<p><strong>英偉達</strong> 常被譽為頂尖的人工智能（AI）芯片製造商，但 <strong>博通</strong>（AVGO -0.73%）最近的財報證明其正在迎頭趕上。</p>
<p>這些數字表現出色，吸引人的增長率是博通在年初至今超越英偉達的部分原因。到 2025 年 10 月 8 日市場收盤時，AVGO 的股價上漲了 49%，而 NVDA 的股價上漲了 41%。</p>
<p>然而，強勁的財報並不是推動博通股價上漲的最大新聞。更大的催化劑是博通與 OpenAI 達成的 100 億美元交易。博通將為該客户定製芯片。這進一步表明科技巨頭們願意在某些 AI 芯片上多元化，遠離英偉達。</p>
<p>博通擁有進一步上漲的催化劑，未來幾年可能繼續超越英偉達。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzcxOTQvYWktY2hpcC5qcGcmdz03MDA?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzcxOTQvYWktY2hpcC5qcGcmdz03MDA"/></p>
<p>圖片來源：Getty Images。</p>
<h2>利潤率持續擴大</h2>
<p>博通在截至 8 月 3 日的財政第三季度實現了 22% 的同比收入增長，強勁的收入增長伴隨着更好的淨利潤增長。這家 AI 芯片製造商的淨利潤達到了 41.4 億美元，淨利潤率為 26%。</p>
<p>相比之下，2024 財年第三季度的淨虧損為 19 億美元，原因是一次性非現金税收準備金為 45 億美元。博通的淨利潤率一直在上升，今年財政第一季度超過了 35%。</p>
<p>英偉達在最近幾個季度的淨利潤率超過 50%，這表明博通還有更多擴大利潤率的空間。收入的增長，加上利潤率的擴大，可以為長期投資者提供額外的價值。</p>
<p>博通的市盈率為 92，可能讓一些投資者覺得有些高，而英偉達的市盈率為 50。然而，博通的市盈率增長（PEG）比率僅為 0.59，遠低於英偉達的 1.32。PEG 比率在考慮公司當前價格和收益時，考慮了公司的未來增長潛力。PEG 比率低於 1 的股票通常被認為是被低估的。</p>
<h2>分析師急於提高他們的目標價</h2>
<p>華爾街對博通的業績讚不絕口，許多分析師急於提高他們的目標價。<strong>瑞穗</strong> 的分析師關注博通的 AI 收入加速，預計該公司在 2026 財年將產生 390 億美元的收入。分析師們還認為，博通的 AI 收入在 2027 財年可以達到 600 億美元，2028 財年可達 750 億美元。</p>
<p>這些收入預測讓投資者瞭解到，分析師們因博通最近的財報變得多麼樂觀。與其他科技巨頭的任何交易或與現有合作伙伴的擴展合同都可以幫助博通實現這些收入預測。</p>
<h2>博通較小的市值使其在與英偉達的競爭中佔據優勢</h2>
<p>儘管博通是少數市值達到 1 萬億美元的公司之一，但仍然低於英偉達的 4.3 萬億美元。它們之間幾乎有 3 萬億美元的差距，但較小的市值對博通有利。</p>
<p>推動市值為 1.7 萬億美元的股票所需的力量遠小於推動市值為 4.3 萬億美元的股票所需的力量。這是博通在年初至今超越英偉達的部分原因，儘管英偉達的收入增長率更高。</p>
<p>然而，投資者對市值為 1.7 萬億美元的公司施加下行壓力也更容易，而對市值為 4.7 萬億美元的公司則相對困難。</p>
<p>任何 AI 支出放緩都可能對博通造成傷害，如果更多的 AI 芯片製造商獲得市場份額，可能會影響博通未來的利潤率。然而，分析師的收入預測和不斷上升的 AI 支出表明，目前的反彈可能會持續。</p>
<p>我認為博通在 2026 年有真正超越英偉達的機會。它會是下一個英偉達嗎？我們需要拭目以待。</p>

博通

<p>博通在人工智能芯片市場上正在取得進展，今年以來其股價上漲了 49%，超過了英偉達的 41%。與 OpenAI 達成的 100 億美元定製芯片交易提升了博通的股票表現。該公司報告了 22% 的收入增長和 26% 的淨利潤率，分析師預計到 2026 財年，人工智能收入將達到 390 億美元。儘管博通的市值小於英偉達，但其增長潛力和較低的 PEG 比率表明，博通可能會繼續上漲，並在未來幾年內有可能超過英偉達</p>

