Core Insights - The management of Broadcom has indicated a significant and unexpected increase in demand for AI inference, which is currently exceeding existing production capacity, suggesting potential upward revisions in future profitability [1][2][3] - Non-AI business segments are also showing signs of recovery, particularly through VMware's growth, contributing to a multi-faceted growth strategy for the company [1][4] AI Inference Demand - Broadcom's custom AI XPU chip business remains strong, with a clear growth trajectory. The past year saw AI demand primarily focused on training workloads, but a notable surge in inference demand has been observed in the last two months as clients seek to monetize their AI investments [2][3] - The current inference demand is not included in Broadcom's 2027 market size forecast, which estimates $60-90 billion for three existing AI clients, indicating a potential upside opportunity [3] Technological Advancements - Broadcom is collaborating closely with four potential AI XPU clients, aiming to build 1 million XPU AI cluster infrastructures. The company plans to complete the first generation of AI XPU products for two major clients this year [3] - The company is leading the industry transition to next-generation 2nm 3.5D packaging AI XPU architecture, with plans to complete the 2nm 3.5D AI XPU tape-out this year [3] Non-AI Business Recovery - After several quarters of cyclical pressure in non-AI semiconductor businesses, Broadcom is witnessing a gradual "U"-shaped recovery, reflected in current booking and order situations. This recovery may drive positive EPS revisions next year [4] - VMware is leveraging its cloud infrastructure (VCF) platform to provide comprehensive solutions for large enterprise clients, with expected revenue growth to approximately $20 billion annually by 2026/2027 [4] Profitability and Financial Metrics - Despite potential pressure on gross margins from high demand for custom AI XPUs, Broadcom anticipates continued expansion of operating margins due to operational leverage. AI revenue is expected to grow by 60% year-over-year in fiscal 2026, while operating expenses are not expected to increase at the same rate [5] - Key financial estimates for Broadcom include projected revenues of $51.574 billion for FY24, $63.447 billion for FY25, and $76.362 billion for FY26, with adjusted EPS expected to grow from $4.86 in FY24 to $8.38 in FY26 [6] Market Outlook - JPMorgan maintains an "overweight" rating on Broadcom with a target price of $325, representing a 16.9% upside from the current stock price. Broadcom's stock has risen nearly 20% year-to-date [7]

作者 | Stone Fox Capital 编译 | 华尔街大事件 英伟达( NASDAQ: NVDA ) ( TSX: NVDA:CA ) 最近报告了一个井喷式的季度，但股价却跌 至年度低点。 这家 AI GPU 公司仍预计未来几年将实现大幅增长，但 股价 交易价格与去年 5 月持平，当时预计当前 26 财年的数字要低得多。分析师的投资论点是看好该股，因为英伟达 的进一步下跌会降低风险。 英伟达刚刚报告称，该季度收入超过预期，超过 390 亿美元，数据中心收入达到 350 亿美元。 这家 AI 芯片公司预计 2026 年第一季度收入为 430 亿美元。 需要提醒投资者的是，支出远远超出了四大巨头。阿里巴巴刚刚宣布，计划每年在资本支出上 花费近 180 亿美元，较之前的支出水平大幅增加。 记住，像AMD这样的公司曾预测，到 2028 年，AI 芯片市场的销售额将达到5000 亿美元。尽 管大型科技公司已经提前支出，但先进芯片的总体市场仍将扩大。 英伟达的季度业绩强劲，但股价却下跌，这很不寻常，尤其是考虑到其他科技股没有同样的 AI 数据中心优势。苹果的股价仍接近明年每股收益目标的 30 倍，而博通的股价接近 ...