大客户在加大AI推理开支。 博通：预计2025财年AI芯片销售的增长势头将延续至2026年。 ...

Financial Performance - Broadcom reported record second quarter revenue of $15,004 million, a 20% increase year-over-year [4]. - Adjusted EBITDA for Q2 was $10,001 million, representing 67% of revenue, up 35% year-over-year [4]. - GAAP net income for Q2 was $4,965 million, a 134% increase from the previous year [5]. - Non-GAAP net income for Q2 was $7,787 million, up 44% year-over-year [5]. - Net revenue for the fiscal quarter ended May 4, 2025, was $15,004 million, a 12.1% increase from $12,487 million in the same quarter last year [22]. - Gross margin for the fiscal quarter was $10,197 million, representing a 30.5% increase compared to $7,776 million in the same quarter last year [22]. - Operating income for the fiscal quarter was $5,829 million, up 96.3% from $2,965 million in the same quarter last year [22]. - Basic income per share from continuing operations was $1.05, compared to $0.46 in the same quarter last year, reflecting a 128.3% increase [22]. - Non-GAAP net income for the same quarter was $7,787 million, compared to $7,823 million in the prior quarter, reflecting a slight decline [26]. - Adjusted EBITDA for the quarter was $10,001 million, down from $10,083 million in the previous quarter [26]. Cash Flow and Shareholder Returns - Free cash flow reached a record $6,411 million, up 44% year-over-year, constituting 43% of revenue [4]. - The company returned $7.0 billion to shareholders in Q2 through $2.8 billion in cash dividends and $4.2 billion in stock repurchases [3]. - Cash and cash equivalents at the end of the quarter were $9,472 million, compared to $9,307 million at the end of the prior quarter [5]. - Net cash provided by operating activities increased to $6,555 million compared to $6,113 million in the previous quarter [32]. - Payments of dividends were $2,785 million, slightly up from $2,774 million in the previous quarter [32]. - The company had net cash used in investing activities of $133 million, compared to $174 million in the previous quarter [32]. - The company repurchased common stock for $2,450 million under its repurchase program [32]. Guidance and Future Expectations - AI semiconductor revenue grew 46% year-over-year to over $4.4 billion, with expectations to reach $5.1 billion in Q3 [3]. - Third quarter revenue guidance is approximately $15.8 billion, reflecting a 21% increase from the prior year [8]. Expenses and Liabilities - Research and development expenses for the fiscal quarter were $2,693 million, an increase from $2,415 million in the same quarter last year [22]. - Total operating expenses for the fiscal quarter were $4,368 million, a decrease from $4,811 million in the same quarter last year [22]. - The company reported stock-based compensation expense of $1,771 million for the fiscal quarter, compared to $1,403 million in the same quarter last year [25]. - Total liabilities decreased to $95,044 million from $97,967 million, indicating improved financial stability [30]. - Long-term debt decreased to $61,751 million from $66,295 million, indicating a reduction in leverage [30]. Inventory and Assets - Total current assets increased to $22,181 million from $19,595 million in the previous reporting period [30]. - Cash and cash equivalents rose to $9,472 million, up from $9,348 million, indicating strong liquidity [30]. - Inventory levels increased to $2,017 million from $1,760 million, suggesting potential growth in sales or production [30].

Thursday, June 5, 2025Pre-market futures had been up +0.25% or so across the board, but came back down to “unched” from yesterday’s close following a few key economic data points. These data points were not bad across the board, but they do continue to narrative a subtle unraveling in things like a stout, impervious labor market.However, these same futures are just now rebounding back into the green on a report that President Trump and President Xi have spoken on the phone this morning -- clearly in hopes t ...

