{"id":22755,"date":"2026-03-05T12:03:32","date_gmt":"2026-03-05T04:03:32","guid":{"rendered":"https:\/\/www.alphaseek.cn\/?p=737337"},"modified":"2026-03-05T12:03:32","modified_gmt":"2026-03-05T04:03:32","slug":"%e5%8d%9a%e9%80%9a-avgo%ef%bc%9aai-%e7%81%ab%e5%8a%9b%e5%85%a8%e5%bc%80%ef%bc%8c%e8%8b%b1%e4%bc%9f%e8%be%be%e5%af%b9%e5%a4%b4%e6%9b%b4%e9%a3%92%ef%bc%9f","status":"publish","type":"post","link":"https:\/\/www.alphaseek.cn\/?p=22755","title":{"rendered":"\u535a\u901a AVGO\uff1aAI \u706b\u529b\u5168\u5f00\uff0c\u82f1\u4f1f\u8fbe\u5bf9\u5934\u66f4\u98d2\uff1f"},"content":{"rendered":"
\n

\u6587 | \u6d77\u8c5a\u7814\u7a76<\/p>\n<\/blockquote>\n

\u535a\u901a (AVGO.O) \u5317\u4eac\u65f6\u95f4 2026 \u5e74 3 \u6708 5 \u65e5\u51cc\u6668\uff0c\u7f8e\u80a1\u76d8\u540e\u53d1\u5e03 2026 \u8d22\u5e74\u7b2c\u4e00\u5b63\u5ea6\u8d22\u62a5\uff08\u622a\u81f3 2026 \u5e74 1 \u6708\uff09\uff1a<\/p>\n

1.\u6574\u4f53\u4e1a\u7ee9<\/a><\/strong>\uff1a\u535a\u901a (AVGO.O) \u672c\u5b63\u5ea6\u5b9e\u73b0 193 \u4ebf\u7f8e\u5143\uff0c\u540c\u6bd4\u589e\u957f 29%\uff0c\u7b26\u5408\u5e02\u573a\u9884\u671f\uff08192 \u4ebf\u7f8e\u5143\uff09<\/strong>\u3002\u73af\u6bd4\u589e\u957f 13 \u4ebf\u7f8e\u5143\uff0c\u4e3b\u8981\u6765\u81ea\u4e8e AI \u4e1a\u52a1\u589e\u957f\u7684\u5e26\u52a8\u3002<\/strong>\u516c\u53f8\u672c\u5b63\u5ea6\u6bdb\u5229\u7387 68.1%\uff0c\u800c\u5728\u5254\u9664\u6536\u8d2d<\/a>\u644a\u9500\u548c\u91cd\u7ec4<\/a>\u8d39\u7528\u5f71\u54cd\u540e\uff0c\u672c\u5b63\u5ea6\u5b9e\u9645\u7ecf\u8425\u9762\u7684\u6bdb\u5229\u7387\u4e3a 75.8%\uff0c\u73af\u6bd4\u7565\u6709\u4e0b\u6ed1\uff08-0.8pct\uff09<\/strong>\uff0c\u4e3b\u8981\u662f\u56e0\u4e3a\u5b9a\u5236 ASIC \u4e1a\u52a1\u6bdb\u5229\u7387\u76f8\u5bf9\u504f\u4f4e\uff0c\u800c\u968f\u7740\u5360\u6bd4\u63d0\u5347\u5e26\u6765\u4e86\u7ed3\u6784\u6027\u5f71\u54cd\u3002<\/p>\n

2.\u534a\u5bfc\u4f53\u4e1a\u52a1<\/strong>\uff1a\u672c\u5b63\u5ea6\u5b9e\u73b0 125 \u4ebf\u7f8e\u5143\uff0c\u73af\u6bd4\u589e\u957f 15 \u4ebf\u7f8e\u5143<\/strong>\uff0c\u5176\u4e2d AI \u4e1a\u52a1\u8d21\u732e\u4e86\u4e3b\u8981\u589e\u91cf\u3002\u5177\u4f53\u6765\u770b\uff1a<\/p>\n

\u2460<\/strong>\u535a\u901aAI \u4e1a\u52a1\uff1a84 \u4ebf\u7f8e\u5143\uff0c\u73af\u6bd4\u589e\u957f 19 \u4ebf\u7f8e\u5143\uff0c\u597d\u4e8e\u5e02\u573a\u9884\u671f\uff0882 \u4ebf\u7f8e\u5143\uff09<\/strong>\u3002\u516c\u53f8\u7684 AI \u6536\u5165\u6765\u81ea\u4e8e\u4e09\u5927\u5ba2\u6237\uff08\u8c37\u6b4c\u3001Meta \u548c\u5b57\u8282\uff09\uff0c\u5b63\u5ea6\u589e\u957f\u4e3b\u8981\u6765\u6e90\u4e8e\u5927\u5ba2\u6237\u8c37\u6b4c TPU \u51fa\u8d27\u589e\u52a0\u7684\u5e26\u52a8\u3002<\/p>\n

\u8c37\u6b4c\u3001Meta \u7b49\u5927\u5382\u8fd1\u671f\u53c8\u7eb7\u7eb7\u4e0a\u8c03\u4e86 2026 \u5e74\u8d44\u672c\u5f00\u652f\u5c55\u671b\uff0c\u516c\u53f8\u7684 AI \u4e1a\u52a1\u589e\u957f\u6709\u671b\u7ee7\u7eed\u63d0\u901f\uff0c\u516c\u53f8\u9884\u671f\u4e0b\u5b63\u5ea6 AI \u4e1a\u52a1\u6536\u5165 107 \u4ebf\u7f8e\u5143\uff0c\u73af\u589e 23 \u4ebf\u7f8e\u5143<\/strong>\u3002<\/p>\n

\u2461\u975e AI \u4e1a\u52a1\uff1a41 \u4ebf\u7f8e\u5143\uff0c\u540c\u6bd4\u57fa\u672c\u6301\u5e73\uff0c<\/strong>\u975e AI \u4e1a\u52a1\u7684\u6574\u4f53\u8868\u73b0\u5e73\u7a33\u3002<\/p>\n

3.\u57fa\u7840\u8bbe\u65bd\u8f6f\u4ef6<\/strong>\uff1a\u672c\u5b63\u5ea6\u5b9e\u73b0 68 \u4ebf\u7f8e\u5143\uff0c\u540c\u6bd4\u589e\u957f 1.4%\u3002\u6b64\u524d\u7684\u589e\u957f\uff0c\u4e3b\u8981\u662f\u53d7 VMware \u5e76\u8d2d<\/a>\u6574\u5408\u53ca\u6536\u8d39\u6a21\u5f0f\u8c03\u6574\u7684\u5e26\u52a8\uff08\u4ece\u6c38\u4e45\u8bb8\u53ef\u8bc1\u6a21\u5f0f\u5168\u9762\u8f6c\u5411\u4e8e\u8ba2\u9605\u6a21\u5f0f\uff09\u3002\u5e76\u8d2d\u5e26\u6765\u7684\u9ad8\u589e\u957f\u5df2\u7ecf\u7ed3\u675f\uff0c\u8f6f\u4ef6\u4e1a\u52a1\u672a\u6765\u589e\u957f\u5c06\u4e3b\u8981\u5173\u6ce8\u4e8e VMware \u8ba2\u9605\u6a21\u5f0f\u7684\u5185\u751f\u589e\u957f\u3002<\/strong><\/p>\n

