<p><strong>博通</strong>(AVGO 0.19%) 和 <strong>甲骨文</strong>(ORCL -5.05%) 剛剛發佈了出色的財報和指引，使這兩隻科技股達到了歷史新高。在過去五年中，博通的股價上漲超過 925%，甲骨文上漲超過 475%——超越了除了 <strong>英偉達</strong> 以外的所有 &#34;七大巨頭&#34; 股票（<strong>微軟</strong>、<strong>蘋果</strong>、<strong>字母表</strong>、<strong>亞馬遜</strong>、<strong>Meta Platforms</strong>、<strong>特斯拉</strong>）。</p>
<p>&#34;十位巨頭&#34; 通過將博通、甲骨文和 <strong>Netflix</strong> 添加到名單中，為七大巨頭提供了更新。合計來看，這三家公司幾乎與 <strong>蘋果</strong> 擁有相同的市值，並在 <strong>標準普爾 500 指數</strong>(^GSPC -0.05%) 中獲得了越來越大的影響力。事實上，十位巨頭現在佔據了該指數 39.1% 的份額，而七大巨頭為 33.7%。</p>
<p>除了這些公司的市值影響外，博通和甲骨文還體現了雲計算、基礎設施軟件和人工智能（AI）方面的突破性進展。</p>
<p>以下是博通和甲骨文為何成為如此主導公司的原因，以及這兩隻成長股現在是否值得投資。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzMxNTAvYW4tYWJzdHJhY3QtdXB3YXJkLXNsb3BpbmctY2FuZGxlc3RpY2stc3RvY2stY2hhcnQtZmVhdHVyaW5nLXZhcmlvdXMtbnVtYmVycy1pbGx1c3RyYXRpbmctdGhlLWdyb3dpbmctaW1wb3J0YW5jZS1vZi10ZWNoLXN0b2Nrcy1pbi10aGUtbWFya2V0LmpwZyZ3PTcwMA?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzMxNTAvYW4tYWJzdHJhY3QtdXB3YXJkLXNsb3BpbmctY2FuZGxlc3RpY2stc3RvY2stY2hhcnQtZmVhdHVyaW5nLXZhcmlvdXMtbnVtYmVycy1pbGx1c3RyYXRpbmctdGhlLWdyb3dpbmctaW1wb3J0YW5jZS1vZi10ZWNoLXN0b2Nrcy1pbi10aGUtbWFya2V0LmpwZyZ3PTcwMA"/></p>
<p>圖片來源：Getty Images。</p>
<h2>博通是投資 AI 的平衡方式</h2>
<p>博通和甲骨文的股價飆升説明了 AI 如何重新定義之前停滯不前的投資理論。幾年前，這兩家公司常常被視為支付股息的穩健企業。</p>
<p>博通以其成熟的半導體業務而聞名，提供網絡、寬帶、無線、安全等領域的基礎設施。但由於在 2023 年底收購了 VMware 以及其 AI 芯片的開發和採用，該公司如今完全不同。</p>
<p>雲計算巨頭們正在排隊購買博通的 AI 芯片，稱為 XPU。XPU 是高度先進的應用特定集成電路（ASIC），專門針對特定功能，尤其擅長處理日益增加的 AI 工作負載。博通不僅設計這些芯片，還製造相關的網絡產品，如連接服務器機架內芯片的 Tomahawk 交換機和能夠連接超過 100 萬個 XPU 集羣的 Jericho 以太網交換機。</p>
<p>博通的獨特之處在於，它遠不止是一個 AI 公司。相反，它是一家高度多元化的公司，受益於 AI 基礎設施、AI 軟件的建設以及高速連接的增長。</p>
<h2>甲骨文正在嚴重擾亂現有的雲巨頭</h2>
<p>甲骨文最新的季度財報完美地展示了博通為何成為接近 1 萬億美元市值的巨頭。9 月 9 日，甲骨文表示，其雲基礎設施部門預計在 2026 財年增長 77%，在 2027 財年增長 78%，在 2028 財年增長 128%，在 2029 財年增長 97%，將成為一個 1440 億美元的業務。如果甲骨文能接近這些預估，其雲業務將遠遠大於其傳統數據庫服務部門。</p>
<p>與博通類似，甲骨文曾是一家在科技領域根深蒂固的企業對企業巨頭，以穩健的增長和可靠的股息而聞名。但甲骨文現在是一家完全不同的公司。它的優勢來自於其競爭性定價模式，使得甲骨文雲基礎設施（OCI）成為使用其數據庫服務的客户的絕佳附加選擇。</p>
<p>甲骨文是一家面向企業的公司。而投資於 &#34;三大雲&#34; 參與者的投資者，亞馬遜、微軟和字母表，正在獲得許多與雲計算無關的複雜因素。在這種情況下，甲骨文已成為投資高增長雲業務的最佳方式之一，類似於投資者對英偉達的吸引力。英偉達已成為一家純粹的 AI 股票，因為其數據中心業務現在遠遠大於其遊戲和專業可視化市場。</p>
<p>博通和甲骨文的股價上漲速度遠遠超過其盈利增長，因為投資者購買這些股票是基於它們未來幾年的潛力，而不是現在的表現。隨着分析師根據最近的結果和指引調整目標，未來的盈利預期可能會增加。但目前，博通的未來市盈率高達 54.8，而甲骨文為 48.2。作為對比，英偉達的未來市盈率為 39.5——這意味着投資者對博通和甲骨文的增長更加興奮。</p>
<h2>博通和甲骨文正在推動市場</h2>
<p>博通和甲骨文的快速增長率和規模證明了為什麼現在是忘記七大巨頭的時候，使用十位巨頭作為市場推動增長股票的更好描述。即使那些沒有直接擁有十位巨頭的人，也可能通過他們在指數基金和交易所交易基金中的持股受到間接影響。</p>
