저자: JimCramer · 외국인
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브로드컴과 엔비디아의 AI 반도체 경쟁을 다룸. 하이퍼스케일러 capex는 수천억 달러 규모로 계속 증가하며 AI 투자 사이클은 다년간 지속될 것으로 봄. 브로드컴은 2027년 AI 매출 전망(600~900억 달러)을 제시, 엔비디아는 3분기 매출 351억 달러(+94%)로 여전히 1위. 블랙웰 출하가 본격화되면 관심이 다시 엔비디아로 돌아올 수 있다는 의견.
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of those period where people are saying we got to reassess uh who really are the winners who are not the winners uh the broadcom numbers on Friday it they were standing the the gain that we had made people think well wait wait a second maybe broadcom's the right one now more the Outlook to him wasn't it wasn't the numbers themselves no the out was amazing talking about 2027 though well that's a long-term view because they have a clear window Matt Murphy last night on Mad Money Marvel Tech saying the same thing I think that there is some confusion uh if you asked Matt Murphy which I did about where does Nvidia stand he goes look Nvidia is still the number one it's just that there's room for everybody they don't necessarily uh broadcom does not necessarily displace Nvidia proom is part of Nvidia so is Marvel it depends on who you're using Marvel's Amazon web services these big hyperscalers have decided you know what we have one we want one GPU company which is NVIDIA and then we need to have custom silicon which burns less hot and is cheaper so they're three they're not Zero Sum however I think there are people who say you know what I got to get off this horse it's going down there is not much more to it David you have to wait GTC I had similar conversations this morning in fact not a zero sum game look at that I did not speak to his no we did not talk we talk to we don't we make sure not to talk to the same no we actually do I had no idea well that's pretty impressive can I show you mine and the whole idea again is the capex is going up across the board and continues to from the hyperscalers obviously the numbers that the numbers we've discussed are astonishing billions upon billions hundreds of billions really and that won't change as well so so why is NVIDIA no longer I don't it's hard to say no longer why Nidia is up huge all right right it's up huge it's had an incredible year it's slapped for 6 months do you wait until they really start shipping Blackwell in you know in Earnest speak I think you wait till look I know no one's going to want to hear this and I you know I love the stock but the next big M the CEO uh has his they don't think that now there a lot of people thought that Amazon's got the but God I have the blocking and tackling bit you weeks in a rapidly evolving technological landscape the emergence of artificial intelligence as a core pillar of modern Innovation is undeniable at the Forefront of this seismic shift are two industry Titans broadcom and Nvidia who are capturing headlines with their exemplary progress in the AI Market these corporate behemoths Are Not Mere participants in this adventurous race they are its Trailblazers as the world watches with baited breath captivated by the electrifying developments and soaring valuations an intriguing twist of fate has cast these Giants against each other in a gripping battle for the crown of top AI stock will broadcom surge ahead as the ultimate Victor or will Invidia continue its reign as the Undisputed leader prepare for an insightful Journey as we delve into the stories behind Broad com's and nvidia's remarkable achievements where each development promises to surpass the one before welcome back everyone to invest ocracy you know I think that um you know when broadcom reported and hawan you know outlined the vision for Customs silicon uh that was a change statement in the market appreciating uh how the world is led by and dominated by Nvidia but that there's also a rising tide here for custom silicon uh that will help uh the likes of broadcom and Marvel as they support uh in broadcom's case you know Google meta uh Tik Tock and and in Marvel's case uh Amazon and Microsoft so you know there's definitely uh different spots for the different kind of uh areas of silicon but you know at a very high level uh as you think about Nvidia going into their uh best product cycle uh in the history of the company with Blackwell uh you know it's hard to not you know think of them as the the top outperformer for all of semis in 2025 broadcom's entry into the AI realm isn't just a cautious dip it's a full-fledged immersion their strategic focus on Crafting application specific integrated circuits A6 targeted at tomorrow's datadriven world has set the stage for their lofty Ambitions CEO Hawk tan has unveiled a vision that paints broadcom as a crucial player rooting itself into the foundational fabric of AI infrastructures partnering with very large clientele who plan to deploy a staggering million plus broadcom chips by 2027 signifies a synergistic alliance with industry Giants such collaboration is akin to a thrilling cinematic crossover where superhero Titans from different universes unite for a Grand Mission the partnership with open AI adds another dimension of intrigue to this narrative promising groundbreaking advancements and unforeseen opportunities within AI applications broadcom's forecast for its AI revenues to Skyrocket 220% reaching 12.2 billion by 2024 is only a precursor to their broader objective a commanding $60 billion to $90 billion claim in the market by 2027 with the backdrop of Goldman Sachs projection of $1 trillion in AI infrastructure spending broadcom's aspirations are Amplified to a thrilling