AI热潮仍在涌动！小摩：英伟达(NVDA.US)、AMD(AMD.US)和博通(AVGO.US)营收上行潜力被低估

Core Viewpoint - Morgan Stanley indicates that Nvidia, AMD, and Broadcom may have greater revenue upside potential than market expectations due to a surge in AI-related transactions [1] Nvidia - Nvidia's management has stated that each gigawatt (GW) of AI data center capacity can generate $35 to $40 billion in revenue, suggesting strong growth potential [1] - The market may be underestimating the power scale growth of AI data center deployments by 2027 [2] - The upcoming Rubin platform is expected to bring Nvidia's revenue per gigawatt closer to $30 billion, with the Rubin Ultra platform potentially achieving mid-range figures within that range [2] - Revenue potential per chip on the Rubin Ultra platform is nearly three times that of the Blackwell platform, which will be a key driver for Nvidia's revenue growth in the coming years [2] AMD - AMD's Helios platform is projected to achieve $20 billion in revenue per gigawatt, with future platforms potentially reaching $25 billion or more [2] - Recent agreements with OpenAI suggest that AMD could achieve revenue levels of hundreds of billions per gigawatt, with a reasonable estimate of $15 billion per gigawatt [3] - The annualized revenue from the OpenAI deal could amount to approximately $30 to $35 billion, indicating significant upward potential compared to current market expectations of $31 billion in total GPU revenue by 2027 [3] Broadcom - Following a recent partnership with OpenAI, Broadcom could realistically achieve over $100 billion in AI-related revenue by 2027 [4] - Assuming Broadcom's XPU is about 30% more economical than Nvidia's GPU, the revenue per gigawatt could be around $28 billion [4] - If all 10 gigawatts of capacity are deployed within the next three years, the OpenAI-related transactions could generate $70 to $90 billion in revenue for Broadcom between 2027 and 2029 [4] - Combined with expected revenue from Google's TPU business, Broadcom's total AI revenue could approach $100 billion by 2027, significantly exceeding current market consensus estimates [5]