<p><strong>英偉達</strong>(NVDA 0.87%) 和 <strong>博通</strong>(AVGO 0.71%) 是人工智能 (AI) 半導體領域的領先企業，這兩家芯片設計公司在各自的細分市場中佔據主導地位。</p>
<p>英偉達控制着數據中心圖形處理單元 (GPU) 的市場，這一市場因訓練 AI 模型所需的大量計算能力而蓬勃發展。另一方面，博通在定製 AI 處理器市場中佔據了絕大部分份額，該市場因 AI 推理而逐漸受到關注。</p>
<p>然而，在過去一年中，這兩隻股票在市場上的表現截然不同，博通的漲幅為 45%，遠遠超過英偉達的 9% 的漲幅。這是否意味着博通是兩者中更好的 AI 股票？讓我們來看看。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjE5NTUvYWktd3JpdHRlbi1vbi1jaXJjdWl0LWJvYXJkLmpwZyZ3PTcwMA?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="700" height="376" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjE5NTUvYWktd3JpdHRlbi1vbi1jaXJjdWl0LWJvYXJkLmpwZyZ3PTcwMA"/></p>
<p>圖片來源：Getty Images。</p>
<h2>支持博通的理由</h2>
<p>博通的定製 AI 處理器目前需求旺盛，因為雲計算巨頭正在大量部署這些處理器用於 AI 推理（即經過訓練的 AI 模型根據新數據得出結論）。預計到 2027 年，該公司將有三家客户在其雲集羣中各自部署超過 100 萬個定製 AI 處理器。</p>
<p>這將比去年每個雲集羣中客户部署的 30,000 個定製 AI 處理器大幅增長。</p>
<p>其定製 AI 處理器需求如此旺盛的原因在於，與 GPU 相比，它們在執行設計任務時更高效，從而降低了運營成本。有報告顯示，該公司的定製 AI 芯片速度可比 GPU 快兩到三倍，並且功耗降低了 30%。</p>
<p>這就是為什麼像 <strong>Meta Platforms</strong>、<strong>微軟</strong>、<strong>Alphabet</strong> 的 Google、<strong>亞馬遜</strong> 等超大規模雲計算公司一直在為其服務器構建定製 AI 芯片。而使用博通 AI 芯片的客户數量預計將從目前的三家增加到七家。該芯片製造商目前為 Alphabet、Meta 和字節跳動設計芯片，並且有跡象表明它可能會將 <strong>Oracle</strong>、xAI 和 <strong>軟銀</strong> 等公司納入其客户名單。</p>
<p>該公司 AI 客户基礎的潛在擴展可能有助於其維持在定製 AI 處理器市場中令人印象深刻的 70% 市場份額。考慮到定製 AI 芯片市場預計到 2030 年將實現 32% 的年增長率，這可能為長期的卓越收入增長鋪平道路。</p>
<p>毫不奇怪，分析師們已經開始上調博通未來幾個財年的收入預期。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/59af19fbd17a2f420a5fa82112d9703c.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="720" height="380" original-src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/59af19fbd17a2f420a5fa82112d9703c.png"/></p>
