The Compound 对 $MRVL 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。
Marvell正处于回撤中。这两家公司都刚刚公布了一些我们任何人都会见过的最好的消息、合同和收益，但这些已经在六个月前被定价了。
You have Marll in a draw down. 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表现非常强劲。博通表现非常强劲。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Trainium芯片，这些是专用集成电路。
它们没有GPU那么广泛的应用。它们没有那么强大。它们不会以同样的方式集群。你知道，你拿一个由10,000个芯片组成的集群放进去。这不是现在的方式。但亚马逊的Trainium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购买GPU。并不意味着Gemini在没有GPU的情况下运行，但这是计算构建的新竞争。
他们为什么要使用ASIC？好吧，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，这就是Marvell正在做的。
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.
而且很多人要么做这行时间不够长，还没学到这一点，要么就是忘了。但我确实认为有一股重力在压低 Marll、Nvidia、Broadcom 的市盈率。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撕咬，不是每个人都能赢，这就是为什么它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.
但我确实认为有一股重力在压低 Marll、Nvidia、Broadcom 的市盈率。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撕咬，不是每个人都能赢，这就是为什么它们不像三年前那样以 30 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.