<p><strong>英偉達</strong>(NVDA -2.20%) 繼續主導進入人工智能 (AI) 數據中心的芯片市場。該公司剛剛報告了又一個巨大的增長季度，股票接近歷史新高。</p>
<p>仍然有理由購買英偉達的股票，但投資者不應將所有資金投入一個籃子裏（無意雙關）。英偉達並沒有捕捉到所有的 AI 半導體需求。像 <strong>Alphabet</strong> 的 Google 和 <strong>亞馬遜</strong> 這樣的超大規模公司正在為其雲服務設計特定 AI 工作負載的定製芯片，這為其他領先的半導體公司創造了巨大的增長。</p>
<p><strong>博通</strong>(AVGO -2.90%) 和 <strong>台積電</strong>(TSM -2.04%) 的股票最近分別上漲了 73% 和 29%——兩者均超過了英偉達過去一年 18% 的回報。這些芯片股票可以擴大您對數據中心市場中 AI 芯片日益增長需求的投資。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjE0MjgvYXJ0aWZpY2lhbC1pbnRlbGxpZ2VuY2UtY2hpcC1idWxsLW1hcmtldC5qcGcmdz03MDA?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="700" height="393" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjE0MjgvYXJ0aWZpY2lhbC1pbnRlbGxpZ2VuY2UtY2hpcC1idWxsLW1hcmtldC5qcGcmdz03MDA"/></p>
<p>圖片來源：Getty Images。</p>
<h2>1. 博通</h2>
<p>博通是定製 AI 加速器 (XPUs) 和數據中心及其他市場的網絡解決方案的頂級供應商。其網絡業務提供幫助以高速移動數據的組件，這在超大規模公司轉向更先進的 AI 工作負載時至關重要。</p>
<p>博通已連續五個季度實現 20% 或更高的收入增長。具體而言，最近一個季度與 AI 相關的收入同比增長了 46%。博通將這一增長轉化為強勁的利潤，上個季度自由現金流達到 64 億美元，收入的高達 43% 的利潤率。</p>
<p>包括博通的以太網網絡產品在內的 AI 網絡收入同比增長了 170%，幾乎佔其 AI 總收入的一半。這一網絡領域的驚人增長表明，為創造下一波 AI 應用和服務，計算能力正在大幅提升。</p>
<p>博通還提供 XPUs，這些芯片在特定工作負載上比英偉達的通用芯片更具成本效益。博通預計至少有三家客户將在 2027 年之前部署 100 萬個定製的 AI 加速集羣，並在上次財報電話會議上報告稱，這些大型超大規模公司在近期繼續投資的計劃是 “堅定不移” 的。</p>
<p>定製芯片需求的長期前景應在未來幾年支持股東回報。事實上，管理層預計定製 XPU 的需求將在 2026 年之前加速。該股票並不便宜，前瞻市盈率為 38，但這一機會可能值得這一溢價。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjE0MjgvdGFpd2FuLXNlbWljb25kdWN0b3ItdHNtYy1mYWJyaWNhdGlvbi1vZi1zZW1pY29uZHVjdG9yLWNoaXAtd2FmZXJzX3RzbWMuanBnJnc9NzAw?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="700" height="420" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjE0MjgvdGFpd2FuLXNlbWljb25kdWN0b3ItdHNtYy1mYWJyaWNhdGlvbi1vZi1zZW1pY29uZHVjdG9yLWNoaXAtd2FmZXJzX3RzbWMuanBnJnc9NzAw"/></p>
<p>圖片來源：台積電。</p>
<h2>2. 台積電</h2>
<p>台積電（也稱為 TSMC）在全球芯片行業供應鏈中扮演着至關重要的角色。根據 Counterpoint 的數據，它是最大的芯片代工廠，市場份額超過 65%。它為多家公司製造芯片，包括英偉達、博通、<strong>超威半導體</strong> 和 <strong>蘋果</strong>，以及超大規模公司。</p>
<p>在一個巨大的季度後，股票飆升至新高，期間以美元計的收入同比增長 35%。儘管由於季節性需求趨勢，智能手機收入疲軟，佔公司收入的四分之一以上，但這一強勁增長依然顯著。</p>
<p>台積電在尖端芯片製造技術上投資了數十年，以滿足客户對世界上最先進芯片的需求。其競爭優勢基於卓越的製造能力和巨大的芯片製造能力，使其每年能夠生產超過 1600 萬片 12 英寸等效晶圓。這些優勢使台積電在過去 12 個月內實現了高達 41% 的利潤率。</p>
<p>台積電計劃在 2025 年將其芯片 - 晶圓 - 基板 (CoWoS) 的產能翻倍，表明對英偉達和其他客户所面臨的需求的支持正在增長。台積電最近宣佈了一項 1650 億美元的重大投資，以在美國啓動新的製造設施，並在其他地區擴展計劃。</p>
<p>AI 加速器收入在 2024 年增長了三倍，管理層預計在 2025 年將翻倍。到 2029 年，該公司預計 AI 芯片的需求將以超過 40% 的年化率增長。</p>
<p>目前，台積電的股票可能是芯片股票中最具價值的。該股票的交易價格僅為 2025 年收益預期的 23 倍，儘管分析師預計年化收益增長為 21%。雖然對於芯片股票而言，超過 20 的收益倍數在歷史上被認為是昂貴的，但這些公司正在經歷一次千載難逢的增長潮，可能會在本十年末為投資者帶來優異的回報。</p>

