<p>自從特朗普總統在 4 月 2 日宣佈新的關税議程以來，股市一直經歷着劇烈的波動。尤其是科技股，因恐懼和不確定性而受到廣泛拋售的影響。</p>
<p>自本月初宣佈關税以來，截至 4 月 18 日，<strong>納斯達克綜合指數</strong> 已下跌 7.5%。</p>
<p>在關税消息公佈後，最初受到重大打擊的一隻納斯達克股票是半導體公司 <strong>博通</strong>（AVGO -2.19%）。股價一度下跌 20%，隨後反彈，目前實際下跌不到 1%。</p>
<p>該股票復甦的最大因素之一是公司最近宣佈的股票回購計劃。管理層表示，董事會批准在 12 月 31 日前回購最多 100 億美元的股票。</p>
<p>讓我們探討一下是什麼促使管理層考慮回購，以及投資者為何現在可能想要增持股票。</p>
<h2>儘管面臨關税的短期阻力，博通的未來依然光明</h2>
<p>我將這些關税政策視為美國談判新貿易協議的一種機制。在短期內，這種情況可能會在投資界造成混亂。目前關於哪些國家正在與特朗普政府討論新貿易協議以及這些談判的進展情況仍有很多未知數。</p>
<p>然而，聰明的投資者知道，不應過於分心於不斷變化的關税言辭。</p>
<p>相反，讓我們看看人工智能（AI）行業的一些長期利好因素，並探討大型科技公司所採取的舉措為何對博通有利。</p>
<ul>
<li><strong>雲計算巨頭：</strong> 幾個月前，大型科技公司公佈了 2024 年第四季度和全年財報。在 AI 領域最具影響力的開發者中，雲計算巨頭 <strong>微軟</strong>、<strong>亞馬遜</strong> 和 <strong>谷歌</strong> 名列其中。他們在 2025 年對 AI 基礎設施的支出預計將接近 2600 億美元。更重要的是，博通表示它已經與一些雲計算巨頭合作。這一點非常重要，因為數據中心基礎設施支出的增加應該對博通的網絡和定製硅服務形成利好。</li>
<li><strong>Meta Platforms：</strong> 計劃在今年增加資本支出的 “七大巨頭” 之一是 Meta Platforms。管理層預測，今年的資本支出可能高達 650 億美元，比去年增加 67%。在過去幾年中，Meta 的一個重點是設計自己的硅芯片，以減少對 <strong>英偉達</strong> 芯片組的過度依賴。Meta 一直在與博通合作這個項目，考慮到該公司似乎在加大對 AI 的投入，我認為持續的基礎設施支出對博通來説是一個重大利好。</li>
</ul>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTQ5MjgvZ2V0dHlpbWFnZXMtMTE0ODE5NjIwMS0yLmpwZyZ3PTcwMA?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTQ5MjgvZ2V0dHlpbWFnZXMtMTE0ODE5NjIwMS0yLmpwZyZ3PTcwMA"/></p>
<p>圖片來源：Getty Images。</p>
<h2>為什麼現在是購買博通股票的好時機</h2>
<p>儘管博通股票在過去兩週有所回升，但截至目前，股價仍下跌 26%。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/97be49cd8a9414cf0059257eeda63229.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/97be49cd8a9414cf0059257eeda63229.png"/></p>
<p>數據來源於 YCharts。</p>
<p>股票回購有時可以被解讀為管理層認為股票被低估的信號。如上圖所示，博通的持續拋售使公司的估值降至約一年以來的最低水平，基於前瞻市盈率（P/E）倍數。</p>
<p>上述估值壓縮可能表明股票被超賣，但我認為現在有一個更微妙的理由可以抓住股票。</p>
<p>回購計劃可能需要幾個季度，甚至幾年才能完成。但如上所述，博通當前的 100 億美元回購計劃僅持續到年底。無論公司是否回購全部 100 億美元，管理層在未來八個月內只要股價相較歷史水平仍然低迷，極有可能會回購一些股票。</p>
<p>當你考慮到博通因 AI 最大領導者持續的基礎設施和數據中心支出而展現出的強勁前景時，股票現在看起來就像是一個便宜的選擇。儘管面臨關税帶來的短期波動，現在是購買這隻領先的 AI 成長股的機會。</p>

博通

<p>博通（AVGO）在市場因新關税而波動的情況下宣佈了 100 億美元的股票回購，這導致其股價最初下跌了 20%。儘管最近有所回升，但該股票今年仍下跌了 26%。此次回購表明管理層認為股票被低估。隨着主要科技公司在人工智能領域的大規模基礎設施支出，博通的前景依然強勁，使其在短期不確定性中仍然成為一個潛在的吸引人投資機會</p>

<p>Ever since President Donald Trump announced a new tariff agenda on April 2, the stock market has been experiencing outsized volatility. Technology stocks in particular have been vulnerable to widespread selling, driven by fear and uncertainty.</p>
<div class="lb-trans"><p>自從特朗普總統在 4 月 2 日宣佈新的關税議程以來，股市一直經歷着劇烈的波動。尤其是科技股，因恐懼和不確定性而受到廣泛拋售的影響。</p>
</div><p>Since the tariffs were announced earlier this month, the <strong>Nasdaq Composite</strong> has fallen 7.5% as of April 18.</p>
<div class="lb-trans"><p>自本月初宣佈關税以來，截至 4 月 18 日，<strong>納斯達克綜合指數</strong> 已下跌 7.5%。</p>
</div><p>One Nasdaq stock that initially took a big hit following the tariff news is semiconductor company <strong>Broadcom</strong>(AVGO -2.19%). Shares fell as much as 20% before rebounding, and they're actually down less than 1% as of this writing.</p>
