智通财经APP获悉，摩根大通发布研报称，该行近日与博通(AVGO.US)的管理层进行了投资者小组会 议，讨论重点围绕强劲的人工智能(AI)需求趋势，这不仅推动了博通定制AI XPU业务的增长，也带动 了对其高性能网络产品组合的强劲需求。此外，订单回暖突显出非AI业务也出现了逐步复苏的趋势， VMware业务持续增长。 以下是小摩总结的讨论要点： 1、AI需求依然强劲。推理类工作负载带来额外需求，原先2027年的可服务市场(SAM)预测未曾纳入这 部分内容，因此可能存在上行空间(尽管当前仍处于采纳周期的早期阶段，尚难做出明确判断)。 2、在产品技术开发方面执行力强。2nm 3.5D AI XPU产品将在今年完成流片，同时团队预计今年也将 完成第一代AI XPU产品的流片，且已与两家潜在的关键客户(该行认为是Arm/软银和OpenAI)建立合作 关系。 3、AI计算负载正带动强劲的网络需求。在扩展型网络中带来显著的单位价值提升(相比传统网络内容价 值高出5-10倍)，为该公司提供巨大的营收捕获机会。 4、非AI半导体业务正在经历"U型"逐步复苏。团队目前观察到订单/预订的拐点，这有望推动明年的每 股收益(EPS) ...

Core Viewpoint - Broadcom has initiated audits on former VMware customers who have not renewed their support contracts, following a significant price increase of up to 300% for VMware products due to Broadcom's bundling strategy [1][3][7]. Group 1: Audit Initiation - Broadcom has begun sending "stop and cease usage" letters to VMware users whose support contracts have expired, demanding they stop using all updates and patches released since the termination of their contracts [1][2]. - An audit has been launched for a Dutch software supplier, which has been a VMware customer for about ten years, indicating that Broadcom is actively reviewing compliance with VMware software usage [3][4]. Group 2: Customer Concerns - Customers express concerns about the financial impact of the audits, with some fearing it could affect salary negotiations and lead to layoffs due to budget constraints [5]. - There are reports of companies receiving audit notifications despite having ceased using VMware products, raising questions about the validity of Broadcom's audit process [7][8]. Group 3: Market Reaction - Broadcom's aggressive enforcement of VMware licensing agreements has generated backlash among existing and former customers, with calls for regulatory scrutiny of its practices [9]. - The acquisition of VMware for $69 billion is viewed as a successful transaction, yet the ongoing issues with customer relations and compliance audits may tarnish Broadcom's reputation in the market [9].

4、 《 停火+降息+自动驾驶利好不断，科技股再成为领涨主角》 摘 要 ■ 伊朗与以色列达成停火协议，这一转变为市场带来了明显的情绪好转，尤其是能源、航运、黄金等 避险资产遭遇抛售，资金纷纷流入股市，推动了A股的上涨。 ■ 美联储新任监管副主席鲍曼在讲话中表示，如果通胀保持可控，支持在下次会议时降低利率，进一 步推动流动性。 ■ 特斯拉在美国推出了自动驾驶出租车（Robotaxi）服务，尽管首批仅部署了10辆车，但这一历史性 里程碑标志着自动驾驶出租车的商业化开启。 ■ 特斯拉在加速技术落地，特别是在自动驾驶出租车、入门级车型和人形机器人等领域的创新，将为 供应链中的相关公司带来更多市场机会。 ■ 联创电子是特斯拉自动驾驶项目的核心受益标的，专注于车载镜头领域，预计2025年将成为特斯拉 镜头的第一供应商，未来几年预计将实现大幅收入增长。 ■ 作为特斯拉在中国的最大合作伙伴，拓普集团提供底盘系统、减震器、内饰功能件等多种零部件， 并且为特斯拉的机器人项目提供配套产品。 ■ 旭升股份持续在电池系统、传动系统等方面为特斯拉提供关键零部件，预计未来依然是特斯拉供应 链的重要成员。 ■ 三花智控为特斯拉提供电池和电机 ...

Core Insights - Broadcom has announced the general availability of VMware Cloud Foundation (VCF) 9.0, a modern private cloud platform that integrates agility and scalability of public cloud with the security and cost benefits of on-premises environments [1][2] - VCF 9.0 supports a unified operating model for various applications, including traditional, modern, and AI workloads, enhancing innovation and operational efficiency for enterprises [2][4] Product Features - VCF 9.0 introduces a single unified platform that simplifies deployment and operations, allowing enterprises to focus on higher-value projects rather than maintaining infrastructure [2][3] - The platform features a new architecture that streamlines the experience for building, operating, and securing private clouds across various environments [4][5] - A unified interface for cloud administrators enhances operational efficiency, enabling scalable fleet management and centralized identity management [5][6] Cost Management - VCF 9.0 provides superior cost transparency and predictability compared to public cloud, offering comprehensive insights into total cost of ownership (TCO) [8] - Built-in analytics facilitate predictive cost modeling and automated resource optimization, helping organizations manage cloud spending effectively [8] Security and Compliance - The platform is designed to ensure data sovereignty and security, featuring a new SecOps dashboard for monitoring compliance and security controls [9] - VCF 9.0 supports the latest confidential computing technologies, allowing organizations to deploy secure workloads across diverse infrastructures [9] Customer Outcomes - Customers report significant operational improvements, such as a 70% reduction in IT manual tasks through automation and a 25-30% decrease in power consumption and costs due to increased server performance [2][10] - The platform enables faster deployment of applications and security patches, enhancing overall business resilience [2][10] Advanced Services - VCF 9.0 includes advanced services that accelerate innovation in private cloud environments, providing tools similar to those available in public cloud [11] - New solutions such as VMware Private AI Foundation and VMware Live Recovery enhance capabilities for AI workloads and disaster recovery [13][14] Partner Ecosystem - Broadcom collaborates with partners like AMD, Microsoft, and Intel to enhance the performance and security of VCF 9.0, ensuring it meets the evolving needs of enterprises [12][14]