据数据显示，博通将于美东时间周四盘后发布2025财年一季度财报，华尔街分析师平均预期其当季每股 收益将达1.57美元，营收规模约149.7亿美元。 随着全球企业逐步加大AI资本支出，半导体产业链持续受益，而传统SaaS企业则面临增长放缓压力。 投资者需密切关注博通AI业务进展及赛富时客户留存率变化，以把握云计算与芯片赛道分化带来的投 资机遇。 智通财经APP获悉，欧洲投资公司Erste Group周四发布评级调整公告，将芯片巨头博通(AVGO.US)的评 级从"持有"上调至"买入"，同时将云计算龙头赛富时(CRM.US)的评级从"买入"下调至"持有"，引发市场 广泛关注。 他特别提到，赛富时当前销售增速已落后于主要竞争对手，而其估值水平仍低于软件行业平均水平，这 成为此次调整评级的核心考量因素。 在最新研报中，Erste分析师Hans Engel着重看好博通在AI基础设施领域的竞争优势："博通构建了极具 吸引力的网络应用产品矩阵，尤其在虚拟化软件领域展现出强劲增长动能。其营业利润率与ROE持续领 跑行业，随着全球企业加速布局AI数据中心硬件及互联解决方案，该公司人工智能半导体需求有望保 持高位运行。" 对于赛 ...

1. 6月5日(周四)美股盘前，美股三大股指期货涨跌不一。截至发稿，道指期货涨0.03%，标普500指数期货微涨，纳指期货跌0.02%。 | ■ US 30 | 42,442.00 | 42,543.50 | 42,389.00 | +14.30 | +0.03% | | --- | --- | --- | --- | --- | --- | | ■ US 500 | 5,970.90 | 5,988.10 | 5,963.90 | +0.10 | 0.00% | | ■ US Tech 100 | 21,717.00 | 21,804.00 | 21,687.10 | -4.90 | -0.02% | 个股消息 挚文集团(MOMO.US)Q1净营收同比下降1.5%，陌陌付费用户数降至420万。挚文集团Q1净营收为25.208亿元(人民币,下同)，同比下 降1.5%，归属于公司净利润为3.580亿元，上年同期为520万元，摊薄后每ADS收益为2.07元，上年同期为0.03元。Non-GAAP归属于公 司净利润为4.038亿元;摊薄后每ADS收益为2.34元。2025年3月，探探应用程序的月活跃用户为1070万 ...

每经记者｜岳楚鹏 每经编辑｜高涵 ①【三大期指齐涨，半导体股多数上涨】截至发稿，道指期货涨0.15%、标普500指数期货涨0.09%、纳 指期货涨0.10%。半导体股盘前多数上涨，阿斯麦涨约2%，美光科技涨约1%，博通涨0.5%。 ②【"稳定币第一股"Circle即将登陆纽交所】数字货币巨头Circle预计将于当地时间6月5日在美国纽约证 券交易所上市，这将是稳定币领域的首个IPO（首次公开募股），Circle也将成为"稳定币第一股"。 Circle将IPO定价为每股31美元。这一价格高于预期的27至28美元区间。按该价格计算，Circle的市值将 达到69亿美元。 ③【亚马逊配送和物流业务获AI助力】当地时间6月4日，亚马逊表示，正在其Lab126设备部门组建一 个新团队，专注打造仓库机器人。亚马逊称，利用AI代理，这些机器人将能够卸载拖车，然后取回零 件进行维修。此外，亚马逊还在利用生成式AI为其送货司机创建更先进的地图，以便他们更高效地递 送包裹。截至发稿，亚马逊上涨0.88%。 ④【宝洁公司计划未来两年裁减7000个非制造业岗位】当地时间6月5日，宝洁公司表示，计划在未来两 年内裁减约7000个非制造 ...