博通

英偉達

台積電

2 倍做多英偉達 ETF - GraniteShares

南方兩倍做多英偉達

南方兩倍做空英偉達

英偉達期權收益策略 ETF - YieldMax

1 倍做空英偉達 ETF - Direxion

2 倍做多 NVDA ETF - T-Rex

2 倍做空 NVDA ETF - T-Rex

<p>英偉達在人工智能芯片需求方面繼續領先，報告了顯著增長，接近歷史最高水平。然而，投資者被建議進行多元化投資，因為博通和台積電等公司也在人工智能熱潮中受益。博通的人工智能相關收入同比激增 46%，而作為最大的芯片代工廠，台積電報告了 35% 的收入增長。這兩家公司在定製人工智能芯片的未來增長中處於良好位置，台積電計劃進行大量投資以滿足不斷增長的需求</p>

<p><strong>Nvidia</strong>(NVDA -2.20%) continues to dominate the lion's share of the chips going into data centers for artificial intelligence (AI). The company just reported another monster quarter of growth, and the stock is closing in on new all-time highs.</p>
<div class="lb-trans"><p><strong>英偉達</strong>(NVDA -2.20%) 繼續主導進入人工智能 (AI) 數據中心的芯片市場。該公司剛剛報告了又一個巨大的增長季度，股票接近歷史新高。</p>
</div><p>There's still a case for buying Nvidia stock, but investors shouldn't put all their chips in one basket (no pun intended). Nvidia is not capturing all the demand for AI semiconductors. Hyperscalers like <strong>Alphabet</strong>'s Google and <strong>Amazon</strong> are designing custom chips for specific AI workloads in their cloud services, and this is creating tremendous growth for other leading semiconductor companies.</p>
<div class="lb-trans"><p>仍然有理由購買英偉達的股票，但投資者不應將所有資金投入一個籃子裏（無意雙關）。英偉達並沒有捕捉到所有的 AI 半導體需求。像 <strong>Alphabet</strong> 的 Google 和 <strong>亞馬遜</strong> 這樣的超大規模公司正在為其雲服務設計特定 AI 工作負載的定製芯片，這為其他領先的半導體公司創造了巨大的增長。</p>
</div><p>Shares of <strong>Broadcom</strong>(AVGO -2.90%) and <strong>Taiwan Semiconductor Manufacturing</strong>(TSM -2.04%) recently were up 73% and 29%, respectively -- both outperforming Nvidia's 18% return over the last year. These chip stocks can broaden your exposure to the growing demand for AI chips across the data center market.</p>
<div class="lb-trans"><p><strong>博通</strong>(AVGO -2.90%) 和 <strong>台積電</strong>(TSM -2.04%) 的股票最近分別上漲了 73% 和 29%——兩者均超過了英偉達過去一年 18% 的回報。這些芯片股票可以擴大您對數據中心市場中 AI 芯片日益增長需求的投資。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjE0MjgvYXJ0aWZpY2lhbC1pbnRlbGxpZ2VuY2UtY2hpcC1idWxsLW1hcmtldC5qcGcmdz03MDA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F821428%2Fartificial-intelligence-chip-bull-market.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>1. Broadcom</h2>
<div class="lb-trans"><h2>1. 博通</h2>
</div><p>Broadcom is a top supplier of custom AI accelerators (XPUs) and networking solutions for data centers and other markets. Its networking business supplies components that help move data at high speeds, which is vital as hyperscalers shift to more advanced AI workloads.</p>
<div class="lb-trans"><p>博通是定製 AI 加速器 (XPUs) 和數據中心及其他市場的網絡解決方案的頂級供應商。其網絡業務提供幫助以高速移動數據的組件，這在超大規模公司轉向更先進的 AI 工作負載時至關重要。</p>
