<p>在過去幾周，投資者們接連收到公司發佈第二季度財報的消息。對於科技投資者來説，人工智能（AI）仍然是推動該行業上漲的主導主題。</p>
<p>在我寫這篇文章時（8 月 27 日中午），所有的 “七大巨頭” 都已發佈財報，唯一的例外是 <strong>Nvidia</strong>（NVDA -3.33%），其財報將在今天晚些時候發佈。不過，大型科技公司留下的線索指向一個不可否認的趨勢：對 AI 基礎設施的支出正在加速。</p>
<p>雖然這對像 Nvidia 和 <strong>Advanced Micro Devices</strong> 這樣的圖形處理單元（GPU）領導者無疑是利好，但這也為系統集成專家 <strong>Broadcom</strong>（AVGO -3.70%）創造了強大的順風。</p>
<p>隨着 Broadcom 定於 9 月 4 日發佈財報，我預測該股票有很好的上漲潛力。</p>
<p>讓我們探討一下我對 Broadcom 即將發佈的財報為何持樂觀態度，並評估該股票在當前水平是否值得購買。</p>
<h2>跟隨大型科技公司的線索</h2>
<p>全球超大規模雲服務商如 <strong>Amazon</strong>、<strong>Alphabet</strong>、<strong>Microsoft</strong> 和 <strong>Meta Platforms</strong> 在過去幾年中在資本支出（capex）上花費了創紀錄的金額。雖然這顯然對 Nvidia 和 AMD 有利，但 Broadcom 也在 AI 基礎設施投資上悄然受益。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/a2e30869be1835426eb529c85c829035.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/a2e30869be1835426eb529c85c829035.png"/></p>
<p>數據來源：YCharts。</p>
<p>Broadcom 的一個關鍵 AI 增長驅動力來自其專用集成電路（ASIC）業務。這些定製硅解決方案使客户能夠設計針對其獨特工作負載優化的芯片。</p>
<p>通過將專門構建的性能與計算能力效率相結合，Broadcom 的 ASIC 幫助超大規模雲服務商降低相對於僅依賴 Nvidia 等公司的現成加速器的基礎設施總成本。隨着訓練和推理工作負載的規模擴大並變得越來越複雜，這種解決方案變得極具吸引力。</p>
<p>Broadcom 的網絡部門也有望從持續的 AI 基礎設施週期中獲得實質性收益。隨着大型科技公司每年投入數千億美元用於 GPU 部署，Broadcom 的支持基礎設施成為不可或缺的無名英雄。</p>
<p>該公司的高性能交換機、互連和光學組件組合提供低延遲、高帶寬的連接，以保持下一代加速器的全速運行。實質上，該公司的網絡設備代表了 AI 數據中心建設的基礎層 -- 確保在工作負載擴展時的可擴展性和效率。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzEwODcvd29tYW4td29ya3MtaW4tZGF0YS1jZW50ZXItZGF0YWNlbnRlci1nZXR0eS5qcGcmdz03MDA?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzEwODcvd29tYW4td29ya3MtaW4tZGF0YS1jZW50ZXItZGF0YWNlbnRlci1nZXR0eS5qcGcmdz03MDA"/></p>
<p>圖片來源：Getty Images。</p>
<h2>管理層看好該股票 -- 你不應該嗎？</h2>
<p>以 45 的前瞻市盈率（P/E）倍數來看，Broadcom 的股票顯然並沒有以折扣價交易。事實上，其倍數接近 AI 革命期間的峯值水平。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/ab250675d5f964c1e98d0512ec0b7870.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/ab250675d5f964c1e98d0512ec0b7870.png"/></p>
<p>數據來源：YCharts。</p>
<p>儘管如此，該公司的董事會在 4 月份批准了一項 100 億美元的股票回購計劃。在高估值下的股票回購可以傳達一個強烈的信號：管理層對 Broadcom 的長期增長軌跡充滿信心，這一點通過持續的超大規模雲服務商投資得以體現。從更微妙的角度來看，有時公司會在管理層認為股票被低估時回購自己的股票。</p>
<p>這些動態可能表明，Broadcom 有望實現持續、強勁的盈利增長，這可能推動進一步的估值擴張 -- 即使在高估值倍數的情況下。</p>
<h2>現在 Broadcom 的股票值得買嗎？</h2>
<p>在過去幾年中，AI 交易主要圍繞 Nvidia 和雲超大規模服務商展開。然而，隨着基礎設施支出的加速，AI 機會的範圍正在擴大到其他關鍵的推動者，如 Broadcom。定製芯片、高性能網絡設備和集成系統現在與確保 GPU 同樣重要，而 Broadcom 正好處於這一交匯點。</p>
<p>在我看來，Broadcom 正接近其自己的 “Nvidia 時刻” -- 一個潛在的轉折點，敍述開始將 Broadcom 視為 AI 基礎設施的支柱，而不僅僅是這些順風的附屬受益者。</p>
<p>在這種背景下，我預測 Broadcom 的 9 月財報將強化其在 AI 領域的戰略重要性 -- 激發投資者的熱情並進一步重新評估該股票。因此，我認為 Broadcom 是一個值得長期持有的投資機會。</p>

博通

<p>這篇文章預測，博通（AVGO）股票將在 9 月 4 日的財報發佈後上漲，原因是對人工智能基礎設施的投資不斷增加。隨着主要科技公司加大支出，博通憑藉其應用特定集成電路（ASIC）和網絡解決方案受益，這些對人工智能數據中心至關重要。儘管市盈率高達 45，但公司 100 億美元的股票回購計劃顯示出管理層對其增長的信心。作者認為，博通即將被認可為人工智能基礎設施的關鍵參與者，這使其成為長期投資者的一個引人注目的買入選擇</p>

