<p>TradingKey - <strong>芯片巨頭</strong> <strong>博通</strong> <strong>正經歷自 2020 年 3 月以來最嚴重的市場拋售，股價在財報發佈後三天內暴跌 18%。</strong></p>
<p>財報後的下滑使得超過 <strong>3000 億美元的市值蒸發，這一金額大致相當於其芯片競爭對手 AMD 目前的市場價值。</strong></p>
<p><img src="https://imageproxy.pbkrs.com/https://resource.tradingkey.com/uploads/20251216/avgo-19c92e94a5504dc9a332515b760c9874.jpg?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="1537" height="619" original-src="https://imageproxy.pbkrs.com/https://resource.tradingkey.com/uploads/20251216/avgo-19c92e94a5504dc9a332515b760c9874.jpg"/></p>
<p>道瓊斯市場數據表明，博通目前的市值為 1.605 萬億美元，已被 Meta（1.632 萬億美元）超越，失去了美國第六大公司的排名。</p>
<p><strong>儘管近期下滑，博通的股價年初至今仍上漲超過 45%。雖然該公司的股票在過去一年中經歷了 25 次超過 5% 的波動，但這三天的連續暴跌仍然顯得不尋常。</strong></p>
<p><strong>這種劇烈波動可能源於投資者重新評估一個基本問題，即在對 AI 泡沫的擔憂加劇的背景下，&#34;高增長是否能證明高估值是合理的&#34;。</strong></p>
<p>在市場較為平靜的時期，博通的強勁表現可能會消除疑慮。然而，隨着 AI 投資熱潮的加劇，任何業績疲軟的跡象都可能被市場放大。</p>
<h2>為什麼強勁的財報未能阻止拋售？</h2>
<p>博通報告了強勁的第四季度收入為 180.1 億美元（同比增長 28%）和淨利潤為 97.1 億美元（同比增長 39%）。此外，其 AI 芯片收入激增 74%，訂單積壓達到 730 億美元。</p>
<p><strong>然而，這些令人印象深刻的數字無法掩蓋一個核心擔憂：管理層警告稱毛利率將出現 100 個基點的環比下降，引發市場對 AI 業務盈利能力的懷疑。</strong></p>
<p><strong>閲讀更多：&#34;</strong> <strong>博通的 AI 收入飆升 70%，但因毛利擔憂和客户內部調整股價下跌</strong> <strong>&#34;</strong></p>
<p>博通首席執行官霍克·譚表示，2026 年對人工智能的需求&#34;難以預測&#34;，打破了市場對該股的先前樂觀預期。</p>
<p>值得注意的是，博通在過去 12 個月的資本支出僅為 6.23 億美元，遠低於英偉達和甲骨文投資的數百億美元。該公司還未披露其 AI 基礎設施投資計劃。儘管與 Anthropic 和 OpenAI 達成了數十億美元的訂單，但市場對其交付能力仍持懷疑態度。</p>
<p>TD Cowen 分析師約書亞·布哈特指出，儘管投資者對博通與 OpenAI 的深入合作抱有很高期望，但財報未能明確該業務如何轉化為收入或具體時間表。</p>
<p>令市場失望的是，博通宣佈將向一位未透露姓名的第五位客户交付 10 億美元的定製芯片，預計在明年年底前完成。這個數字遠低於華爾街對其與 OpenAI 合作規模的預期。</p>
<p>布哈特解釋稱，這種不確定性讓投資者感到不安；市場需要明確的路線圖，而不是模糊的承諾。</p>
<h2>AI 供應鏈受到衝擊</h2>
<p><strong>隨着博通的股價在三天內暴跌超過 17%，AI 供應鏈的兩個核心支柱——&#34;谷歌生態系統&#34;和&#34;OpenAI 生態系統&#34;——同時遭受重大打擊。</strong></p>
<p><img src="https://imageproxy.pbkrs.com/https://resource.tradingkey.com/uploads/20251216/ai-ecosystem-50c234b6e7a848e1bfb5a744184c760e.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="500" height="294" original-src="https://imageproxy.pbkrs.com/https://resource.tradingkey.com/uploads/20251216/ai-ecosystem-50c234b6e7a848e1bfb5a744184c760e.png"/></p>
<p>作為關鍵參與者，博通的收益雖然創下歷史新高，但 AI 業務收入預測未能達到華爾街異常高的預期。因此，市場開始質疑 AI 基礎設施投資的回報週期。</p>
<p>與此同時，核心&#34;OpenAI 生態系統&#34;公司甲骨文在財報後披露，為 ChatGPT 所有者 OpenAI 建設的數據中心的完工日期可能從 2027 年推遲到 2028 年。這一消息動搖了市場對 AI 基礎設施發展速度的信心。</p>
<p>隨着&#34;谷歌生態系統&#34;和&#34;OpenAI 生態系統&#34;都面臨信心危機，整個 AI 供應鏈的估值邏輯正在重新評估。投資者現在在思考：我們是否過於樂觀地高估了 AI 採用的速度和規模？</p>
<h2>為什麼 “完美 100” 不再足夠？華爾街要求 “200”</h2>
<p><strong>與此同時，市場上出現了一個更深層次的問題：為什麼</strong> <strong>英偉達</strong> <strong>、甲骨文和 CoreWeave 等 AI 概念股在報告強勁財報後仍遭遇拋售？顯然，即使在財務數據上超出預期也不足以滿足華爾街的要求。</strong></p>
<p>或許答案在於 <strong>華爾街對 AI 概念股的預期已從&#34;完美的 100 分&#34;上升到&#34;強制性的 200 分&#34;。</strong> 當投資者開始質疑訂單的可持續性和行業繁榮的持久性時，即使是最強勁的季度業績也難以平息市場的焦慮。</p>
<p>博通在三天內蒸發的 3000 億美元市值凸顯了即使超出預期的表現也無法安撫投資者對估值的&#34;恐高症&#34;。</p>
<p>&#34;這並不是對博通的否定，而是對整個 AI 投資理論的重新定價，&#34;一位對沖基金經理坦言。&#34;市場正在從 ‘相信一切’ 轉向 ‘需要證據’。投資者不再滿足於概念和預期；他們要求看到切實的盈利能力和明確的回報路徑。&#34;</p>
<p>瞭解更多</p>

博通

<p>博通的股票在三天內下跌了 18%，市值蒸發了 3000 億美元，儘管其財報表現強勁。對人工智能盈利能力和利潤率下降的擔憂引發了市場的懷疑。市場要求對盈利能力有明確的證據，並需要人工智能投資的路線圖，這導致了對人工智能股票估值的重新評估</p>

