英伟达、AMD寡淡？博通霸气接棒AI扛旗手

Overall Performance - Broadcom reported Q3 FY2025 revenue of $15.95 billion, a 22% year-over-year increase, meeting market expectations, driven primarily by AI business and VMware integration adjustments [1][18] - The gross margin for the quarter was 67.1%, with an adjusted operating gross margin of 76.8%, reflecting a structural impact from the increased share of lower-margin custom ASIC business [1][20] Semiconductor Business - The semiconductor segment generated $9.17 billion in revenue, with AI contributing significantly, achieving $5.2 billion, an increase of $800 million quarter-over-quarter [1][30] - Non-AI semiconductor revenue was $4 billion, showing a 1% decline, indicating a relatively weak performance in this area [2][30] AI Business Insights - The company expects AI revenue to reach $6.2 billion in the next quarter, reflecting a $1 billion increase, supported by rising capital expenditures from major clients like Google and Meta [2][9] - Broadcom's AI revenue is primarily derived from three major clients: Google, Meta, and ByteDance, with a fourth client recently placing over $10 billion in AI-related orders [11][30] Infrastructure Software - The infrastructure software segment achieved $6.79 billion in revenue, a $1.9 billion increase, largely due to VMware's integration and a shift to subscription pricing models [1][35] - VMware's contribution to revenue is expected to continue growing, although the high-growth phase has likely plateaued [2][37] Operating Expenses - Core operating expenses for the quarter were $4.12 billion, up $346 million, primarily due to increased stock-based compensation [2][22] - Excluding stock-based compensation, core operating expenses decreased by $150 million, indicating ongoing efforts to control costs post-VMware acquisition [2][22] Debt Management - The total debt to LTM adjusted EBITDA ratio improved to 2.3, suggesting that the impact of the VMware acquisition on the company's debt profile is being effectively managed [3][26] Future Guidance - For Q4 FY2025, Broadcom anticipates revenue of approximately $17.4 billion, exceeding market expectations, with an adjusted EBITDA margin projected at 67% [3][18]