<div class="lb-trans"><p>在關税消息公佈後，最初受到重大打擊的一隻納斯達克股票是半導體公司 <strong>博通</strong>（AVGO -2.19%）。股價一度下跌 20%，隨後反彈，目前實際下跌不到 1%。</p>
</div><p>One of the biggest contributors to the stock's recovery was the company's recent stock buyback announcement. According to management, the board of directors approved the repurchase of up to $10 billion in shares through Dec. 31.</p>
<div class="lb-trans"><p>該股票復甦的最大因素之一是公司最近宣佈的股票回購計劃。管理層表示，董事會批准在 12 月 31 日前回購最多 100 億美元的股票。</p>
</div><p>Let's explore what may have compelled management to explore a buyback and why investors may want to consider adding shares right now.</p>
<div class="lb-trans"><p>讓我們探討一下是什麼促使管理層考慮回購，以及投資者為何現在可能想要增持股票。</p>
</div><h2>Despite near-term headwinds from tariffs, Broadcom's future still looks bright</h2>
<div class="lb-trans"><h2>儘管面臨關税的短期阻力，博通的未來依然光明</h2>
</div><p>I see these tariff policies as a mechanism for the U.S. to negotiate new trade deals. In the near term, a situation like this can cause chaos in the investment world. There are a lot of unknowns about which countries are currently discussing new trade deals with the Trump administration and where these various negotiations stand.</p>
<div class="lb-trans"><p>我將這些關税政策視為美國談判新貿易協議的一種機制。在短期內，這種情況可能會在投資界造成混亂。目前關於哪些國家正在與特朗普政府討論新貿易協議以及這些談判的進展情況仍有很多未知數。</p>
</div><p>However, smart investors know better than to get too distracted by the constantly changing tariff rhetoric.</p>
<div class="lb-trans"><p>然而，聰明的投資者知道，不應過於分心於不斷變化的關税言辭。</p>
</div><p>Rather, let's look at some of the secular tailwinds in the artificial intelligence (AI) industry and explore why the moves that big tech is making bode well for Broadcom.</p>
<div class="lb-trans"><p>相反，讓我們看看人工智能（AI）行業的一些長期利好因素，並探討大型科技公司所採取的舉措為何對博通有利。</p>
</div><ul>
<li><strong>Cloud hyperscalers:</strong> A few months ago, big tech reported earnings for the fourth quarter and full calendar year 2024. Among AI's most influential developers are cloud hyperscalers <strong>Microsoft</strong>, <strong>Amazon</strong>, and <strong>Alphabet</strong>. Their spending on AI infrastructure in 2025 alone is expected to be nearly $260 billion. What's even better is that Broadcom has said it already works with some of the hyperscalers. This is important because rising infrastructure spending for data centers should be a tailwind for Broadcom's networking and custom silicon services.</li>
<li><strong>Meta Platforms:</strong> Another member of the &#34;Magnificent Seven&#34; that plans to ratchet up its capital expenditures (capex) this year is Meta Platforms. Management forecasts it could spend up to $65 billion in capex this year, a 67% increase from last year. A big focus for Meta over the last couple of years has been designing its own silicon in an effort to move away from an overreliance on <strong>Nvidia</strong> chipsets. Meta has been working with Broadcom on this project, and given that the company appears to be doubling down on its AI ambitions, I see the ongoing infrastructure spending as a major positive for Broadcom.</li>