4.\u7ecf\u8425\u8d39\u7528\u7aef<\/strong>\uff1a\u672c\u5b63\u5ea6\u6838\u5fc3\u7ecf\u8425\u8d39\u7528\uff08\u7814\u53d1\u8d39\u7528 + \u9500\u552e\u53ca\u7ba1\u7406\u8d39\u7528\uff0939.8 \u4ebf\u7f8e\u5143\uff0c\u73af\u6bd4\u7565\u6709\u4e0b\u964d\u3002\u5728\u89c4\u6a21\u6548\u5e94\u7684\u5f71\u54cd\u4e0b\uff0c\u6838\u5fc3\u7ecf\u8425\u8d39\u7528\u7387\u4e0b\u964d\u81f3 21% \u5de6\u53f3\u3002<\/p>\n

\u5728\u8fd1\u4e24\u5e74\u7684\u7ecf\u8425\u8d39\u7528\u4e2d\uff0c\u516c\u53f8\u660e\u663e\u589e\u52a0\u4e86\u80a1\u6743\u6fc0\u52b1\u7b49\u76f8\u5173\u652f\u51fa\uff08\u5f53\u524d\u80a1\u6743\u6fc0\u52b1\u5360\u6bd4\u5c06\u8fd1\u4e00\u534a\uff09\u3002\u82e5\u5254\u9664\u80a1\u6743\u6fc0\u52b1\u7684\u5f71\u54cd\uff0c\u516c\u53f8\u672c\u5b63\u5ea6\u7684\u6838\u5fc3\u7ecf\u8425\u8d39\u7528\u4e3a 20.4 \u4ebf\u7f8e\u5143\uff0c\u73af\u6bd4\u51cf\u5c11 0.9 \u4ebf\u7f8e\u5143\u3002<\/p>\n

5.\u5b58\u8d27\u60c5\u51b5\uff1a\u516c\u53f8\u672c\u5b63\u5ea6\u5b58\u8d27\u4e3a 29.6 \u4ebf\u7f8e\u5143\uff0c\u73af\u6bd4\u589e\u957f 30%<\/strong>\u3002\u76f8\u6bd4\u4e8e\u8fc7\u53bb\u4e2a\u4f4d\u6570\u7684\u73af\u589e\u8868\u73b0\uff0c\u672c\u6b21\u5927\u5e45\u589e\u52a0\u4e5f\u4e0d\u9700\u8981\u62c5\u5fc3\uff0c\u8fd9\u4e3b\u8981\u662f\u56e0\u9700\u6c42\u5f3a\u52b2\uff0c\u516c\u53f8\u8fdb\u884c\u63d0\u524d\u5907\u8d27\u7684\u51c6\u5907<\/strong>\u3002<\/p>\n

6.VMware \u6574\u5408\u8fdb\u5c55<\/strong>\uff1a\u6d77\u8c5a\u541b\u5f15\u5165\u4e86\u503a\u52a1\u507f\u8fd8\u6307\u6807\uff08Total Debt\/LTM Adjusted EBITDA\uff09\uff0c\u7ecf\u6d4b\u7b97\u516c\u53f8\u8be5\u6307\u6807\u5728\u672c\u5b63\u5ea6\u8fdb\u4e00\u6b65\u4e0b\u964d\u81f3 2\u3002\u8be5\u6307\u6807\u5df2\u7ecf\u56de\u5230\u4e86\u6536\u8d2d\u524d\u7684\u6c34\u4f4d\uff0c\u6536\u8d2d VMware \u5bf9\u516c\u53f8\u503a\u52a1\u7aef\u7684\u5f71\u54cd\u5728\u4e24\u5e74\u5185\u5df2\u7ecf\u88ab\u6d88\u5316\u3002<\/p>\n

7.\u535a\u901a\u4e1a\u7ee9\u6307\u5f15<\/strong>\uff1a2026 \u8d22\u5e74\u7b2c\u4e8c\u5b63\u5ea6\u9884\u671f\u6536\u5165 220 \u4ebf\u7f8e\u5143\u5de6\u53f3\uff0c\u597d\u4e8e\u5e02\u573a\u9884\u671f\uff08208 \u4ebf\u7f8e\u5143\uff09\uff0c\u516c\u53f8\u9884\u671f 2026 \u8d22\u5e74\u7b2c\u4e8c\u5b63\u5ea6\u7684\u8c03\u6574\u540e EBITDA \u5229\u6da6\u7387\u4e3a 68%\uff0c\u597d\u4e8e\u5e02\u573a\u9884\u671f\uff0867%\uff09\uff0c\u4e0b\u5b63\u5ea6 AI \u4e1a\u52a1\u6709\u671b\u7ee7\u7eed\u589e\u957f\u81f3 107 \u4ebf\u7f8e\u5143\u3002<\/strong><\/p>\n

\n

\"\u535a\u901a<\/p>\n<\/figure>\n

\u6d77\u8c5a\u541b\u6574\u4f53\u89c2\u70b9\uff1aAI \u589e\u957f\u63d0\u901f\uff0c\u660e\u786e\u6307\u5f15\u6ce8\u5165\u4fe1\u5fc3\u3002<\/strong><\/p>\n

\u535a\u901a AVGO \u672c\u5b63\u5ea6\u6536\u5165\u548c\u6bdb\u5229\u7387\u90fd\u8fbe\u5230\u4e86\u5e02\u573a\u9884\u671f\u3002\u5176\u4e2d\u8425\u6536\u589e\u957f\uff0c\u4e3b\u8981\u6765\u81ea\u4e8eAI \u4e1a\u52a1\u7684\u8d21\u732e<\/strong>\uff1b\u6bdb\u5229\u7387\u65b9\u9762\uff0c\u5728\u5254\u9664\u6536\u8d2d\u644a\u9500\u548c\u91cd\u7ec4\u8d39\u7528\u5f71\u54cd\u540e\uff0c\u672c\u5b63\u5ea6\u5b9e\u9645\u7ecf\u8425\u9762\u7684\u6bdb\u5229\u7387\u4e3a 75.8%\uff0c<\/strong>\u73af\u6bd4\u7565\u6709\u4e0b\u6ed1\uff0c\u53d7\u6bdb\u5229\u7387\u8f83\u4f4e\u7684 ASIC \u4e1a\u52a1\u5360\u6bd4\u63d0\u5347\u5e26\u6765\u7684\u7ed3\u6784\u6027\u5f71\u54cd\u3002<\/p>\n

\u81f3\u4e8e\u4e0b\u5b63\u5ea6\u6307\u5f15\uff0c\u516c\u53f8\u9884\u671f\u6536\u5165\u7aef\u6709\u671b\u8fbe\u5230 220 \u4ebf\u7f8e\u5143\uff0c\u73af\u589e 27 \u4ebf\u7f8e\u5143\uff0c\u597d\u4e8e\u5e02\u573a\u9884\u671f\uff08208 \u4ebf\u7f8e\u5143\uff09\uff0c\u589e\u957f\u4e3b\u8981\u6765\u81ea\u4e8e AI \u4e1a\u52a1\u7684\u8d21\u732e\u3002<\/strong><\/p>\n

1\uff09\u6536\u8d2d\u7684\u5f71\u54cd\uff1a<\/strong>\u516c\u53f8\u672c\u5b63\u5ea6\u7684\u503a\u52a1\u507f\u8fd8\u6307\u6807\uff08Total Debt\/LTM Adjusted EBITDA\uff09\u4e0b\u6ed1\u81f3 2\uff0c\u5df2\u7ecf\u56de\u5230\u4e86\u6536\u8d2d\u524d\u7684\u6c34\u5e73\uff0c\u6536\u8d2d VMware \u5bf9\u503a\u52a1\u7aef\u7684\u5f71\u54cd\u5728\u4e24\u5e74\u5185\u5df2\u7ecf\u88ab\u6d88\u5316<\/strong>\u3002<\/p>\n

