<p><strong>英伟达</strong>（NVDA 2.16%）仍然处于人工智能（AI）热潮的中心，提供大多数用于训练和运行当今最大 AI 模型的芯片。但最大的云计算公司越来越多地设计自己的处理器，以减少对单一供应商的依赖，并将硬件调整为适应自己的软件。</p>
<p>最明显的例子是 <strong>Alphabet</strong>，其谷歌部门已经构建了名为张量处理单元（TPUs）的定制芯片来运行其 AI 服务。而谷歌并不是完全独立设计这些芯片。</p>
<p>这暗示了一种更为低调的方式来参与这一转变：帮助云巨头构建定制硅片的芯片设计师。其中两家公司已经捕获了快速增长的 AI 支出份额。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84NzQ5MzIvY2hpcC1kZXNpZ25lci5qcGcmdz0zODQw?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84NzQ5MzIvY2hpcC1kZXNpZ25lci5qcGcmdz0zODQw"/></p>
<p>图片来源：Getty Images。</p>
<h2>英伟达最大的竞争对手</h2>
<p><strong>博通</strong>（AVGO 4.37%）可能是定制 AI 芯片解决方案需求惊人增长的最佳例子，也可能是英伟达最大的竞争对手。在博通 2026 财年第二季度（截至 2026 年 5 月 3 日），收入增长了 48%，达到了创纪录的 222 亿美元。</p>
<p>推动这一增长的正是 AI。与 AI 芯片和网络相关的收入跃升了 143%，达到了 108 亿美元，接近总销售额的一半。一个季度前，这一数字约为 84 亿美元。</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>(-4.37%) $-17.23</p>
<p>当前价格</p>
<p>$376.71</p>
<h3>关键数据点</h3>
<p>市值</p>
<p>$1.9 万亿</p>
<p>日内区间</p>
<p>$376.46 - $391.79</p>
<p>52 周区间</p>
<p>$244.17 - $495.00</p>
<p>成交量</p>
<p>3160 万</p>
<p>平均成交量</p>
<p>2560 万</p>
<p>毛利率</p>
<p>65.66%</p>
<p>股息收益率</p>
<p>0.63%</p>
<p>这大部分来自于博通为少数云客户共同设计的定制加速器，这些客户现在包括谷歌和 OpenAI 等。</p>
<p>“对 XPU 和网络的需求简直是无法满足的，” 首席执行官霍克·谭在公司 2026 财年第二季度的财报电话会议上表示。</p>
<p>博通在本季度已预订超过 300 亿美元的 AI 订单，并预计 AI 收入将在当前季度同比增长超过三倍。事实上，该公司表示，其 AI 业务在 2027 财年可能超过 1000 亿美元的年收入。</p>
<h2>更小的纯粹投资</h2>
<p><strong>迈威尔科技</strong>（MRVL 9.52%）是对同一趋势的更集中投资。该公司上个月报告了其 2027 财年第一季度（截至 2026 年 5 月 2 日）的业绩，收入增长了 28%，达到了创纪录的 24 亿美元。</p>
<p>展开</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vYXJ0L2NvbXBhbnlsb2dvcy9tYXJrL01SVkwucG5nJnc9MTI4?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="迈威尔科技股票报价" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vYXJ0L2NvbXBhbnlsb2dvcy9tYXJrL01SVkwucG5nJnc9MTI4"/></p>
<h2>NASDAQ: MRVL</h2>
<p>迈威尔科技</p>
<p>今日变动</p>
<p>(-9.52%) $-29.40</p>
<p>当前价格</p>
<p>$279.48</p>
<h3>关键数据点</h3>
<p>市值</p>
<p>$2700 亿</p>
<p>日内区间</p>
<p>$279.00 - $316.87</p>
<p>52 周区间</p>
<p>$61.44 - $324.20</p>
<p>成交量</p>
<p>220 万</p>
<p>平均成交量</p>
<p>3530 万</p>
<p>毛利率</p>
<p>50.64%</p>
<p>股息收益率</p>
<p>0.08%</p>
<p>其数据中心部门表现突出，增长了 27%，达到了 18.3 亿美元，约占总收入的四分之三。在截至 1 月的完整财年中，收入增长了 42%，达到了 82 亿美元，管理层预计今年将增长约 40%，达到约 115 亿美元，明年再进一步提升至 165 亿美元。</p>
<p>“我们看到异常的与 AI 相关的订单，” 董事长兼首席执行官马特·墨菲在公司 2027 财年第一季度的财报中表示。</p>
<p>迈威尔帮助一些最大的云运营商设计定制芯片，<strong>亚马逊</strong> 的云部门据报道是其最大的客户。它预计其定制硅片业务到 2029 财年将超过 100 亿美元的年收入。今年 3 月，它还扩大了与 Nvidia 的合作，以使其定制处理器与英伟达的系统更紧密地协作——这一配对值得注意，因为迈威尔的芯片常常与英伟达的芯片竞争。</p>
<h2>目前已经反映了多少</h2>
<p>然而，这两只股票已经飙升。</p>
<p>博通的市盈率在 60 倍左右，截至目前，即使在 6 月初从 495 美元的高点回落。迈威尔在 2026 年已经上涨了三倍多，并将在 6 月 22 日市场开盘前加入 <strong>标准普尔 500</strong>。而迈威尔的市盈率呢？接近 100。</p>
<p>当然，这两家公司面临着重大风险。例如，它们的定制芯片收入在很大程度上依赖于少数云客户，造成客户集中风险。而且它们并不一定拥有垄断地位；博通表示，一家大型客户可能会使用多个供应商。此外，博通快速增长的 AI 销售显著低于其软件业务的利润率。</p>
<p>那么，这两只股票的前景如何呢？</p>
<p>我个人倾向于博通。其更大的规模和更广泛的业务组合可能在 AI 支出降温时给予其更多的容错空间，而其 估值 也不那么苛刻。</p>