<p><strong>Nvidia</strong> is often heralded as the top artificial intelligence (AI) chipmaker, but <strong>Broadcom</strong>'s (AVGO -0.73%) recent earnings report proved that it's gaining ground.</p>
<div class="lb-trans"><p><strong>英偉達</strong> 常被譽為頂尖的人工智能（AI）芯片製造商，但 <strong>博通</strong>（AVGO -0.73%）最近的財報證明其正在迎頭趕上。</p>
</div><p>The numbers were great, and attractive growth rates are part of the reason why Broadcom has outperformed Nvidia year to date. AVGO shares are up by 49% in 2025 through market close Oct. 8, while NVDA stock has gained 41%.</p>
<div class="lb-trans"><p>這些數字表現出色，吸引人的增長率是博通在年初至今超越英偉達的部分原因。到 2025 年 10 月 8 日市場收盤時，AVGO 的股價上漲了 49%，而 NVDA 的股價上漲了 41%。</p>
</div><p>However, a strong earnings report wasn't even the biggest news item that pushed Broadcom stock higher. The bigger catalyst is a $10 billion deal Broadcom reportedly struck with OpenAI. Broadcom will create custom chips for the client. This further demonstrates that tech giants are willing to diversify away from Nvidia for some of their AI chips.</p>
<div class="lb-trans"><p>然而，強勁的財報並不是推動博通股價上漲的最大新聞。更大的催化劑是博通與 OpenAI 達成的 100 億美元交易。博通將為該客户定製芯片。這進一步表明科技巨頭們願意在某些 AI 芯片上多元化，遠離英偉達。</p>
</div><p>Broadcom has the catalysts to rise higher, and it may continue to outperform Nvidia over the next few years.</p>
<div class="lb-trans"><p>博通擁有進一步上漲的催化劑，未來幾年可能繼續超越英偉達。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzcxOTQvYWktY2hpcC5qcGcmdz03MDA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F837194%2Fai-chip.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>Profit margins continue to expand</h2>
<div class="lb-trans"><h2>利潤率持續擴大</h2>
</div><p>Broadcom posted 22% year-over-year revenue growth in the fiscal third quarter -- which ended Aug. 3 -- and the strong top-line growth came with even better bottom-line growth. The AI chipmaker brought in $4.14 billion in net profits, resulting in a 26% net profit margin.</p>
<div class="lb-trans"><p>博通在截至 8 月 3 日的財政第三季度實現了 22% 的同比收入增長，強勁的收入增長伴隨着更好的淨利潤增長。這家 AI 芯片製造商的淨利潤達到了 41.4 億美元，淨利潤率為 26%。</p>
</div><p>That's compared to a $1.9 billion net loss in Q3 FY24, which was due to a one-time, noncash tax provision of $4.5 billion. Broadcom's net profit margin has been trending higher, getting above 35% in the fiscal first quarter of this year.</p>
<div class="lb-trans"><p>相比之下，2024 財年第三季度的淨虧損為 19 億美元，原因是一次性非現金税收準備金為 45 億美元。博通的淨利潤率一直在上升，今年財政第一季度超過了 35%。</p>
</div><p>Nvidia has been delivering 50%-plus net profit margins in recent quarters, suggesting Broadcom has more room to expand its margins. Rising revenue, combined with profit margin expansion, can present additional value to long-term investors.</p>
<div class="lb-trans"><p>英偉達在最近幾個季度的淨利潤率超過 50%，這表明博通還有更多擴大利潤率的空間。收入的增長，加上利潤率的擴大，可以為長期投資者提供額外的價值。</p>
</div><p>Broadcom may look frothy to some investors with a 92 price-to-earnings ratio, while Nvidia sports a 50 P/E ratio. However, Broadcom has a price/earnings-to-growth (PEG) ratio of only 0.59, which is much lower than Nvidia's 1.32. The PEG ratio factors in a company's future growth potential when considering its current price and earnings. A stock with a PEG ratio under 1 is usually considered undervalued.</p>