\n

\"\u535a\u901a<\/p>\n<\/figure>\n

2\uff09AI \u8868\u73b0<\/strong>\uff1a\u672c\u5b63\u5ea6\u516c\u53f8\u5b9e\u73b0 84 \u4ebf\u7f8e\u5143\u7684 AI \u6536\u5165\uff0c\u73af\u6bd4\u589e\u957f 19 \u4ebf\u7f8e\u5143\u3002\u516c\u53f8\u9884\u671f\u4e0b\u5b63\u5ea6 AI \u6536\u5165\u5c06\u8fbe\u5230 107 \u4ebf\u7f8e\u5143\uff0c\u73af\u6bd4\u589e\u957f 23 \u4ebf\u7f8e\u5143\uff0c\u597d\u4e8e\u5e02\u573a\u9884\u671f\uff0897 \u4ebf\u7f8e\u5143\uff09<\/strong>\u3002<\/p>\n

\n

\"\u535a\u901a<\/p>\n<\/figure>\n

\u5728 VMware \u88ab\u516c\u53f8\u6d88\u5316\u4e4b\u540e\uff0c\u5e02\u573a\u4e3b\u8981\u5173\u6ce8\u4e8e\u535a\u901a AVGO \u5728 AI \u4e1a\u52a1\u7684\u8fdb\u5c55\uff1a<\/strong><\/p>\n

a\uff09\u5927\u5382\u8d44\u672c\u5f00\u652f\u662f “\u6e90\u52a8\u529b”\uff1a<\/strong>\u5927\u578b\u4e91\u670d\u52a1<\/a>\u5546\u662f\u535a\u901a AVGO \u5b9a\u5236 ASIC \u82af\u7247<\/a>\u6700\u4e3b\u8981\u7684 “\u8d2d\u4e70\u65b9”\uff0c\u8fd9\u76f4\u63a5\u5f71\u54cd\u4e86\u516c\u53f8 AI \u4e1a\u52a1\u7684\u9884\u671f\u3002<\/p>\n

\u7ed3\u5408\u5404\u5bb6\u5927\u5382\u6307\u5f15\uff0c\u6d77\u8c5a\u541b\u9884\u8ba1\u56db\u5927\u6838\u5fc3\u4e91\u5382\u5546\uff08\u8c37\u6b4c\u3001Meta\u3001\u5fae\u8f6f<\/a>\u548c\u4e9a\u9a6c\u900a<\/a>\uff09\u7684\u5408\u8ba1\u8d44\u672c\u5f00\u652f\u5728 2026 \u5e74\u6709\u671b\u8fbe\u5230 6600 \u4ebf\u7f8e\u5143\uff0c\u540c\u6bd4\u589e\u901f\u8fbe\u5230 60% \u4ee5\u4e0a\uff0c\u4e3a AI \u82af\u7247\u5e02\u573a\u5728 2026 \u5e74\u7684\u589e\u957f\u63d0\u4f9b\u4e86\u4fdd\u969c\u3002<\/strong><\/p>\n

\n

\"\u535a\u901a<\/p>\n<\/figure>\n

b\uff09AI \u82af\u7247\u4efd\u989d\uff1a<\/strong>\u5728 AI \u82af\u7247\u5e02\u573a\u4e2d\uff0c\u82f1\u4f1f\u8fbe\u4ecd\u5904\u4e8e\u7edd\u5bf9\u9886\u5148\u7684\u4f4d\u7f6e\uff0c\u535a\u901a AVGO \u626e\u6f14\u8005 “\u8ffd\u8d76\u8005” \u7684\u89d2\u8272\u3002<\/p>\n

\u5f53\u524d\u535a\u901a AVGO \u5728 AI \u82af\u7247\u5e02\u573a\u7684\u4efd\u989d\u5927\u7ea6\u5728 1 \u6210\u5de6\u53f3\uff0c\u5728\u8c37\u6b4c TPU\u3001Anthropic \u7b49\u9700\u6c42\u7684\u5e26\u52a8\u4e0b\uff0c\u516c\u53f8\u4efd\u989d\u672a\u6765\u6709\u671b\u63d0\u5347\u81f3\u4e24\u6210\u5de6\u53f3\u3002\u5448\u73b0\u4e0a\u5347\u6001\u52bf\u3002<\/strong><\/p>\n

\n

\"\u535a\u901a<\/p>\n<\/figure>\n

c\uff09\u4ea7\u54c1\u8fed\u4ee3<\/strong>\uff1a\u535a\u901a AVGO \u5df2\u7ecf\u6536\u83b7\u4e86\u8c37\u6b4c\u3001Meta\u3001Open AI \u7b49\u5ba2\u6237\u8ba2\u5355\uff0c\u5176\u4e2d\u8c37\u6b4c TPU \u662f\u516c\u53f8\u5f53\u524d\u6700\u4e3a\u6838\u5fc3\u7684\u4ea7\u54c1\uff0cTPU \u7684\u8868\u73b0\u5c06\u76f4\u63a5\u5f71\u54cd\u516c\u53f8 AI \u4e1a\u52a1\u7684\u589e\u957f\u8868\u73b0<\/strong>\u3002<\/p>\n

\u5f53\u524d TPUv7 \u5df2\u7ecf\u5f00\u542f\u91cf\u4ea7\u51fa\u8d27\uff0c\u5bf9\u6bd4\u82f1\u4f1f\u8fbe\u7684 GPU \u6765\u770b\uff0cTPUv7 \u5728 FP8 \u7b49\u9886\u57df\u7684\u8868\u73b0\u5927\u81f4\u5df2\u7ecf\u63a5\u8fd1\u4e8e\u82f1\u4f1f\u8fbe\u7684 B200\uff082024 \u5e74\u56db\u5b63\u5ea6\u91cf\u4ea7\uff09\uff0c\u8c37\u6b4c TPU \u5927\u81f4\u843d\u540e\u4e8e\u82f1\u4f1f\u8fbe\u4e00\u5e74\u5de6\u53f3\u3002<\/strong><\/p>\n

\n

\"\u535a\u901a<\/p>\n<\/figure>\n

\u8c37\u6b4c TPU \u548c\u82f1\u4f1f\u8fbe GPU \u5f53\u524d\u6700\u5927\u7684\u5dee\u522b\u5728\u4e8e\uff1a\u2460\u8c37\u6b4c\u76ee\u524d\u4ec5\u652f\u6301\u5230 FP8 \u9886\u57df\uff0c<\/strong>\u76f8\u5bf9\u4fa7\u91cd\u4e8e\u7a33\u5b9a\u6027\u548c\u5927\u89c4\u6a21\u96c6\u7fa4\u6548\u7387\uff1b\u2461\u82f1\u4f1f\u8fbe\u5219\u66f4\u8ffd\u6c42\u901f\u5ea6\uff0c\u5728 Blackwell \u7cfb\u5217\u4e2d\u5f15\u5165\u4e86 NVFP4 \u683c\u5f0f\uff0c\u4ece\u800c\u63a8\u7406\u6027\u80fd\u5728 FP8 \u7684\u57fa\u7840\u4e0a\u518d\u7ffb\u4e00\u500d\u3002<\/strong><\/p>\n

