也是AI关键“卖铲者”！上周，博通征服华尔街

华尔街见闻03-25

你们做AI的卖铲人，我来当你们的卖铲人！作者：高智谋、卜淑情来源：硬AI在AI大模型掀起的“淘金热”中，英伟达一直备受资本青睐的“卖铲人”。那么，下一个英伟达会是谁呢？正当AMD、英特尔摩拳擦掌、跃跃欲试之时，一旁将双手抱在胸前的博通，嘴角飘过一丝不易察觉的笑意：你们做AI的卖铲人，我来当你们的卖铲人！上周三，博通举办了主题为“启用人工智能基础设施”的投资者会议，会上，博通不仅发布了交换机、...

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Last week, Broadcom conquered Wall Street","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"AVGO":1},"content_text":"你们做AI的卖铲人，我来当你们的卖铲人！作者：高智谋、卜淑情来源：硬AI在AI大模型掀起的“淘金热”中，英伟达一直备受资本青睐的“卖铲人”。那么，下一个英伟达会是谁呢？正当AMD、英特尔摩拳擦掌、跃跃欲试之时，一旁将双手抱在胸前的博通，嘴角飘过一丝不易察觉的笑意：你们做AI的卖铲人，我来当你们的卖铲人！上周三，博通举办了主题为“启用人工智能基础设施”的投资者会议，会上，博通不仅发布了交换机、PCIe、铜连接等多款AI基础设施创新新品，还向一众分析师宣布了其第三大定制芯片客户——这些消息，在华尔街引发了资本狂欢。随之，博通股价继续大涨。过去一周，博通股价大涨近8%；过去一年，博通股价更是狂飙115.92%。总的来说，上周三博通投资会议信息量很大，有很多内容值得深入挖掘。以下是我们为您整理的一些值得关注的点，enjoy~你们做AI的卖铲人，我来当你们的卖铲人！训练AI大模型需要用到大量英伟达、AMD等公司产的GPU、NPU、LPU等多种处理器——或者说XPUs ，而连接这些高性能芯片、在它们之间传输数据，则需要以太网交换机、路由这类网络芯片——而这正是博通擅长的领域。下面这张PPT更易于理解：这是一个支撑AI工作负载所必需的“XPU”基础架构。图中右侧展示了Broadcom的技术，左侧对应的数字则体现了它们在系统封装中的位置。接下来，我们看到的是一个向上及向外扩展到众多集群的配置图。通过标记为红色和黄色的光学器件，博通的技术实现了从主干网络、机架顶部交换到NICs、PCIe创新等系统各部分的连接，覆盖了一个远超GPU和CPU范畴的巨大市场。本次会议中，博通所有的PPT都围绕了该公司一直强调的一个关键理念—— 开放、可扩展、节能。博通公司总裁半导体解决方案集团Charlie Kawwas表示：对于应对生成式AI集群不断增长的需求的提供商来说，成功的关键将是基于开放解决方案、以最低功耗进行扩展的以网络为中心的平台。我们推出的创新扩大了我们在定制AI加速器、以太网、PCI Express 和光学互连产品组合方面的领先地位。它们建立在 SerDes 和 DSP 等世界一流的基础技术之上，提供支持 AI 基础设施的最佳定制XPU和商业网络解决方案。此外，Kawwas还强调，博通与包括苹果、戴尔、惠普在内的诸多消费互联网公司、设备制造商、超大规模计算企业在内的广泛客户群体建立了良好合作关系，其中包括目前AI领域最为关键的公司Nvidia。Kawwas表示：博通与英伟达有着良好的关系，并且英伟达是其增长最快的客户。值得一提的是，会上博通数据中心解决方案组总经理 Jas Tremlay 还分享了一个关于Nvidia Blackwell的有趣案例：尽管Blackwell的南向连接采用了专有的NVLink，但其北向连接则是开放的PCIe。这表明，即使是高度依赖专有技术的Nvidia，在构建其架构时也不得不考虑到开放的重要性。Tremblay如是说：“Blackwell的南向连接虽是专有的NVLink，但其北向连接则采用了PCIe。”会后，TD Cowen的分析师Matthew Ramsay将博通股票的评级上调至“跑赢大盘”，并将其目标价从1400美元上调至1500美元。诚然，我们的评级在一段时间内一直处于错误的一边，因为该股在过去两年中跑赢了更广泛的 SOXX 指数，后者的涨幅约为50%。尽管最近出现了这种情况，但我们对增长的可持续性和多样性以及由AI计算/网络和软件增长/利润驱动的共识前瞻性预测的潜在上升空间充满信心。研究机构Baird的Tristan Gerra表示，博通在AI网络方面是“世界级”竞争者，但目前的估值并未反映出这一点。他同样给予博通股票“跑赢大盘”评级，并将目标价格定为1500美元。神秘的“第三大买家”：字节跳动？特别值得一提的是，博通公布了其第三大定制芯片客户，这一消息引发了极大关注。 管公司没有明确透露是谁，但诸多分析认为，这位“神秘买家”很可能是字节跳动。花旗的Christopher Danely分析师团队认为，第三大神秘客户可能是字节跳动。对此，博通暂未回应。周四，花旗重申了对博通的买入评级和1560美元目标价。博通预计，到2024年其芯片收入将有35%来自AI，比之前的预测增加了10%，更是远超2021年的不到5%：到2024 年，博通35%的芯片收入将来自AI。毫无疑问，上周投资者会议后，踩中了AI的风口博通，似乎成了华尔街的“资本新宠”。这一背景下，对于博通财报中，传统网络和存储业务营收不太理想等令人担忧的一面，激动的投资者和分析师们似乎“毫不在意”。毕竟，今年的华尔街有个共识：有AI就有一切，其他的，先不管了......","kind":null,"is_publish_news":null,"is_publish_highlight":null,"is_publish_live":null,"is_publish_wemedia":null,"editions":null,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":1,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":false,"deviceId":"web-server-community-laohu8-v3","version":"4.22.4","shortVersion":"4.22.4","platform":"web","vendor":"web","appName":"laohu8","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2422605285"}