<p><strong>博通</strong>（AVGO -0.37%）在人工智能（AI）芯片熱潮中，繼 <strong>英偉達</strong> 之後，成為最大的受益者之一。這是因為博通設計的應用特定集成電路（ASIC）在尋求更便宜替代品的雲服務提供商中大受歡迎，取代了英偉達銷售的昂貴顯卡。</p>
<p>毫不奇怪，關於英偉達已成立新部門專注於 ASIC 的傳聞不脛而走。這些芯片的定製特性意味着它們可以被編程以執行特定任務，這就是它們在 AI 推理應用中逐漸受到關注的原因。</p>
<p>ASIC 在執行其設計任務時所能提供的每瓦特壓倒性性能優勢，解釋了它們為何現在需求旺盛——其他行業參與者也因此受益。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzQ2NzIvcGVyc29uLXNwZWNzLWludGVncmF0ZWQtY2lyY3VpdC5qcGcmdz03MDA?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzQ2NzIvcGVyc29uLXNwZWNzLWludGVncmF0ZWQtY2lyY3VpdC5qcGcmdz03MDA"/></p>
<p>圖片來源：Getty Images。</p>
<h2>一家較小的博通競爭對手正在定製 AI 處理器市場中嶄露頭角</h2>
<p>博通估計，來自僅三家使用其定製 AI 處理器的超大規模客户的可服務市場（SAM）在未來幾年可能價值 600 億至 900 億美元。考慮到博通最近吸引了新客户，這一數字可能會更高。</p>
<p>然而，博通並不是唯一希望在這個市場中獲利的公司。我們已經看到英偉達可能已經將目光投向了這個領域。但值得注意的是，博通有一家較小的競爭對手正在定製 AI 處理器市場中迅速嶄露頭角，可能會挑戰其主導地位。</p>
<p>這家公司是 <strong>邁威爾科技</strong>（MRVL -0.44%）。儘管博通在定製 AI 處理器領域 reportedly 控制着令人印象深刻的 70% 市場份額，但邁威爾正在迅速追趕。它的目標是在 2028 年前佔據 20% 的定製 AI 處理器市場份額，較 2023 年的不足 5% 有所提升。早些時候，邁威爾預計到 2028 年在該市場的可尋址收入機會為 550 億美元，因此到時佔據 20% 的市場份額將使其定製 AI 芯片收入達到 110 億美元。</p>
<p>這將比邁威爾預計在本財年產生的 40 億美元 AI 收入有顯著增長。然而，別驚訝於該公司的 AI 收入在三年後超過 110 億美元，因為它有能力從博通那裏奪取市場份額，同時擴大其可尋址機會。</p>
<p>邁威爾管理層在最新的財報電話會議上指出，預計到 2028 年將佔據更新後的 940 億美元總可尋址市場（TAM）的 20%。該公司在過去四個季度中產生了 72 億美元的總收入，這意味着僅定製 AI 芯片市場就有能力顯著推動其增長。</p>
<p>更重要的是，邁威爾在未來三年內可能會在這個市場中從博通那裏奪取更多市場份額，超過其當前的預測。這是因為它現在看到超過 50 個定製 AI 芯片機會，涉及超過 10 個客户，這可能幫助它產生高達 750 億美元的終身收入。邁威爾已經為三家主要雲計算提供商設計了芯片，其更新的產品線表明，它可能會在客户基礎上實現顯著擴展。</p>
<h2>邁威爾的估值和更健康的增長前景使其成為比博通更好的投資選擇</h2>
<p>邁威爾的增長速度快於博通。前者在上一季度的收入同比增長 58%，達到 20 億美元，遠超博通的 22% 增幅，後者的收入為 160 億美元。此外，邁威爾的收益同比增長超過一倍，而博通的非 GAAP 每股收益增長了 36%。</p>
<p>當然，邁威爾是兩者中較小的公司。但這正是它能夠通過挑戰博通的主導地位而保持更快增長的原因。更好的是，邁威爾的估值遠低於博通，前瞻性市盈率僅為 27，而博通為 37。這一切使得邁威爾成為現在值得購買的頂級 AI 股票，因為它有能力通過在利潤豐厚的定製 AI 芯片市場中取得更大突破，為投資者帶來可觀的長期收益。</p>

