<p><strong>博通</strong>（AVGO 1.90%）憑藉其特定應用集成電路（ASICs）已成為人工智能（AI）芯片市場的關鍵參與者。由於其成本效益和相較於通用計算芯片系統（如顯卡）的性能優勢，ASICs 在雲服務提供商和超大規模企業中獲得了巨大的關注。</p>
<p>這解釋了為什麼博通的股票在過去一年中上漲了令人印象深刻的 65%，而在此期間，AI 芯片先鋒 <strong>英偉達</strong> 的漲幅僅為 30%。這一令人矚目的增長使博通的市值達到了約 1.3 萬億美元，未來三年內看到這家半導體股票進入 2 萬億美元市值俱樂部並不令人驚訝。</p>
<p>讓我們看看博通似乎能夠在 2028 年前實現這一里程碑的原因。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjM2NDkvcGVyc29uLWhvbGRpbmctc21hcnRwaG9uZS1zbWlsaW5nLmpwZyZ3PTcwMA?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjM2NDkvcGVyc29uLWhvbGRpbmctc21hcnRwaG9uZS1zbWlsaW5nLmpwZyZ3PTcwMA"/></p>
<p>圖片來源：Getty Images。</p>
<h2>博通的增長在未來三年可能會加速</h2>
<p>博通上個月發佈了其 2025 財年第二季度的業績（截至 5 月 4 日的三個月）。該芯片製造商在財年的前六個月的收入同比增長了 22%，達到了 299 億美元。公司 AI 芯片銷售的顯著增長在推動這一令人矚目的增長中發揮了核心作用。</p>
<p>博通的 AI 芯片收入在財年第一季度同比增長了 77%，第二季度則增長了 46%。該公司在上半年銷售了價值 85 億美元的 AI 芯片，這意味着其近 30% 的收入來自這一領域。博通預計在當前季度將銷售價值 51 億美元的 AI 芯片，這將比去年同期增長 60%。</p>
<p>因此，該公司有望在與前一個財年相比，AI 收入實現健康增長，當時其銷售了價值 122 億美元的 AI 芯片。重要的是，博通的 AI 收入仍然有巨大的增長空間，這得益於幾個因素。</p>
<p>首先，定製 AI 處理器的採用正在以健康的速度增長。主要的雲計算公司，如 <strong>微軟</strong>、<strong>谷歌</strong> 的母公司 <strong>Alphabet</strong>、<strong>亞馬遜</strong> 以及 AI 巨頭如 OpenAI，正在轉向定製芯片，以以合理的價格為客户提供尖端性能。例如，微軟在去年底發佈了兩款內部芯片，以加速 AI 工作負載並提高其數據中心基礎設施的安全性。</p>
<p>另一方面，谷歌在三個月前發佈了其 Ironwood 定製 AI 推理處理器，顯著提高了其之前芯片的性能，旨在以成本效益的方式運行 AI 工作負載。同時，OpenAI 據報道正在與博通合作，最終確定其定製 AI 芯片的設計。</p>
<p>博通的定製芯片客户名單現在包括 <strong>Meta Platforms</strong>、字節跳動、<strong>Alphabet</strong> 和 OpenAI。該公司據報道還將為 xAI、<strong>甲骨文</strong> 和 <strong>蘋果</strong> 設計芯片。所有這些客户都應該將博通的年度可服務可尋址市場擴展到公司預計到 2027 財年將達到的 600 億到 900 億美元的範圍之外。</p>
<p>博通在定製 AI 處理器市場上能夠獲得巨大成功的第二個原因是其在這一領域的穩固市場份額。該公司據報道控制着 70% 的這一利潤豐厚的終端市場，其不斷增長的客户基礎應該能夠使其在未來維持這一健康的市場份額。</p>
<p>毫不奇怪，投資銀行 TD Cowen 估計，博通的 AI 芯片收入到 2027 年可能增長到每年 500 億美元，這將是其去年從這一領域獲得收入的四倍多。這可能足以使公司達到 2 萬億美元的市值。原因如下。</p>
<h2>AI 驅動的收入增長可能將博通的市值推向 2 萬億美元</h2>
<p>博通在 2024 財年結束時的收入為 516 億美元，其中 122 億美元來自 AI。如果公司的其他所有業務部門的收入保持平穩，並且確實在 2027 年實現 500 億美元的 AI 收入，其年度收入在未來三年內可能會躍升至超過 890 億美元。這幾乎與分析師的預期相符。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/f703a39762269e0fa66a2117670d3193.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/f703a39762269e0fa66a2117670d3193.png"/></p>
<p>數據來源：YCharts。</p>
<p>然而，博通正在吸引的新 AI 客户可能會幫助其表現得更好。但即使公司在三年後實現 890 億美元的銷售，並維持當前的市銷率 22.4，其市值也將接近 2 萬億美元。這意味着從當前水平來看將有 60% 的增長。</p>
<p>當然，博通目前的交易估值較高，考慮到其 AI 收入和客户羣體的增長速度，這似乎是合理的。因此，尋找購買 AI 增長股票的投資者，即使在過去一年中已經取得了令人矚目的收益，仍然可以考慮購買博通，因為它似乎在未來三年內還有更大的上升空間。</p>