博通

迈威尔科技

英伟达

<p>博通和迈威尔科技正在利用对定制人工智能芯片的需求，挑战英伟达的主导地位。博通报告称，第二季度创下了 222 亿美元的收入，得益于人工智能相关销售激增 143%，预计到 2027 财年年收入将达到 1000 亿美元。同样，迈威尔的收入增长了 28%，达到 24 亿美元，目标是到 2029 年实现 100 亿美元的定制硅收入。尽管增长强劲，但两家公司都面临估值风险和客户集中度的担忧</p>

<p><strong>Nvidia</strong>( NVDA 2.16%) still sits at the center of the artificial intelligence (AI) boom, supplying most of the chips that train and run today's largest AI models. But the biggest cloud companies are increasingly designing their own processors for some of that work, both to lean less on a single supplier and to tune the hardware to their own software.</p>
<div class="lb-trans"><p><strong>英伟达</strong>（NVDA 2.16%）仍然处于人工智能（AI）热潮的中心，提供大多数用于训练和运行当今最大 AI 模型的芯片。但最大的云计算公司越来越多地设计自己的处理器，以减少对单一供应商的依赖，并将硬件调整为适应自己的软件。</p>
</div><p>The clearest example is <strong>Alphabet</strong>, whose Google unit has built custom chips called tensor processing units (TPUs) to run its AI services. And Google hasn't designed them entirely on its own.</p>
<div class="lb-trans"><p>最明显的例子是 <strong>Alphabet</strong>，其谷歌部门已经构建了名为张量处理单元（TPUs）的定制芯片来运行其 AI 服务。而谷歌并不是完全独立设计这些芯片。</p>
</div><p>That hints at a quieter way to play this shift: the chip designers helping the cloud giants build that custom silicon. Two of them are already capturing a fast-growing slice of AI spending.</p>
<div class="lb-trans"><p>这暗示了一种更为低调的方式来参与这一转变：帮助云巨头构建定制硅片的芯片设计师。其中两家公司已经捕获了快速增长的 AI 支出份额。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84NzQ5MzIvY2hpcC1kZXNpZ25lci5qcGcmdz0zODQw" alt="A person designing a chip." original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F874932%2Fchip-designer.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>Nvidia's biggest competition</h2>
<div class="lb-trans"><h2>英伟达最大的竞争对手</h2>
</div><p><strong>Broadcom</strong>( AVGO 4.37%) may be the best example of the staggering demand for custom AI chip solutions, and it may also be Nvidia's biggest competition. In Broadcom's fiscal second quarter of 2026 (the period ended May 3, 2026), revenue climbed 48% to a record $22.2 billion.</p>
<div class="lb-trans"><p><strong>博通</strong>（AVGO 4.37%）可能是定制 AI 芯片解决方案需求惊人增长的最佳例子，也可能是英伟达最大的竞争对手。在博通 2026 财年第二季度（截至 2026 年 5 月 3 日），收入增长了 48%，达到了创纪录的 222 亿美元。</p>
</div><p>The driver was AI. Revenue tied to AI chips and networking jumped 143% to $10.8 billion, or close to half of total sales. A quarter earlier, that figure had been about $8.4 billion.</p>
<div class="lb-trans"><p>推动这一增长的正是 AI。与 AI 芯片和网络相关的收入跃升了 143%，达到了 108 亿美元，接近总销售额的一半。一个季度前，这一数字约为 84 亿美元。</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>(-4.37%) $-17.23</p>
<div class="lb-trans"><p>(-4.37%) $-17.23</p>
</div><p>Current Price</p>
<div class="lb-trans"><p>当前价格</p>
</div><p>$376.71</p>
<div class="lb-trans"><p>$376.71</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>$1.9T</p>
<div class="lb-trans"><p>$1.9 万亿</p>
</div><p>Day's Range</p>
<div class="lb-trans"><p>日内区间</p>
</div><p>$376.46 - $391.79</p>
<div class="lb-trans"><p>$376.46 - $391.79</p>
</div><p>52wk Range</p>
<div class="lb-trans"><p>52 周区间</p>
</div><p>$244.17 - $495.00</p>
<div class="lb-trans"><p>$244.17 - $495.00</p>
</div><p>Volume</p>
<div class="lb-trans"><p>成交量</p>
</div><p>31.6M</p>
<div class="lb-trans"><p>3160 万</p>
</div><p>Avg Vol</p>
<div class="lb-trans"><p>平均成交量</p>