</ul>
<div class="lb-trans"><ul>
<li><strong>雲計算巨頭：</strong> 幾個月前，大型科技公司公佈了 2024 年第四季度和全年財報。在 AI 領域最具影響力的開發者中，雲計算巨頭 <strong>微軟</strong>、<strong>亞馬遜</strong> 和 <strong>谷歌</strong> 名列其中。他們在 2025 年對 AI 基礎設施的支出預計將接近 2600 億美元。更重要的是，博通表示它已經與一些雲計算巨頭合作。這一點非常重要，因為數據中心基礎設施支出的增加應該對博通的網絡和定製硅服務形成利好。</li>
<li><strong>Meta Platforms：</strong> 計劃在今年增加資本支出的 “七大巨頭” 之一是 Meta Platforms。管理層預測，今年的資本支出可能高達 650 億美元，比去年增加 67%。在過去幾年中，Meta 的一個重點是設計自己的硅芯片，以減少對 <strong>英偉達</strong> 芯片組的過度依賴。Meta 一直在與博通合作這個項目，考慮到該公司似乎在加大對 AI 的投入，我認為持續的基礎設施支出對博通來説是一個重大利好。</li>
</ul>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTQ5MjgvZ2V0dHlpbWFnZXMtMTE0ODE5NjIwMS0yLmpwZyZ3PTcwMA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F814928%2Fgettyimages-1148196201-2.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>Why now is a great time to buy Broadcom stock</h2>
<div class="lb-trans"><h2>為什麼現在是購買博通股票的好時機</h2>
</div><p>Despite the recovery in Broadcom shares over the last two weeks, the stock is still down 26% so far this year.</p>
<div class="lb-trans"><p>儘管博通股票在過去兩週有所回升，但截至目前，股價仍下跌 26%。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/97be49cd8a9414cf0059257eeda63229.png" alt="" original-src="https://media.ycharts.com/charts/97be49cd8a9414cf0059257eeda63229.png"/></p>
<p>Data by YCharts.</p>
<div class="lb-trans"><p>數據來源於 YCharts。</p>
</div><p>Stock buybacks can sometimes be interpreted as a sign that management believes shares are undervalued. As the chart above illustrates, the ongoing sell-off in Broadcom has brought the company's valuation to its lowest level in about a year based on a forward price-to-earnings (P/E) multiple.</p>
<div class="lb-trans"><p>股票回購有時可以被解讀為管理層認為股票被低估的信號。如上圖所示，博通的持續拋售使公司的估值降至約一年以來的最低水平，基於前瞻市盈率（P/E）倍數。</p>
</div><p>The valuation compression seen above might suggest the stock is oversold, but I see a more subtle reason to pounce on shares right now.</p>
<div class="lb-trans"><p>上述估值壓縮可能表明股票被超賣，但我認為現在有一個更微妙的理由可以抓住股票。</p>
</div><p>Buyback programs can take several quarters, or even years, to complete. But as mentioned above, Broadcom's current $10 billion repurchase program only runs through the end of the year. Whether the company buys back the full $10 billion or not, it's highly likely management will be repurchase some shares over the next eight months as long as they remain depressed compared to historical levels.</p>
<div class="lb-trans"><p>回購計劃可能需要幾個季度，甚至幾年才能完成。但如上所述，博通當前的 100 億美元回購計劃僅持續到年底。無論公司是否回購全部 100 億美元，管理層在未來八個月內只要股價相較歷史水平仍然低迷，極有可能會回購一些股票。</p>
</div><p>When you also factor in Broadcom's robust prospects thanks to ongoing infrastructure and data center spending by AI's biggest leaders, the stock ends up looking like a bargain right now. Despite the near-term volatility from tariffs, now is an opportunity to buy the dip in this leading AI growth stock.</p>
<div class="lb-trans"><p>當你考慮到博通因 AI 最大領導者持續的基礎設施和數據中心支出而展現出的強勁前景時，股票現在看起來就像是一個便宜的選擇。儘管面臨關税帶來的短期波動，現在是購買這隻領先的 AI 成長股的機會。</p>
</div>

在納斯達克拋售期間值得大力買入的人工智能股票回購股票