博通是回调后的优质选择：英伟达的客户正转向采用其芯片；管理层目标2028年每股收益达30美元，AI收入明年翻倍至1150亿美元，后年再增至2300亿美元。按20或21倍市盈率计算，相对于这样的增长并不昂贵，不过Anthropic/OpenAI的增长是一项风险。

Now, my second choice is what some call the "antithesis of Nvidia," namely Broadcom. Now, why is it called "the antithesis of Nvidia"? Because all the big customers who are turning to Broadcom are, of course, huge Nvidia customers , but they want to diversify their sources away from Nvidia and not rely too heavily on its chips, so they turned to Broadcom.

When you look at companies like Anthropic, OpenAI, Meta, and Google's Processing Units (TPUs), you'll find they're turning to Broadcom. They design , and co-design with Broadcom to ensure that Nvidia cannot , let's say, bleed every penny out of these companies through its chips, and they rely less on Nvidia's architecture and more on their own, which makes their internal workflow, of course, more efficient.

but Broadcom, again, based on what management has told us , is looking to achieve $30 in earnings per share . $30 in profits in 2028. Currently, this company's stock is trading at around $340.

So, if you want to put a simple multiplier on a 2028 target, it's actually not too expensive for a company that's expected to grow very rapidly.

They told us that AI revenues, not everything but just one sector which is the largest in their business, are expected to double next year to reach $115 billion, and then they expect them to double again to reach $230 billion the following year .

For me, when management tells me that, of course they have to have a proven track record, otherwise they can make up any numbers and then fail to deliver on them, but if they told me that today, it fits with the whole story of the industry as a whole where there is huge demand that exceeds supply.

So we are looking at a company that will generate more than $230 billion two years from now. Two years from now. With continued growth across all sectors, profit margins are of course very good.

This is a completely different company from my first choice ; it is a company that generates billions and billions of dollars, and tens of billions of dollars in free cash flow.

Yes, this is also a company that may be involved in the circular financing game, but I think we've talked about that in previous videos as well. I see this simply as their view of an opportunity to accelerate the pace of the industry.

They have the means to do it, and that's what's happening now,

but Broadcom does, yes, involve risks because it has big clients like Anthropic and OpenAI. This is something we talked about in Friday's video: what happens if those companies don't grow as quickly as expected?

How does this affect a company like Broadcom? It's a risk worth knowing about. Isn't that so?

Isn't that so? But it also has customers like Meta and Google where I don't think there are problems, and others where I don't think there are problems with them not meeting their obligations , but focusing only on Broadcom's business , I think it's in a very good position because I believe there will be big companies like this and perhaps more in the future, as they really want to develop more and more of their own silicon chips .

But it also has customers like Meta and Google where I don't think there are problems, and others where I don't think there are problems with them not meeting their obligations,

but focusing only on Broadcom's business, I think it's in a very good position because I believe there will be big companies like this and perhaps more in the future, as they really want to develop more and more of their own silicon chips.

So, Broadcom, and Marvel as another name, but Broadcom is the bigger one and will certainly benefit from that. The question then becomes: Can OpenAI and Anthropic really grow at the expected rate?

It doesn't have to be logical in terms of the evaluation itself. It just has to make commercial sense; a business transaction has to have its justifications. For example, if they put their shares up for public subscription at a valuation of $2 trillion, but they will only generate, say, $100 billion or $200 billion in revenue, it is still $200 billion .

So, this is still good for meeting obligations and achieving growth, but it may not be enough for the stock to trade at $2 trillion . But again, that's not my problem as a shareholder in Broadcom.

This may be a problem for the shareholders of Anthropic and OpenAI. But wait, I really want to include Broadcom in this discussion because it is also trading at forward price-to-earnings ratios closer to 20 or 21 times right now for a company that is expected to grow this fast and is already very profitable.

In this market, I consider this a risk- advantageous option.

In this market, I consider this a risk-advantageous option. Yes, I am a big fan of Broadcom. I think it's a high-quality company, and the market has certainly been a bit harsh on the stock recently.