周四，央企重组方面传来大消息。 长安汽车、中光学、湖南天雁、华强科技、东安动力、长城军工等公司6月5日早间披露中国兵器装备集 团有限公司重组进展情况：兵器装备集团收到国务院国资委通知，经国务院批准，对兵器装备集团实施 分立。 兵器装备集团的汽车业务将分立为一家独立中央企业，成为国务院国资委直管的一级央企，在达哥看 来，决策自主权、资源调配能力、政策支持力度增强，响应市场更快，有利于聚焦汽车主业，尤其是在 芯片、智能驾驶等关键技术领域。 另外，此次选择"分立独立"路径，为其他央企提供了国企改革的新范式。 今年3月，国务院国资委党委委员、副主任苟坪表示，当前汽车产业正在加速变化和重塑。下一步，将 对整车央企进行战略性重组，推动企业内部专业化整合。 未来，整车央企如何进行战略性重组，也是值得观察的。 我们回到市场。 周四，A股三大指数集体收涨。截至收盘，上证指数上涨0.23%，深证成指、创业板指数分别上涨 0.58%、1.17%。 沪深两市成交额达到1.29万亿元，较周三放量1374亿元，上涨个股与下跌个股几乎各占一半。 上证指数方面，自3332点~3268点的区间上沿被突破后，指数延续反弹。就势能来看，短期还有反 ...

奥地利第一储蓄银行股份公司将博通评级从持有上调至买进。 ...

Core Viewpoint - David Tepper's hedge fund, Appaloosa Management, has sold its position in Advanced Micro Devices (AMD) and initiated a position in Broadcom, indicating a strategic shift towards companies involved in AI infrastructure [1][3]. Group 1: AMD Position - Appaloosa has been gradually reducing its AMD shares, from 1.6 million in Q1 2024 to zero by Q1 2025, with only a minor purchase in Q4 2024 [5]. - AMD is facing challenges with decelerating core businesses and significant competition from Nvidia in the data center chip market, despite upcoming new chipsets [6][7]. - The unpredictability of AMD's growth prospects may have influenced Tepper's decision to exit the position [7]. Group 2: Broadcom Position - Broadcom operates 26 different business units and specializes in supplying network equipment essential for AI data centers, making it a diversified operation [9]. - The company has announced a $10 billion share repurchase program, suggesting management believes the stock is undervalued and is optimistic about future growth [10]. - Broadcom is in the early stages of monetizing assets from its VMware acquisition, presenting a unique opportunity in the AI infrastructure market [11]. Group 3: Investment Outlook - Broadcom's stock is trading at a forward price-to-earnings (P/E) multiple of 36.4, which is not considered a bargain, but the recent price action may present a savvy investment opportunity [12]. - The overall trend of rising AI capital expenditures is expected to benefit Broadcom and its various business units, indicating a multiyear growth tailwind [14]. - The company's growth phase is viewed as still in the early innings, making Broadcom stock an attractive buy at this time [14].

消息面上，近日，博通核心交换事业部负责人拉姆·维拉加透露博通Tomahawk 6交换芯片已启动交付， 单颗Tomahawk 6即可实现6颗前代芯片的吞吐能力，理论峰值达102Tbps。首批客户包括全球头部云服 务商及网络设备厂商，7月将全面登陆数据中心市场。维拉加称Tomahawk 6售价将低于2万美元，并表 示目前客户需求十分旺盛，用于搭建更大规模的算力集群。 CPO概念5日盘中发力走高，截至发稿，生益电子涨停；德科立、仕佳光子涨逾12%，海得控制 （002184）、方正科技（600601）、广合科技（001389）等均涨停，德明利（001309）涨约9%。 中信证券指出，回溯历史，新一代交换芯片的推出都是光模块速率升级的重要契机：Tomahawk 4代、5 代分别于2020年、2023年实现量产，也分别对应于400G与800G的放量时间点。因此Tomahawk 6交换芯 片可以支持200G*512lane的数据交换需求，有望推动1.6T光模块（单波200G）的放量，从而驱动头部光 模块的厂商实现收入增长与盈利水平的进一步提高。 此次Tomahawk 6的量产同样提供共封装光学技术（CPO）版本，在显著降低 ...