<p>Over the past several weeks, investors have been bombarded with a wave of updates as companies reported earnings results for the second calendar quarter. For technology investors, artificial intelligence (AI) remains the dominant theme fueling the sector higher.</p>
<div class="lb-trans"><p>在過去幾周，投資者們接連收到公司發佈第二季度財報的消息。對於科技投資者來説，人工智能（AI）仍然是推動該行業上漲的主導主題。</p>
</div><p>As I write this (mid-day on Aug. 27), all of the &#34;Magnificent Seven&#34; have posted earnings -- with the lone exception being <strong>Nvidia</strong>(NVDA -3.33%), which reports later today. Still, the breadcrumbs left by big tech point to an undeniable trend: Spending on AI infrastructure is accelerating.</p>
<div class="lb-trans"><p>在我寫這篇文章時（8 月 27 日中午），所有的 “七大巨頭” 都已發佈財報，唯一的例外是 <strong>Nvidia</strong>（NVDA -3.33%），其財報將在今天晚些時候發佈。不過，大型科技公司留下的線索指向一個不可否認的趨勢：對 AI 基礎設施的支出正在加速。</p>
</div><p>While this is undeniably bullish for graphics processing unit (GPU) leaders like Nvidia and <strong>Advanced Micro Devices</strong>, it also creates a powerful tailwind for systems integration specialist <strong>Broadcom</strong>(AVGO -3.70%).</p>
<div class="lb-trans"><p>雖然這對像 Nvidia 和 <strong>Advanced Micro Devices</strong> 這樣的圖形處理單元（GPU）領導者無疑是利好，但這也為系統集成專家 <strong>Broadcom</strong>（AVGO -3.70%）創造了強大的順風。</p>
</div><p>With Broadcom slated to report earnings on Sept. 4, I predict the stock is well-positioned to rally.</p>
<div class="lb-trans"><p>隨着 Broadcom 定於 9 月 4 日發佈財報，我預測該股票有很好的上漲潛力。</p>
</div><p>Let's explore why I'm optimistic about Broadcom's upcoming earnings report, and assess whether the stock is a compelling buy at current levels.</p>
<div class="lb-trans"><p>讓我們探討一下我對 Broadcom 即將發佈的財報為何持樂觀態度，並評估該股票在當前水平是否值得購買。</p>
</div><h2>Follow big tech's breadcrumbs</h2>
<div class="lb-trans"><h2>跟隨大型科技公司的線索</h2>
</div><p>Global hyperscalers such as <strong>Amazon</strong>, <strong>Alphabet</strong>, <strong>Microsoft</strong>, and <strong>Meta Platforms</strong> have been spending record sums on capital expenditures (capex) over the last few years. While this clearly bodes well for Nvidia and AMD, Broadcom has also been a quiet beneficiary of rising AI infrastructure investment.</p>
<div class="lb-trans"><p>全球超大規模雲服務商如 <strong>Amazon</strong>、<strong>Alphabet</strong>、<strong>Microsoft</strong> 和 <strong>Meta Platforms</strong> 在過去幾年中在資本支出（capex）上花費了創紀錄的金額。雖然這顯然對 Nvidia 和 AMD 有利，但 Broadcom 也在 AI 基礎設施投資上悄然受益。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/a2e30869be1835426eb529c85c829035.png" alt="" original-src="https://media.ycharts.com/charts/a2e30869be1835426eb529c85c829035.png"/></p>
<p>Data by YCharts.</p>
<div class="lb-trans"><p>數據來源：YCharts。</p>
