<p><strong>英偉達</strong>(NVDA 3.08%) 是數據中心圖形處理單元 (GPU) 市場的領先者，這些 GPU 正在數據中心中用於人工智能 (AI) 的訓練和推理，一些估計認為這家半導體巨頭在該市場的份額高達 90%。</p>
<p>好的一面是，英偉達在 AI 芯片市場的主導地位使其在過去幾年為投資者帶來了顯著的增長，這得益於公司收入和盈利的驚人增長。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/063bce95f5d982762831a0b888946ce9.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/063bce95f5d982762831a0b888946ce9.png"/></p>
<p>NVDA 數據來源於 YCharts</p>
<p>但與此同時，英偉達股票的這一顯著上漲使其變得昂貴。英偉達的市銷率為 29，這在考慮到美國科技行業的銷售倍數為 8.2 時顯得相當高。其市盈率為 54，也並不便宜。</p>
<p>然而，英偉達的增長速度正是其值得高估值倍數的原因。更重要的是，公司所處的巨大可尋址市場表明，為什麼它可以繼續證明其估值並在未來帶來更多的上行空間。</p>
<p>英偉達並不是投資者現在可以購買的唯一領先的 AI 半導體股票。還有另一隻主導的 AI 芯片股票，最近也取得了令人矚目的增長，並且相對比英偉達便宜。這家公司最近發佈了季度業績，股票大幅上漲。</p>
<p>讓我們看看為什麼會這樣，並檢查這隻 AI 股票是否能在 2025 年繼續超越市場。</p>
<h2>博通的增長因定製 AI 芯片的健康需求而加速</h2>
<p><strong>博通</strong>(AVGO 1.13%) 於 12 月 12 日發佈了其 2024 財年第四季度的業績（截至 11 月 3 日的季度）。公司的收入同比激增 51%，達到 140 億美元，而非 GAAP（公認會計原則）每股收益增長 28%，達到 1.42 美元。共識預期博通的每股收益為 1.39 美元，其收入幾乎與華爾街的預期持平。</p>
<p>博通的有機收入增長（不包括 2023 年 11 月完成的 VMware 收購的收入）為 9%。公司預計 2025 財年第一季度的收入為 146 億美元，比去年同期增長 22%。此外，這家芯片製造商預計調整後的息税折舊攤銷前利潤（EBITDA）將佔收入的 66%，這將比去年同期的 60% 有所提升。</p>
<p>人工智能在推動博通的收入和盈利增長方面發揮了關鍵作用。公司在 2024 財年結束時，AI 相關收入為 122 億美元，較上一個財年的 38 億美元大幅提升。好的一面是，博通預計其 AI 收入在當前財年也將保持健康增長。</p>
<p>公司預計當前季度 AI 相關收入將同比增長 65%，達到 38 億美元，佔其整體收入的 26%。因此，AI 現在對博通的業績產生了顯著影響，這一趨勢可能會繼續，因為博通看到定製 AI 處理器和網絡芯片的巨大市場。</p>
<p>博通管理層在公司最新的財報電話會議上表示，預計到 2027 財年，定製 AI 和網絡芯片的可服務市場將達到 600 億至 900 億美元。即使在較低的估計下，這一可尋址機會也相當於博通上個季度生成的 AI 收入的五倍。</p>
<p>好的一面是，博通在這個可尋址市場中處於有利地位，因為它是定製芯片市場的主導者，正式稱為應用特定集成電路 (ASIC)。據 <strong>摩根大通</strong> 報道，該公司在這一領域的市場份額在 55% 到 60% 之間。因此，博通的 AI 特定收入在未來三年內以驚人的速度增長的機會相當大。</p>
<h2>更強的盈利增長可能帶來更多上行空間</h2>
<p>在博通發佈最新報告後，分析師們迅速提高了對其增長的預期。這在圖表中顯而易見。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/b3db0af6fe561c989700e20ec61da18c.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/b3db0af6fe561c989700e20ec61da18c.png"/></p>
<p>AVGO 當前財年收入預估數據來源於 YCharts</p>
<p>公司在當前財年（上個月開始）的收入預計將比去年 515 億美元的水平增長 19%。此外，其每股收益預計將增長 28%，達到 6.25 美元，這將比上個財年的 15% 的盈利增長有大幅提升。</p>
<p>然而，考慮到巨大的可尋址機會以及其在市場中的穩固份額，博通有很大機會實現比分析師預期更快的增長。因此，博通股票在 2025 年及以後繼續保持其火熱的上漲趨勢並不令人驚訝，因為預計在未來幾個財年內仍將保持健康的兩位數增長率。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/c4f28d7873b2c0afc87df580f25e90a5.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/c4f28d7873b2c0afc87df580f25e90a5.png"/></p>
<p>AVGO 下一財年收入預估數據來源於 YCharts</p>
<p>所有這些使博通成為現在值得購買的頂級 AI 股票，尤其是考慮到其市盈率與增長比率 (PEG 比率) 僅為 0.72，依據 Yahoo Finance（基於預計未來五年的盈利增長）。這略低於英偉達的 PEG 比率 0.82。</p>
<p>因此，尋找英偉達替代品的投資者應考慮更仔細地關注博通，因為它有潛力帶來更多收益，並且與預計的未來五年增長相比，價格略便宜。</p>

博通

<p>Nvidia 在人工智能芯片市場佔據 90% 的份額，推動了顯著的增長，但也帶來了高估值。相比之下，博通正在崛起為強有力的競爭者，報告顯示其收入增長了 51%，盈利增長了 28%，這得益於人工智能的需求。博通的人工智能收入預計將同比增長 65%，對整體收入貢獻 26%。分析師預測博通在當前財政年度的收入將增長 19%，並有潛力實現更快的增長，使其成為人工智能領域一個引人注目的投資機會</p>

<p><strong>Nvidia</strong>(NVDA 3.08%) is the top player in the market for data center graphics processing units (GPUs) that are being deployed in data centers for artificial intelligence (AI) training and inference, with some estimates putting the semiconductor giant's share of this market at 90%.</p>