<p>除了在主要指數中的基礎性角色外，十位巨頭可能會影響更廣泛的市場情緒。如果標準普爾 500 指數持續創下新高，可能是因為十位巨頭。如果經歷重大拋售，可能是因為一些關鍵巨頭下跌。你可能還看到關於標準普爾 500 指數相對於其歷史估值昂貴的頭條新聞。這是因為許多十位巨頭的估值更多是基於其未來收益，而非當前利潤。因此，投資者只有在具備高風險承受能力、長期投資視野，並相信這些公司能夠實現高度樂觀的預期時，才應接觸這些股票。</p>
<p>值得注意的是，這些公司之間可能存在的關聯。例如，甲骨文的強勁季度業績在 9 月 10 日使博通和英偉達飆升，因為甲骨文是這些芯片製造商的重要客户。增加的人工智能支出用於擴展 OCI，使博通和英偉達受益。儘管甲骨文在標準普爾 500 指數中所佔比例不足 2%，但其業績對標準普爾 500 指數的影響遠大於其股價的單獨波動。</p>

甲骨文

博通

<p>博通和甲骨文報告了卓越的收益，推動其股價創下歷史新高。在過去五年中，博通的股價上漲超過 925%，而甲骨文的股價上漲超過 475%，表現優於大多數 “七大科技巨頭”。這兩家公司現在成為 “十巨頭” 之一，在標準普爾 500 指數中佔據了 39.1% 的份額，正在獲得顯著的影響力。它們在人工智能和雲計算方面的進展正在重塑投資視角，博通的人工智能芯片和甲骨文的雲計算增長預計將進一步擾動市場</p>

<p><strong>Broadcom</strong>(AVGO 0.19%) and <strong>Oracle</strong>(ORCL -5.05%) just delivered exceptional earnings reports and guidance that sent both tech stocks to all-time highs. Over the last five years, Broadcom is up over 925% and Oracle is up over 475% -- outperforming every &#34;Magnificent Seven&#34; stock ( <strong>Microsoft</strong>, <strong>Apple</strong>, <strong>Alphabet</strong>, <strong>Amazon</strong>, <strong>Meta Platforms</strong>, <strong>Tesla</strong>) except one -- <strong>Nvidia</strong>.</p>
<div class="lb-trans"><p><strong>博通</strong>(AVGO 0.19%) 和 <strong>甲骨文</strong>(ORCL -5.05%) 剛剛發佈了出色的財報和指引，使這兩隻科技股達到了歷史新高。在過去五年中，博通的股價上漲超過 925%，甲骨文上漲超過 475%——超越了除了 <strong>英偉達</strong> 以外的所有 &#34;七大巨頭&#34; 股票（<strong>微軟</strong>、<strong>蘋果</strong>、<strong>字母表</strong>、<strong>亞馬遜</strong>、<strong>Meta Platforms</strong>、<strong>特斯拉</strong>）。</p>
</div><p>The &#34;Ten Titans&#34; provide an update to the Magnificent Seven by adding Broadcom, Oracle, and <strong>Netflix</strong> to the list. Combined, these three companies have nearly the same market cap as <strong>Apple</strong>, and are gaining increasing influence in the <strong>S&amp;P 500</strong>(^GSPC -0.05%). In fact, the Ten Titans now make up 39.1% of the index compared to 33.7% for the Magnificent Seven.</p>
<div class="lb-trans"><p>&#34;十位巨頭&#34; 通過將博通、甲骨文和 <strong>Netflix</strong> 添加到名單中，為七大巨頭提供了更新。合計來看，這三家公司幾乎與 <strong>蘋果</strong> 擁有相同的市值，並在 <strong>標準普爾 500 指數</strong>(^GSPC -0.05%) 中獲得了越來越大的影響力。事實上，十位巨頭現在佔據了該指數 39.1% 的份額，而七大巨頭為 33.7%。</p>
</div><p>Beyond the market cap influence of these names, Broadcom and Oracle embody groundbreaking advancements in cloud computing, infrastructure software, and artificial intelligence (AI).</p>
<div class="lb-trans"><p>除了這些公司的市值影響外，博通和甲骨文還體現了雲計算、基礎設施軟件和人工智能（AI）方面的突破性進展。</p>
</div><p>Here's why Broadcom and Oracle have become such dominant companies, and whether either growth stock is a buy now.</p>