<div class="lb-trans"><p>博通的市盈率為 92，可能讓一些投資者覺得有些高，而英偉達的市盈率為 50。然而，博通的市盈率增長（PEG）比率僅為 0.59，遠低於英偉達的 1.32。PEG 比率在考慮公司當前價格和收益時，考慮了公司的未來增長潛力。PEG 比率低於 1 的股票通常被認為是被低估的。</p>
</div><h2>Analysts rush to boost their price targets</h2>
<div class="lb-trans"><h2>分析師急於提高他們的目標價</h2>
</div><p>Wall Street was enamored with Broadcom's results, with many rushing to hike their price targets. <strong>Mizuho</strong> analysts focused on Broadcom's AI revenue acceleration and projected that the company will generate $39 billion in fiscal 2026. The analysts also believe Broadcom's AI revenue can reach $60 billion in fiscal 2027 and $75 billion in fiscal 2028.</p>
<div class="lb-trans"><p>華爾街對博通的業績讚不絕口，許多分析師急於提高他們的目標價。<strong>瑞穗</strong> 的分析師關注博通的 AI 收入加速，預計該公司在 2026 財年將產生 390 億美元的收入。分析師們還認為，博通的 AI 收入在 2027 財年可以達到 600 億美元，2028 財年可達 750 億美元。</p>
</div><p>Those revenue projections give investors an idea of how bullish analysts have become due to Broadcom's recent earnings report. Any deals with additional tech giants or expanded contracts with existing partners can help Broadcom reach those revenue forecasts.</p>
<div class="lb-trans"><p>這些收入預測讓投資者瞭解到，分析師們因博通最近的財報變得多麼樂觀。與其他科技巨頭的任何交易或與現有合作伙伴的擴展合同都可以幫助博通實現這些收入預測。</p>
</div><h2>Broadcom's smaller market cap gives its an edge against Nvidia</h2>
<div class="lb-trans"><h2>博通較小的市值使其在與英偉達的競爭中佔據優勢</h2>
</div><p>Although Broadcom is one of the few corporations with a $1 trillion market cap, it still falls short of Nvidia's $4.3 trillion. There's almost a $3 trillion gap between them, but the smaller market cap works in Broadcom's favor.</p>
<div class="lb-trans"><p>儘管博通是少數市值達到 1 萬億美元的公司之一，但仍然低於英偉達的 4.3 萬億美元。它們之間幾乎有 3 萬億美元的差距，但較小的市值對博通有利。</p>
</div><p>It doesn't require as much to move a stock with a $1.7 trillion market cap as it does to generate price swings for one with a $4.3 trillion market cap. That's part of the reason Broadcom has outperformed Nvidia year to date, even though Nvidia has a higher revenue growth rate.</p>
<div class="lb-trans"><p>推動市值為 1.7 萬億美元的股票所需的力量遠小於推動市值為 4.3 萬億美元的股票所需的力量。這是博通在年初至今超越英偉達的部分原因，儘管英偉達的收入增長率更高。</p>
</div><p>However, it's also easier for investors to put downward pressure on a $1.7 trillion company than a $4.7 trillion company.</p>
<div class="lb-trans"><p>然而，投資者對市值為 1.7 萬億美元的公司施加下行壓力也更容易，而對市值為 4.7 萬億美元的公司則相對困難。</p>
</div><p>Any slowdown in AI spending can hurt Broadcom, and if more AI chipmakers gain market share, it can impact Broadcom's future profit margins. However, analysts' revenue forecasts and rising AI spending suggest the current rally can continue.</p>
<div class="lb-trans"><p>任何 AI 支出放緩都可能對博通造成傷害，如果更多的 AI 芯片製造商獲得市場份額，可能會影響博通未來的利潤率。然而，分析師的收入預測和不斷上升的 AI 支出表明，目前的反彈可能會持續。</p>
</div><p>I think Broadcom has a real shot at outperforming Nvidia in 2026. Is it the next Nvidia. We'll have to wait to se.</p>
<div class="lb-trans"><p>我認為博通在 2026 年有真正超越英偉達的機會。它會是下一個英偉達嗎？我們需要拭目以待。</p>
</div>

Is Broadcom the Next Nvidia?

- Broadcom 近期財報顯示其營收增長 22%，淨利潤達 41.4 億美元。  
- 與 OpenAI 簽署 100 億美元定製芯片協議，推動股價上漲。  
- 分析師預計其 AI 收入在 2026 年可達 390 億美元，前景樂觀。

博通會成為下一個英偉達嗎？