<div class="lb-trans"><p><strong>英偉達</strong>(NVDA 3.08%) 是數據中心圖形處理單元 (GPU) 市場的領先者，這些 GPU 正在數據中心中用於人工智能 (AI) 的訓練和推理，一些估計認為這家半導體巨頭在該市場的份額高達 90%。</p>
</div><p>The good part is that Nvidia's dominant position in the AI chip market has allowed it to deliver remarkable growth to investors in the past couple of years, driven by the impressive growth in the company's revenue and earnings.</p>
<div class="lb-trans"><p>好的一面是，英偉達在 AI 芯片市場的主導地位使其在過去幾年為投資者帶來了顯著的增長，這得益於公司收入和盈利的驚人增長。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/063bce95f5d982762831a0b888946ce9.png" alt="" original-src="https://media.ycharts.com/charts/063bce95f5d982762831a0b888946ce9.png"/></p>
<p>NVDA data by YCharts</p>
<div class="lb-trans"><p>NVDA 數據來源於 YCharts</p>
</div><p>But at the same time, this remarkable rally in Nvidia stock has made it expensive. Nvidia commands a price-to-sales ratio of 29, which is pretty high when we consider that the U.S. technology sector has a sales multiple of 8.2. The earnings multiple of 54 isn't cheap, either.</p>
<div class="lb-trans"><p>但與此同時，英偉達股票的這一顯著上漲使其變得昂貴。英偉達的市銷率為 29，這在考慮到美國科技行業的銷售倍數為 8.2 時顯得相當高。其市盈率為 54，也並不便宜。</p>
</div><p>However, the pace at which Nvidia has been growing is the reason why it is deserving of rich valuation multiples. More importantly, the huge addressable opportunity that the company is sitting on indicates why it can keep justifying its valuation and deliver more upside in the future.</p>
<div class="lb-trans"><p>然而，英偉達的增長速度正是其值得高估值倍數的原因。更重要的是，公司所處的巨大可尋址市場表明，為什麼它可以繼續證明其估值並在未來帶來更多的上行空間。</p>
</div><p>Nvidia isn't the only leading AI semiconductor stock that investors can buy right now. There is another dominant AI chip stock that's been clocking impressive growth of late and is relatively cheaper than Nvidia. This company recently released its quarterly results, and the stock soared.</p>
<div class="lb-trans"><p>英偉達並不是投資者現在可以購買的唯一領先的 AI 半導體股票。還有另一隻主導的 AI 芯片股票，最近也取得了令人矚目的增長，並且相對比英偉達便宜。這家公司最近發佈了季度業績，股票大幅上漲。</p>
</div><p>Let's see why that was the case and check if this AI stock can continue crushing the market in 2025.</p>
<div class="lb-trans"><p>讓我們看看為什麼會這樣，並檢查這隻 AI 股票是否能在 2025 年繼續超越市場。</p>
</div><h2>Broadcom's growth is picking up thanks to the healthy demand for custom AI chips</h2>
<div class="lb-trans"><h2>博通的增長因定製 AI 芯片的健康需求而加速</h2>
</div><p><strong>Broadcom</strong>(AVGO 1.13%) released its fiscal 2024 fourth-quarter results (for the quarter ended Nov. 3) on Dec. 12. The company's revenue shot up 51% year over year to $14 billion, while non-GAAP (generally accepted accounting principles) earnings increased by 28% to $1.42 per share. Consensus estimates were projecting Broadcom to deliver $1.39 per share in earnings, and its top line almost matched Wall Street's expectations.</p>
<div class="lb-trans"><p><strong>博通</strong>(AVGO 1.13%) 於 12 月 12 日發佈了其 2024 財年第四季度的業績（截至 11 月 3 日的季度）。公司的收入同比激增 51%，達到 140 億美元，而非 GAAP（公認會計原則）每股收益增長 28%，達到 1.42 美元。共識預期博通的每股收益為 1.39 美元，其收入幾乎與華爾街的預期持平。</p>