\u7efc\u5408\uff08a+b+c\uff09\u6765\u770b\uff0c\u4e0b\u6e38\u5927\u5382\u8fd8\u5728\u589e\u52a0\u8d44\u672c\u5f00\u652f\uff0c\u5e76\u4e14\u535a\u901a AVGO \u7684\u5e02\u573a\u4efd\u989d\u4e5f\u5728\u63d0\u5347\u3002\u5904\u4e8e\u4e1a\u7ee9\u4e0a\u5347\u671f\u7684\u516c\u53f8\uff0c\u4e3a\u4f55\u8fd1\u671f\u80a1\u4ef7\u5374\u4f9d\u7136\u662f “\u5e73\u5e73\u6de1\u6de1” \u7684\u5462\uff1f\u6d77\u8c5a\u541b\u8ba4\u4e3a\u4e3b\u8981\u8fd8\u662f\u5e02\u573a\u5bf9\u5927\u5382\u540e\u7eed\u8d44\u672c\u5f00\u652f\u4e0d\u786e\u5b9a\u6027\u7684\u62c5\u5fe7\u3002<\/strong><\/p>\n

\u4ee5 Meta \u4e3a\u4f8b\uff0c\u516c\u53f8\u7ba1\u7406\u5c42\u7ed9\u51fa\u4e86 2026 \u5e74\u8d44\u672c\u5f00\u652f 1150-1350 \u4ebf\u7f8e\u5143\u7684\u6307\u5f15\uff0c\u8fd9\u76f8\u5f53\u4e8e Meta \u5168\u5e74\u6536\u5165\u4f53\u91cf\u7684 50% \u4ee5\u4e0a\uff0c\u8fdc\u9ad8\u4e8e\u6b64\u524d\u7684\u533a\u95f4\uff0820-25%\uff09\u3002<\/strong>\u65e0\u72ec\u6709\u5076\u7684\u662f\uff0c\u8c37\u6b4c\u3001\u5fae\u8f6f\u7b49\u516c\u53f8\u7684\u8d44\u672c\u5f00\u652f\u5360\u6bd4\u90fd\u5c06\u63d0\u5347\u5230\u4e86 4 \u6210\u53ca\u4ee5\u4e0a\u3002<\/p>\n

Meta \u7684\u6536\u5165\u589e\u901f\u666e\u904d\u5728\u4e8e 15-20% \u9644\u8fd1\uff0c\u800c 2026 \u5e74\u8d44\u672c\u5f00\u652f\/\u516c\u53f8\u9884\u671f\u6536\u5165\u5df2\u7ecf\u8fbe\u5230 5-6 \u6210\uff0c\u540e\u7eed\u8fdb\u4e00\u6b65\u63d0\u5347\u7a7a\u95f4\u4e0d\u5927\uff0c\u8fd9\u610f\u5473\u7740\u5927\u5382\u8d44\u672c\u5f00\u652f\u7684\u9ad8\u589e\u957f\u662f\u96be\u4ee5\u6301\u7eed\u7684\u3002<\/strong><\/p>\n

\u6b63\u56e0\u5982\u6b64\uff0c\u5e02\u573a\u666e\u904d\u9884\u671f\u5927\u5382\u8d44\u672c\u5f00\u652f\u589e\u901f\u5c06\u5728 2027 \u5e74\u5de6\u53f3\u5927\u5e45\u56de\u843d\uff0c\u884c\u4e1a “\u9ad8\u589e\u957f\u3001\u62d4\u4f30\u503c” \u7684\u9636\u6bb5\u4e5f\u5c06\u7ed3\u675f\u3002<\/strong>\u5bf9\u4e8e 2026 \u8d22\u5e74\u7684\u535a\u901a AVGO\uff0c\u662f\u4e1a\u7ee9\u589e\u957f\u3001\u6d88\u5316\u4f30\u503c\u7684\u9636\u6bb5\uff0c\u5f53\u524d\u516c\u53f8\u4f30\u503c\u56de\u843d\u81f3 30 \u500d\u4ee5\u4e0b\u3002<\/p>\n

\u4ee5\u4e0a\u4e3b\u8981\u662f\u884c\u4e1a\u5c42\u9762\u5c24\u5176\u662f\u82f1\u4f1f\u8fbe\u9762\u4e34\u7684\u56f0\u5883\u3002\u535a\u901a\u66f4\u4e3a\u660e\u786e\u7684\u95ee\u9898\u662f\uff0c\u867d\u7136\u662f\u4e91\u670d\u52a1\u5546\u4eec\u7684\u964d\u672c\u9009\u9879\uff0c\u4f46\u8c37\u6b4c\u7b49\u6709\u53ef\u80fd\u8fdb\u4e00\u6b65\u5916\u90e8\u7ed9\u53f0\u6e7e\u5546\u6216\u81ea\u7814\u3002<\/strong><\/p>\n

\u6bd4\u5982\u535a\u901a\u7684\u5927\u5ba2\u6237\u8c37\u6b4c\u4e0b\u4e00\u4ee3\u7684 TPUv8 \u662f\u91c7\u53d6\u535a\u901a AVGO\u3001\u8054\u53d1\u79d1 MTK \u53cc\u7ebf\u5e76\u8fdb\u7684\u65b9\u5f0f\u5728\u7814\u53d1\u3002\u5982\u679c\u8001\u5ba2\u6237\u4e0d\u8fdb\u4e00\u6b65\u8ffd\u52a0\u8ba2\u5355\uff0c\u5e02\u573a\u4f1a\u62c5\u5fc3\u8ba2\u5355\u4ea4\u7ed9\u4e86\u53f0\u5382\u7b49\u66ff\u4ee3\u65b9\u6848\u3002<\/strong><\/p>\n

\u5b58\u91cf\u5ba2\u6237\u672c\u8eab\u7684\u5355\u91cf\u589e\u957f\u60c5\u51b5\u662f\u516c\u53f8\u8981\u56de\u7b54\u7684\u8d28\u7591\u4e4b\u4e00\u3002\u540c\u65f6\uff0c\u5728 AI \u505a\u5927\u8fc7\u7a0b\u4e2d\uff0c\u4e0d\u540c\u4e8e\u82f1\u4f1f\u8fbe\u8d8a\u6765\u8d8a\u9ad8\u7684\u6bdb\u5229\u7387\uff0c\u535a\u901a\u6bdb\u5229\u7387\u7ed3\u6784\u6027\u8d70\u4f4e\uff0c\u4e5f\u662f\u5e02\u573a\u91cd\u70b9\u62c5\u5fc3\u7684\u8d8b\u52bf\u4e4b\u4e00\u3002<\/strong><\/p>\n

\u7ed3\u5408\u535a\u901a AVGO \u5f53\u524d\u5e02\u503c\uff081.5 \u4e07\u4ebf\u7f8e\u5143\uff09\uff0c\u5bf9\u5e94\u516c\u53f8 2026 \u8d22\u5e74\u7a0e\u540e\u6838\u5fc3\u7ecf\u8425\u5229\u6da6\u5927\u7ea6\u4e3a 27 \u500d PE \u5de6\u53f3\uff08\u5047\u5b9a\u8425\u6536\u540c\u6bd4 +74%\uff0c\u5b9e\u9645\u7ecf\u8425\u9762\u6bdb\u5229\u7387 72%\uff0c\u7a0e\u7387 9.7%\uff09\u3002\u53c2\u8003\u4ea7\u4e1a\u94fe\u60c5\u51b5\uff0c\u535a\u901a AVGO \u7684\u4f30\u503c\u4f9d\u7136\u9ad8\u4e8e\u82f1\u4f1f\u8fbe\uff0820xPE\uff09\u3002\u76f8\u5bf9\u8f83\u9ad8\u7684\u4f30\u503c\u4e2d\u4f53\u73b0\u4e86 ASIC \u62a2\u5360\u4efd\u989d\u7684\u6f5c\u5728\u673a\u4f1a\uff0c\u4f46\u884c\u4e1a\u7684\u6574\u4f53\u4f30\u503c\u90fd\u51fa\u73b0\u4e86\u663e\u8457\u56de\u843d<\/strong>\u3002<\/p>\n

