg Vol</p>
<div class="lb-trans"><p>平均成交量</p>
</div><p>32M</p>
<div class="lb-trans"><p>3200 万</p>
</div><p>Gross Margin</p>
<div class="lb-trans"><p>毛利率</p>
</div><p>64.96%</p>
<div class="lb-trans"><p>64.96%</p>
</div><p>Dividend Yield</p>
<div class="lb-trans"><p>股息收益率</p>
</div><p>0.71%</p>
<div class="lb-trans"><p>0.71%</p>
</div><p>AI products accounted for $8.4 billion of Broadcom's total revenue during the first quarter, which was up by an eye-popping 106%. Based on management's guidance, AI revenue is expected to come in at $10.7 billion during the current second quarter (ending May 4), bringing the company's total revenue to $22 billion. Those figures represent year-over-year growth rates of 143% and 47%, respectively, so Broadcom looks to be building <em>even more</em> momentum.</p>
<div class="lb-trans"><p>AI 产品 在博通第一季度的总收入中占 840 亿美元，同比增长惊人的 106%。根据管理层的指导，AI 收入预计在当前第二季度（截至 5 月 4 日）达到 107 亿美元，使公司的总收入达到 220 亿美元。这些数字分别代表了 143% 和 47% 的同比增长率，因此博通似乎正在建立更强的势头。</p>
</div><p>The huge demand for AI data center hardware is giving Broadcom an incredible amount of pricing power, which is supercharging its bottom line. The company's net income came in at $7.3 billion during the first quarter, which was up 33% year over year. This is important, because earnings tend to drive stock prices.</p>
<div class="lb-trans"><p>对 AI 数据中心硬件的巨大需求赋予了博通惊人的定价权，这极大地推动了其底线。该公司第一季度的净收入为 73 亿美元，同比增长 33%。这很重要，因为收益往往推动股票价格。</p>
</div><h2>Should you buy Broadcom stock on the dip?</h2>
<div class="lb-trans"><h2>你应该在下跌时买入博通股票吗？</h2>
</div><p>Whether investors should buy Broadcom stock following its recent 20% correction might depend entirely on their time horizon. It isn't cheap right now, so it's unlikely to produce blistering gains over the next few months, but it could deliver strong returns in the long run.</p>
<div class="lb-trans"><p>投资者是否应该在博通最近 20% 的回调后买入该股票，可能完全取决于他们的时间视野。现在的价格并不便宜，因此在接下来的几个月里不太可能产生剧烈的收益，但从长远来看可能会带来强劲的回报。</p>
</div><p>Broadcom stock is trading at a price-to-sales (P/S) ratio of 23.5, which is more than <em>double</em> its 10-year average of 9.5. That doesn't leave much room for upside in the short term, but based on the company's rapidly accelerating revenue growth, the stock might be attractive for investors who are willing to hold onto it for a period of three to five years.</p>
<div class="lb-trans"><p>博通股票 的市销率（P/S）为 23.5，是其 10 年平均值 9.5 的两倍多。这在短期内几乎没有上升空间，但基于公司快速加速的收入增长，这只股票可能对愿意持有三到五年的投资者具有吸引力。</p>
</div><p></p>
<div class="lb-trans"><p></p>
</div><p>AVGO PS Ratio data by YCharts</p>
<div class="lb-trans"><p>AVGO 市盈率 数据来自 YCharts</p>
</div><p>Moreover, Broadcom's price-to-earnings (P/E) ratio is 64.5, making it <em>twice</em> as expensive as the <strong>Nasdaq-100</strong> index, which trades at a P/E ratio of 30.9. In other words, Broadcom might be overvalued relative to a basket of its big-tech peers -- and for some additional perspective, Nvidia stock trades at a P/E ratio of just 36.3:</p>
<div class="lb-trans"><p>此外，博通的 市盈率（P/E） 为 64.5，是 <strong>纳斯达克 100</strong> 指数的两倍，后者的市盈率为 30.9。换句话说，博通相对于一篮子大型科技同行可能被高估了——为了提供一些额外的视角，英伟达的股票市盈率仅为 36.3：</p>
</div><p></p>
<div class="lb-trans"><p></p>
</div><p>AVGO PE Ratio data by YCharts</p>
<div class="lb-trans"><p>AVGO 市盈率 数据来自 YCharts</p>
</div><p>According to Yahoo! Finance, Wall Street expects Broadcom to grow its revenue by 63% during fiscal 2026, followed by a further 44% in fiscal 2027, with the company's earnings per share forecast to grow at an even faster pace. Therefore, as I mentioned, this stock looks far more attractive on a forward basis, but that means investors must commit to holding for a period of years, not months, to maximize their chances of earning a positive return.</p>
<div class="lb-trans"><p>根据雅虎财经，华尔街预计博通在 2026 财年的收入将增长 63%，2027 财年将进一步增长 44%，公司的每股收益预计将以更快的速度增长。因此，正如我提到的，这只股票在未来的基础上看起来更具吸引力，但这意味着投资者必须承诺持有数年，而不是数月，以最大化获得正回报的机会。</p>
</div>

Down 20%, Should You Buy Broadcom Stock on the Dip? The Answer Might Surprise You

- 半导体行业推动人工智能革命，Broadcom 提供定制化加速器。  
- Broadcom 第一季度收入增长至 193 亿美元，AI 产品贡献 84 亿美元。  
- 股票回调 20% 后，未来三到五年投资者可关注其长期收益潜力。

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博通股票下跌 20%，你是否应该趁低买入？答案可能会让你感到意外