English Title:
Elon Musk takes a direct swipe at Broadcom CEO and AI investors

中文标题：
Elon Musk在Broadcom的首席执行官和AI的投资者那里直接刷卡

English Content:
Elon Musk rarely passes up a chance at a one-liner. When Broadcom CEO Hock Tan compared many AI investors to casino gamblers, Musk replied on X to a post summarizing the remarks with five words: "No crying in the casino." The jab added fuel to a growing debate over how long the AI boom can last. The exchange landed at a touchy moment for the AI trade. The Nasdaq fell 1.25% on Oct. 8 as chip stocks, including Nvidia (NVDA) and Broadcom (AVGO), took a hit after questions surfaced about OpenAI's revenue. Tan made the comments on Oct. 12 at the DBS Asia Future Forward Conference in Singapore, sharing the stage with Intel (INTC) CEO Lip-Bu Tan on a panel moderated by DBS CEO Tan Su Shan. "A lot of investors have no clue what they are investing in," he said, adding that some set very extreme expectations "only to find out that it's almost like they are in a casino." He was just as blunt about corporate spending. "People are just wasting money, spending tokens, trying to understand (AI)," Tan said, comparing companies to a child who burns through $10 of arcade tokens in minutes and learns nothing. He added that OpenAI's annualized revenue of roughly $50 billion was "by itself, not that bad" for a startup. That OpenAI figure is exactly what rattled the market a few days earlier. OpenAI told investors its annualized revenue was approaching $50 billion at the end of September, well below the nearly $70 billion figure that had been widely reported, and AI infrastructure stocks fell on Oct. 8. Musk has played both sides of this debate. In September, he said Anthropic CEO Dario Amodei was "right" after Amodei called for an intentional slowdown in advanced AI development. Tan brushed that push aside, saying on Sept. 14 that the debate had not changed Broadcom's AI forecasts "in the least." Broadcom is cashing in on the boom it's warning about Tan's warning carries extra weight because few companies have gained more from AI spending than Broadcom. Broadcom reported fiscal third-quarter revenue of $29.6 billion in early September, slightly ahead of analyst estimates, with AI semiconductor revenue up 221% from a year earlier, according to its SEC filing. It guided for $21.7 billion in fourth-quarter AI chip revenue, yet shares still fell after hours. The longer-term targets are even bigger. Broadcom expects AI semiconductor revenue of about $115 billion in fiscal 2027 and about $230 billion in fiscal 2028. Tan also arranged a financing partnership with Apollo and Blackstone to back more than 20 gigawatts of computing capacity, a buildout that will require hundreds of billions of dollars. That financing angle is where Tan sees the real squeeze. "What I think might be the biggest constraint is capital," he said in Singapore, while Lip-Bu Tan pointed to "capital and the cost of capital." Hock Tan also said computing demand could outrun supply through 2029 or 2030, according to Benzinga. Broadcom is deeply tied to that money chase. Broadcom has been seeking more than $50 billion in financing tied to OpenAI as tech companies race to buy chips and expand AI infrastructure. The bill for the AI buildout keeps growing The spending numbers explain why capital is suddenly the main topic. The largest U.S. hyperscalers are on track to spend roughly $800 billion on capital projects this year, and Goldman Sachs projects $1.2 trillion in capital expenditure in 2027, as reported by TheStreet. Wall Street has been warning about this for months. Morgan Stanley said in February that hyperscaler AI spending was "set to exceed dot-com era telecom capex in both magnitude and length." Its bear case was that "investment outpaces monetization for several years." The borrowing is already showing up in bond markets. Fed Chair Kevin Warsh said in September that hyperscalers raising money is part of why Treasury yields have climbed, adding that "the competition for capital is real," according to Fortune. Morgan Stanley expects global AI-related debt issuance to approach $570 billion this year. Even AI believers are getting nervous about the price tag. The Financial Times reported that Big Tech firms are using guarantees to back as much as $300 billion in debt tied to AI data centers and chips. SoftBank also raised $11.1 billion in one of the biggest high-yield bond deals ever to fund its OpenAI investment. What investors should watch next The cost of money is the first thing to track. The 10-year Treasury yield hit its 2026 peak of 5.37% on Oct. 7, its highest level since March 2002, which raises the bar for every project funded with borrowed money. The biggest spenders still look well protected. The largest hyperscalers have shown little sensitivity to higher funding costs so far, while smaller and highly leveraged businesses are more exposed. Musk, for his part, has his own chips on the table. SpaceX went public in June in what was billed as the largest IPO in history, and it absorbed xAI earlier this year. The company says xAI built the first gigawatt-scale AI training cluster. For investors watching from the sidelines, the question is who walks away from this casino with winnings.