</div><p>Broadcom has reported five consecutive quarters of 20% or more revenue growth. Specifically, AI-related revenue jumped 46% year over year in the most recent quarter. Broadcom is turning this growth into strong profits, with free cash flow reaching $6.4 billion last quarter, representing a high 43% margin on revenue.</p>
<div class="lb-trans"><p>博通已連續五個季度實現 20% 或更高的收入增長。具體而言，最近一個季度與 AI 相關的收入同比增長了 46%。博通將這一增長轉化為強勁的利潤，上個季度自由現金流達到 64 億美元，收入的高達 43% 的利潤率。</p>
</div><p>AI networking revenue, including Broadcom's Ethernet networking products, grew 170% year over year, representing nearly half of its total revenue from AI. This incredible growth in networking signals a massive ramp in computing power to create the next wave of AI applications and services.</p>
<div class="lb-trans"><p>包括博通的以太網網絡產品在內的 AI 網絡收入同比增長了 170%，幾乎佔其 AI 總收入的一半。這一網絡領域的驚人增長表明，為創造下一波 AI 應用和服務，計算能力正在大幅提升。</p>
</div><p>Broadcom is also supplying XPUs, which are more cost-efficient for specific workloads than Nvidia's general-purpose chips. Broadcom sees at least three customers deploying 1 million custom AI-accelerated clusters by 2027, and it reported on the last earnings call that these large hyperscalers are &#34;unwavering&#34; in their plans to continue investing in the near term.</p>
<div class="lb-trans"><p>博通還提供 XPUs，這些芯片在特定工作負載上比英偉達的通用芯片更具成本效益。博通預計至少有三家客户將在 2027 年之前部署 100 萬個定製的 AI 加速集羣，並在上次財報電話會議上報告稱，這些大型超大規模公司在近期繼續投資的計劃是 “堅定不移” 的。</p>
</div><p>The long-term outlook for custom chip demand should support shareholder returns over the next several years. In fact, management expects custom XPU demand to accelerate through 2026. The stock isn't cheap, trading at a forward price-to-earnings multiple of 38, but the opportunity could justify the premium.</p>
<div class="lb-trans"><p>定製芯片需求的長期前景應在未來幾年支持股東回報。事實上，管理層預計定製 XPU 的需求將在 2026 年之前加速。該股票並不便宜，前瞻市盈率為 38，但這一機會可能值得這一溢價。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjE0MjgvdGFpd2FuLXNlbWljb25kdWN0b3ItdHNtYy1mYWJyaWNhdGlvbi1vZi1zZW1pY29uZHVjdG9yLWNoaXAtd2FmZXJzX3RzbWMuanBnJnc9NzAw" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F821428%2Ftaiwan-semiconductor-tsmc-fabrication-of-semiconductor-chip-wafers_tsmc.jpg&amp;op=resize&amp;w=700"/></p>
<p>Image source: Taiwan Semiconductor Manufacturing.</p>
<div class="lb-trans"><p>圖片來源：台積電。</p>
</div><h2>2. Taiwan Semiconductor Manufacturing</h2>
<div class="lb-trans"><h2>2. 台積電</h2>
</div><p>Taiwan Semiconductor Manufacturing (also known as TSMC) plays a vital role in the global supply chain for the chip industry. It's the largest chip foundry, with more than 65% market share, according to Counterpoint. It makes chips for several companies, including Nvidia, Broadcom, <strong>Advanced Micro Devices</strong>, and <strong>Apple</strong>, as well as hyperscalers.</p>