微軟

博通

谷歌-A

谷歌-C

<p>博通（AVGO）在人工智能芯片市場上有望實現顯著增長，預計到 2028 年市場總值將達到 2 萬億美元。該公司在 2025 財年上半年收入激增 22%，主要得益於人工智能芯片銷售增長 77%。微軟和谷歌等主要客户正在採用博通的定製芯片，使其市場份額擴大至 70%。分析師預測，人工智能收入到 2027 年可能達到 500 億美元，從而推動總收入達到 890 億美元，並支持 2 萬億美元的估值，反映出較當前水平的 60% 的增長</p>

<p><strong>Broadcom</strong>(AVGO 1.90%) has become a key player in the artificial intelligence (AI) chip market thanks to its application-specific integrated circuits (ASICs). ASICs are gaining tremendous traction among cloud service providers and hyperscalers because of their cost-effective nature and performance advantages over general-purpose computing chip systems such as graphics cards.</p>
<div class="lb-trans"><p><strong>博通</strong>（AVGO 1.90%）憑藉其特定應用集成電路（ASICs）已成為人工智能（AI）芯片市場的關鍵參與者。由於其成本效益和相較於通用計算芯片系統（如顯卡）的性能優勢，ASICs 在雲服務提供商和超大規模企業中獲得了巨大的關注。</p>
</div><p>This explains why Broadcom stock has shot up an impressive 65% in the past year, which is significantly higher than the 30% gain for AI chip pioneer <strong>Nvidia</strong> during this period. This impressive surge has brought Broadcom's market cap to roughly $1.3 trillion, and it wouldn't be surprising to see this semiconductor stock enter the $2 trillion market cap club in the next three years.</p>
<div class="lb-trans"><p>這解釋了為什麼博通的股票在過去一年中上漲了令人印象深刻的 65%，而在此期間，AI 芯片先鋒 <strong>英偉達</strong> 的漲幅僅為 30%。這一令人矚目的增長使博通的市值達到了約 1.3 萬億美元，未來三年內看到這家半導體股票進入 2 萬億美元市值俱樂部並不令人驚訝。</p>
</div><p>Let's look at the reasons why Broadcom seems capable of hitting that milestone by 2028.</p>
<div class="lb-trans"><p>讓我們看看博通似乎能夠在 2028 年前實現這一里程碑的原因。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjM2NDkvcGVyc29uLWhvbGRpbmctc21hcnRwaG9uZS1zbWlsaW5nLmpwZyZ3PTcwMA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F823649%2Fperson-holding-smartphone-smiling.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>Broadcom's growth is likely to accelerate in the next three years</h2>
<div class="lb-trans"><h2>博通的增長在未來三年可能會加速</h2>
</div><p>Broadcom released its fiscal 2025 second-quarter results (for the three months ended May 4) last month. The chipmaker's revenue in the first six months of the fiscal year increased by 22% from the year-ago period to $29.9 billion. The impressive growth in sales of the company's AI chips plays a central role in driving this impressive growth.</p>
<div class="lb-trans"><p>博通上個月發佈了其 2025 財年第二季度的業績（截至 5 月 4 日的三個月）。該芯片製造商在財年的前六個月的收入同比增長了 22%，達到了 299 億美元。公司 AI 芯片銷售的顯著增長在推動這一令人矚目的增長中發揮了核心作用。</p>
</div><p>Broadcom's AI chip revenue jumped 77% year over year in the fiscal first quarter, followed by a 46% increase in Q2. The company has sold $8.5 billion worth of AI chips in the first half of the year, which means that it is getting nearly 30% of its top line from this segment. Broadcom expects to sell $5.1 billion worth of AI chips in the current quarter, which would be a 60% jump from the year-ago period.</p>
