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小摩:AI“印钞机”全速运转 博通(AVGO.US)Q2有望交出亮眼业绩
BroadcomBroadcom(US:AVGO) 智通财经网·2025-06-04 07:41

Group 1 - Morgan Stanley reports that Broadcom (AVGO.US) is expected to announce second-quarter earnings that meet or slightly exceed market expectations due to strong demand for AI products, stabilization in non-AI semiconductor business, and continued growth in VMware business [1][2] - The demand for AI-related revenue at Broadcom remains robust, driven by the production ramp-up of Google's TPU v6 3nm ASIC chips, which is expected to contribute significantly to revenue in fiscal years 2025 and 2026, with projected revenue exceeding $15 billion over the project lifecycle [1] - Broadcom's AI business revenue is anticipated to reach between $19 billion and $20 billion in fiscal year 2025, representing a year-over-year growth of approximately 60% [1] Group 2 - In the non-AI semiconductor sector, revenue growth is expected in the wireless segment as industry cyclical trends improve, with stable demand in enterprise, server/storage, and broadband sectors [2] - Broadcom's software infrastructure business, particularly VMware, is maintaining strong momentum due to robust software renewal capabilities and deepening collaborations with large enterprise clients [2] - For the second quarter, Broadcom's revenue, earnings, and free cash flow (FCF) are projected to meet or slightly exceed market expectations, with third-quarter revenue expected to grow by 5%-7% quarter-over-quarter, reaching around $16.1 billion, surpassing general market expectations [2]