\u81f3\u4e8e\u540e\u7eed\u7684\u6210\u957f\u6027\uff0c\u516c\u53f8\u7ba1\u7406\u5c42\u660e\u786e\u7ed9\u51fa\u4e86 2027 \u5e74\u7684 AI \u6307\u5f15\uff0c\u5176\u4e2d 6 \u5927 AI \u6838\u5fc3\u5ba2\u6237\uff08Google\u3001Anthropic\u3001Meta\uff0cOpenAI<\/a> \u7b49\uff09\uff0c\u5408\u8ba1\u7b97\u529b\u9700\u6c42\u63a5\u8fd1 10GW\uff0c\u5927\u81f4\u5bf9\u5e94 1000 \u4ebf\u7f8e\u5143\u4ee5\u4e0a\u7684 AI \u6536\u5165\u3002<\/strong><\/p>\n

\u660e\u786e\u7684\u6307\u5f15\uff0c\u80fd\u5728\u4e00\u5b9a\u7a0b\u5ea6\u4e0a\u7f13\u89e3\u5e02\u573a\u7684\u62c5\u5fe7\uff0c\u5e26\u6765\u77ed\u671f\u7684\u4fe1\u5fc3\u63d0\u632f\u3002\u66f4\u4e3b\u8981\u7684\u662f\u7ba1\u7406\u5c42\u80fd\u7ed9\u51fa\u66f4\u8be6\u7ec6\u7684\u89e3\u91ca\uff08\u5305\u542b\u53f0\u5382\/\u81ea\u7814\u3001\u6bdb\u5229\u7387\u8868\u73b0\uff09\uff0c\u8fd9\u662f\u538b\u5236\u516c\u53f8\u4f30\u503c\u8868\u73b0\u7684\u4e3b\u8981\u56e0\u7d20\u3002<\/strong><\/p>\n

\u6d77\u8c5a\u541b\u5bf9\u535a\u901a (AVGO.O) \u8d22\u62a5\u7684\u5177\u4f53\u5206\u6790\uff0c\u8be6\u89c1\u4e0b\u6587\uff1a<\/p>\n

\u4e00\u3001\u535a\u901a\u4e3b\u8981\u4e1a\u52a1\u60c5\u51b5<\/strong><\/h3>\n

\u535a\u901a\u6b64\u524d\u7684\u4e1a\u7ee9\u589e\u957f\u4e3b\u8981\u6765\u81ea\u4e8e AI \u4e1a\u52a1\u548c VMware \u7684\u6536\u8d2d\u5e76\u8868\uff0c\u56e0\u800c AI \u4e1a\u52a1\u4e2d\u7684\u5b9a\u5236 ASIC \u82af\u7247\u548c VMware \u7684\u5b9a\u4ef7\u8c03\u6574\u7b56\u7565<\/a>\uff0c\u662f\u5e02\u573a\u7684\u6700\u4e3b\u8981\u5173\u6ce8\u70b9\u3002\u5177\u4f53\u4e1a\u52a1\u6765\u770b\uff1a<\/p>\n

1\uff09\u534a\u5bfc\u4f53\u89e3\u51b3\u65b9\u6848<\/strong>\uff1a\u4e3b\u8981\u53d7\u76ca\u4e8e AI \u6536\u5165\u7684\u589e\u957f\uff0c\u4e3b\u8981\u53d7\u76ca\u4e8e\u8c37\u6b4c\u3001meta \u548c\u5b57\u8282\u8df3\u52a8\u7b49\u5ba2\u6237\u5bf9\u5b9a\u5236 ASIC \u7684\u9700\u6c42\u3002\u800c\u5176\u4ed6\u975e AI \u4e1a\u52a1\u57fa\u672c\u6301\u5e73\u3002<\/p>\n

AI \u4e1a\u52a1\uff1a<\/strong>\u76ee\u524d\u589e\u91cf\u4e3b\u8981\u6765\u81ea\u4e8e\u8c37\u6b4c TPU \u7684\u51fa\u8d27\u3002\u516c\u53f8\u5df2\u7ecf\u62e5\u6709 6 \u5927 AI \u6838\u5fc3\u5ba2\u6237\uff08\u542b Google\u3001Anthropic\u3001Meta\uff0cOpenAI \u7b49\uff09\uff0c\u5176\u4e2d Open AI \u8f6c\u5316\u6210\u5b9e\u8d28\u6027\u7684\u5ba2\u6237<\/strong>\u3002<\/p>\n

\u5bf9\u4e8e 2027 \u5e74\u7684\u5c55\u671b\uff0c\u516d\u5927\u5ba2\u6237\u7684\u5408\u8ba1\u7b97\u529b\u9700\u6c42\u63a5\u8fd1 10GW<\/strong>\uff0c\u5e26\u6765\u8d85 1000 \u4ebf\u7f8e\u5143\u7684 AI \u6536\u5165\u3002\u5176\u4e2d Anthropic \u7684\u7b97\u529b\u9700\u6c42\u8d85 3GW\uff0cOpenAI \u5c06\u91cf\u4ea7\u9996\u6b3e XPU\uff08\u7b97\u529b\u8d85 1GW\uff09\u3002<\/p>\n

2\uff09\u57fa\u7840\u8bbe\u65bd\u8f6f\u4ef6<\/strong>\uff1aVMware \u5e76\u8868\uff0c\u8f6f\u4ef6\u6536\u5165\u5360\u6bd4\u63a5\u8fd1 4 \u6210\u3002\u516c\u53f8\u5bf9 VMware \u7684\u5ba2\u6237\u8fdb\u884c\u5b9a\u4ef7\u7b56\u7565\u8c03\u6574\uff0c\u6da8\u4ef7\u80fd\u5e26\u52a8\u6536\u5165\u63d0\u5347\uff0c\u800c\u8fd9\u4e00\u5f71\u54cd\u5df2\u7ecf\u660e\u663e\u5f31\u5316\u3002<\/p>\n

\n

\"\u535a\u901a<\/p>\n<\/figure>\n

\u4e8c\u3001\u6574\u4f53\u4e1a\u7ee9\uff1aAI \u662f\u6838\u5fc3\u9a71\u52a8\u529b<\/strong><\/h3>\n

2.1 \u6536\u5165\u7aef<\/strong><\/p>\n

\u535a\u901a BROADCOM (AVGO.O) \u5728 2026 \u8d22\u5e74\u7b2c\u4e00\u5b63\u5ea6\u5b9e\u73b0\u8425\u6536 193 \u4ebf\u7f8e\u5143\uff0c\u540c\u6bd4\u589e\u957f 29.5%\uff0c\u7b26\u5408\u5e02\u573a\u9884\u671f\uff08192 \u4ebf\u7f8e\u5143\uff09\u3002<\/strong>\u540c\u6bd4\u589e\u957f\u4e3b\u8981\u6765\u81ea\u4e8e AI \u4e1a\u52a1\u589e\u957f\u7684\u5e26\u52a8\u3002<\/p>\n

\u73af\u6bd4\u5c42\u9762\uff0c\u516c\u53f8\u672c\u5b63\u5ea6\u6536\u5165\u73af\u6bd4\u589e\u957f 13 \u4ebf\u7f8e\u5143<\/strong>\uff0c\u672c\u5b63\u5ea6 AI \u4e1a\u52a1\u73af\u6bd4\u8d21\u732e\u4e86 19 \u4ebf\u7f8e\u5143\u7684\u589e\u91cf\uff0c\u8f6f\u4ef6\u4e1a\u52a1\u73af\u6bd4\u6709\u6240\u56de\u843d\u3002<\/p>\n

