这家半导体公司，即将加入2万亿美元俱乐部

Core Viewpoint - The article discusses the rapid growth of AI infrastructure investments by large tech companies, with a significant focus on semiconductor manufacturers like Nvidia and Broadcom, highlighting the potential for substantial revenue increases in the coming years [2][3]. Group 1: AI Infrastructure Investment - Large tech companies are expected to invest $375 billion in AI infrastructure this year, increasing to $500 billion next year [2]. - The primary expenditure for building AI data centers is on semiconductors, with Nvidia being the largest beneficiary due to its leading GPU capabilities for AI training and inference [2]. Group 2: Broadcom's Performance - Broadcom's AI revenue grew by 46% year-over-year to $4.4 billion, with expectations for the current quarter's AI semiconductor revenue to reach $5.1 billion, accelerating to approximately 60% growth [3]. - AI-related revenue currently accounts for about 30% of Broadcom's total sales and is projected to continue rising in the coming years [3]. Group 3: Valuation Concerns - Despite rapid growth in AI chip sales and improved profit margins from VMware, Broadcom's stock is considered expensive with a forward P/E ratio of 45 [5]. - The overall revenue growth rate for Broadcom is around 20%, which may not justify its high valuation given the strong growth momentum in its AI accelerator business [5]. Group 4: TSMC's Role - TSMC plays a crucial role in the semiconductor supply chain, responsible for the manufacturing of chips designed by companies like Nvidia and Broadcom, holding over two-thirds of the semiconductor manufacturing market share [6]. - TSMC's advanced process node N2 is expected to be priced 66% higher than the previous generation, reflecting strong demand despite initial lower yields [6]. Group 5: Future Projections - Management anticipates a 40% annual growth rate for AI-related revenue from 2024 to 2029, contributing approximately 20% to TSMC's overall revenue growth [7]. - TSMC's P/E ratio is around 24, which is considered attractive given its potential for 20% profit growth, making it a compelling investment opportunity [7].