博通：ASIC 增速 “失灵”，万亿 ASIC 故事遇 “坑” or 迎 “机”？

Core Viewpoint - Broadcom's Q2 FY2025 performance met market expectations, with revenue of $15 billion, a 20% year-over-year increase, primarily driven by AI business growth and VMware integration [1][6]. Financial Performance - Total revenue for the quarter was $15 billion, aligning closely with market expectations of $14.95 billion [1][5]. - Gross profit reached $10.2 billion, with a gross margin of 68% [1][5]. - The semiconductor business generated $8.4 billion, with AI contributing $4.4 billion, reflecting a sequential increase of $300 million [2][5]. - Infrastructure software revenue was $6.6 billion, showing a slight decline of $100 million due to VMware integration and a shift to subscription models [3][5]. Segment Analysis - AI Business: Revenue of $4.4 billion, with a sequential growth slowdown attributed to Google's TPU product transition. Future growth is anticipated with the ramp-up of TPUv6 [2][10]. - Non-AI Business: Generated $4 billion, experiencing slight declines in wireless and industrial sectors despite growth in enterprise storage and broadband [2]. - VMware Integration: The integration phase is largely complete, with subscription conversion rates exceeding 60%. The software business has seen a decline, indicating the end of high-growth phases post-acquisition [8][10]. Operating Expenses - Core operating expenses totaled $3.77 billion, up $570 million sequentially, primarily due to increased stock-based compensation. Excluding this, core operating expenses were stable at around $2.2 billion [3][5]. Future Guidance - For Q3 FY2025, Broadcom expects revenue of approximately $15.8 billion, with AI revenue projected to grow to $5.1 billion [4][15].