Broadcom 估值偏低（PEG < 0.7），而增长强劲且市场地位领先，因此是首选买入标的。
逐段跳播
第五名是一家AI巨头，半导体和基础设施软件巨头博通，股票代码"AVGO"，沙特阿拉伯在上个季度大幅增持了其股份，持仓几乎翻倍，买入了超过5000万美元的额外股份。
We have an artificial intelligence behemoth in fifth place, the semiconductor and infrastructure software giant Broadcom, ticker symbol “AVGO”, in which Saudi Arabia significantly increased its stake last quarter, nearly doubling its position, by purchasing more than $50 million in additional shares.
是的，这无疑是我最喜欢的。一旦一家科技巨头围绕其自研的博通芯片和网络设备构建起整个数据中心基础设施，转换成本可能会极高，因此，我认为这为他们提供了经济护城河和更高的进入壁垒。
And yes, this is easily my favorite. Once a tech giant builds its entire data center infrastructure around its own custom Broadcom chips and networking equipment, the conversion costs can be extremely high, and therefore, I think this provides them with an economic moat and a greater barrier to entry.
再加上在人工智能网络领域的领先地位、高利润率的企业软件，甚至还有许多随着全球技术进步而持续需求旺盛的网络安全产品。结果是惊人的业绩表现。
Add to that a leading position in artificial intelligence networks, high-margin enterprise software, and even many cybersecurity offerings that continue to be in demand as the world’s technology advances. The result is a stunning performance.
例如，在上个季度，销售额同比增长86%，达到近300亿，而调整后营业收入增幅更大，达到92%，超过200亿，其中约140亿直接转化为自由现金流。
In the last quarter, for example, sales rose 86% year-on-year to nearly 30 billion, while adjusted operating income increased by an even greater 92% to exceed 20 billion, with about 14 billion of that going directly into free cash flow.
我们谈论的是巨大的利润率，这主要得益于人工智能需求的增长，例如他们的人工智能芯片部门实现了220%的爆发式增长。
We are talking about huge profit margins, largely thanks to the growing demand for artificial intelligence, with their AI chip division, for example, experiencing explosive growth of 220%.
由于一些小的障碍，包括指引延迟以及因内存组件成本上升导致的利润率小幅下降，市场对该股进行了惩罚，使其较最高点下跌了约30%。
Due to some minor obstacles, including delayed guidance and a slight decrease in profit margins as a result of higher memory component costs, the market punished the stock with a loss of about 30% from its highs.
这使得市盈率相对盈利增长比率（PEG）低于0.7，比行业平均水平低40%以上。我认为对于这样的增长、主导地位和业绩表现来说，这是一个疯狂的估值。
This left the price-to-earnings-to-growth (PEG) ratio below 0.7, which is more than 40% lower than the sector average. I think this is a crazy assessment of this level of growth, dominance, and performance.
当你看到他们未来四年的路线图时，就更疯狂了，CEO预计到2027年AI半导体收入将达到1150亿美元，然后在2028年再翻一番达到2300亿美元，每股收益预计将达到30美元。我是说，这太疯狂了。
It gets even crazier when you look at their roadmap for the next four years, where the CEO expects AI semiconductor revenues to reach $115 billion by 2027, then double again to $230 billion by 2028, with earnings per share expected to reach $30. I mean, this is crazy.
现在，悲观的观点是，如果我们现在正处于AI泡沫之中，那么如果泡沫破裂，这一切未来都可能崩塌。到那时，我认为整个市场无论如何都会崩溃，因为如今一切似乎都建立在人工智能的基础上并被据此估值。
Now, the pessimistic view is that if we are in an AI bubble right now, all of this could collapse in the future if that bubble bursts. At that point, I think the whole market will collapse anyway, because it really seems that everything these days is built and valued on the basis of artificial intelligence.
所以，我仍然在买入股票，因为我认为相对于你将获得的回报，这只股票便宜得令人惊讶。是的，这只股票轻松占据榜首，所以我会把所有其他股票下移一位，为它腾出位置。
So, I'm still buying stocks regardless, because I think the stock is surprisingly cheap compared to what you'll get in return. Yes, this stock easily occupies the top spot, so I will move all other stocks one place down to make room for it.
但对我个人而言，我今天唯一积极买入的公司是博通，它是我最欣赏的。
But for me personally, the only company I actively buy today is Broadcom, which I admire the most.
这个频道对 $AVGO 的历次判断
Ale's World of Stocks 在这只股票上共 3 条判断，这里只列相邻的几条。