就在下周，“谷歌链核心”博通财报要来了

Core Viewpoint - Citigroup and Goldman Sachs predict that Broadcom's upcoming earnings report will exceed expectations, driven by Google's TPU availability and a surge in AI spending, with AI revenue expected to see triple-digit growth by fiscal year 2026 [1][3][4] Group 1: Earnings Forecast - Broadcom is expected to report revenue of $17.5 billion for Q4 FY2025, a 9% quarter-over-quarter increase, surpassing market consensus [8] - Earnings per share (EPS) is projected at $1.96, above the market expectation of $1.87, continuing a trend of outperforming expectations over the past four quarters [8] - Guidance for Q1 FY2026 is anticipated to exceed market expectations, with revenue projected at $18 billion, slightly conservative compared to the consensus of $18.4 billion [8] Group 2: AI Revenue Growth - Citigroup forecasts a staggering 147% year-over-year increase in Broadcom's AI revenue for FY2026, reaching approximately $49.3 billion, which will account for 53% of total revenue [10] - Goldman Sachs also supports this trend, estimating AI revenue at $45.4 billion for FY2026, with further growth expected to $77.3 billion by FY2027 [10] Group 3: Market Dynamics - Google's expansion of TPU services to external clients, along with demand from companies like OpenAI, Anthropic, and Meta, is a key driver of revenue growth [5][10] - Despite concerns of a potential bubble in AI spending, particularly regarding OpenAI's capital expenditures, semiconductor valuations may continue to rise as long as investment in AI persists [11] Group 4: Price Targets - Citigroup maintains a "Buy" rating with a target price of $415, based on a 30x P/E ratio for projected EPS in FY2027 [14] - Goldman Sachs has raised its target price from $380 to $435, reflecting an average 14% increase in EPS expectations for FY2026 and FY2027 [14]