<div class="lb-trans"><p>以下是博通和甲骨文為何成為如此主導公司的原因，以及這兩隻成長股現在是否值得投資。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzMxNTAvYW4tYWJzdHJhY3QtdXB3YXJkLXNsb3BpbmctY2FuZGxlc3RpY2stc3RvY2stY2hhcnQtZmVhdHVyaW5nLXZhcmlvdXMtbnVtYmVycy1pbGx1c3RyYXRpbmctdGhlLWdyb3dpbmctaW1wb3J0YW5jZS1vZi10ZWNoLXN0b2Nrcy1pbi10aGUtbWFya2V0LmpwZyZ3PTcwMA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F833150%2Fan-abstract-upward-sloping-candlestick-stock-chart-featuring-various-numbers-illustrating-the-growing-importance-of-tech-stocks-in-the-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>Broadcom is a balanced way to invest in AI</h2>
<div class="lb-trans"><h2>博通是投資 AI 的平衡方式</h2>
</div><p>Broadcom and Oracle's surging stock prices illustrate how AI is redefining previously stagnant investment theses. Just a few years ago, both companies were often viewed as dividend-paying stalwarts.</p>
<div class="lb-trans"><p>博通和甲骨文的股價飆升説明了 AI 如何重新定義之前停滯不前的投資理論。幾年前，這兩家公司常常被視為支付股息的穩健企業。</p>
</div><p>Broadcom was known for its established semiconductor business, providing the nuts and bolts behind networking, broadband, wireless, cybersecurity, and more. But the company is completely different today due to its acquisition of VMware in late 2023 and the development and adoption of its AI chips.</p>
<div class="lb-trans"><p>博通以其成熟的半導體業務而聞名，提供網絡、寬帶、無線、安全等領域的基礎設施。但由於在 2023 年底收購了 VMware 以及其 AI 芯片的開發和採用，該公司如今完全不同。</p>
</div><p>Cloud computing giants are lining up to buy Broadcom's AI chips, known as XPUs. XPUs are highly advanced application-specific integrated circuits (ASICs) that are tailored to a specialized function and are especially good at handling increasing AI workloads. Broadcom doesn't just design the chips, it also makes associated networking products, like Tomahawk switches that link chips within a server rack, and Jericho Ethernet fabric routers, which enable the connection of over 1 million XPU clusters across multiple data centers.</p>
<div class="lb-trans"><p>雲計算巨頭們正在排隊購買博通的 AI 芯片，稱為 XPU。XPU 是高度先進的應用特定集成電路（ASIC），專門針對特定功能，尤其擅長處理日益增加的 AI 工作負載。博通不僅設計這些芯片，還製造相關的網絡產品，如連接服務器機架內芯片的 Tomahawk 交換機和能夠連接超過 100 萬個 XPU 集羣的 Jericho 以太網交換機。</p>
</div><p>Broadcom is unique because it is far bigger than just an AI play. Rather, it is a highly diversified company that benefits from the buildout of AI infrastructure, AI software, and the growth of high-speed connectivity.</p>
<div class="lb-trans"><p>博通的獨特之處在於，它遠不止是一個 AI 公司。相反，它是一家高度多元化的公司，受益於 AI 基礎設施、AI 軟件的建設以及高速連接的增長。</p>
</div><h2>Oracle is heavily disrupting incumbent cloud giants</h2>
