<p>2022 年 11 月 30 日，一家名為 OpenAI 的初創公司推出了其大型語言模型（LLM）ChatGPT，改變了世界。在 ChatGPT 問世的兩年裏，<strong>標準普爾 500 指數</strong> 和 <strong>納斯達克綜合指數</strong> 的總回報分別達到了 52% 和 70%。</p>
<p>在人工智能革命中，最大的贏家之一是半導體股票 <strong>英偉達</strong>，自 ChatGPT 發佈以來，其股價飆升了驚人的 717%——這使其成為全球市值最高的公司之一。</p>
<p>顯然，投資者在這場人工智能熱潮中一直在慶祝英偉達的成功。但如果你考慮更大的局面，可能會問自己在芯片領域還有哪些其他機會也可能具有吸引力。畢竟，英偉達的股票還能繼續上漲多久呢？</p>
<p>好在通過一種名為 13F 的報告，投資者能夠了解華爾街最聰明的資金正在買入和賣出哪些股票。菲利普·拉豐特是一位億萬富翁投資者，以創立對沖基金 Coatue Management 而聞名。如今，Coatue 管理着大約 270 億美元的資產，投資於 81 只不同的股票。</p>
<p>根據 Coatue 最近的 13F 報告，該基金在第三季度將其在英偉達的持倉減少了 26%。與此同時，該公司增持了 1,488,666 股人工智能網絡和安全專家 <strong>博通</strong>（AVGO 0.98%）的股票——將其持倉增加了 52%。</p>
<p>讓我們深入瞭解博通在芯片領域的地位，並評估現在是否是跟隨 Coatue 行動的好時機。</p>
<h2>博通在芯片領域的獨特地位</h2>
<p>人工智能工作負載需要大量的訓練和推理數據在圖形處理單元（GPU）、中央處理單元（CPU）以及內存和存儲設備之間移動。博通的核心業務是提供數據中心連接解決方案，能夠在這些基礎設施之間提供高速、低延遲的連接。</p>
<p>在該公司截至 8 月 4 日的財政第三季度，博通在其半導體解決方案業務中報告了 73 億美元的收入。雖然這一部門佔博通總收入的一半以上，但該部門的銷售額同比僅增長了 5%。</p>
<p>儘管這一增長水平看起來平淡無奇，但我看到一些趨勢表明博通的未來看起來光明。例如，在半導體部門，人工智能加速器的銷售在第三季度增長了三倍以上。同時，該公司的以太網交換機——被稱為 Tomahawk 5 和 Jericho3-AI——的銷售額同比增長了四倍以上。</p>
<p>考慮到這些潛在的指標，我謹慎樂觀地認為博通即將進入一個新的增長階段，這一階段將受到對其網絡芯片和連接交換機需求加速的推動。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy83OTk0OTMvZ2V0dHlpbWFnZXMtMTc4MDI5OTEyOC5qcGcmdz03MDA?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy83OTk0OTMvZ2V0dHlpbWFnZXMtMTc4MDI5OTEyOC5qcGcmdz03MDA"/></p>
<p>圖片來源：Getty Images。</p>
<h2>長期前景看起來光明</h2>
<p>Wedbush 證券的丹·艾夫斯是華爾街最受關注的股票研究技術分析師之一。最近，艾夫斯建議在未來三年內將有超過 1 萬億美元用於人工智能驅動的基礎設施。換句話説，隨着公司加大對人工智能路線圖的投入，數據中心、芯片、GPU、CPU 和連接解決方案的投資預計將大幅增加。</p>
<p>在博通的第三季度財報中，首席執行官霍克·譚提到，以太網和人工智能加速器的增長主要來自大型科技公司，因為 “超大規模客户繼續擴展和擴大他們的人工智能集羣。”</p>
<p>這些都是博通的好兆頭，我對公司在人工智能基礎設施日益成為整體人工智能敍事優先事項時，能夠獲取增量市場份額的能力持樂觀態度。</p>
<h2>評估博通的估值</h2>
<p>截至 2024 年，博通的股票已上漲 45%——遠遠超過了標準普爾 500 指數和納斯達克指數。然而，儘管表現強勁，博通的估值在最近幾個月有所正常化。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/a0f08afdb67a35b55e8bd2e1f9243ecc.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/a0f08afdb67a35b55e8bd2e1f9243ecc.png"/></p>
<p>AVGO 市盈率（前瞻性）數據來自 YCharts。</p>
<p>以 26.2 的前瞻市盈率（P/E）計算，博通的交易估值比英偉達更為合理——後者的前瞻市盈率為 32。從表面上看，英偉達相對於博通的溢價似乎是合理的。該公司的增長速度更快，對其 GPU 和數據中心解決方案的需求似乎也沒有減緩的跡象。</p>
<p>然而，正如我上面提到的，長期的順風因素表明，未來幾年人工智能基礎設施領域的投資將大幅上升。從另一個角度來看，對英偉達芯片組需求的上升應該會成為博通網絡連接解決方案生態系統的催化劑。</p>
<p>在我看來，市場可能低估了博通從這些需求趨勢中受益的潛力。因此，我認為現在的股票絕對是個便宜貨。我認為博通是人工智能半導體股票中一個被低估的機會，認為該股票是長期投資者的一個不錯選擇。</p>