<p>AVGO 當前財年的收入預期數據來源於 YCharts。</p>
<p>因此，博通可能會在長期內繼續成為頂級 AI 股票，因為它正在建立一個穩固的客户基礎，並且正在充分利用定製 AI 芯片的豐厚機會，得益於其出色的市場份額。但這是否足以幫助其股票的上漲幅度超過英偉達呢？</p>
<h2>支持英偉達的理由</h2>
<p>儘管博通銷售的定製芯片在處理 AI 工作負載方面的受歡迎程度不斷上升，但英偉達銷售的 GPU 的需求依然強勁。該公司最新的季度報告顯示，收入同比增長 69%，達到 441 億美元。這一增幅快於博通上一季度 20% 的收入增長。</p>
<p>英偉達的數據中心收入同比增長 73%，得益於其 Blackwell AI 芯片的需求。相比之下，博通的 AI 收入增長相對較慢，為 46%。</p>
<p>因此，儘管英偉達的收入基數更大，但其增長速度遠快於博通。英偉達之所以繼續在 AI 芯片領域佔據主導地位，是因為它專注於提高 GPU 的推理性能，這幫助其客户降低了運營成本。</p>
<p>在 AI 收入方面，英偉達仍然遙遙領先於競爭對手，數據中心 GPU 的市場份額超過 90%。這使得公司在未來很長一段時間內能夠維持其令人印象深刻的增長水平。</p>
<p>麥肯錫預測，到 2030 年，全球在 AI 數據中心的投資將達到 5.2 萬億美元。這將為公司的數據中心業務提供充足的增長空間，去年財年的水平為 1150 億美元。這一豐厚的機會解釋了為什麼英偉達預計將與博通的預期增長持平，甚至超過博通。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/9d31b31ccbf8c30f8aa2f38e30820e15.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="720" height="380" original-src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/9d31b31ccbf8c30f8aa2f38e30820e15.png"/></p>
<p>NVDA 當前財年的收入預期數據來源於 YCharts。</p>
<p>此外，英偉達的 AI 機會不僅限於數據中心。該公司的遊戲和 AI 個人電腦 (PC) 業務在上一季度同比增長 42%。其汽車業務的銷售增長了 72%。</p>
<p>預計這兩個市場的 AI 採用率將以良好的速度增長，前景廣闊。</p>
<h2>結論</h2>
<p>AI 給博通和英偉達帶來了提升。但後者是多個終端市場對 AI 芯片巨大需求的更大受益者，而前者才剛剛起步。此外，如上所述，儘管英偉達是一家更大的公司，但其增長仍優於博通。</p>
<p>更重要的是，儘管英偉達的增長更強勁，但其估值仍低於博通。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/35a380ba86e060fa52ef8c796646eb7a.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="720" height="380" original-src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/35a380ba86e060fa52ef8c796646eb7a.png"/></p>
<p>AVGO 市盈率數據來源於 YCharts；市盈率 = 價格與收益比。</p>
<p>因此，儘管博通股票在過去一年中可能表現優於英偉達，但兩家公司在估值和增長特徵上的差異表明，後者現在是更好的 AI 股票。如果你在這兩隻 AI 股票中選擇投資，英偉達看起來是更好的選擇，儘管博通也不容小覷，因為它正在探索 AI 芯片這一巨大機會的表面。</p>

