$AVGO · Parkev Tatevosian, CFA · 2026-11-06
说话者认为博通被低估：每股公允价值523美元，而市价为326美元。数据中心建设放缓可能推迟销售，但他预计是延迟而非取消，且新增不利因素不太可能让本已放缓的建设进一步减速；他持有该股并希望加仓。
逐段跳播
我接下来要重点介绍的下一只被低估的股票是 Broadcom。我计算出的这只股票的公允价值为每股523美元，而当前市场价格为326美元。
The next undervalued stock I will highlight is Broadcom. I have calculated the fair value of this stock at $523 per share , while the current market price is $326 .
Broadcom 是受美国选举结果影响的半导体股票之一。Qualcomm 的股票，或者说 Broadcom 的股票，在选举结果公布后的第二天下跌了1.83%。
Broadcom is one of the semiconductor stocks that were affected by the results of the US elections. Qualcomm's stock, or rather Broadcom's stock, fell by 1.83% the day after the election results.
Broadcom 帮助 Alphabet 等公司开发用于这些数据中心的自家芯片，如果这些数据中心的建设放缓，Broadcom 的销售当然可能会被推迟。
Broadcom helps companies like Alphabet develop their own chips that go into these data centers, and if the construction of those data centers slows down , Broadcom's sales could certainly be delayed .
但好消息是，更可能出现的是验证推迟，而不是彻底取消。考虑到半导体行业已经存在的种种限制，放缓并没有表面上看起来那么糟糕。这些数据中心本来就因电力限制、零部件限制以及当地社区反对建设这些数据中心而放缓。
因此，新领导层带来的新阻力不太可能让本已放缓的数据中心建设进程进一步放慢。
But the good news is that a delay in verification is more likely, not outright cancellation. Given the constraints already in place in the semiconductor industry, the slowdown is not as bad as it might outwardly appear.
These data centers were already slowing down due to power constraints, component limitations, and local communities that opposed the establishment of these data centers anyway.
Therefore, new headwinds from incoming leaders are unlikely to slow down the already slowing data center construction process.
在我看来，扩张放缓更负责任、也更明智，这也是我几个季度以来一直主张的。我持有大量超大规模云计算公司的股票。我持有 Amazon、Microsoft、Alphabet 和 MetaPlatforms 的股票。
其中许多公司，实际上是四家中的三家，已经在产生负的自由现金流，而且人们对这些投资水平的可持续性日益担忧。因此，减少并分散投资是更明智的做法，在我看来未必是坏事。
In my opinion, slower expansion is more responsible and wiser, and it is something I have been advocating for several quarters. I own a lot of shares in hyperscale cloud computing companies .
I own shares in Amazon, Microsoft, Alphabet, and MetaPlatforms. Many of them, in fact three out of four, are already generating negative free cash flows , and there are growing concerns about the sustainability of these investment levels.
Therefore, reducing and distributing investment is a wiser course of action and not necessarily a bad thing in my opinion.
我的投资组合中已经持有 Broadcom 股票，我仍然有兴趣继续加仓这一投资头寸。
I already own Broadcom shares in my portfolio, and I am still interested in adding more to this investment position.
这个频道对 $AVGO 的历次判断
Parkev Tatevosian, CFA 在这只股票上共 9 条判断，这里只列相邻的几条。