博通

英偉達

<p>億萬富翁菲利普·拉豐的 Coatue Management 將其在博通的股份增加了 52%，收購了 1,488,666 股，同時將其在英偉達的投資減少了 26%。博通專注於數據中心連接，其半導體解決方案的收入增長了 5%，人工智能加速器的銷售增長了三倍。分析師預測，在未來三年內，將有超過 1 萬億美元投資於人工智能基礎設施，這將使博通受益。儘管博通在 2024 年獲得了 45% 的漲幅，但與英偉達相比，博通的估值仍然具有吸引力，隨着對人工智能基礎設施需求的上升，進一步增長的潛力依然存在</p>

<p>On Nov. 30, 2022, a start-up called OpenAI changed the world following the introduction of its large language model (LLM), ChatGPT. In the two years since ChatGPT's debut, the <strong>S&amp;P 500</strong> and <strong>Nasdaq Composite</strong> have posted total returns of 52% and 70%, respectively.</p>
<div class="lb-trans"><p>2022 年 11 月 30 日，一家名為 OpenAI 的初創公司推出了其大型語言模型（LLM）ChatGPT，改變了世界。在 ChatGPT 問世的兩年裏，<strong>標準普爾 500 指數</strong> 和 <strong>納斯達克綜合指數</strong> 的總回報分別達到了 52% 和 70%。</p>
</div><p>One of the biggest winners in the AI revolution is semiconductor stock <strong>Nvidia</strong>, which has gained an eye-popping 717% since the release of ChatGPT -- a move that's propelled it to become one of the world's most valuable companies by market capitalization.</p>
<div class="lb-trans"><p>在人工智能革命中，最大的贏家之一是半導體股票 <strong>英偉達</strong>，自 ChatGPT 發佈以來，其股價飆升了驚人的 717%——這使其成為全球市值最高的公司之一。</p>
</div><p>It's obvious that investors have been celebrating Nvidia during this AI frenzy. But if you think about the bigger picture, you may find yourself asking about other opportunities in the chip realm that could also be attractive. After all, how much longer can Nvidia stock keep climbing?</p>
<div class="lb-trans"><p>顯然，投資者在這場人工智能熱潮中一直在慶祝英偉達的成功。但如果你考慮更大的局面，可能會問自己在芯片領域還有哪些其他機會也可能具有吸引力。畢竟，英偉達的股票還能繼續上漲多久呢？</p>
</div><p>Well, thanks to a form called the 13F, investors are able to get an idea of what stocks the smartest money on Wall Street is buying and selling. Philippe Laffont is a billionaire investor best known for founding the hedge fund Coatue Management. Today, Coatue boasts roughly $27 billion in assets under management (AUM) across 81 different stocks.</p>
<div class="lb-trans"><p>好在通過一種名為 13F 的報告，投資者能夠了解華爾街最聰明的資金正在買入和賣出哪些股票。菲利普·拉豐特是一位億萬富翁投資者，以創立對沖基金 Coatue Management 而聞名。如今，Coatue 管理着大約 270 億美元的資產，投資於 81 只不同的股票。</p>
</div><p>According to Coatue's most recent 13F, the fund trimmed its exposure in Nvidia by 26% during the third quarter. At the same time, the firm scooped up 1,488,666 shares of AI networking and security specialist <strong>Broadcom</strong>(AVGO 0.98%) -- increasing its position by 52%.</p>
<div class="lb-trans"><p>根據 Coatue 最近的 13F 報告，該基金在第三季度將其在英偉達的持倉減少了 26%。與此同時，該公司增持了 1,488,666 股人工智能網絡和安全專家 <strong>博通</strong>（AVGO 0.98%）的股票——將其持倉增加了 52%。</p>
</div><p>Let's dig into Broadcom's position in the chip landscape and assess whether now is a good time to follow Coatue's move.</p>
<div class="lb-trans"><p>讓我們深入瞭解博通在芯片領域的地位，並評估現在是否是跟隨 Coatue 行動的好時機。</p>
</div><h2>Broadcom has a unique position in the chip realm</h2>
<div class="lb-trans"><h2>博通在芯片領域的獨特地位</h2>