英偉達

博通

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

半導體 3 倍做多 - Direxion

<p>英偉達和博通是人工智能半導體市場的關鍵參與者，其中英偉達在數據中心 GPU 領域處於領先地位，而博通則專注於定製 AI 處理器。博通的股票在過去一年中上漲了 45%，這得益於其高效 AI 芯片的強勁需求，而英偉達的股票則上漲了 9%。分析師預測博通將保持其市場份額和收入增長，但英偉達更快的收入增長以及在數據中心 GPU 領域的主導地位表明，它也可能具有顯著的上行潛力。這兩家公司在人工智能領域的未來增長中都處於良好位置</p>

<p><strong>Nvidia</strong>(NVDA 0.87%) and <strong>Broadcom</strong>(AVGO 0.71%) are the leading players in the artificial intelligence (AI) semiconductor space, with both chip designers being the dominant forces in their respective niches.</p>
<div class="lb-trans"><p><strong>英偉達</strong>(NVDA 0.87%) 和 <strong>博通</strong>(AVGO 0.71%) 是人工智能 (AI) 半導體領域的領先企業，這兩家芯片設計公司在各自的細分市場中佔據主導地位。</p>
</div><p>Nvidia controls the market for data center graphics processing units (GPUs), which has been thriving thanks to the need for massive computing power required to train AI models. Broadcom, on the other hand, commands the lion's share of the custom AI processor market, which has been gaining traction because of AI inference.</p>
<div class="lb-trans"><p>英偉達控制着數據中心圖形處理單元 (GPU) 的市場，這一市場因訓練 AI 模型所需的大量計算能力而蓬勃發展。另一方面，博通在定製 AI 處理器市場中佔據了絕大部分份額，該市場因 AI 推理而逐漸受到關注。</p>
</div><p>However, both stocks have witnessed divergent fortunes on the market in the past year, with Broadcom's gains of 45% significantly outpacing Nvidia's jump of 9%. Does this make Broadcom the better AI stock of the two? Let's find out.</p>
<div class="lb-trans"><p>然而，在過去一年中，這兩隻股票在市場上的表現截然不同，博通的漲幅為 45%，遠遠超過英偉達的 9% 的漲幅。這是否意味着博通是兩者中更好的 AI 股票？讓我們來看看。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjE5NTUvYWktd3JpdHRlbi1vbi1jaXJjdWl0LWJvYXJkLmpwZyZ3PTcwMA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F821955%2Fai-written-on-circuit-board.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 case for Broadcom</h2>
<div class="lb-trans"><h2>支持博通的理由</h2>
</div><p>Broadcom's custom AI processors are in great demand right now as they are being deployed in huge numbers by cloud hyperscalers for AI inferencing (where a trained AI model draws conclusions based on new data). The company has three customers that are expected to deploy more than 1 million units each of its custom AI processors in their cloud clusters in 2027.</p>
<div class="lb-trans"><p>博通的定製 AI 處理器目前需求旺盛，因為雲計算巨頭正在大量部署這些處理器用於 AI 推理（即經過訓練的 AI 模型根據新數據得出結論）。預計到 2027 年，該公司將有三家客户在其雲集羣中各自部署超過 100 萬個定製 AI 處理器。</p>
</div><p>That would be a big jump over the 30,000 units of its custom AI processors deployed in each cloud cluster by its customers last year.</p>
<div class="lb-trans"><p>這將比去年每個雲集羣中客户部署的 30,000 個定製 AI 處理器大幅增長。</p>
</div><p>The reason its custom AI processors are in such great demand is because of their ability to perform the tasks they are designed for more efficiently when compared to GPUs, thereby lowering the operating cost. Reports suggest that the company's custom AI chips can be two to three times faster than GPUs, and they consume 30% less power.</p>
<div class="lb-trans"><p>其定製 AI 處理器需求如此旺盛的原因在於，與 GPU 相比，它們在執行設計任務時更高效，從而降低了運營成本。有報告顯示，該公司的定製 AI 芯片速度可比 GPU 快兩到三倍，並且功耗降低了 30%。</p>
</div><p>This is the reason hyperscalers such as <strong>Meta Platforms</strong>, <strong>Microsoft</strong>, <strong>Alphabet</strong>'s Google, <strong>Amazon</strong>, and others have been building custom AI chips for their servers. And the number of customers using Broadcom's AI chips is likely to go up to seven from the current three. The chipmaker reportedly designs chips for Alphabet, Meta, and ByteDance at present, and there are indications that it could add the likes of <strong>Oracle</strong>, xAI, and <strong>SoftBank</strong> to its list as well.</p>