中文正文：
埃隆·穆斯克很少在单线上错过机会. 当Broadcom CEO霍克·坦(Hock Tan)将许多AI投资者比作赌场赌博者时,穆斯克在X上回应了一篇文章,以五个字概括了这些评论:"赌场里不许哭". AI繁荣能持续多久, 交换在AI贸易的敏感时刻着陆. 由于包括Nvidia(NVDA)和Broadcom(AVGO)在内的芯片股票于10月8日下跌1. 25%, 谭十月十二日在新加坡举行的DBS亚洲未来前进大会上发表评论,与英特尔(INTC)CEOLP-Bu Tan分享在DBSCEO谭秀珊主持的一个小组上的舞台. 他说,“很多投资者不知道他们在投资什么,”他补充说,有些人设定了非常极端的期望,“只是为了发现这几乎就像在赌场里。” 他对公司开支也一言不发 "人们只是浪费钱财,花象征性物,试图理解(AI),"谭说,把公司比作一个在几分钟内烧掉10块街机标志物,却一无所获的孩子. 他补充说,OpenAI的年化收入大约500亿美元是"自己,而不是那个 坏"的启动。 这幅OpenAI图正是几天前引起市场恐慌的。 OpenAI告诉投资者,其年化收入在9月底接近500亿美元,远低于被广泛报道的近700亿美元数字,AI基础设施股票于10月下跌. 8. Musk在这场辩论中扮演了双方的角色。 9月,他说Anthropic CEO达里奥·阿莫代在阿莫代呼吁在高级AI开发中有意减速后"是正确的". 9月14日说这场辩论并没有改变Broadcom的AI预测, Broadcom在繁荣中兑现了它对于Tan警告的警告, Broadcom在9月初报告的财政第三季度收入为296亿美元,略高于分析师估计,根据SEC的备案,AI半导体收入比一年前增加了221%. 它在第四季度AI芯片收入中指导了217亿美元,然而股票在数小时后仍然下降. 较长期的目标甚至更大。 Broadcom预计AI半导体收入在2027年财政中约为1,150亿美元和 2028年财政约2300亿元. 谭还安排了与阿波罗和布莱克斯通的融资伙伴关系,以支撑超过20千兆瓦的计算能力,这一建设将需要数千亿美元. 这个融资角度是谭看到真正的挤压。 “我认为最大的制约因素是资本, ”他在新加坡说, Hock Tan还说,根据Benzinga的说法,计算需求可能超过2029年或2030年的供应。 Broadcom和追钱有很深的联系 Broadcom一直在寻找超过500亿美元的资金, 人工智能建设的法案不断增长 支出数字解释了为何资本突然成为主要话题. 美国最大的超规模公司今年正在按计划为基本建设项目支出约8000亿美元,高盛公司2027年的资本支出为1.2万亿美元,据TheStreet报道. 华尔街已经警告了几个月了 Morgan Stanley在2月份说 超规模的AI支出"被设定为 超过Dot-com时代的电信封顶" 和长度。" 其案例是“几年来投资超过货币化的速度”。 借款已经出现在债券市场上。 美联储主席凯文·沃什(Kevin Warsh)在9月表示,超规模集资是财政部收益攀升的原因之一,并补充说"对资本的竞争是真实的",根据"财富"的说法. 摩根斯坦利预计全球AI相关债务发行今年将接近5700亿美元. 连AI的信徒对价格标签也越来越紧张. "金融时报"报道,大科技公司正在利用担保来背负与AI数据中心和芯片相关的高达3000亿美元的债务. SoftBank还筹集了111亿美元,作为有史以来最大的高收益债券交易之一,为其OpenAI投资提供资金. 接下来的投资者应该看什么 钱的代价是第一个追踪的 10月7日,10年期国库收益达到2026年高峰,达到5.37%,这是2002年3月以来的最高水平,这提高了每个通过借款资助的项目的门槛。 最大的支出者看起来还是很好的保护。 迄今为止,最大的超规模企业对更高的供资成本不太敏感,而规模较小和杠杆率高的企业则面临更大的风险。 穆斯克,为 他的角色,有他自己的筹码在桌上。 SpaceX于6月在作为历史上最大的IPO的账单中公开,它在今年早些时候吸收了xAI. 公司称xAI建造了第一个千兆瓦规模的AI训练集群. 对于从场外观看的投资者来说,问题在于谁带着赢家离开赌场.