</div><p>AI workloads require immense amounts of training and inferencing data moving across graphics processing units (GPUs), central processing units (CPUs), and memory and storage devices. At its core, Broadcom specializes in data center connectivity solutions that offer high-speed, low-latency connections across these various pieces of infrastructure.</p>
<div class="lb-trans"><p>人工智能工作負載需要大量的訓練和推理數據在圖形處理單元（GPU）、中央處理單元（CPU）以及內存和存儲設備之間移動。博通的核心業務是提供數據中心連接解決方案，能夠在這些基礎設施之間提供高速、低延遲的連接。</p>
</div><p>For the company's fiscal third quarter (ended Aug. 4), Broadcom reported $7.3 billion of revenue in its semiconductor solutions business. While this segment comprises more than half of Broadcom's total revenue base, sales in this division only grew 5% year over year.</p>
<div class="lb-trans"><p>在該公司截至 8 月 4 日的財政第三季度，博通在其半導體解決方案業務中報告了 73 億美元的收入。雖然這一部門佔博通總收入的一半以上，但該部門的銷售額同比僅增長了 5%。</p>
</div><p>Although this level of growth may appear mundane, I see some trends that suggest that Broadcom's future looks bright. For example, within the semiconductor segment, sales from AI accelerators more than tripled during the third quarter. Meanwhile, the company's Ethernet switchers -- dubbed Tomahawk 5 and Jericho3-AI -- grew by more than fourfold year over year.</p>
<div class="lb-trans"><p>儘管這一增長水平看起來平淡無奇，但我看到一些趨勢表明博通的未來看起來光明。例如，在半導體部門，人工智能加速器的銷售在第三季度增長了三倍以上。同時，該公司的以太網交換機——被稱為 Tomahawk 5 和 Jericho3-AI——的銷售額同比增長了四倍以上。</p>
</div><p>Given these underlying metrics buried underneath the broader semiconductor business unit as a whole, I'm cautiously optimistic that Broadcom is about to enter a new phase of growth underscored by accelerating demand for its networking chips and connectivity switches.</p>
<div class="lb-trans"><p>考慮到這些潛在的指標，我謹慎樂觀地認為博通即將進入一個新的增長階段，這一階段將受到對其網絡芯片和連接交換機需求加速的推動。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy83OTk0OTMvZ2V0dHlpbWFnZXMtMTc4MDI5OTEyOC5qcGcmdz03MDA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F799493%2Fgettyimages-1780299128.jpg&amp;op=resize&amp;w=700"/></p>
<p>Image source: Getty Images.</p>
<div class="lb-trans"><p>圖片來源：Getty Images。</p>
</div><h2>The long-term narrative looks bright</h2>
<div class="lb-trans"><h2>長期前景看起來光明</h2>
</div><p>Dan Ives of Wedbush Securities is one of the most closely followed equity research technology analysts on Wall Street. Recently, Ives suggested that more than $1 trillion will be spent on AI-driven infrastructure over the next three years. In other words, investment in data centers, chips, GPUs, CPUs, and connectivity solutions is expected to rise considerably as companies double down on their AI roadmaps.</p>
<div class="lb-trans"><p>Wedbush 證券的丹·艾夫斯是華爾街最受關注的股票研究技術分析師之一。最近，艾夫斯建議在未來三年內將有超過 1 萬億美元用於人工智能驅動的基礎設施。換句話説，隨着公司加大對人工智能路線圖的投入，數據中心、芯片、GPU、CPU 和連接解決方案的投資預計將大幅增加。</p>
</div><p>During Broadcom's third-quarter earnings, CEO Hock Tan alluded that much of the growth from Ethernet and AI accelerators stemmed from big tech, as &#34;hyperscale customers continue to scale up and scale out their AI clusters.&#34;</p>