<div class="lb-trans"><p>這就是為什麼像 <strong>Meta Platforms</strong>、<strong>微軟</strong>、<strong>Alphabet</strong> 的 Google、<strong>亞馬遜</strong> 等超大規模雲計算公司一直在為其服務器構建定製 AI 芯片。而使用博通 AI 芯片的客户數量預計將從目前的三家增加到七家。該芯片製造商目前為 Alphabet、Meta 和字節跳動設計芯片，並且有跡象表明它可能會將 <strong>Oracle</strong>、xAI 和 <strong>軟銀</strong> 等公司納入其客户名單。</p>
</div><p>This potential expansion of the company's AI customer base could help it sustain its impressive 70% share of the custom AI processor market. This could pave the way for outstanding revenue growth in the long run considering that the custom AI chip market is expected to clock an annual growth rate of 32% through 2030.</p>
<div class="lb-trans"><p>該公司 AI 客户基礎的潛在擴展可能有助於其維持在定製 AI 處理器市場中令人印象深刻的 70% 市場份額。考慮到定製 AI 芯片市場預計到 2030 年將實現 32% 的年增長率，這可能為長期的卓越收入增長鋪平道路。</p>
</div><p>Not surprisingly, analysts have been ramping up Broadcom's revenue estimates for the next couple of fiscal years.</p>
<div class="lb-trans"><p>毫不奇怪，分析師們已經開始上調博通未來幾個財年的收入預期。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/59af19fbd17a2f420a5fa82112d9703c.png" alt="" original-src="https://media.ycharts.com/charts/59af19fbd17a2f420a5fa82112d9703c.png"/></p>
<p>AVGO Revenue Estimates for Current Fiscal Year data by YCharts.</p>
<div class="lb-trans"><p>AVGO 當前財年的收入預期數據來源於 YCharts。</p>
</div><p>So, Broadcom is likely to remain a top AI stock over the long run as it is building up a solid customer base and is on its way to making the most of the lucrative opportunity in custom AI chips thanks to its outstanding market share. But will that be enough to help its stock deliver more upside than Nvidia?</p>
<div class="lb-trans"><p>因此，博通可能會在長期內繼續成為頂級 AI 股票，因為它正在建立一個穩固的客户基礎，並且正在充分利用定製 AI 芯片的豐厚機會，得益於其出色的市場份額。但這是否足以幫助其股票的上漲幅度超過英偉達呢？</p>
</div><h2>The case for Nvidia</h2>
<div class="lb-trans"><h2>支持英偉達的理由</h2>
</div><p>While the popularity of custom chips sold by Broadcom to tackle AI workloads has been increasing, the demand for GPUs sold by Nvidia continues to remain strong as well. The company's latest quarterly report showed a 69% year-over-year increase in revenue to $44.1 billion. That was faster than the 20% increase in Broadcom's revenue in the previous quarter.</p>
<div class="lb-trans"><p>儘管博通銷售的定製芯片在處理 AI 工作負載方面的受歡迎程度不斷上升，但英偉達銷售的 GPU 的需求依然強勁。該公司最新的季度報告顯示，收入同比增長 69%，達到 441 億美元。這一增幅快於博通上一季度 20% 的收入增長。</p>
</div><p>And Nvidia's data center revenue increased 73% year over year thanks to the demand for its Blackwell AI chips. Broadcom's AI revenue growth, on the other hand, was relatively slower at 46%.</p>
<div class="lb-trans"><p>英偉達的數據中心收入同比增長 73%，得益於其 Blackwell AI 芯片的需求。相比之下，博通的 AI 收入增長相對較慢，為 46%。</p>
</div><p>So despite its larger revenue base, Nvidia is growing much faster than Broadcom. The reason Nvidia continues to be the dominant player in AI chips is because it has focused on improving the inference performance of its GPUs, which is helping its customers reduce operating costs.</p>
<div class="lb-trans"><p>因此，儘管英偉達的收入基數更大，但其增長速度遠快於博通。英偉達之所以繼續在 AI 芯片領域佔據主導地位，是因為它專注於提高 GPU 的推理性能，這幫助其客户降低了運營成本。</p>