<div class="lb-trans"><h2>甲骨文正在嚴重擾亂現有的雲巨頭</h2>
</div><p>Oracle's latest quarter perfectly represents why Broadcom has become a behemoth that is closing in on $1 trillion in market cap. On Sept. 9, Oracle said that its cloud infrastructure segment is expected to grow 77% in fiscal 2026, 78% in fiscal 2027, 128% in fiscal 2028, and 97% in fiscal 2029 to become a $144 billion business. If Oracle comes remotely close to these estimates, its cloud business will become far larger than its legacy database services segment.</p>
<div class="lb-trans"><p>甲骨文最新的季度財報完美地展示了博通為何成為接近 1 萬億美元市值的巨頭。9 月 9 日，甲骨文表示，其雲基礎設施部門預計在 2026 財年增長 77%，在 2027 財年增長 78%，在 2028 財年增長 128%，在 2029 財年增長 97%，將成為一個 1440 億美元的業務。如果甲骨文能接近這些預估，其雲業務將遠遠大於其傳統數據庫服務部門。</p>
</div><p>Like Broadcom, Oracle was once an entrenched business-to-business giant in tech, known for its stodgy growth and reliable dividend. But Oracle is now a completely different company. Its strength comes from its competitive pricing model, which makes Oracle Cloud Infrastructure (OCI) a great add-on for customers that use its database services.</p>
<div class="lb-trans"><p>與博通類似，甲骨文曾是一家在科技領域根深蒂固的企業對企業巨頭，以穩健的增長和可靠的股息而聞名。但甲骨文現在是一家完全不同的公司。它的優勢來自於其競爭性定價模式，使得甲骨文雲基礎設施（OCI）成為使用其數據庫服務的客户的絕佳附加選擇。</p>
</div><p>Oracle is an enterprise-facing company. Whereas investors in the &#34;big three&#34; cloud players, Amazon, Microsoft, and Alphabet, are getting a lot of moving parts that have nothing to do with cloud computing. In this vein, Oracle has become one of the best ways to invest in high-octane cloud growth, somewhat similar to how investors are drawn to Nvidia. Nvidia has become a pure-play AI stock because its data center business is now magnitudes larger than its gaming and professional visualization markets.</p>
<div class="lb-trans"><p>甲骨文是一家面向企業的公司。而投資於 &#34;三大雲&#34; 參與者的投資者，亞馬遜、微軟和字母表，正在獲得許多與雲計算無關的複雜因素。在這種情況下，甲骨文已成為投資高增長雲業務的最佳方式之一，類似於投資者對英偉達的吸引力。英偉達已成為一家純粹的 AI 股票，因為其數據中心業務現在遠遠大於其遊戲和專業可視化市場。</p>
</div><p>Broadcom and Oracle's stock prices are running up far faster than they are growing earnings because investors are buying these stocks for where they could be years from now rather than where they are today. Forward earnings estimates will probably increase as analysts adjust their targets based on recent results and guidance. But for now, Broadcom's forward price-to-earnings ratio is a staggering 54.8 compared to 48.2 for Oracle. For context, Nvidia's forward P/E is 39.5 -- meaning investors are even more excited about Broadcom and Oracle's growth.</p>