</div><p>One of Broadcom's key AI growth drivers comes from its application-specific integrated circuits (ASICs) business. These custom silicon solutions allow customers to design chips that are optimized for their unique workloads.</p>
<div class="lb-trans"><p>Broadcom 的一個關鍵 AI 增長驅動力來自其專用集成電路（ASIC）業務。這些定製硅解決方案使客户能夠設計針對其獨特工作負載優化的芯片。</p>
</div><p>By integrating purpose-built performance with compute power efficiency, Broadcom's ASICs help hyperscalers lower their total cost of infrastructure relative to relying solely on off-the-shelf accelerators from the likes of Nvidia. This becomes highly desirable as training and inferencing workloads scale and become increasingly complex as more sophisticated AI use cases unfold.</p>
<div class="lb-trans"><p>通過將專門構建的性能與計算能力效率相結合，Broadcom 的 ASIC 幫助超大規模雲服務商降低相對於僅依賴 Nvidia 等公司的現成加速器的基礎設施總成本。隨着訓練和推理工作負載的規模擴大並變得越來越複雜，這種解決方案變得極具吸引力。</p>
</div><p>Broadcom's networking division is also positioned to benefit materially from the ongoing AI infrastructure cycle. As big tech continues to pour hundreds of billions of dollars annually into GPU deployment, Broadcom's supporting infrastructure becomes an indispensable unsung hero.</p>
<div class="lb-trans"><p>Broadcom 的網絡部門也有望從持續的 AI 基礎設施週期中獲得實質性收益。隨着大型科技公司每年投入數千億美元用於 GPU 部署，Broadcom 的支持基礎設施成為不可或缺的無名英雄。</p>
</div><p>The company's portfolio of high-performance switches, interconnects, and optical components delivers low-latency, high-bandwidth connectivity to keep next-generation accelerators running at full speed. In essence, the company's networking gear represents a foundational layer of AI data center construction -- ensuring scalability and efficiency as workloads expand.</p>
<div class="lb-trans"><p>該公司的高性能交換機、互連和光學組件組合提供低延遲、高帶寬的連接，以保持下一代加速器的全速運行。實質上，該公司的網絡設備代表了 AI 數據中心建設的基礎層 -- 確保在工作負載擴展時的可擴展性和效率。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzEwODcvd29tYW4td29ya3MtaW4tZGF0YS1jZW50ZXItZGF0YWNlbnRlci1nZXR0eS5qcGcmdz03MDA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F831087%2Fwoman-works-in-data-center-datacenter-getty.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>Management likes the stock -- shouldn't you?</h2>
<div class="lb-trans"><h2>管理層看好該股票 -- 你不應該嗎？</h2>
</div><p>With a forward price-to-earnings (P/E) multiple of 45, Broadcom certainly isn't trading at a discount. In fact, its multiple sits near peak levels seen during the AI revolution.</p>
<div class="lb-trans"><p>以 45 的前瞻市盈率（P/E）倍數來看，Broadcom 的股票顯然並沒有以折扣價交易。事實上，其倍數接近 AI 革命期間的峯值水平。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/ab250675d5f964c1e98d0512ec0b7870.png" alt="" original-src="https://media.ycharts.com/charts/ab250675d5f964c1e98d0512ec0b7870.png"/></p>
<p>Data by YCharts.</p>
