博通25FYQ4财报点评:好于预期,指引令人失望

塔子哥的随笔
Dec 15, 2025

博通给出的这份报告整体高于市场预期,指引也让人眼前一亮,但可惜在电话会议上之前一直给市值做正向管理的管理层却给出了谨慎和不确定的指引,拖累博通股价周五大跌。展望后市,我们对博通和AI产业发展的预期没有变化。未来几年AI行业仍将超预期发展,而ASIC也会迎来再加速,最终挑战英伟达的地位。我们依旧预期博通26年AI芯片相关营收增速可达150%以上,对应目标价440美元,距离周五大跌后收盘价有超过20%...

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