<p>TradingKey - <strong>Chip giant</strong> <strong>Broadcom</strong> <strong>is experiencing its most severe market sell-off since March 2020, with shares tumbling 18% in three days after its earnings report.</strong></p>
<div class="lb-trans"><p>TradingKey - <strong>芯片巨頭</strong> <strong>博通</strong> <strong>正經歷自 2020 年 3 月以來最嚴重的市場拋售，股價在財報發佈後三天內暴跌 18%。</strong></p>
</div><p>The post-earnings slide saw more than <strong>$300 billion in market capitalization evaporate, a sum roughly equivalent to the current market value of its chip competitor, AMD.</strong></p>
<div class="lb-trans"><p>財報後的下滑使得超過 <strong>3000 億美元的市值蒸發，這一金額大致相當於其芯片競爭對手 AMD 目前的市場價值。</strong></p>
</div><p><img src="https://imageproxy.pbkrs.com/https://resource.tradingkey.com/uploads/20251216/avgo-19c92e94a5504dc9a332515b760c9874.jpg" alt="" original-src="https://resource.tradingkey.com/uploads/20251216/avgo-19c92e94a5504dc9a332515b760c9874.jpg"/></p>
<p>Dow Jones Market Data shows Broadcom's market capitalization, now $1.605 trillion, has been overtaken by Meta ($1.632 trillion), stripping it of its rank as the sixth-largest U.S. company.</p>
<div class="lb-trans"><p>道瓊斯市場數據表明，博通目前的市值為 1.605 萬億美元，已被 Meta（1.632 萬億美元）超越，失去了美國第六大公司的排名。</p>
</div><p><strong>Even with the recent decline, Broadcom's stock is still up more than 45% year-to-date. While the company's shares have experienced over 5% swings 25 times in the past year, this three-day consecutive plunge remains unusual.</strong></p>
<div class="lb-trans"><p><strong>儘管近期下滑，博通的股價年初至今仍上漲超過 45%。雖然該公司的股票在過去一年中經歷了 25 次超過 5% 的波動，但這三天的連續暴跌仍然顯得不尋常。</strong></p>
</div><p><strong>This drastic volatility likely stems from investors re-evaluating the fundamental question of whether &#34;high growth can justify high valuations&#34; amidst escalating concerns about an AI bubble.</strong></p>
<div class="lb-trans"><p><strong>這種劇烈波動可能源於投資者重新評估一個基本問題，即在對 AI 泡沫的擔憂加劇的背景下，&#34;高增長是否能證明高估值是合理的&#34;。</strong></p>
</div><p>In calmer market periods, Broadcom's strong performance might have quelled doubts. However, as the AI investment frenzy intensifies, any hint of performance weakness risks being amplified by the market.</p>
<div class="lb-trans"><p>在市場較為平靜的時期，博通的強勁表現可能會消除疑慮。然而，隨着 AI 投資熱潮的加劇，任何業績疲軟的跡象都可能被市場放大。</p>
</div><h2>Why Did Strong Earnings Fail to Prevent the Sell-off?</h2>
<div class="lb-trans"><h2>為什麼強勁的財報未能阻止拋售？</h2>
</div><p>Broadcom reported robust fourth-quarter revenue of $18.01 billion (+28% year-over-year) and a net profit of $9.71 billion (+39% year-over-year). Furthermore, its AI chip revenue surged by 74%, with an order backlog reaching $73 billion.</p>
<div class="lb-trans"><p>博通報告了強勁的第四季度收入為 180.1 億美元（同比增長 28%）和淨利潤為 97.1 億美元（同比增長 39%）。此外，其 AI 芯片收入激增 74%，訂單積壓達到 730 億美元。</p>
</div><p><strong>Yet, these impressive figures couldn't overshadow a core concern: management warned of a 100-basis-point sequential decline in gross margins, sparking market skepticism about the AI business's profitability.</strong></p>
<div class="lb-trans"><p><strong>然而，這些令人印象深刻的數字無法掩蓋一個核心擔憂：管理層警告稱毛利率將出現 100 個基點的環比下降，引發市場對 AI 業務盈利能力的懷疑。</strong></p>