<div class="lb-trans"><p>博通和甲骨文的股價上漲速度遠遠超過其盈利增長，因為投資者購買這些股票是基於它們未來幾年的潛力，而不是現在的表現。隨着分析師根據最近的結果和指引調整目標，未來的盈利預期可能會增加。但目前，博通的未來市盈率高達 54.8，而甲骨文為 48.2。作為對比，英偉達的未來市盈率為 39.5——這意味着投資者對博通和甲骨文的增長更加興奮。</p>
</div><h2>Broadcom and Oracle are moving markets</h2>
<div class="lb-trans"><h2>博通和甲骨文正在推動市場</h2>
</div><p>The breakneck growth rates and size of Broadcom and Oracle prove why it's time to forget the Magnificent Seven and use the Ten Titans as a better descriptor for market-moving growth stocks. Even folks who don't own the Ten Titans outright may be indirectly impacted through their holdings in index funds and exchange-traded funds.</p>
<div class="lb-trans"><p>博通和甲骨文的快速增長率和規模證明了為什麼現在是忘記七大巨頭的時候，使用十位巨頭作為市場推動增長股票的更好描述。即使那些沒有直接擁有十位巨頭的人，也可能通過他們在指數基金和交易所交易基金中的持股受到間接影響。</p>
</div><p>In addition to their foundational role in the major indexes, the Ten Titans will likely make or break broader market sentiment. If the S&amp;P 500 keeps making new highs, it's probably because of the Ten Titans. If it undergoes a major sell-off, it's probably because a few key Titans fell. You may have even seen headlines about how the S&amp;P 500 is expensive relative to its historical valuation. That's because many of the Ten Titans are valued more for their future earnings than their current profits. So investors should only approach these stocks if they have a high risk tolerance, a long-term time horizon, and believe these companies can deliver on highly optimistic expectations.</p>
<div class="lb-trans"><p>除了在主要指數中的基礎性角色外，十位巨頭可能會影響更廣泛的市場情緒。如果標準普爾 500 指數持續創下新高，可能是因為十位巨頭。如果經歷重大拋售，可能是因為一些關鍵巨頭下跌。你可能還看到關於標準普爾 500 指數相對於其歷史估值昂貴的頭條新聞。這是因為許多十位巨頭的估值更多是基於其未來收益，而非當前利潤。因此，投資者只有在具備高風險承受能力、長期投資視野，並相信這些公司能夠實現高度樂觀的預期時，才應接觸這些股票。</p>
</div><p>It's also worth noting the correlation that these companies can have. For example, Oracle's blowout quarter sent Broadcom and Nvidia soaring on Sept. 10 because Oracle is a major customer of these chip makers. Increased AI spending to build out OCI benefits Broadcom and Nvidia. Although Oracle may account for less than 2% of the S&amp;P 500, its results had a significantly larger impact on the S&amp;P 500 than the movement in its stock price alone.</p>
<div class="lb-trans"><p>值得注意的是，這些公司之間可能存在的關聯。例如，甲骨文的強勁季度業績在 9 月 10 日使博通和英偉達飆升，因為甲骨文是這些芯片製造商的重要客户。增加的人工智能支出用於擴展 OCI，使博通和英偉達受益。儘管甲骨文在標準普爾 500 指數中所佔比例不足 2%，但其業績對標準普爾 500 指數的影響遠大於其股價的單獨波動。</p>
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博通和甲骨文的強勁收益剛剛證明了為什麼現在是時候忘記 “七大天王” 了