</div><p>Broadcom's organic revenue growth (excluding the revenue from the VMware acquisition completed in November 2023) came in at 9%. The company guided for $14.6 billion in revenue for the first quarter of fiscal 2025, which would be a 22% improvement over the same period last year. Additionally, the chipmaker is expecting adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) to come in at 66% of revenue, which would be a nice increase over the year-ago period's reading of 60% of revenue.</p>
<div class="lb-trans"><p>博通的有機收入增長（不包括 2023 年 11 月完成的 VMware 收購的收入）為 9%。公司預計 2025 財年第一季度的收入為 146 億美元，比去年同期增長 22%。此外，這家芯片製造商預計調整後的息税折舊攤銷前利潤（EBITDA）將佔收入的 66%，這將比去年同期的 60% 有所提升。</p>
</div><p>AI is playing a key role in driving the solid acceleration in Broadcom's top- and bottom-line growth. The company finished fiscal 2024 with AI-related revenue of $12.2 billion, a huge improvement over the $3.8 billion generated from this segment in the previous fiscal year. The good part is that Broadcom is expecting its AI revenue to keep growing at a healthy rate in the current fiscal year as well.</p>
<div class="lb-trans"><p>人工智能在推動博通的收入和盈利增長方面發揮了關鍵作用。公司在 2024 財年結束時，AI 相關收入為 122 億美元，較上一個財年的 38 億美元大幅提升。好的一面是，博通預計其 AI 收入在當前財年也將保持健康增長。</p>
</div><p>The company forecasts a 65% year-over-year jump in AI-related revenue in the current quarter to $3.8 billion, accounting for 26% of its overall revenue. So, AI is now moving the needle significantly for Broadcom, and that trend is likely to continue thanks to the massive market that Broadcom sees for custom AI processors and networking chips.</p>
<div class="lb-trans"><p>公司預計當前季度 AI 相關收入將同比增長 65%，達到 38 億美元，佔其整體收入的 26%。因此，AI 現在對博通的業績產生了顯著影響，這一趨勢可能會繼續，因為博通看到定製 AI 處理器和網絡芯片的巨大市場。</p>
</div><p>Broadcom management said on the company's latest earnings conference call that it sees the serviceable addressable market for custom AI and networking chips to range of $60 billion to $90 billion by fiscal 2027. Even at the lower end, the addressable opportunity is five times the AI revenue that Broadcom generated last quarter.</p>
<div class="lb-trans"><p>博通管理層在公司最新的財報電話會議上表示，預計到 2027 財年，定製 AI 和網絡芯片的可服務市場將達到 600 億至 900 億美元。即使在較低的估計下，這一可尋址機會也相當於博通上個季度生成的 AI 收入的五倍。</p>
</div><p>The good part is that Broadcom is in a solid position to corner the lion's share of this addressable market, since it is the dominant player in the market for custom chips, formally known as application-specific integrated circuits (ASICs). The company reportedly controls between 55% and 60% of this space, according to <strong>JPMorgan</strong>. So, there is a solid chance that Broadcom's AI-specific revenue could increase at an incredible pace over the next three years.</p>
<div class="lb-trans"><p>好的一面是，博通在這個可尋址市場中處於有利地位，因為它是定製芯片市場的主導者，正式稱為應用特定集成電路 (ASIC)。據 <strong>摩根大通</strong> 報道，該公司在這一領域的市場份額在 55% 到 60% 之間。因此，博通的 AI 特定收入在未來三年內以驚人的速度增長的機會相當大。</p>
</div><h2>Stronger earnings growth could lead to more upside</h2>
<div class="lb-trans"><h2>更強的盈利增長可能帶來更多上行空間</h2>