Core Insights - Broadcom (AVGO) and Cisco Systems (CSCO) are significant players in the enterprise security software market, offering a range of solutions including endpoint, network, and identity security [2] - Enterprise spending on cybersecurity is projected to grow 14% to $118.5 billion by 2025, driven by demand for Generative AI and cloud adoption [3] - Both companies are experiencing strong stock performance, with Broadcom and Cisco shares appreciating 10.3% and 9.8% year to date, respectively [4] Broadcom (AVGO) Insights - Broadcom's security offerings are part of its broader Infrastructure Software segment, which accounted for 44% of revenues in Q2 fiscal 2025, with revenues rising 25% year over year to $6.6 billion [8] - The company anticipates infrastructure software revenues of approximately $6.7 billion in Q3 fiscal 2025, reflecting a 16% year-over-year increase [9] - Broadcom's focus on AI-powered security solutions is evident with the introduction of VMware vDefend and Incident Prediction features [10][11] - The company expects AI revenues to increase by 60% year over year to $5.1 billion in Q3 fiscal 2025, supported by strong demand for custom AI accelerators [20] Cisco Systems (CSCO) Insights - Cisco's security revenue surged 54% year over year in Q3 fiscal 2025, driven by strong demand for its security solutions and a significant multiyear deal with a financial services company [12][13] - The company is integrating AI across its security and collaboration platforms, enhancing its competitive position [12] - Cisco's security business is benefiting from the acquisition of Snap Attack and the introduction of solutions like Cisco Secure AI Factory [14] - The consensus estimate for Cisco's fiscal 2025 earnings has increased by 1.6% to $3.79 per share, indicating a 1.61% growth over fiscal 2024 [15] Valuation Insights - Both Broadcom and Cisco are considered overvalued, with Broadcom trading at a forward Price/Sales ratio of 17.48X, significantly higher than Cisco's 4.38X [17] - Despite the valuation concerns, both companies have consistently beaten earnings estimates in the past four quarters, with Cisco showing a slightly better average surprise of 3.94% compared to Broadcom's 3.2% [16]

Core Insights - ePlus inc. has been named the 2024 VMware Fastest Growth Partner (Americas) by Broadcom, recognizing its significant year-over-year growth in subscription bookings [1][2]. Company Achievements - ePlus has demonstrated its capability in leveraging advisory services, such as licensing assessments and VMware Optimization Assessments, to assist VMware customers in adapting to changes and understanding the value of new subscription models [2][3]. - The company has been acknowledged for its technical expertise and extensive experience with VMware solutions, contributing to its recognition as a Broadcom Premier Solution Provider [2][3]. Collaborative Efforts - In partnership with Broadcom, ePlus aids customers in building, securing, and managing cloud technology infrastructures, which modernizes operations and fosters innovation [3][4]. - ePlus' consulting approach and technical engineering expertise enable organizations to effectively apply technology for improved business outcomes [3][4]. Leadership Statements - Darren Raiguel, COO of ePlus, expressed pride in the achievement, highlighting the company's role in helping customers assess their environments and needs accurately [4]. - The recognition from Broadcom emphasizes the importance of innovation, market execution, and technical expertise in delivering superior customer outcomes [4]. Company Overview - ePlus is a customer-first, services-led industry leader providing transformative technology solutions across various sectors, including artificial intelligence, security, cloud and data center, networking, and collaboration [5]. - With over 2,200 employees and a presence in multiple regions, ePlus has developed specialized expertise over more than three decades [5].

如果您希望可以时常见面，欢迎标星收藏哦~ 来源：内容 编译自CRN ，谢谢。 博通公布 2025 年第一季度销售额创下 149 亿美元的纪录，首席执行官 Hock Tan 强调了公司蓬勃 发展的 AI 销售、超大规模云客户、关税的潜在影响以及新的VMware 客户统计数据。 首席执行官 Hock Tan周四在博通 2025 年第一季度财务收益电话会议上表示："由于向人工智能超 大规模企业提供网络解决方案的出货量增加，我们的人工智能收入超出了 38 亿美元的预期。" 他说："我们的超大规模合作伙伴继续积极投资其下一代前沿模型，这些模型确实需要高性能加速器 以及具有更大集群的AI数据中心。" "与此相一致，我们正在两个方面加大研发投入。" 这家总部位于加利福尼亚州帕洛阿尔托的科技巨头目前年营业额接近 600 亿美元。 [相关：埃森哲高管：为何 25 亿美元的谷歌云与 Salesforce 人工智能联盟是"美好的" ] 在 VMware 和VMware Cloud Foundation (VCF)方面，博通专注于"向客户推销全栈 VCF"，这使 得整个数据中心能够虚拟化，从而使客户能够在本地创建自己的私有云环境。 ...