<div class="lb-trans"><p>數據來源：YCharts。</p>
</div><p>Even so, the company's board of directors authorized a $10 billion stock buyback program back in April. Share buybacks at elevated valuations can point to a strong signal: Management remains confident in Broadcom's long-term growth trajectory, underscored by ongoing hyperscaler investment. On a more subtle note, sometimes companies repurchase their own shares when management thinks the stock is undervalued.</p>
<div class="lb-trans"><p>儘管如此，該公司的董事會在 4 月份批准了一項 100 億美元的股票回購計劃。在高估值下的股票回購可以傳達一個強烈的信號：管理層對 Broadcom 的長期增長軌跡充滿信心，這一點通過持續的超大規模雲服務商投資得以體現。從更微妙的角度來看，有時公司會在管理層認為股票被低估時回購自己的股票。</p>
</div><p>These dynamics could suggest that Broadcom is positioned for sustained, robust earnings growth, which could fuel further valuation expansion -- even in the face of a premium multiple.</p>
<div class="lb-trans"><p>這些動態可能表明，Broadcom 有望實現持續、強勁的盈利增長，這可能推動進一步的估值擴張 -- 即使在高估值倍數的情況下。</p>
</div><h2>Is Broadcom stock a buy right now?</h2>
<div class="lb-trans"><h2>現在 Broadcom 的股票值得買嗎？</h2>
</div><p>For the last few years, the AI trade has largely surrounded Nvidia and the cloud hyperscalers. Yet as infrastructure spending accelerates, the scope of the AI opportunity is broadening to other mission-critical enablers such as Broadcom. Custom chips, high-performance networking equipment, and integrated systems are now just as essential as securing GPUs -- and Broadcom sits squarely at this intersection.</p>
<div class="lb-trans"><p>在過去幾年中，AI 交易主要圍繞 Nvidia 和雲超大規模服務商展開。然而，隨着基礎設施支出的加速，AI 機會的範圍正在擴大到其他關鍵的推動者，如 Broadcom。定製芯片、高性能網絡設備和集成系統現在與確保 GPU 同樣重要，而 Broadcom 正好處於這一交匯點。</p>
</div><p>In my eyes, Broadcom is approaching its own &#34;Nvidia moment&#34; -- a potential inflection where the narrative begins to recognize Broadcom as a supporting pillar of AI infrastructure and not simply an ancillary beneficiary of these tailwinds.</p>
<div class="lb-trans"><p>在我看來，Broadcom 正接近其自己的 “Nvidia 時刻” -- 一個潛在的轉折點，敍述開始將 Broadcom 視為 AI 基礎設施的支柱，而不僅僅是這些順風的附屬受益者。</p>
</div><p>Against this backdrop, I predict that Broadcom's September earnings report will reinforce its strategic importance in the AI landscape -- fueling investor enthusiasm and a further rerating of the stock. For these reasons, I see Broadcom as a compelling opportunity to buy and hold over a long-term time horizon.</p>
<div class="lb-trans"><p>在這種背景下，我預測 Broadcom 的 9 月財報將強化其在 AI 領域的戰略重要性 -- 激發投資者的熱情並進一步重新評估該股票。因此，我認為 Broadcom 是一個值得長期持有的投資機會。</p>
</div>

Prediction: This Monster Artificial Intelligence (AI) Chip Stock Will Soar in September (Hint: It's Not Nvidia)

- 投資者近期關注科技公司第二季度財報，AI 主題推動行業上漲。  
- Broadcom 受益於 AI 基礎設施投資，預計其 9 月財報將顯示強勁增長。  
- 公司管理層的股票回購計劃顯示對長期增長的信心。  

預測：這隻巨型人工智能（AI）芯片股票將在九月大漲（提示：不是英偉達）