</div><p>25.6M</p>
<div class="lb-trans"><p>2560 万</p>
</div><p>Gross Margin</p>
<div class="lb-trans"><p>毛利率</p>
</div><p>65.66%</p>
<div class="lb-trans"><p>65.66%</p>
</div><p>Dividend Yield</p>
<div class="lb-trans"><p>股息收益率</p>
</div><p>0.63%</p>
<div class="lb-trans"><p>0.63%</p>
</div><p>Much of this comes from custom accelerators that Broadcom co-designs for a handful of cloud customers, a group that now includes the likes of Google and OpenAI.</p>
<div class="lb-trans"><p>这大部分来自于博通为少数云客户共同设计的定制加速器，这些客户现在包括谷歌和 OpenAI 等。</p>
</div><p>&#34;Demand for XPUs and networking is simply insatiable,&#34; said CEO Hock Tan during the company's fiscal second-quarter earnings call.</p>
<div class="lb-trans"><p>“对 XPU 和网络的需求简直是无法满足的，” 首席执行官霍克·谭在公司 2026 财年第二季度的财报电话会议上表示。</p>
</div><p>Broadcom has booked more than $30 billion in AI orders in the quarter, and it guided for AI revenue to more than triple from a year earlier in the current quarter. In fact, the company has said its AI business could top $100 billion in annual revenue in fiscal 2027.</p>
<div class="lb-trans"><p>博通在本季度已预订超过 300 亿美元的 AI 订单，并预计 AI 收入将在当前季度同比增长超过三倍。事实上，该公司表示，其 AI 业务在 2027 财年可能超过 1000 亿美元的年收入。</p>
</div><h2>The smaller pure play</h2>
<div class="lb-trans"><h2>更小的纯粹投资</h2>
</div><p><strong>Marvell Technology</strong>( MRVL 9.52%) is a more concentrated bet on the same trend. The company reported its fiscal first quarter of 2027 (the period ended May 2, 2026) last month, with revenue up 28% to a record $2.4 billion.</p>
<div class="lb-trans"><p><strong>迈威尔科技</strong>（MRVL 9.52%）是对同一趋势的更集中投资。该公司上个月报告了其 2027 财年第一季度（截至 2026 年 5 月 2 日）的业绩，收入增长了 28%，达到了创纪录的 24 亿美元。</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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vYXJ0L2NvbXBhbnlsb2dvcy9tYXJrL01SVkwucG5nJnc9MTI4" alt="Marvell Technology Stock Quote" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Fart%2Fcompanylogos%2Fmark%2FMRVL.png&amp;w=128&amp;op=resize"/></p>
<h2>NASDAQ: MRVL</h2>
<div class="lb-trans"><h2>NASDAQ: MRVL</h2>
</div><p>Marvell Technology</p>
<div class="lb-trans"><p>迈威尔科技</p>
</div><p>Today's Change</p>
<div class="lb-trans"><p>今日变动</p>
</div><p>(-9.52%) $-29.40</p>
<div class="lb-trans"><p>(-9.52%) $-29.40</p>
</div><p>Current Price</p>
<div class="lb-trans"><p>当前价格</p>
</div><p>$279.48</p>
<div class="lb-trans"><p>$279.48</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>$270B</p>
<div class="lb-trans"><p>$2700 亿</p>
</div><p>Day's Range</p>
<div class="lb-trans"><p>日内区间</p>
</div><p>$279.00 - $316.87</p>
<div class="lb-trans"><p>$279.00 - $316.87</p>
</div><p>52wk Range</p>
<div class="lb-trans"><p>52 周区间</p>
</div><p>$61.44 - $324.20</p>
<div class="lb-trans"><p>$61.44 - $324.20</p>
</div><p>Volume</p>
<div class="lb-trans"><p>成交量</p>
</div><p>2.2M</p>
<div class="lb-trans"><p>220 万</p>
</div><p>Avg Vol</p>
<div class="lb-trans"><p>平均成交量</p>
</div><p>35.3M</p>
<div class="lb-trans"><p>3530 万</p>
</div><p>Gross Margin</p>
<div class="lb-trans"><p>毛利率</p>
</div><p>50.64%</p>
<div class="lb-trans"><p>50.64%</p>
</div><p>Dividend Yield</p>
<div class="lb-trans"><p>股息收益率</p>
</div><p>0.08%</p>
<div class="lb-trans"><p>0.08%</p>
