併購築城、雙擎致勝：博通公司成長策略與競爭優勢研究

Abstract

本研究以 Broadcom Inc.（博通）為個案公司，探討其在 AI 與資料中心基礎架構產業快速發展下，如何透過半導體解決方案與基礎架構軟體的雙引擎事業組合，形成成長策略與持續競爭優勢。隨著生成式 AI、雲端運算、資料中心網路、custom silicon、私有雲與混合雲需求快速成長，Broadcom 已不宜僅被視為傳統半導體公司，而應放在 AI 與資料中心基礎架構生態系中加以分析。 本研究採個案研究法，並以次級資料分析與文件分析為主要方法。資料來源包含 Broadcom 2021–2025 年 Form 10-K、年度報告、財報新聞稿、法說會資料、Company Overview、AI Infrastructure Investor Meeting、Corporate Responsibility Report，以及主要競爭者年報與產業研究資料。分析工具包括 PESTEL、產業生態系統、價值鏈、Porter 五力、競爭者比較、資源基礎觀點、活動系統圖、BCG 成長—市占矩陣與 Ansoff 產品市場矩陣。 研究結果顯示，Broadcom 的競爭優勢主要來自大型客戶共創、跨層技術整合、併購整合、現金流再投資與高價值 franchise 管理能力。在半導體解決方案方面，Networking Connectivity 受 AI networking、custom AI accelerators、Ethernet switching、CPO、SerDes 與 PCIe 等需求推動，成為公司最具成長性的明星事業；Wireless、Broadband 與部分成熟連接型產品具穩定現金流特徵；Servers and Storage Systems 與 Industrial 則較偏向守成或利基型事業。在基礎架構軟體方面，CA Technologies、Symantec Enterprise Security 與 VMware 等併購，使 Broadcom 建立企業軟體與私有雲平台基礎，並強化獲利能力與現金流。 本研究結論認為，Broadcom 的長期競爭優勢並非來自單一產品或單次併購，而是來自半導體解決方案與基礎架構軟體之間的策略配適。公司以 AI 與資料中心半導體拉動成長，以 Infrastructure Software 與成熟連接型事業支撐現金流，再透過併購整合與研發投資強化類別領先事業。未來管理重點在於掌握 AI networking 與 custom silicon 成長機會，同時降低少數 hyperscaler 客戶集中風險，並在 VMware 商業模式轉型中維持企業客戶信任與軟體生態系穩定。

M&A as a Strategic Fortress and Dual Engines for Growth: A Study of Broadcom’s Growth Strategy and Competitive Advantage This study examines Broadcom Inc. as a case company and analyzes how it develops growth strategies and sustainable competitive advantages in the rapidly evolving AI and data-center infrastructure industry. As generative AI, cloud computing, data-center networking, custom silicon, private cloud, and hybrid cloud continue to expand, Broadcom should be understood not merely as a conventional semiconductor company, but as an infrastructure technology company positioned across semiconductor solutions and infrastructure software. This research adopts a case study approach and uses secondary data and document analysis as the main methods. The data sources include Broadcom’s Form 10-K filings, annual reports, earnings releases, company overview materials, AI Infrastructure Investor Meeting materials, corporate responsibility reports, and the annual reports and financial data of major competitors from 2021 to 2025. The analytical framework integrates PESTEL analysis, industry ecosystem analysis, value chain analysis, Porter’s Five Forces, competitor comparison, the resource-based view, activity system analysis, the BCG growth-share matrix, and the Ansoff product-market matrix. The findings show that Broadcom’s competitive advantage is built on five capabilities: customer co-creation with large-scale customers, cross-layer technology integration, merger and acquisition integration, cash-flow reinvestment, and high-value franchise management. Networking Connectivity has become the company’s most important growth engine, driven by AI networking, custom AI accelerators, Ethernet switching, co-packaged optics, SerDes, and PCIe. Wireless, Broadband, and selected mature connectivity products function more as cash-generating businesses, while Servers and Storage Systems and Industrial products are more mature or niche-oriented. In infrastructure software, the acquisitions of CA Technologies, Symantec Enterprise Security, and VMware have enabled Broadcom to expand into enterprise software, cybersecurity, private cloud, and hybrid cloud platforms. The study concludes that Broadcom’s long-term advantage comes from the strategic fit between semiconductor solutions and infrastructure software. Broadcom uses AI and data-center semiconductors to drive growth, infrastructure software and mature connectivity businesses to support cash flow, and repeated acquisition integration and R&D investment to reinforce category-leading franchises. Going forward, the company should continue to capture opportunities in AI networking and custom silicon while managing hyperscaler customer concentration risk and maintaining enterprise customer trust during VMware’s business model transition.