英偉達（AVGO）AI需求持續爆發，訂單累計逾兩千億美元

Broadcom（AVGO）近期股價已從52週高點回落逾23%，但即便如此，股價下行仍受到多重因素所壓制，包括地緣政治的不確定性與市場對獲利率的质疑。 despite these headwinds, the company’s end‑markets remain resilient, and Wall Street analysts continue to maintain an optimistic outlook on its medium‑term prospects.

Analysts forecast that Broadcom will sustain its AI‑driven demand trajectory and anticipate a upside potential over the next twelve months. The firm’s growth outlook is underpinned by robust demand across both AI semiconductor solutions and infrastructure software, particularly VMware Cloud Foundation (VCF).

Fiscal 2025 marked a record year for Broadcom, posting a 24% year‑over‑year revenue increase to US$64 billion. AI‑related revenue surged 65% to US$20 billion, propelling semiconductor revenue to a historic US$37 billion and driving the infrastructure software segment to a 26% rise to US$27 billion, largely attributable to strong adoption of VCF.

Management expects AI spending to accelerate further in fiscal 2026, providing additional tailwinds to top‑line growth and potentially catalyzing a rebound in share price. A key catalyst is Broadcom’s custom accelerator, or XPU, business. These chips are increasingly being adopted by hyperscalers and can be leveraged not only for internal workloads but also for external third‑party users, opening up a sizable external scaling opportunity.

Adding to the momentum, Broadcom announced a $10 billion order for its latest Ironwood TPU racks to be delivered to Anthropic, followed by an additional $11 billion order slated for late 2026 delivery. In the fourth quarter, the company also secured a fifth XPU customer with a $1 billion order scheduled for delivery in the latter half of 2026. These large‑scale contracts underscore the growing market confidence in Broadcom’s custom silicon solutions.

Overall, despite near‑term volatility, Broadcom’s fundamentals remain solid, supported by sustained AI demand, record financial performance and a strong order backlog, positioning it for upside potential in the coming months.