\n

\"\u535a\u901a<\/p>\n<\/figure>\n

2.2 \u6bdb\u5229\u7aef<\/strong><\/p>\n

\u535a\u901a BROADCOM (AVGO.O) \u5728 2026 \u8d22\u5e74\u7b2c\u4e00\u5b63\u5ea6\u5b9e\u73b0\u6bdb\u5229 132 \u4ebf\u7f8e\u5143\uff0c\u540c\u6bd4\u589e\u957f 30%\u3002<\/strong>\u5176\u4e2d\u535a\u901a\u5728\u672c\u5b63\u5ea6\u7684\u6bdb\u5229\u7387\u4e3a 68.1%\uff0c\u73af\u6bd4\u7565\u6709\u63d0\u5347\u3002<\/p>\n

\u5982\u679c\u5728\u5254\u9664\u6536\u8d2d\u644a\u9500\u548c\u91cd\u7ec4\u8d39\u7528\u5f71\u54cd\u540e\uff0c\u672c\u5b63\u5ea6\u5b9e\u9645\u7ecf\u8425\u9762\u7684\u6bdb\u5229\u7387\u4e3a 75.8%\uff0c\u73af\u6bd4\u4e0b\u6ed1 0.8pct<\/strong>\uff0c\u4e3b\u8981\u662f\u56e0\u4e3a\u5b9a\u5236 ASIC \u4e1a\u52a1\u6bdb\u5229\u7387\u76f8\u5bf9\u504f\u4f4e\uff0c\u800c\u968f\u7740\u5360\u6bd4\u63d0\u5347\u5e26\u6765\u4e86\u7ed3\u6784\u6027\u5f71\u54cd\u3002<\/strong><\/p>\n

\n

\"\u535a\u901a<\/p>\n<\/figure>\n

2.3 \u7ecf\u8425\u8d39\u7528<\/strong><\/p>\n

\u535a\u901a BROADCOM (AVGO.O) \u5728 2026 \u8d22\u5e74\u7b2c\u4e00\u5b63\u5ea6\u7684\u7ecf\u8425\u8d39\u7528\u4e3a 46 \u4ebf\u7f8e\u5143\uff0c\u73af\u6bd4\u7565\u6709\u56de\u843d\u3002<\/strong><\/p>\n

\u5728\u5254\u9664\u80a1\u6743\u6fc0\u52b1\u7684\u60c5\u51b5\u4e0b\uff0c\u516c\u53f8\u672c\u5b63\u5ea6\u7684\u6838\u5fc3\u7ecf\u8425\u8d39\u7528\uff08\u7814\u53d1\u8d39\u7528 + \u9500\u552e\u53ca\u7ba1\u7406\u8d39\u7528\uff09\u4e3a 20.4 \u4ebf\u7f8e\u5143\uff0c\u73af\u6bd4\u51cf\u5c11 0.9 \u4ebf\u7f8e\u5143<\/strong>\u3002\u5728\u5b8c\u6210 VMware \u5e76\u8868\u540e\uff0c\u516c\u53f8\u805a\u7126\u4e8e\u5bf9\u7ecf\u8425\u8d39\u7528\u7684\u524a\u51cf\u57fa\u672c\u5b8c\u6210\u3002<\/p>\n

\n

\"\u535a\u901a<\/p>\n<\/figure>\n

2.4 \u5229\u6da6\u7aef<\/strong><\/p>\n

\u535a\u901a BROADCOM (AVGO.O) \u5728 2026 \u8d22\u5e74\u7b2c\u4e00\u5b63\u5ea6\u5b9e\u73b0\u51c0\u5229\u6da6 73.5 \u4ebf\u7f8e\u5143\u3002<\/strong><\/p>\n

\u76f8\u6bd4\u4e8e\u51c0\u5229\u6da6\uff0c\u6d77\u8c5a\u541b\u8ba4\u4e3a\u6838\u5fc3\u7ecf\u8425\u5229\u6da6\uff08=\u6bdb\u5229\u6da6 - \u7814\u53d1\u8d39\u7528 - \u9500\u552e\u53ca\u7ba1\u7406\u8d39\u7528\uff09\u66f4\u80fd\u53cd\u5e94\u516c\u53f8\u771f\u5b9e\u7684\u7ecf\u8425\u60c5\u51b5\u3002\u535a\u901a AVGO \u672c\u5b63\u5ea6\u5b9e\u73b0\u6838\u5fc3\u7ecf\u8425\u5229\u6da6 106.5 \u4ebf\u7f8e\u5143\uff0c\u73af\u6bd4\u589e\u52a0 9 \u4ebf\u7f8e\u5143\uff0c\u4e3b\u8981\u6765\u81ea\u4e8e AI \u4e1a\u52a1\u589e\u957f\u7684\u5e26\u52a8\u3002<\/strong><\/p>\n

\n

\"\u535a\u901a<\/p>\n<\/figure>\n

2.5 \u535a\u901a\u7684 EBITDA<\/strong><\/p>\n

\u7531\u4e8e\u535a\u901a\u64c5\u957f\u5916\u5ef6\u5e76\u8d2d\uff0c\u516c\u53f8\u901a\u5e38\u628a\u8c03\u6574\u540e EBITDA% \u4f5c\u4e3a\u516c\u53f8\u7684\u7ecf\u8425\u9762\u6307\u6807\u4e4b\u4e00\u3002\u800c\u6d77\u8c5a\u541b\u6d4b\u7b97\u516c\u53f8 2026 \u8d22\u5e74\u7b2c\u4e00\u5b63\u5ea6\u7684\u8c03\u6574\u540e EBITDA% \u56de\u5347\u81f3 68%\uff0c\u516c\u53f8\u6b64\u524d\u6307\u5f15\uff0867%\uff09\u3002<\/strong><\/p>\n

\u8fdb\u4e00\u6b65\u89c2\u5bdf\u516c\u53f8\u7684\u507f\u503a\u80fd\u529b\uff0c\u516c\u53f8\u672c\u5b63\u5ea6\u603b\u8d1f\u503a\/LTM Adjusted EBITDA \u7684\u6bd4\u503c\u7ee7\u7eed\u56de\u843d\u81f3 2\u3002\u5728 AI \u4e1a\u7ee9\u589e\u957f\u7684\u5e26\u52a8\u4e0b\uff0c\u8be5\u6bd4\u503c\u5df2\u7ecf\u56de\u5230\u4e86\u6536\u8d2d\u524d\u7684\u6c34\u5e73\u3002\u8fd9\u610f\u5473\u7740\u516c\u53f8\u6536\u8d2d VMware \u7684\u5f71\u54cd\u5728\u4e24\u5e74\u7684\u65f6\u95f4\u91cc\u5df2\u7ecf\u88ab\u6d88\u5316\uff0c\u540e\u7eed\u516c\u53f8\u53ef\u80fd\u53c8\u4f1a\u5f00\u59cb\u5bfb\u627e\u65b0\u7684\u5e76\u8d2d\u673a\u4f1a<\/strong>\u3002<\/p>\n

\n

\"\u535a\u901a<\/p>\n<\/figure>\n

\u4e09\u3001\u5404\u4e1a\u52a1\u5177\u4f53\u60c5\u51b5\uff1a6 \u5927\u5ba2\u6237\uff0c\u5c06\u8d21\u732e\u5343\u4ebf AI \u6536\u5165<\/strong><\/h3>\n

\u535a\u901a BROADCOM (AVGO.O) \u7684\u4e3b\u8981\u4e1a\u52a1\u6709\u534a\u5bfc\u4f53\u89e3\u51b3\u65b9\u6848\u548c\u57fa\u7840\u8bbe\u65bd\u8f6f\u4ef6\u4e24\u90e8\u5206\u3002<\/p>\n