Crescendo their narrative is one of high stakes and dramatic potential resonating with investors and technologists alik but how do we know how long the cycle is and and how many quarters we could see growth like this how does it compare to other previous semiconductor Cycles well this cycle is unlike any other um you know I think most uh investors look back to the Advent of the internet uh and how long kind of the the internet infrastructure investment cycle played out but this one's very different right where the companies that are making the Investments predominantly the hyperscalers you know they're generating meaningful free cash flow despite you know spending hundreds of billions ions of dollars building out Ai and and let's be clear this is existential for these companies as they all try to get to AGI uh and so I think this is a multi-year investment cycle and you know just on Friday open AI uh released uh 03 uh and uh this model is uh incredibly um important in the sense of of the improvements that they're making the reasoning that they're using so it's post-training reasoning where the more compute you apply to the large language model the better the outcome and really the big takeaway is that it's driving even incrementally more compute requirements to get to AGI so the short answer you know I think investors are going to be surprised by the magnitude and duration uh of the investment in AI uh and I absolutely believe that you know if there is a pause for NVIDIA the first we would see it would be 2027 and if I'm right with that assumption then there's clear line of sight for growth U for the top AI accelerator companies so Nvidia you know broadcom marvel I would say the key arms dealers underneath that you know whether it's tsmc or arm or you know semi equipment players or test companies like advant test and pteridine um so I I think this AI investment cycle really has legs meanwhile in this riveting duel Nvidia wields its gpus like the legendary Excalibur within the semiconductor Cosmos unassailably established with commanding shares in 70% to 95% of AI data centers nvidia's challenge to competitors Echoes a daring Catch Me If You Can CFO Colette Crest captures the essence of this exhilarating race where every customer is racing to be the first to harness nvidia's newly unveiled AI Powerhouse the captivating Blackwell chips while some observers May Harbor doubts The Narrative is loudly indicated by nvidia's dramatic 94% surge in sales now Standing Tall at $35.1 billion for the third quarter alone such figures are not merely numbers they are Testament to a Monumental shift within an industry where bold proclamations meet compelling evidence the breathtaking 112% spike in data center Revenue ascending to a remarkable $3.8 billion further underscores nvidia's formidable footprint in the AI Market Visionaries like CEO Jensen hang are betting heavily on the future predicting Investments That Could Skyrocket to a staggering $2 trillion over the next 5 years Nvidia is not simply adding pages in The Book of AI it is authoring volumes each filled with audacious steps and historical Maneuveroday is a cluster that xai is building that has only 100,000 going to 200,000 then maybe a million and broadcom is saying we will see multiple million unit accelerators that suggests that the market for training could last much longer and be much bigger than we think over the next uh few years so what you said makes sense I think for nvidia's prior generation product but Blackwell they have just started to ship and uh that's why it's hard to see that being uh overstocked any time soon and it it's back to the point I made before that it's execution on Blackwell the day they get Blackwell out and it is shipping without any hiccups to all these customers I think interest will come back to Nvidia just as quickly as it is it seems to have gone in in the near ter now we got some leadership stocks that are being torn apart the heaviest of which of course is NVIDIA up 163% for the year but down 22 points from its recent high points not percent G willikers what exactly is the matter with Nvidia down eight out of the last n days I think nothing it remains lader in the most important space of the entire Market it's riding a wave accurately depicted by a season Warrior Matt Murphy the CEO of Marvel technology who said something amazing on this show about the size of the a opportunity just last night listen Nvidia is not being dethrown by any competitor even the companies that are trying to compete against it as the Epic confrontation between broadcom and Nvidia unfolds The Narrative becomes increasingly complex and thrilling deciphering a clear Victor is akin to choosing between masterpieces painted with the skill of Renaissance artists each depicting a resplendent vision of ai's future if insights must be drawn Nvidia might possess a slight tactical Edge its seasoned leadership chip and AI chips strengthened by a more favorable forward PE ratio of 30.3 compared to broadcom's 35.3 however the arena is not devoid of volatility everpresent lurking like a skilled yet unpredictable dance partner enticing investors with promising gains while cautioning them of possible fluctuations this investment landscape resembles the feverish enthusiasm of historical gold rushes where Prospectors balance visions of Fortune against the risks that accompany them as you Ponder where to position your investments in this high stakes AI roulette how do these developments resonate with
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