</div><p><strong>Read more: &#34;</strong> <strong>Broadcom's AI Revenue Soars 70% But Shares Fall on Margin Concerns and Client In-House Moves</strong> <strong>&#34;</strong></p>
<div class="lb-trans"><p><strong>閲讀更多：&#34;</strong> <strong>博通的 AI 收入飆升 70%，但因毛利擔憂和客户內部調整股價下跌</strong> <strong>&#34;</strong></p>
</div><p>Broadcom CEO Hock Tan stated that artificial intelligence demand for 2026 is &#34;difficult to predict,&#34; shattering prior optimistic market expectations for the stock.</p>
<div class="lb-trans"><p>博通首席執行官霍克·譚表示，2026 年對人工智能的需求&#34;難以預測&#34;，打破了市場對該股的先前樂觀預期。</p>
</div><p>Notably, Broadcom's capital expenditure over the past 12 months was only $623 million, significantly lower than the tens of billions invested by Nvidia and Oracle. The company also failed to disclose its AI infrastructure investment plans. Despite securing multi-billion dollar orders with Anthropic and OpenAI, the market remains skeptical about its ability to deliver on capacity.</p>
<div class="lb-trans"><p>值得注意的是，博通在過去 12 個月的資本支出僅為 6.23 億美元，遠低於英偉達和甲骨文投資的數百億美元。該公司還未披露其 AI 基礎設施投資計劃。儘管與 Anthropic 和 OpenAI 達成了數十億美元的訂單，但市場對其交付能力仍持懷疑態度。</p>
</div><p>TD Cowen analyst Joshua Buchalter pointed out that while investors harbored high expectations for Broadcom's deepening collaboration with OpenAI, the earnings report failed to clarify how this business would translate into revenue or specific timelines.</p>
<div class="lb-trans"><p>TD Cowen 分析師約書亞·布哈特指出，儘管投資者對博通與 OpenAI 的深入合作抱有很高期望，但財報未能明確該業務如何轉化為收入或具體時間表。</p>
</div><p>Adding to market disappointment, Broadcom announced a $1 billion custom chip delivery to an unnamed fifth client, expected by the end of next year. This figure fell significantly short of Wall Street's expectations for the scale of its OpenAI partnership.</p>
<div class="lb-trans"><p>令市場失望的是，博通宣佈將向一位未透露姓名的第五位客户交付 10 億美元的定製芯片，預計在明年年底前完成。這個數字遠低於華爾街對其與 OpenAI 合作規模的預期。</p>
</div><p>Buchalter explained that such uncertainty unnerves investors; the market demands a clear roadmap, not vague promises.</p>
<div class="lb-trans"><p>布哈特解釋稱，這種不確定性讓投資者感到不安；市場需要明確的路線圖，而不是模糊的承諾。</p>
</div><h2>AI Supply Chain Takes a Hit</h2>
<div class="lb-trans"><h2>AI 供應鏈受到衝擊</h2>
</div><p><strong>With Broadcom's stock plummeting over 17% in three days, two core pillars of the AI supply chain—the &#34;Google ecosystem&#34; and the &#34;OpenAI ecosystem&#34;—have simultaneously suffered significant blows.</strong></p>
<div class="lb-trans"><p><strong>隨着博通的股價在三天內暴跌超過 17%，AI 供應鏈的兩個核心支柱——&#34;谷歌生態系統&#34;和&#34;OpenAI 生態系統&#34;——同時遭受重大打擊。</strong></p>
</div><p><img src="https://imageproxy.pbkrs.com/https://resource.tradingkey.com/uploads/20251216/ai-ecosystem-50c234b6e7a848e1bfb5a744184c760e.png" alt="" original-src="https://resource.tradingkey.com/uploads/20251216/ai-ecosystem-50c234b6e7a848e1bfb5a744184c760e.png"/></p>
<p>As a key player, Broadcom's earnings, while hitting a record high, saw AI business revenue forecasts fall short of Wall Street's exceptionally high expectations. Consequently, the market is beginning to question the return cycle on AI infrastructure investments.</p>
