1月23日，美股开盘涨跌不一，纳指微涨， 道指、标普500指数均下跌。盘初纳指迅速转跌，截至发 稿，道指跌0.5%，纳指跌0.12%，标普500指数跌0.17%。 | 美股指数 已 | | | | --- | --- | --- | | 道琼斯工业 | 纳斯达克指数 | 标普500 | | 49137.34 | 23407.04 | 6901.67 | | -246.67 -0.50% | -28.98 -0.12% | -11.68 -0.17% | | 纳斯达克100 | 中国余龙 | 中概股100 | | 25461.27 | 7891.98 | 2968.01 | | -57.08 -0.22% | -7.11 -0.09% | +0.54 +0.02% | 半导体板块走弱，英特尔大跌近15%，闪迪、西部数据跌超4%，博通跌超3%，美光科技、高通均下 跌。 | 英特尔(INTEL) | 46.310 | -14.75% | | --- | --- | --- | | US INTC | | | | 闪迪 | 480.050 | -4.65% | | US SNDK | | | | 西部数据(WESTE ...

2026 年 01 月 23 日 通信行业 2026 年度投资策略 聚焦 AI：算力降本向光而行，应用落地网络先行 glmszqdatemark 本公司具备证券投资咨询业务资格，请务必阅读最后一页免责声明 证券研究报告 1 推荐 维持评级 [Table_Author] | 分析师 张宁 | | | --- | --- | | 执业证书： S0590523120003 | | | 邮箱： | zhangnyj@glms.com.cn | | 分析师 | 崔若瑜 | | 执业证书： S0590525110072 | | | 邮箱： | cuiruoyu@glms.com.cn | | 分析师 | 谢致远 | | 执业证书： S0590525110073 | | | 邮箱： | xiezhiyuan@glms.com.cn | | 分析师 范宇 | | | 执业证书： S0590525110074 | | | 邮箱： | fanyu@glms.com.cn | | 研究助理 | 朱正卿 | | 执业证书： S0590125110083 | | | 邮箱： | zhuzhengqing@glms.com.cn | 相 ...

Core Viewpoint - Apple's growth stagnation may allow competitors like Microsoft, Amazon, Taiwan Semiconductor, and Broadcom to surpass it in market value over the next five years [1][2]. Group 1: Apple’s Current Position - Apple is currently valued at $3.6 trillion but is experiencing slower revenue growth at 10% year-over-year, relying on past performance rather than innovation [4]. - The company has not launched any significant new products recently, which raises concerns about its ability to maintain market share against more innovative competitors [4]. Group 2: Competitors' Potential - Microsoft, with a market cap of $3.4 trillion, and Amazon, valued at $2.5 trillion, are positioned to potentially surpass Apple due to their faster growth rates [7]. - Microsoft has benefited from the generative AI trend through its Azure cloud service, achieving mid- to high-double-digit EPS growth, which could propel it past Apple [8]. - Amazon's growth is driven by higher-margin divisions, and despite a slowdown in the third quarter, its operating income is expected to grow rapidly, allowing it to surpass Apple within five years [11]. Group 3: Semiconductor Industry Growth - Taiwan Semiconductor (TSMC) aims for a 25% compounded annual growth rate (CAGR) through 2029, which could triple its revenue and potentially surpass Apple [13]. - Broadcom is also well-positioned with its custom AI accelerator chips, expecting 100% year-over-year growth for these products, and could surpass Apple if it matches the projected growth in global data center capital expenditures [15][16].

黄仁勋曾断言："未来十年，算力的天花板将由光传输效率决定。"这句话不仅揭示了光互连技术在未来算力竞赛中的核心 地位，也点燃了一个曾经小众的半导体材料——磷化铟（InP）的市场热情。 当前，随着AI大模型训练进入万卡集群时代，数据中心内部数据传输需求呈指数级增长，全球AI基础设施支出预计2026年 突破万亿美元，推动数据中心光模块向800G/1.6T及以上速率加速迭代。 在这股浪潮中，磷化铟材料凭借其独特性能成为光通信革命的核心支撑。全球头部磷化铟供应商订单已排满至2026年， 2025年全球器件需求达200万片，而产能仅60万片，近70%的供需缺口持续推高产业景气度。 这个曾被视为小众的材料，如今正在成为半导体行业的新焦点。 为何是磷化铟？ 在半导体领域，材料选择往往决定了技术路线的边界。 传统硅材料虽工艺成熟、成本低廉，但其物理特性在高频高速应用场景中逐渐显露短板。磷化铟作为第二代III-V族化合物 半导体的代表，在这场技术演进中脱颖而出。 磷化铟拥有硅材料10倍以上的电子迁移率（高达 1.2×104 cm²/V·s），同时具备高饱和电子漂移速度、优异的导热性与光电 转换效率，可支持100GHz以上的超高频 ...

CNBC's Jim Cramer said Thursday he's not bailing on the tech giants known as the Magnificent Seven despite most of those stocks getting off to a sluggish start in 2026."I think that the money will ultimately flow back to most of the [Mag 7] ... because these companies just have too many levers, too much money. They're run by people who are too smart to bet against," Cramer said on "Mad Money."The Mag 7 cohort consists of Amazon, Alphabet, Apple, Microsoft, Meta Platforms, Nvidia and Tesla. AI chipmaker Broa ...

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Core Viewpoint - Broadcom (AVGO) has returned a substantial $51 billion to its shareholders over the past decade through dividends and buybacks, ranking it 54th in history for capital returns to shareholders [2][3]. Shareholder Returns - The company’s cash distributions in the form of dividends and share repurchases reflect management's confidence in its financial stability and ability to generate consistent cash flows [4]. - A comparison of capital returns shows that companies with higher returns, like Broadcom, may have lower growth potential compared to firms like Meta (META) and Microsoft (MSFT), which have returned a smaller percentage of their market capitalization to shareholders [5]. Financial Performance - Broadcom has demonstrated strong financial metrics, including a revenue growth rate of 23.9% over the last twelve months and a three-year average growth rate of 25.2% [10]. - The company has a free cash flow margin of nearly 42.1% and an operating margin of 40.8% for the last twelve months [10]. - The minimum annual revenue growth for Broadcom in the past three years was 7.9% [10]. - The stock is currently valued with a P/E multiple of 67.3 [10]. Market Risks - Despite solid fundamentals, Broadcom's stock has experienced significant declines during market corrections, including a drop of approximately 27% in 2018, nearly 48% during the COVID crash, and about 35% amidst inflation shocks [7]. - Risks are not limited to major market downturns; stocks can decline even in favorable conditions due to events like earnings announcements and business updates [8].

Founded in 1961, Palo Alto, California-based Broadcom Inc. (AVGO) designs, develops, and supplies various semiconductor devices and infrastructure software solutions internationally. The company has a market capitalization of $1.6 trillion and is expected to release its Q1 2026 earnings soon. Ahead of this event, analysts anticipate the company to generate earnings of $1.66 per share, representing an increase of 18.6% from $1.40 per share reported in the same quarter last year. The company has surpassed t ...

Market Analysis by covering: S&P 500 Futures. Read 's Market Analysis on Investing.com ...

Market Analysis by covering: Broadcom Inc, Molina Healthcare Inc, Joby Aviation, Archer Aviation Inc. Read 's Market Analysis on Investing.com ...