博通

邁威爾科技

<p>博通正受益於人工智能芯片的繁榮，特別是其應用特定集成電路（ASIC）在雲服務提供商中越來越受歡迎。然而，邁威爾科技正作為一個強有力的競爭者嶄露頭角，目標是在 2028 年前佔據 20% 的定製人工智能處理器市場份額。邁威爾的收入增長速度超過博通，其較低的估值使其成為一個有吸引力的投資選擇。隨着預計可尋址市場達到 940 億美元，邁威爾有可能顯著增加其人工智能收入，挑戰博通在該領域的主導地位</p>

<p><strong>Broadcom</strong>(AVGO -0.37%) is turning out to be one of the biggest beneficiaries of the artificial intelligence (AI) chip boom after <strong>Nvidia</strong>. That's because the application-specific integrated circuits (ASICs) that Broadcom designs have been a huge hit among cloud service providers looking for cheaper alternatives to the expensive graphics cards that Nvidia sells.</p>
<div class="lb-trans"><p><strong>博通</strong>（AVGO -0.37%）在人工智能（AI）芯片熱潮中，繼 <strong>英偉達</strong> 之後，成為最大的受益者之一。這是因為博通設計的應用特定集成電路（ASIC）在尋求更便宜替代品的雲服務提供商中大受歡迎，取代了英偉達銷售的昂貴顯卡。</p>
</div><p>Not surprisingly, there are rumors that Nvidia has established a new department to focus on ASICs. The custom nature of these chips means that they can be programmed to perform specific tasks, which is why they are now gaining traction for AI inference applications.</p>
<div class="lb-trans"><p>毫不奇怪，關於英偉達已成立新部門專注於 ASIC 的傳聞不脛而走。這些芯片的定製特性意味着它們可以被編程以執行特定任務，這就是它們在 AI 推理應用中逐漸受到關注的原因。</p>
</div><p>The overwhelming performance per watt advantage that ASICs are capable of delivering over graphics processing units (GPUs) while performing the tasks they are designed for explains why they are now in great demand -- and other industry players are also benefiting.</p>
<div class="lb-trans"><p>ASIC 在執行其設計任務時所能提供的每瓦特壓倒性性能優勢，解釋了它們為何現在需求旺盛——其他行業參與者也因此受益。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzQ2NzIvcGVyc29uLXNwZWNzLWludGVncmF0ZWQtY2lyY3VpdC5qcGcmdz03MDA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F834672%2Fperson-specs-integrated-circuit.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>A smaller Broadcom rival is cutting its teeth in the lucrative custom AI processor market</h2>
<div class="lb-trans"><h2>一家較小的博通競爭對手正在定製 AI 處理器市場中嶄露頭角</h2>
</div><p>Broadcom estimates that its serviceable addressable market (SAM) from just three hyperscale customers that are using its custom AI processors could be worth $60 billion to $90 billion in the next couple of years. That figure could head higher considering that Broadcom has brought new customers on board lately.</p>
<div class="lb-trans"><p>博通估計，來自僅三家使用其定製 AI 處理器的超大規模客户的可服務市場（SAM）在未來幾年可能價值 600 億至 900 億美元。考慮到博通最近吸引了新客户，這一數字可能會更高。</p>
</div><p>However, Broadcom isn't the only company that's looking to make the most of this market. We have seen that Nvidia may have already set its sights on this space. But it is worth noting that Broadcom has a smaller competitor that's rapidly gaining traction in the custom AI processor market and could challenge its dominance.</p>
<div class="lb-trans"><p>然而，博通並不是唯一希望在這個市場中獲利的公司。我們已經看到英偉達可能已經將目光投向了這個領域。但值得注意的是，博通有一家較小的競爭對手正在定製 AI 處理器市場中迅速嶄露頭角，可能會挑戰其主導地位。</p>
</div><p>That company is <strong>Marvell Technology</strong>(MRVL -0.44%). While Broadcom is reportedly controlling an impressive 70% share of the custom AI processor space, Marvell is quickly gaining ground. It is targeting a 20% market share of custom AI processors by 2028, up from less than 5% in 2023. Earlier, Marvell was projecting an addressable revenue opportunity of $55 billion in this market by 2028, so a 20% share of this space by then would have brought its custom AI chip revenue to $11 billion.</p>
