Broadcom Inc.

Broadcom's growth engine. It designs custom AI accelerators and high-speed networking chips that large cloud companies use to build AI data centres, so demand tracks AI infrastructure spending. A few very large customers drive most of the revenue — that concentrates the risk, but each custom chip takes years to design, so the customer stays.博通的增长引擎。它设计定制AI加速器和高速网络芯片，大型云计算公司用它们来搭建AI数据中心，所以需求跟着AI基础设施开支走。少数几家超大客户贡献了大部分营收——这让风险更集中，但每一款定制芯片都要花好几年来设计，所以客户会一直留下来。

• Custom AI accelerators (XPU)定制AI加速器（XPU） — A processor that Broadcom designs together with one customer, such as Google's TPU. Nobody else can buy that chip. The design takes years, so the customer stays.由博通和某一家客户共同设计的处理器，比如谷歌的TPU。别人买不到这款芯片。设计要花好几年，所以客户会一直留下来。
• Ethernet switch chips (Tomahawk, Jericho)以太网交换芯片（Tomahawk、Jericho） — A switch sends each block of data to the correct server. AI training moves very large amounts of data between thousands of servers, so the switch sets the speed of the whole system.交换芯片把每一块数据送到正确的服务器。AI训练要在成千上万台服务器之间传输大量数据，所以交换芯片决定了整个系统的速度。
• Wireless connectivity无线连接 — Wi-Fi, Bluetooth and touch controllers for phones. Apple is the largest customer.手机用的Wi-Fi、蓝牙和触摸控制芯片。苹果是最大的客户。
• Storage and server connectivity存储和服务器连接 — Chips that connect processors to hard disks and solid-state disks.把处理器连接到硬盘和固态硬盘的芯片。

The steadier half of Broadcom, built by buying established software leaders and raising prices. Since the VMware purchase, most of this revenue is recurring multi-year licences to large enterprises that built their data centres around these tools — switching is slow and costly, so the cash flow is dependable.博通更稳的那一半，靠买下成熟的软件领头者再提价建起来。自从收购VMware以来，这块营收大多是向大型企业收取的、为期多年的经常性授权费；这些企业围绕这些工具搭建了数据中心，更换既慢又贵，所以现金流很可靠。

• VMware — Software that lets one physical server behave like many separate servers. Most large companies built their data centres around it.让一台物理服务器可以像多台独立服务器一样工作的软件。大多数大公司都是围绕它来搭建数据中心的。
• Mainframe software (CA)大型机软件（CA） — Tools that keep mainframe computers running. Banks and airlines still process core records on these machines.让大型机保持运行的工具。银行和航空公司至今仍在这些机器上处理核心记录。
• Symantec enterprise security赛门铁克企业安全 — Protects company laptops, servers and networks.保护公司的笔记本电脑、服务器和网络。