\u800c\u5728\u4e24\u5927\u7c7b\u4e1a\u52a1\u4e2d\u5177\u4f53\u5305\u62ec\uff0c1\uff09\u534a\u5bfc\u4f53\u89e3\u51b3\u65b9\u6848<\/strong>\uff1a\u7f51\u7edc\uff08AI \u4e1a\u52a1\uff09\u3001\u65e0\u7ebf\u3001\u5b58\u50a8\u8fde\u63a5\u3001\u5bbd\u5e26\u3001\u5de5\u4e1a\u53ca\u5176\u4ed6\uff1b2\uff09\u57fa\u7840\u8bbe\u65bd\u8f6f\u4ef6<\/strong>\uff1aVMware\u3001CA\u3001Symantec\u3001Brocade \u7b49\u3002<\/p>\n

\n

\"\u535a\u901a<\/p>\n<\/figure>\n

3.1 \u534a\u5bfc\u4f53\u89e3\u51b3\u65b9\u6848<\/strong><\/p>\n

\u535a\u901a BROADCOM (AVGO.O) \u5728 2026 \u8d22\u5e74\u7b2c\u4e00\u5b63\u5ea6\u7684\u534a\u5bfc\u4f53\u89e3\u51b3\u65b9\u6848\u5b9e\u73b0\u8425\u6536 125 \u4ebf\u7f8e\u5143\uff0c\u540c\u6bd4\u589e\u957f 52%\u3002<\/strong>\u516c\u53f8\u534a\u5bfc\u4f53\u4e1a\u52a1\u672c\u5b63\u5ea6\u7684\u589e\u957f\u4e3b\u8981\u6765\u81ea\u4e8e AI \u4e1a\u52a1\u7684\u5e26\u52a8\uff0c\u975e AI \u4e1a\u52a1\u4fdd\u6301\u5e73\u7a33\u3002<\/p>\n

\n

\"\u535a\u901a<\/p>\n<\/figure>\n

1\uff09AI \u4e1a\u52a1<\/strong><\/p>\n

\u5f53\u524d AI \u4e1a\u52a1\u662f\u516c\u53f8\u7684\u4e1a\u7ee9\u91cd\u5fc3\uff0c\u516c\u53f8\u672c\u5b63\u5ea6\u7684 AI \u6536\u5165 84 \u4ebf\u7f8e\u5143\uff0c\u73af\u6bd4\u589e\u957f\u4e3a 19 \u4ebf\u7f8e\u5143\uff0c\u73af\u589e\u518d\u6b21\u63d0\u901f\uff0c\u4e3b\u8981\u53d7\u76ca\u4e8e\u8c37\u6b4c TPU \u7684\u51fa\u8d27\u5e26\u52a8\u3002<\/strong><\/p>\n

\u5f53\u524d\u516c\u53f8 AI \u6536\u5165\u6765\u81ea\u4e8e\u4e09\u5927\u5ba2\u6237\uff08\u8c37\u6b4c\u3001Meta \u548c\u5b57\u8282\uff09\uff0c\u5728\u8c37\u6b4c\u3001Meta \u7b49\u5927\u5382\u9646\u7eed\u4e0a\u8c03\u8d44\u672c\u5f00\u652f\u7684\u5f71\u54cd\u4e0b\uff0c\u516c\u53f8 AI \u6536\u5165\u589e\u957f\u5c06\u518d\u6b21\u63d0\u901f\u3002\u516c\u53f8\u9884\u8ba1\u4e0b\u5b63\u5ea6 AI \u6536\u5165 107 \u4ebf\u7f8e\u5143\uff0c\u73af\u589e 23 \u4ebf\u7f8e\u5143\u3002<\/strong><\/p>\n

\n

\"\u535a\u901a<\/p>\n<\/figure>\n

\u535a\u901a\u7684 ASIC \u4e1a\u52a1\u660e\u786e\u5ba3\u5e03\u7684\u5df2\u7ecf\u6709 6 \u4e2a\u5ba2\u6237\uff0c\u5206\u522b\u662f\u8c37\u6b4c\u3001Meta\u3001\u5b57\u8282\u3001Anthropic\u3001\u7b2c\u4e94\u4e2a\u5ba2\u6237\uff0810 \u4ebf\u7f8e\u5143\uff09\uff0c\u4ee5\u53ca\u672c\u5b63\u5ea6\u65b0\u589e\u7684 Open AI\u3002\u8fd9\u610f\u5473\u7740 “\u6b64\u524d\u7684\u6846\u67b6\u534f\u8bae” \u5f00\u59cb\u843d\u5730\uff0cOpen AI \u4e5f\u5c06\u6210\u4e3a\u5b9e\u8d28\u6027\u5ba2\u6237\u3002<\/strong><\/p>\n

\u5bf9\u4e8e AI \u4e1a\u52a1\u4e2d\u77ed\u671f\u7684\u8868\u73b0\uff0c\u4ecd\u5173\u6ce8\u4e8e\u5f53\u524d\u4e09\u4e2a\u5ba2\u6237\u7684\u4ea7\u54c1\u8868\u73b0\uff0c\u5c24\u5176\u662f\u8c37\u6b4c TPUv6 \u53ca TPU v7 \u7684\u91cf\u4ea7\u60c5\u51b5\u3002\u81f3\u4e8e Anthropic \u548c\u7b2c\u4e94\u4e2a\u5ba2\u6237\uff0810 \u4ebf\u7f8e\u5143\uff09\u7684\u8ba2\u5355\uff0c\u90fd\u5c06\u5728 2026 \u5e74\u4e0b\u534a\u5e74\u624d\u8fdb\u884c\u4ea4\u4ed8\uff0c\u516c\u53f8\u5168\u5e74\u7684 AI \u4e1a\u52a1\u5c06\u662f “\u524d\u4f4e\u540e\u9ad8” \u7684\u8868\u73b0<\/strong>\u3002<\/p>\n

\u5bf9\u4e8e\u5e02\u573a\u4e0a\u5bf9\u540e\u7eed\u589e\u957f\u4e0d\u786e\u5b9a\u6027\u7684\u62c5\u5fe7\uff0c\u516c\u53f8\u7ba1\u7406\u5c42\u672c\u6b21\u660e\u786e\u7ed9\u51fa\u4e86 2027 \u5e74\u7684 AI \u4e1a\u52a1\u5c55\u671b\uff1a\u516c\u53f8\u5df2\u7ecf\u62e5\u6709 6 \u5927 AI \u6838\u5fc3\u5ba2\u6237\uff08Google\u3001Anthropic\u3001Meta\uff0cOpenAI \u7b49\uff09\uff0c2027 \u5e74\u5408\u8ba1\u7b97\u529b\u9700\u6c42\u63a5\u8fd1 10GW\uff0c\u80fd\u5e26\u6765\u8d85 1000 \u4ebf\u7f8e\u5143\u7684 AI \u6536\u5165<\/strong>\u3002\u5176\u4e2d Anthropic \u7684\u7b97\u529b\u9700\u6c42\u8d85 3GW\uff0cOpenAI \u5c06\u91cf\u4ea7\u9996\u6b3e XPU\uff08\u7b97\u529b\u8d85 1GW\uff09\u3002<\/p>\n