<div class="lb-trans"><p>博通的 AI 芯片收入在財年第一季度同比增長了 77%，第二季度則增長了 46%。該公司在上半年銷售了價值 85 億美元的 AI 芯片，這意味着其近 30% 的收入來自這一領域。博通預計在當前季度將銷售價值 51 億美元的 AI 芯片，這將比去年同期增長 60%。</p>
</div><p>So, the company is on track to register a healthy jump in AI revenue compared to the previous fiscal year, when it sold $12.2 billion worth of AI chips. Importantly, Broadcom's AI revenue still has tremendous room for growth, thanks to a couple of factors.</p>
<div class="lb-trans"><p>因此，該公司有望在與前一個財年相比，AI 收入實現健康增長，當時其銷售了價值 122 億美元的 AI 芯片。重要的是，博通的 AI 收入仍然有巨大的增長空間，這得益於幾個因素。</p>
</div><p>First, the adoption of custom AI processors is increasing at a healthy pace. Major cloud computing companies such as <strong>Microsoft</strong>, <strong>Alphabet</strong>'s Google, <strong>Amazon</strong>, and AI giants such as OpenAI are turning to custom chips to deliver cutting-edge performance to their customers at reasonable prices. Microsoft, for instance, released two in-house chips late last year to speed up AI workloads and improve the security of its data center infrastructure.</p>
<div class="lb-trans"><p>首先，定製 AI 處理器的採用正在以健康的速度增長。主要的雲計算公司，如 <strong>微軟</strong>、<strong>谷歌</strong> 的母公司 <strong>Alphabet</strong>、<strong>亞馬遜</strong> 以及 AI 巨頭如 OpenAI，正在轉向定製芯片，以以合理的價格為客户提供尖端性能。例如，微軟在去年底發佈了兩款內部芯片，以加速 AI 工作負載並提高其數據中心基礎設施的安全性。</p>
</div><p>Google, on the other hand, revealed its Ironwood custom AI inferencing processor three months ago, delivering a significant increase in performance over its previous chips with the aim of running AI workloads in a cost-effective manner. Meanwhile, OpenAI is reportedly working with Broadcom to finalize the design of its custom AI chip.</p>
<div class="lb-trans"><p>另一方面，谷歌在三個月前發佈了其 Ironwood 定製 AI 推理處理器，顯著提高了其之前芯片的性能，旨在以成本效益的方式運行 AI 工作負載。同時，OpenAI 據報道正在與博通合作，最終確定其定製 AI 芯片的設計。</p>
</div><p>Broadcom's client list for its custom chips now includes the likes of <strong>Meta Platforms</strong>, ByteDance, Alphabet, and OpenAI. The company is reportedly going to design chips for xAI, <strong>Oracle</strong>, and <strong>Apple</strong> as well. All these customers should expand Broadcom's annual serviceable addressable market well beyond the $60 billion to $90 billion range that the company is forecasting by fiscal 2027.</p>
<div class="lb-trans"><p>博通的定製芯片客户名單現在包括 <strong>Meta Platforms</strong>、字節跳動、<strong>Alphabet</strong> 和 OpenAI。該公司據報道還將為 xAI、<strong>甲骨文</strong> 和 <strong>蘋果</strong> 設計芯片。所有這些客户都應該將博通的年度可服務可尋址市場擴展到公司預計到 2027 財年將達到的 600 億到 900 億美元的範圍之外。</p>
</div><p>The second reason why Broadcom is on track to win big from the custom AI processor market is its solid market share in this space. The company reportedly controls 70% of this lucrative end market, and its growing customer base should allow it to sustain this healthy share in the future.</p>
