Core Viewpoint - Broadcom reported record revenue of $15.952 billion for FY2025 Q3, driven by strong performance in AI semiconductor and VMware businesses, with a year-over-year growth of 22% and a quarter-over-quarter growth of 6% [2][8] Financial Performance - FY2025 Q3 revenue reached a record high of $15.952 billion, exceeding previous guidance of approximately $15.8 billion, with a gross margin of 78.4%, slightly above the expected 78.1% [2][15] - The company has a record backlog of $110 billion in unfulfilled orders, with AI business significantly outpacing non-AI business [2][23] Semiconductor Division - Revenue from the semiconductor division was $9.166 billion, accounting for 57% of total revenue, with a year-over-year growth of 26% [3][15] - AI semiconductor revenue exceeded $5.2 billion, growing 63% year-over-year, marking ten consecutive quarters of growth [3][11] - Non-AI semiconductor revenue remained flat at $4 billion, indicating a slow recovery [13] Infrastructure Software - Infrastructure software revenue was $6.786 billion, representing 43% of total revenue, with a year-over-year growth of 17% [3][15] - The division's gross margin was 93%, reflecting strong order performance that exceeded previous expectations [14] Q4 Guidance - For FY2025 Q4, revenue is projected to be approximately $17.4 billion, a year-over-year increase of 24% and a quarter-over-quarter increase of 9.1% [4][17] - AI semiconductor revenue is expected to reach $6.2 billion, a 66% year-over-year increase [4][17] AI Business Outlook - The company has raised its FY2026 AI revenue forecast, driven by increasing demand from existing and new customers [4][18] - The introduction of the Jericho4 Ethernet switch, capable of 51.2 Tbps, is expected to support large-scale AI workloads across data centers [5][28] Operational Metrics - The company reported a free cash flow of $7 billion, representing 44% of revenue, with capital expenditures of $142 million [16] - Inventory levels increased to $2.2 billion, up 8% quarter-over-quarter, with inventory turnover days at 66 [16]

1.谷歌同意限制数据中心用电量，以缓解美国电网压力 谷歌周一表示，已与两间美国电力公司签署协议，在电网需求激增期间减少其人工智能数据中心的电力消 耗，以免能源密集型人工智能的电力使用速度超过电力供应。 2.Model Y销售强劲，特朗普7月份重夺韩国进口车销量第一 周二公布的行业数据显示，受新版Model Y销售强劲的推动，特斯拉7月份重新夺回了韩国进口汽车市场销 量冠军的宝座。韩国汽车进口商和经销商协会（KAIDA）的数据显示，7月份进口乘用车销量达27090辆， 同比增长23.3%。特斯拉以7357辆的销量位居榜首，宝马紧随其后，销量为6490辆，梅赛德斯奔驰以4472辆 排名第三。特斯拉Model Y以6559辆的销量成为最畅销进口车型，其次是宝马520（1292辆）和特斯拉 Model3（798辆）。 点评：马斯克又开始支棱了。 3.生育补贴导致奶粉涨价？调查：价格波动实为促销调整，部分产品还在降价 近期，社交平台有传言"奶粉价格上涨"，记者调查发现，目前奶粉市场并未出现价格普涨现象。实际情况 为，部分消费者感知到的价格波动主要源于电商平台促销活动的周期性调整，而非企业端的统一调价行 为。 4.罗永浩 ...

Core Insights - Broadcom has officially launched the Jericho4 Ethernet structure router, designed for next-generation distributed AI infrastructure [1] - The Jericho4 router can interconnect over one million XPU processors across multiple data centers, breaking traditional scaling limitations with its groundbreaking bandwidth, security, and lossless transmission performance [1] - Together with the Tomahawk 6 and Tomahawk Ultra product lines, Broadcom provides a comprehensive networking solution for high-performance computing (HPC) and artificial intelligence [1]