Sou Hu Cai Jing·2025-09-15 19:44Core Viewpoint - The stock price surge of Broadcom and Oracle is not solely driven by "AI concept speculation," but rather supported by substantial business performance and growth [1][3][14] Company Performance - Oracle's Remaining Performance Obligations (RPO) reached $455 billion, with significant long-term collaborations with giants like OpenAI and Meta, and a 55% year-over-year growth in cloud infrastructure revenue, indicating real business transformation [3][5] - Broadcom's AI business revenue hit $5.2 billion this quarter, with over $10 billion in new customer orders, solidifying its position in Google's TPU supply chain [3][5] Business Model Sustainability - Concerns about Oracle's high leverage for data center construction are mitigated by its strategy of building in low-cost regions and securing long-term leases, ensuring cost control and stable computing power supply [5][7] - Broadcom's reliance on a few major clients is being addressed by expanding its customer base and integrating VMware to increase software revenue share to 40%, reducing the cyclical nature of its semiconductor business [8][10] Industry Positioning - While Nvidia is the core player in AI, Broadcom and Oracle serve as essential alternatives, providing solutions for cost and power efficiency in AI inference and backup computing power, respectively [10][12] - The growth of Broadcom and Oracle in their respective niches reflects the maturation of the AI industry, moving from a single dominant player to a more diversified ecosystem [12][14] Market Recognition - The high valuations of Broadcom and Oracle are a recognition of the value in the AI sub-sectors, supported by current performance and future growth potential [14]