<div class="lb-trans"><p>這家公司是 <strong>邁威爾科技</strong>（MRVL -0.44%）。儘管博通在定製 AI 處理器領域 reportedly 控制着令人印象深刻的 70% 市場份額，但邁威爾正在迅速追趕。它的目標是在 2028 年前佔據 20% 的定製 AI 處理器市場份額，較 2023 年的不足 5% 有所提升。早些時候，邁威爾預計到 2028 年在該市場的可尋址收入機會為 550 億美元，因此到時佔據 20% 的市場份額將使其定製 AI 芯片收入達到 110 億美元。</p>
</div><p>That would have been a substantial increase over the $4 billion AI revenue that Marvell is expected to generate in the ongoing fiscal year. However, don't be surprised to see the company's AI revenue turning out to be higher than $11 billion after three years as it has the ability to take share away from Broadcom, along with an expansion in its addressable opportunity.</p>
<div class="lb-trans"><p>這將比邁威爾預計在本財年產生的 40 億美元 AI 收入有顯著增長。然而，別驚訝於該公司的 AI 收入在三年後超過 110 億美元，因為它有能力從博通那裏奪取市場份額，同時擴大其可尋址機會。</p>
</div><p>Marvell management pointed out on its latest earnings conference call that it expects to corner 20% of an updated $94 billion total addressable market (TAM) by 2028. The company has generated $7.2 billion in total revenue in the past four quarters, which means the custom AI chip market alone has the ability to significantly supercharge its growth.</p>
<div class="lb-trans"><p>邁威爾管理層在最新的財報電話會議上指出，預計到 2028 年將佔據更新後的 940 億美元總可尋址市場（TAM）的 20%。該公司在過去四個季度中產生了 72 億美元的總收入，這意味着僅定製 AI 芯片市場就有能力顯著推動其增長。</p>
</div><p>What's more, Marvell could take away more share from Broadcom in this market in the next three years than it is currently projecting. That's because it now sees more than 50 custom AI chip opportunities across more than 10 customers, which could help it generate a whopping $75 billion in lifetime revenue. Marvell has already been designing chips for three major cloud computing providers, and its updated pipeline suggests that it could witness a significant expansion in its customer base.</p>
<div class="lb-trans"><p>更重要的是，邁威爾在未來三年內可能會在這個市場中從博通那裏奪取更多市場份額，超過其當前的預測。這是因為它現在看到超過 50 個定製 AI 芯片機會，涉及超過 10 個客户，這可能幫助它產生高達 750 億美元的終身收入。邁威爾已經為三家主要雲計算提供商設計了芯片，其更新的產品線表明，它可能會在客户基礎上實現顯著擴展。</p>
</div><h2>Marvell's valuation and healthier growth prospects make it a better bet than Broadcom</h2>
<div class="lb-trans"><h2>邁威爾的估值和更健康的增長前景使其成為比博通更好的投資選擇</h2>
</div><p>Marvell is growing at a faster pace than Broadcom. The former's revenue shot up by 58% year over year in the previous quarter to $2 billion, far exceeding the 22% spike in Broadcom's top line to $16 billion. Additionally, Marvell's earnings more than doubled year over year, while Broadcom reported a 36% increase in its non-GAAP earnings per share.</p>
<div class="lb-trans"><p>邁威爾的增長速度快於博通。前者在上一季度的收入同比增長 58%，達到 20 億美元，遠超博通的 22% 增幅，後者的收入為 160 億美元。此外，邁威爾的收益同比增長超過一倍，而博通的非 GAAP 每股收益增長了 36%。</p>
</div><p>Of course, Marvell is the smaller company of the two. But that's precisely why it has the ability to keep growing at a faster pace by challenging Broadcom's dominance. Even better, Marvell is way cheaper than Broadcom with a forward earnings multiple of just 27 as compared to Broadcom's reading of 37. All this makes Marvell a top AI stock to buy right now, as it has the ability to deliver impressive long-term gains to investors by making a bigger dent in the lucrative custom AI chip market.</p>
<div class="lb-trans"><p>當然，邁威爾是兩者中較小的公司。但這正是它能夠通過挑戰博通的主導地位而保持更快增長的原因。更好的是，邁威爾的估值遠低於博通，前瞻性市盈率僅為 27，而博通為 37。這一切使得邁威爾成為現在值得購買的頂級 AI 股票，因為它有能力通過在利潤豐厚的定製 AI 芯片市場中取得更大突破，為投資者帶來可觀的長期收益。</p>
</div>

Meet the Company Challenging Broadcom's AI Chip Dominance (Hint: It's Not Nvidia)

- Broadcom 在人工智能芯片熱潮中成為主要受益者，預計市場價值可達 600 億至 900 億美元。  
- Marvell 計劃到 2028 年佔據 20% 的定製 AI 處理器市場份額，預計收入將顯著增長。  
- Marvell 增長速度快於 Broadcom，且估值更具吸引力，成為投資者的優選。  

瞭解一下正在挑戰博通 AI 芯片主導地位的公司（提示：這家公司不是英偉達）