（来源：君实财经）博通的核心就三点：壁垒：在非英伟达 AI 生态里，它垄断了 “连接”（通信芯片）和 “定制计算”（ASIC 设计）的关键技术，巨头们绕不开；利润：靠软件（尤其是 VMware 订阅制）稳住现金流和利润率，抵消半导体的周期波动；增长：AI 推理需求爆发拉高新业务，传统通信回暖补老业务，增长逻辑扎实。一句话：博通是 AI 基建领域里，少有的 “有壁垒、有利润、有增长” 的公司
Source Link（来源：君实财经）博通的核心就三点：壁垒：在非英伟达 AI 生态里，它垄断了 “连接”（通信芯片）和 “定制计算”（ASIC 设计）的关键技术，巨头们绕不开；利润：靠软件（尤其是 VMware 订阅制）稳住现金流和利润率，抵消半导体的周期波动；增长：AI 推理需求爆发拉高新业务，传统通信回暖补老业务，增长逻辑扎实。一句话：博通是 AI 基建领域里，少有的 “有壁垒、有利润、有增长” 的公司
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