</div><p>And it remains miles ahead of its rivals in AI revenue, with a 90%-plus share in data center GPUs. This puts the company in a terrific position to sustain its impressive levels of growth for a long time to come.</p>
<div class="lb-trans"><p>在 AI 收入方面，英偉達仍然遙遙領先於競爭對手，數據中心 GPU 的市場份額超過 90%。這使得公司在未來很長一段時間內能夠維持其令人印象深刻的增長水平。</p>
</div><p>McKinsey is forecasting an investment of $5.2 trillion worldwide in AI data centers by 2030. That would leave abundant room for growth in the company's data center business from the previous fiscal year's level of $115 billion. This lucrative opportunity suggests why Nvidia is expected to match, or even exceed, Broadcom's projected growth.</p>
<div class="lb-trans"><p>麥肯錫預測，到 2030 年，全球在 AI 數據中心的投資將達到 5.2 萬億美元。這將為公司的數據中心業務提供充足的增長空間，去年財年的水平為 1150 億美元。這一豐厚的機會解釋了為什麼英偉達預計將與博通的預期增長持平，甚至超過博通。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/9d31b31ccbf8c30f8aa2f38e30820e15.png" alt="" original-src="https://media.ycharts.com/charts/9d31b31ccbf8c30f8aa2f38e30820e15.png"/></p>
<p>NVDA Revenue Estimates for Current Fiscal Year, data by YCharts.</p>
<div class="lb-trans"><p>NVDA 當前財年的收入預期數據來源於 YCharts。</p>
</div><p>Moreover, Nvidia's AI opportunity isn't just limited to data centers. The company's gaming and AI personal computer (PC) business grew 42% year over year in the previous quarter. Its automotive business recorded a 72% sales increase.</p>
<div class="lb-trans"><p>此外，英偉達的 AI 機會不僅限於數據中心。該公司的遊戲和 AI 個人電腦 (PC) 業務在上一季度同比增長 42%。其汽車業務的銷售增長了 72%。</p>
</div><p>The adoption of AI is projected to increase at a nice clip in both these markets, promising outstanding growth.</p>
<div class="lb-trans"><p>預計這兩個市場的 AI 採用率將以良好的速度增長，前景廣闊。</p>
</div><h2>The verdict</h2>
<div class="lb-trans"><h2>結論</h2>
</div><p>AI has given Broadcom and Nvidia a lift. But the latter is the bigger beneficiary of the huge demand for AI chips in multiple end markets, while the former is just getting started. Also, as mentioned above, Nvidia's growth is better than Broadcom's even though the former is a much bigger company.</p>
<div class="lb-trans"><p>AI 給博通和英偉達帶來了提升。但後者是多個終端市場對 AI 芯片巨大需求的更大受益者，而前者才剛剛起步。此外，如上所述，儘管英偉達是一家更大的公司，但其增長仍優於博通。</p>
</div><p>What's more, Nvidia trades at a cheaper valuation than Broadcom even with its stronger growth.</p>
<div class="lb-trans"><p>更重要的是，儘管英偉達的增長更強勁，但其估值仍低於博通。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/35a380ba86e060fa52ef8c796646eb7a.png" alt="" original-src="https://media.ycharts.com/charts/35a380ba86e060fa52ef8c796646eb7a.png"/></p>
<p>AVGO PE Ratio data by YCharts; PE = price to earnings.</p>
<div class="lb-trans"><p>AVGO 市盈率數據來源於 YCharts；市盈率 = 價格與收益比。</p>
</div><p>So, even though Broadcom stock may have outperformed Nvidia in the past year, the valuation and growth profile of the two companies suggests that the latter is a better AI stock to buy right now. You can't go wrong with Broadcom, either, considering that it is scratching the surface of a huge opportunity in AI chips, but if you're looking to choose from one of these two AI stocks for your portfolio, Nvidia looks like the better option.</p>
<div class="lb-trans"><p>因此，儘管博通股票在過去一年中可能表現優於英偉達，但兩家公司在估值和增長特徵上的差異表明，後者現在是更好的 AI 股票。如果你在這兩隻 AI 股票中選擇投資，英偉達看起來是更好的選擇，儘管博通也不容小覷，因為它正在探索 AI 芯片這一巨大機會的表面。</p>
</div>

Better Artificial Intelligence (AI) Stock: Nvidia vs. Broadcom

- Nvidia 和 Broadcom 是人工智能半導體領域的領先企業。  
- Broadcom 的定製 AI 處理器需求強勁，預計 2027 年將大幅增加。  
- Nvidia 的 GPU 收入增長更快，市場份額超過 90%。

哪隻人工智能（AI）股票更好：英偉達與博通