<div class="lb-trans"><p>台積電（也稱為 TSMC）在全球芯片行業供應鏈中扮演着至關重要的角色。根據 Counterpoint 的數據，它是最大的芯片代工廠，市場份額超過 65%。它為多家公司製造芯片，包括英偉達、博通、<strong>超威半導體</strong> 和 <strong>蘋果</strong>，以及超大規模公司。</p>
</div><p>The stock is surging to new highs following a monster quarter, during which revenue in U.S. dollars grew 35% year over year. This strong growth was despite weak smartphone revenue in the quarter, representing over a quarter of the company's revenue, due to seasonal demand trends.</p>
<div class="lb-trans"><p>在一個巨大的季度後，股票飆升至新高，期間以美元計的收入同比增長 35%。儘管由於季節性需求趨勢，智能手機收入疲軟，佔公司收入的四分之一以上，但這一強勁增長依然顯著。</p>
</div><p>TSMC has spent decades investing in cutting-edge chip-making technology to meet customer needs for the world's most advanced chips. Its competitive advantage is based on superior manufacturing capabilities and massive chip-making capacity, enabling it to make more than 16 million 12-inch equivalent wafers annually. These advantages enabled TSMC to earn a sky-high profit margin of 41% on a trailing-12-month basis.</p>
<div class="lb-trans"><p>台積電在尖端芯片製造技術上投資了數十年，以滿足客户對世界上最先進芯片的需求。其競爭優勢基於卓越的製造能力和巨大的芯片製造能力，使其每年能夠生產超過 1600 萬片 12 英寸等效晶圓。這些優勢使台積電在過去 12 個月內實現了高達 41% 的利潤率。</p>
</div><p>TSMC is planning to double its chip-on-wafer-on-substrate (CoWoS) capacity in 2025, indicating growing support for the demand that Nvidia and other customers are experiencing. TSMC recently announced a substantial investment of $165 billion to launch new manufacturing facilities in the U.S., in addition to expansion plans in other geographies.</p>
<div class="lb-trans"><p>台積電計劃在 2025 年將其芯片 - 晶圓 - 基板 (CoWoS) 的產能翻倍，表明對英偉達和其他客户所面臨的需求的支持正在增長。台積電最近宣佈了一項 1650 億美元的重大投資，以在美國啓動新的製造設施，並在其他地區擴展計劃。</p>
</div><p>AI accelerator revenue tripled in 2024, and management expects it to double in 2025. Through 2029, the company expects demand for AI chips to grow at an annualized rate topping 40%.</p>
<div class="lb-trans"><p>AI 加速器收入在 2024 年增長了三倍，管理層預計在 2025 年將翻倍。到 2029 年，該公司預計 AI 芯片的需求將以超過 40% 的年化率增長。</p>
</div><p>Taiwan Semiconductor shares may be the best value among chip stocks right now. The stock trades at just 23 times 2025 earnings estimates, despite analysts expecting 21% annualized earnings growth. While earnings multiples above 20 are historically expensive for chip stocks, these companies are experiencing a once-in-a-generation growth spurt that will likely deliver excellent returns to investors through the end of the decade.</p>
<div class="lb-trans"><p>目前，台積電的股票可能是芯片股票中最具價值的。該股票的交易價格僅為 2025 年收益預期的 23 倍，儘管分析師預計年化收益增長為 21%。雖然對於芯片股票而言，超過 20 的收益倍數在歷史上被認為是昂貴的，但這些公司正在經歷一次千載難逢的增長潮，可能會在本十年末為投資者帶來優異的回報。</p>
</div>

Should You Buy Nvidia? These Chip Stocks Are Soaring as AI Demand Remains Hot.

- Nvidia 在人工智能數據中心芯片市場佔據主導地位。  
- Broadcom 和台積電分別實現 73% 和 29% 的股價增長。  
- 預計 AI 芯片需求將以超過 40% 的年增長率增長。  

你是否應該購買英偉達？隨着人工智能需求持續旺盛，這些芯片股票正在大幅上漲