<div class="lb-trans"><p>作為關鍵參與者，博通的收益雖然創下歷史新高，但 AI 業務收入預測未能達到華爾街異常高的預期。因此，市場開始質疑 AI 基礎設施投資的回報週期。</p>
</div><p>Concurrently, core &#34;OpenAI ecosystem&#34; company Oracle faced revelations post-earnings that the completion date for its data center being built for ChatGPT owner OpenAI might be delayed from 2027 to 2028. This news has shaken market confidence in the pace of AI infrastructure development.</p>
<div class="lb-trans"><p>與此同時，核心&#34;OpenAI 生態系統&#34;公司甲骨文在財報後披露，為 ChatGPT 所有者 OpenAI 建設的數據中心的完工日期可能從 2027 年推遲到 2028 年。這一消息動搖了市場對 AI 基礎設施發展速度的信心。</p>
</div><p>With both the &#34;Google ecosystem&#34; and &#34;OpenAI ecosystem&#34; facing a crisis of confidence, the entire AI supply chain's valuation logic is undergoing reassessment. Investors are now pondering: have we been overly optimistic in overestimating the speed and scale of AI adoption?</p>
<div class="lb-trans"><p>隨着&#34;谷歌生態系統&#34;和&#34;OpenAI 生態系統&#34;都面臨信心危機，整個 AI 供應鏈的估值邏輯正在重新評估。投資者現在在思考：我們是否過於樂觀地高估了 AI 採用的速度和規模？</p>
</div><h2>Why Is a 'Perfect 100' No Longer Enough? Wall Street Demands a '200'</h2>
<div class="lb-trans"><h2>為什麼 “完美 100” 不再足夠？華爾街要求 “200”</h2>
</div><p><strong>Concurrently, a deeper question is permeating the market: why have</strong> <strong>Nvidia</strong> <strong>, Oracle, and CoreWeave, among other AI concept stocks, experienced sell-offs even after reporting strong earnings? Seemingly, even exceeding expectations in financial figures is no longer enough to satisfy Wall Street.</strong></p>
<div class="lb-trans"><p><strong>與此同時，市場上出現了一個更深層次的問題：為什麼</strong> <strong>英偉達</strong> <strong>、甲骨文和 CoreWeave 等 AI 概念股在報告強勁財報後仍遭遇拋售？顯然，即使在財務數據上超出預期也不足以滿足華爾街的要求。</strong></p>
</div><p>Perhaps the answer lies in the fact that <strong>Wall Street's expectations for AI concept stocks have escalated from a &#34;perfect score of 100&#34; to &#34;a mandatory score of 200.&#34;</strong> When investors begin to question the sustainability of orders and the longevity of industry prosperity, even the strongest quarterly results struggle to calm market anxieties.</p>
<div class="lb-trans"><p>或許答案在於 <strong>華爾街對 AI 概念股的預期已從&#34;完美的 100 分&#34;上升到&#34;強制性的 200 分&#34;。</strong> 當投資者開始質疑訂單的可持續性和行業繁榮的持久性時，即使是最強勁的季度業績也難以平息市場的焦慮。</p>
</div><p>Broadcom's $300 billion market cap evaporation in three days underscores that even above-expectation performance fails to soothe investors' &#34;fear of heights&#34; regarding valuations.</p>
<div class="lb-trans"><p>博通在三天內蒸發的 3000 億美元市值凸顯了即使超出預期的表現也無法安撫投資者對估值的&#34;恐高症&#34;。</p>
</div><p>&#34;This isn't a repudiation of Broadcom, but rather a repricing of the entire AI investment thesis,&#34; confessed one hedge fund manager. &#34;The market is shifting from 'believing everything' to 'needing evidence.' Investors are no longer content with concepts and expectations; they demand to see tangible profitability and a clear path to returns.&#34;</p>
<div class="lb-trans"><p>&#34;這並不是對博通的否定，而是對整個 AI 投資理論的重新定價，&#34;一位對沖基金經理坦言。&#34;市場正在從 ‘相信一切’ 轉向 ‘需要證據’。投資者不再滿足於概念和預期；他們要求看到切實的盈利能力和明確的回報路徑。&#34;</p>
</div><p>Find out more</p>
<div class="lb-trans"><p>瞭解更多</p>
</div>

3000 億美元蒸發：為何博通的 “完美” 財報未能阻止華爾街連續三天的下跌