</div><p>Analysts have rushed to increase their growth expectations from Broadcom following its latest report. This is evident from the chart.</p>
<div class="lb-trans"><p>在博通發佈最新報告後，分析師們迅速提高了對其增長的預期。這在圖表中顯而易見。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/b3db0af6fe561c989700e20ec61da18c.png" alt="" original-src="https://media.ycharts.com/charts/b3db0af6fe561c989700e20ec61da18c.png"/></p>
<p>AVGO Revenue Estimates for Current Fiscal Year data by YCharts</p>
<div class="lb-trans"><p>AVGO 當前財年收入預估數據來源於 YCharts</p>
</div><p>The company's revenue in the current fiscal year, which began last month, is expected to jump 19% from the previous year's reading of $51.5 billion. Additionally, its bottom line is expected to jump by 28% to $6.25 per share, which would be a big increase over the previous fiscal year's earnings growth of 15%.</p>
<div class="lb-trans"><p>公司在當前財年（上個月開始）的收入預計將比去年 515 億美元的水平增長 19%。此外，其每股收益預計將增長 28%，達到 6.25 美元，這將比上個財年的 15% 的盈利增長有大幅提升。</p>
</div><p>However, there is a good chance that Broadcom may be able to clock faster growth than what analysts are expecting, considering the huge addressable opportunity, as well as its solid share of this market. That's why it won't be surprising to see Broadcom stock maintaining its red-hot rally in 2025 and beyond, as it is expected to maintain healthy double-digit growth rates over the next couple of fiscal years as well.</p>
<div class="lb-trans"><p>然而，考慮到巨大的可尋址機會以及其在市場中的穩固份額，博通有很大機會實現比分析師預期更快的增長。因此，博通股票在 2025 年及以後繼續保持其火熱的上漲趨勢並不令人驚訝，因為預計在未來幾個財年內仍將保持健康的兩位數增長率。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/c4f28d7873b2c0afc87df580f25e90a5.png" alt="" original-src="https://media.ycharts.com/charts/c4f28d7873b2c0afc87df580f25e90a5.png"/></p>
<p>AVGO Revenue Estimates for Next Fiscal Year data by YCharts</p>
<div class="lb-trans"><p>AVGO 下一財年收入預估數據來源於 YCharts</p>
</div><p>All this makes Broadcom a top AI stock to buy right now, especially considering that it has a price/earnings-to-growth ratio (PEG ratio) of just 0.72, per Yahoo Finance (based on the expected earnings growth it is forecast to deliver over the next five years). That's slightly lower than Nvidia's PEG ratio of 0.82.</p>
<div class="lb-trans"><p>所有這些使博通成為現在值得購買的頂級 AI 股票，尤其是考慮到其市盈率與增長比率 (PEG 比率) 僅為 0.72，依據 Yahoo Finance（基於預計未來五年的盈利增長）。這略低於英偉達的 PEG 比率 0.82。</p>
</div><p>So, investors looking for an alternative to Nvidia should consider taking a closer look at Broadcom, as it has the potential to deliver more gains and is slightly cheaper when compared to the expected growth that it is expected to clock over the next five years.</p>
<div class="lb-trans"><p>因此，尋找英偉達替代品的投資者應考慮更仔細地關注博通，因為它有潛力帶來更多收益，並且與預計的未來五年增長相比，價格略便宜。</p>
</div>

Missed Out on Nvidia: 1 No-Brainer Artificial Intelligence (AI) Stock to Buy Before It Crushes the Market in 2025, and Beyond

- Nvidia 在數據中心 GPU 市場佔有 90% 的份額，推動了投資者的增長。  
- Broadcom 第四季度收入同比增長 51%，預計 AI 收入將繼續增長。  
- 分析師上調 Broadcom 增長預期，預計未來幾年將保持健康的雙位數增長。  

錯過了 Nvidia：1 只在 2025 年及以後擊敗市場前必須購買的無腦人工智能（AI）股票