The Compound 对 $AVGO 的判断变化
这个频道在这只股票上的每一条判断，按时间倒序，每一步都读完那条视频里关于这只股票的全部内容。相邻两条方向不同的地方标出方向翻转。
这就是市盈率，这就是为什么像博通这样的巨型芯片公司会从高点深度回撤。这两家公司都刚刚报告了一些我们任何人都会看到的最伟大的消息、合同和收益，但那些已经在六个月前被定价了。
That is the that is what pe and that's why you have gigantic chip companies like Broadcom for example in deep draw downs off of a tie. Both of those companies have just been reporting some of the greatest news and contracts and earnings any of us will ever see, but that was already priced in six months prior.
Marvell正在强势崛起。博通也在强势崛起。他正在比较让我们看看Marvell。Marvell正在为客户构建定制ASIC。亚马逊是他们最大的客户。所以亚马逊正在构建Tranium芯片，这些是专用集成电路。
它们没有GPU那么广泛的使用。它们没有那么强大。它们不是以同样的方式集群。你知道，你拿一个10,000个芯片的集群放进去。不是那样做的。但亚马逊的Tranium芯片系列，Alphabet正在制造芯片，微软正在制造芯片，Meta，苹果正在制造自己的芯片。
他们正在利用专用集成电路。而为超大规模企业定制芯片制造来自Marvell。这并不意味着亚马逊不买GPU。并不意味着Gemini在没有GPU的情况下运行，但这是计算建设的新竞争。
他们为什么要使用ASIC？嗯，如果他们自己构建，他们可以针对他们认为重要的数据中心内的确切用途进行定制。好的，所以这就是Marvell正在做的。博通也在其中。
Marll is coming on very strong. Broadcom is coming on very strong. He's comp Let's take Marll. Marll is building custom AS6 for customer. Amazon's their biggest customer. So Amazon's building tranium chips which are application specific integrated circuits. They do not have as broad of a use as a GPU. They're not as powerful. They're not clustered the same way. you know, you take a take a take a cluster of 10,000 chips and and put them in. It's not the way that's being done. But Amazon its tranium line of chips, Alphabet's making chips, Microsoft is making chips, Meta, Apple is making its own chips. They're they're utilizing application specific integrated circuits. And that custom chip making for the hyperscalers is coming out of Marll. This doesn't mean Amazon's not buying GPUs. doesn't mean uh Gemini is running without GPUs, but it is new competition for the buildout of compute. Why would they want to use AS6? Well, if they build them themselves, they can customize them for exactly the uses within their data centers that they see as being important. Okay, so that's what Marll is doing. Broadcom is is in there as well.
而且很多人要么没有做足够长的时间来学到这一点，要么忘记了。但我确实认为有一种重力在压低Marvell、英伟达、博通的倍数。他们明白这些公司将进入一个阶段，在下一个升级周期中他们会互相撕咬喉咙，不是每个人都能赢，这就是为什么他们不像三年前那样以30或40倍的市盈率出售。
And a lot of people either aren't doing this long enough to have learned that or forgot about it. But I do think there's a gravity that is pushing down on the multiples of Marll, of Nvidia, of Broadcom. They understand that these companies are going to go into a phase where they rip each other's throats out for the next upgrade cycle and not everybody can win and that is why they're not selling at 30 or 40 times earnings the way that they were three years ago.
但我确实认为有一种重力在压低Marvell、英伟达、博通的倍数。他们明白，这些公司即将进入一个阶段，在下一个升级周期中互相厮杀，不是每个人都能赢，这就是为什么它们不再像三年前那样以30倍或40倍的市盈率出售。
But I do think there's a gravity that is pushing down on the multiples of Marll, of Nvidia, of Broadcom. They understand that these companies are going to go into a phase where they rip each other's throats out for the next upgrade cycle and not everybody can win and that is why they're not selling at 30 or 40 times earnings the way that they were three years ago.