高盛表示，博通第四财季业绩强劲、AI收入大增，但因未上调2026财年全年指引，短期或承压。该行仍坚持"买入"，认为其在定制芯片领域 地位稳固，AI业务增速被低估，预计中长期持续跑赢。订单积压达730亿美元，新客户与大额订单强化增长动能。 尽管博通未能如部分投资者预期那样上调2026财年的全年业绩指引，并在短期内可能面临股价回调压力，但高盛依然重申了对该公司 的"买入"评级。这家华尔街大行认为，博通在定制芯片领域的统治地位正在增强，其AI业务的基本面从未如此稳固。 博通公布了一份表现强劲的第四财季业绩，其营收录得180亿美元，超出市场预期的175亿美元。更为关键的是，公司给出的2026财 年第一季度营收指引达到191亿美元，同样显著高于分析师预期的183亿美元。这一增长主要得益于AI半导体收入的激增，该板块在 第四财季实现了74%的同比增长。 然而，市场对这份财报的反应可能夹杂着失望情绪。高盛分析师James Schneider团队在最新发布的研报中指出，尽管业绩强劲且第 一季度展望乐观，但管理层并未更新或上调其此前发布的2026财年全年AI营收增长指引。考虑到投资者在财报发布前已持乐观看涨的 仓位，且AI业务 ...

Core Insights - Broadcom shares experienced a decline of 4.7% in Frankfurt following the company's projection of first-quarter revenue exceeding Wall Street estimates, indicating strong demand [1] - The company highlighted that profit margins are expected to decrease due to a higher proportion of revenue coming from AI-related products, which typically have lower margins [1] Financial Performance - The projected first-quarter revenue is anticipated to be above Wall Street estimates, suggesting robust sales performance [1] - The shift towards AI revenue is expected to impact overall profit margins negatively, reflecting a strategic pivot in the company's product mix [1]

Group 1 - Broadcom shares fell over 11% due to warnings about lower-margin custom AI processors impacting profitability, raising concerns about the business's future profitability [1] - Investor scrutiny of AI spending has increased following a tech-stock rally, with fears of a bubble due to circular deals where firms invest in their own customers [2] - Despite the recent stock drop, Broadcom's stock is up more than 57% for the year, indicating strong overall performance [3] Group 2 - Broadcom has secured significant contracts, including $21 billion from Anthropic for Google's custom Ironwood chips, highlighting its crucial role in AI processor development [3] - The company trades at approximately 32 times enterprise value to forward core earnings, compared to 19.6 times for Nvidia and 30.2 times for AMD, indicating a premium valuation [4] - Broadcom expects its margins to be pressured throughout the year due to a higher mix of AI revenue, with a backlog of $73 billion to be shipped over the next 18 months [5]

每经AI快讯，12月12日，博通股价在法兰克福市场下跌4.7%。 ...

Market Sentiment - The CNN Money Fear and Greed index improved to a reading of 46.3, moving into the "Neutral" zone from a previous reading of 40.0, indicating a shift in market sentiment [1][6] - U.S. stocks mostly closed higher, with the Dow Jones index gaining around 646 points to 48,704.01, while the S&P 500 increased by 0.21% to 6,901.00, and the Nasdaq Composite fell by 0.25% to 23,593.86 [4] Sector Performance - Most sectors on the S&P 500 ended positively, with industrials, materials, and financials showing the largest gains, while communication services and information technology sectors closed lower [4] Company Earnings - Oracle Corp. shares fell approximately 11% following disappointing earnings and guidance, while Nvidia Corp. decreased by 1.6%, Broadcom Inc. also dropped by 1.6%, and Intel Corp. lost 3.1% [2] Economic Data - U.S. initial jobless claims rose by 44,000 to 236,000 for the week ending Dec. 6, exceeding market expectations of 220,000 [3] - The U.S. trade deficit for September was reported at $52.8 billion, an improvement from $59.3 billion in the previous month and better than market estimates of $63.3 billion [3] - U.S. wholesale inventories increased by 0.5% to approximately $911.5 billion in September, following a revised 0.1% gain in August [3] Upcoming Earnings - Investors are anticipating earnings results from Johnson Outdoors Inc. and Rent the Runway Inc. [5]

Market Sentiment - The CNN Money Fear and Greed index improved to a reading of 46.3, moving into the "Neutral" zone from a prior reading of 40.0, indicating a shift in market sentiment [6] - U.S. stocks mostly closed higher, with the Dow Jones gaining over 600 points as investors shifted from expensive tech stocks to industrials, financials, and healthcare [1][4] Company Performance - Oracle Corp. shares fell approximately 11% following disappointing earnings and guidance, while Nvidia Corp. and Broadcom Inc. both declined by 1.6%, and Intel Corp. dropped by 3.1% [2] - Investors are anticipating earnings results from Johnson Outdoors Inc. and Rent the Runway Inc. [5] Economic Data - U.S. initial jobless claims increased by 44,000 to 236,000, exceeding market expectations of 220,000 [3] - The U.S. trade deficit narrowed to $52.8 billion in September from $59.3 billion in August, better than the market estimate of $63.3 billion [3] - U.S. wholesale inventories rose by 0.5% to approximately $911.5 billion in September, following a revised 0.1% gain in August [3] Sector Performance - Most sectors in the S&P 500 closed positively, with industrials, materials, and financials showing the largest gains, while communication services and information technology sectors closed lower [4] - The Dow Jones closed at 48,704.01, up around 646 points, while the S&P 500 gained 0.21% to 6,901.00, and the Nasdaq Composite fell 0.25% to 23,593.86 [4]