<div class="lb-trans"><p>博通在定製 AI 處理器市場上能夠獲得巨大成功的第二個原因是其在這一領域的穩固市場份額。該公司據報道控制着 70% 的這一利潤豐厚的終端市場，其不斷增長的客户基礎應該能夠使其在未來維持這一健康的市場份額。</p>
</div><p>Not surprisingly, investment banking firm TD Cowen estimates that Broadcom's AI chip revenue could grow to $50 billion a year in 2027, which would be more than four times the revenue it generated from this segment last year. That could be sufficient for the company to get to a $2 trillion market cap. Here's why.</p>
<div class="lb-trans"><p>毫不奇怪，投資銀行 TD Cowen 估計，博通的 AI 芯片收入到 2027 年可能增長到每年 500 億美元，這將是其去年從這一領域獲得收入的四倍多。這可能足以使公司達到 2 萬億美元的市值。原因如下。</p>
</div><h2>AI-fueled revenue growth could send Broadcom's market cap to $2 trillion</h2>
<div class="lb-trans"><h2>AI 驅動的收入增長可能將博通的市值推向 2 萬億美元</h2>
</div><p>Broadcom finished fiscal 2024 with $51.6 billion in revenue, $12.2 billion of which came from AI. If the company's revenue from all other segments remains flat and it indeed generates $50 billion in AI revenue by 2027, its annual revenue could jump to just over $89 billion within the next three years. This is almost in line with what analysts are anticipating.</p>
<div class="lb-trans"><p>博通在 2024 財年結束時的收入為 516 億美元，其中 122 億美元來自 AI。如果公司的其他所有業務部門的收入保持平穩，並且確實在 2027 年實現 500 億美元的 AI 收入，其年度收入在未來三年內可能會躍升至超過 890 億美元。這幾乎與分析師的預期相符。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/f703a39762269e0fa66a2117670d3193.png" alt="" original-src="https://media.ycharts.com/charts/f703a39762269e0fa66a2117670d3193.png"/></p>
<p>Data by YCharts.</p>
<div class="lb-trans"><p>數據來源：YCharts。</p>
</div><p>However, the new AI customers that Broadcom is bringing on board could help it do better than that. But even if the company manages to achieve $89 billion in sales after three years and maintains its current price-to-sales ratio of 22.4, its market cap will hit almost $2 trillion. That points toward 60% gains from current levels.</p>
<div class="lb-trans"><p>然而，博通正在吸引的新 AI 客户可能會幫助其表現得更好。但即使公司在三年後實現 890 億美元的銷售，並維持當前的市銷率 22.4，其市值也將接近 2 萬億美元。這意味着從當前水平來看將有 60% 的增長。</p>
</div><p>Of course, Broadcom is trading at a premium valuation right now, and that seems justified considering the pace at which its AI revenue and clientele are growing. So, investors looking to buy an AI growth stock can still consider buying Broadcom even after the impressive gains that it has delivered in the past year, as it seems built for more upside over the next three years.</p>
<div class="lb-trans"><p>當然，博通目前的交易估值較高，考慮到其 AI 收入和客户羣體的增長速度，這似乎是合理的。因此，尋找購買 AI 增長股票的投資者，即使在過去一年中已經取得了令人矚目的收益，仍然可以考慮購買博通，因為它似乎在未來三年內還有更大的上升空間。</p>
</div>

Prediction: This Artificial Intelligence (AI) Stock Could Hit a $2 Trillion Valuation by 2028

- Broadcom 在人工智能芯片市場中佔據重要地位，股價過去一年上漲 65%。  
- 公司預計到 2027 年 AI 芯片收入將達 500 億美元，推動市值接近 2 萬億美元。  
- 主要客户包括微軟、谷歌和 OpenAI，市場份額達到 70%。  

預測：這隻人工智能（AI）股票可能在 2028 年達到 2 萬億美元的市值