\u660e\u786e\u7684\u5c55\u671b\uff0c\u5c06\u5728\u77ed\u671f\u5185\u5e26\u6765\u4fe1\u5fc3\u7684\u6ce8\u5165\u3002\u4f46\u4e0d\u5bb9\u5ffd\u89c6\u7684\u662f\uff0c\u6838\u5fc3\u4e91\u5382\u5546\u7684\u8d44\u672c\u5f00\u652f\u5360\u6bd4\u5df2\u76f8\u5bf9\u8f83\u9ad8\u3002\u5c24\u5176 2026 \u5e74 Meta \u8d44\u672c\u5f00\u652f\/\u6536\u5165\u7684\u6bd4\u503c\u5c06\u63d0\u5347\u81f3 5 \u6210\u4ee5\u4e0a\uff0c\u8fdb\u4e00\u6b65\u63d0\u5347\u7684\u7a7a\u95f4\u76f8\u5bf9\u6709\u9650\uff0c\u8fd9\u4f9d\u7136\u662f\u538b\u5236\u516c\u53f8\/\u884c\u4e1a\u4f30\u503c\u7684\u4e3b\u8981\u56e0\u7d20\u3002<\/strong><\/p>\n

2\uff09\u975e AI \u4e1a\u52a1<\/strong><\/p>\n

\u516c\u53f8\u672c\u5b63\u5ea6\u975e AI \u7684\u534a\u5bfc\u4f53\u4e1a\u52a1\u6536\u5165\u4e3a 41 \u4ebf\u7f8e\u5143\uff0c\u540c\u6bd4\u57fa\u672c\u6301\u5e73<\/strong>\u3002<\/p>\n

\u516c\u53f8\u7684\u975e AI \u4e1a\u52a1\u4e3b\u8981\u5305\u62ec\uff1a\u4f01\u4e1a\u5b58\u50a8\u3001\u5bbd\u5e26\u4e1a\u52a1\u3001\u65e0\u7ebf\u4e1a\u52a1\u548c\u5de5\u4e1a\u53ca\u5176\u4ed6\u3002\u5177\u4f53\u6765\u770b\uff1a\u672c\u5b63\u5ea6\u4f01\u4e1a\u7f51\u7edc\u3001\u5bbd\u5e26\u3001\u670d\u52a1\u5668\u5b58\u50a8\u8425\u6536\u540c\u6bd4\u589e\u957f\uff0c\u62b5\u6d88\u4e86\u65e0\u7ebf\u4e1a\u52a1\u7684\u5b63\u8282\u6027\u4e0b\u6ed1\u3002<\/p>\n

3.2 \u57fa\u7840\u8bbe\u65bd\u8f6f\u4ef6<\/strong><\/p>\n

\u535a\u901a BROADCOM (AVGO.O) \u5728 2026 \u8d22\u5e74\u7b2c\u4e00\u5b63\u5ea6\u7684\u57fa\u7840\u8bbe\u65bd\u8f6f\u4ef6\u5b9e\u73b0\u8425\u6536 68 \u4ebf\u7f8e\u5143\uff0c\u540c\u6bd4\u589e\u957f 1.4%\u3002<\/strong>\u6b64\u524d VMware \u5e76\u8d2d\u6574\u5408\u7684\u5f71\u54cd\u5df2\u7ecf\u88ab\u6d88\u5316\uff0c\u4e4b\u540e\u4e3b\u8981\u5173\u6ce8\u4e8e\u4e1a\u52a1\u5185\u751f\u589e\u957f\u8868\u73b0\u3002<\/p>\n

\n

\"\u535a\u901a<\/p>\n<\/figure>\n

\u535a\u901a\u7684\u8f6f\u4ef6\u4e1a\u52a1\u4e3b\u8981\u5206\u4e3a VMware \u548c CA&Symantec&Brocade \u7b49\u539f\u8f6f\u4ef6\u4e1a\u52a1\u4e24\u90e8\u5206\u3002\u7531\u4e8e\u516c\u53f8\u7684 CA&Symantec&Brocade \u7b49\u539f\u8f6f\u4ef6\u4e1a\u52a1\u57fa\u672c\u7ef4\u6301\u5728 20 \u4ebf\u7f8e\u5143\u5de6\u53f3\u7684\u5b63\u5ea6\u6536\u5165\uff0c\u56e0\u800c\u516c\u53f8\u8f6f\u4ef6\u4e1a\u52a1\u7684\u4e3b\u8981\u770b\u70b9\u662f\u6536\u8d2d\u8fdb\u6765\u7684 VMware<\/strong>\u3002<\/p>\n

VMware \u5bf9\u516c\u53f8\u4e1a\u7ee9\u7684\u5f71\u54cd\uff0c\u6d77\u8c5a\u541b\u8ba4\u4e3a\u4e3b\u8981\u662f\u4e24\u65b9\u9762\uff1a“\u5e76\u8d2d\u5728\u8d22\u52a1\u4e0a\u7684\u6d88\u5316\u8fdb\u5c55” \u548c “\u6c38\u4e45\u8bb8\u53ef\u8bc1\u5168\u9762\u8f6c\u5411\u8ba2\u9605\u6a21\u5f0f”\u3002\u800c\u7ed3\u5408\u672c\u5b63\u5ea6\u8f6f\u4ef6\u4e1a\u52a1\u7684\u8868\u73b0\uff0c\u6d77\u8c5a\u541b\u9884\u671f VMware \u90e8\u5206\u672c\u5b63\u5ea6\u5b9e\u73b0\u6536\u5165\u7ea6\u6709 46 \u4ebf\u7f8e\u5143\u3002<\/strong>\u800c\u5f53\u524d\u8bb8\u53ef\u8bc1\u7528\u6237\u8f6c\u5411\u8ba2\u9605\u6a21\u5f0f\u7684\u6bd4\u4f8b\uff0c\u5df2\u7ecf\u8d85\u8fc7 85%\u3002\u968f\u7740\u8ba2\u9605\u6a21\u5f0f\u6e17\u900f\u7387\u7684\u63d0\u5347\uff0cVMware \u548c\u8f6f\u4ef6\u4e1a\u52a1\u6536\u5165\u4ecd\u6709\u671b\u589e\u957f\uff0c\u4f46\u5f88\u96be\u6709\u7c7b\u4f3c\u4e8e\u5e76\u8d2d\u6574\u5408\u7684\u9ad8\u589e\u957f\u3002<\/p>\n

\u7ed3\u5408\u5f53\u524d\u503a\u52a1\u507f\u8fd8\u6307\u6807\u4e0b\u964d\u81f3 2\uff0cVMware \u7684\u6536\u8d2d\u5df2\u7ecf\u88ab\u516c\u53f8\u6d88\u5316\uff0c\u516c\u53f8\u4e5f\u4e0d\u518d\u5355\u72ec\u62ab\u9732 VMware \u7ec6\u5206\u6570\u636e\uff0cAI \u4e1a\u52a1\u662f\u516c\u53f8\u6700\u4e3b\u8981\u7684\u5173\u6ce8\u70b9\u3002<\/strong><\/p>\n

(\u6765\u6e90\uff1a\u949b\u5a92\u4f53)<\/p>\n","protected":false},"excerpt":{"rendered":"

\u6587 | \u6d77\u8c5a\u7814\u7a76 \u535a\u901a (AVGO.O) \u5317\u4eac\u65f6\u95f4 2026 \u5e74 3 \u6708 5 \u65e5\u51cc\u6668\uff0c\u7f8e\u80a1\u76d8\u540e\u53d1\u5e03 2026 […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[6],"tags":[271,378,266,62,162,104,93,103,88,339,170],"views":73,"_links":{"self":[{"href":"https:\/\/www.alphaseek.cn\/index.php?rest_route=\/wp\/v2\/posts\/22755"}],"collection":[{"href":"https:\/\/www.alphaseek.cn\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.alphaseek.cn\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.alphaseek.cn\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.alphaseek.cn\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=22755"}],"version-history":[{"count":0,"href":"https:\/\/www.alphaseek.cn\/index.php?rest_route=\/wp\/v2\/posts\/22755\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.alphaseek.cn\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=22755"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.alphaseek.cn\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=22755"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.alphaseek.cn\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=22755"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}