<div class="lb-trans"><p>在博通的第三季度財報中，首席執行官霍克·譚提到，以太網和人工智能加速器的增長主要來自大型科技公司，因為 “超大規模客户繼續擴展和擴大他們的人工智能集羣。”</p>
</div><p>These are good signs for Broadcom, and I'm optimistic about the company's ability to capture incremental market share as AI infrastructure becomes more of a priority in the AI narrative as a whole.</p>
<div class="lb-trans"><p>這些都是博通的好兆頭，我對公司在人工智能基礎設施日益成為整體人工智能敍事優先事項時，能夠獲取增量市場份額的能力持樂觀態度。</p>
</div><h2>Taking a look at Broadcom's valuation</h2>
<div class="lb-trans"><h2>評估博通的估值</h2>
</div><p>So far in 2024, shares of Broadcom have gained 45% -- handily outperforming both the S&amp;P 500 and Nasdaq. Yet despite this strong performance, Broadcom's valuation has normalized a bit in recent months.</p>
<div class="lb-trans"><p>截至 2024 年，博通的股票已上漲 45%——遠遠超過了標準普爾 500 指數和納斯達克指數。然而，儘管表現強勁，博通的估值在最近幾個月有所正常化。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/a0f08afdb67a35b55e8bd2e1f9243ecc.png" alt="" original-src="https://media.ycharts.com/charts/a0f08afdb67a35b55e8bd2e1f9243ecc.png"/></p>
<p>AVGO PE Ratio (Forward) data by YCharts.</p>
<div class="lb-trans"><p>AVGO 市盈率（前瞻性）數據來自 YCharts。</p>
</div><p>At a forward price to earnings (P/E) of 26.2, Broadcom is trading at a much more reasonable valuation compared to Nvidia -- which boasts a forward P/E of 32. On the surface, Nvidia's premium over Broadcom may appear warranted. The company is growing at a much faster rate, and demand for its GPUs and data center solutions doesn't appear to be slowing down at all.</p>
<div class="lb-trans"><p>以 26.2 的前瞻市盈率（P/E）計算，博通的交易估值比英偉達更為合理——後者的前瞻市盈率為 32。從表面上看，英偉達相對於博通的溢價似乎是合理的。該公司的增長速度更快，對其 GPU 和數據中心解決方案的需求似乎也沒有減緩的跡象。</p>
</div><p>However, as I mentioned above, secular tailwinds suggest that investment across the entirety of the AI infrastructure spectrum should rise considerably over the next few years. Looked at another way, rising demand for Nvidia's chipsets should serve as a catalyst for Broadcom's ecosystem of network connectivity solutions.</p>
<div class="lb-trans"><p>然而，正如我上面提到的，長期的順風因素表明，未來幾年人工智能基礎設施領域的投資將大幅上升。從另一個角度來看，對英偉達芯片組需求的上升應該會成為博通網絡連接解決方案生態系統的催化劑。</p>
</div><p>In my eyes, the market may be discounting Broadcom's potential to benefit from these demand trends. For that reason, I think the stock is an absolute steal right now. I see Broadcom as an under-the-radar opportunity among AI semiconductor stocks, and think the stock is a great option for long-term investors.</p>
<div class="lb-trans"><p>在我看來，市場可能低估了博通從這些需求趨勢中受益的潛力。因此，我認為現在的股票絕對是個便宜貨。我認為博通是人工智能半導體股票中一個被低估的機會，認為該股票是長期投資者的一個不錯選擇。</p>
</div>

Billionaire Philippe Laffont Just Raised Coatue's Stake in This Artificial Intelligence (AI) Semiconductor Stock by 52% (Hint: It's Not Nvidia)

- OpenAI 的 ChatGPT 發佈後，Nvidia 股價上漲 717%，成為市值最高公司之一。  
- Coatue Management 減持 Nvidia 26%，增持 Broadcom 52%，顯示市場動態。  
- Broadcom 在 AI 基礎設施中前景樂觀，預計未來增長潛力巨大。  

億萬富翁菲利普·拉豐剛剛將 Coatue 在這隻人工智能（AI）半導體股票中的持股比例提高了 52%（提示：這不是 NVIDIA）