Group 1 - Johnson Outdoors Inc. is expected to report a quarterly loss of 68 cents per share on revenue of $117.24 million [1] - Costco Wholesale Corp. reported first-quarter revenue of $67.31 billion, exceeding analyst estimates of $67.14 billion, although shares slipped 0.7% to $878.50 in after-hours trading [1] - Lululemon Athletica Inc. posted better-than-expected third-quarter results, raised its full-year guidance, announced a CEO succession plan, and increased its share buyback program, leading to a 10.7% jump in shares to $206.97 [1] - RH reported quarterly earnings of $1.71 per share, missing the analyst estimate of $2.16 by 20.87%, but revenue of $883.81 million beat expectations, resulting in a 5.1% increase in shares to $161.09 [1] - Broadcom Inc. reported better-than-expected fourth-quarter results and issued strong first-quarter sales guidance, while also approving a 10% quarterly cash dividend increase to 65 cents per share, although shares fell 4.5% to $388.20 [1]

Core Viewpoint - Despite not raising the full-year guidance for fiscal year 2026 as some investors expected, Goldman Sachs reaffirmed a "Buy" rating for Broadcom, citing the company's strengthening dominance in the custom chip sector and robust fundamentals in its AI business [1][2]. Financial Performance - Broadcom reported a strong fourth-quarter revenue of $18 billion, exceeding market expectations of $17.5 billion. The guidance for the first quarter of fiscal year 2026 is set at $19.1 billion, significantly above the analyst forecast of $18.3 billion. This growth is primarily driven by a 74% year-over-year increase in AI semiconductor revenue [1][5]. - The AI semiconductor revenue reached $6.5 billion, surpassing the expected $6.2 billion, while total semiconductor solutions revenue was $11.1 billion, above the anticipated $10.7 billion. Infrastructure software revenue was $6.9 billion, slightly exceeding expectations [5]. Market Reaction and Guidance - The market's reaction to the earnings report may be mixed, as there is disappointment over the lack of an updated full-year guidance for fiscal year 2026. Analysts noted that the absence of an upward revision could lead to short-term stock price pressure [1][3]. - Goldman Sachs' analysts predict that Broadcom's AI revenue growth for fiscal year 2026 will actually exceed 100%, despite management's conservative stance not reflecting the actual business momentum [3]. Customer Expansion and Orders - Broadcom has made significant progress in customer expansion, maintaining strong momentum with its largest client, Google, and announcing a new major customer. The company has secured a fifth XPU customer and received an additional $11 billion order from Anthropic for fiscal year 2026 [4]. - The backlog of AI orders has reached $73 billion for the next 18 months, indicating strong demand, with additional orders expected to increase this figure [4]. Profitability Trends - Broadcom's gross margin for the fourth quarter was 77.9%, slightly above market expectations. The adjusted EBITDA margin guidance for the first quarter of fiscal year 2026 is set at 67% [5]. - Goldman Sachs noted that as Broadcom begins delivering full-rack solutions to Anthropic and potentially OpenAI in the second half of fiscal year 2026, there may be some dilution in gross and operating margins due to a higher proportion of direct components in these solutions [5]. Valuation Logic - Goldman Sachs raised Broadcom's 12-month price target from $435 to $450, based on an increase in AI revenue expectations and improved visibility into industry cycles. The estimated EPS was adjusted from $11.50 to $12.00, maintaining a 38x P/E multiple [2][7].

NEW YORK (AP) — More drops for superstar artificial-intelligence stocks knocked Wall Street off its record heights on Friday. The S&P 500 fell 1.1% from its all-time high for its worst day in three weeks. The weakness for tech stocks yanked the Nasdaq composite down by a market-leading 1.7%, and the Dow Jones Industrial Average gave back 245 points, or 0.5%, after setting its own record the day before. Broadcom dragged the market lower and tumbled 11.4% even though the chip company reported a stronger p ...

里昂认为，博通上季业绩表现稳健，指引对于公司以至整个AI板块均具提振作用，又指博通长久以来 一直是谷歌TPU的合作伙伴，相信该行对下一财年约350万个TPU的订单预测可能存在上调空间，给 予"跑赢大市"评级，目标价为330美元。 格隆汇12月12日｜里昂发表研究报告指，博通第四财季收入为180亿美元，按年上升28%，胜预期。按 业务划分，半导体解决方案收入按年增长35%，基础设施软件收入则按年增长19%，两者均带动收入表 现超出预期。期内非公认会计准则下净利润按年增长39%，同样高于预期。管理层对下财季收入指引预 测为191亿美元，即按年增长36%，高于里昂预估；经调整EBITDA利润率料达67%，略低于第四财季的 68%水平。 ...