</div><p>Its data center segment did the heavy lifting, rising 27% to $1.83 billion, or about three-quarters of the total. For the full fiscal year that ended in January, revenue grew 42% to $8.2 billion, and management has guided for about 40% growth this year, to about $11.5 billion, with another step up toward $16.5 billion the year after.</p>
<div class="lb-trans"><p>其数据中心部门表现突出，增长了 27%，达到了 18.3 亿美元，约占总收入的四分之三。在截至 1 月的完整财年中，收入增长了 42%，达到了 82 亿美元，管理层预计今年将增长约 40%，达到约 115 亿美元，明年再进一步提升至 165 亿美元。</p>
</div><p>&#34;We are seeing exceptional AI-related bookings,&#34; said Chairman and CEO Matt Murphy in the company's fiscal first-quarter earnings release.</p>
<div class="lb-trans"><p>“我们看到异常的与 AI 相关的订单，” 董事长兼首席执行官马特·墨菲在公司 2027 财年第一季度的财报中表示。</p>
</div><p>Marvell helps design custom chips for some of the largest cloud operators, with <strong>Amazon's</strong> cloud arm reportedly being its biggest such customer. It expects its custom silicon business to top $10 billion in annual revenue by fiscal 2029. In March, it also expanded a partnership with Nvidia to make its custom processors work more closely with Nvidia's systems -- a notable pairing, given that Marvell's chips often compete against Nvidia's.</p>
<div class="lb-trans"><p>迈威尔帮助一些最大的云运营商设计定制芯片，<strong>亚马逊</strong> 的云部门据报道是其最大的客户。它预计其定制硅片业务到 2029 财年将超过 100 亿美元的年收入。今年 3 月，它还扩大了与 Nvidia 的合作，以使其定制处理器与英伟达的系统更紧密地协作——这一配对值得注意，因为迈威尔的芯片常常与英伟达的芯片竞争。</p>
</div><h2>How much is already priced in</h2>
<div class="lb-trans"><h2>目前已经反映了多少</h2>
</div><p>Both stocks, however, have already soared.</p>
<div class="lb-trans"><p>然而，这两只股票已经飙升。</p>
</div><p>Broadcom trades at a price-to-earnings ratio in the low 60s as of this writing, even after sliding from an early June high of $495. Marvell has more than tripled in 2026 and is set to join the <strong>S&amp;P 500</strong> before market open on June 22. And Marvel's price-to-earnings ratio? It sits near 100.</p>
<div class="lb-trans"><p>博通的市盈率在 60 倍左右，截至目前，即使在 6 月初从 495 美元的高点回落。迈威尔在 2026 年已经上涨了三倍多，并将在 6 月 22 日市场开盘前加入 <strong>标准普尔 500</strong>。而迈威尔的市盈率呢？接近 100。</p>
</div><p>Of course, both companies face significant risks. Their custom-chip revenue, for instance, leans largely on a small number of cloud customers, creating customer concentration risk. And they don't necessarily have monopolies; Broadcom has said one large customer may use more than one supplier. Additionally, Broadcom's fast-growing AI sales notably carry lower margins than its software business.</p>
<div class="lb-trans"><p>当然，这两家公司面临着重大风险。例如，它们的定制芯片收入在很大程度上依赖于少数云客户，造成客户集中风险。而且它们并不一定拥有垄断地位；博通表示，一家大型客户可能会使用多个供应商。此外，博通快速增长的 AI 销售显著低于其软件业务的利润率。</p>
</div><p>So, where does that leave the two stocks?</p>
<div class="lb-trans"><p>那么，这两只股票的前景如何呢？</p>
</div><p>I personally lean toward Broadcom. Its larger scale and broader mix of businesses may give it more room for error if AI spending cools, and its valuation is less demanding.</p>
<div class="lb-trans"><p>我个人倾向于博通。其更大的规模和更广泛的业务组合可能在 AI 支出降温时给予其更多的容错空间，而其 估值 也不那么苛刻。</p>
</div>

Custom AI Chips Are Coming for Nvidia's Crown. Here Are 2 Companies Quietly Cashing In.

- Nvidia 仍主导 AI 芯片市场，云公司逐渐设计自有处理器。  
- Broadcom 和 Marvell 利用定制芯片需求快速增长，分别实现了显著收入增长。  
- 市场风险包括客户集中度高与利润率低下，Broadcom 面临挑战但相对估值较低。

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定制 AI 芯片正在挑战英伟达的霸主地位。以下是两家正在悄然获利的公司