Broadcom(US:AVGO) 硬AI·2025-09-05 03:03Core Viewpoint - Broadcom reported record revenue for Q3, with a year-over-year increase of 22%, and provided a strong Q4 revenue guidance, expecting nearly 24% growth, driven by AI chip sales [2][10][15] Financial Performance - Q3 revenue reached $15.95 billion, exceeding analyst expectations of $15.84 billion, and up from a 20% increase in the previous quarter [7][13] - Non-GAAP net profit for Q3 was $8.404 billion, a 37.3% increase year-over-year, compared to a 44% increase in the previous quarter [7] - Adjusted EBITDA for Q3 was $10.702 billion, a 30.1% increase, with a profit margin of 67.1% [7] - Adjusted EPS for Q3 was $1.69, a 36.3% increase, surpassing analyst expectations [7] Segment Performance - Semiconductor solutions revenue, including ASICs, was $9.166 billion, a 26% increase year-over-year, accounting for 57% of total revenue [8][16] - Infrastructure software revenue, including VMware, was $6.786 billion, a 17% increase, making up 43% of total revenue [8][20] Future Guidance - Q4 revenue is expected to be approximately $17.4 billion, a year-over-year increase of 23.8%, exceeding analyst expectations [10] - Q4 EBITDA margin is projected to be around 67%, higher than analyst expectations [11] - AI semiconductor revenue is anticipated to reach $6.2 billion in Q4, representing a 19% quarter-over-quarter increase [15] Market Position and Outlook - Broadcom's CEO indicated a significant improvement in AI revenue prospects for FY2026, with strong shipment expectations starting from that year [4][14] - A "mystery" client has placed a $10 billion order for Broadcom's custom AI accelerators, enhancing the company's market position [3] - Analysts predict that Broadcom's custom chip business could generate $25 billion to $30 billion in revenue by 2026, potentially exceeding $40 billion by 2027 [18]