Investment Rating - The report provides a positive outlook for the industry, with a projected revenue growth of 24% year-over-year for Q4 FY25 [2][13]. Core Insights - The company anticipates Q4 FY25 consolidated revenue of $17.4 billion, with semiconductor revenue expected to reach $10.7 billion, reflecting a 30% year-over-year increase, and AI semiconductor revenue projected at $6.2 billion, up 66% year-over-year [2][13]. - The report highlights a significant improvement in the operating margin for infrastructure software, which increased from 67% to 77% year-over-year, indicating successful integration of VMware [3][9]. - The AI semiconductor revenue for Q3 was $5.2 billion, marking a 63% increase year-over-year, and the company expects continued growth in FY2026, surpassing previous growth rate projections of 50-60% [4][9]. Financial Guidance - Q4 FY25 gross margins are expected to decline by approximately 70 basis points sequentially due to a higher mix of XPUs and wireless revenue [2][8]. - The non-GAAP tax rate is projected to remain at 14% for Q4 and the entire fiscal year 2025 [2][8]. Profitability Performance - The overall gross margin for Q3 was 78.4%, with semiconductor gross margin at 67% and infrastructure software gross margin at 93% [3][13]. - The operating margin improved to 65.5% in Q3, despite a 100 basis point decline in gross margin [3][13]. AI Strategy and Performance - The company has seen a consistent increase in AI semiconductor revenue, achieving 10 consecutive quarters of growth [4][9]. - A new customer has placed over $10 billion in orders for AI racks based on XPUs, expected to be delivered in Q3 FY2026 [5][14]. Cloud Strategy - The launch of VMware Cloud Foundation v9.0 provides a fully integrated cloud platform for enterprises to run various workloads, including AI [10][11]. - Over 90% of the top 10,000 customers have been successfully converted to VMware Cloud Foundation, although full deployment is still ongoing [11]. Orders and Backlog - The consolidated backlog reached a record $110 billion in Q3 2025, with semiconductors accounting for at least 50% of the total backlog [5][12]. - Non-AI semiconductor bookings increased by 23% year-over-year, and the total contract value for infrastructure software exceeded $8.4 billion in Q3 [5][14].

博通电话会宣布，成功斩获一名新晋大客户超百亿美元的AI芯片订单，并大幅上调2026年AI业务增长预期，预计增速将超2025年。CEO将留任至2030 年，为公司发展注入"定心丸"。虽然AI和VMware软件业务表现强劲，但传统非AI半导体业务的复苏仍显缓慢，呈"U型"态势。 博通公司正在巩固其在定制化AI芯片市场的核心地位，凭借一位新晋大客户超过百亿美元的新订单，公司大幅上调了其关键的远期增长预测，预示其本 已火热的AI业务将进一步加速。 据追风交易台消息，当地时间9月4日，在最新的财报电话会议上，公司总裁兼首席执行官Hock Tan投下了两枚重磅消息： 其一，他本人将继续执掌公 司至少到2030年；其二，公司已将一家潜在客户转变为正式的第四家定制AI加速器（XPU）客户，并获得了价值超过100亿美元的生产订单。 这个百亿订单客户被曝是OpenAI。 该庞大的新订单推动公司积压订单总额达到创纪录的1100亿美元。而这些进展，叠加来自三家现有超大规模客户的持续强劲需求，促使博通宣布其 2026财年的AI收入增长率将"显著改善"，并超过2025财年的增长水平。 受AI业务和VMware软件部门的强劲表现推动，博通 ...

每经编辑｜赵云 上周，在海外算力公司强劲表现的带动之下，算力板块情绪修复。博通FY25Q2财报中，营收150亿美 元，同比增长20%，AI半导体收入达44亿美元，同比增长46%，连续9个季度增长，且定制AI加速器 （XPU）同比实现双位数增长。公司对ASIC维持乐观展望，正推进3家客户及4家潜在客户的定制AI加 速器部署，预计至少3个客户将在2027年各自部署100万个AI加速器集群。 随着各大厂商将重心从AI训练转向AI推理，预计AI推理服务器占比将逐渐接近50%。北美四大CSP厂商 ASIC布局加速，谷歌已推出TPU v6 Trillium芯片，预计2025年将大规模替代现有TPU v5；亚马逊目前 以与Marvell协同设计的Trainium v2芯片为主力，同时联合Alchip开发Trainium v3，据TrendForce预测， 其2025年ASIC芯片出货量年增速在美系CSP中表现突出。 而在国内以BAT为代表的厂商推进下，中系ASIC进程也在逐步加速。阿里巴巴旗下平头哥已推出 Hanguang 800 AI推理芯片，百度继量产Kunlun II后，又在今年宣布百度智能云成功点亮了首个自研万 卡 ...