Broadcom Inc. (AVGO) ended the recent trading session at $292.93, demonstrating a -1.61% change from the preceding day's closing price. This change lagged the S&P 500's 0.49% loss on the day. At the same time, the Dow lost 0.14%, and the tech-heavy Nasdaq lost 0.65%. Heading into today, shares of the chipmaker had gained 8.59% over the past month, outpacing the Computer and Technology sector's gain of 3.58% and the S&P 500's gain of 0.96%.The upcoming earnings release of Broadcom Inc. will be of great inter ...

美国股市在一份令人失望的美国服务业数据公布后回吐涨幅，引发市场对美国企业前景的担忧。 美股跳水 数据显示，ISM服务业指数在7月几乎零增长，引发的滞胀担忧令股指再度走低。滞胀是指通胀高企且就业低迷的经济情形。 服务业约占美国经济的 70% ，因此该领域放缓可能意味着未来的麻烦。 【导读】 美国服务业发出警告信号，股市下跌 中国基金报记者 泰勒 大家好，今晚继续关注海外的市场表现。 美国供应管理协会（ISM）发布的数据显示，上月服务业指数下降至 50.1 ，低于所有经济学家预估值。指数高于50表示扩 张。 8月5日晚间，美股三大指数高开低走， 此前因逢低买入推动的反弹告一段落 ，道指跌约100点，纳指、标普500指数跌约 0.5%。 科技股集体下跌。 | 了 筛选 | 最新价 = | 涨跌幅 = □' | | --- | --- | --- | | 安谋 | 136.09 | -2.83% | | us ARM | | | | 台积电 | 232.37 | -2.78% | | us TSM | | | | 英伟达 | 176.89 | -1.73% | | US NVDA | | | | 博通 | 292.6 ...

瑞银认为，当前科技巨头面临的核心问题是，在AI基础设施大规模投资的背景下，能否维持强劲的资本收益率。市场正从对科技巨头的集体乐观转向基 于基本面的差异化定价。那些能够在AI投资浪潮中保持强劲资本收益率、同时增长预期相对保守的公司，可能提供更好的风险调整后收益。 这些细微的修正 体现了当前市场对科技公司基本面变化的高度敏感性，直接影响了股价表现。 2025年以来，美股科技八巨头（英伟达、微软、苹果、谷歌、亚马逊、Meta、博通、特斯拉）股价表现呈现明显的两极分化：英伟达、博通、微软、 Meta跑赢标普500指数，而苹果、特斯拉、谷歌和亚马逊则明显落后。 瑞银认为，这一分化背后反映了市场对不同公司AI投资回报预期的重新评估。目前的关键在于识别哪些公司能在AI基础设施大规模投资的同时保持强劲 的资本收益率。 AI投资的双刃剑效应 美股科技巨头们正在经历一场前所未有的分化。 瑞银表示，市场分化的背后是投资者对各公司基本面预期的显著差异。 从6个月CFROI（现金流投资回报率）修正数据可以看出，博通获得了最积极的盈利预期修正，而特斯拉和苹果则面临负面修正。谷歌、Meta、微软和 英伟达的CFROI修正相对平稳，表明投资 ...

August 5, 2025 12:01 AM GMT Global Technology AI Supply Chain: AI capex revised up, while TSMC 2026 CoWoS supply unchanged After CSPs' earnings, our cloud capex tracker showed MSe expects 2026 cloud capex to increase 31% Y/Y to US$582bn. However, TSMC's current 2026 CoWoS capacity expansion plan should be sufficient to capture this strong AI capex growth. CSPs' AI capex continue to be strong: Following last week's megacap earnings reports, our US Hardware analyst Erik Woodring's Global Cloud Capex Tracker s ...

公众号记得加星标⭐️，第一时间看推送不会错过。 来源：内容 编译自彭博社等 。 人工智能数据中心规模越来越大的时代，让云计算公司面临一个问题：如何处理老旧、规模较小的数 据中心？ 博通公司提供了一个可能的答案，至少对于位置相对接近的运营而言是如此。该公司周一发布的新版 Jericho 网络芯片能够以更高的速度传输更大容量的数据。该公司核心交换事业部高级副总裁兼总经 理 Ram Velaga 表示，这意味着客户可以连接多个小型数据中心，创建一个用于开发或运行人工智能 模型的大型系统。 博通表示，Jericho4 产品能够连接多个数据中心的 100 多万个处理器，处理的信息量约为上一代产 品的四倍。 博通一直受益于对用于构建人工智能系统的设备的需求。其网络组件（例如路由器和交换机）可以引 导图形处理单元（GPU）之间的流量，而这些昂贵的芯片用于创建人工智能模型。 虽然博通的部分设备用于在同一机架或数据中心大楼内移动数据，但也需要能够跨楼宇甚至更远距离 工作的组件。此外，Velaga 表示，巨型 GPU 集群的功耗越来越高，无法将它们全部集中到同一位 置。 "当他们尝试构建一个包含 20 万个甚至 10 万个 GP ...

8月4日，博通公司宣布，专为新一代分布式AI基础设施设计的平台——Jericho4以太网结构路由器已正 式开始出货。该产品能够跨多个数据中心互连超百万个XPU处理器，并凭借突破性的带宽、安全性和无 损传输性能打破传统扩展限制。博通表示，结合Tomahawk 6、Tomahawk Ultra与Jericho4产品线，其为 高性能计算（HPC）和人工智能提供了完整的网络解决方案组合。 ...

博通核心交换事业部高级副总裁兼总经理Ram Velaga指出，Jericho4芯片具备连接超百万个处理器的能 力，数据处理量较前代产品提升约四倍。作为人工智能硬件生态链的关键供应商，博通的网络组件在 GPU集群中承担着数据路由与交换功能，其重要性随着AI算力需求增长而日益凸显。 Velaga特别提到，当前巨型GPU集群的功耗问题已成为技术瓶颈，单个实体建筑难以支撑超过300兆瓦 的电力需求，而分布式架构可有效缓解这一压力。 值得注意的是，企业正将数据中心向用户聚集的城市区域迁移，以缩短数据交互延迟。Velaga解释称， 在空间受限的都市环境中，整合多个小型数据中心更具现实可行性。相较于主要处理单数据中心内机架 间通信(通常覆盖1公里内)的Tomahawk系列产品，Jericho4的突破性优势在于其支持跨区域互联能力，最 远传输距离可达100公里以上。 据博通披露，Jericho4芯片已从即日起向云服务商及网络设备厂商等早期客户发货，相关产品集成与全 面部署预计将在九个月内完成。此次技术升级不仅为云计算企业提供了更灵活的基础设施扩展方案，也 折射出AI时代数据中心向"分布式+近用户端"转型的行业趋势。 这款芯片 ...

A new Broadcom chip will help power AI by linking up smaller data centers https://t.co/gTWSIF7d0E ...

Core Insights - Broadcom Inc. has launched the Jericho4 ethernet fabric router, designed for the next generation of distributed AI infrastructure, capable of interconnecting over one million XPUs across multiple data centers [1][2] - The Jericho4 router addresses the increasing infrastructure demands of AI models, which exceed the capabilities of a single data center, by providing high-bandwidth, secure, and lossless transport across regional distances [2][3] Product Features - Jericho4 can scale to 36,000 HyperPorts, each operating at 3.2 Tb/s, with features such as deep buffering and line-rate MACsec for enhanced security and performance over distances exceeding 100 km [3][4] - The router utilizes Broadcom's 3.2T HyperPort technology, consolidating four 800GE links into a single logical port, which improves utilization by up to 70% and streamlines traffic flow [4][5] - Jericho4 supports MACsec encryption on every port at full speed, ensuring data security without compromising performance, even under high traffic loads [5][6] Compliance and Interoperability - The Jericho4 router is compliant with specifications from the Ultra Ethernet Consortium (UEC), ensuring interoperability across open, standards-based Ethernet AI fabrics [6][9] - This compliance allows for seamless integration with a wide ecosystem of UEC-compliant NICs, switches, and software stacks, enhancing its utility in diverse networking environments [6][9] Market Position and Collaboration - Broadcom's Jericho4 is positioned to meet the growing demands of distributed AI workloads, with industry leaders expressing confidence in its capabilities to enhance scalability and efficiency in AI networking [11][12][13] - Collaborations with companies like Accton, Arista Networks, and DriveNets highlight the router's potential to support advanced AI infrastructure and improve energy efficiency in large-scale GPU clusters [11][12][13][14] Availability - Jericho4 is currently sampling to customers, indicating its readiness for market deployment [8]

Core Insights - Broadcom Inc. has launched the Jericho4 ethernet fabric router, designed for the next generation of distributed AI infrastructure, capable of interconnecting over one million XPUs across multiple data centers [1][2] - The Jericho4 router addresses the increasing infrastructure demands of AI models, which exceed the capabilities of a single data center, by providing high-bandwidth, secure, and lossless transport over regional distances [2][3] Product Features - Jericho4 can scale to 36,000 HyperPorts, each operating at 3.2 Tbps, featuring deep buffering and line-rate MACsec for enhanced security and performance over distances exceeding 100 km [3][4] - The router utilizes Broadcom's 3.2T HyperPort technology, consolidating four 800GE links into a single logical port, which improves utilization by up to 70% and streamlines traffic flow [4][5] - Jericho4 supports MACsec encryption on every port at full speed, ensuring data security without compromising performance, even under high traffic loads [5][6] Compliance and Interoperability - The Jericho4 is compliant with specifications from the Ultra Ethernet Consortium (UEC), ensuring interoperability across open, standards-based Ethernet AI fabrics [6][9] - This compliance allows for seamless integration with a wide ecosystem of UEC-compliant NICs, switches, and software stacks, enhancing its utility in diverse networking environments [6][9] Market Position and Collaboration - Broadcom's Jericho4 is positioned to meet the growing demands of distributed AI workloads, with industry leaders expressing confidence in its capabilities to enhance scalability and performance in AI networking [11][12][13] - Collaborations with companies like Accton, Arista Networks, and DriveNets highlight the router's potential to support next-generation AI infrastructure and improve energy efficiency [11][12][13][14]